Slide 1: Third Quarter 2025 Earnings Call
Third Quarter 2025 Earnings Call October 30, 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: Third Quarter 2025 Accomplishments
Third Quarter 2025 Accomplishments Strong financial performance ✓ Third quarter 2025 net income of $115 million and Adjusted EBITDA1 of $288 million ✓ Raising 2025 Adjusted EBITDA guidance midpoint and narrowing range to $1,115 - $1,145 million; updated midpoint is an 18% increase from prior year or
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: Third Quarter 2025 Financial Results
Third Quarter 2025 Financial Results Adjusted EBITDA1 (millions) xx segment % of total $288 $277 $195 • Higher Blue Union revenue in Q3 driven by 68% $194 70% increased gathering volumes $83 30% $93 32% Q2 2025 Q3 2025 Pipeline2 Gathering 1. Definition and reconciliation of Adjusted EBITDA (non-GAAP
Slide 6: Executing on ~$2.3 billion Organic Project Backlog over 2025-2029
Executing on ~$2.3 billion Organic Project Backlog over 2025-2029 Reached FID on 70% of project backlog within nine months ~$2.3 billion1 Capital Project Backlog at 5-8x Build Multiples ~$1.6 billion has reached FID 70% 30% ~$0.5 billion committed in Q3 2025 Reached Pre-FID FID ~80% of total commitm
Slide 7: Reached FID on Upsized Guardian Pipeline Expansion
Reached FID on Upsized Guardian Pipeline Expansion Upsized “G3” expansion increases Guardian capacity by ~40% GUARDIAN PIPELINE MIDWESTERN GAS TRANSMISSION VECTOR PIPELINE Upsized “G3” expansion increases delivery capacity into upper Midwest markets ~537 MMcf/d • ~537 MMcf/d total expansion with exp
Slide 8: Guidance Updates Reflect Strong Year-to-Date Performance
Guidance Updates Reflect Strong Year-to-Date Performance Improved outlook for earnings and cash flow metrics contributes to stronger balance sheet (millions, except EPS) Prior Guidance Updated Guidance 2025 Adjusted EBITDA1 $1,095 - $1,155 $1,115 - $1,145 2025 Operating Earnings2 $415 - $455 $425 -
Slide 9: Growth Investment Projects in Progress
Growth Investment Projects in Progress Completing new organic growth investments early and on budget Expected Project1 in-service dates Haynesville LEAP expansion – Phase 4 In-Service In progress project updates Stonewall to Mountain Valley Pipeline (MVP) expansion 1H 2026 • LEAP Phase 4 completed a
Slide 10: 2025 Capital Plan is Committed and 2026 is Advancing
2025 Capital Plan is Committed and 2026 is Advancing Capital efficiency and project timing lowering 2025 Growth Capital guidance Growth capex (millions) Committed New Commitments Pre-FID $385 - $415 Organic, demand-driven, capital investments • Increasing committed capital to reflect upsized “G3” ex
Slide 11: Quarterly Financial Results
Quarterly Financial Results Three months ended (millions, except EPS) September 30, 2025 June 30, 2025 Key drivers Adjusted EBITDA1 $288 $277 Pipeline segment $195 $194 Gathering segment $93 $83 • Higher Blue Union revenue Operating Earnings2 $115 $107 Operating EPS2 $1.13 $1.04 Distributable Cash F
Slide 12: Gathering Volume Summary
Gathering Volume Summary Haynesville continues strong ramp, achieving all-time high throughput in Q3 2025 Haynesville throughput Northeast throughput (bcf/d) Blue Union Gathering (bcf/d) Appalachia Gathering Susquehanna Gathering Tioga Gathering Ohio Utica Gathering +35% 2.04 1.74 1.67 1.51 1.42 1.3
Slide 13: Appendix
Appendix 13
Slide 14: LEAP Phase 4 Expansion Placed In-Service Ahead of Schedule
LEAP Phase 4 Expansion Placed In-Service Ahead of Schedule Haynesville System provides additional 0.2 Bcf/d of wellhead to Gulf Coast markets access DTM assets LNG facilities DTM treating plants Operational Capital efficient, lower-risk expansion provides timely Electric compression Under developmen
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 ~3.5 Bcf/d Haynesville Supply Forecast (Bcf/d)2 Receipt Capacity 30 +12 Bcf/d 25 20 15 10 Existing/Future Capacity LNG terminal / market 5 LEAP Interconnec
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: Phase 1 of Modernization on Interstate Pipelines Underway
Phase 1 of Modernization on Interstate Pipelines Underway 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 customers
Slide 18: Louisiana Carbon Capture and Sequestration
Louisiana Carbon Capture and Sequestration Awaiting Class VI well permit timeline clarity from newly formed Louisiana C&E1 Historical project timeline Methodical project development approach Class VI well permit application filed Disciplined storage site selection and stakeholder engagement ✓ Proxim
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