Slides
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2Q 2026 September 2026 (NYSE:KNOP) 04.09.2026
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Forward-looking statements This presentation contains certain forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) that reflect management’s current view and involve known and unknown risks and are based upon assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of KNOT Offshore Partners LP (“KNOP”). Actual results may differ materially from those expressed or implied by such forward-looking statements. All forward-looking statements included in this presentation are made only as of the date of this presentation. KNOP disclaims any obligation and does not intend to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in KNOP’s views and expectations with respect thereto or any change in events, conditions or circumstances on which any such statement is based. There are many factors that may cause actual results to differ from those expressed or implied by these forward-looking statements such as, but not limited to, the following: market trends in the shuttle tanker or general tanker industries, including hire rates, factors affecting supply and demand, and opportunities for the profitable operations of shuttle tankers and conventional tankers; market trends in the production of oil in the North Sea, Brazil and elsewhere; the ability of Knutsen NYK Offshore Tankers AS (“Knutsen NYK”) and KNOP to build shuttle tankers and the timing of the delivery and acceptance of any such vessels by their respective charterers; KNOP’s ability to purchase vessels from Knutsen NYK in the future; the response to Knutsen NYK’s non-binding offer to acquire all of KNOP’s publicly-held common units; KNOP’s ability to enter into long-term charters, which KNOP defines as charters of five years or more, or shorter-term charters or voyage contracts; KNOP’s ability to refinance its indebtedness on acceptable terms and on a timely basis and to make additional borrowings and to access debt and equity markets; KNOP’s distribution policy, forecasts of KNOP’s ability to make distributions on its common units, Class B Units and Series A Preferred Units, the amount of any such distributions and any changes in such distributions; KNOP’s ability to integrate and realize the expected benefits from acquisitions; impacts of any supply chain disruptions and the resulting inflationary environment; KNOP’s anticipated growth strategies; the effects of a worldwide or regional economic slowdown; turmoil in the global financial markets; fluctuations in currencies, inflation and interest rates; fluctuations in the price of oil; general market conditions, including fluctuations in hire rates and vessel values; changes in KNOP’s operating expenses, including drydocking and insurance costs and bunker prices; recoveries under KNOP’s insurance policies; the length and cost of drydocking; KNOP’s future financial condition or results of operations and future revenues and expenses; the repayment of debt and settling of any interest rate swaps; planned capital expenditures and availability of capital resources to fund capital expenditures; KNOP’s ability to maintain long-term relationships with major users of shuttle tonnage; KNOP’s ability to leverage Knutsen NYK’s relationships and reputation in the shipping industry; KNOP’s ability to maximize the use of its vessels, including the re-deployment or disposition of vessels no longer under charter; the financial condition of KNOP’s existing or future customers and their ability to fulfill their charter obligations; timely purchases and deliveries of newbuilds; future purchase prices of newbuilds and secondhand vessels; any impairment of the value of KNOP’s vessels; KNOP’s ability to compete successfully for future chartering and newbuild opportunities; acceptance of a vessel by its charterer; the impacts of the Russian war with Ukraine, the conflict between Israel and Hamas and the other conflicts in the Middle East; termination dates and extensions of charters; the expected cost of, and KNOP’s ability to, comply with governmental regulations (including climate change regulations)and