DT Midstream (DTM) Wolfe Research Utilities, Midstream & Clean Energy Conference Presentation summary

Investment highlights

• $3.4 billion project backlog supports elevated growth through the end of the decade, with 60% already at final investment decision and 80% of commitments in the pipeline segment.

• Portfolio is ~70% pipeline segment, with highly contracted, long-term take-or-pay agreements and significant minimum volume commitments.

• Peer-leading dividend and Adjusted EBITDA growth, with a 12% CAGR in Adjusted EBITDA from 2021-2025 and an 8% dividend CAGR.

• Investment grade leverage metrics, with 2.9x on-balance sheet and 3.5x proportional 2026E year-end leverage.

• Strong 2025 dividend coverage ratio of ~2.6x, with plans to maintain coverage above a 2.0x floor.

Asset base and network

• Integrated pipeline network spans over 2,200 miles of FERC-regulated interstate pipelines, 700 miles of intrastate, and 900 miles of gathering pipelines.

• 94 Bcf of gas storage capacity enhances reliability and balancing for customers.

• Diversified asset base anchored by regulated pipelines, with the pipeline segment contributing 70% of 2025 Adjusted EBITDA.

• Assets are strategically located to serve growing power and LNG demand, especially in the Haynesville and Appalachia basins.

Growth projects and capital plan

• $985 million in committed capital investments over 2026 and 2027, with organic, demand-driven projects advancing.

• Multiple expansion projects in execution across the network, targeting in-service dates from 2027 to 2030, including Millennium R2R, Viking, Guardian, Vector, and Haynesville expansions.

• Interstate pipeline modernization underway, with Guardian, Midwestern, and Viking projects enhancing efficiency and reliability.

• Haynesville system expansion increases capacity to 2.3 Bcf/d, with further expansion potential to 4 Bcf/d to meet Gulf Coast LNG and industrial demand.