SEDAR Interim Financial Statements

Financial Statements & Notes CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION (unaudited) ($ millions) September 30, 2025 December 31, 2024 Assets Current assets Cash and cash equivalents 149 141 Trade receivables and other 868 1,005 Income tax receivable — 113 Inventory 304 301 Derivative financial instruments (Note 14) 15 13 1,336 1,573 Non-current assets Property, plant and equipment (Note 5) 22,599 22,738 Intangible assets and goodwill (Note 6) 6,402 6,528 Investments in equity accounted investees (Note 7) 4,194 4,267 Right-of-use assets 554 530 Finance lease receivables 241 223 Other assets 119 108 34,109 34,394 Total assets 35,445 35,967 Liabilities and equity Current liabilities Trade payables and other 1,253 1,202 Loans and borrowings (Note 8) 1,093 1,525 Lease liabilities 85 89 Contract liabilities (Note 11) 47 43 Derivative financial instruments (Note 14) 21 49 2,499 2,908 Non-current liabilities Loans and borrowings (Note 8) 10,745 10,535 Subordinated hybrid notes (Note 8) 795 596 Lease liabilities 572 576 Decommissioning provision (Note 9) 521 426 Contract liabilities (Note 11) 144 255 Deferred tax liabilities 2,897 2,868 Derivative financial instruments (Note 14) 104 110 Other liabilities 167 183 15,945 15,549 Total liabilities 18,444 18,457 Total equity 17,001 17,510 Total liabilities and equity 35,445 35,967 See accompanying notes to the condensed consolidated interim financial statements 42 Pembina Pipeline Corporation Third Quarter 2025 CONDENSED CONSOLIDATED INTERIM STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME (unaudited) 3 Months Ended September 30 9 Months Ended September 30 ($ millions, except per share amounts) 2025 2024 2025 2024 Revenue (Note 11) 1,791 1,844 5,865 5,239 Cost of sales (Note 4) 1,067 1,080 3,537 3,142 Share of (loss) profit from equity accounted investees (Note 7) (66) (17) 38 195 Gross profit 658 747 2,366 2,292 General and administrative 126 120 357 340 Other (income) expense (19) 4 (15) (38) Loss on acquisition (Note 3) — — — 616 Results from operating activities 551 623 2,024 1,374 Net finance costs (Note 12) 153 149 454 398 Earnings before income tax 398 474 1,570 976 Current tax expense 102 48 338 188 Deferred tax expense (recovery) 10 41 27 (514) Income tax expense (recovery) 112 89 365 (326) Earnings 286 385 1,205 1,302 Earnings attributable to: Shareholders 286 383 1,205 1,292 Non-controlling interest — 2 — 10 Other comprehensive income (loss), net of tax (Note 13) Exchange gain (loss) on translation of foreign operations 128 (82) (186) 61 Impact of hedging activities (7) (2) 1 (17) Other comprehensive income (loss), net of tax 121 (84) (185) 44 Total comprehensive income attributable to shareholders 407 301 1,020 1,346 Comprehensive income attributable to: Shareholders 407 299 1,020 1,336 Non-controlling interest — 2 — 10 Earnings attributable to common shareholders, net of preferred share dividends 251 346 1,095 1,186 Earnings per common share – basic (dollars) 0.43 0.60 1.88 2.08 Earnings per common share – diluted (dollars) 0.43 0.60 1.88 2.08 Weighted average number of common shares (millions) Basic 581 580 581 570 Diluted 582 581 582 571 See accompanying notes to the condensed consolidated interim financial statements Pembina Pipeline Corporation Third Quarter 2025 43 CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY (unaudited) Attributable to Shareholders of the Company Total Equity ($ millions) Common Share Capital Preferred Share Capital Deficit AOC --- I(1) Total Non- Controlling Interest December 31, 2024 17,008 2,164 (2,303) 641 17,510 — 17,510 Total comprehensive income (loss) Earnings — — 1,205 — 1,205 — 1,205 Other comprehensive loss (Note 13) — — — (185) (185) — (185) Total comprehensive income (loss) — — 1,205 (185) 1,020 — 1,020 Transactions with shareholders of the Company (Note 10) Part VI.1 tax on preferred shares — (8) — — (8) — (8) Preferred shares redemption — (200) — — (200) — (200) Share-based payment transactions 7 — — — 7 — 7 Dividends declared – common — — (1,226) — (1,226) — (1,226) Dividends declared – preferred — — (102) — (102) — (102) Total transactions with shareholders of the Company 7 (208) (1,328) — (1,529) — (1,529) September 30, 2025 17,015 1,956 (2,426) 456 17,001 — 17,001 December 31, 2023 15,765 2,199 (2,372) 221 15,813 — 15,813 Total comprehensive income Earnings — — 1,292 — 1,292 10 1,302 Other comprehensive income — — — 44 44 — 44 Total comprehensive income — — 1,292 44 1,336 10 1,346 Transactions with shareholders of the Company Common shares issued, net of issue costs 1,230 — — — 1,230 — 1,230 Part VI.1 tax on preferred shares — (7) — — (7) — (7) Share-based payment transactions 11 — — — 11 — 11 Dividends declared – common — — (1,168) — (1,168) — (1,168) Dividends declared – preferred — — (98) — (98) — (98) Dividend equivalent payment – subscription receipts — — (20) — (20) — (20) Distributions to non-controlling interests — — — — — (12) (12) Non-controlling interest recognized on acquisition — — — — — 148 148 Purchase of non-controlling interest — — (74) — (74) (146) (220) Total transactions with shareholders of the Company 1,241 (7) (1,360) — (126) (10) (136) September 30, 2024 17,006 2,192 (2,440) 265 17,023 — 17,023 (1) Accumulated Other Comprehensive Income ("AOCI"). See accompanying notes to the condensed consolidated interim financial statements 44 Pembina Pipeline Corporation Third Quarter 2025 CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS (unaudited) 3 Months Ended September 30 9 Months Ended September 30 ($ millions) 2025 2024 2025 2024 Cash provided by (used in) Operating activities Earnings 286 385 1,205 1,302 Adjustments for items not involving cash: Share of profit (loss) from equity accounted investees (Note 7) 66 17 (38) (195) Depreciation and amortization 241 231 731 627 Loss on acquisition (Note 3) — — — 616 Unrealized (gain) loss from derivative instruments (1) (18) (41) 129 Net finance costs 153 149 454 398 Share-based compensation expense 39 41 68 81 Income tax expense (recovery) 112 89 365 (326) Gain on asset disposal (19) (4) (23) (24) Derecognition of insurance contract provision — — — (34) Cash items paid or received: Distributions from equity accounted investees 128 133 396 495 Net interest paid (172) (171) (464) (382) Share-based compensation payment (3) — (89) (86) Taxes paid (30) (62) (157) (352) Change in non-cash operating working capital 23 136 57 30 Net change in contract liabilities (8) (1) (1) 31 Other (5) (3) (23) 2 Cash flow from operating activities 810 922 2,440 2,312 Financing activities Net (decrease) increase in bank borrowings (8) 77 461 (370) Proceeds from issuance of long-term debt, net of issue costs (2) (2) 195 2,733 Proceeds from subscription receipts — — — 1,228 Repayment of long-term debt (110) (150) (660) (800) Repayment of lease liability (21) (19) (62) (57) Issuance of common shares on exercise of options 3 — 6 10 Redemption of preferred shares (Note 10) — — (226) — Common share divide --- nds paid (413) (401) (1,226) (1,168) Preferred share dividends paid (32) (34) (102) (98) Distributions to non-controlling interest — (2) — (12) Purchase of non-controlling interest — (220) — (220) Cash flow (used