Gibson Energy Reports 2025 Fourth Quarter and Full Year Results Highlighted by Record Infrastructure EBITDA and Announces 5% Dividend Increase
MWN-AI** Summary
Gibson Energy Inc. (TSX: GEI) reported its fourth quarter and full-year results for 2025, showcasing a significant milestone in the company’s operational performance. Driven by strong volume growth and successful completion of key capital projects, the company achieved a record quarterly Infrastructure EBITDA of $160 million. For the full year, Infrastructure Adjusted EBITDA reached $622 million, marking a year-over-year increase of $21 million.
Amid these robust results, Gibson announced a 5% dividend increase, its seventh consecutive annual hike, underlining its commitment to delivering sustainable shareholder returns. Subsequent to the quarter, Gibson also disclosed a strategic acquisition of Teine Energy's Chauvin Infrastructure Assets for $400 million, expected to enhance its footprint in the Canadian crude infrastructure market and support future growth.
Significant developments during the quarter included major contract extensions at Edmonton, contributing to improved cash flow stability, and the launch of new infrastructure in collaboration with Baytex in the Duvernay region. Safety remained a priority for Gibson, with over 10 million hours worked without a lost-time injury.
Financially, Gibson reported full-year net income of $198 million, up $45 million from 2024, although Distributable Cash Flow fell to $337 million, reflecting lower adjusted EBITDA and increased capital spending. The company's net debt to adjusted EBITDA ratio was reported at 3.9x, an increase from the previous year.
Curtis Philippon, CEO of Gibson, expressed optimism for future growth, emphasizing the company’s targeted 7%+ Infrastructure EBITDA per share growth over the next five years, supported by capital projects and strategic acquisitions. Overall, 2025 concluded as a record year for Gibson, positioning the company favorably for ongoing investment and growth opportunities.
MWN-AI** Analysis
Gibson Energy Inc. reported strong financial results for Q4 and full-year 2025, characterized by a record Infrastructure EBITDA of $160 million and consistent returns through a 5% dividend increase, marking the seventh consecutive year of dividend growth. Key factors behind this performance include robust volume growth at the Edmonton and Gateway terminals and successful completion of significant capital projects such as the Cactus II connection and partnerships in the Duvernay region.
While the Infrastructure segment thrived, Marketing Adjusted EBITDA saw a notable decline, reflecting broader challenges in crude marketing and refined products. Investors should carefully consider this mixed performance but remain optimistic due to Gibson’s strategic investments and positive outlook.
The recent $400 million acquisition of Teine Energy's Chauvin Infrastructure Assets enhances Gibson's Canadian footprint, expected to yield mid-single-digit accretion to distributable cash flow per share. This acquisition, coupled with the Wink-to-Gateway integration project, is projected to support a 7%+ growth in Infrastructure EBITDA per share over the next five years, indicating a strong growth trajectory.
From a risk perspective, the net debt to adjusted EBITDA ratio has increased to 3.9x, which, while still manageable, highlights the importance of monitoring leverage as Gibson invests heavily in growth. Moreover, market conditions remain volatile, particularly concerning crude prices and currency fluctuations, which could impact future earnings.
For investors, Gibson's robust dividend policy and strategic growth initiatives present an attractive opportunity, albeit with caution given market volatility. Continued focus on operational efficiency and capital project execution will be crucial in sustaining long-term shareholder returns. Overall, Gibson Energy maintains a solid position for continued growth, making it a noteworthy consideration for any portfolio focused on infrastructure and energy sectors.
**MWN-AI Summary and Analysis is based on asking OpenAI to summarize and analyze this news release.
All financial figures are in Canadian dollars unless otherwise noted
CALGARY, Alberta, Feb. 17, 2026 (GLOBE NEWSWIRE) -- Gibson Energy Inc. (TSX:GEI) ("Gibson" or the "Company") announced today its financial and operating results for the three and twelve months ended December 31, 2025.
Key Highlights:
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“We delivered strong fourth quarter results, closing out a record year for Gibson in 2025,” said Curtis Philippon, President & Chief Executive Officer. “Year-over-year fourth quarter performance was driven by the Cactus II connection at Gateway, the successful execution of our dredging project, and the start-up of our Baytex partnership in the Duvernay. Subsequent to quarter-end, we announced the strategic and accretive acquisition of Teine's Chauvin Infrastructure Assets, which enhances our Canadian crude infrastructure footprint and creates an additional platform for long-term growth. Together, with the previously announced Wink-to-Gateway Integration project, these initiatives support our targeted 7%+ Infrastructure EBITDA per share growth over the next five years and underpin our ability to continue delivering sustainable shareholder returns.”
