Antero Midstream (AM) Proxy filing summary

Executive summary

• Cash flow from operations rose 11% to $932 million in 2025, leverage declined below 3.0x Net Debt/EBITDA, and $135 million of shares were repurchased.

• Asset uptime exceeded 99%, and the company completed key executive transitions, including appointing a new CEO and separating the Chairman and CEO roles.

• The board and management prioritized succession planning, internal talent development, and governance enhancements.

Voting matters and shareholder proposals

• Shareholders will vote to elect three Class I directors, ratify KPMG LLP as auditor for 2026, approve executive compensation, and determine the frequency of future say-on-pay votes.

• The board recommends annual advisory votes on executive compensation.

Board of directors and corporate governance

• The board consists of ten directors, eight of whom are independent; the roles of Chairman and CEO are separated.

• Board committees include Audit, Compensation, Nominating & Governance, Conflicts, and Environmental and Safety.

• Directors are elected by class for three-year terms; a majority vote resignation policy is in place.

• Board and committee self-evaluations are conducted annually.