Slide 1: First Quarter 2025 Earnings Presentation
First Quarter 2025 Earnings Presentation May 1, 2025 Antero Midstream (NYSE: AM)
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: 2025 Capital Budget on Track
2025 Capital Budget on Track Capital Budget - $170 to $200 MM Torrey’s Peak Compressor Station ($MM) (In Service) Stonewall $15MM Capacity: 160 MMcf/d 8% Compressor reuse savings: ~$30MM Low Pressure Gathering 38% Water $85MM 46% No high pressure Compression gathering projects 8% in 2025 Bid Labor >
Slide 4: Growth in Appalachia Gas Demand
Growth in Appalachia Gas Demand Power demand growth fueled by data center buildouts and new natural gas fired power plants “The Homer City Generating Station, previously the “Amazon to invest an estimated $7.8 biggest coal-burning power plant in Pennsylvania, will billion by the end of 2029/2030 to
Slide 5: Natural Gas Demand Estimates Continue to Increase
Natural Gas Demand Estimates Continue to Increase Data Center Power Demand Data Center Demand Powered by Natural Gas (Gigawatts) (Percent of Total by 2030) 120 100% 100 90% 100 80% 70% 70% 80 60% 50% 60 50% 50 40% 40 30% 20% 20 10% 0 0% July 2024 January 2025 Previous View Current View “As of July 2
Slide 6: First Quarter Highlights
First Quarter Highlights 1Q25 Financial Achievements 1Q25 Operational Achievements +3% Increase 1,650 MMcf/d In Adjusted EBITDA Company Record Year-over-year Processing Volumes ~2.95x Leverage 160 MMcf/d Net Debt/Adjusted EBITDA Compression capacity added $29 MM >99% Shares repurchased Asset uptime
Slide 7: Low Debt and Capital Efficient Business Model
Low Debt and Capital Efficient Business Model Leverage Reinvestment Rate - 2025 (Net Debt / EBITDA as of 3/31/25) (Capital as a % of Consensus 2025 EBITDA) 5.00x 4.2x 50% 43% 4.00x 3.2x 38% 2.95x 40% 3.00x 30% 2.00x 20% 17% 1.00x 10% 0.00x 0% AM G&P Average C-Corp Average AM G&P Average C-Corp Avera
Slide 8: Well Positioned to Enhance Shareholder Returns
Well Positioned to Enhance Shareholder Returns Allocate Capital to the Highest Rate of Return Opportunity Available Interest Expense Organic Capital Attractive Debt Share Investments & Dividend Reduction Repurchases Bolt-on M&A 5.0x-6.0x ~5% >$100MM $57MM “Build + Acquire” Since 3Q24 Dividend Yield
Slide 9: Appendix
APPENDIX Antero Midstream (NYSE: AM)
Slide 10: 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 plus amortization of customer relationships, loss on early extinguishment of debt, loss on se
Slide 11: Antero Midstream Non-GAAP Measures
Antero Midstream Non-GAAP Measures The following table reconciles Net Income to Adjusted EBITDA and Free Cash Flow before and after dividends (in thousands): Three Months Ended March 31, 2024 2025 Net Income $ 103,926 120,737 Interest expense, net 53,308 48,410 Income tax expense 36,488 36,096 Depre
Slide 12: Antero Midstream Non-GAAP Measures
Antero Midstream Non-GAAP Measures The following table reconciles consolidated total debt to consolidated net debt, excluding debt premiums and issuance costs, (“Net Debt”) as used in this presentation (in thousands): As of March 31, 2025 Bank credit facility $ 477,400 5.75% senior notes due 2027 65