DT Midstream (DTM) Investor presentation summary

Investment highlights

• $3.4 billion project backlog with 75% pipeline focus and 95% demand-based contracts, averaging 8-year tenors.

• Pipeline segment comprises 70% of 2025 EBITDA, with a diversified and highly contracted asset base.

• Peer-leading dividend and Adjusted EBITDA growth, with a 12% CAGR in Adjusted EBITDA from 2021-2025.

• Achieved investment grade status and ~280% total shareholder return since 2021 spin-off.

• Strong balance sheet with 2.9x on-balance sheet leverage and robust dividend coverage ratio of ~2.6x.

Asset network and market positioning

• Operates over 2,200 miles of FERC-regulated interstate pipelines and 900+ miles of gathering pipelines.

• 94 Bcf of gas storage capacity supports reliability and peak demand.

• Strategic locations serve growing power and LNG demand, with assets adjacent to major utility and data center expansions.

• Haynesville and Appalachia basins expected to supply three-fourths of U.S. demand growth through 2030.

• Record winter utilization and peak gas prices highlight strong market demand for pipeline capacity.

Growth projects and capital allocation

• $3.4 billion organic project backlog, 75% pipeline and 20% gathering, with major projects advancing toward FID.

• 2026 capital plan is largely committed, with $820 million in investments over 2026-2027 and $1.6 billion FID projects through 2030.

• Major pipeline expansions include Guardian "G3" ($850–$930 million), Vector, Millennium R2R, and Haynesville LEAP expansions.

• Modernization projects underway to enhance efficiency and reliability, with cost recovery in future rate cases.

• LEAP system fully contracted at 2.1 Bcf/d, expandable to ~4 Bcf/d to meet LNG corridor demand.