Slide 1: Fourth Quarter 2025 Earnings Call
Fourth Quarter 2025 Earnings Call February 19, 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: 2025 Year in Review
2025 Year in Review Continuing our track record of best-in-class execution Exceeded LEAP Phase 4 Record Adjusted Integrated Expansion High Achieved EBITDA Midwest In-service Gathering Investment Guidance Pipelines Early Volumes Grade 4
Slide 5: 2025 Year in Review: Financial Results
2025 Year in Review: Financial Results Strong financial performance across all key metrics Adjusted EBITDA and Cash Flow Return of Capital $1.138 billion $831 million 2025 Adjusted EBITDA1 2025 Distributable Cash Flow2 12% ~2.6x YoY dividend growth3 Dividend coverage ratio4 17% YoY 14% YoY Growth In
Slide 6: Strategic Accomplishments Since Spin
Strategic Accomplishments Since Spin Disciplined execution of focused strategy delivers exceptional results $/share $140 07/01/2021 DT Midstream Spin $38.65 Opening Trade DTM ✓ Increase pipeline segment $120 ✓ Diversify customer base $100 ✓ Maintain contract tenor $80 ✓ Grow dividend $60 ✓ Increase
Slide 7: 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 8: Full Year 2025 Financial Results
Full Year 2025 Financial Results 27% growth in the pipeline segment Adjusted EBITDA1 (millions) +17% Year-over-Year $1,138 Growth Pipeline $969 $352 ~1% • Midwest Pipeline Acquisition, higher LEAP $348 and W10 storage revenue Gathering • Record high volumes on Blue Union and Tioga, partially offset
Slide 9: 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 10: 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 11: 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 12: Executing New Pipeline Growth Investments
Executing New Pipeline Growth Investments Serving key demand markets Reached FID1 Advancing towards FID ✓ Viking Pipeline Expansion Vector Pipeline Expansion • 15 MMcf/d expansion of lateral serves load • ~400 MMcf/d westbound capacity increase growth in Grand Forks, North Dakota into Chicago • Anch
Slide 13: 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 New Commitments Pre-FID $420 - $480 Organic, demand-driven, capital investments • Increasing committed capital to reflect new p
Slide 14: Strong market signals support the need for new capacity
Strong market signals support the need for new capacity Peak prices and record utilization this winter creates an opportunity for our pipelines January 2026 Peak Gas Prices for Select Hubs ($/MMBtu) Emerson $20.41 New York Record high utilization across multiple Twin Cities Ontario $69.67 $142.81 as
Slide 15: 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 16: 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 17: 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 18: Appendix
Appendix 18
Slide 19: Full-Year Financial Results
Full-Year Financial Results (millions, except EPS) 2024 2025 Change Adjusted EBITDA1 $969 $1,138 17% Pipeline segment $621 $786 27% Gathering segment $348 $352 1% Operating Earnings2 $375 $441 18% Operating EPS2 $3.81 $4.30 13% Distributable Cash Flow3 $727 $831 14% Growth Capital4 $1,5015 $3526 Mai
Slide 20: Quarterly Financial Results
Quarterly Financial Results Three months ended (millions, except EPS) December 31, 2025 September 30, 2025 Key drivers Adjusted EBITDA1 $293 $288 Pipeline segment $200 $195 • Higher revenue on pipeline joint ventures and LEAP • Higher revenue due to higher volumes offset by higher Gathering segment
Slide 21: Gathering Volume Summary
Gathering Volume Summary Record high total Haynesville and Northeast gathered volumes in Q4 Haynesville throughput Northeast throughput (bcf/d) Blue Union Gathering (bcf/d) Appalachia Gathering Susquehanna Gathering Tioga Gathering Ohio Utica Gathering +34% 2.04 1.91 1.74 1.67 1.42 1.37 1.30 1.28 1.
Slide 22: 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 EBITDA2) NEXUS Millennium 10% 9% Pipeline Stonewall 8% 70% Highly contracted asset portfolio supports stable cash flows LEAP Guardian 14% 5% •
Slide 23: Committed Growth Capex
Committed Growth Capex ~50% of $3.4 billion organic project backlog committed Growth capex (billions) ~$1.6 ~$1.6 -$0.3 ~$0.2 ~$0.1 • Committed capital represents expected investment for all in progress projects not yet in-service 2025-2029 2025 Capex 2025 Capex not 2026-2030 Total Committed Committ
Slide 24: 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 In progress project updates
Slide 25: Phase 2 of Modernization on Interstate Pipelines Reaches FID
Phase 2 of Modernization on Interstate Pipelines Reaches FID Continuing investment in modernization projects to enhance system efficiency and reliability Second phase predominantly focused on Midwestern Pipeline • Modernization enhancements will improve system efficiency and reliability for customer
Slide 26: 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 27: 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 28: Strong US Demand and Production Fundamentals
Strong US Demand and Production Fundamentals Three-fourths of demand growth will be served by Haynesville and Appalachia production U.S. Natural Gas Demand Forecast Production Forecast – DTM Basins (bcf/d) Power (bcf/d) Haynesville Appalachia ResComm Industrial LNG Exports Net Mexican Exports Other
Slide 29: 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 30: Joint Venture Debt Details
Joint Venture Debt Details Annual debt paydown at Millennium and Vector DTM proportionate share ($ values in millions) End of year debt balances Interest expense Asset Weighted average (DTM ownership %) 2025 2026 2027 2025 2026 2027 interest rate1 Maturity NEXUS Pipeline Bullets, 2028 $375 $375 $375
Slide 31: 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 32: 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 33: Non-GAAP Reconciliations
New slide Non-GAAP Reconciliations Reconciliation of Reported to Operating Earnings – DT Midstream Consolidated Three Months Ended December 31, September 30, 2025 2025 Reported Pre-tax Income Operating Reported Pre-tax Income Operating Earnings Adjustments Taxes (1) Earnings Earnings Adjustments Tax
Slide 34: Non-GAAP Reconciliations
New slide Non-GAAP Reconciliations Reconciliation of Reported to Operating Earnings per diluted share(1) – DT Midstream Consolidated Three Months Ended December 31, September 30, 2025 2025 Reported Pre-tax Income Operating Reported Pre-tax Income Operating Earnings Adjustments Taxes (2) Earnings Ear
Slide 35: Non-GAAP Reconciliations
Non-GAAP Reconciliations Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA Three Months Ended Year Ended December 31, September 30, December 31, December 31, 2025 2025 2025 2024 Consolidated (millions) Net Income Attributable to DT Midstream $ 111 $ 115 $ 441 $ 354 Plus: I
Slide 36: Non-GAAP Reconciliations
Non-GAAP Reconciliations Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA Pipeline Segment Three Months Ended Year Ended December 31, September 30, December 31, December 31, 2025 2025 2025 2024 Pipeline (millions) Net Income Attributable to DT Midstream $ 93 $ 92 $ 370 27
Slide 37: Non-GAAP Reconciliations
Non-GAAP Reconciliations Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA Gathering Segment Three Months Ended Year Ended December 31, September 30, December 31, December 31, 2025 2025 2025 2024 Gathering (millions) Net Income Attributable to DT Midstream $ 18 $ 23 $ 71 $
Slide 38: Non-GAAP Reconciliations
Non-GAAP Reconciliations Reconciliation of Net Income Attributable to DT Midstream to Distributable Cash Flow Three Months Ended Year Ended December 31, September 30, December 31, December 31, 2025 2025 2025 2024 Consolidated (millions) Net Income Attributable to DT Midstream $ 111 $ 115 $ 441 $ 354