Summit Midstream (SMC) investor relations material

Executive summary

• Q1 2026 reported Adjusted EBITDA of $54.2 million and a net loss of $3.2 million, with Distributable Cash Flow of $26.9 million and Free Cash Flow of $11.4 million.

• Revenues rose to $139.1 million, up from $132.7 million year-over-year, driven by midstream energy infrastructure in U.S. unconventional basins.

• Business model emphasizes fee-based contracts for stable cash flows, with some commodity price exposure.

• Key transactions included refinancing Permian Transmission Credit Facilities, redemption of preferred units, and a $42 million private placement to its largest shareholder.

• Connected 37 wells, including four under a new 10-year crude gathering agreement; five rigs active and ~80 DUCs behind systems.

Financial highlights

• Adjusted EBITDA: $54.2 million for Q1 2026; Distributable Cash Flow: $26.9 million; Free Cash Flow: $11.4 million.

• Revenues were $139.1 million, up from $132.7 million in Q1 2025.

• Net loss was $3.2 million, compared to net income of $4.6 million in the prior year quarter.

• Aggregate average daily natural gas throughput was 870 MMcf/d, down from 883 MMcf/d; liquids throughput was 64 Mbbl/d, down from 74 Mbbl/d.

• Ended quarter with $43.4 million in cash and $381 million available borrowing capacity.

Outlook and guidance

• Full-year 2026 Adjusted EBITDA guidance reiterated at $225–$265 million, with results expected to trend toward the midpoint.

• Anticipate meaningful volume increases in the second half of 2026 due to new well connections and strong activity.

• Long-term organic EBITDA growth of over $100 million projected by 2030.

• Capital structure optimization and leverage reduction remain priorities, with plans to reinstate a common dividend.