Dt Midstream, Inc. · NYSE:DTM
Dt Midstream — Citi Natural Resources Conference 2026
22 slides from Dt Midstream's conference presentation, Aug 11, 2026
Slide 1: Citi Natural Resources Conference
Citi Natural Resources Conference August 11, 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: 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 backlog 2.9x on-balance sheet / supports elevated High-Quality Portfolio Mix Durable Contracting 3.5x proportional growth
Slide 4: 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 5: Diversified Asset Base Anchored by Regulated Pipelines
Diversified Asset Base Anchored by Regulated Pipelines Pipeline segment is ~70% of the business 2025 Business Mix (% of total 2025 Adjusted EBITDA1) NEXUS Millennium 10% 9% Pipeline Stonewall 8% 70% Highly contracted asset portfolio supports stable cash flows LEAP Guardian 14% 5% • Pipeline assets c
Slide 6: Delivering High-Quality Growth
Delivering High-Quality Growth Strong, durable growth with a proven track record Historical Adjusted EBITDA1 Relative Growth vs. Peers (millions) 2021-2025 Adjusted EBITDA CAGR2 12% $1,138 +12% CAGR $730 6% 2021 original 2021 2022 2023 2024 2025 Gas-focused peers3 guidance ✓ Well positioned assets a
Slide 7: Distinctive Dividend Growth
Distinctive Dividend Growth Consistent, secure dividend supported by growing Adjusted EBITDA Annualized dividend (per share) +7.3% 3.52 3.28 Financial policy is to provide a growing and durable dividend 2.40 • Strong 2025 dividend coverage ratio2 of ~2.6x 8% CAGR • Plan to continue to grow dividend
Slide 8: 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 9: 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 Pre-FID $420 - $480 Organic, demand-driven, capital investments • Total committed investments of ~$985 million over 2026 and 20
Slide 10: 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 11: 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 12: 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 13: Extensive Interstate Network Adjacent to Growing Utility Demand
Extensive Interstate Network Adjacent to Growing Utility Demand Data center opportunities accelerating Upper Midwest 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 Total Annual P
Slide 14: 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 15: Appendix
Appendix 15
Slide 16: 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 17: 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 Viking Pipeline expansion Q4 2027 In progress project updates • G3
Slide 18: Executing Haynesville System Expansion
Executing 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 agreemen
Slide 19: Interstate Pipelines Modernization Underway
Interstate Pipelines Modernization Underway 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 •
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
Non-GAAP Reconciliations Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA Year Ended December 31, December 31, 2025 2024 Net Income Attributable to DT Midstream $ 441 $ 354 Plus: Interest expense 161 153 Plus: Income tax expense 144 137 Plus: Depreciation and amortization
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