Slide 1: Second Quarter 2025 Earnings Call
Second Quarter 2025 Earnings Call July 31, 2025 Bluestone Gathering Lateral Pipeline NYSE: DTM
Slide 2: Safe Harbor Statement
New slide Safe Harbor Statement This presentation contains statements which, to the extent they are not statements of historical or present fact, constitute “forward-looking statements” under the securities laws. These forward-looking statements are intended to provide management’s current expectati
Slide 3: Second Quarter 2025 Accomplishments
Second Quarter 2025 Accomplishments Strong financial performance ✓ Second quarter 2025 net income of $107 million and Adjusted EBITDA1 of $277 million ✓ Reached final investment decision (FID) on ~$0.6 billion of projects from our backlog ✓ Investment grade rated by all three agencies; upgraded by M
Slide 4: DTM Provides a Distinctive Investment Opportunity
DTM Provides a Distinctive Investment Opportunity Premium, high-quality, pure play natural gas attributes compared to peers Leading Organic Growth Investment Grade 5-7% long-term Adjusted EBITDA Strong Balance Sheet growth rate Investment grade rated by Self-funded and supported by Leading Portfolio
Slide 5: Second Quarter 2025 Financial Results
Second Quarter 2025 Financial Results Adjusted EBITDA1 (millions) xx segment % of total $280 $277 • Planned rate stepdown on Guardian Pipeline effective April 1 • Seasonality on interstate pipelines, including $197 70% $194 70% joint ventures • Higher short-term revenues on LEAP and Stonewall $83 30
Slide 6: Executing on Organic Project Backlog
Executing on ~$2.3 billion Organic Project Backlog over 2025-2029 ~$0.6 billion of new commitments in the second quarter ~$2.3 billion Capital Project Backlog1 ~$1.1 billion has reached FID Gathering Pipeline 20% ~$0.6 billion committed in Q2 2025 70% Energy Transition 10% ~90% of new commitments in
Slide 7: Guardian Pipeline Expansion
Reached Final Investment Decision on Guardian Pipeline Expansion “G3” Expansion increases the capacity of Guardian by ~15% GUARDIAN PIPELINE MIDWESTERN GAS TRANSMISSION VECTOR PIPELINE Guardian Pipeline expansion increases delivery Guardian “G3” capacity into northern Illinois and Wisconsin markets
Slide 8: Modernization on Interstate Pipelines
Phase 1 of Modernization on Interstate Pipelines Reaches FID Significant investment in modernization projects will enhance system efficiency and reliability Initial phase predominantly focused on Guardian Pipeline • Modernization enhancements will improve system efficiency and reliability for custom
Slide 9: Growth Investment Projects in Progress
Growth Investment Projects in Progress Continue to advance and deliver on organic growth investments Expected Project1 in-service dates Haynesville LEAP expansion – Phase 4 – Ahead of schedule Q1 2026 In progress project updates Stonewall to Mountain Valley Pipeline (MVP) expansion 1H 2026 • Placed
Slide 10: 2025 Capital Plan is Committed and 2026 is Advancing
2025 Capital Plan is Committed and 2026 is Advancing Self-funding organic growth projects from $2.3 billion capital backlog Growth capex (millions) Committed New Commitments Pre-FID $400 - $460 Organic, demand-driven, capital investments • Increasing committed capital to reflect new projects reachin
Slide 11: Quarterly Financial Results
Quarterly Financial Results Three months ended (millions, except EPS) June 30, 2025 March 31, 2025 Key drivers Adjusted EBITDA1 $277 $280 • Rate stepdown on Guardian; seasonality on interstate Pipeline segment $194 $197 pipelines Gathering segment $83 $83 Operating Earnings2 $107 $108 Operating EPS2
Slide 12: Appendix
Appendix 12
Slide 13: Gathering Volume Summary
Gathering Volume Summary Haynesville continues strong ramp, achieving all-time high throughput in Q2 2025 Haynesville throughput Northeast throughput (bcf/d) Blue Union Gathering (bcf/d) Appalachia Gathering Susquehanna Gathering Tioga Gathering Ohio Utica Gathering +16% 1.74 1.67 1.50 1.51 1.42 1.4
Slide 14: 2025/2026 Guidance Summary
2025/2026 Guidance Summary (millions, except EPS) Guidance 2025 Adjusted EBITDA1 $1,095 - $1,155 2025 Operating Earnings2 $415 - $455 2025 Operating EPS2 $4.05 - $4.45 2025 Distributable Cash Flow3 $740 - $800 2025 Capital Expenditures4 $470 - $550 Growth Capital $400 - $460 Maintenance Capital $70
Slide 15: Leading Competitive Market Position to Serve Growing LNG Demand
Leading Competitive Market Position to Serve Growing LNG Demand Competitive advantage from superior connectivity to basin supply and LNG markets Existing/Future Capacity LNG terminal / market LEAP Interconnect (Bcf/d) Haynesville Supply Forecast (Bcf/d)2 Transco 0.5 Industrial / LNG corridor1 Camero
Slide 16: Strong US Demand and Production Fundamentals
Strong US Demand and Production Fundamentals Two-thirds of demand growth will be served by Haynesville and Appalachia production U.S. Natural Gas Demand Forecast Production Forecast – DTM Basins (bcf/d) (bcf/d) Haynesville Appalachia ResComm Industrial Power LNG Exports Net Mexican Exports Other +19
Slide 17: LEAP Phase 4 Expansion Running Ahead of Schedule
LEAP Phase 4 expansion running ahead of schedule Haynesville System to provide additional 0.2 Bcf/d of wellhead to Gulf Coast markets access DTM assets LNG facilities Capital efficient, lower-risk expansion provides timely DTM treating plants Operational access to coming LNG demand LEAP Phase 4 Elec
Slide 18: Louisiana Carbon Capture and Sequestration
Louisiana Carbon Capture and Sequestration Project currently in formal technical review with the Louisiana DENR1 Project timeline Methodical project development approach Capital deployment ✓ Class V test well permit approved Disciplined storage site selection and stakeholder engagement ✓ Drilled Cla
Slide 19: Non-GAAP Definitions
New slide Non-GAAP Definitions Adjusted EBITDA and Distributable Cash Flow (DCF) are non-GAAP measures Adjusted EBITDA is defined as GAAP net income attributable to DT Midstream before expenses for interest, taxes, depreciation and amortization, and loss from financing activities, further adjusted t
Slide 20: Non-GAAP Definitions
New slide Non-GAAP Definitions Operating Earnings and Operating Earnings per share are non-GAAP measures Use of Operating Earnings Information – Operating Earnings exclude non-recurring items, certain mark-to-market adjustments and discontinued operations. DT Midstream management believes that Opera
Slide 21: Non-GAAP Reconciliations
New slide Non-GAAP Reconciliations Reconciliation of Reported to Operating Earnings – DT Midstream Consolidated 21
Slide 22: Non-GAAP Reconciliations
New slide Non-GAAP Reconciliations Reconciliation of Reported to Operating Earnings per diluted share(1) – DT Midstream Consolidated 22
Slide 23: Non-GAAP Reconciliations
Non-GAAP Reconciliations Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA 23
Slide 24: Non-GAAP Reconciliations
Non-GAAP Reconciliations Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA Pipeline Segment 24
Slide 25: Non-GAAP Reconciliations
Non-GAAP Reconciliations Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA Gathering Segment 25
Slide 26: Non-GAAP Reconciliations
Non-GAAP Reconciliations Reconciliation of Net Income Attributable to DT Midstream to Distributable Cash Flow 26