Slide 1: Fourth Quarter 2025 Earnings Supplement
Fourth Quarter 2025 Earnings Supplement February 19, 2026 | TARGA RESOURCES CORP.
Slide 2: Forward Looking Statements
Forward Looking Statements Certain statements in this presentation are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fac
Slide 3: Financial Performance – 4Q 2024 vs. 4Q 2025
Financial Performance – 4Q 2024 vs. 4Q 2025 20% increase in Adjusted EBITDA ($ in Millions) $1,400 G&P segment operating margin increased $13 million(1) + Higher Permian inlet volumes $1,200 + Higher fee-margin in the Permian − Lower commodity prices $1,000 − Higher operating expenses associated wit
Slide 4: Financial Performance – 3Q 2025 vs. 4Q 2025
Financial Performance – 3Q 2025 vs. 4Q 2025 5% increase in Adjusted EBITDA ($ in Millions) $1,400 G&P segment operating margin decreased $26 million(1) − Significantly lower natural gas prices, partially offset by higher fee-based margin in the Permian $1,200 − Higher operating expenses primarily du
Slide 5: Operational Performance
Operational Performance Field G&P Natural Gas Inlet Volumes NGL Pipeline Transportation Volumes 9,000 1,200 8,000 1,000 1,201 1,203 1,000 NGL Production (MBbl/d) 7,000 1,217 1,017 1,049 1,196 1,122 800 961 6,000 800 872 844 MMcf/d 5,000 600 MBbl/d 600 4,000 6,278 6,622 6,651 400 3,000 6,065 6,006 40
Slide 6: Business Mix – Full Year 2025
Business Mix – Full Year 2025 Field Gathering & Processing Business Mix – Segment Logistics & Transportation Operating Margin(1) Operating Margin Operating Margin 100% 100% 75% 75% 53% 50% 47% 50% 25% 25% Gathering & Processing Logistics & Transportation 0% 0% (2) Central and Badlands Marketing & Ot
Slide 7: 2026 Outlook
2026 Outlook Increasing system volumes drive strong projected growth in Adjusted EBITDA of 11% YoY 2026 Outlook Fee-based(1) Fee-Based Adjusted $5,400 - $5,600MM EBITDA 90%+ Commodity Sensitivity (Hedged) Commodity Sensitivity Net Growth (Unhedged) ~$4,500MM Capital Commodity Price Sensitivity(2) Ne
Slide 8: Appendix and Reconciliations
Appendix and Reconciliations Q4 2025 EARNINGS SUPPL EMENT PRESENTATION 8
Slide 9: Non-GAAP Financial Measures
Non-GAAP Financial Measures This presentation includes the Company’s non-GAAP financial measures: adjusted EBITDA and adjusted operating margin. The following tables provide reconciliations of these non-GAAP financial measures to their most directly comparable GAAP measures. The Company utilizes non
Slide 10: Non-GAAP Measures Reconciliation
Non-GAAP Measures Reconciliation Three Months Ended, December 31, 2025 September 30, 2025 December 31, 2024 (in millions) Reconciliation of Net income (loss) attributable to Targa Resources Corp. to Adjusted EBITDA Net income (loss) attributable to Targa Resources Corp. $ 545.0 $ 478.4 $ 351.0 Inter
Slide 11: Non-GAAP Measures Reconciliation
Non-GAAP Measures Reconciliation Three Months Ended, December 31, 2025 September 30, 2025 December 31, 2024 (in millions) Gathering and Processing Segment Operating margin $ 611.8 $ 637.6 $ 598.9 Operating expenses 243.3 236.1 217.5 Adjusted operating margin $ 855.1 $ 873.7 $ 816.4 Logistics and Tra
Slide 12: Non-GAAP Measures Reconciliation
Non-GAAP Measures Reconciliation Full Year 2026E (in millions) Reconciliation of Estimated Net Income attributable to Targa Resources Corp. to Estimated Adjusted EBITDA Net income attributable to Targa Resources Corp. $ 2,200 Interest expense, net 960 Income tax expense 610 Depreciation and amortiza
Slide 13: Investor Relations Contact
INVESTORRELATIONS@TARGARESOURCES.COM WWW.TARGARESOURCES.COM Targa is a leading provider of midstream services and is one of the largest independent infrastructure companies in North America. Our operations are critical to the efficient, safe, and reliable delivery of energy across the United States