maritime self-regulatory organization standards, as well as standard regulations imposed by its charterers applicable to KNOP’s business; availability of skilled labor, vessel crews and management; the effects of outbreaks of pandemic or contagious diseases, including the impact on KNOP’s business, cash flows and operations as well as the business and operations of its customers, suppliers and lenders; KNOP’s general and administrative expenses and its fees and expenses payable under the technical management agreements, the management and administration agreements and the administrative services agreement; the anticipated taxation of KNOP and distributions to its unitholders; estimated future capital expenditures; Marshall Islands economic substance requirements; KNOP’s ability to retain key employees; customers’ increasing emphasis on climate, environmental and safety concerns; the impact of any cyberattack; potential liability from any pending or future litigation; potential disruption of shipping routes due to accidents, political events, piracy or acts by terrorists; future sales of KNOP’s securities in the public market; KNOP’s business strategy and other plans and objectives for future operations; and other factors listed from time to time in the reports and other documents that KNOP files with the U.S. Securities and Exchange Commission, including its Annual Report on Form 20-F for the year ended December 31, 2024, and any subsequent reports on Form 6-K. 04.09.2026 2
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2Q 2026 and subsequent: financial and operational headlines • 2Q 2026 financial headlines include: • Revenues: $96.8m • Operating income: $15.6m • Net income: $3.4m • Adjusted EBITDA: $57.6m • Available liquidity on June 30, 2026: $143.3m, comprising $95.3m in cash and cash equivalents plus $48m of undrawn credit facility. Increased by $2.6m since March 31, 2026, in line with reducing trend of recent quarters • Fleet operated with 96.8% utilization, taking into account the scheduled drydocking of the Fortaleza Knutsen (92.4% overall) • Cash distribution for 2Q 2026 of $0.075 per common unitunder 1099 structure was paid in August 2026 04.09.2026 3
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Hedda Knutsen purchase 04.09.2026 Overview of September 1, 2026 Transaction • On September 1, 2026, we purchased the Hedda Knutsen from KNOT • Purchase price: $113.0m less $89.4m debt facility plus $0.8m of capitalized financing fees • Net cash cost of $24.4m • Transaction negotiated by our Board’s independent Conflicts Committee • Vessel was delivered new to KNOT in October 2024 • On time charter to Petrobras in Brazil through November 2034, with an additional 5 years of client options • Initial price subject to customary working capital adjustments including those relating to an interest rate swap Strategic and Commercial Implications • The Hedda Knutsen acquisition provides: • Fleet growth • Increased pipeline of long-term contracts • Reduced average fleet age • Fleet development in most in-demand shuttle tanker asset class 4
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2Q 2026 to date: key contractual developments Hilda Knutsen On April 22, 2026, a time charter for the Hilda Knutsen was executed with Eni, to commence in June 2027 for a fixed period of three years plus three charterer’s options each for one additional year. Recife Knutsen On April 24, 2026, a time charter for the Recife Knutsen was executed with Transpetro, to commence in Q3 2026 for a fixed period of two years. Live Knutsen On June 30, 2026, Galp Sinopec exercised their option to extend their time charter for the Live Knutsen for three years, until December 2029. Synnøve Knutsen On July 3, 2026, Equinor exercised their option to extend their time charter for the Synnøve Knutsen for two years, until February 2029. Ingrid Knutsen On September 2, 2026, agreement was reached with Eni for a time charter on the Ingrid Knutsen commencing early October 2026 for three years fixed plus three options each of one year. This is in direct continuation of the existing time charter to Eni and replaces their existing options. $225m refinancing On August 25, 2026, we refinanced the loan secured by the Tordis Knutsen, the Vigdis Knutsen, the Lena Knutsen, the Anna Knutsen and the Brasil Knutsen via a new $225m 5 year senior secured term loan facility arranged by DNB, with interest rate reduced meaningfully, to SOFR + 165bp. 04.09.2026 5 • New signings • Charterer’s options exercised • Refinancing on improved terms
