REPORT TO SHAREHOLDERS Third Quarter 2025 MANAGEMENT'S DISCUSSION AND ANALYSIS Table of Contents | 1. About Pembina | 2 | | --- | --- | | 2. Financial & Operating Overview | 3 | | 3. Segment Results | 7 | | 4. Liquidity & Capital Resources | 21 | | 5. Share Capital | 25 | | 6. Capital Expenditures | 27 | | 7. Selected Quarterly Information | 28 | | 8. Selected Equity Accounted Investee Information | 30 | | 9. Related Party Transactions | 31 | | 10. Accounting Policies & Estimates | 32 | | 11. Non-GAAP & Oth ...