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Antero Midstream (NYSE: AM) Fourth Quarter 2025 Earnings Presentation February 12, 2026
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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, potential acquisitions, dispositions or other strategic transactions, including the pending Ohio Utica Shale divestiture, the timing thereof, and our ability to integrate acquired assets and achieve the intended operational, financial and strategic benefits from any such transactions, 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, risks associated with the HG Energy acquisition and the Ohio Utica Shale divestiture, including the risk that the disposition is not consummated on the terms expected or on the anticipated schedule, or at all, and risks associated with the successful integration and future performance of the acquired assets and operations, 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, 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) Adjusted 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) Advancing Strategic Initiatives 3 Lengthen Dedicated Inventory in Lowest Cost Basin - HG acquisition adds > 400 dedicated Marcellus locations Note: Leverage, Adjusted EBITDA and Adjusted Free Cash Flow are Non-GAAP metrics – please see appendix. Organic Growth Enhanced with Accretive Acquisitions - Acquisition drives 8% Adjusted EBITDA growth in 2026 - 3 rig / 2 completion program = high single digit Adj. EBITDA growth in 2027 Just-in-time Capital Investment Philosophy - 2026 capital program focused on dry gas expansion and optionality - >10% growth in Adjusted Free Cash Flow after Dividends in 2026 and 2027 Maintain Strong Balance Sheet - Leverage expected to be in the low 3-times range in 2026 - Acquisition fully financed with senior note issuance and Utica Divestiture
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Antero Midstream (NYSE: AM) Fourth Quarter and Full Year Highlights 4 2025 Highlights +4% Increase In Adjusted EBITDA Year-over-year 4Q25 Highlights 2.7x Leverage Net Debt/Adjusted EBITDA $147 MM / $163 MM Debt Reduction / Shares Purchased +5% Increase In gathering and compression volumes year-over-year Note: Adjusted EBITDA, Adjusted Free Cash Flow after dividends, ROIC and Leverage are Non-GAAP metrics – please see appendix. 20% ROIC Return on Invested Capital +30% Increase In Adjusted Free Cash Flow After Dividends
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Antero Midstream (NYSE: AM) 2026 Capital Budget 5 Antero Midstream Asset Map AM Acquired Dry Gas Assets Local Market $190 $179 $220 $0 $50 $100 $150 $200 $250 2025A 2026G Capital Expenditures ($MM) Gathering and Compression ~70% Water Handling ~30% Counties with AR Activity Counties with Acquired HG acreage AM Infrastructure Sherwood / Smithburg Processing Water Recycling / Blending Facility Patriot Blending Facility (Recently Commissioned)
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Antero Midstream (NYSE: AM) 2026 Guidance and Outlook 6 Adjusted Free Cash Flow After Dividends ($MM) ($1) $155 $250 $324 $360 ($50) $0 $50 $100 $150 $200 $250 $300 $350 $400 2022 2023 2024 2025 2026G Note: Adjusted EBITDA and Adjusted Free Cash Flow after dividends are Non-GAAP metrics – please see appendix. 2026G reflects midpoint of guidance. 2026 Guidance Sources and Uses ($MM at Midpoint of Guidance) $1,210 $425 $205 $220 $0 $200 $400 $600 $800 $1,000 $1,200 Sources Uses Interest Expense Capital Budget Dividends Debt Reduction & Share Repurchases $360 Adjusted EBITDA
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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 EBIT DA 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 Adjusted Free Cash Flow before dividends as Adjusted EBITDA less net interest expense, accrual -based capital expenditures, and current income tax expense. Capital expenditures include additions to gathering systems and facilities, additions to water handling systems, and investments in unconsolidated affiliates. Capital expenditures exclude acquisitions and Adjusted Free Cash Flow excludes transaction expense related to acquisitions. Adjusted Free Cash Flow after dividends is defined as Adjusted Free Cash Flow before dividends