Investor Presentation January 2024

Non-GAAP and Other Financial Measures This presentation refers to certain financial and other measures that are not determined in accordance with Generally Accepted Accounting Principles (GAAP) and as a result, may not be comparable to similar measures reported by other entities. Management believes that these supplemental measures facilitate the understanding of Keyera's results of operations, leverage, liquidity and financial position. These measures do not have any standardized meaning under GAAP and therefore, should not be considered in isolation, or used in substitution for measures of performance prepared in accordance with GAAP. For additional information on these non-GAAP and Other Financial Measures, including reconciliations to the most directly comparable GAAP measures for Keyera's historical non-GAAP financial measures, refer to Management's Discussion and Analysis (MD&A) for the three and nine months ended September 30, 2023 and for the year ended December 31, 2022 which are available on SEDAR+ at www.sedarplus.ca and Keyera's website at www.keyera.com. Specifically, the sections of the MD&A titled "Non-GAAP and Other Financial Measures", "Segmented Results of Operations", "EBITDA and Adjusted EBITDA", "Dividends: Funds from Operations, Distributable Cash Flow and Payout Ratio", and "Adjusted Cash Flow from Operating Activities and Return on Invested Capital" include information that has been incorporated by reference for these non-GAAP and Other Financial Measures. Realized margin from the Marketing segment, realized margin from the Gathering and Processing (G&P) segment, realized margin from the Liquids Infrastructure segment, realized margin from the fee-for- service business segments, adjusted EBITDA, compound annual growth rate (CAGR) for adjusted EBITDA holding Marketing constant, distributable cash flow (DCF), DCF per share, payout ratio, and return on invested capital (ROIC) are all non-GAAP or Other Financial Measures referenced in this presentation. The most directly comparable GAAP measure to realized margin from the Marketing, G&P and Liquids Infrastructure segments is operating margin from these same segments, respectively. The most directly comparable GAAP measure to adjusted EBITDA is net earnings. The most directly comparable GAAP measure to DCF is cash flow from operating activities. DCF per share and payout ratio are non-GAAP ratios that use DCF as a component of the ratio. ROIC is only prepared on an annual basis; therefore, refer to the MD&A for the year ended December 31, 2022 for additional details related to this financial measure. This presentation includes certain non-GAAP and Other Financial Measures that include forward-looking information or cannot be incorporated by reference to the MD&A. Refer below for additional information related to these measures. Realized Margin from the Marketing Segment The guidance for base realized margin from the Marketing segment (or Marketing realized margin) has been increased to a range of $310 million to $350 million (previously was $250 million to $280 million). The following includes the equivalent historical measures for this financial measure. Marketing Realized Margin (Thousands of Canadian dollars) Nine months ended September 30, Twelve months ended December 31, Operating margin - Marketing 2023 69,387 Three months ended September 30, 2022 124,235 2023 351,400 2022 386,680 2022 414,973 Unrealized loss (gain) on risk management contracts 30,327 Realized margin - Marketing 99,714 (40,555) 83,680 (1,030) 350,370 (37,990) 348,690 (17,552) 397,421 Realized Margin from the Fee-for-Service Business Segments Realized margin from the fee-for-service business segments, or fee-for-service realized margin (defined as realized margin from the Gathering and Processing and Liquids Infrastructure segments), is a non-GAAP financial measure that is utilized in this presentation; however, is not included in the MD&A. Fee-for-service realized margin is used to assess the financial performance of Keyera's ongoing operations in its G&P and Liquids Infrastructure segments without the effect of unrealized gains and losses on commodity-related risk management contracts related to future periods. The following is a reconciliation of fee-for-service realized margin to the most directly comparable GAAP measure, operating margin for the G&P and Liquids Infrastructure segments. Fee-for-Service Realized Margin (Thousands of Canadian dollars) Operating margin - Fee-for-service Unrealized loss (gain) on risk management contracts Realized margin – Fee-for-service 2023 214,573 Three months ended September 30, 2022 192,621 2023 635,913 Nine months ended September 30, 2022 562,220 7,289 221,862 (2,141) 8,578 (4,126) 190,480 644,491 558,094 Twelve months ended December 31, 2022 761,779 (9,095) 752,684 Compound Annual Growth Rate (CAGR) for Adjusted EBITDA holding Marketing constant (previously disclosed as CAGR for Adjusted EBITDA from the Fee-for-Service Business) CAGR is calculated as follows: CAGR = End of the period* Beginning of the period* 1 Number of Years -1 CAGR for adjusted EBITDA holding Marketing constant is intended to provide information on a forward- looking basis. This calculation utilizes beginning and end of period adjusted EBITDA, which includes the following components and assumptions: (i) forecasted realized margin for the G&P and Liquids infrastructure segments, (ii) realized margin for the Marketing segment, which is held at a value within the expected base realized margin between $310 million and $350 million (previously between $250 million and $280 million), and (iii) adjustments for total forecasted general and administrative, and long- term incentive plan expenses. During the fourth quarter of 2024, Keyera revised the label of this metric to "CAGR for Adjusted EBITDA holding Marking constant" (previously disclosed as CAGR for Adjusted EBITDA from the Fee-for-Service Business). The reason for this change is to more accurately reflect the meaning of the metric and the inclusion of Marketing cash flows which are not fee-for-service cash flows. This revision did not impact the composition of the metric. M

View entire presentation