Antero Midstream (AM) investor relations material

Executive summary

• Expanded Marcellus Shale footprint through organic leasing and $260 million in acquisitions, adding 80 new locations and supporting increased natural gas demand.

• Achieved 10% year-over-year growth in Adjusted EBITDA to $281 million for Q3 2025, with net income rising 16% to $116 million and diluted EPS up to $0.24.

• Free cash flow after dividends rose 94% year-over-year to $78 million, with operational uptime exceeding 99% and gathering/compression volumes up 5%.

• Initiated first dry gas Marcellus pad in over a decade, leveraging underutilized infrastructure for future demand growth.

• 2.3 million shares repurchased for $41 million in Q3, with $385 million remaining under the buyback program.

Financial highlights

• Q3 2025 revenues totaled $295 million: $241 million from Gathering and Processing, $54 million from Water Handling.

• Adjusted EBITDA for the last twelve months ended 9/30/2025 was $1,114 million.

• Free cash flow before dividends was $185 million, up 25% year-over-year.

• Interest expense decreased 9% to $47 million in Q3 2025 due to lower average borrowings and rates.

• Capital expenditures were $51 million in Q3, with $133 million invested year-to-date.

Outlook and guidance

• Free cash flow expected to expand further into 2026, supporting additional shareholder returns and growth opportunities.

• Remaining 2025 capital budget focuses on well connects, water delivery, and dry gas development for future demand from power generation and AI datacenters.

• Management expects to fund working capital, capital expenditures, and dividends from operating cash flow and credit facility availability.