Antero Midstream Corporation · NYSE:AM
Antero Midstream — Investor Presentation (May 2026)
28 slides from Antero Midstream's investor presentation, May 2026
Slide 1: Investor Presentation
Investor Presentation M AY 2 0 2 6
Slide 2: Legal Disclaimer
Legal Disclaimer Forward-Looking Statements: This presentation includes "forward-looking statements.” Such forward-looking statements are subject to a number of risks and uncertainties, many of which are not under AM’s control. All statements, except for statements of historical fact, made in this p
Slide 3: Pure-Play Integrated Marcellus Midstream Company
Pure-Play Integrated Marcellus Midstream Company $14 Bn Enterprise Value(1) West Virginia Marcellus Shale Headquarters: Denver, CO 20% ROIC In 2025 100% Core Operations Fixed Fee Revenues Gathering & Compression 14% CAGR Natural Gas Processing Of Adjusted EBITDA from 2015-2026E C3+ NGL Fractionation
Slide 4: Connecting Premier Producer to Natural Gas Demand
Connecting Premier Producer to Natural Gas Demand LNG & Mexico Export Volumes Northeast Data Center & Power Growth (Bcf/d) (Bcf/d) 50 47 20 18 40 16 30 12 24 10 8 20 16 8 10 4 0 0 2020 2025 2030E 2020 2025 2030E 30% Expected Demand Growth Through 2030 Antero Midstream Corporation (NYSE: AM) Source:
Slide 5: Multiple Avenues to Benefit From Power Demand
Multiple Avenues to Benefit From Power Demand Appalachia Expected Power Generation Growth Projects Gigawatts Bcf/d 25 44 8 Supply Growth & Throughput Volumes Gas and Water Infrastructure Buildout 100 Miles to Data Center Alley Recent Announcements in West Virginia Antero Midstream Corporation (NYSE:
Slide 6: Investment Highlights
Investment Highlights 1. >20 years of Dedicated Inventory 2. Consistent Free Cash Flow Growth 3. Peer Leading Return on Invested Capital 4. Strong Balance Sheet With Low Leverage 5. Investment Grade Customer Antero Midstream Corporation (NYSE: AM) 6
Slide 7: >20 Years of Dedicated Inventory
>20 Years of Dedicated Inventory AM Asset Map >20 Years of Drilling Inventory Dedicated to AM Dedicated Acreage AM Pipelines Antero Midstream Stonewall Pipeline JV Processing Plant Water Pipelines Smithburg Sherwood Extended inventory by 5+ years with acquisition of HG Energy JV in Largest Natural G
Slide 8: Over a Decade of Consistent Growth
Over a Decade of Consistent Growth Adjusted EBITDA ($MM) $1,400 100% Fixed Fee Business $1,210 $1,200 $1,125 $1,000 $850 $800 Acreage Dedications With Volume Commitments $600 $400 $280 $200 20-Year Agreements $0 2015 2020 2025 2026E Antero Midstream Corporation (NYSE: AM) Note: Adjusted EBITDA is a
Slide 9: Continued Growth Underpinned by Steady-State Investment
Continued Growth Underpinned by Steady-State Investment Adjusted EBITDA and Capital Expenditures + Interest Expense ($MM) Adj. EBITDA Capital Expenditures & Interest Expense $1,500 2020 – 2025: $3.4 Bn Adj. Free Cash Flow Generation Continued Growth Expected 2026E: $800 MM Adj. Free Cash Flow $1,210
Slide 10: Balanced Development and Enhancing Connectivity
Balanced Development and Enhancing Connectivity Clarksburg Station RIGS ON AM D E D I C AT E D A C R E A G E Rich Gas Blended Dry Gas Added two additional compressors Antero Midstream Corporation (NYSE: AM) 10
Slide 11: Peer Leading Capital Efficiency
Peer Leading Capital Efficiency Capital Efficiency (3-Year Capital Expenditures / 3-Year EBITDA) $0.60 2023 – 2025 Unparalleled Visibility Into 2025 – 2027E Customer’s Development Plan $0.50 $0.48 $0.45 $0.39 $0.40 $0.37 $0.37 $0.37 Just-in-time Investment $0.30 Philosophy $0.20 $0.17 $0.16 $0.10 Hi
Slide 12: Best in Class Return on Invested Capital
Best in Class Return on Invested Capital Return on Invested Capital (ROIC) ROIC vs. Peers – 2025 (%) (%) 25% 25% 20% 20% 20% 20% 18% 18% 17% Peer Average: 13% 15% 15% 14% 12% 11% 10% 9% 10% 6% 5% 5% 0% 0% 2015 2020 2025 AM Peer C Peer D Peer E Peer F Peer A Peer B Note: ROIC is a Non-GAAP metric – p
Slide 13: Focuses Cash on Investor Returns
Focuses Cash on Investor Returns 2025 Adjusted Free Cash Flow Allocation (%) Capital Returns and Debt Reduction(1) Interest Expense Capital Expenditures Capital Efficiency 125% 100% 39% 16% 39% 49% 75% 17% 18% Low Debt 21% 50% 21% 67% 58% 25% 46% 43% Significant Cash Available to 0% Return to Invest
Slide 14: Strong Balance Sheet with Low Leverage
