DT Midstream, Inc. Q1 FY2026 earnings call

DT Midstream started 2026 strongly fueled by strong demand and cold winter. Approved two new projects: Vector pipeline mainline expansion and Millennium R2R project. Entered agreement to build pipeline lateral for new utility scale power development. Recontracted ~30% of Midwestern Pipeline's capacity. Commercialized new interconnect on Nexus. Midwestern Pipeline and Vector Pipeline non-binding open seasons were oversubscribed. Midwestern gas transmission power plant lateral project was placed in service on time and under budget. Focused on market volatility and geopolitical impacts on energy market. LEAP pipeline running full at design capacity with expansion ability. Strengthening power demand fundamentals in Midwest and Northeast

In the first quarter, adjusted EBITDA was $308 million, a $15 million increase from the prior quarter. Pipeline segment results were $14 million higher than the prior quarter, driven by seasonally higher EBITDA from joint ventures and interstate pipelines, and higher revenue on Stonewall and Leap. Gathering segment results were $1 million greater than the prior quarter, reflecting higher volumes on Blue Union and Appalachia Gathering

Expect second quarter to be in line with full year guidance but lower than strong first quarter due to seasonality. Increased committed capital in 2026 and 2027 to ~$400 million and ~$440 million respectively. Announced first quarter dividend of $0.88 per share, unchanged from prior quarter, and committed to growing dividend in line with adjusted EBITDA

Market volatility, geopolitical developments causing energy market instability, regions unable to access low-cost domestic natural gas due to full pipeline infrastructure, potential local community pushback on data center development

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