DTM · DT Midstream, Inc.

DT Midstream delivered strong Q1 2026 results with net income and Operating Earnings both at $130 million ($1.27 per diluted share), matching exactly with no adjustments needed, and Adjusted EBITDA rising to $308 million from $293 million in Q4 2025, driven by seasonal strength in joint venture and interstate pipelines plus higher revenue from Stonewall and LEAP projects. The Gathering segment contributed $94 million, up slightly from $93 million prior quarter, supported by higher volumes in Blue Union and Appalachia. Pipeline segment Adjusted EBITDA was $214 million. CEO David Slater highlighted advancement of interstate pipeline growth, including approved investments in Vector 2028 expansion (~400 MMcf/d westbound into Chicago, anchored by 20-year utility contracts, $80-100 million capex at 6-7x multiple, Q4 2028 in-service) and Millennium R2R (70 MMcf/d, Q1 2027 in-service). Non-binding open seasons for Midwestern and Vector expansions exceeded capacity offered, with binding seasons advancing toward FID. A new Midwestern power plant lateral was placed in-service on-time and under budget. CFO Jeff Jewell affirmed full-year 2026 Adjusted EBITDA guidance of $1,155-1,225 million and initial 2027 outlook of $1,225-1,295 million, positioning for financial goals. The $0.88/share dividend reflects sustained capital return amid a $3.4 billion project backlog (~75% pipeline), ~95% demand-based contracts, and leverage of 2.9x on-balance sheet. Q1 growth capex was $72 million, with ~$840 million committed over 2026-2027 from a $1.7 billion FID backlog through 2030.