Investor Presentaiton

Non-GAAP Measures Reconciliation (1) Reconciliation of Estimated Net Income attributable to Targa Resources Corp. to Estimated Adjusted EBITDA Net income attributable to Targa Resources Corp. Interest expense, net Income tax expense Depreciation and amortization expense Equity earnings Distributions from unconsolidated affiliates Compensation on equity grants Full Year 2023E (in millions) 1,440.0 700.0 400.0 1,320.0 (10.0) 25.0 60.0 (330.0) (5.0) Risk management and other Noncontrolling interests adjustments (1) Estimated Adjusted EBITDA $ 3,600.0 Noncontrolling interest portion of depreciation and amortization expense. TR TARGA INVESTOR PRESENTATION 28

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