Financial Highlights:
- Infrastructure Adjusted EBITDA(1) of $622 million for the full year, including $160 million in the fourth quarter, a $21 million increase over the full year 2024, primarily due to reduced operating costs, contributions from key capital projects coming online, and increased throughput at the Edmonton and Gateway Terminals, partially offset by a weakening U.S. dollar and lower volume at the Hardisty Terminal
- Marketing Adjusted EBITDA(1) of $15 million for the full year, including $1 million in the fourth quarter, a $48 million decrease over full year 2024, reflecting a challenging environment for both crude marketing and refined products
- Adjusted EBITDA(1) on a consolidated basis of $581 million for the full year, including $145 million in the fourth quarter, a $29 million decrease over the full year 2024, primarily due to the impact of items affecting segment EBITDA as noted above and a slight increase in general and administrative costs
- Net income of $198 million for the full year, including $41 million in the fourth quarter, a $45 million increase over the full year 2024, primarily due to the impact of items affecting Adjusted EBITDA(1) as noted above, movement in unrealized gains and losses for corporate financial instruments, partially offset by foreign exchange losses
- Distributable Cash Flow(1) of $337 million for the full year, including $79 million in the fourth quarter, a $38 million decrease over the full year 2024, primarily due to lower adjusted EBITDA as noted above as well as higher spending on replacement capital in the current year, offset by lower current income taxes and lease payments
- Dividend payout ratio(2) on a trailing twelve-month basis of 84%
- Net debt to adjusted EBITDA(2) ratio of 3.9x at December 31, 2025 compared to 3.5x at December 31, 2024
Strategic Developments and Highlights:
- Subsequent to the quarter, announced the strategic acquisition of Teine Energy’s portfolio of Chauvin Infrastructure Assets for $400 million; the acquisition will extend Gibson’s strategic footprint in Canada and support infrastructure growth; the transaction is expected to deliver mid single-digit accretion to distributable cash flow per share and is anticipated to close in Q2, 2026, subject to regulatory approvals
- Today, Gibson closed its previously announced $215 million bought deal common equity offering, including the exercise in full of the over-allotment option by the underwriters
- Subsequent to the quarter, Gibson’s Board of Directors approved a quarterly dividend of $0.45 per common share, an increase of $0.02 per common share or 5%, beginning with the dividend payable in April
- On December 2, 2025, the Company announced major contract extensions of 20 and 10 years at Edmonton and the sanctioning of a new Wink-to-Gateway Integration project
(1) Adjusted EBITDA and distributable cash flow are non-GAAP financial measures. See the “Specified Financial Measures” section of this release.
(2) Net debt to adjusted EBITDA ratio and dividend payout ratio are non-GAAP financial ratios. See the “Specified Financial Measures” section of this release.
Management’s Discussion and Analysis and Financial Statements
The 2025 fourth quarter Management’s Discussion and Analysis and audited Consolidated Financial Statements provide a detailed explanation of Gibson’s financial and operating results for the three months and year ended December 31, 2025, as compared to the three months and year ended December 31, 2024. These documents are available at www.gibsonenergy.com and on SEDAR+ at www.sedarplus.ca.
Earnings Conference Call & Webcast Details
A conference call and webcast will be held to discuss the 2025 fourth quarter and year-end financial and operating results at 7:00am Mountain Time (9:00am Eastern Time) on Wednesday, February 18, 2026.
To register for the call, view dial-in numbers, and obtain a dial-in PIN, please access the following URL:
Registration at least five minutes prior to the conference call is recommended.
This call will also be broadcast live on the Internet and may be accessed directly at the following URL:
The webcast will remain accessible for a 12-month period at the above URL.
Supplementary Information
Gibson has also made available certain supplementary information regarding the 2025 fourth quarter and full year financial and operating results, available at www.gibsonenergy.com.
About Gibson
Gibson is a leading liquids infrastructure company with its principal businesses consisting of the storage, optimization, processing, and gathering of liquids and refined products, as well as waterborne vessel loading. Headquartered in Calgary, Alberta, the Company's operations are located across North America, with core terminal assets in Hardisty and Edmonton, Alberta, Ingleside and Wink, Texas, and a facility in Moose Jaw, Saskatchewan.
Gibson shares trade under the symbol GEI and are listed on the Toronto Stock Exchange. For more information, visit www.gibsonenergy.com.
Forward-Looking Statements
Certain statements contained in this press release constitute forward-looking information and statements (collectively, “forward-looking statements”). All statements other than statements of historical fact are forward-looking statements. The use of any of the words ‘‘anticipate’’, ‘‘continue’’, ‘‘expect’’, “enhance”, “extend”, ‘‘may’’, ‘‘will’’, and “target” and similar expressions are intended to identify forward-looking statements. Forward-looking statements included or referred to in this press release include, but are not limited to, statements concerning: the anticipated timing and completion of the acquisition of Teine's Chauvin infrastructure assets, and the benefits to be derived therefrom; Gibson’s ability to achieve its financial targets and the anticipated timing thereof; Gibson’s ability to deliver sustainable shareholder returns; and Gibson’s anticipated strategic footprint and expected infrastructure growth. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. These statements speak only as of the date of this press release. The Company does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks and uncertainties including, but not limited to, the risks and uncertainties described in “Forward-Looking Information” and “Risk Factors” included in the Company's Annual Information Form and Management's Discussion and Analysis, each dated February 17, 2026, as filed on SEDAR+ and available on the Gibson website at www.gibsonenergy.com.
