Slide 1: Second Quarter 2026 Earnings Call
Second Quarter 2026 Earnings Call July 30, 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: Second Quarter 2026 Accomplishments
Second Quarter 2026 Accomplishments Solid financial performance ✓ Second quarter 2026 net income of $112 million and Adjusted EBITDA1 of $305 million ✓ Reaffirming 2026 and 2027 Adjusted EBITDA guidance range and early outlook of $1,155 - $1,225 million and $1,225 - $1,295 million, respectively Exec
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 $3.4B project 2.9x on-balance sheet / backlog High-Quality Portfolio Mix Durable Contracting 3.5x proportional Premier Geographic 2026E
Slide 5: Executing on ~$3.4 billion Organic Project Backlog over 2026-2030
Executing on ~$3.4 billion Organic Project Backlog over 2026-2030 Reached FID on 60% of project backlog ~$3.4 billion1 Capital Project Backlog ~$2.0 billion total committed 40% 60% Actively Advancing ~$0.3 billion committed in Q2 2026 ~50% Reached 50% Pre-FID Reached FID FID >80% of total commitment
Slide 6: Haynesville System Expansion
Haynesville System Expansion Premier supply optionality and Gulf Coast market access drive continued expansions DTM assets LNG facilities DTM treating plants Operational Increasing Haynesville System supply access Electric compression Under development Acreage dedication Long-term agreements with tw
Slide 7: Viking Phase 1 Modernization Reaches FID
Viking Phase 1 Modernization Reaches FID Continuing investment in modernization projects to enhance system efficiency and reliability Executing multi-phase modernization program across Interstate Pipelines • Modernization enhancements will improve system efficiency and reliability for customers • Ca
Slide 8: Expansion Projects Across Our Footprint
Expansion Projects Across Our Footprint Integrated network positioned to serve growing natural gas demand Target Current Expansion Project ISD Status B A Millennium R2R Q1 2027 In Execution B Viking Pipeline expansion Q4 2027 In Execution C Appalachia Gathering System Q4 2027 In Execution expansion
Slide 9: Second Quarter 2026 Financial Results
Second Quarter 2026 Financial Results Adjusted EBITDA1 (millions) xx segment % of total $308 $305 Pipeline $94 31% 34% $105 • Seasonality on joint venture pipelines, partially offset by higher revenue on Stonewall Gathering $214 69% $200 66% • Higher volumes on Blue Union Q1 2026 Q2 2026 Pipeline Ga
Slide 10: 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 Organic, demand-driven, capital investments $420 - $480 • Increasing committed capital to reflect new i
Slide 11: Quarterly Financial Results
Quarterly Financial Results Three months ended (millions, except EPS) June 30, 2026 March 31, 2026 Key drivers Adjusted EBITDA1 $305 $308 • Seasonal performance on joint venture pipelines, partially Pipeline segment $200 $214 offset by higher revenue on Stonewall Gathering segment $105 $94 • Higher
Slide 12: Appendix
Appendix 12
Slide 13: Gathering Volume Summary
Gathering Volume Summary Strong Haynesville and Appalachia volumes in Q2 (bcf/d) Haynesville throughput Northeast throughput Blue Union Gathering Appalachia Gathering Susquehanna Gathering Tioga Gathering Ohio Utica Gathering +27% 2.20 2.04 2.09 1.91 1.74 +18% 1.42 1.38 1.28 1.17 1.09 Q2 2025 Q3 202
Slide 14: 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 15: Key Growth Investment Projects in Progress
Key Growth Investment Projects in Progress Continuing track record of completing growth investments on time and on budget Expected Projects in Execution1 in-service dates Millennium R2R Q1 2027 Guardian Phase 1 Modernization 2H 2027 In progress project updates Viking Pipeline expansion Q4 2027 • Rea
Slide 16: Strong U.S. Demand and Production Fundamentals
Strong U.S. 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) ResComm Industrial Power LNG Exports Mexican Exports Other (bcf/d) Haynesville Appalachia +23 b
Slide 17: Extensive Interstate Network Adjacent to Growing Utility Demand
Extensive Interstate Network Adjacent to Growing Utility Demand Data center opportunities accelerating Upper Midwest and Northeast 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
Slide 18: 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 19: Leading Market Position in the Haynesville
Leading Market Position in the Haynesville Superior connectivity to basin supply and LNG markets provides competitive advantage Haynesville Supply Forecast (Bcf/d) ~3.75 Bcf/d +14 Bcf/d Receipt Capacity1 30 25 20 15 10 5 Existing/Future Capacity 0 LNG terminal / market LEAP Interconnect (Bcf/d) 2025
Slide 20: 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 gains or losses from financing activities, further
Slide 21: 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 22: Non-GAAP Reconciliations
New slide Non-GAAP Reconciliations Reconciliation of Reported to Operating Earnings – DT Midstream Consolidated Three Months Ended June 30, March 31, 2026 2026 Reported Pre-tax Income Operating Reported Pre-tax Income Operating Earnings Adjustments Taxes (1) Earnings Earnings Adjustments Taxes (1) E
Slide 23: Non-GAAP Reconciliations
New slide Non-GAAP Reconciliations Reconciliation of Reported to Operating Earnings per diluted share(1) – DT Midstream Consolidated Three Months Ended June 30, March 31, 2026 2026 Reported Pre-tax Income Operating Reported Pre-tax Income Operating Earnings Adjustments Taxes (2) Earnings Earnings Ad
Slide 24: Non-GAAP Reconciliations
Non-GAAP Reconciliations Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, 2026 2026 2026 2025 Consolidated (millions) Net Income Attributable to DT Midstream $ 112 $ 130 $ 242 $ 215 Plus: Interest ex
Slide 25: Non-GAAP Reconciliations
Non-GAAP Reconciliations Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA Pipeline Segment Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, 2026 2026 2026 2025 Pipeline (millions) Net Income Attributable to DT Midstream $ 86 $ 108 $ 194 $ 185 Plus:
Slide 26: Non-GAAP Reconciliations
Non-GAAP Reconciliations Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA Gathering Segment Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, 2026 2026 2026 2025 Gathering (millions) Net Income Attributable to DT Midstream $ 26 $ 22 $ 48 $ 30 Plus:
Slide 27: Non-GAAP Reconciliations
Non-GAAP Reconciliations Reconciliation of Net Income Attributable to DT Midstream to Distributable Cash Flow Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, 2026 2026 2026 2025 Consolidated (millions) Net Income Attributable to DT Midstream $ 112 $ 130 $ 242 $ 215 Plus: Int