06:56 AM EST, 11/14/2025 (MT Newswires) -- Keyera ( KEYUF ) , which operates an integrated energy infrastructure business, on Friday reported lower net earnings in the third quarter.

Net earnings were C$85.2 million, or $0.37 per share, down from $184.6 million, or $0.81 per share. The result missed the earnings per share consensus estimate of $0.51 for the third quarter, as compiled by FactSet.

Adjusted EBITDA was $280.6 million, down from $322.2 million. Excluding transaction costs related to the Plains acquisition, adjusted EBITDA would have been $286 million. The company said higher contributions from the gathering and processing and liquids infrastructure segments were more than offset by lower marketing segment contributions.

Distributable cash flow also fell to $181.3 million, or $0.79 per share, from $195.1 million, or $0.85 per share. Adjusted for acquisition and integration costs, DCF was $185.5 million, or $0.81 per share.

Keyera ( KEYUF ) reduced its marketing segment realized margin guidance for 2025 to $280 million to $300 million, from $310 million to $350 million previously. The company also cut its growth capital expenditure guidance to $220 million to $240 million, from the previous guidance of $275 million to $300 million.

Keyera ( KEYUF ) also provided 2026 guidance on a stand-alone basis until the closing of the Plains acquisition. The company said it remains on track to deliver its 7% to 8% fee-based adjusted EBITDA compound annual growth rate target from 2024 to 2027.

Growth capex is expected to be between $400 million and $475 million in 2026.

Following the closing of the Plains acquisition, Keyera ( KEYUF ) will provide updated pro-forma 2026 guidance and a comprehensive business outlook reflecting the combined platform's scale, capital program and longer-term growth profile.