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Autumn 2026 operating momentum • Continued tightening in market for shuttle tankers • Brazil: Robust multi-year FPSO pipeline continues to deliver while existing production exceeds nameplate volumes • North Sea: Continuing investment in both exploration and existing project expansion • Contractual backlog expanded (as at June 30, 2026) • $881.2m of fixed contracts averaging 2.5 years • Charterers’ options average a further 4.0 years • June 30, 2026: 19 vessel fleet averaging 10.7 years’ age • Continuing to repay debt at c.$95m per year • Next debt refinancings: • $65m in October 2026: facility secured by Live Knutsen 04.09.2026 6 • Offshore buildout continuing • Backlog expanding • Balance sheet strengthening
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Financial results 2Q 2026 04.09.2026 7
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Income statement 04.09.2026 8 Unaudited, USD thousands 2Q 2026 1Q 2026 4Q 2025 3Q 2025 YTD 2026 FY 2025 FY 2024 Time charter and bareboat revenues 92,085 89,224 95,945 96,329 181,309 361,185 306,915 Voyage revenues — — — — — 466 3,628 Loss of hire insurance recoveries 4,127 2,227 — — 6,354 607 5,970 Other income 564 556 542 538 1,120 2,185 2,789 Total revenues 96,776 92,007 96,487 96,867 188,783 364,443 319,302 Gain from disposal of asset — — — — — 1,342 703 Vessel operating expenses (36,445) (32,940) (34,693) (33,724) (69,404) (132,030) (108,519) Voyage expenses and commission (986) (19) (35) — (986) (1,746) (3,600) Depreciation (42,087) (41,852) (30,627) (30,940) (83,939) (119,703) (111,817) Impairment — — (20,259) — — (20,259) (16,384) General and administrative expenses (1,701) (2,500) (2,507) (1,540) (4,201) (7,398) (6,067) Total operating expenses (81,219) (77,311) (88,121) (66,204) (158,530) (281,136) (246,387) Operating income / (loss) 15,557 14,696 8,366 30,663 30,253 84,649 72,915 Interest income 965 778 1,088 832 1,743 3,571 3,636 Interest expense (13,801) (13,923) (15,328) (16,484) (27,724) (62,030) (67,352) Realized and unrealized gain / (loss) on derivative instruments 1,406 1,375 414 376 2,781 (924) 6,798 Other financial items (558) (22) (366) (234) (580) (844) (1,301) Income (loss) before income taxes 3,569 2,904 (5,826) 15,153 6,473 24,422 14,696 Income tax benefit / (expense) (158) (277) (420) (39) (435) (1,163) (631) Net income (loss) 3,411 2,627 (6,246) 15,114 6,038 23,259 14,065
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Adjusted EBITDA 04.09.2026 1. Other financial items consist of other finance income (expense), realized and unrealized gain (loss) on derivative instruments and net gain (loss) on foreign currency transactions. 2. Adjusted EBITDA is a non-GAAP financial measure used by management and external users of our financial statements. Please see definition herein of Adjusted EBITDA. 9 Unaudited, USD thousands 2Q 2026 1Q 2026 4Q 2025 3Q 2025 YTD 2026 FY 2025 FY 2024 Net income (loss) 3,411 2,627 (6,246) 15,114 6,038 23,259 14,065 Interest income (965) (788) (1,088) (832) (1,743) (3,571) (3,636) Interest expense 13,801 13,923 15,328 16,484 27,724 62,030 67,352 Depreciation 42,087 41,852 30,627 30,940 83,939 119,703 111,817 Impairment — — 20,259 — — 20,259 16,384 Income tax expense (benefit) 158 277 420 39 435 1,163 631 EBITDA 58,492 57,901 59,300 61,745 116,393 222,843 206,613 Other financial items (1) (848) (1,353) (48) (142) (2,201) 1,768 (5,497) Adjusted EBITDA (2) 57,644 56,548 59,252 61,603 114,192 224,611 201,116
