Strategic Performance and Market Dynamics - Achieved record 2025 adjusted EBITDA with 17% year-over-year growth, primarily driven by the strategic expansion of the high-margin Pipeline segment [5] - Successfully integrated the Midwestern pipeline acquisition within one year, shifting the business mix to 70% pipeline-based revenue to enhance cash flow stability [5] - Expanded the 5-year organic project backlog by 50% to $3.4 billion, reflecting a 'generational investment opportunity' in the Upper Midwest and Gulf Coast [5] - Attributed strong performance to a portfolio with 95% demand-based contracts and an average 8-year tenure, providing high visibility into long-term earnings [5] - Identified a structural shift in the Upper Midwest where coal retirements and data center growth could drive 5 to 8 Bcf per day of incremental gas demand [5] - Leveraged record storage withdrawals and peak pipeline throughput during winter storms as a market signal for critical capacity constraints and expansion needs [5] Growth Outlook and Investment Strategy - Projected 2026 adjusted EBITDA growth of 6% over the 2025 midpoint, supported by new organic investments and steady producer activity [5] - Anticipates growth rates exceeding long-term guidance in the late 2020s as sizable pipeline projects from the $3.4 billion backlog enter service [5] - Plans to fully fund the expanded project backlog using internal cash flows and a healthy balance sheet while maintaining investment-grade credit ratings [5] - Targeting a 2026 year-end proportional leverage of 3.5x, demonstrating a commitment to disciplined capital allocation during a heavy investment cycle [5] - Expects 2027 growth capital expenditures to exceed 2026 levels, with $430 million already committed to sanctioned projects [5] - Reached Final Investment Decision (FID) on the Viking pipeline expansion and Phase 2 of the Interstate modernization program, totaling approximately $180 million to $200 million [5] - Achieved investment-grade credit ratings from all three major agencies in 2025, lowering the long-term cost of capital for future expansions [5] Dividend Policy - Increased the quarterly dividend by 7.3%, maintaining a policy to grow distributions in line with adjusted EBITDA while keeping a coverage ratio above 2.0x [6]