less accrual-based dividends declared for the quarter. Antero Midstream uses Adjusted Free Cash Flow before and after dividends as a performance metric to compare the cash generating performance of Antero Midstream from period to period. Antero Midstream defines Return on Invested Capital ("ROIC") as earnings before interest and income taxes excluding amortizat ion of customer relationships, impairment expense, loss on long-lived assets, loss on early extinguishment of debt, transaction expense, other expenses and the tax-effects of such amounts, divided by average total liabilities and stockholders' equity, excluding current liabilities, intangible assets and impairment of property and equipment in order to derive an operating asset driven Return on Invested Capital calculation. Adjusted EBITDA, Adjusted Net Income, ROIC and Adjusted 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. We have not included a reconciliation of Adjusted EBITDA or Adjusted Free Cash Flow after Dividends for 2026 because we canno t do so without unreasonable effort and any attempt to do so would be inherently imprecise. 8
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Antero Midstream (NYSE: AM) Antero Midstream Non-GAAP Financial Measures 9 The following table reconciles Net Income to Adjusted EBITDA and Adjusted Free Cash Flow before and after dividends (in thousands): Three Months Ended Year Ended December 31, December 31, 2024 2025 2024 2025 Net Income $ 111,189 51,929 400,892 413,163 Interest expense, net 49,721 46,836 207,027 190,404 Income tax expense 44,603 25,264 147,729 151,033 Depreciation expense 32,795 33,733 140,000 134,310 Impairment of property and equipment — — 332 984 Loss on long-lived assets(1) — 86,626 — 86,626 Equity-based compensation 11,461 11,123 44,332 45,958 Amortization of customer relationships 17,668 17,668 70,672 70,672 Equity in earnings of unconsolidated affiliates (27,778) (28,715) (110,573) (116,439) Distributions from unconsolidated affiliates 34,749 35,175 135,660 141,270 Loss on early extinguishment of debt — — 14,091 1,313 Transaction expense — 5,195 — 5,195 Other operating expense (income), net (2) (134) 49 912 192 Adjusted EBITDA 274,274 284,883 1,051,074 1,124,681 Interest expense, net (49,721) (46,836) (207,027) (190,404) Current income tax expense — (348) — (1,646) Capital expenditures (accrual-based) (24,011) (45,234) (161,324) (178,705) Adjusted Free Cash Flow before dividends 200,542 192,465 682,723 753,926 Dividends declared (accrual-based) (107,735) (106,485) (432,596) (429,186) Adjusted Free Cash Flow after dividends $ 92,807 85,980 250,127 324,740 (1) Related to non-cash write-down of Utica Shale net assets held for sale relative to cash consideration expected to be received. (2) Other operating expense represents accretion of asset retirement obligations and loss on asset sale.
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Antero Midstream (NYSE: AM) Antero Midstream Non-GAAP Financial Measures 10 December 31, 2024 2025 Bank credit facility $ 484,300 — 5.75% senior notes due 2027 650,000 — 5.75% senior notes due 2028 650,000 650,000 5.375% senior notes due 2029 750,000 750,000 6.625% senior notes due 2032 600,000 600,000 5.75% senior notes due 2033 — 650,000 5.75% senior notes due 2034 — 600,000 Consolidated total debt 3,134,300 3,250,000 Less: Cash, cash equivalents and restricted cash — (262,935) Consolidated net debt $ 3,134,300 2,987,065 The following table reconciles consolidated total debt to Net Debt (in thousands): Year Ended December 31, 2025 Net Income $ 413,163 Amortization of customer relationships 70,672 Impairment of property and equipment 984 Loss on long-lived assets 86,626 Loss on early extinguishment of debt 1,313 Transaction expense 5,195 Other (1) (5) Tax-effect of reconciling items (2) (42,646) Adjusted Net Income 535,302 Interest expense, net 190,404 Income tax expense 151,033 Tax-effect of reconciling items (2) 42,646 Adjusted EBIT $ 919,385 Average invested capital $ 4,546,208 Return on Invested Capital 20 % (1) Other represents gain on asset sale. (2) The statutory tax rate for the three months ended December31, 2025 was approximately 26%. The following table reconciles Net Income to Return on Invested Capital (in thousands):