Energy Infrastructure Holdings Sector Outlook — September 2026

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ENERGY › ENERGY › ENERGY INFRASTRUCTURE HOLDINGS

Energy Infrastructure: The Premium Sits with Contracted Earnings

How public markets and buyers are pricing contract quality, structure and basin connectivity across twenty energy infrastructure holdings.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E)

Energy Infrastructure Holdings Coverage | September 2026 | Confidential | Not investment advice

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1. 01
   ENERGY › ENERGY › ENERGY INFRASTRUCTURE HOLDINGS

   Energy Infrastructure: The Premium Sits with Contracted Earnings

   Cover slide introducing the September 2026 Energy Infrastructure Holdings sector outlook.

   We open with the finding that carries through this report: across Energy Infrastructure Holdings, the premium sits with contracted earnings. Everything that follows — the landscape, the valuation ranges, the precedent deals — builds toward that one line, so it's worth holding onto as we turn the page.

   Everything on this page

   ENERGY › ENERGY › ENERGY INFRASTRUCTURE HOLDINGS Energy Infrastructure: The Premium Sits with Contracted Earnings How public markets and buyers are pricing contract quality, structure and basin connectivity across twenty energy infrastructure holdings. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Energy Infrastructure Holdings Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

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   CONTENTS

   What This Report Covers

   This page lists the report's five sections plus the appendix.

   We've structured this report so section one carries the full argument on its own — the bottom line — and the sections that follow build the evidence behind it. If a reader has only a few minutes, section one is enough; if they want the full case, the landscape, valuation and precedent sections are where we go next. Either way, nothing later contradicts what's on that first page.

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   CONTENTS What This Report Covers 01 The Bottom Line What Energy Infrastructure Holdings Is Actually Being Paid For 02 The Landscape One Label, Four Businesses Underwritten on Different Bases 03 Valuation & Situations The Range Runs Wide on the Same Forward Earnings 04 Precedent Transactions Buyers Kept Transacting, and the Terms Varied Widely 05 Strategic Implications Contract Mix and Structure Are the Levers Within Reach 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Energy Infrastructure Holdings Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

3. 03
   01 · THE BOTTOM LINE

   One Label, Several Businesses: Diversified Midstream Systems Hold the Middle of Energy Infrastructure Holdings.

   This page states the report's central finding: diversified midstream systems hold the middle of the sector, with contracted earnings commanding the premium.

   The middle of this set prices at 10.2x on CY2027E EBITDA, with the top four names near 20.3x and the bottom four near 7.1x. That's a meaningful spread on the same forward-earnings basis, and it's associated with how much of each company's cash flow already sits under contract. For an owner or acquirer here, the takeaway is that the premium follows contract quality, not size or growth pace alone.

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   01 · THE BOTTOM LINE One Label, Several Businesses: Diversified Midstream Systems Hold the Middle of Energy Infrastructure Holdings. The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (16 of 20 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Energy Infrastructure Holdings Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 The Premium End of This Market Sits with Contracted Earnings The middle of the set prices at 10.2x on CY2027E EBITDA, with the top four names at 20.3x and the bottom four at 7.1x. A forward multiple already credits the growth in the estimates, so a premium that survives it is associated with earnings buyers expect to hold. 2 The Higher Multiples in This Set Are Not Sitting with the Faster-Growing Names Split the 16 names with a forward estimate at 7% revenue growth, and the eight faster names sit at 9.3x on CY2027E EBITDA while the eight slower ones sit higher. In a sector this contracted, the higher price sits with take-or-pay and rate-regulated cash flow rather than with top-line pace. 3 Four Different Business Models Sit Under One Sector Label, and Buyers Price Them Differently Diversified crude and gas midstream systems are 12 of the 20 companies here, 60% of the set, and the three equipment and field service names sit below them on the same forward lens. Putting a compression fleet and a long-haul transmission network on one number understates both. 4 Buyers Stayed Active, and Terms Varied Widely Across the 9 transactions shown, the disclosed forward earnings multiples range from 4.8x to 10.9x. The spread sits alongside differences in contract form and counterparty quality, with whole-platform combinations pitched on structural simplification and cost of capital. 10.2x Sector median EV/EBITDA CY2027E consensus · 16 rated of 20 companies 20.3x Premium end EV/EBITDA vs 7.1x at the discount end top quartile (n=4) against bottom quartile (n=4) on EV/EBITDA — the spread the report explains 49 Transactions with disclosed terms 79 recorded in this tier · 3 told as case studies, the full list in the appendix

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   SECTION 02

   02

   Divider introducing the section on market landscape and business-model segmentation.

