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Antero Midstream (NYSE: AM) Third Quarter 2025 Earnings Presentation October 30, 2025
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Antero Midstream (NYSE: AM) Legal Disclaimer Forward-Looking Statements: This presentation includes "forward-looking statements.” Such forward-looking statements are subject to a number of risks and uncertainties, many of which are not under AM’s control. All statements, except for statements of historical fact, made in this presentation regarding activities, events or developments AM expects, believes or anticipates will or may occur in the future, such as statements regarding our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management, Antero Resources’ expected production and development plan, natural gas, NGLs and oil prices, AM’s ability to realize the anticipated benefits of its investments in unconsolidated affiliates, AM’s ability to execute its share repurchase program and dividend program, AM’s ability to execute its business plan and strategy, impacts of geopolitical and world health events, information regarding AM’s return of capital policy, information regarding long-term financial and operating outlooks for AM and Antero Resources, information regarding Antero Resources’ expected future growth and its ability to meet its drilling and development plan and the participation level of Antero Resources’ drilling partner, the impact on demand for AM’s services as a result of incremental production by Antero Resources, the impact of recently enacted legislation, and expectations regarding the amount and timing of litigation awards are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on management’s current beliefs, based on currently available information, as to the outcome and timing of future events. All forward-looking statements speak only as of the date of this presentation. Although AM believes that the plans, intentions and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions or expectations will be achieved. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements. Except as required by law, AM expressly disclaims any obligation to and does not intend to publicly update or revise any forward-looking statements. AM cautions you that these forward-looking statements are subject to all of the risks and uncertainties incidental to our business, most of which are difficult to predict and many of which are beyond AM’s control. These risks include, but are not limited to, commodity price volatility, inflation, supply chain or other disruptions, environmental risks, Antero Resources’ drilling and completion and other operating risks, regulatory changes or changes in law, the uncertainty inherent in projecting Antero Resources’ future rates of production, cash flows and access to capital, the timing of development expenditures, impacts of world health events, cybersecurity risks, the state of markets for and availability of verified quality carbon offsets and the other risks described under the heading "Risk Factors" in AM's Annual Report on Form 10-K for the year ended December 31, 2024 and Quarterly Report on Form 10-Q for the three months ended September 30, 2025. Any forward-looking statement speaks only as of the date on which such statement is made, and AM does not undertake any obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law. Antero Midstream’s ability to make future dividends is substantially dependent upon the development and drilling plan of Antero Resources, which itself is substantially dependent upon the review and approval by the Board of Directors of Antero Resources of its capital budget on an annual basis. The Board of Directors of Antero Midstream will take into consideration many factors, including the capital budget of Antero Resources adopted by its Board of Directors and the capital resources and liquidity of Antero Midstream at the time, prior to approving future dividends. This presentation may include certain financial measures that are not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). These measures for AM include (i) Adjusted EBITDA (“EBITDA”), (ii) Free Cash Flow before and after dividends, (iii) Return on Invested Capital (“ROIC”), (iv) Leverage, and (v) Net Debt. Please see the appendix for the definition of each of these AR and AM measures as well as certain additional information regarding these measures, including where available, the most comparable financial measures calculated in accordance with GAAP. 2
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Antero Midstream (NYSE: AM) Investing in the Core of the Marcellus Shale 3 Marcellus Core Map – 2013 View Marcellus Core Map – Current View Counties with AR Activity Marcellus Core Fairway Boundary Counties with AR Activity Marcellus Core Fairway Boundary AM capital budget is focused on the expanding acreage position in the core Marcellus Shale
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Antero Midstream (NYSE: AM) Dry Gas Development Optionality 4 Marcellus Core Map – Dry Gas Acreage AM Acquired Dry Gas Assets Counties with AR Activity Marcellus Core Fairway Boundary Local MarketEnhanced Market Access for future in-basin demand growth and tightening differentials Excess Dry Gas Capacity from assets acquired in 2022
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Antero Midstream (NYSE: AM) Third Quarter Highlights 5 3Q25 Operational Achievements +10% Increase In Adjusted EBITDA Year-over-year 3Q25 Financial Achievements 2.7x Leverage Net Debt/Adjusted EBITDA +94% Increase In FCF after Dividends Year-over-year +5% Increase In gathering and compression volumes year-over-year Note: Adjusted EBITDA, Free Cash Flow after dividends and Leverage are Non-GAAP metrics – please see appendix. 100% Utilization rate on processing and fractionation capacity >99% Uptime availability
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Antero Midstream (NYSE: AM) $650 $650 $750 $600 $650 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 2025 2026 2027 2028 2029 2030 2031 2032 2033 Balance Sheet Strength and Flexibility 6 Maturity Schedule ($MM as of 9/30/2025) Senior Notes Revolving Credit Facility Leverage (Net Debt / LTM EBITDA as of 9/30/2025) 3.8x 3.3x 3.0x 2.7x 0.0x 1.0x 2.0x 3.0x 4.0x YE 2022 YE 2023 YE 2024 3Q25 >$870 MM of liquidity and no near-term maturities BB+ / Ba1 S&P / Moody’s (upgraded at Moody’s) Note: Leverage is a Non-GAAP metric – please see appendix.