in) from financing activities (583) (751) (1,614) 1,246 Investing activities Capital expenditures (178) (262) (549) (713) Contributions to equity accounted investees (108) (124) (283) (371) Acquisition net of cash acquired (Note 3) — — — (2,621) Proceeds from sale of assets 2 11 6 34 Interest paid during construction (7) (5) (19) (21) Return of capital from equity accounted investees — — — 63 Changes in non-cash investing working capital and other (3) 59 28 19 Cash flow used in investing activities (294) (321) (817) (3,610) Change in cash and cash equivalents (67) (150) 9 (52) Effect of movement in exchange rates on cash held 6 (2) (1) 5 Cash and cash equivalents, beginning of period 210 256 141 151 Cash and cash equivalents, end of period 149 104 149 104 See accompanying notes to the condensed consolidated interim financial statements Pembina Pipeline Corporation Third Quarter 2025 45 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 1. REPORTING ENTITY Pembina Pipeline Corporation ("Pembina" or the "Company") is a Calgary-based, leading transportation and midstream service provider serving North America's energy industry. These condensed consolidated unaudited interim financial statements ("Interim Financial Statements") include the accounts of the Company, its subsidiary companies, partnerships and any investments in associates and joint arrangements as at and for the three and nine months ended September 30, 2025. Pembina owns an extensive network of strategically located assets which include hydrocarbon liquids and natural gas pipelines, gas gathering and processing facilities, oil and natural gas liquids infrastructure and logistics services, and an export terminals business. Pembina's network of strategically located assets and commercial operations along the majority of the hydrocarbon value chain allow it to offer a full spectrum of midstream and marketing services to the energy sector. These Interim Financial Statements and the notes hereto have been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting. The accounting policies applied are in accordance with International Financial Reporting Standards ("IFRS") Accounting Standards as issued by the International Accounting Standards Board and are consistent with the audited annual consolidated financial statements of the Company as at and for the year ended December 31, 2024 ("Consolidated Financial Statements"), and should be read in conjunction with those Consolidated Financial Statements. The Interim Financial Statements were authorized for issue by Pembina's Board of Directors on November 6, 2025. Use of Estimates and Judgments Management is required to make estimates and assumptions and use judgment in the application of accounting policies that could have a significant impact on the amounts recognized in the Interim Financial Statements. Actual results may differ from estimates and those differences may be material. By their nature, judgments and estimates may change in light of new facts and circumstances in the internal and external environment. There have been no material changes to Pembina's critical accounting estimates and judgments during the three and nine months ended September 30, 2025. 2. CHANGES I --- N ACCOUNTING POLICIES The accounting policies used in preparing the Interim Financial Statements are described in Note 3 of Pembina's Consolidated Financial Statements. There were no new accounting standards or amendments to existing standards adopted in the nine months ended September 30, 2025 that have a material impact on Pembina's financial statements. New Standards and Interpretations Not Yet Adopted IFRS 18 Presentation and Disclosure in Financial Statements ("IFRS 18") IFRS 18 was issued in April 2024 and effective January 1, 2027, with early application permitted. The standard introduces key changes to the structure of the statement of earnings and comprehensive income, required disclosures for certain management-defined performance measures, and aggregation and disaggregation of line items in the financial statements. Pembina is currently reviewing the impact of this standard on its Consolidated Financial Statements. Amendments to IFRS 9 and IFRS 7 - Contracts referencing Nature-dependent Electricity ("Contracts referencing NDE") Contracts referencing NDE was issued in December 2024 and effective January 1, 2026, with early adoption permitted. The amendments provide relief as it relates to accounting for contracts to purchase or sell electricity from nature-dependent sources such as wind and solar power, including clarifying the application of own-use requirements, permitting hedge accounting if these contracts are used as hedging instruments, and adding new disclosure to enable investors to understand the effect of these contracts to Pembina. Pembina is currently reviewing the impact of this amendment as it relates to Pembina's wind-based power purchase agreements. 46 Pembina Pipeline Corporation Third Quarter 2025 3. ACQUISITION On April 1, 2024, Pembina completed the acquisition of Enbridge Inc.'s interests in the Alliance, Aux Sable, and NRGreen joint ventures (the "Acquirees") for an aggregate purchase price of $2.8 billion, net of $327 million of assumed debt, representing Enbridge's proportionate share of the indebtedness of Alliance (the "Alliance/Aux Sable Acquisition"). Pembina made no adjustments to the purchase price allocation during the first quarter of 2025 and finalized it as at March 31, 2025. The final purchase price allocation is based on assessed fair values and is as follows: As at April 1, 2024 Previously reported Adjustments Final ($ millions) in Q2 2024 Purchase Price Consideration Cash (net of cash acquired) 2,620 — 2,620 Equity investment in Acquirees 2,562 — 2,562 Other 12 — 12 5,194 — 5,194 Fair Value of Net Assets Acquired Current assets 240 — 240 Property, plant and equipment 6,339 6 6,345 Other long-term assets 38 19 57 Goodwill 805 (2) 803 Current liabilities (219) (17) (236) Long-term debt (596) — (596) Deferred tax liabilities (937) 1 (936) Provisions (52) — (52) Other long-term liabilities (276) (7) (283) Non-controlling interest in Aux Sable's U.S. operations (148) — (148) 5,194 — 5,194 Pembina Pipeline Corporation Third Quarter 2025 47 4. OPERATING SEGMENTS Pembina's operating segments are organized by three divisions: Pipelines, Facilities and Marketing & New Ventures. 