Antero Midstream (AM) Investor presentation summary

Business overview and strategy

• Operates as a pure-play, integrated Marcellus midstream company with a $14 billion enterprise value and 100% fixed fee revenues as of March 2026.

• Core operations include gathering, compression, natural gas processing, NGL fractionation, and water handling in West Virginia.

• Positioned to benefit from rising natural gas demand, including LNG exports and data center-driven power growth, with 30% expected demand growth through 2030.

• Recent infrastructure buildouts and partnerships with major tech companies support growth in Appalachia's power generation and data center projects.

Financial performance and guidance

• Achieved a 14% CAGR in adjusted EBITDA from 2015 to 2026E, with 2026 guidance for $1,185–$1,235 million in adjusted EBITDA and $755–$815 million in adjusted free cash flow before dividends.

• Maintains peer-leading capital efficiency, with a 3-year capital expenditure to EBITDA ratio of $0.16–$0.17, outperforming industry averages.

• Delivers best-in-class return on invested capital, reaching 20% ROIC in 2025, well above the peer average of 13%.

• Focuses cash on investor returns, allocating significant free cash flow to dividends, share repurchases, and debt reduction.

Asset base and growth drivers

• Holds over 20 years of dedicated drilling inventory, extended by more than five years through the HG Energy acquisition.

• Operates under long-term acreage dedications and volume commitments, with 20-year agreements ensuring stable throughput.

• Generates consistent free cash flow growth, with $3.4 billion in adjusted free cash flow from 2020–2025 and $800 million expected in 2026E.