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Research Alert: Cpx Q1: Hummel Station, Rolling Hills Boost Generation 20%, Affo Declines 29%

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CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:

CPX reported Q1 net income of CAD15M (CAD0.04/share) vs. CAD150M (CAD1.03/share) in the prior year, while revenues increased 22% to CAD1.2B and adjusted EBITDA rose 10% to CAD404M. Total electricity generation increased 20% to 11,468 GWh with U.S. flexible generation up 58% benefiting from Hummel Station and Rolling Hills acquisitions. We look through the commodity volatility and capex cycle and remain focused on the growing portfolio and its need in the continually growing AI landscape. Management maintained 2026 financial guidance of CAD890M-CAD1.0B for AFFO and CAD1.6B-CAD1.8B for adjusted EBITDA, despite expecting 40% more outage days for the Canada flexible portfolio. The company declared a quarterly dividend of CAD0.6910/share, up 6%, and extended its Arlington Valley tolling agreement through October 2038. We believe FY 26 guidance being maintained, albeit with higher outage days, suggests strong profitability potential once the capex period concludes.

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