3 Months Ended September 30, 2025 Pipelines(1) Facilities Marketing & New Ventures(2) Corporate & Inter-segment Eliminations Total ($ millions) Revenue from external customers 829 88 861 13 1,791 Inter-segment revenue 53 212 — (265) — Total revenue(3) 882 300 861 (252) 1,791 Operating expenses 221 134 7 (103) 259 Cost of good --- s sold 10 — 739 (169) 580 Depreciation and amortization included in gross profit 161 48 16 3 228 Cost of sales 392 182 762 (269) 1,067 Share of loss from equity accounted investees (1) (51) (14) — (66) Gross profit 489 67 85 17 658 Depreciation included in general and administrative 1 — — 12 13 Other general and administrative 22 6 14 71 113 Other income (18) — — (1) (19) Results from operating activities 484 61 71 (65) 551 Net finance costs 7 3 3 140 153 Earnings (loss) before tax 477 58 68 (205) 398 Income tax expense — — — — 112 Earnings (loss) 477 58 68 (205) 286 Capital expenditures 84 84 3 7 178 Contributions to equity accounted investees — 74 34 — 108 3 Months Ended September 30, 2024 Pipelines(1) Facilities Marketing & New Ventures(2) Corporate & Inter-segment Eliminations Total ($ millions) Revenue from external customers 810 86 937 11 1,844 Inter-segment revenue 50 196 1 (247) — Total revenue(3) 860 282 938 (236) 1,844 Operating expenses 244 123 5 (95) 277 Cost of goods sold 9 — 732 (156) 585 Depreciation and amortization included in gross profit 151 50 15 2 218 Cost of sales 404 173 752 (249) 1,080 Share of (loss) profit from equity accounted investees (1) 34 (50) — (17) Gross profit 455 143 136 13 747 Depreciation included in general and administrative 2 — — 11 13 Other general and administrative 14 8 12 73 107 Other expense (income) — 1 (2) 5 4 Results from operating activities 439 134 126 (76) 623 Net finance costs 6 3 1 139 149 Earnings (loss) before tax 433 131 125 (215) 474 Income tax expense — — — — 89 Earnings (loss) 433 131 125 (215) 385 Capital expenditures 130 110 10 12 262 Contributions to equity accounted investees — 124 — — 124 (1) Pipelines revenue includes $118 million (2024: $130 million) associated with U.S. pipeline revenue. (2) Marketing & New Ventures includes revenue of $236 million (2024: $234 million) associated with U.S. midstream sales. (3) During the three months ended September 30, 2025, one customer accounted for 10 percent or more of total revenues with $236 million reported throughout all segments. During the three months ended September 30, 2024, no customer accounted for 10 percent or more of total revenues reported throughout all segments. 48 Pembina Pipeline Corporation Third Quarter 2025 9 Months Ended September 30, 2025 Pipelines(1) Facilities Marketing & New Ventures(2) Corporate & Inter-segment Eliminations Total ($ millions) Revenue from external customers 2,496 260 3,074 35 5,865 Inter-segment revenue 154 642 6 (802) — Total revenue(3) 2,650 902 3,080 (767) 5,865 Operating expenses 604 400 24 (308) 720 Cost of goods sold 37 — 2,597 (507) 2,127 Depreciation and amortization included in gross profit 477 152 53 8 690 Cost of sales 1,118 552 2,674 (807) 3,537 Share of profit (loss) from equity accounted investees — 60 (22) — 38 Gross profit 1,532 410 384 40 2,366 Depreciation included in general and administrative 2 — — 39 41 Other general and administrative 60 16 33 207 316 Other (income) expense (17) 1 2 (1) (15) Results from operating activities 1,487 393 349 (205) 2,024 Net finance costs 19 9 7 419 454 Earnings (loss) before tax 1,468 384 342 (624) 1,570 Income tax expense — — — — 365 Earnings (loss) 1,468 384 342 (624) 1,205 Capital expenditures 216 294 14 25 549 Contributions to equity accounted investees — 198 86 — 284 9 Months Ended September 30, 2024 Pipelines(1) Facilities Marketing & New Ventures(2) Corporate & Inter-segment Eliminations Total ($ millions) Revenue from external --- customers 2,285 259 2,661 34 5,239 Inter-segment revenue 153 548 2 (703) — Total revenue(3) 2,438 807 2,663 (669) 5,239 Operating expenses 601 336 13 (244) 706 Cost of goods sold 35 — 2,279 (468) 1,846 Depreciation and amortization included in gross profit 410 128 47 5 590 Cost of sales 1,046 464 2,339 (707) 3,142 Share of profit (loss) from equity accounted investees 42 172 (19) — 195 Gross profit 1,434 515 305 38 2,292 Depreciation included in general and administrative 2 — — 35 37 Other general and administrative 42 19 39 203 303 Other (income) expense (2) (1) (62) 27 (38) Loss on acquisition — — — 616 616 Results from operating activities 1,392 497 328 (843) 1,374 Net finance costs 19 8 4 367 398 Earnings (loss) before tax 1,373 489 324 (1,210) 976 Income tax recovery — — — — (326) Earnings (loss) 1,373 489 324 (1,210) 1,302 Capital expenditures 442 218 21 32 713 Contributions to equity accounted investees 5 124 242 — 371 (1) Pipelines revenue includes $388 million (2024: $360 million) associated with U.S. pipeline revenue. (2) Marketing & New Ventures includes revenue of $854 million (2024: $535 million) associated with U.S. midstream sales. (3) During the nine months ended September 30, 2025, one customer accounted for 10 percent or more of total revenues with $822 million reported throughout all segments. During the nine months ended September 30, 2024, no customer accounted for 10 percent or more of total gross profit reported throughout all segments. Pembina Pipeline Corporation Third Quarter 2025 49 5. PROPERTY, PLANT AND EQUIPMENT ($ millions) Land and Land Rights Pipelines Facilities and Equipment Cavern Storage and Other Assets Under Construction Total Cost Balance at December 31, 2024 694 14,789 9,095 2,121 565 27,264 Additions and transfers (2) 51 145 28 319 541 Change in decommissioning provision — 48 20 3 — 71 Foreign exchange (6) (111) (55) (2) (1) (175) Dispositions and other — (20) (33) (28) (4) (85) Balance at September 30, 2025 686 14,757 9,172 2,122 879 27,616 Depreciation Balance at December 31, 2024 47 2,335 1,594 550 — 4,526 Depreciation 6 233 226 62 — 527 Transfers (1) 15 4 (18) — — Dispositions and other — (17) (19) — — (36) Balance at September 30, 2025 52 2,566 1,805 594 — 5,017 Carrying amounts Balance at December 31, 2024 647 12,454 7,501 1,571 565 22,738 Balance at September 30, 2025 634 12,191 7,367 1,528 879 22,599 Alliance Settlement On December 12, 2024, Pembina announced that the Canada Energy Regulatory ("CER") had initiated a toll review of the Alliance Canada pipeline assets. As the toll review continued into the first quarter of 2025, Pembina performed an impairment test during that quarter for the Cash-Generating Unit ("CGU") that includes the Alliance Canada assets. The test determined that the recoverable amount of the CGU exceeded the carrying value of $6.3 billion as of March 31, 2025 and as a result, no impairment was recognized. The recoverable amount calculated in the first quarter of 2025, was determined using a fair value less costs of disposal approach by discounting the expected future cash flows, including probability-weighted settlement outcomes for the Alliance Canada assets. The recoverable amount was sensitive to changes in key assumptions, including the outcome of the CER toll review, and the after-tax discount rate of 7.9 percent used to discount the future cash flows of the CGU. A 1.1 percent increase in the discount rate would have reduced the recoverable amount of the CGU t --- o its carrying value. On September 15, 2025, the CER approved the negotiated settlement (the "Settlement") between Alliance Pipeline Limited Partnership ("Alliance") and shippers and interested parties on the Canadian portion of the Alliance Pipeline. The settlement outcome approved by the CER was within the expected range of outcomes used in the impairment test performed in the first quarter of 2025. 