Antero Midstream Corporation · NYSE:AM
Antero Midstream — Q2 2026 Earnings Presentation
9 slides from Antero Midstream's earnings presentation, Jul 30, 2026
Slide 1: Second Quarter 2026 Earnings Presentation
Second Quarter 2026 Earnings Presentation J U LY 3 0 , 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: CEO Commentary and Outlook
CEO Commentary and Outlook Company First Regional Appalachia Early Dry Record Pipeline Demand Gas Results Gathering Buildout Materializing Va l i d a t e Vo l u m e s Upside 4.1 Bcf/d and 19% Commenced Balance sheet positioned >60% increase in early increase year-over-year Construction on First to c
Slide 4: Return to Dry Gas Supports Intrastate Pipeline Buildout
Return to Dry Gas Supports Intrastate Pipeline Buildout 90-Day Cumulative Production (MMcf per well) 2,000 (i) 2012 Pad (4 Wells) +67% > 60% Increase (ii) 2012 Pad (4 Wells) 2026 Pad (5 Wells) EUR vs. legacy offset wells 1,500 1,000 2026 Dry Gas Pad ~700 Future Dry Gas Locations 500 Dedicated to AM
Slide 5: Operating & Financial Highlights
Operating & Financial Highlights Financial Achievements Operational Achievements Record EBITDA Strategic Investment +2% Year-over-year “East Side Express” – First Dry Gas Regional Connectivity Expansion Project Received $371 MM +19% Increase Of Damages and Interest From Veolia In gathering volumes y
Slide 6: Strong Balance Sheet and No Near-Term Maturities
Strong Balance Sheet and No Near-Term Maturities Debt Maturity Profile ($MM Pro Forma 06/30/2026) Senior Notes Credit Facility Borrowings $1,600 2.8x $1,400 $1,372 Pro Forma Leverage $1,200 $1,000 $622 $800 $650 $600 $650 $600 2029 $600 Nearest maturity $400 $750 $200 5.375% 6.625% 5.750% 5.750% $0
Slide 7: Appendix
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Slide 8: 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 operating
Slide 9: 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 June 30, 2025 2026 Net Income $ 124,513 113,515 Interest expense, net 47,962 55,680 Income tax expense 43,985 40,966 Deprecia