   Before we get into the numbers, it's worth pausing on the map itself: one sector label covers several distinct businesses, each underwritten on a different basis. We'll walk through who sits where, and why that grouping matters for how a buyer prices each one.

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   SECTION 02 02 THE LANDSCAPE One Label, Four Businesses Underwritten on Different Bases Who belongs to which group, and what a buyer underwrites in each. 02 of 06 Energy Infrastructure Holdings Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   The Weight Sits in Diversified Midstream Systems; The Higher Multiples Sit Beside Them

   This page groups the 20 approved companies by business segment and shows the median EV/EBITDA per group.

   Diversified midstream systems carry the most weight in this set, at 60% of the companies, or 12 of 20, and they price near the sector's center. The higher multiples sit beside them, in the segments carrying more regulated or contracted exposure. So the group with the most companies is not necessarily the group commanding the highest price — segment and contract mix separate them.

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   02 · MARKET MAP The Weight Sits in Diversified Midstream Systems; The Higher Multiples Sit Beside Them 20 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Energy Infrastructure Holdings Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 DIVERSIFIED CRUDE AND GAS MIDSTREAM SYSTEMS 12 cos median 11.0x KMI WMB EPD TRP MPLX TCPA PAA PAGP SUNC SOBO HESM GLNG 12 of the 20 companies, and the gathering, storage and long-haul transmission assets strategics consolidate for density. MIDSTREAM EQUIPMENT AND FIELD SERVICE INFRASTRUCTURE 3 cos median 7.9x AROC KGS USAC Three compression and field service fleets whose value turns on revenue-generating horsepower, utilization and contract tenor. CONTRACTED AND MERCHANT POWER GENERATION PLATFORMS 2 cos 8.7x · 1 rated TAC KEN Two names where contracted offtake and merchant exposure sit side by side; one of the two carries a forward estimate. ADJACENT MODELS 3 cos median 16.7x GEV PSX BIPI Three businesses sitting next to the pipes, underwritten on their own end markets rather than on tariff mechanics.

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   02 · LANDSCAPE

   Four Businesses Under One Energy Infrastructure Label, Underwritten on Different Bases

   This page describes the four business models within the Energy Infrastructure Holdings label and what each is underwritten on.

   Four different business models sit under one label here — diversified midstream systems, equipment and field-service names, and the higher-priced adjacent models. Putting a compression fleet and a long-haul transmission network on the same single number understates both, which is exactly why we break the universe out by segment. The full company-level detail sits in the appendix for any name a client wants to trace.

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   02 · LANDSCAPE Four Businesses Under One Energy Infrastructure Label, Underwritten on Different Bases Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Energy Infrastructure Holdings Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/EBITDA Names to know What they do — and why it matters Diversified crude and gas midstream systems 12 60% 11.0x Kinder Morgan, Inc. (KMI) · The Williams Companies, Inc. (WMB) · +10 more Long-haul systems, the core. 12 of the 20 companies and 60% of the set, with a median 11.0x on CY2027E EBITDA. Value here tracks rights-of-way, take-or-pay coverage and basin connectivity, and these are the platforms large midstream corporates combine when they can bolt density onto a footprint they already operate. Midstream equipment and field service infrastructure 3 15% 7.9x Archrock, Inc. (AROC) · Kodiak Gas Services, Inc. (KGS) · +1 more Fleets earning on horsepower. Three names — Archrock, Inc. (AROC), Kodiak Gas Services, Inc. (KGS) and USA Compression Partners, LP (USAC) — with a median 7.9x on the same forward lens. Cash flow is contracted unit by unit, so horsepower utilization, re-contracting runway and counterparty mix are what buyers underwrite. Contracted and merchant power generation platforms 2 10% 8.7x n=1 TransAlta Corporation (TAC) · Kenon Holdings Ltd. (KEN) Power platforms near load growth. Two companies, 10% of the set, with one of the two carrying a forward estimate at 8.7x. Contracted capacity, capacity-market exposure and interconnection position separate a contracted platform from a merchant one, and utilities and power-focused capital are active where gas and generation sit close to load growth. Adjacent models 3 15% 16.7x GE Vernova Inc. (GEV) · Phillips 66 (PSX) · +1 more Adjacent earnings, separate buyers. Three companies, 15% of the set, median 16.7x, with two of the three carrying a forward estimate. These businesses sit next to the pipelines and are priced on equipment demand and refining-linked logistics, so their multiples travel with different end markets than tariffs do.

