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Third Quarter 2026 Earnings Presentation O C TO B E R 2 9 , 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, AM's ability to complete the construction of or purchase new gathering and compression, processing, water handling or other assets on schedule, at the budgeted cost or at all, and the ability of such assets to operate as designed or at expected levels, 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, 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) Leverage and (iv) 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.
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3 CEO Commentary and Outlook Antero Midstream Corporation (NYSE: AM) Water System Integration on Schedule AR Completing DUC Growth Pads in 4Q26 East Side Express Construction Continues Growing AM Infrastructure Opportunities Supports balanced 3 rig / 2 completion crew development plan High single digit EBITDA growth in 4Q26 and double digit EBITDA growth in 2027 Demand pull interest validates regional pipeline business unit strategy AM well positioned with scale, balance sheet, and expertise Note: Adjusted EBITDA is a non-GAAP metric. See appendix for additional disclosures.
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Operating & Financial Highlights – 3Q26 Financial Achievements Note: Adjusted EBITDA and Leverage are non-GAAP metrics. See appendix for additional disclosures. $291MM Adjusted EBITDA +3% year-over-year >$400MM Debt reduction quarter over quarter 100% Utilization rate on processing and fractionation capacity +19% Increase In gathering volumes year-over-year Antero Midstream Corporation (NYSE: AM) 2.8x Leverage Below 3.0x target and approximately flat year-over-year Operational Achievements 4 100% Uptime on legacy and HG water systems
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Positioned to Capture Growth Opportunities Antero Midstream Corporation (NYSE: AM) 5 Leverage (Net Debt / LTM Adjusted EBITDA) 3.8x 3.3x 3.0x 2.7x 2.8x 0.0x 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x 3.5x 4.0x YE 2022 YE 2023 YE 2024 YE 2025 9/30/2026 Leverage below 3.0x target after >$2.3 Bn of combined organic growth capital and acquisitions since 2022 BBB- / BB+ / Ba1 (Fitch / S&P /Moody’s) Note: Leverage is a non-GAAP metric. See appendix for additional disclosures.
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APPENDIX
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Non-GAAP Reconciliation Antero Midstream Corporation (NYSE: AM) 7(1) Other operating expense, net represents accretion of asset retirement obligations and loss on settlement of asset retirement obligations. 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, current income tax expense, and gain on litigation. Capital expenditures include additions to gathering systems and facilities, additions to water handling systems, and investme nts 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 def ined 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 t o 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 f lows 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, b ut 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 resul ts 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) 8 The following table reconciles Net Income to Adjusted EBITDA and Adjusted Free Cash Flow before and after dividends (in thousands): (1) Other operating expense, net represents accretion of asset retirement obligations and loss on settlement of asset retirement obligations. Three Months Ended September 30, 2025 2026 Net Income $ 115,984 392,657 Interest expense, net 47,196 50,746 Income tax expense 45,688 140,125 Depreciation expense 34,465 37,963 Amortization of customer relationships 17,668 22,874 Equity-based compensation 11,026 10,960 Equity in earnings of unconsolidated affiliates (29,688) (27,950) Distributions from unconsolidated affiliates 37,365 34,655 Impairment of property and equipment 167 2,921 Loss on early extinguishment of debt 1,313 1,613 Loss on long-lived assets — 1,158 Gain on litigation — (376,963) Transaction expense — 37 Other operating expense, net(1) 49 45 Adjusted EBITDA $ 281,233 290,841 Interest expense, net (47,196) (50,746) Capital expenditures (accrual-based) (51,336) (50,790) Current income tax expense 2,290 — (11,250) 376,963Gain on litigation Adjusted Free Cash Flow before dividends $ 184,991 555,018 Dividends declared (accrual-based) (107,187) (106,278) Adjusted Free Cash Flow after dividends $ 77,804 448,740
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Non-GAAP Reconciliation Antero Midstream Corporation (NYSE: AM) 9(1) Other operating expense, net represents accretion of asset retirement obligations and loss on settlement of asset retirement obligations. September 30, 2025 2026 Bank credit facility $ 379,600 576,800 5.75% senior notes due 2028 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 650,000 650,000 5.75% senior notes due 2034 — 600,000 Consolidated total debt 3,029,600 3,176,800 Less: Cash and cash equivalents — — Consolidated net debt $ 3,029,600 3,176,800 The following table reconciles consolidated total debt to Net Debt as used in this release (in thousands): The following table reconciles Net Income to Adjusted EBITDA for the last twelve months ended September 30, 2026 (in thousands): Twelve Months Ended September 30, 2026 Net Income $ 676,367 Interest expense, net 207,291 Income tax expense 243,994 Depreciation expense 143,709 Amortization of customer relationships 84,554 Impairment of property and equipment 3,054 Equity-based compensation 43,490 Equity in earnings of unconsolidated affiliates (115,202) Distributions from unconsolidated affiliates 140,830 Loss on early extinguishment of debt 1,613 Loss on long-lived assets 85,126 Gain on litigation (376,963) Transaction expense 14,194 Other operating income, net (1) 582 Adjusted EBITDA $ 1,152,639
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Antero Midstream Non-GAAP Financial Measures Antero Midstream Corporation (NYSE: AM) 10 Twelve Months Ended December 31, 2022 2023 2024 2025 Net income $ 326,242 371,786 400,892 413,163 Interest expense, net 189,948 217,245 207,027 190,404 Income tax expense 117,494 128,287 147,729 151,033 Depreciation expense 131,762 136,059 140,000 134,310 Amortization of customer relationships 70,672 70,672 70,672 70,672 Impairment expense 3,702 146 332 984 Accretion and change in fair value of contingent acquisition consideration — — — — Loss on early extinguishment of debt — — 14,091 1,313 Contract restructuring fees — — — — Equity-based compensation 19,654 31,606 44,332 45,958 Loss on long-lived assets — — — 86,626 Transaction Expenses — — — 5,195 Equity in earnings of unconsolidated affiliates (94,218) (105,456) (110,573) (116,439) Distributions from unconsolidated affiliates 120,460 131,835 135,660 141,270 Other operating expense (income), net (1,490) 7,012 912 192 Adjusted EBITDA 884,226 989,192 1,051,074 1,124,681 Interest Expense (189,948) (217,245) (207,027) (190,404) Capital Expenditures (accrual based) (264,920) (184,994) (161,324) (178,705) Current Income Tax Expense (1,646) Free Cash Flow Before Dividends 429,358 586,953 682,723 753,926 Dividends Declared (430,649) (431,727) (432,596) (429,700) Free Cash Flow After Dividends (1,291) 155,226 250,127 324,226 Consolidated total debt 3,382,000 3,230,100 3,134,300 3,250,000 Less: Cash, cash equivalents and restricted cash — (66) — (262,935) Consolidated net debt 3,382,000 3,230,034 3,134,300 2,987,065 The following table reconciles Net Income to Adjusted EBITDA, Adjusted Free Cash Flow before and after dividends and Net Debt (in thousands):