For further information, please contact:
Investor Relations
Phone: (403) 776-3077
Email: investor.relations@gibsonenergy.com
Media
Phone: (403) 476-6334
Email: communications@gibsonenergy.com
Specified Financial Measures
This press release refers to certain financial measures that are not determined in accordance with GAAP, including non-GAAP financial measures and non-GAAP financial ratios. Readers are cautioned that non-GAAP financial measures and non-GAAP financial ratios do not have standardized meanings prescribed by GAAP and, therefore, may not be comparable to similar measures presented by other entities. Management considers these to be important supplemental measures of the Company’s performance and believes these measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in industries with similar capital structures.
For further details on these specified financial measures, including relevant reconciliations, see the "Specified Financial Measures" section of the Company’s MD&A for the years ended December 31, 2025 and 2024, which is incorporated by reference herein and is available on Gibson's SEDAR+ profile at www.sedarplus.ca and Gibson's website at www.gibsonenergy.com.
a) Adjusted EBITDA
Noted below is the reconciliation to the most directly comparable GAAP measures of the Company's segmented and consolidated adjusted EBITDA for the three and twelve months ended December 31, 2025, and 2024:
| Three months ended December 31, | Infrastructure | Marketing | Corporate and Adjustments | Total | |||||||||||
| ($ thousands) | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |||||||
| Segment profit | 161,501 | 127,444 | 1,819 | (16,435 | ) | — | — | 163,320 | 111,009 | ||||||
| Unrealized loss (gain) on derivative financial instruments | (2,563 | ) | 6,359 | (1,209 | ) | 11,662 | — | — | (3,772 | ) | 18,021 | ||||
| General and administrative | — | — | — | — | (15,370 | ) | (18,065 | ) | (15,370 | ) | (18,065 | ) | |||
| Adjustments to share of profit from equity accounted investees | 1,560 | 1,169 | — | — | — | — | 1,560 | 1,169 | |||||||
| Executive transition and restructuring costs | — | — | — | — | — | 6,304 | — | 6,304 | |||||||
| Environmental remediation provision | — | 9,287 | — | — | — | — | — | 9,287 | |||||||
| Post-close purchase price adjustment | — | 2,670 | — | — | — | — | — | 2,670 | |||||||
| Renewable power purchase agreement | — | — | — | — | (730 | ) | (713 | ) | (730 | ) | (713 | ) | |||
| Adjusted EBITDA | 160,498 | 146,929 | 610 | (4,773 | ) | (16,100 | ) | (12,474 | ) | 145,008 | 129,682 |
| Years ended December 31, | Infrastructure | Marketing | Corporate and Adjustments | Total | ||||||||||
| ($ thousands) | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | ||||||
| Segment profit | 621,321 | 574,010 | 29,150 | 52,956 | — | — | 650,471 | 626,966 | ||||||
| Unrealized (gain) loss on derivative financial instruments | (4,740 | ) | 10,105 | (14,025 | ) | 9,778 | — | — | (18,765 | ) | 19,883 | |||
| General and administrative | — | — | — | — | (56,008 | ) | (69,985 | ) | (56,008 | ) | (69,985 | ) | ||
| Adjustments to share of profit from equity accounted investees | 5,456 | 5,240 | — | — | — | — | 5,456 | 5,240 | ||||||
| Executive transition and restructuring costs | — | — | — | — | 2,405 | 16,969 | 2,405 | 16,969 | ||||||
| Environmental remediation provision | — | 9,287 | — | — | — | — | — | 9,287 | ||||||
| Post-close purchase price adjustment | — | 2,670 | — | — | — | — | — | 2,670 | ||||||
| Renewable power purchase agreement | — | — | — | — | (2,872 | ) | (888 | ) | (2,872 | ) | (888 | ) | ||
| Adjusted EBITDA | 622,037 | 601,312 | 15,125 | 62,734 | (56,475 | ) | (53,904 | ) | 580,687 | 610,142 |
| Three months ended December 31, | ||||
| ($ thousands) | 2025 | 2024 | ||
| Net Income (Loss) | 41,292 | (5,563 | ) | |
| Income tax expense | 10,198 | 7,575 | ||
| Depreciation, amortization, and impairment charges | 46,685 | 55,217 | ||
| Finance costs, net | 36,038 | 34,033 | ||
| Unrealized (gain) loss on financial instruments | (3,772 | ) | 18,021 | |