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   SECTION 03

   03

   Divider introducing the section on public-market valuation and the range of multiples in the set.

   The next few pages walk the two ends of the CY2027E EV/EBITDA range and what sits behind each end. The range runs wide on the same forward-earnings basis, and understanding what separates the top from the bottom is the core of this section.

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   SECTION 03 03 VALUATION & SITUATIONS The Range Runs Wide on the Same Forward Earnings The two ends of the CY2027E EV / EBITDA range, and what sits behind each. 03 of 06 Energy Infrastructure Holdings Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   The Top of the Range Tracks with Contracted Earnings Visible Well Ahead

   This page ranks all 16 rated companies by EV/EBITDA (CY2027E) against the sector median.

   Across the 16 rated companies here, the sector median sits at 10.2x on CY2027E EBITDA, and the top of the range is where contracted earnings are visible well ahead. That's a meaningful signal for how the market is pricing visibility into future cash flow, not just size today. The tier zones on this page are cut at the rated set's own quartiles, so they show where each name sits relative to its peers.

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   03 · PUBLIC MARKET VALUATION The Top of the Range Tracks with Contracted Earnings Visible Well Ahead EV / EBITDA (CY2027E) · all 16 rated companies, sorted descending · sector median 10.2x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (16 of 20 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. Energy Infrastructure Holdings Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 20.3x CORE · median 10.2x DISCOUNT · median 7.1x Sector median 10.2x WHAT SEPARATES THE TWO ENDS The top four price at 20.3x. The bottom four sit at 7.1x. Both figures are medians on CY2027E EBITDA; of the 20 companies on this page, 16 carry a forward estimate. A forward lens already credits forecast growth, so a premium that survives it points to earnings the market expects to last rather than to a near-term ramp. Regulated tariffs sit at the top. The upper end pairs rate-regulated and take-or-pay transmission with LNG export exposure, while the lower end carries more equipment-fleet and refining-linked earnings. The distance between the two ends is associated with differences in contract form, tenor and counterparty mix across the names this set covers. Eight names hold the middle. The core group is 8 of the 16 names with a forward estimate, clustered around the set's middle, so a modest shift in fee-based share or leverage can move a company between groups. For an owner, the lever is the mix of contracted cash flow, not the label the screen applies.

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   03 · VALUATION DRIVERS

   The Higher Multiple Sits with the Slower-Growing Names in This Set

   This page compares median EV/EBITDA by revenue-growth cohort and by EBITDA-margin cohort.

   Split the rated names at the covered median of 7% revenue growth, and the faster-growing half prices at 9.3x on CY2027E EBITDA — below the slower-growing half. That's an association, not a causal claim, but it says the higher price in this set sits with contracted, rate-regulated cash flow rather than with growth pace. It's a useful check before assuming growth alone explains any multiple here.

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   03 · VALUATION DRIVERS The Higher Multiple Sits with the Slower-Growing Names in This Set Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=8; slower n=8; higher-margin n=8; lower-margin n=8). Driver readings are NeuraCap views on the supplied data — association, not causation. Energy Infrastructure Holdings Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 7% · EBITDA-margin split at 53% Split at the Covered Growth Rate, the Premium Sits with the Slower Half On the 16 names with a forward estimate, the eight growing revenue faster than 7% carry a median 9.3x on CY2027E EBITDA, and the eight below that line sit at a median 11.0x. Read it as association, not cause: regulated and take-or-pay revenue tends to compound slowly and still price up. Contract Quality Is the Axis an Owner Can Actually Move Fee-based share of EBITDA, minimum volume commitment coverage, weighted-average remaining tenor and counterparty credit mix are what sector buyers underwrite line by line. Two platforms can show the same forward multiple with very different re-contracting runways, and that gap is where negotiations are won. Margin on Its Own Has Not Marked Out the Premium The high-margin names in this set appear across both halves of the valuation range, so profitability alone has not separated the group. Where a high margin arrives with merchant or spread exposure, sector buyers treat it differently from rate-regulated cash flow of the same size. Demand-Side Connection Shows up at the Upper End The names at the top of this range carry exposure to LNG export corridors and to power load growth, on existing rights-of-way and interconnections. Brownfield expansion on that footprint is the cheapest form of added growth; greenfield timetables run on siting, permitting and interconnection queues.

