REPORT TO SHAREHOLDERS First Quarter 2025 MANAGEMENT'S DISCUSSION AND ANALYSIS Table of Contents | 1. About Pembina | 2 | | --- | --- | | 2. Financial & Operating Overview | 3 | | 3. Segment Results | 5 | | 4. Liquidity & Capital Resources | 14 | | 5. Share Capital | 18 | | 6. Capital Expenditures | 19 | | 7. Selected Quarterly Information | 20 | | 8. Selected Equity Accounted Investee Information | 22 | | 9. Related Party Transactions | 23 | | 10. Accounting Policies & Estimates | 24 | | 11. Non-GAAP & Oth ...