DT Midstream : 1Q 2026 Earnings Call Presentation

Published: 2026-04-30 07:46:26 ET DTM

Published on 04/30/2026 at 07:46 am EDT

First Quarter 2026 Earnings Call

April 30, 2026

Bluestone Gathering Lateral Pipeline

NYSE: DTM

Strong financial performance

First quarter 2026 net income of $130 million and Adjusted EBITDA1 of $308 million

Reaffirming 2026 and 2027 Adjusted EBITDA guidance range and early outlook of

$1,155 - $1,225 million and $1,225 - $1,295 million, respectively

Executing on organic growth opportunities and construction projects

DTM has approved investment in the Vector 2028 Pipeline expansion and Millennium R2R project

Midwestern Gas Transmission power plant lateral placed in-service on-time and under budget

Progressing commercial opportunities

Executed new agreement to serve new utility scale power development off of Midwestern Pipeline

Recontracted ~30% of Midwestern Pipeline's capacity with term extensions ranging

from 5 - 25 years

Commercialized new interconnect on NEXUS to serve data center generation project

Received customer interest in excess of offered capacity for recently closed open seasons on both Midwestern and Vector Pipelines

Definition and reconciliation of Adjusted EBITDA (non-GAAP) to net income included in the appendix

Premium, high-quality, pure play natural gas attributes compared to peers

Leading Organic Growth

$3.4B project backlog

High-Quality Portfolio Mix

~70% Pipeline segment

Premier Geographic Presence

Growing power and LNG

demand

Durable Contracting

~95% demand-based contracts1,

~8-year average2 contract tenor

Investment Grade

2.9x on-balance sheet /

3.5x proportional 2026E YE leverage

Peer-leading Dividend and Adjusted EBITDA Growth Differentiated Business Mix and Backlog

Dividend CAGR

2021-2025

DTM3 Gas-Focused

Adjusted EBITDA5 CAGR

2021-2025

12%

DTM3 Gas-Focused

Pipeline

Business Mix as

% of 2025 EBITDA6

70%

30%

Gathering

Project Backlog as

Backlog 75% Pipeline Projects

% of 2025 EBITDA

300% 260%

Peers 4

DTM Peer Average

Represents % of 2025 revenue contribution comprised of demand, Minimum Volume Commitments (MVCs) or flowing gas/proved develo ped producing reserves

Overall portfolio weighted average contract tenor as of 12/31/2025

DTM 2025 dividend based on annualized Q1 2025 Board-approved dividend ($0.82/share); DTM 2021 -2025 Adjusted EBITDA CAGR based on 2021 original guidance to 2025 actual

Peer average of gas-focused peers (WMB, KMI, AM, TRP, ENB) 4

Successful open seasons for pipeline expansions on Midwestern and Vector pipelines

~$1.7 billion total committed

~$3.4 billion1

~$0.1 billion committed in Q1 2026

75%

Pipeline

20%

Gathering

Energy Transition 5%2

Strong commercial interest for Midwestern & Vector expansions

Well positioned amidst geopolitical dynamics

~3.5 Bcf/d

Receipt Capacity

Haynesville Supply Forecast (Bcf/d)

+14 Bcf/d

EAP Interconnect

Existing/Future

Industrial / LNG corridor1

Cameron LNG, Port Arthur LNG

Sabine Pass LNG Calcasieu Pass LNG Industrial

Industrial / Plaquemines LNG, Calcasieu Pass LNG

Cameron

LNG terminal / market

Capacity

(Bcf/d)

~4.9 Bcf/d

Downstream

Interconnectivity

2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035

Transco

0.5

0.25

DTM's Haynesville System Direct LNG Market Connections

1.0

0.75

0.1

Creole Trail Texas Eastern

Targa

(Bcf/d)

+12 Bcf/d

1.0

TC Energy Gillis Access

Louisiana LNG

Cameron LNG, Port Arthur LNG

1.0

0.25

Driftwood Line 200 (Future)

Cameron Expansion

(Future)

2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035

Data center opportunities accelerating Upper Midwest and Northeast natural gas demand

Utility Announced Data Center & Large Load Opportunities

Forecasted Total Annual Power Demand (TWh)

MISO2 PJM3

+15%

949

824

+16%

684

794

Assumes 1 GW = 0.15 Bcf/d natural gas demand

Midcontinent Independent System Operator, Inc.

2025 2030

(millions) xx segment % of total

Adjusted EBITDA1

$93

$200

$94

$214

69%

68%

31%

32%

$308

$293

Pipeline

Seasonal performance on joint venture and

interstate pipelines

Higher revenue on Stonewall and LEAP

Gathering

Higher volumes on Blue Union and Appalachia Gathering

Q4 2025 Q1 2026

Serving key demand markets

Vector 2028 Pipeline Expansion

~400 MMcf/d westbound capacity increase into Chicago

Anchored by investment grade utility customers under 20-year, negotiated rate contracts

DTM has approved $80 to $100 million capital

investment1 at 6-7x build multiple

Q4 2028 expected in-service

Millennium R2R Project

Supported by contracts totaling 70 MMcf/d under negotiated rates with two utilities and a power plant

Project will be constructed under existing

regulatory authorization

Q1 2027 expected full in-service

Advancing towards commercialization

Northbound and southbound expansions on Midwestern Pipeline for up to 1.5 Bcf/d capacity increase

Successful non-binding open season closed beginning of April 2026

Optimizing design and working to execute

precedent agreements

Binding open season to follow prior to formal FID

300-500 MMcf/d westbound capacity increase

Successful non-binding open season closed mid-April 2026

Refining project scope and working to execute binding commitments

Customer interest in excess of offered capacity

Continued commercialization and execution of growth projects from our backlog

Growth capex

(millions)

