GSK plc

Gibson reported record infrastructure adjusted EBITDA of CAD 169 million in Q2 2026, up CAD 17 million from Q2 2025 and CAD 9 million above the previous record set in Q4 2025. Consolidated adjusted EBITDA was CAD 169 million, a CAD 22 million increase year over year, and distributable cash flow was CAD 96 million, up CAD 15 million year over year. Marketing adjusted EBITDA was CAD 15 million versus CAD 8 million in Q2 2025. G&A expense was CAD 16 million, below prior guidance of CAD 17 million-CAD 18 million. At quarter end, reported net debt to adjusted EBITDA was 4.2 times and infrastructure leverage was 4.4 times; on a full 12-month Chauvin basis, leverage was 3.9 times overall and 4.1 times infrastructure-only. Management continues to expect leverage to return to the long-term target range of 3 to 3.5 times in early 2027. For marketing, management said it still expects the full-year CAD 40 million range, with results trending toward the upper end, and expects Q3 to remain strong while Q4 reflects seasonality.

Curtis Philippon framed the quarter as a sign that the macro backdrop for North American energy infrastructure has improved, with new pipeline egress and Canadian market developments creating more commercial interest. He repeatedly emphasized that Gibson’s assets are strategically positioned at critical hubs and that customer discussions have accelerated across tankage, pipelines, producer partnerships, and optimization projects. His tone was constructive and confident, but he also said it is still early for final decisions on some projects and that the DRU business may take a back seat until more clarity emerges.

Riley Hicks focused on the financial strength of the quarter: infrastructure EBITDA of CAD 169 million, marketing EBITDA of CAD 15 million, distributable cash flow of CAD 96 million, and G&A of CAD 16 million versus prior guidance of CAD 17 million-CAD 18 million. He highlighted approximately 8 million barrels of additional throughput versus last year, the benefit of Chauvin, and the company’s cost actions, including expected CAD 10 million of sustainable annualized savings in 2027. He also said leverage should return to the 3 to 3.5 times range in early 2027, noted an 88% payout ratio at quarter end, and pointed to financing flexibility from the extension of the CAD 1 billion revolver to June 2031 and the issuance of CAD 400 million of senior unsecured notes.

Analysts pressed management on whether tankage has become the highest-probability growth opportunity, and Curtis said tanks look “very promising” because more pipeline egress tends to require more storage, though he stopped short of raising the previously outlined CAD 1 billion growth-capital expectation. Questions also centered on volatile U.S. export conditions, and Curtis said the team is working more on near-term opportunities because customers are hesitant to commit long term in a volatile market; he cited five new customers using Gateway on short-term opportunities in the quarter. On marketing and guidance, Riley said the CAD 40 million range still stands, with the high end reflecting strong refined products crack spreads and weaker crude-marketing opportunities in a backwardated market, while Curtis said Q3 should remain strong but seasonality should affect Q4.