| Unrealized loss (gain) on power purchase agreement | 3,894 | (4,375 | ) | |
| Share-based compensation | 6,002 | 6,882 | ||
| Adjustments to share of profit from equity accounted investees | 1,560 | 1,169 | ||
| Corporate foreign exchange loss (gain) and other | 3,111 | (1,538 | ) | |
| Environmental remediation provision | — | 9,287 | ||
| Post-close purchase price adjustment | — | 2,670 | ||
| Executive transition and restructuring costs | — | 6,304 | ||
| Adjusted EBITDA | 145,008 | 129,682 |
| Years ended December 31, | ||||
| ($ thousands) | 2025 | 2024 | ||
| Net Income | 197,638 | 152,174 | ||
| Income tax expense | 56,778 | 53,780 | ||
| Depreciation, amortization, and impairment charges | 175,608 | 186,669 | ||
| Finance costs, net | 139,367 | 138,318 | ||
| Unrealized (gain) loss on derivative financial instruments | (18,765 | ) | 19,883 | |
| Unrealized (gain) loss on renewable power purchase agreement | (5,286 | ) | 2,332 | |
| Share-based compensation | 17,828 | 22,040 | ||
| Acquisition and integration costs | — | 1,371 | ||
| Adjustments to share of profit from equity accounted investees | 5,456 | 5,240 | ||
| Corporate foreign exchange loss (gain) and other | 9,658 | (591 | ) | |
| Environmental remediation provision | — | 9,287 | ||
| Post-close purchase price adjustment | — | 2,670 | ||
| Executive transition and restructuring costs | 2,405 | 16,969 | ||
| Adjusted EBITDA | 580,687 | 610,142 |
b) Distributable Cash Flow
The following is a reconciliation of distributable cash flow from operations to its most directly comparable GAAP measure, cash flow from operating activities:
| Three months ended December 31, | Years ended December 31, | |||||||
| ($ thousands) | 2025 | 2024 | 2025 | 2024 | ||||
| Cash flow from operating activities | 93,355 | 67,276 | 510,159 | 598,454 | ||||
| Adjustments: | ||||||||
| Changes in non-cash working capital and taxes paid | 45,406 | 53,978 | 52,932 | (10,642 | ) | |||
| Replacement capital | (14,514 | ) | (11,727 | ) | (47,840 | ) | (35,987 | ) |
| Cash interest expense, including capitalized interest | (34,331 | ) | (31,931 | ) | (131,672 | ) | (134,336 | ) |
| Acquisition and integration costs | — | — | — | 1,371 | ||||
| Executive transition and restructuring costs | — | 6,304 | 2,405 | 16,969 | ||||
| Lease payments | (7,170 | ) | (6,063 | ) | (25,618 | ) | (30,241 | ) |
| Current income tax | (3,250 | ) | (6,685 | ) | (23,266 | ) | (30,318 | ) |
| Distributable cash flow | 79,496 | 71,152 | 337,100 | 375,270 |
c) Dividend Payout Ratio
| Years ended December 31, | ||||
| 2025 | 2024 | |||
| Distributable cash flow | 337,100 | 375,270 | ||
| Dividends declared | 281,696 | 266,858 | ||
| Dividend payout ratio | 84 | % | 71 | % |
d) Net Debt To Adjusted EBITDA Ratio
| Years ended December 31, | ||||
| 2025 | 2024 | |||
| Current and long-term debt | 2,702,342 | 2,598,635 | ||
| Lease liabilities | 79,064 | 48,180 | ||
| Less: unsecured hybrid notes | (450,000 | ) | (450,000 | ) |
| Less: cash and cash equivalents | (55,846 | ) | (57,069 | ) |
| Net debt | 2,275,560 | 2,139,746 | ||
| Adjusted EBITDA | 580,687 | 610,142 | ||
| Net debt to adjusted EBITDA ratio | 3.9 | 3.5 |
FAQ**
How does Gibson Energy Inc. (GBNXF) plan to leverage the $400 million acquisition of Teine Energy's Chauvin Infrastructure Assets to enhance its Canadian crude infrastructure footprint and drive long-term growth?
What factors contributed to the record quarterly Infrastructure EBITDA of $160 million for Gibson Energy Inc. (GBNXF), and how do you expect these factors to impact future performance?
Can you elaborate on the anticipated impact of the strategic acquisition on Gibson Energy Inc. (GBNXF)’s distributable cash flow and the expected mid-single-digit accretion per share?
Given the increase in net debt to adjusted EBITDA ratio to 3.9x for Gibson Energy Inc. (GBNXF), what strategies are in place to manage this leverage while ensuring sustainable shareholder returns?
**MWN-AI FAQ is based on asking OpenAI questions about Gibson Energy Inc (OTC: GBNXF).
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