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Balance sheet 04.09.2026 10 Unaudited, USD thousands At June 30, 2026 At Dec 31, 2025 At June 30, 2026 At Dec 31, 2025 Current assets: Current liabilities: Cash and cash equivalents 95,255 88,983 Current portion of long-term debt 313,819 381,126 Inventories 4,588 4,288 Current lease liabilities 419 406 Amounts due from related parties 153 705 Other current liabilities 52,868 45,394 Derivative assets 2,133 2,276 Other current assets 22,791 15,192 Total current assets 124,920 111,444 Total current liabilities 367,106 426,926 Long-term assets: Long-term liabilities: Net vessels and equipment 1,488,680 1,557,021 Long-term debt 588,690 573,974 Right-of-use assets 675 875 Lease liabilities 256 469 Contract liabilities 55,590 60,102 Derivative assets 2,250 1,908 Derivative liabilities 161 909 Deferred tax assets 2,295 2,662 Deferred tax liabilities 83 82 Accrued income 15,450 10,927 Deferred revenues 1,168 1,402 Other long-term assets 5,308 — Other long-term liabilites 5,519 — Total long-term assets 1,514,658 1,573,393 Total long-term liabilities 651,467 636,938 Total liabilities 1,018,573 1,063,864 Convertible Preferred Units 84,308 84,308 Total partners’ capital 536,697 536,665 Total assets 1,639,578 1,684,837 Total capital and liabilities 1,639,578 1,684,837
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Long-term borrowings reported at June 30, 2026 04.09.2026 1. “Original amount” of revolving credit facilities denotes their fully drawn capacity. 2. “Current Instalments” means the principal amounts of the debt facilities (i.e.: excluding interest and balloon payments) due for repayment in the 12 months following June 30, 2026. 3. “Balloon” payments due at maturity represent total scheduled amounts outstanding if no refinancing activity is undertaken. Historically, the Partnership has typically sought to refinance facilities at or before maturity and expects to continue such a practice moving forward, though no guarantee of future such successful financing activity can be made. 11 Unaudited, USD thousands Original amount1 Outstanding at June 30, 2026 of which Current Instalments2 Balloon due at maturity3 Vessels providing security at June 30, 2026 1. Loan due October 2026 89,560 67,170 2,488 64,682 Live 2. Loan due January 2027 88,000 59,980 3,882 56,098 Tuva 3. Loan due May 2027 60,000 45,000 7,500 37,500 Hilda 4. Loan due June 2027 84,575 65,781 4,699 61,082 Daqing 5. RCF with NTT due August 2027 25,000 2,000 0 2,000 Unsecured 6. RCF with SBI Shinsei due November 2027 25,000 0 0 0 Unsecured 7. Loan due May 2028 240,000 133,585 28,279 78,825 Windsor, Bodil, Carmen, Fortaleza, Recife, Ingrid 8. Loan due October 2030 100,000 68,707 4,738 47,384 Synnøve 9. Sale/Leaseback until January 2031 94,300 65,130 6,014 35,869 Raquel 10. Loan due June 2031 225,000 225,792 23,570 111,125 Anna, Tordis, Vigdis, Brasil, Lena 11. Sale/Leaseback until June 2032 112,000 77,435 9,387 14,941 Torill 12. Sale/Leaseback until September 2035 100,000 95,329 5,344 33,143 Tove Total at June 30, 2026 1,363,435 905,909 95,901 542,649 19 vessels
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Debt maturity profile 04.09.2026 • Access to wide pool of lenders, attractive bank finance and several key lender relationships with major players • Average margin paid on the Partnership’s outstanding debt during 2Q 2026 was 2.21% over SOFR. 0 100,000 200,000 300,000 400,000 2026 2027 2028 2029 2030 2031+ US$ (000) Period Repayment Balloon Repayment Sale and Leaseback 12
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KNOP – Looking Forward 2Q 2026 04.09.2026 13
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14 Forward contracted revenue backed by leading energy companies 04.09.2026 At June 30, 2026, excluding contracts and acquisitions agreed after this date: • Forward contracted revenue: $881.2m • Average remaining firm charters: 2.5 years • Average charterers' options to extend: a further 4.0 years (1) This chart includes any contract developments after June 30, 2026, up to the date of the Partnership’s 2Q 2026 Earnings Release. All charter contracts shown are time charters unless otherwise stated. All charter contracts include provisions that allow start and end dates to vary within a defined range depending on practical and operational requirements. This chart extends to December 31, 2028 only. Charters and charterer's options may continue beyond this date. Contracted period x Charterer’s option Operated in the spot market Next anticipated drydock, at vessel age (years) * Targeted primarily to the North Sea Windsor Bodil * Fortaleza Recife Carmen Hilda * Torill * Ingrid * Raquel Tordis Vigdis Lena Anna Brasil Tove Synnøve Tuva Live Daqing Hedda 15 2020 2021 Shell 2022 2023 2024 2025 2026 InsurancePetroChina Equinor KNOT . . . Equinor Transpetro (BBC) Transpetro (BBC) Repsol . Eni ExxonMobil 15 Eni 10 Vår Energi .10 Repsol .10 Shell Petrobras Shell 5 Shell Shell (TC) 5 Shell Shell 5 Galp TotalEnergies 5 Galp Equinor .5 15 15 20 10 15 15 10 10 PetroChina Equinor 5 . Shell Eni TotalEnergies TotalEnergies KNOT Galp 10 . 