AltaGas reports Q1 profit, raises capital spending guidance for 2026

The AltaGas Ridley Island Propane Export Terminal is seen in an undated handout photo. THE CANADIAN PRESS/Handout — AltaGas, Lonnie Wishart (Mandatory Credit)

CALGARY — AltaGas Ltd. reported $147 million in net income applicable to common shares, down from $392 million in the same quarter last year, weighed down by unrealized losses on its risk management contracts.

The company says the profit amounted to 47 cents per diluted share for the quarter ended March 31, down from $1.31 per diluted share in the same quarter last year.

On a normalized basis, AltaGas says it earned $1.33 per diluted share in its latest quarter, up from $1.14 per diluted share a year earlier.

Revenue for the quarter totalled $3.97 billion, the same as the first quarter of 2025.

In its outlook, AltaGas raised its guidance for capital spending for 2026 to $1.7 billion from $1.6 billion.

The company also said it now expects its results near the top end of its earlier guidance for normalized EBITDA of $1.925 billion to 2.025 billion and its expectations for normalized earnings per share of $2.20 to $2.45.

This report by The Canadian Press was first published April 30, 2026.