DT Midstream, Inc. · NYSE:DTM
DT Midstream — Investor Presentation (May 2025)
24 slides from DT Midstream's investor presentation, May 2025
Slide 1: DT Midstream – Company Presentation
DT Midstream – Company Presentation May 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: 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 Strong Balance Sheet 5-7% long-term Adjusted EBITDA Investment grade rated growth rate by Fitch Self-funded and supported by Leading Portfolio Mix Durabl
Slide 4: Expanded Pure Play Natural Gas Pipeline Network
Expanded Pure Play Natural Gas Pipeline Network Additional scale from acquisition provides new regional footprint and growth opportunities Completed the acquisition of three FERC-regulated, demand- pull interstate pipeline systems1 on December 31, 2024 • Onboarded full team supporting the assets • A
Slide 5: Delivering Distinctive and Predictable Growth
Delivering Distinctive and Predictable Growth Strong, durable growth with a proven track record since spin-off Historical Adjusted EBITDA1 Relative Growth vs. Peers (millions) 2021-2024E Adjusted EBITDA CAGR2 10% +10% CAGR $969 $924 $841 $778 $730 5% 2021 original 2021 2022 2023 2024 Gas-focused pee
Slide 6: Leading dividend growth
Leading dividend growth Dividend increased by 12% in 2025 Annualized dividend (per share) +12% 3.28 2.94 2.76 Financial policy is to provide a growing and 2.56 durable dividend 2.40 • Plan to continue to grow dividend 5-7% 8% CAGR annually, in-line with Adjusted EBITDA2 • Maintain a dividend coverag
Slide 7: Diversified Asset Base Anchored by Strong Pipeline Segment
Diversified Asset Base Anchored by Strong Pipeline Segment Highest natural gas pipeline asset contribution in sector1 2024 Business Mix (% of total 2024 Adjusted EBITDA2 – excludes newly acquired Midwest pipeline assets) Millennium NEXUS 12% 10% Pipeline Highly contracted asset portfolio supports St
Slide 8: High Quality Cash Flows and Diversified Customer Base
High Quality Cash Flows and Diversified Customer Base Cash flows are underpinned by take-or-pay contracts and high credit quality customers Total Revenue Contribution (% of 2024 contribution1) Customer Credit (% of 2024 contribution) ~95% ~81% Demand / MVC or Investment grade flowing gas2 Non-invest
Slide 9: Continuing Our Track Record of Distinctive Growth
Continuing Our Track Record of Distinctive Growth Maintaining long-term Adjusted EBITDA organic growth target of 5-7% on higher base Adjusted EBITDA1 (millions) 5-7% Differentiated growth drivers long-term +6% growth rate Long-term growth rate fully achievable via +18% $1,095 - $1,155 $1,155 - $1,
Slide 10: ~$2.3 billion Organic Capital Project Backlog
~$2.3 billion Organic Capital Project Backlog Funded within free cash flow and drives our 5-7% long-term growth Pipeline Gathering Project Contribution Status Project Contribution Status LEAP phase 4 expansion 1H 2026 Under construction Tioga Gathering expansion Q2 2025 Under construction Blue Union
Slide 11: Peer Leading Organic Growth Backlog
Peer Leading Organic Growth Backlog Opportunities provide material growth contribution compared to peers ~$2.3 billion Project Backlog as % of 2024 EBITDA Capital Project Backlog1 236% Opportunity set drives higher percentage 106% contribution to growth compared to peers Gathering Pipeline 20% DTM P
Slide 12: Well-Positioned Amidst Tariff Uncertainty
Well-Positioned Amidst Tariff Uncertainty DTM’s plan remains unchanged in both the short and long-term Short-Term Long-Term • Projects in-flight have procured critical ✓ • Robust natural gas demand growth driven by ✓ components, including labor power, LNG exports, and onshoring of manufacturing • No
Slide 13: 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 1H 2026 Pipeline Stonewall to Mountain Valley Pipeline (MVP) expansion 1H 2026 Midwestern Gas Transmission power plant lateral
Slide 14: 2025 Capital Plan is Largely Committed and 2026 is Advancing
2025 Capital Plan is Largely 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 various smal
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 Haynesville Supply Forecast (Bcf/d)1 30 +12 Bcf/d 25 20 15 10 Existing LEAP Capacity LNG terminal / market 5 Interconnect (Bcf/d) 0 Transco 0.5 Industrial
Slide 16: Appendix
Appendix 16
Slide 17: 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 18: 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 19: LEAP Phase 4 expansion will increase capacity to 2.1 Bcf/d
LEAP Phase 4 expansion will increase capacity to 2.1 Bcf/d 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 Ph
Slide 20: Louisiana Carbon Capture and Sequestration
Louisiana Carbon Capture and Sequestration Awaiting Class VI permit from State of Louisiana; recent permit issuance1 is a positive sign Project timeline Methodical project development approach Capital deployment ✓ Class V test well permit approved Disciplined storage site selection and stakeholder e
Slide 21: 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 22: 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 23: Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA
Non-GAAP Reconciliations Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA Year Ended December 31, December 31, 2024 2023 Net Income Attributable to DT Midstream $ 354 $ 384 Plus: Interest expense 153 150 Plus: Income tax expense 137 104 Plus: Depreciation and amortization
Slide 24: Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA
Non-GAAP Reconciliations Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA Year Ended December 31, December 31, 2022 2021 Net Income Attributable to DT Midstream $ 370 $ 307 Plus: Interest expense 137 112 Plus: Income tax expense 100 104 Plus: Depreciation and amortization