Antero Midstream Corporation · NYSE:AM
Antero Midstream — Q3 2026 Earnings Presentation
10 slides from Antero Midstream's earnings presentation, Oct 29, 2026
Slide 1: Third Quarter 2026 Earnings Presentation
Third Quarter 2026 Earnings Presentation O C TO B E R 2 9 , 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 AR Completing Water System East Side Express Growing AM DUC Growth Integration on Construction Infrastructure Pads in 4Q26 Schedule Continues Opportunities High single digit EBITDA Supports balanced Demand pull interest AM well positioned with growth in 4Q26 and 3 rig / 2
Slide 4: Operating & Financial Highlights – 3Q26
Operating & Financial Highlights – 3Q26 Financial Achievements Operational Achievements $291MM Adjusted EBITDA +19% Increase +3% year-over-year In gathering volumes year-over-year >$400MM 100% Utilization rate on processing Debt reduction quarter over quarter and fractionation capacity 2.8x Leverage
Slide 5: Positioned to Capture Growth Opportunities
Positioned to Capture Growth Opportunities Leverage (Net Debt / LTM Adjusted EBITDA) 4.0x 3.8x Leverage below 3.0x target after >$2.3 Bn of combined organic 3.5x 3.3x growth capital and acquisitions since 2022 3.0x 3.0x 2.7x 2.8x 2.5x 2.0x 1.5x BBB- / BB+ / Ba1 1.0x (Fitch / S&P /Moody’s) 0.5x 0.0x
Slide 6: Appendix
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Slide 7: Non-GAAP Reconciliation
Non-GAAP Reconciliation 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 performance of its a
Slide 8: 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 September 30, 2025 2026 Net Income $ 115,984 392,657 Interest expense, net 47,196 50,746 Income tax expense 45,688 140,125 De
Slide 9: Non-GAAP Reconciliation
Non-GAAP Reconciliation The following table reconciles consolidated total debt to Net Debt as used in this release (in thousands): September 30, 2025 2026 Bank credit facility $ 379,600 576,800 5.75% senior notes due 2028 650,000 — 5.375% senior notes due 2029 750,000 750,000 6.625% senior notes due
Slide 10: Antero Midstream Non-GAAP Financial Measures
Antero Midstream Non-GAAP Financial Measures The following table reconciles Net Income to Adjusted EBITDA, Adjusted Free Cash Flow before and after dividends and Net Debt (in thousands): Twelve Months Ended December 31, 2022 2023 2024 2025 Net income $ 326,242 371,786 400,892 413,163 Interest expens