Strategic highlights
Completed the acquisition of the Hummel and Rolling Hills facilities in the PJM1 market for approximately $3.0 billion2 (US$2.2 billion), adding ~2.2 GW of U.S. natural gas fired generation capacity
Executed a new long‑term contract for Midland Cogeneration Venture (MCV)3 through 2040, adding 10 years of incremental contracted cash flows
Entered into a binding MOU with an investment‑grade data centre developer for a 250 MW in Alberta, 10+ year Electricity Supply Agreement (ESA) expected to commence in 2028
Reached commercial operation for ~604 MW of long‑term contracted projects and commissioned 170 MW of battery storage in Ontario, contracted through to 2047
Started construction on two additional solar projects in North Carolina, with commercial operation expected between Q4 2026 and Q1 2027
Reached commercial operation of Halkirk 2 Wind Facility
Announced the appointment of Kevin MacIntosh as Chief Financial Officer, effective March 16, 2026
Financial highlights
In the fourth quarter of 2025, generated:
AFFO5 of $244 million and net cash flows from operating activities of $205 million
Adjusted EBITDA5 of $414 million and a net loss of $13 million
For full-year 2025, generated:
AFFO5 of $1,066 million and net cash flows from operating activities of $962 million
Adjusted EBITDA5 of $1,580 million and a net income of $159 million
Increased the common share dividend by 6%, marking the 12th consecutive year of dividend growth
Successfully issued $2.3 billion of senior unsecured notes, including a ~$1.7 billion6 (US$1.2 billion) inaugural U.S. private offering
Raised $667 million of equity capital to fund its U.S. expansion and solidified balance sheet strength
____________1 Pennsylvania-New Jersey-Maryland Interconnection.2 As previously announced, converted from U.S. dollars to Canadian dollars using a 1.3684 exchange rate, as reported by the Bank of Canada on June 9, 2025.3 Jointly owned with 50% working interest with Manulife Investment Management.4 Reflects uprate at Goreway and Capital Power's ownership interest in uprate at York Energy Centre.5 AFFO and adjusted EBITDA are non-GAAP measures. See Non-GAAP financial measures and ratios.6 Converted from U.S. dollars to Canadian dollars using a 1.3933 exchange rate, as reported by the Bank of Canada on May 13, 2025.
CEO Message
2025 stands as a pivotal year for Capital Power, we executed our well-defined strategy with discipline, delivered strong financial results while making solid progress on the key goals we set, strengthening our growth platform and transforming our company. Our achievements this year position Capital Power to thrive amid unprecedented electricity demand growth across North America.
We completed the largest acquisition in our history, expanding into North America's largest and most liquid power market, the PJM region. Underscoring the success of our diversification strategy, this acquisition represents a key milestone with our U.S. portfolio now accounting for roughly 60% of our capacity and adjusted EBITDA.
We continue to operate one of the most reliable and efficient portfolios in North America, leveraging our in-house expertise to maximize availability, optimize sustaining capital, and extend asset life. These efforts enhance our positioning for commercial optimization opportunities. This is evidenced by the improved pricing for longer duration on a new contract for MCV expiring in 2040 when this asset will have been operating for 50 years.
As we execute with precision and grow with momentum, I am pleased to welcome Kevin MacIntosh as our Chief Financial Officer on March 16, 2026. With over 30 years of experience as a finance leader, Mr. MacIntosh will play a critical role in executing Capital Power's strategy, bringing expertise across crucial functions including capital allocation, acquisition integration, cross-border reporting and controls, and optimization of enterprise business process. On behalf of the Board, the executive team and all of Capital Power, I thank Scott Manson for his strong leadership and expertise, including his service as Interim CFO.
Our industry is undergoing a fundamental transformation. The convergence of AI-driven demand, electrification, and population growth is reshaping the power sector. As we look ahead to 2026 and beyond, Capital Power operates from a position of strength, with greater scale, enhanced diversification, and increased visibility into future cash flows that support our investment grade credit rating. We are well equipped to meet rising power demand, adapt to evolving market dynamics, and deliver sustainable long-term value for our shareholders.
