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 highly fee-based earnings profile.

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

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

Financial performance and earnings profile

• Q1 2026 Adjusted EBITDA is well-diversified: NGL & Refined Products 24%, Natural Gas 19%, Crude Oil 18%, Midstream 18%, SUN/USAC/Other 21%.

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

• Historical Adjusted EBITDA has grown from $13.1B 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

• Multiple large-scale natural gas pipeline projects underway, including Hugh Brinson Pipeline ($2.7B), Desert Southwest Pipeline (up to $5.6B), and Springerville Lateral ($600M).

• Hugh Brinson Pipeline Phase I (1.5 Bcf/d) is fully contracted and expected in service Q4 2026; Phase II increases capacity to 2.2 Bcf/d by Q1 2027.

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

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