Slide 1: Second Quarter 2025 Earnings Presentation
Second Quarter 2025 Earnings Presentation July 31, 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 Projects On Track
2025 Capital Projects On Track 2025 Capital Budget ($MM at Midpoint of Guidance) Prior Range: $170 - $200MM Current Range: $170 - $190MM $200 $180 $180 $160 $140 $98 $120 $100 $82 $80 $60 $45 $40 $20 $37 $0 1Q25A 2Q25A 2H25E 2025 Guidance Midpoint Antero Midstream (NYSE: AM) 3
Slide 4: Exceeding Expectations on Re-use Savings
Exceeding Expectations on Re-use Savings 5-Year Compressor Re-use Savings Torrey’s Peak Compressor Station ($MM from 2026-2030) (In service) $90 $85 $80 $70 $60 $60 $50 $40 $30 $20 $10 Capacity: 160 MMcf/d $0 Compressor reuse savings: ~$30MM Prior Estimate Current Estimate Antero Midstream (NYSE: AM
Slide 5: Second Quarter Highlights
Second Quarter Highlights 2Q25 Financial Achievements 2Q25 Operational Achievements +11% Increase 3.5 Bcf/d In Adjusted EBITDA Company record Year-over-year LP gathering volumes +89% Increase +6% Increase In FCF after Dividends In gathering and processing Year-over-year volumes year-over-year 2.8x L
Slide 6: Increased 2025 Guidance
Increased 2025 Guidance 2025 Free Cash Flow After Dividends ($MM at Midpoint of Guidance) $305 $300 $300 $5 $295 $5 $290 $285 $5 +9% Increase In 2025E Free cash Flow $280 $10 After Dividends to $275 $275 $300MM $270 $265 $260 Prior Increase in Decrease in Decrease in Decrease in Updated Guidance - E
Slide 7: Uniquely Positioned for LNG and Northeast Demand Growth
Uniquely Positioned for LNG and Northeast Demand Growth “…the potential for regional power demand growth driven by the data center buildout is also materializing. PJM is now projecting ~30GW of peak demand growth through 2030 with total power gen increasing at a 5.6% CAGR, a 15% increase compared to
Slide 8: Appendix
APPENDIX Antero Midstream (NYSE: AM)
Slide 9: 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 10: 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 June 30, 2024 2025 Net Income $ 86,037 124,513 Interest expense, net 52,186 47,962 Income tax expense 28,436 43,985 Depreci
Slide 11: 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): June 30, 2024 2025 Bank credit facility $ 555,700 389,300 5.75% senior notes due 2