50 Pembina Pipeline Corporation Third Quarter 2025 6. INTANGIBLE ASSETS AND GOODWILL Intangible Assets ($ millions) Goodwill Purchase and Sale Contracts and Other Customer Relationships Total Total Goodwill & Intangible Assets Cost Balance at December 31, 2024 5,024 324 1,877 2,201 7,225 Additions — 25 — 25 25 Foreign exchange adjustments (25) — (24) (24) (49) Balance at September 30, 2025 4,999 349 1,853 2,202 7,201 Amortization Balance at December 31, 2024 — 65 632 697 697 Amortization — 16 90 106 106 Dispositions and other — — (4) (4) (4) Balance at September 30, 2025 — 81 718 799 799 Carrying amounts Balance at December 31, 2024 5,024 259 1,245 1,504 6,528 Balance at September 30, 2025 4,999 268 1,135 1,403 6,402 Pembina Pipeline Corporation Third Quarter 2025 51 7. INVESTMENTS IN EQUITY ACCOUNTED INVESTEES Ownership Interest (percent) Share of Profit (Loss) from Equity Accounted Investees Investments in Equity Accounted Investees 9 Months Ended September 30 ($ millions) September 30, 2025 December 31, 2024 2025 2024 September 30, 2025 December 31, 2024 PGI(1) 60 60 58 169 3,605 3,740 Cedar LNG 49.9 49.9 (21) (52) 475 430 Alliance(2) 100 100 — 42 — — Aux Sable(2) 100 100 — 33 — — Other(3) 50 - 75 50 - 75 1 3 114 97 38 195 4,194 4,267 (1) PGI share of profit for the nine months ended September 30, 2025, includes an impairment of a single cash generating unit and an impairment of an asset within PGI of $146 million (net to Pembina, after tax), due to contract expirations and future utilization uncertainty. (2) On April 1, 2024, Pembina completed its acquisition of Enbridge's interests in the Alliance, Aux Sable, and NRGreen joint ventures. On August 1, 2024, Pembina acquired the remaining non-controlling interest in Aux Sable's U.S. operations. Refer to Note 3 for further information. (3) Other includes Pembina's interest in Grand Valley, Fort Corp, ACG, and Greenlight. Financing Activities for Equity Accounted Investees PGI On March 21, 2025, pursuant to an amended and restated credit agreement, PGI exercised the accordion feature under its existing revolving credit facility and opened a new $500 million revolving credit facility, maturing on March 21, 2027. Concurrently, PGI reestablished a $500 million accordion under the credit facility. PGI Goodwill Impairment Testing At each reporting date, Pembina determines whether there is objective evidence that its equity accounted investments are impaired. For the period ended September 30, 2025, it was determined that there is no objective evidence indicating that Pembina's equity accounted investments are impaired. Pembina's assessment of whether there is objective evidence the equity accounted investment in PGI is impaired requires significant judgment as it is sensitive to a decrease in PGI's projected cash flows, a decrease in the long-term growth rate, or an increase in the after-tax discount rate, any of which could be objective evidence that Pembina's equity accounted investment in PGI is impaired. Pembina also believes an impairment expense recognized by PGI as a result of its annual --- goodwill impairment test would provide objective evidence that Pembina's equity accounted investment in PGI is impaired. PGI performed its annual goodwill impairment test in the third quarter of 2025 calculating the recoverable amount based on the fair value less cost to sell. No impairment expense was recognized. There is measurement uncertainty associated with PGI's annual impairment test. The key assumptions used by PGI that impact the recoverable amount were the projected cash flows for the remaining useful life of the assets, the after-tax discount rate and the long-term growth rate. The following table provides sensitivities to reasonably possible changes in each estimate that could result in an impairment of PGI's goodwill. September 30, 2025 September 30, 2024 Actual Increase (decrease) required for impairment (percent) Actual Increase (decrease) required for impairment (percent) Key assumptions used Average annual pre-tax cash flow ($ millions)(1) 1,303 (20.8) 1,232 (6.0) After-tax discount rate (percent) 6.9 2.3 7.6 0.6 Long-term growth rate (percent) 1.9 (4.7) 1.8 (0.9) (1) Average annual forecasted pre-tax cash flows represent 100 percent of PGI's forecasted cash flows. 52 Pembina Pipeline Corporation Third Quarter 2025 8. LONG-TERM DEBT This note provides information about the contractual terms of Pembina's interest-bearing long-term debt, which is measured at amortized cost. Carrying Value, Terms and Conditions, and Debt Maturity Schedule ($ millions) Authorized at September 30, 2025 Nominal Interest Rate Year of Maturity September 30, 2025 December 31, 2024 Variable rate debt Senior unsecured credit facilities(1)(2) 3,391 4.58(3) Various(1) 1,477 1,148 Fixed rate debt Senior unsecured medium-term notes series 3 450 4.75 2043 450 450 Senior unsecured medium-term notes series 4 600 4.81 2044 600 600 Senior unsecured medium-term notes series 5 — 3.54 2025 — 550 Senior unsecured medium-term notes series 6 600 4.24 2027 600 600 Senior unsecured medium-term notes series 7 600 3.71 2026 600 600 Senior unsecured medium-term notes series 9 550 4.74 2047 550 550 Senior unsecured medium-term notes series 10 650 4.02 2028 650 650 Senior unsecured medium-term notes series 11 800 4.75 2048 800 800 Senior unsecured medium-term notes series 12 650 3.62 2029 650 650 Senior unsecured medium-term notes series 13 700 4.54 2049 700 700 Senior unsecured medium-term notes series 15 600 3.31 2030 600 600 Senior unsecured medium-term notes series 16 400 4.67 2050 400 400 Senior unsecured medium-term notes series 17 500 3.53 2031 500 500 Senior unsecured medium-term notes series 18 500 4.49 2051 500 500 Senior unsecured medium-term notes series 20 750 5.02 2032 750 750 Senior unsecured medium-term notes series 21 600 5.21 2034 600 600 Senior unsecured medium-term notes series 22 750 5.67 2054 750 750 Senior unsecured medium-term notes series 23 650 5.22 2033 650 650 Total fixed rate loans and borrowings outstanding 10,350 10,900 Deferred financing costs 11 12 Total loans and borrowings 11,838 12,060 Less current portion loans and borrowings (1,093) (1,525) Total non-current loans and borrowings 10,745 10,535 Subordinated notes Subordinated notes, series 1 — 4.80 2081 — 600 Subordinated notes, series 2 200 5.95 2055 200 — Subordinated notes, series 3 600 4.80 2081 600 — 800 600 Deferred financing costs (5) (4) Total subordinated notes 795 596 Carrying Value (1) Pembina's unsecured credit facilities include a $2.5 billion revolving facility that ma --- tures in June 2030, a U.S. $250 million non-revolving term loan that matures in April 2030, a $270 million term loan and a U.S. $160 million term loan, both of which mature in December 2025, and a $50 million operating facility that matures in June 2026, which is typically renewed on an annual basis. The $2.5 billion revolving facility reflects the cancellation of the $1.0 billion sustainability-linked revolving credit facility in September 2025, which previously matured in June 2027, and its addition into the Revolving Facility. (2) Includes U.S. $250 million variable rate debt outstanding at September 30, 2025 (2024: U.S. $250 million). The U.S. dollar denominated non-revolving term loan is designated as a hedge of the Company's net investment in selected foreign operations with a U.S. dollar functional currency. (3) The nominal interest rate is the weighted average of all drawn credit facilities based on Pembina's credit rating at September 30, 2025. Borrowings under the credit facilities