Dt Midstream, Inc. · NYSE:DTM
Dt Midstream — U.S. Capital Advisors Midstream Corporate Access Day 2026
24 slides from Dt Midstream's conference presentation, April 2026
Slide 1: DT Midstream Company Presentation
DT Midstream Company Presentation April 2026 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: 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 $3.4B project 2.9x on-balance sheet / backlog High-Quality Portfolio Mix Durable Contracting 3.5x proportional Premier Geographic 2026E
Slide 4: Integrated Pure Play Natural Gas Pipeline Network
Integrated Pure Play Natural Gas Pipeline Network Well positioned to serve growing natural gas demand Interconnected pipeline network connects world-class basins to high-quality markets • Over 2,200 miles of FERC-regulated interstate pipelines that have interconnections with multiple interstate pipe
Slide 5: Diversified Asset Base Anchored by Regulated Pipelines
Diversified Asset Base Anchored by Regulated Pipelines Pipeline segment increased to 70% of the business in 2025 2025 Business Mix (% of total 2025 Adjusted EBITDA1) NEXUS Millennium 10% 9% Pipeline Stonewall 8% 70% Highly contracted asset portfolio supports stable cash flows LEAP Guardian 14% 5% •
Slide 6: Delivering High-Quality Growth
Delivering High-Quality Growth Strong, durable growth with a proven track record Historical Adjusted EBITDA1 Relative Growth vs. Peers (millions) 2021-2025 Adjusted EBITDA CAGR2 12% $1,138 +12% CAGR $730 6% 2021 original 2021 2022 2023 2024 2025 Gas-focused peers3 guidance ✓ Well positioned assets a
Slide 7: Distinctive Dividend Growth
Distinctive Dividend Growth Consistent, secure dividend supported by growing Adjusted EBITDA Annualized dividend (per share) +7.3% 3.52 3.28 Financial policy is to provide a growing and durable dividend 2.40 • Strong 2025 dividend coverage ratio2 of ~2.6x 8% CAGR • Plan to continue to grow dividend
Slide 8: Capital Project Backlog Opportunities Expand to ~$3.4 billion
Capital Project Backlog Opportunities Expand to ~$3.4 billion 50% increase, highly concentrated in pipeline projects Projects at 5-8x build multiples DTM Organic Project Backlog1, $B Pipeline ~50% Project Contribution Status $3.4 Midwestern Gas Transmission power plant lateral Q1 2026 Under construc
Slide 9: Entering a Period of Generational Investment Opportunities
Entering a Period of Generational Investment Opportunities Sizeable organic project backlog supports Adjusted EBITDA growth above long-term growth rate at the end of decade Adjusted EBITDA1 (millions) Elevated Differentiated growth drivers Organic Growth At end of decade Investments focused in cor
Slide 10: 2026 Capital Plan is Largely Committed and 2027 is Advancing
2026 Capital Plan is Largely Committed and 2027 is Advancing Continued commercialization and execution of growth projects from our backlog Growth capex (millions) Committed Pre-FID $420 - $480 Organic, demand-driven, capital investments • Total committed investments of ~$820 million over 2026 and 20
Slide 11: 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) ResComm Industrial Power LNG Exports Mexican Exports Other (bcf/d) Haynesville Appalachia +23 bcf
Slide 12: Strategically Located Assets to Serve Power Demand Growth
Strategically Located Assets to Serve Power Demand Growth Coal retirements will drive growth in natural gas demand Forecasted Coal Plant Retirements1 2026-2040 35 GW summer capacity Potential Natural Gas Demand2 +5 Bcf/d 1. Includes Illinois, Indiana, Kentucky, Michigan, Minnesota, Ohio, Tennessee a
Slide 13: Extensive Interstate Network Adjacent to Growing Utility Demand
Extensive Interstate Network Adjacent to Growing Utility Demand Data center opportunities accelerating Upper Midwest natural gas demand Utility Announced Data Center & Large Load Opportunities ~50 GW ~7.5 Bcf/d Utility Announced Natural Gas Opportunities Demand1 16 11 GW GW Forecasted Total Annual P
Slide 14: 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 Haynesville Supply Forecast (Bcf/d) ~3.5 Bcf/d Receipt Capacity +14 Bcf/d 30 25 20 15 10 5 Existing/Future Capacity 0 LNG terminal / market LEAP Interconne
Slide 15: Appendix
Appendix 15
Slide 16: 2026/2027 Guidance Summary
2026/2027 Guidance Summary (millions, except EPS) Guidance 2026 Adjusted EBITDA1 $1,155 - $1,225 2026 Operating Earnings2 $455 - $495 2026 Operating EPS2 $4.42 - $4.82 2026 Distributable Cash Flow3 $830 - $890 2026 Capital Investment4 $490 - $570 Growth Capital $420 - $480 Maintenance Capital $70 -
Slide 17: Growth Investment Projects in Progress
Growth Investment Projects in Progress Continuing track record of completing growth investments early and on budget Expected Project1 in-service dates Stonewall to Mountain Valley Pipeline (MVP) expansion In-Service Midwestern Gas Transmission power plant lateral Q1 2026 Phase 1 Interstate Pipelines
Slide 18: New Pipeline Growth Investments Advancing Towards FID
New Pipeline Growth Investments Advancing Towards FID Serving key demand markets Advancing towards FID1 Vector Pipeline Expansion Millennium R2R Project • ~400 MMcf/d westbound capacity increase • Scaled to meet market need into Chicago • Executed contracts totaling 70 MMcf/d under • Successful bind
Slide 19: Interstate Pipelines Modernization Underway
Interstate Pipelines Modernization Underway Continuing investment in modernization projects to enhance system efficiency and reliability In Progress on Phases 1 & 2 focused on Guardian and Midwestern Pipelines • Modernization enhancements will improve system efficiency and reliability for customers
Slide 20: Executing on "G3" Guardian Pipeline Expansion
Executing on “G3” Guardian Pipeline Expansion Preparing for FERC application filing GUARDIAN PIPELINE MIDWESTERN GAS TRANSMISSION VECTOR PIPELINE “G3” expansion increases delivery capacity into upper Midwest markets • ~537 MMcf/d total expansion with expected Q4 2028 ~537 MMcf/d in-service date “G3”
Slide 21: LEAP Well Positioned for Future Expansions
LEAP Well Positioned for Future Expansions Haynesville System current capacity of 2.1 Bcf/d, with expansion capability to ~4 Bcf/d DTM assets LNG facilities Integrated Haynesville system provides timely access DTM treating plants Operational to coming LNG demand Electric compression Under developmen
Slide 22: 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 23: 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 24: Non-GAAP Reconciliations
Non-GAAP Reconciliations Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA Year Ended December 31, December 31, 2025 2024 Net Income Attributable to DT Midstream $ 441 $ 354 Plus: Interest expense 161 153 Plus: Income tax expense 144 137 Plus: Depreciation and amortization
DT Midstream — U.S. Capital Advisors Midstream Corporate Access Day 2026 on 6ix