Organic, demand-driven, capital investments

Increasing committed capital to reflect new investments

Total committed investments of ~$840 million over 2026 and 2027

~$1.7 billion of projects have reached FID through 2030

$420 - $480

~$400

Committed

~$440

Committed

2026 guidance 2027

Strong Haynesville and Northeast volumes in Q1

Haynesville throughput

Northeast throughput

+25%

2.04

2.09

1.91

1.67

1.74

(bcf/d)

+10%

1.42

1.30

1.17

1.28

1.09

Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

Three months ended

Key drivers

Adjusted EBITDA1

$308

Pipeline segment

$214

Gathering segment

$94

Operating Earnings2

$130

Operating EPS2

$1.27

Distributable Cash Flow3

$274

Growth Capital4

$72

Maintenance Capital

$11

(millions, except EPS) March 31, 2026 December 31, 2025

$293

$200

Seasonal performance on joint venture and interstate

pipelines, higher revenue on Stonewall and LEAP

$93 • Higher volumes on Blue Union and Appalachia Gathering

$111

$1.08

$162 • Cash interest expense in Q4

$1035

$29

Definition and reconciliation of Adjusted EBITDA (non-GAAP) to net income included in the appendix

Definition and reconciliation of Operating Earnings and Operating Earnings per Share (non-GAAP) to reported earnings included in the appendix; EPS calculation based on average share count of approximately 103 million shares outstanding - diluted on March 31, 2026 and December 31, 2025

Definition and reconciliation of Distributable Cash Flow (non-GAAP) included in the appendix

Includes contribution to equity method investees 13

Appendix

(millions, except EPS)

Guidance

2026 Adjusted EBITDA1

$1,155 - $1,225

2026 Operating Earnings2

$455 - $495

2026 Operating EPS2

$4.42 - $4.82

2026 Distributable Cash Flow3

$830 - $890

2026 Capital Investment4

$490 - $570

Growth Capital

$420 - $480

Maintenance Capital

$70 - $90

2027 Adjusted EBITDA (early outlook)

$1,225 - $1,295

Definition and reconciliation of Adjusted EBITDA (non-GAAP) to net income included in the appendix

shares outstanding - diluted 15

Definition and reconciliation of Distributable Cash Flow (non-GAAP) to net income included in the appendix

Includes contribution to equity method investees

In progress project updates

Midwestern Gas Transmission power plant lateral completed on time and under budget

DTM approved investment in Millennium R2R and Vector 2028 Pipeline expansion

All in progress projects remain on schedule and on budget

Continuing track record of completing growth investments on time and on budget

Project

Midwestern Gas Transmission power plant lateral

Expected

in-service dates

In-Service

Millennium R2R - New

Q1 2027

Phase 1 Interstate Pipelines Modernization

2H 2027

Viking Pipeline expansion

Q4 2027

Phase 2 Interstate Pipelines Modernization

1H 2028

Guardian Pipeline "G3" expansion

Q4 2028

Vector 2028 Pipeline expansion - New

Q4 2028

Continuing investment in modernization projects to enhance system efficiency and reliability

In Progress on Phases 1 & 2 focused on Guardian and Midwestern Pipelines

Modernization enhancements will improve system efficiency and reliability for customers

Capital Investment will be recovered in next rate cases

Phase 1: $130 to $150 million; 2H 2027 expected in-service date

Phase 2: $140 to $160 million; 1H 2028 expected in-service date

Additional modernization opportunities

Projects improve reliability and service quality for customers

Investments will be recovered in future rate cases

Rate Case Filing Timelines1

2026

Guardian Pipeline

2027

Midwestern Gas Transmission

2028

Viking Gas Transmission

Preparing for FERC application filing

~537 MMcf/d

"G3" Expansion

Joliet

GUARDIAN PIPELINE MIDWESTERN GAS TRANSMISSION VECTOR PIPELINE

"G3" expansion increases delivery capacity into upper Midwest markets

~537 MMcf/d total expansion with expected Q4 2028 in-service date

Expansion will be completed via a combination of

compression and looping

Map Update In Progress

$850 to $930 million total capital investment1 at 5-6x build multiple

Anchored by precedent agreements with five investment-grade utilities

20-year contract terms

Negotiated rates

FERC application submission expected mid-2026

Haynesville System current capacity of 2.1 Bcf/d, with expansion capability to ~4 Bcf/d

DTM assets

DTM treating plants Electric compression Acreage dedication

LNG facilities

Operational

Under development

2.1 Bcf/d

Capacity

Original

LEAP capacity (Bcf/d)

In-service

1.0

Phase 1 expansion

0.3

Aug. 2023

Phase 2 expansion

0.4

0.2

Jan. 2024

Phase 3 expansion

Jun. 2024

LNG

C r

orrido

Phase 4 expansion

0.2

Sep. 2025

Total

Expansion potential

2.1

Integrated Haynesville system provides timely access to coming LNG demand

Fully contracted by long-term take-or-pay agreements

Competitive advantage through multiple market access

at Gillis Hub

Adding 1 Bcf/d interconnect to Driftwood Line 200 (Woodside Louisiana LNG)

Increasing Cameron interconnect by 0.25 Bcf/d

Continuing discussions for additional expansions

LEAP can be further expanded to ~4 Bcf/d to serve growing Gulf Coast LNG and industrial corridor demand

Timing of future expansions will likely align with next wave of LNG in 2028-2030 timeframe

Two-thirds of demand growth will be served by Haynesville and Appalachia production

U.S. Natural Gas Demand Forecast Production Forecast - DTM Basins

(bcf/d)

+15 bcf/d

137

+23 bcf/d

113

2025 2030 2025 2030

Disclaimer

DT Midstream Inc. published this content on April 30, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 30, 2026 at 11:44 UTC.