Antero Midstream (AM) investor relations material

Executive summary

• Achieved record gathering volumes of 4.1 Bcf/d in Q2 2026, a 19% year-over-year increase, driven by the HG Acquisition, strong regional demand, and successful pipeline expansion.

• Net income for Q2 2026 was $114 million ($0.24/share), down from $125 million in Q2 2025, reflecting higher operating and interest expenses.

• Construction began on the East Side Express pipeline, the first intrastate regional pipeline, to enhance connectivity and support future demand growth.

• The HG Acquisition closed in February 2026, adding significant gathering and water handling assets in the Marcellus Shale; the Utica Shale Divestiture closed in February 2026, with proceeds used to repay debt.

• Early dry gas production results showed over 60% improvement compared to 2012, validating upside potential in new locations.

Financial highlights

• Q2 2026 revenue was $327 million, up 7% year-over-year; net income was $114 million, down 9% year-over-year.

• Adjusted EBITDA reached a record $289 million in Q2 2026, a 2% increase year-over-year, driven by higher gathering volumes.

• Adjusted free cash flow after dividends was $80 million in Q2 2026.

• Received $371 million in damages and interest from Veolia in July 2026, improving liquidity and enabling early debt reduction.

• Direct operating expenses rose 34% year-over-year in Q2 2026, mainly due to the HG Acquisition.

Outlook and guidance

• Expect high single-digit sequential EBITDA growth in Q3 2026, maintaining trajectory to achieve full-year EBITDA guidance.

• 2026 capital budget set at $190–$220 million, supporting capital programs and infrastructure projects.

• East Side Express project to be phased in over the next two to three years, with $200–$300 million in CapEx expected.

• Water integration projects are on track, anticipated to support high single-digit EBITDA growth in 2027.

• Management expects adequate liquidity to fund working capital, capital expenditures, and dividends for at least the next 12 months.