Dt Midstream, Inc. · NYSE:DTM
Dt Midstream — BofA Securities Global Energy Conference 2025
20 slides from Dt Midstream's conference presentation, Nov 11, 2025
Slide 1: BofA Securities Global Energy Conference
BofA Securities Global Energy Conference November 11, 2025 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: 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 5-7% long-term Adjusted EBITDA Strong Balance Sheet growth rate Investment grade rated by Self-funded and supported by Leading Portfolio
Slide 4: Leading Natural Gas Pipeline Business Mix
Leading Natural Gas Pipeline Business Mix Growing contribution from Pipeline segment, outpacing large cap C-Corp peers Business Mix as % of Adjusted EBITDA Large Cap C-Corp Peer Companies1 8% 5% 7% 30% 15% 27% 45% 52% Leading Pipeline 70% business mix 65% 50% 26% 2 Peer 1 Peer 2 Peer 3 Gas Pipelines
Slide 5: Integrated Pure Play Natural Gas Pipeline Network
Integrated Pure Play Natural Gas Pipeline Network Well positioned to serve growing natural gas demand Interconnected pipeline network connects world-class basins to high-quality markets • Over 2,200 miles of FERC-regulated interstate pipelines that have interconnections with multiple interstate pipe
Slide 6: Executing on "G3" Guardian Pipeline Expansion
Executing on “G3” Guardian Pipeline Expansion Expansion increases Guardian capacity by ~40% GUARDIAN PIPELINE MIDWESTERN GAS TRANSMISSION VECTOR PIPELINE “G3” expansion increases delivery capacity into upper Midwest markets ~537 MMcf/d • ~537 MMcf/d total expansion with expected Q4 2028 “G3” Expansi
Slide 7: Diversified Asset Base Anchored by Strong Pipeline Segment
Diversified Asset Base Anchored by Strong Pipeline Segment Highest natural gas pipeline asset contribution in sector1 2024 Business Mix (% of total 2024 Adjusted EBITDA2 – excludes newly acquired Midwest pipeline assets) Millennium NEXUS 12% 10% Pipeline Highly contracted asset portfolio supports St
Slide 8: Executing on ~$2.3 billion Organic Project Backlog over 2025-2029
Executing on ~$2.3 billion Organic Project Backlog over 2025-2029 Reached FID on 70% of project backlog within nine months ~$2.3 billion1 Capital Project Backlog at 5-8x Build Multiples ~$1.6 billion has reached FID 70% 30% ~$0.5 billion committed in Q3 2025 Reached Pre-FID FID ~80% of total commitm
Slide 9: Growth Investment Projects in Progress
Growth Investment Projects in Progress Completing new organic growth investments early and on budget Expected Project1 in-service dates Haynesville LEAP expansion – Phase 4 In-Service In progress project updates Stonewall to Mountain Valley Pipeline (MVP) expansion 1H 2026 • LEAP Phase 4 completed a
Slide 10: 2025 Capital Plan is Committed and 2026 is Advancing
2025 Capital Plan is Committed and 2026 is Advancing Capital efficiency and project timing contributing to lower growth capital in 2025 Growth capex (millions) Committed Pre-FID $385 - $415 Organic, demand-driven, capital investments • Total committed investments of ~$665 million over 2025 and 2026
Slide 11: Strong US Demand and Production Fundamentals
Strong US 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) (bcf/d) Haynesville Appalachia ResComm Industrial Power LNG Exports Net Mexican Exports Other +19
Slide 12: LEAP Phase 4 Expansion Placed In-Service Ahead of Schedule
LEAP Phase 4 Expansion Placed In-Service Ahead of Schedule Haynesville System provides additional 0.2 Bcf/d of wellhead to Gulf Coast markets access DTM assets LNG facilities DTM treating plants Operational Capital efficient, lower-risk expansion provides timely Electric compression Under developmen
Slide 13: Leading Competitive Market Position to Serve Growing LNG Demand
Leading Competitive Market Position to Serve Growing LNG Demand Competitive advantage from superior connectivity to basin supply and LNG markets ~3.5 Bcf/d Haynesville Supply Forecast (Bcf/d)2 Receipt Capacity 30 +12 Bcf/d 25 20 15 10 Existing/Future Capacity LNG terminal / market 5 LEAP Interconnec
Slide 14: Phase 1 of Modernization on Interstate Pipelines Underway
Phase 1 of Modernization on Interstate Pipelines Underway Significant investment in modernization projects will enhance system efficiency and reliability Initial phase predominantly focused on Guardian Pipeline • Modernization enhancements will improve system efficiency and reliability for customers
Slide 15: Appendix
Appendix 15
Slide 16: 2025/2026 Guidance Summary
2025/2026 Guidance Summary (millions, except EPS) Current Guidance 2025 Adjusted EBITDA1 $1,115 - $1,145 2025 Operating Earnings2 $425 - $455 2025 Operating EPS2 $4.15 - $4.45 2025 Distributable Cash Flow3 $800 - $830 2025 Capital Expenditures4 $445 - $485 Growth Capital $385 - $415 Maintenance Capi
Slide 17: 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 loss from financing activities, further adjusted t
Slide 18: 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 19: Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA
Non-GAAP Reconciliations Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA Year Ended December 31, December 31, 2024 2023 Net Income Attributable to DT Midstream $ 354 $ 384 Plus: Interest expense 153 150 Plus: Income tax expense 137 104 Plus: Depreciation and amortization
Slide 20: Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA
Non-GAAP Reconciliations Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA Year Ended December 31, December 31, 2022 2021 Net Income Attributable to DT Midstream $ 370 $ 307 Plus: Interest expense 137 112 Plus: Income tax expense 100 104 Plus: Depreciation and amortization
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