bear interest at prime rates, the Canadian Overnight Repo Rate Average ("CORRA"), or the USD Secured Overnight Financing Rate ("SOFR"), plus applicable margins. Pembina Pipeline Corporation Third Quarter 2025 53 On April 2, 2025, Pembina completed an extension on its unsecured U.S. $250 million non-revolving term loan, which now matures in April 2030. On June 6, 2025, Pembina closed a $200 million offering of Fixed-to-Fixed Rate Subordinated Notes, Series 2 (the "Series 2 Subordinated Notes") due June 6, 2055. The Series 2 Subordinated Notes bear interest at a rate of 5.95 percent, which will reset on June 6, 2035, and on every fifth anniversary thereafter, based on the five-year Government of Canada yield plus 2.713 percent, provided that the interest rate during any subsequent fixed rate period will not be less than 5.95 percent. Pembina's Series 2 Subordinated Notes are subject to optional redemption by Pembina from March 6, 2035 to June 6, 2035, and thereafter, on any interest payment date or any interest reset date, as applicable. Pembina may also redeem the Series 2 Subordinated Notes in certain other limited circumstances. Pembina used the net proceeds of the offering of the Series 2 Subordinated Notes to fund the redemption of its outstanding Cumulative Redeemable Rate Reset Class A Preferred Shares, Series 19 ("Series 19 Class A Preferred Shares") on June 30, 2025. On July 23, 2025, Pembina announced the approval of amendments (the "Amendments") to the indenture governing Pembina's 4.80 percent Fixed-to-Fixed Rate Subordinated Notes, Series 1 (the "Series 1 Subordinated Notes") due January 25, 2081. The Amendments provided for, among other things, the exchange (the "Note Exchange") of all of the outstanding Series 1 Subordinated Notes for an equal principal amount of 4.80 percent Fixed-to-Fixed Rate Subordinated Notes, Series 3 of Pembina (the "Series 3 Subordinated Notes") due January 25, 2081. The Series 3 Subordinated Notes have the same economic terms as the Series 1 Subordinated Notes, including interest rate, interest payment dates, interest reset dates, maturity date and redemption provisions, but do not provide for an entitlement to delivery of preferred shares upon the occurrence of certain bankruptcy and related events. The Note Exchange was completed on July 25, 2025, following the execution of the supplemental indenture implementing the Amendments. The Series 3 Subordinated Notes rank equally in right of payment with the Series --- 2 Subordinated Notes. Pursuant to the mandatory redemption provisions attached to the Class A Preferred Shares, Series 2021-A (the "Series 2021-A Class A Preferred Shares"), in connection with the Note Exchange, on July 28, 2025, Pembina redeemed all of the issued and outstanding Series 2021-A Class A Preferred Shares (refer to Note 10 for further information). On September 9, 2025, Pembina completed an extension on its $2.5 billion Revolving Facility, which now matures on June 1, 2030. Subsequent to the end of the third quarter of 2025, on October 10, 2025, Pembina closed a $225 million offering of Series 2 Subordinated Notes pursuant to a re-opening. Following closing of the offering of the Series 2 Subordinated Notes, $425 million aggregate principal amount of Series 2 Subordinated Notes are issued and outstanding. Pembina intends to use the net proceeds of the offering to fund the redemption of its outstanding Cumulative Redeemable Rate Reset Class A Preferred Shares, Series 9 (the "Series 9 Class A Preferred Shares") and for general corporate purposes. Subsequent to the end of third quarter of 2025, on October 31, 2025, Pembina closed a $600 million non-revolving term loan ("Two-Year Term Loan") with certain existing lenders. The proceeds of the Two-Year Term Loan have been used to repay the $270 million term loan outstanding at Alliance, and existing amounts drawn under Pembina's $2.5 billion revolving credit facility. The Two-Year Term Loan has an initial term of two years and is pre-payable at the option of Pembina. The other terms and conditions of the Two-Year Term Loan, including financial covenants, are substantially similar to Pembina's $2.5 billion revolving credit facility. 54 Pembina Pipeline Corporation Third Quarter 2025 Covenants Pembina is subject to certain financial covenants under its medium-term note indentures and credit facilities agreements and complies with all financial covenants as of September 30, 2025. Pembina's financial covenants under the indenture governing its medium-term notes and the agreements governing the credit facilities include the following: Debt Financial Covenant(1) Ratio Senior unsecured medium-term notes Funded Debt to Capitalization Maximum 0.70(2) Credit facilities Debt to Capital Maximum 0.70(3) (1) Terms as defined in relevant agreements. (2) Covenant must be met at the reporting date and filed within 90 days after the end of each fiscal year and within 10 business days after filing of the Consolidated Financial Statements. (3) Covenant must be met at the reporting date and filed within 120 days after the end of each fiscal year and 60 days after each quarter. Pembina Pipeline Corporation Third Quarter 2025 55 9. DECOMMISSIONING PROVISION ($ millions) 2025 Balance at January 1 432 Unwinding of discount rate 19 Change in rates 6 Disposition (20) Change in cost estimates and other 93 Total 530 Current portion of provision(1) 9 Balance at September 30 521 (1) Included in trade payables and other on the condensed consolidated interim financial statements. 10. SHARE CAPITAL Common Share Capital ($ millions, except as noted) Number of Common Shares (millions) Common Share Capital Balance at December 31, 2024 581 17,008 Share-based payment transactions(1) — 7 Balance at September 30, 2025 581 17,015 (1) Exercised options are settled by issuing the net number of common shares equivalent to the gain upon exercise. Share Repurchase Program On May 14, 2025, the Toronto Stock Exchange ("TSX") ac --- cepted the renewal of Pembina's normal course issuer bid (the "NCIB") that allows the Company to repurchase, at its discretion, up to five percent of the Company's outstanding common shares (representing approximately 29 million common shares) through the facilities of the TSX, the New York Stock Exchange and/or alternative Canadian trading systems or as otherwise permitted by applicable securities law, subject to certain restrictions on the number of common shares that may be purchased on a single day. The NCIB commenced on May 16, 2025 and will expire on the earlier of May 15, 2026, the date on which Pembina has acquired the maximum number of common shares allowable under the NCIB or the date on which Pembina otherwise decides not to make any further repurchases under the NCIB. No common shares were purchased by Pembina during the three and nine months ended September 30, 2025. Preferred Share Capital ($ millions, except as noted) Number of Preferred Shares (millions) Preferred Share Capital Balance at December 31, 2024 93 2,164 Class A, Series 22 Preferred Shares redeemed (1) — Class A, Series 19 Preferred Shares redeemed (8) (200) Part VI.1 tax — (8) Balance at September 30, 2025 84 1,956 On January 8, 2025, Pembina redeemed all of the approximately one million issued and outstanding Cumulative Redeemable Floating Rate Class A Preferred Shares, Series 22 ("Series 22 Class A Preferred Shares") at a redemption price of $25.50 per Series 22 Class A Preferred Share, plus all accrued and unpaid dividends thereon. Pembina had announced its intention to redeem the Series 22 Class A Preferred Shares during the fourth quarter of 2024 and, as a result, the equity was reclassified as a financial liability of approximately $26 million for the total redemption price in that same quarter. 