Dt Midstream, Inc. · NYSE:DTM
Dt Midstream — Q1 2026 Earnings Presentation
29 slides from Dt Midstream's earnings presentation, Apr 30, 2026
Slide 1: First Quarter 2026 Earnings Call
First Quarter 2026 Earnings Call April 30, 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: First Quarter 2026 Accomplishments
First Quarter 2026 Accomplishments Strong financial performance ✓ First quarter 2026 net income of $130 million and Adjusted EBITDA1 of $308 million ✓ Reaffirming 2026 and 2027 Adjusted EBITDA guidance range and early outlook of $1,155 - $1,225 million and $1,225 - $1,295 million, respectively Execu
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 2.9x on-balance sheet / backlog High-Quality Portfolio Mix Durable Contracting 3.5x 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 Successful open seasons for pipeline expansions on Midwestern and Vector pipelines ~$3.4 billion1 Capital Project Backlog ~$1.7 billion total committed 75% 20% ~$0.1 billion committed in Q1 2026 ~50% Pipeline Gathering 50% Pre-FID Rea
Slide 6: Leading Competitive Market Position to Serve Growing LNG Demand
Leading Competitive Market Position to Serve Growing LNG Demand Well positioned amidst geopolitical dynamics Haynesville Supply Forecast (Bcf/d) ~3.5 Bcf/d +14 Bcf/d Receipt Capacity 30 25 20 15 10 5 Existing/Future Capacity 0 LNG terminal / market LEAP Interconnect (Bcf/d) 2025 2026 2027 2028 2029
Slide 7: 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 8: First Quarter 2026 Financial Results
First Quarter 2026 Financial Results Adjusted EBITDA1 (millions) xx segment % of total $308 $293 Pipeline $93 32% $94 31% • Seasonal performance on joint venture and interstate pipelines • Higher revenue on Stonewall and LEAP Gathering $214 69% • Higher volumes on Blue Union and $200 68% Appalachia
Slide 9: New Pipeline Growth Investments
New Pipeline Growth Investments Serving key demand markets ✓ Vector 2028 Pipeline Expansion ✓ Millennium R2R Project • ~400 MMcf/d westbound capacity increase into • Supported by contracts totaling 70 MMcf/d under Chicago negotiated rates with two utilities and a power • Anchored by investment grade
Slide 10: Strong Market Interest in Additional Pipeline Projects
Strong Market Interest in Additional Pipeline Projects Advancing towards commercialization Midwest Incremental Supply Transportation Vector 2030 Pipeline Expansion (“MIST”) Project • 300-500 MMcf/d westbound capacity increase • Northbound and southbound expansions on • Successful non-binding open se
Slide 11: 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 New Commitments Pre-FID $420 - $480 Organic, demand-driven, capital investments • Increasing committed capital to reflect new i
Slide 12: Gathering Volume Summary
Gathering Volume Summary Strong Haynesville and Northeast volumes in Q1 Haynesville throughput Northeast throughput (bcf/d) Blue Union Gathering (bcf/d) Appalachia Gathering Susquehanna Gathering Tioga Gathering Ohio Utica Gathering +25% 2.04 2.09 1.91 1.74 +10% 1.67 1.42 1.30 1.28 1.17 1.09 Q1 2025
Slide 13: Quarterly Financial Results
Quarterly Financial Results Three months ended (millions, except EPS) March 31, 2026 December 31, 2025 Key drivers Adjusted EBITDA1 $308 $293 • Seasonal performance on joint venture and interstate Pipeline segment $214 $200 pipelines, higher revenue on Stonewall and LEAP Gathering segment $94 $93 •
Slide 14: Appendix
Appendix 14
Slide 15: 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 16: Growth Investment Projects in Progress
Growth Investment Projects in Progress Continuing track record of completing growth investments on time and on budget Expected Project in-service dates Midwestern Gas Transmission power plant lateral In-Service In progress project updates Millennium R2R – New Q1 2027 • Midwestern Gas Transmission po
Slide 17: Interstate Pipelines Modernization Underway
Interstate Pipelines Modernization Underway Continuing investment in modernization projects to enhance system efficiency and reliability In Progress on Phases 1 & 2 focused on Guardian and Midwestern Pipelines • Modernization enhancements will improve system efficiency and reliability for customers
Slide 18: Executing on "G3" Guardian Pipeline Expansion
Executing on “G3” Guardian Pipeline Expansion Preparing for FERC application filing GUARDIAN PIPELINE MIDWESTERN GAS TRANSMISSION VECTOR PIPELINE “G3” expansion increases delivery capacity into upper Midwest markets • ~537 MMcf/d total expansion with expected Q4 2028 ~537 MMcf/d in-service date “G3”
Slide 19: LEAP Well Positioned for Future Expansions
LEAP Well Positioned for Future Expansions Haynesville System current capacity of 2.1 Bcf/d, with expansion capability to ~4 Bcf/d DTM assets LNG facilities Integrated Haynesville system provides timely access DTM treating plants Operational to coming LNG demand Electric compression Under developmen
Slide 20: 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) ResComm Industrial Power LNG Exports Mexican Exports Other (bcf/d) Haynesville Appalachia +23 bcf
Slide 21: 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 22: 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 23: 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 24: Non-GAAP Reconciliations
New slide Non-GAAP Reconciliations Reconciliation of Reported to Operating Earnings – DT Midstream Consolidated Three Months Ended March 31, December 31, 2026 2025 Reported Pre-tax Income Operating Reported Pre-tax Income Operating Earnings Adjustments Taxes (1) Earnings Earnings Adjustments Taxes (
Slide 25: Non-GAAP Reconciliations
New slide Non-GAAP Reconciliations Reconciliation of Reported to Operating Earnings per diluted share(1) – DT Midstream Consolidated Three Months Ended March 31, December 31, 2026 2025 Reported Pre-tax Income Operating Reported Pre-tax Income Operating Earnings Adjustments Taxes (2) Earnings Earning
Slide 26: Non-GAAP Reconciliations
Non-GAAP Reconciliations Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA Three Months Ended March 31, December 31, March 31, 2026 2025 2025 Consolidated (millions) Net Income Attributable to DT Midstream $ 130 $ 111 $ 108 Plus: Interest expense 40 41 40 Plus: Income tax
Slide 27: Non-GAAP Reconciliations
Non-GAAP Reconciliations Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA Pipeline Segment Three Months Ended March 31, December 31, March 31, 2026 2025 2025 Pipeline (millions) Net Income Attributable to DT Midstream $ 108 $ 93 $ 92 Plus: Interest expense 14 13 13 Plus:
Slide 28: Non-GAAP Reconciliations
Non-GAAP Reconciliations Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA Gathering Segment Three Months Ended March 31, December 31, March 31, 2026 2025 2025 Gathering (millions) Net Income Attributable to DT Midstream $ 22 $ 18 $ 16 Plus: Interest expense 26 28 27 Plus:
Slide 29: Non-GAAP Reconciliations
Non-GAAP Reconciliations Reconciliation of Net Income Attributable to DT Midstream to Distributable Cash Flow Three Months Ended March 31, December 31, March 31, 2026 2025 2025 Consolidated (millions) Net Income Attributable to DT Midstream $ 130 $ 111 $ 108 Plus: Interest expense 40 41 40 Plus: Inc