Antero Midstream — Third Quarter 2026 Earnings Summary

Financial Performance:

• Net Income was $393 million ($0.82 per diluted share), a 242% increase compared to the prior year quarter.
• Adjusted Net Income was $134 million ($0.28 per diluted share), a 4% increase compared to the prior year quarter.
• Adjusted EBITDA was $291 million, a 3% increase compared to the prior year quarter.
• Revenues were $327 million, comprised of $257 million from Gathering and Processing and $70 million from Water Handling.
• Adjusted Free Cash Flow before dividends was $555 million; Adjusted Free Cash Flow after dividends was $449 million.
• Capital expenditures were $51 million, in line with the prior year quarter.
• Leverage declined to 2.8x as of September 30, 2026.
• Interest expense was $51 million, an 8% increase compared to the prior year quarter.
• Current income tax expense was $11 million, driven by a $377 million gain on litigation.
• Consolidated total debt was $3,176.8 million as of September 30, 2026, down from $3,029.6 million in September 2025 (excluding cash).

Guidance and Future Outlook:

• Updated 2026 Adjusted Free Cash Flow before dividends guidance to a range of $1,125 million to $1,185 million, an increase of $370 million from prior guidance.
• Updated 2026 Adjusted Free Cash Flow after dividends guidance to a range of $700 million to $760 million, an increase of $370 million from prior guidance.
• Updated 2026 Net Income guidance to a range of $765 million to $815 million, an increase of $280 million from prior guidance.
• Updated 2026 Interest Expense guidance to a range of $200 million to $220 million, a decrease of $10 million from prior guidance.
• Updated 2026 Current Income Tax Expense guidance to a range of $10 million to $20 million, an increase of $15 million from prior guidance.
• The guidance updates reflect the receipt of $377 million in litigation proceeds, net of interest and tax impacts.
• Management expects visible EBITDA growth in the fourth quarter of 2026 and 2027 driven by growth pads and water system integration.

Business Segments and Product Lines:

• Gathering volumes increased 19% year-over-year to 374,207 MMcf; compression volumes increased 17% to 367,246 MMcf.
• Fresh water delivery volumes averaged 89 MBbl/d, a 3% decrease compared to the prior year quarter.
• Processing volumes from the joint venture averaged 1.6 Bcf/d; fractionation volumes averaged 40 MBbl/d.
• Processing and fractionation capacity were 100% utilized during the quarter.
• Antero Midstream commenced water operations for two drilled but uncompleted growth pads in the fourth quarter of 2026.
• The company expects to complete water system integration efforts by year-end to service Antero Resources' entire footprint.
• Antero Midstream expects to place 80 MMcf/d of additional compression capacity in the liquids-rich corridor in service in the fourth quarter of 2026.
• Construction continued on East Side Express, the company's first regional connectivity expansion project.
• The company connected 22 wells to its gathering system and serviced 22 wells with its fresh water delivery system during the quarter.
• Approximately 10 Bcf of throughput was reduced due to curtailments in the third quarter; approximately 15 to 20 Bcf of curtailments are expected in the fourth quarter.

Market and Competitive Landscape:

• The company operates midstream gathering, compression, processing, and fractionation assets in the Appalachian Basin.
• Assets primarily service Antero Resources Corporation properties.
• Average realized fees for gathering increased 3% to $0.37/Mcf; fresh water delivery fees increased 1% to $4.43/Bbl.

Risks and Challenges:

• Approximately 10 Bcf of throughput was curtailed in the third quarter, with 15 to 20 Bcf expected in the fourth quarter.
• Forward-looking statements are subject to risks including commodity price volatility, inflation, supply chain disruptions, environmental risks, regulatory changes, and geopolitical events.
• Risks include Antero Resources' ability to meet its drilling and development plan and the participation level of its drilling partner.
• The company faces risks related to the timing of development expenditures, access to capital, and the ability to integrate acquired assets.

Management Commentary and Tone:

• CEO Michael Kennedy stated the company delivered another quarter of year-over-year throughput and earnings growth with flat capital investments.
• CFO Justin Agnew noted the company continues to increase assets while maintaining a strong balance sheet and returning capital to shareholders.
• Management highlighted reducing absolute debt by over $400 million during the quarter and calling nearest maturity senior notes.
• Share repurchases were accelerated once the leverage target was achieved, resulting in a 4 million share decline compared to the prior year.

Other Key Points:

• The company recorded a $377 million gain on litigation during the quarter.
• Antero Midstream repurchased 1.3 million shares for approximately $27 million during the third quarter of 2026.
• Approximately $283 million of remaining capacity remained under the share repurchase program as of September 30, 2026.
• The company called its nearest maturity senior notes and reduced absolute debt by over $400 million during the quarter.
• The company acquired HG Midstream earlier in the year, which was internally financed.
• The 5.75% senior notes due 2028 were retired (balance of $0 as of September 30, 2026, compared to $650 million in September 2025).
• A new 5.75% senior note due 2034 was issued with a balance of $600 million as of September 30, 2026.
• A conference call is scheduled for October 29, 2026, at 10:00 am MT.