Second Quarter 2025 Earnings Call July 31, 2025 Bluestone Gathering Lateral Pipeline NYSE: DTM
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…
Second Quarter 2025 Accomplishments Strong financial performance Second quarter 2025 net income of 107 million and Adjusted EBITDA1 of 277 million Reached final investment decision (FID) on 0.6 billion of projects from our backlog…
DTM Provides a Distinctive Investment Opportunity Premium, high-quality, pure play natural gas attributes compared to peers Leading Organic Growth Investment Grade 5-7% long-term Adjusted EBITDA Strong Balance Sheet growth rate…
Second Quarter 2025 Financial Results Adjusted EBITDA1 (millions) xx segment % of total 280 277 Planned rate stepdown on Guardian Pipeline effective April 1 Seasonality on interstate pipelines, including 197 70% 194 70% joint…
Executing on 2.3 billion Organic Project Backlog over 2025-2029 0.6 billion of new commitments in the second quarter 2.3 billion Capital Project Backlog1 1.1 billion has reached FID Gathering Pipeline 20% 0.6 billion committed in…
Reached Final Investment Decision on Guardian Pipeline Expansion G3 Expansion increases the capacity of Guardian by 15% GUARDIAN PIPELINE MIDWESTERN GAS TRANSMISSION VECTOR PIPELINE Guardian Pipeline expansion increases delivery…
Phase 1 of Modernization on Interstate Pipelines Reaches FID Significant investment in modernization projects will enhance system efficiency and reliability Initial phase predominantly focused on Guardian Pipeline Modernization…
Growth Investment Projects in Progress Continue to advance and deliver on organic growth investments Expected Project1 in-service dates Haynesville LEAP expansion Phase 4 Ahead of schedule Q1 2026 In progress project updates…
2025 Capital Plan is Committed and 2026 is Advancing Self-funding organic growth projects from 2.3 billion capital backlog Growth capex (millions) Committed New Commitments Pre-FID 400 - 460 Organic, demand-driven, capital…
Quarterly Financial Results Three months ended (millions, except EPS) June 30, 2025 March 31, 2025 Key drivers Adjusted EBITDA1 277 280 Rate stepdown on Guardian; seasonality on interstate Pipeline segment 194 197 pipelines…
Appendix 12
Gathering Volume Summary Haynesville continues strong ramp, achieving all-time high throughput in Q2 2025 Haynesville throughput Northeast throughput (bcf/d) Blue Union Gathering (bcf/d) Appalachia Gathering Susquehanna Gathering Tioga…
Leading Competitive Market Position to Serve Growing LNG Demand Competitive advantage from superior connectivity to basin supply and LNG markets Existing/Future Capacity LNG terminal / market LEAP Interconnect (Bcf/d) Haynesville Supply…
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) (bcf/d) Haynesville Appalachia…
LEAP Phase 4 expansion running ahead of schedule Haynesville System to provide additional 0.2 Bcf/d of wellhead to Gulf Coast markets access DTM assets LNG facilities Capital efficient, lower-risk expansion provides timely DTM treating…
Louisiana Carbon Capture and Sequestration Project currently in formal technical review with the Louisiana DENR1 Project timeline Methodical project development approach Capital deployment Class V test well permit approved…
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…
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…
New slide Non-GAAP Reconciliations Reconciliation of Reported to Operating Earnings DT Midstream Consolidated 21
New slide Non-GAAP Reconciliations Reconciliation of Reported to Operating Earnings per diluted share(1) DT Midstream Consolidated 22
Non-GAAP Reconciliations Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA 23
Non-GAAP Reconciliations Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA Pipeline Segment 24
Non-GAAP Reconciliations Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA Gathering Segment 25
Non-GAAP Reconciliations Reconciliation of Net Income Attributable to DT Midstream to Distributable Cash Flow 26
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