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    03 · SITUATION MAP

    Above-Median Multiples Cluster in Regulated Transmission and LNG Exposure

    This page cross-cuts the rated set by multiple versus the sector median and by revenue growth versus the covered median.

    We cut this set two ways — EV/EBITDA against the sector median of 10.2x, and revenue growth against the covered median of 7% — and the above-median multiples cluster with regulated transmission and LNG exposure. These are observations built from the cohort data, not recommendations, but the clustering is clear enough to be useful when screening names. It tells a reader where to look first, not what to do.

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    03 · SITUATION MAP Above-Median Multiples Cluster in Regulated Transmission and LNG Exposure Cut on EV / EBITDA vs the sector median (10.2x) (rows) and revenue growth vs the covered median (7%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Energy Infrastructure Holdings Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Priced up and Growing Above-median multiple · above-median revenue growth 3 names GE Vernova Inc. (GEV) · The Williams Companies, Inc. (WMB) · MPLX Lp (MPLX) 3 of the 16 names with a forward estimate sit above the set's middle with revenue growth above the covered median — GE Vernova Inc. (GEV), The Williams Companies, Inc. (WMB) and MPLX Lp (MPLX). The work here is defending the fee-based share and contract tenor the current multiple already credits. Priced up on Contracted Earnings Above-median multiple · below-median revenue growth 5 names Kinder Morgan, Inc. (KMI) · TC Energy Corporation (TRP) · Plains All American Pipeline, L.P. (PAA) · +2 more 5 of the 16 names with a forward estimate price above the middle with growth below the covered median, including Kinder Morgan, Inc. (KMI), TC Energy Corporation (TRP) and Golar LNG Limited (GLNG). The price is being paid against regulated and take-or-pay earnings, so brownfield expansion on the existing footprint is where added growth is cheapest to source. Growing, Priced Below the Middle Below-median multiple · above-median revenue growth 5 names Plains GP Holdings, L.P. (PAGP) · Archrock, Inc. (AROC) · Kodiak Gas Services, Inc. (KGS) · +2 more 5 of the 16 names with a forward estimate grow faster than the covered median while pricing below the middle, including Archrock, Inc. (AROC), Kodiak Gas Services, Inc. (KGS) and TransAlta Corporation (TAC). Where growth arrives on short-tenor or merchant exposure, lengthening contracts and lifting utilization is the route to a different rating. Below the Middle on Both Below-median multiple · below-median revenue growth 3 names Phillips 66 (PSX) · Enterprise Products Partners L.P. (EPD) · Hess Midstream LP (HESM) 3 of the 16 names with a forward estimate sit below the middle on both measures — Phillips 66 (PSX), Enterprise Products Partners L.P. (EPD) and Hess Midstream LP (HESM). Mix is the question: which systems, counterparties and products carry the fee-based earnings, and which of them are spread-exposed.

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    03 · GROWTH VS PROFITABILITY

    Names Clearing Both the Growth and the Margin Bar Are Priced Alongside the Rest of the Set, Not Above It

    This page plots revenue growth against EBITDA margin for the 16 companies with both estimates, with median EV/EBITDA per quadrant.

    Cutting the rated set at 7% revenue growth and 53% EBITDA margin, the names clearing both bars price alongside the rest of the set, not above it. That's a useful corrective: clearing growth and margin thresholds together doesn't automatically buy a premium multiple in this sector. Contract structure appears to be doing more of that work than the fundamentals shown here.

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    03 · GROWTH VS PROFITABILITY Names Clearing Both the Growth and the Margin Bar Are Priced Alongside the Rest of the Set, Not Above It Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2027E, y-axis) · 16 companies with both estimates · cuts at the covered medians (7% growth, 53% margin) · median EV/EBITDA per quadrant · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Quadrant cuts are the covered set's medians. Quadrant medians on names with a meaningful EV/EBITDA (balanced n=5; margin-only n=3; growth-only n=3; neither n=5). PSX plotted at the chart edge. Energy Infrastructure Holdings Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 -5% 0% 5% 10% 15% 0% 20% 40% 60% 80% MARGIN ONLY median 11.1x BALANCED median 8.1x NEITHER median 11.0x GROWTH ONLY median 10.0x PSX GLNG SOBO KMI HESM PAA TRP EPD USAC MPLX PAGP AROC TAC WMB GEV KGS x: revenue growth (CY2027E) · y: EBITDA margin (CY2027E) HOW TO READ THIS Left to right is revenue growth against the covered median; bottom to top is EBITDA margin against the 53% line. The five names above both lines — USA Compression Partners, LP (USAC), MPLX Lp (MPLX), Archrock, Inc. (AROC), The Williams Companies, Inc. (WMB) and Kodiak Gas Services, Inc. (KGS) — carry a median 8.1x on CY2027E EBITDA. The growth-only median rests on 3 names and is lifted by GEV at 26.4x. The neither median rests on 5 names and is lifted by GLNG at 31.8x. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 11 of 16 names clear it.

