DT Midstream (DTM) Company presentation summary

Investment highlights

• $3.4 billion project backlog with 75% pipeline focus and 70% of 2025 EBITDA from pipeline segment.

• Durable contract portfolio with ~95% demand-based contracts and ~8-year average tenor.

• Peer-leading dividend and Adjusted EBITDA growth, with 12% Adjusted EBITDA CAGR from 2021-2025.

• Investment grade leverage metrics: 2.9x on-balance sheet, 3.5x proportional 2026E YE leverage.

• Strong 2025 dividend coverage ratio of ~2.6x, with plans to grow dividend in line with Adjusted EBITDA.

Asset base and network

• Over 2,200 miles of FERC-regulated interstate pipelines and 94 Bcf of gas storage capacity.

• Diversified asset base anchored by regulated pipelines, with 70% of 2025 Adjusted EBITDA from pipeline segment.

• Highly contracted assets with long-term take-or-pay and minimum volume commitments.

• Integrated network connects major basins to high-quality markets, supporting reliability and growth.

Growth and capital projects

• Historical Adjusted EBITDA grew from $730M to $1,138M (12% CAGR) from 2021-2025.

• Organic project backlog expanded by 50% to $3.4B, with 75% pipeline and 20% gathering projects.

• $1.6B of projects have reached FID through 2030; $820M committed investments for 2026-2027.

• Major projects include Guardian Pipeline "G3" expansion, Vector Pipeline expansion, and Haynesville LEAP expansions.

• Modernization projects underway to enhance efficiency and reliability, with capital recovery in future rate cases.