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Second Quarter 2026 Earnings Presentation J U LY 3 0 , 2 0 2 6
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Legal Disclaimer Antero Midstream Corporation (NYSE: AM) 2 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, 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 and dividend program, AM’s ability to execute its business strategy, impacts of geopolitical events, including the conflicts in Ukraine, Venezuela, and in the Middle East, and world health events, 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 successful integration and future performance of 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 geopolitical events, including the conflicts in Ukraine, Venezuela and the Middle East, and 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, (v) Net Debt, and (vi) Capital Expenditure to Adjusted EBITDA Ratio (or Capital Efficiency). 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.
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E a r l y D r y G a s R e s u l t s Va l i d a t e U p s i d e >60% increase in early production results vs. prior visit in 2012 A p p a l a c h i a D e m a n d M a t e r i a l i z i n g Balance sheet positioned to capitalize on future opportunities including Doddridge County, WV Combined Cycle Power Plant 3 Commenced Construction on First Intrastate Regional Pipeline “East Side Express” CEO Commentary and Outlook Antero Midstream Corporation (NYSE: AM) C o m p a n y R e c o r d G a t h e r i n g Vo l u m e s 4.1 Bcf/d and 19% increase year-over-year F i r s t R e g i o n a l P i p e l i n e B u i l d o u t
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Return to Dry Gas Supports Intrastate Pipeline Buildout 90-Day Cumulative Production (MMcf per well) Antero Midstream Corporation (NYSE: AM) 4 > 60% Increase EUR vs. legacy offset wells ~700 Future Dry Gas Locations Dedicated to AM and serviced by East Side Express 0 500 1,000 1,500 2,000 0 30 60 90 (i) 2012 Pad (4 Wells) (ii) 2012 Pad (4 Wells) 2026 Pad (5 Wells) Days Online +67% 2026 Dry Gas Pad
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Operating & Financial Highlights Financial Achievements Note: Adjusted EBITDA is a non-GAAP metric. See appendix for additional disclosures. Record EBITDA +2% Year-over-year Strategic Investment “East Side Express” – First Dry Gas Regional Connectivity Expansion Project Received $371 MM Of Damages and Interest From Veolia 100% Utilization rate on processing and fractionation capacity +19% Increase In gathering volumes year-over-year Antero Midstream Corporation (NYSE: AM) Called $650 MM Of Senior Notes due 2028 at Par Operational Achievements 5
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Strong Balance Sheet and No Near-Term Maturities Antero Midstream Corporation (NYSE: AM) 6 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 2026 2027 2028 2029 2030 2031 2032 2033 2034 Credit Facility BorrowingsSenior Notes Note: Represents debt maturity schedule at 06/30/2026 pro forma for receipt of Veolia proceeds and redemption of all $650MM senior notes due 2028. Debt Maturity Profile ($MM Pro Forma 06/30/2026) 5.375% 6.625% 5.750% 5.750% $750 $600 $650 $600 $622 $1,3722.8x Pro Forma Leverage 2029 Nearest maturity $650
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APPENDIX
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Antero Midstream Non-GAAP Financial Measures Antero Midstream Corporation (NYSE: AM) 8 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 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. Adjusted EBITDA, Adjusted Net Income, 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.
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Non-GAAP Reconciliation Antero Midstream Corporation (NYSE: AM) 9 The following table reconciles Net Income to Adjusted EBITDA and Adjusted Free Cash Flow before and after dividends (in thousands): Three Months Ended June 30, 2025 2026 Net Income $ 124,513 113,515 Interest expense, net 47,962 55,680 Income tax expense 43,985 40,966 Depreciation expense 33,364 37,378 Amortization of customer relationships 17,668 22,802 Equity-based compensation 11,407 10,828 Equity in earnings of unconsolidated affiliates (30,016) (28,525) Distributions from unconsolidated affiliates 35,355 35,280 Impairment of property and equipment — 133 Transaction expense — 273 Other operating expense, net(1) 50 454 Adjusted EBITDA $ 284,288 288,784 Interest expense, net (47,962) (55,680) Capital expenditures (accrual-based) (44,847) (46,678) Current income tax expense (1,908) — Adjusted Free Cash Flow before dividends $ 189,571 186,426 Dividends declared (accrual-based) (107,678) (106,801) Adjusted Free Cash Flow after dividends $ 81,893 79,625 (1) Other operating expense, net represents accretion of asset retirement obligations and loss on settlement of asset retirement obligations.