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    03 · THE AGENDA

    Settle Contract Mix, Structure and Where Capital Goes — That Is Where the Valuation Gaps Here Sit

    This page frames the questions an owner or acquirer should resolve on contract mix, structure and capital allocation.

    The valuation gaps we've walked through point to three questions worth settling: contract mix, corporate structure, and where capital gets deployed. These are framed as questions for an owner or acquirer to work through, not conclusions in themselves. Resolving them is what moves a name from the bottom of this range toward the top.

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    03 · THE AGENDA Settle Contract Mix, Structure and Where Capital Goes — That Is Where the Valuation Gaps Here Sit NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Energy Infrastructure Holdings Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Raise the Share of Earnings Sitting Under Take-or-Pay The upper end of this set is weighted to rate-regulated and take-or-pay cash flow. Moving spread-exposed volumes onto minimum volume commitments, or lengthening tenor with inflation escalators, changes how the same asset base is underwritten. What changes the answer: Re-contracting outcomes on the next tranche of roll-off, and whether escalators hold. Simplify the Structure the Cash Flow Runs Through Multi-tier partnership forms, general-partner economics and minority interests change where cash actually lands, and precedent transactions in this sector are frequently pitched on simplification and cost of capital. The question is what a cleaner structure would do to the cost of funding the growth backlog. What changes the answer: A funding decision on the backlog, or a rating-agency review of leverage headroom. Point the Capital Programme at Demand That Is Growing The names at the top of this set carry exposure to LNG export corridors and power load growth. Brownfield expansion on existing rights-of-way is the cheapest form of that exposure, while greenfield timetables run on siting, permitting and interconnection queues. What changes the answer: Permit and interconnection milestones, and offtake signed ahead of construction. Settle Build-Versus-Buy on Density Rather than Headline Scale The transactions shown here cluster on buyers adding adjacent systems to footprints they already operate. For an owner, the comparison is the cost of bolting on that density against the cost of building it at the same contract quality. What changes the answer: An adjacent system available inside the earnings range the disclosed terms show.

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    SECTION 04

    04

    Divider introducing the section on precedent transactions.

    Buyers kept transacting through this window, and the terms varied widely across the transactions shown as case studies. The next pages walk what was paid and who was doing the buying, so we can see what separates the higher-multiple deals from the rest.

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    SECTION 04 04 PRECEDENT TRANSACTIONS Buyers Kept Transacting, and the Terms Varied Widely What was paid across the 9 transactions shown, and who was doing the buying. 04 of 06 Energy Infrastructure Holdings Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

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    04 · DEAL CASE STUDIES

    Buyers Kept Transacting Through the Window, on Terms That Varied Widely

    This page presents three of the disclosed-terms transactions as detailed case studies.

    Across the disclosed-terms transactions in this window, multiples on LTM financials at announcement ranged as wide as 4.8x to 10.9x. That spread sits alongside real differences in contract form and counterparty quality, and the three case studies here walk through exactly what separates them. These are LTM-at-announcement multiples, not directly comparable to the CY2027E public basis shown earlier, and no spread between the two is claimed.

