DT Midstream (DTM) investor relations material

Executive summary

• Raised 2025 adjusted EBITDA guidance midpoint to $1.13 billion, up 18% year-over-year, and reaffirmed 2026 early outlook; Q3 2025 net income was $115 million, with strong operational execution and growth initiatives.

• Achieved robust year-over-year growth in revenue and net income, supported by the Midwest Pipeline Acquisition and record Haynesville system throughput, up 35%.

• Advanced organic growth projects, with $1.6 billion of the $2.3 billion backlog reaching FID and $0.5 billion committed in Q3.

• Maintained disciplined capital deployment and continued progress on environmental stewardship, targeting net zero carbon emissions by 2050.

• Board declared a $0.82 per share dividend, payable January 15, 2026.

Financial highlights

• Q3 2025 adjusted EBITDA was $288 million, up from $277 million in Q2; net income for Q3 was $115 million, and operating EPS was $1.13.

• For the nine months ended September 30, 2025, operating revenues were $926 million, net income was $330 million, and adjusted EBITDA was $845 million.

• Distributable cash flow guidance raised to $800–$830 million; Q3 distributable cash flow was $157 million, with $669 million for the nine months.

• Gathering segment adjusted EBITDA rose to $93 million in Q3, with record Haynesville volumes; pipeline segment contributed $195 million in Q3.

• Cash flow from operating activities for the nine months was $706 million, up $95 million year-over-year.

Outlook and guidance

• 2025 adjusted EBITDA guidance raised to $1.115–$1.145 billion; distributable cash flow guidance increased to $800–$830 million.

• 2025 capital expenditures guidance lowered to $385–$415 million, reflecting efficiency and timing; 2026 committed capital increased to $280 million.

• 2025 operating EPS guidance updated to $4.15–$4.45.

• 2026 early outlook reaffirmed at $1.155–$1.225 billion.

• Plans to maintain regular dividend payments, with future growth aligned to cash flow growth.