Strong Balance Sheet with Low Leverage Leverage Debt Maturity Profile (Net Debt / EBITDA at Year End) ($MM at 03/31/2026) Disciplined debt reduction strategy and EBITDA growth No near-term maturities and >$800 MM of liquidity have strengthened leverage profile Credit Facility Borrowings 5.0x $2,500
Slide 15: Advancing Strategic Initiatives
Advancing Strategic Initiatives IMPROVED C A P I TA L CONNECTIVITY STRONG LENGTHEN EFFICIENT AND BALANCE D E D I C AT E D GROWTH OPTIONALITY SHEET I N V E N TO RY Organic Growth Position for Growing Balanced Approach with HG Acquisition adds Enhanced with Accretive Demand Return of Capital to >400 D
Slide 16: Antero Resources Overview
Antero Resources Overview Mantero Resources
Slide 17: Pure-Play Investment Grade Marcellus Producer
Pure-Play Investment Grade Marcellus Producer Southwest ~$15 Bn Marcellus Shale Enterprise Value (1) 50% of NGLs Integrated Headquarters: Exported into Denver, CO Global Market Midstream Owns 29% of Antero #5 Midstream (NYSE: AM) Natural Gas & #3 NGL 67% of Natural Gas Producer in the U.S (2) Delive
Slide 18: Investment Grade Customer: Antero Resources
Investment Grade Customer: Antero Resources 1. Significant Scale and Product Diversity 2. Peer-Leading Capital Efficient Operator 3. Unconstrained Low-cost Growth 4. Investment Grade Balance Sheet 5. Active Hedge Program Provides Development Stability Antero Midstream Corporation (NYSE: AM) 18
Slide 19: Significant Scale and Product Diversity at Antero Resources
Significant Scale and Product Diversity at Antero Resources Appalachia 1Q 2026 Net Production (1) Appalachia 1Q 2026 Liquids Production (1) (Bcfe/d) (MBbls/d) 8.0 250 6.9 7.0 207 200 6.0 5.0 150 4.3 4.1 4.0 116 3.0 100 87 2.2 67 2.0 1.7 50 1.0 25 - - Peer 1 Peer 2 AR Peer 3 Peer 4 AR Peer 3 Peer 2 P
Slide 20: Customer Has Best-in-Class Capital Efficiency
Customer Has Best-in-Class Capital Efficiency Peer Capital Efficiency (1) (2026 D&C Capital / 2026 Production) $1.20 $0.99 $1.00 Peer Average: $0.81 $0.84 $0.80 $0.73 $0.67 $0.68 $0.60 $0.40 $0.20 Production Growth: ~20% Peer Average Production Growth (2026G / 2025A): ~2% $0.00 AR Peer 1 Peer 2 Peer
Slide 21: Unconstrained Low Cost Growth Opportunities
Unconstrained Low Cost Growth Opportunities D&C Capital Outlook (2026) ($MM) $1,200 $1,200 $900 $100 Up to $200 $900 Discretionary $600 Growth Capital $1,000 $300 $0 2026 Maintenance Capital No Drilling JV 2026 D&C Capital Production Outlook (2026 and 2027) (Bcfe/d) 5.0 Up to 4.5 4.1 Up to 200 4.0 3
Slide 22: Investment Grade Producer with Hedges
Investment Grade Producer with Hedges Natural Gas Hedge Position (1) (% of Forecast Natural Gas Production) 70% (2) 61% Swaps Collars 60% 50% 18% 40% 33% 30% 2% 20% 43% 31% 10% 0% 2026 Hedges (Feb-Dec) 2027 Hedges 2026 Volume Floor Ceiling 2027 Volume Floor Ceiling Collars 575 BBtu/d $3.25 $5.66 Col
Slide 23: Appendix
APPENDIX
Slide 24: 2026 Guidance
2026 Guidance ($ in millions): 2026 Guidance Ranges Net Income $485 - $535 Adjusted Net Income $540 - $590 Adjusted EBITDA $1,185 - $1,235 Capital Expenditures $190 - $220 Interest Expense $210 - $230 Cash Taxes $0 Adjusted Free Cash Flow Before Dividends $755 - $815 Dividend Per Share $0.90 per sha
Slide 25: Antero Midstream Non-GAAP Financial Measures
Antero Midstream Non-GAAP Financial Measures Non-GAAP Financial Measures and Definitions • Antero Midstream uses certain non-GAAP financial measures. Antero Midstream defines Adjusted Net Income as Net Income adjusted for certain items. Antero Midstream uses Adjusted Net Income to assess the operati
Slide 26: Non-GAAP Reconciliation
Non-GAAP Reconciliation The following table reconciles Net Income to Adjusted EBITDA and Adjusted Free Cash Flow before and after dividends (in thousands): Three Months Ended March 31, 2025 2026 Net Income $ 120,737 118,266 Interest expense, net 48,410 54,029 Income tax expense 36,096 37,639 Depreci
Slide 27: Non-GAAP Reconciliation
Non-GAAP Reconciliation Net Income to Adjusted EBITDA, Adjusted Free Cash Flow and Leverage Twelve Months Ended December 31, 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Net income $ 127,875 159,105 236,703 307,315 312,894 (285,076) (122,527) 331,617 326,242 371,786 400,892 413,163 In
Slide 28: Non-GAAP Reconciliation
Non-GAAP Reconciliation Net Income to ROIC Twelve Months Ended December 31, 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Net income $159,105 $236,703 $307,315 $312,894 ($285,076) ($122,527) $331,617 $326,242 $371,786 $400,892 $413,163 Amortization of customer relationships — — — $71,082 $7