Keyera Corp

KEY: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Keyera Earnings: High Utilization in Liquids Leads to Record Segment Margins; Shares Fairly Valued

Joshua Aguilar , Christian Fleming

May 16, 2025

Keyera reported first-quarter earnings, highlighting adjusted EBITDA of CAD 298 million, down from CAD 314 million in the same period in 2024. Management plans to begin construction of additional fractionation capacity midyear, aligned with its goal of expanding liquids-servicing cash flows.

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Keyera Corp

Keyera Earnings: High Utilization in Liquids Leads to Record Segment Margins; Shares Fairly Valued

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