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Antero Midstream Corp — AM+2Q26+Earnings+Call+Presentation vF 07.30.2026 (company IR deck)
Antero Midstream Corp (AM) · 9 slides · Filed Oct 28, 2026
Every slide of this earnings presentation, with the text as published. Open the original deck ↗ · All AM deck slides
Slide 1 — Second Quarter 2026
Second Quarter 2026 Earnings Presentation JULY 30, 2026
Slide 2 — Legal Disclaimer
Legal Disclaimer Antero Midstream Corporation (NYSE: AM) 2 Forward - Loking Statements : This presentation includes "forward - loking statements . Ћ Such forward - loking statements are subject to a number of risks and uncertainties, many of which are not under ~ЍŜ control . Al statements, except for statements of historical fact, made in this presentation regarding activities, events or developments AM expects, believes or anticipates wil or may ocur in the future, such as statements regarding our strategy, future operations, financial position, estimated revenues and loses, our ability to integrate acquired asets and achieve the intended operational, financial and strategic benefits from any such transactions, projected costs, prospects, plans and objectives of management, Antero •½ŜĺŪئ½ŜЍ expected production and development plan, natural gas, NGLs and oil prices, ~ЍŜ ability to realize the anticipated benefits of its investments in unconsolidated afiliates, ~ЍŜ ability to execute its share repurchase and dividend program, ~ЍŜ ability to execute its busines strategy, impacts of geopolitical events, including the conflicts in Ukraine, Venezuela, and in the Midle East, and world health events, information regarding long - term financial and operating outloks for AM and Antero Resources, information regarding Antero •½ŜĺŪئ½ŜЍ expected future growth and its ability to met its driling and development plan and the participation level of Antero •½ŜĺŪئ½ŜЍ driling partner, the impact on demand for ~ЍŜ 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 - loking statements within the meaning of Section 27 A of the Securities Act of 193 and Section 21 E of the Securities Exchange Act of 1934 . These forward - loking statements are based on ıÎIJÎČ½ı½IJťЍŜ curent beliefs, based on curently available information, as to the outcome and timing of future events . Al forward - loking statements speak only as of the date of this presentation . Although AM believes that the plans, intentions and expectations reflected in or sugested by the forward - loking statements are reasonable, there is no asurance that these plans, intentions or expectations wil be achieved . Therefore, actual outcomes and results could materialy difer from what is expresed, implied or forecast in such statements . Except as required by law, AM expresly disclaims any obligation to and does not intend to publicly update or revise any forward - loking statements . AM cautions you that these forward - loking statements are subject to al of the risks and uncertainties incidental to our busines, most of which are dificult to predict and many of which are beyond ~ЍŜ control . These risks include, but are not limited to, risks asociated with the sucesful integration and future performance of acquired asets and operations, comodity price volatility, inflation, suply chain or other disruptions, environmental risks, Antero •½ŜĺŪئ½ŜЍ driling and completion and other operating risks, regulatory changes or changes in law, the uncertainty inherent in projecting Antero •½ŜĺŪئ½ŜЍ future rates of production, cash flows and aces to capital, the timing of development expenditures, impacts of geopolitical events, including the conflicts in Ukraine, Venezuela and the Midle East, and world health events, cybersecurity risks, the state of markets for and availability of verified quality carbon ofsets and the other risks described under the heading "Risk Factors" in AM's Anual Report on Form 10 - K for the year ended December 31 , 2025 . Any forward - loking statement speaks only as of the date on which such statement is made, and AM does not undertake any obligation to corect or update any forward - loking statement, whether as a result of new information, future events or otherwise, except as required by aplicable law . Antero ~ĖþŜťŘ½ÎıЍŜ ability to make future dividends is substantialy dependent upon the development and driling plan of Antero Resources, which itself is substantialy dependent upon the review and aproval by the Board of Directors of Antero Resources of its capital budget on an anual basis . The Board of Directors of Antero Midstream wil 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 aproving future dividends . This presentation may include certain financial measures that are not calculated in acordance with U . S . generaly acepted acounting principles ϼЊ]¢ЋϽ . These measures for AM include ( i ) Adjusted EBITDA ϼЊE7f±?ЋϽϠ (i) Adjusted Fre Cash Flow before and after dividends, (i) Return on Invested Capital ϼЊ•áf9ЋϽϠ (iv) Leverage, (v) Net Debt, and (vi) Capital Expenditure to Adjusted EBITDA Ratio (or Capital Eficiency) . Please se the apendix for the definition of each of these AR and AM measures as wel as certain aditional information regarding these measures, including where available, the most comparable financial measures calculated in acordance with GAP .
Slide 3 — CEO Comentary and Outlok
Early Dry Gas Results Validate Upside >60 % increase in early production results vs. prior visit in 2012 Appalachia Demand Materializing Balance shet positioned to capitalize on future oportunities including Dodridge County, WV Combined Cycle Power Plant 3 Comenced Construction on First Intrastate Regional Pipeline ЊEÎŜťϙ©Ėþ½ϙEƄŕŘ½ŜŜЋ CEO Comentary and Outlok Antero Midstream Corporation (NYSE: AM) Company Record Gathering Volumes 4.1 Bcf/d and 19% increase year - over - year First Regional Pipeline Buildout
Slide 4 — Return to Dry Gas Suports Intrastate Pipeline Buildout
Return to Dry Gas Suports Intrastate Pipeline Buildout 90 - Day Cumulative Production (Mcf per wel) Antero Midstream Corporation (NYSE: AM) 4 > 60% Increase EUR vs. legacy ofset wels ~70 Future Dry Gas Locations Dedicated to AM and serviced by East Side Expres 0 50 1,0 1,50 2,0 0 30 60 90 (i) 2012 Pad (4 Wels) (i) 2012 Pad (4 Wels) 2026 Pad (5 Wels) Days Online +67% 2026 Dry Gas Pad
Slide 5 — Operating & Financial Highlights
Operating & Financial Highlights Financial Achievements Note: Adjusted EBITDA is a non - GAP metric. Se apendix for aditional disclosures. Record EBITDA +2% Y ear - over - year Strategic Investment ЊEÎŜťϙ©Ėþ½ϙEƄŕŘ½ŜŜЋϙ ϳ First Dry Gas Regional Conectivity Expansion Project Received $371 M Of D amages and Interest From Veolia 10% Utilization rate on procesing and fractionation capacity +19% Increase In gathering volumes year - over - year Antero Midstream Corporation (NYSE: AM) Caled $650 M Of Senior Notes due 2028 at Par Operational Achievements 5
Slide 6 — Strong Balance Shet and No
Strong Balance Shet and No Near - Term Maturities Antero Midstream Corporation (NYSE: AM) 6 $0 $20 $40 $60 $80 $1,0 $1,20 $1,40 $1,60 2026 2027 2028 2029 2030 2031 2032 203 2034 Credit Facility Borowings Senior Notes Note: Represents debt maturity schedule at 06/30/2026 pro forma for receipt of Veolia proceds and redemption of al $650M senior notes due 2028 . Debt Maturity Profile ($M Pro Forma 06/30/2026) 5.375% 6.625% 5.750% 5.750% $750 $60 $650 $60 $62 $1,372 2.8x Pro Forma Leverage 2029 Nearest maturity $650
Slide 7 — APENDIX
APENDIX