Kinder Morgan Inc - Ordinary Shares - Class P

Strong Q3 performance + broad-based growth (good) - Adjusted EPS +21% YoY, adjusted EBITDA +9% YoY; every segment contributed. - Natural gas: transport +3% YoY, gathering +14% YoY (KinderHawk +40%). - Products: refined products -3% YoY, crude/condensate -11% YoY (notably linked to removal of Double H from service early Q3’25). - Terminals: liquids lease capacity ~93%, key hubs utilization ~96%; export activity strong (Houston Ship Channel 427 kbpd, +39% YoY, all-time record). - CO2 and RNG: CO2 volumes +8% YoY; RNG volumes +18% YoY.

Full-year outlook raised / beating budget (good, with concrete guidance) - Company expects full-year adjusted EPS +13%+ vs budget and adjusted EBITDA +6%+ vs budget. - Guidance implies >$515M incremental EBITDA vs budget (company cites items driving outperformance). - Balance sheet is improving: leverage ~3.5x debt/EBITDA at quarter-end (low end of target range); expects ~3.6x by year-end (still below midpoint of target range).

Major backlog build + long-term take-or-pay contracted growth (surprisingly large addition) - Project backlog increased from $9.6B to $14.4B in the quarter—one of the largest increases in company history. - Added $5.4B of new projects and placed $700M into service; backlog multiple remains attractive at 5.7x. - Two key sanctions/updates: - SNG – Southeast Connector: contracted with investment-grade utilities; designed to deliver ~2.6 Bcf/day (management: scaling to ~3.5 Bcf/day plausible with additional commitments). - NGPL – Permian Link: contracted with an A-rated hyperscaler; management frames it as supporting Texas/Panhandle power demand via long-term contracted cash flows. - Management emphasizes a “shadow backlog → formal backlog” funnel is still meaningful; current conversions create bottlenecks that generate more projects.