56 Pembina Pipeline Corporation Third Quarter 2025 On June 30, 2025, Pembina redeemed all of the eight million issued and outstanding Series 19 Class A Preferred Shares at a redemption price of $25.00 per Series 19 Class A Preferred Share. The total redemption price for the Series 19 Class A Preferred Shares was $200 million. On July 28, 2025, in connection with the Note Exchange, Pembina redeemed all of the 600,000 issued and outstanding Series 2021-A Class A Preferred Shares, which were deliverable to holders of the Series 1 Subordinated Notes following the occurrence of certain bankruptcy and related events. The Series 2021-A Class A Preferred Shares were issued by Pembina to Computershare Trust Company of Canada to be held in trust to satisfy its obligations under the indenture governing the Series 1 Subordinated Notes. Subsequent to the end of the third quarter, on October 10, 2025, in connection with the closing of the offering of the Series 2 Subordinated Notes, Pembina announced its intention to use the net proceeds to fund the redemption of all of its outstanding Series 9 Class A Preferred Shares on December 1, 2025 at a price equal to $25.00 per Series 9 Class A Preferred Share. The total redemption price for the Series 9 Class A Preferred Shares will be $225 million. Dividends The following dividends were declared and paid by Pembina: 9 Months Ended September 30 ($ millions) 2025 2024 Common shares Common share 1,226 1,168 Class A preferred shares Series 1 Class A Preferred Share 12 12 Series 3 Class A Preferred Share 7 6 Series 5 Class A Preferred Share 13 10 Series 7 Class A Preferred Share 11 8 Series 9 Class A Preferred Share 7 7 Series 15 Class A --- Preferred Share 9 9 Series 17 Class A Preferred Share 8 7 Series 19 Class A Preferred Share 5 7 Series 21 Class A Preferred Share 18 18 Series 22 Class A Preferred Share — 2 Series 25 Class A Preferred Share 12 12 102 98 On November 6, 2025, Pembina announced that its Board of Directors had declared a common share cash dividend for the fourth quarter of 2025 of $0.71 per share to be paid on December 31, 2025, to shareholders of record on December 15, 2025. Pembina's Board of Directors also declared quarterly dividends for Pembina's Class A preferred shares on October 8, 2025 as outlined in the following table: Series Record Date Payable Date Dividend Amount ($ millions) Series 1, 3, 5, 7, 9 and 21 November 3, 2025 December 1, 2025 23 Series 15 and 17 December 15, 2025 December 31, 2025 5 Series 25 October 31, 2025 November 17, 2025 4 32 Pembina Pipeline Corporation Third Quarter 2025 57 11. REVENUE Revenue has been disaggregated into categories to reflect how the nature, timing and uncertainty of revenue and cash flows are affected by economic factors. a. Revenue Disaggregation 2025 2024 3 Months Ended September 30 Pipelines Facilities Marketing & New Ventures Corporate Total Pipelines Facilities Marketing & New Ventures Corporate Total ($ millions) Take-or-pay(1) 632 55 2 — 689 634 44 3 — 681 Fee-for-service(1) 141 16 38 — 195 121 21 37 — 179 Product sales(2) 1 — 776 — 777 — — 804 — 804 Revenue from contracts with customers 774 71 816 — 1,661 755 65 844 — 1,664 Realized gain from derivative instruments — — 39 — 39 — — 70 — 70 Unrealized gain from derivative instruments — — 1 — 1 — — 18 — 18 Revenue from risk management and physical derivative contracts — — 40 — 40 — — 88 — 88 Lease income 45 12 1 — 58 54 14 3 — 71 Shared service revenue(3) and other 10 5 4 13 32 1 7 2 11 21 Total external revenue 829 88 861 13 1,791 810 86 937 11 1,844 2025 2024 9 Months Ended September 30 Pipelines Facilities Marketing & New Ventures Corporate Total Pipelines Facilities Marketing & New Ventures Corporate Total ($ millions) Take-or-pay(1) 1,905 154 12 — 2,071 1,723 155 3 — 1,881 Fee-for-service(1) 418 56 107 — 581 382 56 94 — 532 Product sales(2) 6 — 2,802 — 2,808 — — 2,497 — 2,497 Revenue from contracts with customers 2,329 210 2,921 — 5,460 2,105 211 2,594 — 4,910 Realized gain from derivative instruments — — 98 — 98 — — 189 — 189 Unrealized gain (loss) from derivative instruments — — 41 — 41 — — (129) — (129) Revenue from risk management and physical derivative contracts — — 139 — 139 — — 60 — 60 Lease income 140 32 4 — 176 170 29 3 — 202 Shared service revenue(3) and other 27 18 10 35 90 10 19 4 34 67 Total external revenue 2,496 260 3,074 35 5,865 2,285 259 2,661 34 5,239 (1) Revenue recognized over time. (2) Revenue recognized at a point in time. (3) Includes $13 million for the three months ended September 30, 2025 (2024: $14 million) and $41 million for the nine months ended September 30, 2025 (2024: $44 million) of fixed fee income related to shared service agreements with joint ventures. 58 Pembina Pipeline Corporation Third Quarter 2025 b. Contract Liabilities Significant changes in the contract liabilities balances during the period are as follows: 9 Months Ended September 30, 2025 12 Months Ended December 31, 2024 ($ millions) Take-or-Pay Other Contract Liabilities Total Contract Liabilities Take-or-Pay Other Contract Liabilities Total Contract Liabilities Opening balance 1 297 298 1 158 159 Additions (net in the period) 5 26 31 — 49 49 A --- lliance/Aux Sable Acquisition — — — — 144 144 Revenue recognized from contract liabilities(1) — (37) (37) — (44) (44) Transfers to trade payables and other(3) — (101) (101) — — — Disposition — — — — (10) (10) Closing balance 6 185 191 1 297 298 Less current portion(2) (6) (41) (47) (1) (42) (43) Ending balance — 144 144 — 255 255 (1) Recognition of revenue related to performance obligations satisfied in the period that were included in the opening balance of contract liabilities. (2) Represents cash collected under take-or-pay contracts which will be recognized within one year as the customer chooses to ship, process, or otherwise forego the associated service. (3) Represents a refundable liability following the CER Settlement on Alliance. Contract liabilities depict Pembina's obligation to perform services in the future for cash and non-cash consideration which have been received from customers. Contract liabilities include up-front payments or non-cash consideration received from customers for future transportation, gas processing, terminalling, storage services, and construction. Contract liabilities also include consideration received from customers for take-or-pay commitments where the customer has a make-up right to ship or process future volumes under a firm contract. These amounts are non-refundable should the customer not use its make-up rights. In all instances where goods or services have been transferred to a customer in advance of the receipt of customer consideration, Pembina's right to consideration is unconditional and has therefore been presented as a receivable. 