Energy Transfer (ET) investor relations material

Investment highlights

• Current cash distribution yield is approximately 7%, with a targeted 3–5% annual distribution growth rate and strong coverage ratio.

• Expected 2026 Adjusted EBITDA is projected between $18.2B and $18.6B, supported by a well-diversified, fee-based earnings profile.

• Asset base spans all major U.S. producing basins, with about 140,000 miles of energy infrastructure and unmatched connectivity.

• Significant backlog of growth projects, increasing demand for natural gas infrastructure, and growing NGL exports.

• No single segment contributes more than 30% of earnings, ensuring balanced product diversity.

Financial performance and earnings breakdown

• Q1 2026 Adjusted EBITDA by segment: NGL & Refined Products 24%, SUN/USAC/Other 21%, Natural Gas Pipelines & Storage 19%, Midstream 18%, Crude Oil 18%.

• 2026E Adjusted EBITDA is expected to be 90% fee-based, with minimal commodity and spread exposure.

• Historical Adjusted EBITDA has grown from $13.0B in 2021 to $15.9B in 2025, with organic growth capital projected at $5.5–$5.9B for 2026.

Major growth projects and strategic initiatives

• Recently announced major gas pipeline projects include the Hugh Brinson Pipeline ($2.7B), Desert Southwest Pipeline (up to $5.6B), and Springerville Lateral ($600M), all backed by long-term contracts.

• Hugh Brinson Pipeline will provide up to 2.2 Bcf/d capacity, fully contracted, supporting Texas markets and data center growth.

• Desert Southwest Pipeline will add up to 2.3 Bcf/d capacity from the Permian to Arizona, with service expected by Q4 2029.

• Springerville Lateral will enable coal-to-gas transition for power plants, with 625 MMcf/d capacity and 20-year agreements.