10 KNOT 10 Altera Transpetro (TC) Transpetro (TC) . . . Equinor . Petro Rio 10 10 18 18 18 18 . PetroChina . .Eni 15 . KNOT 15 5 KNOT guarantee of TotalEnergies option termsTotalEnergies . . Shell . .Oil major . . . 5 KNOT guarantee of Galp Sinopec option termsGalp Sinopec 2027 2028 2029 2030 2031 2032 KNOT guarantee of PetroChina option terms PetroChina 5 KNOT . Shell (BBC) Transpetro (TC) Eni . Petrobras 5 September 2026(1) 15
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Forward contract coverage in September 2026 04.09.2026 • This chart includes any contract developments after June 30, 2026, up to the date of the Partnership’s 2Q 2026 Earnings Release. • Based on current charter rates, charterers’ options are expected to be exercised • If market momentum is sustained, 2027 & 2028 open days offer upside potential for the KNOP fleet 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% H2 2026 H1 2027 H2 2027 2028 % Fixed Contract % Charterer's Option % Available / Spot Market 15 • 2027 charter cover: 92% firm / 96% including options • 2028 charter cover: 65% firm / 93% including options
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Eli Janeiro Turid KNOT (N1229) KNOT (N1252) KNOT (N1337) KNOT (N1336) KNOT (N1340) KNOT (N1341) KNOT (N1434) KNOT (N1230) KNOT (N1421) 2025 2026 2027 2028 Petrobras Petrobras Petrobras Petrobras PRIO Oil major Oil major Equinor Repsol Oil major Oil major Oil major Dropdown inventory held/ordered by Sponsor at September 2026 04.09.2026 The acquisition by KNOP of any dropdown vessels in the future is subject to approval of the Partnership’s independent Conflicts Committee, as well as the board of directors of each of KNOP and Knutsen NYK. There can be no assurance that any potential acquisitions will actually occur. Contracted period Charterer’s option x Next anticipated drydock, at vessel age (years) Notes: 1. These timelines show the actual or expected charter contract periods and not the dates that the vessels were / will be delivered to Knutsen NYK from the yard. 2. All charter contracts shown are time charters unless otherwise stated. 3. All charter contracts include provisions that allow start and end dates to vary within a defined range depending on practical and operational requirements. 4. This charter diagram extends to December 31, 2028 only, and the charters or the charterer’s options to extend the charters, in all cases, extend beyond this date. 16 * Targeted primarily to the North Sea In June 2026, the Partnership decided not to pursue Frida Knutsen and Sindre Knutsen, pursuant to which they have been removed from the dropdown inventory
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Brazilian market continues to set production records 04.09.2026 Source: Petrobras 2Q26 Investor Webcast Presentation, August 6, 2026 17 • Significant progress from Petrobras efforts to increase production volume of existing platforms • FPSO deliveries and ramp-ups continue Record Petrobras Oil Production: 2.7 mbpd
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Petrobras’ outlook for 2026 04.09.2026 Source: Petrobras Business Plan 2026-2030 18 • Continued offshore production strength • Deployment of state-of-the-art FPSOs with decades- long use profiles
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FPSO ordering and deliveries continuing at pace in Brazil 04.09.2026 Source: Petrobras Business Plan 2026-2030 19 • Signed two further FPSO contracts in May 2026 • Most recent FPSO deployed at record speed