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    04 · DEAL CASE STUDIES Buyers Kept Transacting Through the Window, on Terms That Varied Widely 3 of 49 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 153 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 30 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Energy Infrastructure Holdings Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 Mar-2024 $12.8B EQT Corporation EQT Corporation's $12.8B move on Equitrans Midstream Corporation put the molecules and the pipes under one roof. EV / LTM revenue 9.1x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED A producer buying the transmission and gathering system it depends on suggests the buyer valued assured takeaway and a lower delivered cost of gas over paying third-party tariffs. A deal of this size reads as a structural repositioning rather than a bolt-on addition. HOW THE TARGET WAS VALUED The record shows 9.1x disclosed on revenue, with no forward earnings multiple attached. Against a listed set whose middle prices on CY2027E EBITDA, a revenue-based read reflects how much of the value sits in regulated and contracted transmission capacity. Jun-2024 $10.0B Matador Resources Company Matador Resources Company's $10.0B purchase of Ameredev II Parent, LLC bought the acreage and the gathering system behind it. EV / LTM revenue 0.7x EV / LTM EBITDA 8.8x WHY THE DEAL HAPPENED An upstream buyer taking a large privately held position suggests the logic was contiguous acreage plus the midstream assets serving it, keeping gathering economics in-house. The size points to a step change in scale rather than an incremental addition. HOW THE TARGET WAS VALUED Disclosed at 8.8x forward earnings and 0.7x revenue. Both sit below the middle of the listed set on CY2027E EBITDA, which is the usual relationship between producer-linked assets and contracted midstream platforms. May-2023 $4.0B HF Sinclair Corporation acquires Holly Energy Partners, L.P. EV / LTM revenue 7.0x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED Combinations in this sector are typically pitched on structural simplification, cost of capital and coverage, with buyers adding density to footprints they already operate. The fit between a buyer's existing systems and a target's contracted cash flow is what such a transaction suggests. HOW THE TARGET WAS VALUED Pricing here is customarily framed as a forward EV / EBITDA on contracted run-rate earnings, with rate-regulated and take-or-pay cash flow separated from anything merchant or spread-exposed. The listed set on this page is the benchmark such terms are read against.

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    SECTION 05

    05

    Divider introducing the section on strategic implications for owners, boards, acquirers and capital providers.

    Contract mix and structure are the levers within reach for the year ahead, and this section walks the operating moves the data points to. We'll close with what evidence would need to show up to change the picture.

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    SECTION 05 05 STRATEGIC IMPLICATIONS Contract Mix and Structure Are the Levers Within Reach The operating moves the data points to, and the evidence that would change them. 05 of 06 Energy Infrastructure Holdings Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

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    05 · STRATEGIC IMPLICATIONS

    Multiples Here Have Not Followed Growth Pace — Contract Mix and Revenue Quality Are the Priority for the Year Ahead

    This page argues that multiples here have not followed growth pace, making contract mix and revenue quality the priority for the year ahead.

    Multiples in this set have not followed growth pace, which puts contract mix and revenue quality at the top of the agenda for the next twelve months. That's a view built on the cohort evidence in this report, framed as observations rather than recommendations. For owners and boards alike, it's the clearest lever available before the next round of re-contracting.

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    05 · STRATEGIC IMPLICATIONS Multiples Here Have Not Followed Growth Pace — Contract Mix and Revenue Quality Are the Priority for the Year Ahead NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Energy Infrastructure Holdings Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS Contract Quality Is the Axis You Hold The distance between the two ends of this range is associated with contract form, tenor and counterparty mix more than with top-line pace. Work on fee-based share, minimum volume commitment coverage and re-contracting runway compounds into how the platform is valued. FOR BOARDS Structure and Leverage Set the Funding Envelope Rating-agency headroom and coverage after any transaction constrain what can be paid and what can be built. Ordering capital return, maintenance capital and growth capital is the board-level call that sits underneath the multiple the equity carries. FOR ACQUIRERS Density Travels Better than Novelty Here Across the 9 transactions shown, the visible buyers are strategics adding adjacent systems and capital pools buying contracted, inflation-linked cash flow. Diligence in this sector is won on tenor, escalators, counterparty ratings and minimum volume commitments.

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    SECTION 06

    06

    Divider introducing the appendix covering the full comparable universe, methodology and sources.

    The final section carries the full universe behind every figure in this report — the comparables detail, the valuation basis and where each underlying disclosure lives. It's the reference section for a client who wants to trace any number back to its source.

    Everything on this page

    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Energy Infrastructure Holdings Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17

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    06 · PUBLIC COMPARABLES (1 OF 2)

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier

    This page lists public comparables on EV/EBITDA (CY2027E), grouped by valuation tier, for the first half of the rated set.

    This appendix carries all 16 rated companies, shaded above and below the sector median of 10.2x, alongside the 4 names without an eligible multiple. Every row here is the reference point for the segment and situation views shown earlier in the report. It's built so a client can check any single name against the group it was compared to.

