Financial Data and Key Metrics Changes - Adjusted EBITDA for Q3 2025 increased by 13% to $1.92 billion from $1.7 billion in Q3 2024, driven by higher revenues from expansion projects [11][12][14] - The company expects a midpoint EPS guidance of $2.10 for 2025, reflecting a 9% growth over 2024 and a 14% five-year CAGR [14][15] Business Line Data and Key Metrics Changes - Transmission, power, and Gulf business improved by $117 million, or 14%, due to higher revenues from expansion projects [11] - Northeast G&P business improved to $21 million, primarily from higher gathering and processing rates, with overall volumes up about 6% [12] - Gulf gathering volumes increased over 36% year-over-year, and NGL production rose about 78% [12] Market Data and Key Metrics Changes - The company reported a 14% overall volume growth, driven by the Haynesville region and the Sabre acquisition [12] - The Gulf region saw contributions from the Whale project and the Shenandoah project, which started up in July [11] Company Strategy and Development Direction - The company is focusing on strengthening its core business through deliberate expansion projects and increasing its backlog of attractive new opportunities [5][6] - A strategic LNG partnership and asset divestiture are part of the wellhead to water strategy, with a recent agreement to sell Haynesville upstream assets for $398 million [6][7] - The company plans to invest approximately $1.9 billion in capital into pipeline and LNG terminal projects, targeting fixed-fee, fully contracted cash flows [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued industry-leading growth, supported by a backlog of fully contracted projects [14][15] - The company anticipates a five-year EBITDA CAGR of approximately 9% and a five-year EPS CAGR of approximately 14% [15] - Management highlighted the importance of natural gas in managing energy affordability across the U.S. [49] Other Important Information - The company announced a planned investment of approximately $3.1 billion into two additional power innovation projects, with total committed capital now at approximately $5.1 billion [10] - The company is advancing its power innovation business, with a focus on delivering infrastructure solutions for clean, reliable, and affordable energy [10] Q&A Session Summary Question: Can you provide insights on the power innovation opportunities? - Management noted robust engagement and interest in speed to market and long-term power needs, with a backlog of commercialized projects exceeding $5 billion [21][22] Question: Can you elaborate on the recent LNG deal and its strategic logic? - The strategy focuses on connecting customers to the best end-use markets, with a small investment into an LNG facility that enhances the ability to attract customers [25][28] Question: What is the status of the procurement cycle for turbines? - Management confirmed confidence in being ahead of equipment needs through strategic partnerships, with projects expected to layer in through the end of the decade [33][34] Question: How does the company view the balance sheet's ability to sustain capital spending? - The balance sheet is expected to remain within the targeted leverage range, with high-returning organic investment opportunities filling capacity [42][44] Question: What is the outlook for the transmission side and the ability to expand Transco? - Management indicated that the expandability of Transco is fairly unlimited, with robust demand across the southeast and Gulf regions [76][79]

Williams 3rd Quarter 2025 Earnings Call November 4, 2025 WILLIAMS © 2025 The Williams Companies, Inc. All rights reserved NYSE: WMB I Williams 3rd Quarter 2025 Earnings I November 4, 2025 I www.williams.com 1 Continued momentum into 2026 Key Earnings Drivers COMPLETING EXPANSIONS 3 transmission projects placed in service with an additional project in service by year-end 2025 2 deepwater expansions projects recently placed in service 2 Haynesville expansions completed adding basin gathering and takeaway STRA ...

Core Insights - The National Energy Regulatory Council approved new natural gas transmission service tariffs for Amber Grid, effective from January 1, 2026 [1][3]. Pricing Summary - The average price of natural gas transmission services for Lithuanian consumers in 2026 will be 1.52 EUR/MWh, representing a 5% decrease from the 2025 average tariff of 1.60 EUR/MWh [2]. - The new prices for natural gas transmission services will be available on Amber Grid's official website [2].

Core Points - The National Energy Regulatory Council has set a revenue cap for AB Amber Grid's regulated activities at 82.95 million EUR for the year 2026, which is a 30% increase from the 2025 cap of 63.83 million EUR [2] - The increase in regulated costs for 2026 is approximately 10% due to inflation and investments, with an additional 3% increase attributed to compensation for the Polish natural gas transmission operator related to the Lithuania–Poland interconnection project [3] - A significant portion of the revenue cap increase, around 17%, is due to adjustments for previous periods' revenue, costs, and return on investment rate [3] Pricing Decisions - The Board of Amber Grid will approve the prices for using the natural gas transmission network infrastructure, effective from January 1, 2026, ensuring they do not exceed the revenue cap [4] - Following the Board's decision, the prices will be submitted to the Council for approval [4]