DT Midstream — Third Quarter 2026 Earnings Summary

Financial Performance:

• Reported net income for the quarter ended September 30, 2026, was $118 million ($1.16 per diluted share), compared to $112 million ($1.09 per diluted share) in the prior quarter.
• Operating Earnings for the quarter were $118 million ($1.16 per diluted share).
• Adjusted EBITDA for the quarter was $301 million, down from $305 million in the second quarter of 2026.
• Year-to-date net income (nine months ended September 30, 2026) was $360 million, up from $330 million in the same period of 2025.
• Year-to-date Adjusted EBITDA was $914 million, up from $845 million in the first nine months of 2025.
• Distributable Cash Flow for the quarter was $270 million, compared to $174 million in the prior quarter and $669 million for the nine months ended September 30, 2025.
• Consolidated interest expense was $40 million for the quarter and $122 million year-to-date.
• Consolidated income tax expense was $41 million for the quarter and $130 million year-to-date.
• Consolidated depreciation and amortization was $71 million for the quarter and $208 million year-to-date.

Guidance and Future Outlook:

• Raised full-year 2026 Adjusted EBITDA guidance to a range of $1,185 million to $1,225 million.
• Management stated that year-to-date results are ahead of plan.
• The company has $2.4 billion of organic growth projects currently committed.
• The press release notes the provision of 2027 Adjusted EBITDA guidance, though specific figures are not included in the text.

Business Segments and Product Lines:

• Pipeline Segment: Reported Adjusted EBITDA of $202 million for the quarter (up from $200 million in Q2 2026) and $616 million year-to-date (up from $586 million in the prior year period).
• Gathering Segment: Reported Adjusted EBITDA of $99 million for the quarter (down from $105 million in Q2 2026) and $298 million year-to-date (up from $259 million in the prior year period).
• New Projects: Reached final investment decision on the MIST Southbound Phase 1 expansion of Midwestern Gas Transmission, adding approximately 300 MMcf/d of capacity (a 20% increase).
• New Projects: Approved a new pipeline lateral from Midwestern Gas Transmission to serve a utility-scale power plant in Indiana.
• New Projects: Approved the second phase of the Guardian Pipeline modernization program.

Market and Competitive Landscape:

• The company operates natural gas interstate and intrastate pipelines, storage, and gathering systems across the Southern, Northeastern, and Midwestern United States and Canada.
• Services include natural gas transportation, storage, and gathering for utilities, power plants, marketers, large industrial customers, and energy producers.

Risks and Challenges:

• Forward-looking statements are subject to risks including changes in general economic conditions, interest rates, inflation, and potential economic recession.
• Industry-specific risks include consolidation, alternative energy sources, technological advances, infrastructure constraints, and changes in competition.
• Operational risks include equipment interruption, natural disasters, cyber attacks, and environmental or regulatory changes (including climate change and pipeline safety laws).
• Risks related to customer defaults, changes in commodity prices, and the ability to complete projects on time and on budget.
• Risks associated with acquisitions, including integration and financing.

Management Commentary and Tone:

• David Slater, Chairman and CEO, stated, "We continue to deliver strong performance in 2026," and highlighted the advancement of the organic growth backlog.
• Jeff Jewell, Executive Vice President and CFO, noted, "Our year-to-date results are ahead of plan," citing strong performance and outlook as the basis for the raised guidance.

Other Key Points:

• The Board of Directors declared a quarterly dividend of $0.88 per share on common stock.
• The dividend is payable January 15, 2027, to stockholders of record at the close of business on December 15, 2026.
• A conference call to discuss results was scheduled for 9:00 a.m. ET on the release date.
• The company does not forecast net income due to the inability to predict components such as impairments, divestiture costs, or changes in accounting principles without unreasonable effort.