    Everything on this page

    06 · PUBLIC COMPARABLES (1 OF 2) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (10.2x); amber marks below · 16 rated companies; 4 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 16 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Energy Infrastructure Holdings Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥12.3x · median 20.3x · 4 companies Golar LNG Limited GLNG Diversified crude and gas midstream systems $7.0B 31.8x 1% 52% 53 GE Vernova Inc. GEV Compression and rotating-equipment infrastructure fleets $252B 26.4x 14% 18% 33 Kinder Morgan, Inc. KMI Diversified crude and gas midstream systems $132B 14.3x 2% 49% 51 TC Energy Corporation TRP Diversified crude and gas midstream systems $114B 12.8x 5% 73% 78 CORE — 8.0x–12.3x · median 10.2x · 8 companies The Williams Companies, Inc. WMB Diversified crude and gas midstream systems $116B 12.2x 14% 67% 82 South Bow Corporation SOBO Diversified crude and gas midstream systems $12.2B 11.1x 2% 55% 56 Plains All American Pipeline, L.P. PAA Diversified crude and gas midstream systems $31.9B 11.0x 4% 5% 9 MPLX Lp MPLX Diversified crude and gas midstream systems $82.3B 10.5x 7% 56% 63 Plains GP Holdings, L.P. PAGP Diversified crude and gas midstream systems $29.3B 10.0x 7% 5% 12 Enterprise Products Partners L.P. EPD Diversified crude and gas midstream systems $115B 9.9x 7% 17% 24 TransAlta Corporation TAC Contracted and merchant power generation platforms $7.1B 8.7x 10% 49% 60 Archrock, Inc. AROC Midstream equipment and field service infrastructure $7.7B 8.1x 8% 58% 66 DISCOUNT — <8.0x · median 7.1x · 4 companies USA Compression Partners, LP USAC Midstream equipment and field service infrastructure $6.7B 7.9x 7% 58% 65 Kodiak Gas Services, Inc. KGS Midstream equipment and field service infrastructure $7.3B 7.3x 16% 57% 73

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    06 · PUBLIC COMPARABLES (2 OF 2)

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier

    This page continues the public comparables table on EV/EBITDA (CY2027E), grouped by valuation tier.

    This page completes the rated set, again shaded against the 10.2x sector median. Together with the prior page, it's the full company-level record behind the group and situation views earlier in the deck. The companion workbook carries the complete field set for any name shown here.

    Everything on this page

    06 · PUBLIC COMPARABLES (2 OF 2) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (10.2x); amber marks below · 16 rated companies; 4 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 16 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Energy Infrastructure Holdings Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 DISCOUNT — CONTINUED — <8.0x · median 7.1x · 4 companies Phillips 66 PSX Refining-integrated midstream and fuels logistics $126B 7.0x -8% 12% 4 Hess Midstream LP HESM Diversified crude and gas midstream systems $8.5B 6.5x 4% 78% 82

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This page lists precedent transactions with disclosed terms, newest first, for the first half of the set.

    This appendix carries the transactions with disclosed terms, newest first, drawn from the 49 recorded in this tier. Deal multiples here are LTM at announcement from filings, not directly comparable to the CY2027E public basis used elsewhere in this report. The remaining transactions and their underlying filings sit in the companion workbook.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 49 transactions with disclosed terms in this tier (79 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 153 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 30 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18 of 49 transactions shown; the rest are in the companion workbook. Energy Infrastructure Holdings Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters May-2025 Undisclosed buyer → CrossAmerica Partners LP $1.8B n/a n/a CrossAmerica Partners LP is recorded at $1.8B in May-2025, with the buyer undisclosed and the most recent date on this page. Terminalling and fuel distribution networks attract a different set of buyers from long-haul transmission, including infrastructure funds and… Dec-2024 Česká zbrojovka Group SE → Martin Resource Management Corp. n/a n/a 4.8x Česká zbrojovka Group SE is recorded against Martin Resource Management Corp. at 4.8x forward earnings, at the low end of the disclosed terms on this page. Smaller sponsor-held logistics businesses price well below the listed diversified systems. Oct-2024 Martin Midstream Partners L.P. → Martin Resource Management Corp. $687M 1.0x 5.9x Martin Midstream Partners L.P. and Martin Resource Management Corp. are recorded at $687M, 1.0x revenue and 5.9x forward earnings, and the transaction is recorded as terminated. Simplification deals between a partnership and its sponsor run through a… Oct-2024 n/a → Hess Midstream LP A n/a n/a 8.7x The recorded terms for Hess Midstream LP A show 8.7x on forward earnings. That sits below the middle of the listed set, consistent with how sector buyers treat counterparty concentration behind a gathering system. Oct-2024 Kroger → Kinetik Holdings A n/a n/a 7.4x Kroger is recorded as the acquirer of Kinetik Holdings A at 7.4x forward earnings. The useful read is the price point on a gathering and processing platform, which sits below where the listed diversified systems trade on this page. Jun-2024 Matador Resources Company → Ameredev II Parent, LLC $10.0B 0.7x 8.8x Matador Resources Company is recorded acquiring Ameredev II Parent, LLC at $10.0B, with 8.8x disclosed on forward earnings. Acreage dedications and the gathering assets behind them are part of what a buyer of this kind is underwriting alongside the reserves. May-2024 Auren Energia S.A. → Auren Participações S.A. n/a 5.1x 10.9x Auren Energia S.A. and Auren Participações S.A. are recorded at 10.9x forward earnings and 5.1x revenue, the highest disclosed earnings multiple on this page. Contracted generation with long offtake tends to be underwritten nearer the upper end of this range. Mar-2024 EQT Corporation → Equitrans Midstream Corporation $12.8B 9.1x n/a EQT Corporation is recorded against Equitrans Midstream Corporation at $12.8B, the largest disclosed value among the 9 transactions shown. A producer taking the gathering and transmission system it ships through reads as a move for assured takeaway rather than for… Sep-2023 Vital Energy, Inc. → Henry Energy LP, Henry Resources, LLC, Maple Energy Holdings, LLC & Tall City Property Holdings III LLC n/a 0.7x 8.8x Vital Energy, Inc. is recorded acquiring Henry Energy LP, Henry Resources, LLC, Maple Energy Holdings, LLC & Tall City Property Holdings III LLC at 0.7x revenue on the disclosed terms. It is recorded as completed, while most of the others on this page are recorded as…

