Slide 1: First Quarter 2026 Earnings Presentation
First Quarter 2026 Earnings Presentation APRIL 30, 2026
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: Advancing Strategic Initiatives
Advancing Strategic Initiatives IMPROVED C A P I TA L CONNECTIVITY STRONG LENGTHEN EFFICIENT AND BALANCE D E D I C AT E D GROWTH OPTIONALITY SHEET I N V E N TO R Y Organic Growth Enhanced Position for Growing Balanced Approach with HG Acquisition adds > 400 with Accretive Demand Return of Capital to
Slide 4: Balanced Development and Enhancing Connectivity
Balanced Development and Enhancing Connectivity Clarksburg Station RIGS ON AM D E D I C AT E D A C R E A G E Rich Gas Blended Dry Gas Added two additional compressors Antero Midstream Corporation (NYSE: AM) 4
Slide 5: 1Q 2026 Operating & Financial Highlights
1Q 2026 Operating & Financial Highlights 1Q26 Financial Achievements 1Q26 Operational Achievements +5% Increase Strategic Transactions In Adjusted EBITDA Closed HG Midstream acquisition, the Year-over-year Company’s largest acquisition to-date +8% Increase In Adjusted Free Cash Flow after Dividends
Slide 6: Appendix
@aAntero Midstream
Slide 7: 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 8: Non-GAAP Reconciliation
Non-GAAP Reconciliation The following table reconciles Net Income to Adjusted EBITDA and Adjusted Free Cash Flow before and after dividends (in thousands): Three Months Ended March 31, 2025 2026 Net Income $ 120,737 118,266 Interest expense, net 48,410 54,029 Income tax expense 36,096 37,639 Depreci