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 © Bluestone Gathering Lateral Pipeline rT. He Bi Midstream | nyse: orm
Slide 2: Safe Harbor Statement
2 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 expectations or p
Slide 3: Third Quarter 2026 Accomplishments
Definition and reconciliation of Adjusted EBITDA (non-GAAP) to net income included in the appendix From prior year Adjusted EBITDA original guidance midpoint Final Investment Decision Third Quarter 2026 Accomplishments Solid financial performance Third quarter 2026 net income of $118 million and Adj
Slide 4: DTM Provides a Distinctive Investment Opportunity
Leading Organic Growth $3.4B project backlog DTM Provides a Distinctive Investment Opportunity Premium, high-quality, pure play natural gas attributes compared to peers High-Quality Portfolio Mix ~70% Pipeline segment Premier Geographic Presence Growing power and LNG demand Durable Contracting ~95%
Slide 5: Executing on ~$3.4 billion Organic Project Backlog over 2026-2030
Represents 2026-2030 probability-weighted capex 5 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 ~50% Reached FID 50% Pre-FID ~$3.4 billion Capital Project Backlog ~$2.4 billion total committed ~$0.4
Slide 6: Reached FID on Midwestern MIST S1 Expansion and New Lateral
1. Includes Allowance for Funds Used During Construction (AFUDC) Reached FID on Midwestern MIST S1 Expansion and New Lateral 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 by pre
Slide 7: Guardian Phase 2 Modernization Reaches FID
7 Guardian Phase 2 Modernization Reaches FID Continuing investment in modernization projects to enhance system efficiency and reliability Disciplined investment supports long-term pipeline performance Capital investment will be recovered in pipeline rate cases Received FERC approval for Guardian’s r
Slide 8: Expansion Projects Across Our Footprint
Ramapo Enhancement Project 8 Expansion Projects Across Our Footprint Integrated network positioned to serve growing natural gas demand Expansion Project Target ISD Current Status Millennium R2R Q1 2027 In Execution Viking Pipeline expansion Q4 2027 In Execution Appalachia Gathering System expansion
Slide 9: Third Quarter 2026 Financial Results
Definition and reconciliation of Adjusted EBITDA (non-GAAP) to net income included in the appendix 9 Third Quarter 2026 Financial Results Q2 2026 Q3 2026 $305 $301 Pipeline Gathering Pipeline Higher revenue on joint venture pipelines Gathering Lower Northeast volumes 67% 33% xx Adjusted EBITDA1 (mil
Slide 10: Guidance Updates Reflect Strong Year-to-Date Performance
Definition and reconciliation of Adjusted EBITDA (non-GAAP) to net income included in the appendix Definition and reconciliation of Operating Earnings and Operating Earnings per Share (non-GAAP) to reported earnings included in the appendix; EPS calculation based on average share count of approximat
Slide 11: 2026 Capital Plan is Committed and 2027 is Advancing
2026 guidance 2027 $375 - $425 11 2026 Capital Plan is Committed and 2027 is Advancing Capital efficiency lowering 2026 Growth Capital guidance by over 10% Growth capex (millions) Organic, demand-driven, capital investments Increasing 2027 committed capital to reflect new investments Total committed
Slide 12: Quarterly Financial Results
Definition and reconciliation of Adjusted EBITDA (non-GAAP) to net income included in the appendix Definition and reconciliation of Operating Earnings and Operating Earnings per Share (non-GAAP) to reported earnings included in the appendix; EPS calculation based on average share count of approximat
Slide 13: Appendix
13 Appendix
Slide 14: Gathering Volume Summary
14 Gathering Volume Summary Strong year-over-year volume growth across Haynesville and Appalachia in Q3 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 +6% Haynesville throughput Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 1.09 1.28 1.42 1.38 1.25 +15% Northeast throughput Appalachia Gathering Susquehanna Gathe
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 In progress project updates Reached FID on MIST S1, Midwestern power plant lateral, and Guardian Phase 2 Modernization Received FERC approval for Guardian’s rate case settlement,
Slide 16: Executing Haynesville System Expansion
16 Executing Haynesville System Expansion Premier supply optionality and Gulf Coast market access drive continued expansions LEAP capacity (Bcf/d) Current Phase 5 expansion Total Expansion potential 0.2 2.3 Increasing Haynesville System supply access Long-term agreements with two producers Increment
Slide 17: Strong U.S. Demand and Production Fundamentals
Source: S&P Global Short-term Outlook – September 2026 17 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 2025 2030 50 65 +15 bcf/d Production Forecast – DTM Basins (bcf/d) Haynesville
Slide 18: Extensive Interstate Network Adjacent to Growing Utility Demand
Assumes 1 GW = 0.15 Bcf/d natural gas demand Midcontinent Independent System Operator, Inc. PJM Interconnection LLC, RTO Region Source: Utility company announcements, S&P Global Commodity Insights North American Power Market Outlook, May 2026 18 Extensive Interstate Network Adjacent to Growing Utili
Slide 19: Strategically Located Assets to Serve Power Demand Growth
Includes Illinois, Indiana, Kentucky, Michigan, Minnesota, Ohio, Tennessee and Wisconsin Assumes 1 GW = 0.15 Bcf/d of natural gas Source: S&P Global Commodity Insights US Coal-Fired Power Retirement Announcement – June 21, 2026 19 Strategically Located Assets to Serve Power Demand Growth Coal retire
Slide 20: Leading Market Position in the Haynesville
Includes 0.25 Bcf/d receipt connectivity upon Haynesville system expansion in-service Interconnect provides a pathway to reach majority of terminals within the LNG corridor Source: Wood Mackenzie Strategic Planning Outlook – April 2026 20 Leading Market Position in the Haynesville Superior connectiv
Slide 21: Non-GAAP Definitions
21 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 adjust
Slide 22: Non-GAAP Definitions
22 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 Operating Ea
Slide 23: Reconciliation of Reported to Operating Earnings
New slide 23 Non-GAAP Reconciliations Reconciliation of Reported to Operating Earnings – DT Midstream Consolidated Three Months Ended September 30, June 30, 2026 2026 Reported Earnings Pre-tax Adjustments Income Taxes (1) Operating Earnings Reported Earnings Pre-tax Adjustments Income Taxes (1) Oper
Slide 24: Reconciliation of Reported to Operating Earnings per diluted share
Non-GAAP Reconciliations Reconciliation of Reported to Operating Earnings per diluted share(1) – DT Midstream Consolidated 24 Nine Months Ended September 30, September 30, 2026 2025 Reported Earnings Pre-tax Adjustments Income Taxes (2) Operating Earnings Reported Earnings Pre-tax Adjustments Income
Slide 25: Reconciliation of Net Income to Adjusted EBITDA
25 Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA Non-GAAP Reconciliations 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
Slide 26: Adjusted EBITDA Reconciliation: Pipeline Segment
26 Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA Pipeline Segment Non-GAAP Reconciliations 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
Slide 27: Adjusted EBITDA Reconciliation: Gathering Segment
27 Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA Gathering Segment Non-GAAP Reconciliations 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 $ 2
Slide 28: Reconciliation of Net Income to Distributable Cash Flow
Non-GAAP Reconciliations 28 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 $ 3