Dt Midstream, Inc. · NYSE:DTM
Dt Midstream — Q3 2026 Earnings Presentation
28 slides from Dt Midstream's earnings presentation, Oct 29, 2026
Slide 1: Third Quarter 2026 Earnings Call
Third Quarter 2026 Earnings Call October 29, 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: Third Quarter 2026 Accomplishments
Third Quarter 2026 Accomplishments Solid financial performance ✓ Third quarter 2026 net income of $118 million and Adjusted EBITDA1 of $301 million ✓ Raising 2026 Adjusted EBITDA guidance midpoint and narrowing range to $1,185 - $1,225 million; updated midpoint represents 7% year-over-year growth2 ✓
Slide 4: 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 2.8x on-balance sheet / backlog High-Quality Portfolio Mix Durable Contracting 3.4x proportional Premier Geographic 2026E
Slide 5: 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 ~70% of project backlog with $0.8 billion committed in nine months ~$3.4 billion1 Capital Project Backlog ~$2.4 billion total committed 30% Actively 70% Advancing ~$0.4 billion committed in Q3 2026 ~50% Reached 50% Pre-
Slide 6: Reached FID on Midwestern MIST S1 Expansion and New Lateral
Reached FID on Midwestern MIST S1 Expansion and New Lateral Serving incremental power generation demand in southern Indiana MIST S1 Mainline Expansion • ~300 MMcf/d expansion with expected Q4 2029 in- service date • Expansion will be completed via a combination of compression and looping • Anchored
Slide 7: Guardian Phase 2 Modernization Reaches FID
Guardian Phase 2 Modernization Reaches FID Continuing investment in modernization projects to enhance system efficiency and reliability Disciplined investment supports long-term pipeline performance Project Capital investment Expected in service Guardian Phase 1 $130 - $150M 2H 2027 Midwestern Phase
Slide 8: 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 A Millennium R2R Q1 2027 In Execution B B Viking Pipeline expansion Q4 2027 In Execution C Appalachia Gathering System expansion Q4 2027 In Execution
Slide 9: Third Quarter 2026 Financial Results
Third Quarter 2026 Financial Results Adjusted EBITDA1 (millions) xx segment % of total $305 $301 $105 34% $99 33% Pipeline • Higher revenue on joint venture pipelines Gathering • Lower Northeast volumes $200 66% $202 67% Q2 2026 Q3 2026 Pipeline Gathering 1. Definition and reconciliation of Adjusted
Slide 10: Guidance Updates Reflect Strong Year-to-Date Performance
Guidance Updates Reflect Strong Year-to-Date Performance Raising 2026 Adjusted EBITDA and Distributable Cash Flow guidance (millions, except EPS) Prior Guidance Updated Guidance 2026 Adjusted EBITDA1 $1,155 - $1,225 $1,185 - $1,225 2026 Operating Earnings2 $455 - $495 $460 - $490 2026 Operating EPS2
Slide 11: 2026 Capital Plan is Committed and 2027 is Advancing
2026 Capital Plan is Committed and 2027 is Advancing Capital efficiency lowering 2026 Growth Capital guidance by over 10% Growth capex (millions) Committed New Commitments Pre-FID Organic, demand-driven, capital investments • Increasing 2027 committed capital to reflect $375 - $425 new investments •
Slide 12: Quarterly Financial Results
Quarterly Financial Results Three months ended (millions, except EPS) September 30, 2026 June 30, 2026 Key drivers Adjusted EBITDA1 $301 $305 Pipeline segment $202 $200 • Higher revenue on joint venture pipelines Gathering segment $99 $105 • Lower Northeast volumes in Q3 Operating Earnings2 $118 $11
Slide 13: Appendix
Appendix 13
Slide 14: Gathering Volume Summary
Gathering Volume Summary Strong year-over-year volume growth across Haynesville and Appalachia in Q3 (bcf/d) Haynesville throughput Northeast throughput Blue Union Gathering Appalachia Gathering Susquehanna Gathering Tioga Gathering Ohio Utica Gathering +6% 2.20 2.17 2.04 2.09 1.91 +15% 1.42 1.38 1.
Slide 15: 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 Pipeline R2R Q1 2027 Guardian Pipeline Phase 1 Modernization 2H 2027 In progress project updates Viking Gas Transmissi
Slide 16: 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 17: Strong U.S. Demand and Production Fundamentals
Strong U.S. Demand and Production Fundamentals Over half 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 +26 bc
Slide 18: Extensive Interstate Network Adjacent to Growing Utility Demand
Extensive Interstate Network Adjacent to Growing Utility Demand Data center opportunities accelerating Upper Midwest and Northeast 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
Slide 19: 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 20: 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 +13 Bcf/d Receipt Capacity1 30 25 20 15 10 5 Existing/Future Capacity 0 LNG terminal / market LEAP Interconnect (Bcf/d) 2025
Slide 21: 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 22: 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 23: Non-GAAP Reconciliations
New slide Non-GAAP Reconciliations Reconciliation of Reported to Operating Earnings – DT Midstream Consolidated Three Months Ended September 30, June 30, 2026 2026 Reported Pre-tax Income Operating Reported Pre-tax Income Operating Earnings Adjustments Taxes (1) Earnings Earnings Adjustments Taxes (
Slide 24: Non-GAAP Reconciliations
New slide Non-GAAP Reconciliations Reconciliation of Reported to Operating Earnings per diluted share(1) – DT Midstream Consolidated Three Months Ended September 30, June 30, 2026 2026 Reported Pre-tax Income Operating Reported Pre-tax Income Operating Earnings Adjustments Taxes (2) Earnings Earning
Slide 25: Non-GAAP Reconciliations
Non-GAAP Reconciliations Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA Three Months Ended Nine Months Ended September 30, June 30, September 30, September 30, 2026 2026 2026 2025 Consolidated (millions) Net Income Attributable to DT Midstream $ 118 $ 112 $ 360 $ 330 Pl
Slide 26: Non-GAAP Reconciliations
Non-GAAP Reconciliations Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA Pipeline Segment Three Months Ended Nine Months Ended September 30, June 30, September 30, September 30, 2026 2026 2026 2025 Pipeline (millions) Net Income Attributable to DT Midstream $ 93 $ 86 $ 2
Slide 27: Non-GAAP Reconciliations
Non-GAAP Reconciliations Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA Gathering Segment Three Months Ended Nine Months Ended September 30, June 30, September 30, September 30, 2026 2026 2026 2025 Gathering (millions) Net Income Attributable to DT Midstream $ 25 $ 26 $
Slide 28: Non-GAAP Reconciliations
Non-GAAP Reconciliations Reconciliation of Net Income Attributable to DT Midstream to Distributable Cash Flow Three Months Ended Nine Months Ended September 30, June 30, September 30, September 30, 2026 2026 2026 2025 Consolidated (millions) Net Income Attributable to DT Midstream $ 118 $ 112 $ 360