12. NET FINANCE COSTS 3 Months Ended September 30 9 Months Ended September 30 ($ millions) 2025 2024 2025 2024 Interest expense on financial liabilities measured at amortized cost: Loans and borrowings 131 136 391 380 Subordinated hybrid notes 11 7 26 22 Leases 9 8 25 24 Interest income (4) (7) (8) (45) Unwinding of discount rate 6 5 18 15 Foreign exchange losses and other — — 2 2 Net finance costs 153 149 454 398 Pembina Pipeline Corporation Third Quarter 2025 59 13. ACCUMULATED OTHER COMPREHENSIVE INCOME ($ millions) Currency Translation Reserve Cash Flow Hedge Reserve Pension and other Post- Retirement Benefit Plan Adjustments(2) Total Balance at December 31, 2024 620 8 13 641 Other comprehensive loss before hedging activities (186) — — (186) Other comprehensive gain (loss) resulting from hedging activities, net of tax(1) 9 (8) — 1 Balance at September 30, 2025 443 — 13 456 (1) Amounts relate to hedges of the Company's net investment in foreign operations (reported in Currency Translation Reserve) and interest rate forward swaps (reported in Cash Flow Hedge Reserve) (Note 14), which expired on March 31, 2025. At September 30, 2025, the other comprehensive loss resulting from hedging activities for interest rate forward swaps includes a realized loss of $4 million that was reclassified to net finance costs (2024: $13 million realized gain). (2) Pension and other Post-Retirement Benefit Plan Adjustments will not be reclassified into earnings. 14. FINANCIAL INSTRUMENTS & RISK MANAGEMENT Fair Values The fair value of financial instruments utilizes a variety of valuation inputs. When measuring fair value, Pembina uses observable market data to the greatest extent possible. Depending on the nature of these valuation inputs, financial instruments are categorized as follows: a. Level 1 Level 1 fair values are based on inputs that are unadjusted observable quoted pri --- ces from active markets for identical assets or liabilities as at the measurement date. b. Level 2 Level 2 fair values are based on inputs, other than quoted market prices included in Level 1, that are either directly or indirectly observable. Level 2 fair value inputs include quoted forward market prices, time value, and broker quotes that are observable for the duration of the financial instrument's contractual term. These inputs are often adjusted for factors specific to the asset or liability, such as, location differentials and credit risk. Financial instruments that utilize Level 2 fair valuation inputs include derivatives arising from physical commodity forward contracts, commodity swaps and options, and forward interest rate and foreign-exchange swaps. In addition, Pembina's loans and borrowings utilize Level 2 fair valuation inputs, whereby the valuation technique is based on discounted future interest and principal payments using the current market interest rates of instruments with similar terms. c. Level 3 Level 3 fair values utilize inputs that are not based on observable market data. Rather, various valuation techniques are used to develop inputs. Financial instruments that utilize Level 3 fair valuation inputs include embedded derivative instruments arising from long-term power purchase agreements. The fair value of long-term power purchase agreements is measured using a pricing and cash flow model that accounts for forward power prices, renewable wind power pricing discounts and differentials, and inflationary metrics. The rate used to discount the respective estimated cash flows is a government risk-free interest rate that is adjusted for an appropriate credit spread. The fair valuation of the embedded derivative instruments is judged to be a significant management estimate. These assumptions and inputs are susceptible to change and may differ from actual future developments. This estimation uncertainty could materially impact the quantified fair value; and therefore, the gains and losses on commodity-related derivative financial instruments. 60 Pembina Pipeline Corporation Third Quarter 2025 The carrying values of financial assets and liabilities in relation to their respective fair values, together with their appropriate fair value categorization are illustrated in the table below. Certain other non-derivative financial instruments measured at amortized cost, including cash and cash equivalents, trade receivables and other, trade payables and other, and other liabilities have been excluded since their carrying values are judged to approximate their fair values due to their nature and short maturity. These instruments would be categorized as Level 2 in the fair value hierarchy. September 30, 2025 December 31, 2024 Carrying Value Fair Value Carrying Value Fair Value ($ millions) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial assets carried at fair value Derivative financial instruments(1) 15 — 15 — 13 — 13 — Financial liabilities carried at fair value Derivative financial instruments(1) 125 — 11 114 159 — 42 117 Financial liabilities carried at amortized cost Long-term debt(2) 12,633 — 12,648 — 12,656 — 12,649 — (1) At September 30, 2025, all derivative financial instruments are carried at fair value through earnings. At December 31, 2024, all derivative financial instruments are carried at fair value through earnings, except for $5 million in interest rate derivative financial assets that were designated as --- cash flow hedges and expired on March 31, 2025. (2) Carrying value of current and non-current balances. Includes loans and borrowings and subordinated notes. Changes in fair value of the derivative net liabilities classified as Level 3 in the fair value hierarchy were as follows: ($ millions) 2025 Level 3 derivative net liability at January 1 (117) Gain included in revenue from risk management and physical derivative contracts 3 Level 3 derivative liability at September 30 (114) There were no transfers into or out of Level 3 during the nine months ended September 30, 2025. Gains and Losses from Derivative Instruments 3 Months Ended September 30 9 Months Ended September 30 ($ millions) 2025 2024 2025 2024 Derivative instruments held at fair value through earnings Realized gain Commodity-related gain recorded in revenue from risk management and physical derivative contracts (39) (70) (98) (189) Unrealized (gain) loss Commodity-related (gain) loss recorded in revenue from risk management and physical derivative contracts (1) (18) (41) 129 Derivative instruments in hedging relationships Interest rate loss recorded in other comprehensive income(1) — 6 4 8 (1) Unrealized losses or gains for designated cash flow hedges are recognized in impact of hedging activities in the Consolidated Statements of Earnings and Comprehensive Income, with realized losses or gains being reclassified to net finance costs. The movement in other comprehensive income relates to realized losses or gains on interest rate forward swaps, which expired on March 31, 2025. A gain of $4 million was recognized during the first quarter of 2025, prior to the expiration date that was reclassified to net finance costs (three and nine month ended September 30, 2024: $4 million and $13 million realized gain, respectively). No losses or gains have been recognized in net income relating to discontinued cash flow hedges. Pembina Pipeline Corporation Third Quarter 2025 61 15. RELATED PARTIES Pembina enters into transactions with related parties in the normal course of business and all transactions are measured at their exchange amount, unless otherwise noted. Pembina provides management and operational oversight services, on a fixed fee and cost recovery basis, to certain equity accounted investees. Pembina also contracts for services and capacity from certain of its equity accounted investees, advances funds to support operations and provides letters of credit, including financial guarantees. A summary of the significant related party transactions and balances are as follows: 3 Months Ended September 30 9 Months Ended September 30 ($ millions) 2025 2024 2025 2024 PGI 58 43 179 175 Cedar LNG 5 12 14 18 Aux Sable(1) — — — 32 Alliance(1) — — — 4 Other(2) — — — 2 Total services provided(3) 63 55 193 231 PGI 2 2 6 6 Alliance(1) — — — 3 Total services received 2 2 6 9 As at ($ millions) September 30, 2025 December 31, 2024 Trade receivables and other(4) 35 37 Right-of-use assets(5) 33 — Lease liabilities(5) 33 — (1) As of April 1, 2024, following the completion of Pembina's acquisition of a controlling interest in Alliance and Aux Sable, these entities became consolidated subsidiaries of Pembina and, as such, are no longer related parties. (2) Other includes transactions with Grand Valley, ACG, and Greenlight. (3) Services provided by Pembina include payments made by Pembina on behalf of related parties. (4) As at September 30, 2025, trade receivables and other includes $30 million due fro --- m PGI (December 31, 2024: $34 million), and $5 million due from Cedar LNG (December 31, 2024: $2 million). (5) As at September 30, 2025, Pembina had a lease arrangement with PGI for the use of a natural gas storage asset. Under the terms of the agreement, Pembina recognized a right-of-use asset and a corresponding lease liability. The lease commenced on September 1, 2025 and has a term of 15.2 years. Lease payments are made on a monthly basis and are structured as a combination of a fixed fee and flow-through charges. 62 Pembina Pipeline Corporation Third Quarter 2025 16. COMMITMENTS AND CONTINGENCIES Commitments Pembina was committed for the following amounts under its contracts and arrangements as at September 30, 2025: Contractual Obligations(1) Payments Due by Period ($ millions) Total Less than 1 year 1 – 3 years 3 – 5 years After 5 years Transportation and processing(2) 11,270 46 165 1,091 9,968 Construction commitments(3) 438 295 113 30 — Other commitments related to lease contracts(4) 613 45 98 161 309 Funding commitments, software, and other 125 100 24 1 — Total contractual obligations 12,446 486 400 1,283 10,277 (1) Pembina enters into product purchase agreements and power purchase agreements to secure supply for future operations. Purchase prices of both NGL and power are dependent on current market prices. Volumes and prices for NGL and power contracts cannot be reasonably determined, and therefore, an amount has not been included in the contractual obligations schedule. Product purchase agreements range from one to 16 years and involve the purchase of NGL products from producers. Assuming product is available, Pembina has secured between 25 and 197 mbpd of NGL each year up to and including 2040. Power purchase agreements range from one to 25 years and involve the purchase of power from electrical service providers. Pembina has secured up to 76 megawatts per day each year up to and including 2049. (2) Pembina signed two transportation and processing related agreements relating to the Cedar LNG Project: (a) Liquefaction Tolling Services Agreement ("LTSA"); and, (b) Gas Supply Agreement ("GSA"). The LTSA is a 20-year take-or-pay fixed toll contract for 1.5 million tonnes per annum, while the GSA will allow for transport on the Coastal GasLink Pipeline of approximately 200 million cubic feet per day of Canadian natural gas to Cedar LNG. These commercial agreements account for approximately 50 percent of the operating capacity for the Cedar LNG Project and a total commitment of approximately $10.5 billion. These commitments are expected to commence upon the anticipated in- service date of the Cedar LNG Project in late 2028. (3) Excludes projects that are executed by equity accounted investees. (4) Relates to expected variable lease payments excluded from the measurement of the lease liability, payments under lease contracts which have not yet commenced, and payments related to non-lease components in lessee lease contracts. Commitments to Equity Accounted Investees Pembina has commitments to provide contributions to certain equity accounted investees based on its ownership interest. These contributions are determined and approved by the joint venture partners to fund operating budgets, growth capital, and significant projects development costs, including the Cedar LNG Project and Greenlight. Contingencies Pembina, including its subsidiaries and its investments in equity accounted investees, are subject to various legal and regul --- atory and tax proceedings, actions and audits arising in the normal course of business. Pembina represents its interests vigorously in all proceedings in which it is involved. Legal and administrative proceedings involving possible losses are inherently complex, and the Company applies significant judgment in estimating probable outcomes. As at September 30, 2025, there were no significant claims filed against Pembina for which management believes the resolution of any such actions or proceedings would have a material impact on Pembina's financial position or results of operations. Letters of Credit Pembina has provided letters of credit to various third parties in the normal course of conducting business. The letters of credit include financial guarantees to counterparties for product purchases and sales, transportation services, utilities, engineering and construction services. The letters of credit have not had and are not expected to have a material impact on Pembina's financial position, earnings, liquidity or capital resources. As at September 30, 2025, Pembina had $121 million (December 31, 2024: $209 million) in letters of credit issued. Pembina Pipeline Corporation Third Quarter 2025 63 Head Office Pembina Pipeline Corporation Suite 4000, 585 – 8th Avenue S.W. Calgary, Alberta, Canada T2P 1G1 Phone 403.231.7500 Auditors KPMG LLP Chartered Professional Accountants Calgary, Alberta Trustee, Registrar and Transfer Agent Computershare Trust Company of Canada Suite 800, 324 – 8th Avenue S.W. Calgary, Alberta, Canada T2P 2Z2 Phone 1.800.564.6253 Stock Exchange Pembina Pipeline Corporation Toronto Stock Exchange listing symbols for: COMMON SHARES PPL PREFERRED SHARES PPL.PR.A, PPL.PR.C, PPL.PR.E, PPL.PR.G, PPL.PR.I, PPL.PR.O, PPL.PR.Q, PPL.PF.A, and PPL.PF.E New York Stock Exchange listing symbol for: COMMON SHARES PBA Investor Inquiries Phone 403.231.3156 Toll Free 1.855.880.7404 Fax 403.237.0254 Email [email protected] Website www.pembina.com Investor Information