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This page continues the precedent transactions list with disclosed terms, newest first.

    This page completes the newest-first list of disclosed-terms transactions from the 49 recorded in this tier. As on the prior page, multiples are LTM at announcement and are not directly comparable to the CY2027E public basis shown earlier. The complete set, including transactions without disclosed value or multiple, sits in the companion workbook.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 49 transactions with disclosed terms in this tier (79 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 153 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 30 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18 of 49 transactions shown; the rest are in the companion workbook. Energy Infrastructure Holdings Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 21 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Aug-2023 Energy Transfer LP → Crestwood Equity Partners LP n/a n/a 9.3x Aug-2023 AltaGas Ltd. → Tidewater Midstream and Infrastructure Ltd. n/a 0.7x 8.8x Jun-2023 ONEOK, Inc. → Magellan Midstream Partners, L.P. n/a n/a 12.1x Jun-2023 Antin Infrastructure Partners SAS; Antins Flagship Fund V$ → Opdenergy Holding, S.A. n/a 10.7x 15.4x Value shown as recorded in the filing; deal value unit unresolved. May-2023 HF Sinclair Corporation → Holly Energy Partners, L.P. $4.0B 7.0x n/a Value shown as recorded in the filing; deal value unit unresolved. Jun-2022 Phillips 66 → James Lake System (Woodland Midstream II) n/a 0.7x 8.8x May-2022 Diamondback Energy, Inc. → Rattler Midstream LP $1.3B 3.2x n/a Value shown as recorded in the filing; deal value unit unresolved. May-2022 KKR & Co. Inc.; KKR Global Infrastructure Investors IV → ContourGlobal plc n/a 2.4x 7.1x Value shown as recorded in the filing; deal value unit unresolved. May-2022 KKR → ContourGlobal plc n/a n/a 8.0x

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    Sources, Assumptions and Data Quality.

    Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. 22

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Energy Infrastructure Holdings Coverage | September 2026 | Confidential | Not investment advice 22 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (16 of 20 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Energy Infrastructure Holdings and it clears the coverage gate with 16 of 20 companies (80%). EV / Revenue, P / E are carried as a cross-check. The set earns: 16 of the 16 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. DATA QUALITY & EXCLUSIONS 6 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 808 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (807) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    Across This Set, the Higher Multiples Sat with the Most Contracted Earnings.

    Closing slide restating the report's central finding: higher multiples align with the most contracted earnings.

    Across this set, the higher multiples sat with the most contracted earnings, and that's the thread running through every section of this report. The companion tables carry the full universe, the exclusion ledger and the complete source index for any figure worth tracing further. We're glad to walk through any of it in more detail.

    Everything on this page

    Across This Set, the Higher Multiples Sat with the Most Contracted Earnings. NeuraCap AI — Energy Infrastructure Holdings Coverage September 2026 · Prepared by NeuraCap AI · Confidential Energy Infrastructure Holdings Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 23

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