Keyera Corp

KEY: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Keyera Earnings: Lower Marketing Reflected in Guidance, but Fair Value Estimate Unchanged

Joshua Aguilar

Nov 14, 2025

Keyera's adjusted EBITDA excluding acquisition and integration costs totaled CAD 286 million, an 11% year-on-year decline, lower than expectations. Gathering and processing and liquids infrastructure contributed to growth, but marketing declined.

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Keyera Corp

Keyera Earnings: Lower Marketing Reflected in Guidance, but Fair Value Estimate Unchanged

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