Kinder Morgan Inc - Ordinary Shares - Class P

Strong Q2 and raised 2026 guidance (beat both budget and prior year) - Adjusted EBITDA up 12% YoY; adjusted EPS up 32% YoY. - Every business segment contributed positively in the quarter. - 2026 outlook raised: now expects full-year adjusted EBITDA at least 5% above the 2026 budget and adjusted EPS at least 12% above the original budget (implying ~$430M+ of incremental EBITDA contribution).

Natural gas demand thesis remains very strong; supports large expansion pipeline - Management highlighted volume growth: Natural gas transport volumes +7% YoY and gathering volumes +26% YoY (KinderHawk +54%). - Market demand backdrop: Wood Mackenzie expects U.S. gas demand to exceed 160 Bcf/d by 2035 (~+46 Bcf/d vs. 2025), driven mainly by LNG export growth and power generation demand. - They see incremental opportunity to serve 10+ Bcf/d (power) and ~3 Bcf/d (LNG) via additional projects.

CapEx + FID cadence: backlog stayed resilient; “shadow” pipeline expected to convert later in 2026 - Backlog declined from ~$10.1B to ~$9.6B mainly because >$650M placed into service, partially offset by ~$200M new additions. - Board contingently approved nearly ~$400M of projects not yet in backlog (in advanced contract negotiations), implying a near-offset to the quarter’s backlog decline. - Management expects adding significant projects from a $10B+ opportunity set before year-end, likely more than offsetting about $1B of projects expected to be placed into service in 2H’26. - Several key gas expansion projects progressing on schedule: - Mississippi Crossing and South System Expansion 4: received final FERC environmental impact statement in June; expect FERC certificate by end of this month. - Trident: ~60% complete. - Expectation of FIDs in 2026 back half; also, for specific projects: they indicated documents “nearly ready” for Western Gateway with an expected FID in ~1–2 months (per Q&A).