Avik Dey
Operational and Financial Highlights1
($ millions, except per share amounts)
Three months endedDecember 31,
Year endedDecember 31,
2025
2024
2025
2024
Electricity generation (Gigawatt hours)2
12,665
9,408
44,616
37,821
Generation facility availability3
90
%
89
%
91
%
92
%
Revenues and other income
1,078
853
3,720
3,776
Net (loss) income
(13
)
242
159
701
Net (loss) income attributable to shareholders of the Company
(13
)
240
160
699
Basic (loss) earnings per share ($)
(0.12
)
1.76
0.88
5.16
Diluted (loss) earnings per share ($)5
(0.12
)
1.75
0.88
5.15
Adjusted EBITDA4
414
330
1,580
1,343
Adjusted funds from operations4
244
182
1,066
824
Adjusted funds from operations per share ($)4
1.57
1.38
7.08
6.38
Net cash flows from operating activities
205
438
962
1,144
Purchase of property, plant and equipment and other assets, net
288
395
864
1,070
Dividends per common share, declared ($)
0.6910
0.6519
2.6858
2.5338
1 The operational and financial highlights in this press release should be read in conjunction with the Business Report and the audited consolidated financial statements for the year ended December 31, 2025.2 Gigawatt hours (GWh) of electricity generation reflects the Company's share of facility output and includes GWh discharged from battery storage.3 Facility availability represents the percentage of time in the period that the facility was available to generate power regardless of whether it was running and therefore is reduced by planned and unplanned outages.4 The consolidated financial highlights, except for adjusted EBITDA, AFFO and AFFO per share were prepared in accordance with GAAP. Adjusted EBITDA and AFFO are non-GAAP financial measures and AFFO per share is a non-GAAP ratio. See Non-GAAP Financial Measures and Ratios.5 Diluted earnings per share was calculated after giving effect to outstanding share purchase options.
Significant Events
$4.2 billion (US$3.0 billion) investment partnership with Apollo Funds
In December 2025, Capital Power entered into a MOU with Apollo Global Management (Apollo Funds) to form an investment partnership to pursue the acquisition of merchant U.S. natural gas generation assets, with total potential committed equity of up to US$3 billion (including US$750 million from Capital Power). The partnership combines Apollo Funds' capital strength with Capital Power's operating and commercial expertise to accelerate Capital Power's U.S. natural gas growth strategy and expand earnings.
The MOU contemplates a partnership with Capital Power operating acquired assets and receiving management and performance fees.
Alberta data centre MOU
In December 2025, the Company entered into a binding memorandum of understanding (MOU) with an investment grade data centre developer for a 250 MW Energy Supply Agreement (ESA). The long-term ESA (10+ years) has an anticipated start date in 2028 and would be backed by Capital Power's Alberta-based power generation portfolio. If a final agreement between the parties cannot be reached, a termination fee will be paid to Capital Power.
$600 million offering of medium-term notes and redemption of January 2026 medium-term notes
On November 14, 2025, Capital Power completed a public offering in Canada of unsecured medium-term notes (Notes) in the aggregate principal amount of $600 million. The Notes have an interest rate of 4.231% and mature on January 14, 2033. Capital Power used the net proceeds to repay, redeem and refinance existing indebtedness, which included fully funding the redemption of the Company's January 2026 Notes (as defined below), as well as project level debt at Goreway Power Station, Capital Power's credit facilities, and for general corporate purposes.
On November 5, 2025, Capital Power issued a notice of redemption in respect of all of its outstanding 4.986% medium-term notes, due January 23, 2026 (January 2026 Notes), for redemption on November 23, 2025 (Redemption Date) in accordance with the trust indenture governing the January 2026 Notes. The aggregate principal amount of January 2026 Notes outstanding was $300 million. The redemption price was $1,000 per $1,000 principal amount of the January 2026 Notes redeemed, plus accrued and unpaid interest to, but excluding, the Redemption Date. As November 23, 2025 was not a business day, payment of the redemption price occurred on November 24, 2025.
MCV data centre
In September 2025, MCV entered into a term sheet with a leading data centre developer for the potential development of a data centre adjacent to the facility. While the parties are no longer exclusive, the Company is continuing its discussions with the developer to execute a long term PPA for 250MW of power for up to 15 years.
Subsequent Events
Kevin MacIntosh appointed Chief Financial Officer
On February 19, 2026, Kevin MacIntosh was appointed as Chief Financial Officer of the company, effective March 16, 2026. Mr. MacIntosh has over 30 years of experience as ...
