Capital Power Corp

Latest Results (02.04.2026):

Capital Power Corp (Capital Power Corporation) reported its fourth quarter 2025 results and full-year 2025 results, highlighting strong execution of strategic priorities — including a major U.S. acquisition, expanded contracted cash flows, and sizable financing activity — while delivering solid AFFO and adjusted EBITDA for both the quarter and year. The company also announced operational milestones, growth projects and leadership changes that position it for accelerated U.S. expansion.

Q4 2025 financial snapshot

For the quarter ended December 31, 2025, Capital Power generated AFFO of $244 million, net cash flows from operating activities of $205 million, adjusted EBITDA of $414 million and reported a net loss of $13 million. (AFFO and adjusted EBITDA are non‑GAAP measures.)

Full‑year 2025 results

For the full year 2025, the company reported AFFO of $1,066 million, net cash flows from operating activities of $962 million, adjusted EBITDA of $1,580 million and net income of $159 million. The board approved a 6% increase to the common share dividend — the 12th consecutive year of dividend growth.

Major strategic transactions

Capital Power completed its largest acquisition — Hummel and Rolling Hills in PJM — for approximately $3.0 billion (US$2.2 billion), adding about 2.2 GW of U.S. natural gas capacity. The company also executed a new long‑term contract for Midland Cogeneration Venture through 2040 and entered an MOU with Apollo Global Management to form an investment partnership targeting merchant U.S. gas assets (potential committed equity up to US$3.0 billion, including US$750 million from Capital Power).

Contracts and offtake opportunities

Capital Power signed a binding MOU for a 250 MW, 10+ year Electricity Supply Agreement with an investment‑grade data centre developer in Alberta (expected start 2028) and negotiated other data‑centre related term sheets (e.g., adjacent to MCV) to secure long‑duration demand.

Operational progress and development

The company reached commercial operation on Halkirk 2 wind, commissioned ~170 MW of battery storage in Ontario (contracted through 2047), brought ~60 MW of long‑term contracted projects online, and started construction on two solar projects in North Carolina (expected commercial operation Q4 2026–Q1 2027).

Financing and balance sheet activity

Capital Power issued $2.3 billion of senior unsecured notes (including an inaugural ~$1.7 billion U.S. private offering), completed a $600 million medium‑term note offering in Canada (4.231%, maturing Jan 14, 2033), redeemed $300 million of January 2026 notes, and raised $667 million of equity to fund U.S. expansion and strengthen the balance sheet.

Subsequent events and leadership

Following year‑end, Kevin MacIntosh was appointed Chief Financial Officer effective March 16, 2026. In January 2026 Capital Power extended the Arlington Valley summer tolling agreement through October 2038 and approved a 35 MW summer capacity uprate; the agreement is expected to yield a full‑year adjusted EBITDA uplift of ~US$70 million annually by 2032, with the uprate contributing ~US$8 million per year starting in 2027.

Notes / forward‑looking context

The report emphasizes that adjusted EBITDA and AFFO are non‑GAAP measures and includes forward‑looking statements about project timing, partnerships and expected benefits, subject to risks and uncertainties described in the 2025 Integrated Annual Report and press release.