2022 Investor Day Presentation
2 0 2 6 E AND BEYOND
Building a self-funding growth trajectory
Illustrative example of
annualized figures*
+ Ability to sustainably support a
self-funded model and a
3-5% dividend growth rate
~70%
comparable
3-5%
EBITDA (1)
annual
conversion
growth
Maintaining
4.75x
~$2
Billion
$5-6
Billion
2026E+
comparable
EBITDA¹)
Financial
charges,
cash taxes
FGFO1)
Dividends Discretionary Incremental Recoverable
cash flow debt capacity maintenance
capital
Growth
capital
and other
Highlighting the strength of our portfolio and financial position
(1) Comparable EBITDA and funds generated from operations (FGFO) are non-GAAP measures. See the forward-looking information and non-GAAP measures slide at the
front of this presentation for more information.
*Note: Illustrative scenario does not include impact of potential future asset sales.
+ Investing in high-quality
growth projects that support a
comparable EBITDA (1) growth
rate consistent with our
historical level
+ New projects compete with
share buybacks
✦ Balance sheet strength and
flexibility supports
maintenance of 4.75x
debt-to-EBITDA ratio
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