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2Q 2026 & subsequent summary 2Q 2026 • 96.8% utilization for scheduled operations, taking into account the schedule for drydocking of the Fortaleza Knutsen (92.4% overall) • Generated: • Revenues: $96.8m • Operating income: $15.6m • Net income $3.4m • Adjusted EDITDA: $57.6m • Agreed additional contract periods for Hilda Knutsen, Recife Knutsen & Live Knutsen • Distributed $0.075 per common unit under 1099 structure, • Increase from $0.050 in the prior quarter and $0.026 in 4Q25 04.09.2026 Developments in 3Q 2026 to date • Purchased Hedda Knutsen • Agreed additional contract periods for Synnøve Knutsen & Ingrid Knutsen • Refinanced the $225m loan facility secured by the Tordis Knutsen, the Vigdis Knutsen, the Lena Knutsen, the Anna Knutsen and the Brasil Knutsen 20
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Key themes for KNOP and the Shuttle Tanker market • Niche, highly concentrated market - both shipowners and charterers • Offshore extraction continues to take market share from traditional onshore • FPSOs serviced by shuttle tankers have remained dominant vs. construction of new pipelines • Brazil and North Sea offshore buildouts have strong momentum following a quieter stretch • Shuttle tanker orderbook remains non-speculative and insufficient to meet anticipated demand levels KNOP is well positioned to pursue attractive, long-term growth opportunities alongside multiple, gradual distribution increases 21
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Questions 2Q 2026 04.09.2026 22
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Appendix 2Q 2026 04.09.2026 23
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US investor considerations KNOP issues a 1099 rather than a K-1 US investors are directed to the Investors FAQs and US Tax Information sections of KNOP’s website: • www.knotoffshorepartners.com/investors/investor-faqs/ • www.knotoffshorepartners.com/investors/stock-info/us-tax-information KNOP is classified as a corporation for U.S. federal income tax purposes. • For information related to IRS Form 1099 and other similar matters, investors should contact their brokerages • Unitholders with directly-registered holdings should contact our Transfer Agent, Equiniti Trust Company, LLC, which issues a Form 1099 annually on the Partnership's behalf. • Equiniti can be contacted via at equiniti.com/us/ast-access/ 04.09.2026 24
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Non-GAAP financial measures Adjusted EBITDA Adjusted EBITDA refers to earnings before interest, depreciation, taxes, impairments and other financial items (including other finance expenses, realised and unrealised gain (loss) on derivative instruments and net gain (loss) on foreign currency transactions). Adjusted EBITDA is a non-GAAP financial measure used by investors to measure our performance. Adjusted EBITDA is used as a supplemental financial measure by management and external users of financial statements, such as investors, to assess our financial and operating performance. The Partnership believes that Adjusted EBITDA assists its management and investors by increasing the comparability of its performance from period to period and against the performance of other companies in its industry that provide Adjusted EBITDA information. This increased comparability is achieved by excluding the potentially disparate effects between periods or companies of interest, other financial items, taxes, impairments, depreciation and amortization, which items are affected by various and possibly changing financing methods, capital structure and historical cost basis and which items may significantly affect net income between periods. The Partnership believes that including Adjusted EBITDA as a financial measure benefits investors in (a) selecting between investing in the Partnership and other investment alternatives and (b) monitoring the Partnership’s ongoing financial and operational strength in assessing whether to continue to hold common units. Adjusted EBITDA is a non-GAAP financial measure and should not be considered as an alternative to net income or any other indicator of Partnership performance calculated in accordance with GAAP. 04.09.2026 25
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