Antero Midstream (AM) investor relations material

Financial performance and growth

• Achieved $12 billion enterprise value and 18% return on invested capital as of August 2025.

• Adjusted EBITDA grew at a 17% CAGR from 2014 to 2025E, reaching $1,110 million in 2025 guidance.

• Second quarter 2025 saw an 11% increase in Adjusted EBITDA and an 89% increase in free cash flow after dividends year-over-year.

• Maintained peer-leading leverage at 2.8x net debt/Adjusted EBITDA as of June 30, 2025.

• Consistent free cash flow generation with $0.9–$1.0 billion projected after dividends from 2023–2027.

Capital allocation and shareholder returns

• Capital allocated to high-return opportunities, including organic investments and bolt-on M&A.

• Dividend yield of approximately 5% at current prices, with $170 million returned to shareholders in the last twelve months.

• Ongoing debt reduction, with about $100 million reduced year-to-date in 2025.

• Share repurchase program announced, targeting up to $500 million.

• Capital investment philosophy emphasizes just-in-time spending to maximize free cash flow and avoid speculative projects.

Operational achievements and efficiency

• Record 3.5 Bcf/d low-pressure gathering volumes in 2Q25, with a 6% year-over-year increase in gathering and processing volumes.

• 100% utilization rate on processing and fractionation capacity.

• Maintains a 100% fixed-fee business model, eliminating direct commodity price exposure.

• High capital efficiency and low reinvestment rate, with 65% of 2025 EBITDA available for debt reduction and return of capital.

• Long-term inventory in low-cost basins supports operational consistency and growth.