Plains All American Q4 2025 net income $342M; adj. EBITDA $738M; distribution increased 10%

PLAINS GP HOLDINGS LP

Q4 2025 net income attributable to PAA $342M vs $36M YoY; full-year $1.435B vs $772M.
Adjusted EBITDA attributable to PAA Q4 $738M, full-year $2.833B.
2026 adj. EBITDA guidance midpoint $2.75B (+/- $75M); expects one quarter of NGL contribution.
Annualized distribution increased $0.15 to $1.67/unit (10% increase); coverage threshold lowered to 150%.
Cost savings of $100M by 2027 and $50M Cactus III synergies; NGL divestiture to Keyera closing Q1 2026.

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