Antero Midstream (AM) investor relations material

Executive summary

• Achieved 5% year-over-year growth in Adjusted EBITDA to $288 million for Q1 2026, with free cash flow after dividends up 8% to $85 million, supported by operational resilience and strategic execution.

• Gathering volumes rose 14% year-over-year, and all processing and fractionation capacity was fully utilized.

• Net income was $118 million ($0.25 per diluted share), essentially flat compared to Q1 2025.

• Closed the $1.1 billion HG (HG Energy/Midstream) Acquisition, the largest in company history, and divested Ohio Utica Shale assets.

• Repurchased 1.0 million shares for $18 million in Q1 2026, with $318 million remaining under the program.

Financial highlights

• Revenue increased 8% year-over-year to $314 million, driven by higher gathering and processing volumes from the HG Acquisition and CPI-based fee adjustments.

• Adjusted EBITDA was $288 million, up from $274.3 million in Q1 2025.

• Net cash from operating activities was $239 million, up from $199 million in Q1 2025.

• Interest expense rose 12% to $54 million due to new debt issuances for the HG Acquisition.

• Free cash flow before dividends was $192 million.

Outlook and guidance

• Management expects continued high single-digit EBITDA growth, driven by organic strategy and the HG Acquisition.

• 2026 capital budget set at $190–$220 million, supporting capital programs and integration of acquired assets.

• Pipeline construction to connect water systems is underway, supporting future volume growth into 2027 and beyond.

• On track to achieve unchanged 2026 guidance and targeting leverage of 3.0 times by year-end.