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Enterprise Products Partners LP
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Q4 2025 Earnings Presentation
| Randy Fowler | Page 4 of 11 |
March 15, 2026
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"Q4 2025 Earnings Presentation"
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4 © All Rights Reserved. Enterprise Products Partners L.P. enterpriseproducts.com Enterprise Allocation of Capital “All of the Above” Approach Responsibly Returning Capital to Investors • $62 Billion (“B”) of capital returned to equity investors via LP distributions and common unit buybacks, since IPO • Distributions: $0.55/unit for 4Q 2025, a 2.8% increase over 4Q 2024 • Buybacks: $50 million (“MM”), 1.6MM common units, of repurchases in 4Q 2025 • $300MM, 9.5MM common units, of repurchases in FY 2025 • Unitholder Reinvestment & Employee Support: our DRIP (1) and EUPP (2) programs purchased a combined 1.2MM and 4.7MM common units in 4Q 2025 and 2025 respectively, on the open market • Adjusted CFFO Payout Ratio (3) : 58% for FY 2025 (1) Distribution Reinvestment Plan (“DRIP”) (2) Employee Unit Purchase Plan (“EUPP”) (3) See definitions (4) Organic growth capital investments, net of proceeds from asset sales, are expected to be in the range of $1.9 - $2.3B in 2026, which includes estimated growth capital expenditures of ˜$2.5-$2.9B less ˜$600MM of proceeds from asset sales Maintain and Protect Balance Sheet • Leverage Ratio (3) : 3.3x as of December 31, 2025; target ratio of 3.0x (+/– 0.25x) • Liquidity: $5.2B comprised of available credit capacity and unrestricted cash as of December 31, 2025 Capital Expenditures • Growth Capital Expenditures Range: $2.5B to $2.9B in 2026 (4) ; $2.0B to $2.5B in 2027 • Sustaining Capital Expenditures: ˜$580MM in 2026