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Antero Midstream (NYSE: AM) APPENDIX
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Antero Midstream (NYSE: AM) Antero Midstream Non-GAAP Financial Measures Non-GAAP Financial Measures and Definitions Antero Midstream uses certain non-GAAP financial measures. Antero Midstream defines Adjusted Net Income as Net Income adjusted for certain items. Antero Midstream uses Adjusted Net Income to assess the operating performance of its assets. Antero Midstream defines Adjusted EBITDA as Net Income adjusted for certain items. Antero Midstream uses Adjusted EBITDA to assess: • the financial performance of Antero Midstream’s assets, without regard to financing methods, capital structure or historical cost basis; • its operating performance and return on capital as compared to other publicly traded companies in the midstream energy sector, without regard to financing or capital structure; and • the viability of acquisitions and other capital expenditure projects. Antero Midstream defines Free Cash Flow before dividends as Adjusted EBITDA less net interest expense and accrual-based capital expenditures. Capital expenditures include additions to gathering systems and facilities, additions to water handling systems, and investments in unconsolidated affiliates. Capital expenditures exclude acquisitions. Free Cash Flow after dividends is defined as Free Cash Flow before dividends less accrual-based dividends declared for the quarter. Antero Midstream uses Free Cash Flow before and after dividends as a performance metric to compare the cash generating performance of Antero Midstream from period to period. Adjusted EBITDA, Adjusted Net Income, and Free Cash Flow before and after dividends are non-GAAP financial measures. The GAAP measure most directly comparable to these measures is Net Income. Such non-GAAP financial measures should not be considered as alternatives to the GAAP measures of Net Income and cash flows provided by (used in) operating activities. The presentations of such measures are not made in accordance with GAAP and have important limitations as analytical tools because they include some, but not all, items that affect Net Income and cash flows provided by (used in) operating activities. You should not consider any or all such measures in isolation or as a substitute for analyses of results as reported under GAAP. Antero Midstream’s definitions of such measures may not be comparable to similarly titled measures of other companies. Antero Midstream defines Net Debt as consolidated total debt, excluding unamortized debt premiums and debt issuance costs, less cash and cash equivalents. Antero Midstream views Net Debt as an important indicator in evaluating Antero Midstream’s financial leverage. Antero Midstream defines leverage as Net Debt divided by Adjusted EBITDA for the last twelve months. The GAAP measure most directly comparable to Net Debt is total debt, excluding unamortized debt premiums and debt issuance costs. 8
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Antero Midstream (NYSE: AM) Antero Midstream Non-GAAP Measures 1. Other operating expense, net represents accretion of asset retirement obligation and loss on asset sale. The following table reconciles last twelve months ended Net Income to Adjusted EBITDA and total debt to net debt (in thousands): 9 Twelve Months Ended 12/31/2022 12/31/2023 12/31/2024 9/30/2025 Net Income $ 326,242 371,786 400,892 472,423 Interest expense, net 189,948 217,245 207,027 193,289 Income tax expense 117,494 128,287 147,729 170,372 Depreciation expense 131,762 136,059 140,000 133,372 Amortization of customer relationships 70,672 70,672 70,672 70,672 Impairment of property and equipment 3702 146 332 984 Equity-based compensation 19,654 31,606 44,332 46,296 Equity in earnings of unconsolidated affiliates -94,218 -105,456 -110,573 -115,502 Distributions from unconsolidated affiliates 120,460 131,835 135,660 140,844 Loss on early extinguishment of debt — — 14,091 1,313 Loss on settlement of asset retirement obligations — 805 0 — Other operating income, net (1) (1,490) 6,207 912 9 Adjusted EBITDA 884,226 989,192 1,051,074 1,114,072 12/31/2022 12/31/2023 12/31/2024 9/30/2025 Bank credit facility $ 782,000 630,100 484,300 379,600 7.875% senior notes due 2026 550,000 550,000 — — 5.75% senior notes due 2027 650,000 650,000 650,000 — 5.75% senior notes due 2028 650,000 650,000 650,000 650,000 5.375% senior notes due 2029 750,000 750,000 750,000 750,000 6.625% senior notes due 2032 — — 600,000 600,000 5.75% senior notes due 2033 — — — 650,000 Consolidated total debt 3,382,000 3,230,100 3,134,300 3,029,600 Less: Cash and cash equivalents -66 — — Consolidated net debt 3,382,000 3,230,034 3,134,300 3,029,600 Leverage (Net debt / Adjusted EBITDA) 3.8x 3.3x 3.0x 2.7x