SaskEnergy Second Quarter Report - September 30, 2025

Financial and Operating Highlights

Three months ended September 30,

Six months ended September 30,

CONSOLIDATED FINANCIAL INFORMATION ($ millions)

2025

2024

2025

2024

Delivery

47 65

48 61

108 130

109 123

Transportation and storage Realized commodity margin

4 1

3 2

9 7

9 3

Realized asset optimization margin Customer capital contributions

11

12

36

15

Total revenue and margins

128

126

290

259

Employee benefits

29 59 36

28 53 35

62

60

Operating and maintenance Depreciation and amortization

116

102

71 12

69 11

Saskatchewan taxes

7

6

Recovery on trade and other receivables

-

(2)

-

(2)

Net finance expense

18

19

38

38

Other net losses Total expenses

4

2

5

2

153

141

304

280

Net loss before unrealized market value adjustments

(25)

(15)

(14)

(21)

Market value adjustments CONSOLIDATED NET LOSS

(1)

(1)

(7)

(5)

(26)

(16)

(21)

(26)

Cash provided by operating activities Cash (used in) investing activities

37

60

88

139

(118)

(73)

(185)

(109)

Cash provided by (used in) financing activities

80

13

96 12

(48)

Dividends declared

8

4

8

Total assets Total net debt

3,873 2,027 61.2%

3,623 1,840 60.1%

Debt/Equity ratio

OPERATING STATISTICS Distribution energy (petajoules) Residential/Farm

2 2

2 2

6 7

7 7

Commercial

Industrial

49 53

45 49

94

90

Total

107

104

Weather (compared to last 30 years) Transmission energy (petajoules) Domestic

34% warmer 50% warmer 17% warmer 16% warmer

83

80

168

162

Export

3

1

7

1

Total

86

81

175

163

Cash used in Investing Activities $ millions

Loss before MVA $ millions

Cash from Operations $ millions

$185

100 150 200

100 150 200

$142

(30) (20) (10) 0

$139

$111

$109

$88

-$14

-$14

0 50

0 50

-$21

2025

2024

2023

2025

2024

2023

2025

2024

2023

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