DT Midstream (NYSE: DTM) boosts dividend and projects EBITDA growth

Rhea-AI Filing Summary

DT Midstream reported record 2025 results and raised its dividend while expanding its growth backlog. Full-year 2025 net income reached $441 million, or $4.30 per diluted share, with Adjusted EBITDA of $1.138 billion, up 17% from 2024. Pipeline segment Adjusted EBITDA grew 27% to $786 million, while gathering Adjusted EBITDA was $352 million, up 1%. Distributable Cash Flow increased 14% to $831 million, supporting a strong dividend coverage ratio of about 2.6x.

The Board declared a quarterly cash dividend of $0.88 per share, payable April 15, 2026 to shareholders of record on March 16, 2026, reflecting double‑digit dividend growth. Management highlighted completion of key organic projects, integration of its Midwest pipelines, and an organic project backlog of about $3.4 billion, up roughly 50% and weighted toward pipeline investments.

For 2026, DT Midstream guided to Adjusted EBITDA of $1.155–$1.225 billion, Operating EPS of $4.42–$4.82, Distributable Cash Flow of $830–$890 million, and capital investment of $490–$570 million, with an early 2027 Adjusted EBITDA outlook of $1.225–$1.295 billion.

Positive

• Record 2025 profitability and strong growth: Full-year net income reached $441 million and Adjusted EBITDA rose 17% to $1.138 billion, with the pipeline segment up 27% to $786 million, indicating broad-based earnings momentum.
• Robust cash generation and dividend strength: 2025 Distributable Cash Flow increased to $831 million, supporting an estimated ~2.6x dividend coverage ratio and enabling a higher quarterly dividend of $0.88 per share.
• Visible multi-year growth pipeline: Management cites an expanded organic project backlog of about $3.4 billion, roughly a 50% increase, focused mainly on long-term contracted pipeline projects, alongside 2026 and early 2027 Adjusted EBITDA guidance above 2025 actuals.

Negative

• None.

Insights

Energy infrastructure analyst

Record 2025 earnings, higher dividend, and a larger project backlog point to sustained midstream growth.

DT Midstream delivered strong 2025 performance, with Adjusted EBITDA rising 17% to $1.138 billion and net income of $441 million. Growth was driven largely by the pipeline segment, where Adjusted EBITDA increased 27% to $786 million, reflecting contributions from the Midwest Pipeline Acquisition and LEAP and storage assets.

Cash generation was robust: Distributable Cash Flow climbed 14% to $831 million, yielding about 2.6x coverage of the common dividend. This underpins a quarterly dividend increase to $0.88 per share and supports management’s stated policy of growing the payout in line with Adjusted EBITDA while keeping coverage above a 2.0x floor.

Looking ahead, the company guides 2026 Adjusted EBITDA to $1.155–$1.225 billion and offers an early 2027 range of $1.225–$1.295 billion. A roughly $3.4 billion organic project backlog—about half already committed and heavily weighted to regulated pipeline projects—provides visible growth, though execution of multi‑year capital plans and regulatory approvals will remain key factors in how results track to these ranges.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 19, 2026

Commission File Number: 1-40392

DT Midstream, Inc.

Delaware		38-2663964
(State or other jurisdiction of incorporation or organization)		(I.R.S Employer Identification No.)

Registrant's address of principal executive offices: 500 Woodward Ave., Suite 2900, Detroit, Michigan 48226-1279

Registrant’s telephone number, including area code:  (313) 402-8532

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class		Trading Symbol(s)		Name of Exchange on which Registered
Common stock, par value $0.01		DTM		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 under the Securities Act (17 CFR 230.405) or Rule 12b-2 under Exchange Act (17 CFR 240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

DT Midstream, Inc. (“DT Midstream”) is furnishing the Securities and Exchange Commission with its earnings release issued February 19, 2026, announcing financial results for the year ended December 31, 2025. A copy of the earnings release, including supplemental financial information, is furnished as Exhibit 99.1 and incorporated by reference.

Item 7.01. Regulation FD Disclosure.

In DT Midstream’s earnings release issued on February 19, 2026, DT Midstream also announced that its Board of Directors has declared a quarterly cash dividend of $0.88 per share of common stock. The dividend is payable to DT Midstream’s stockholders of record as of March 16, 2026, and is expected to be paid on April 15, 2026.

DT Midstream is furnishing the SEC with its slide presentation issued February 19, 2026. A copy of the slide presentation is furnished as Exhibit 99.2 and incorporated herein by reference.

In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibits 99.1 and 99.2, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth in such a filing.

Item 9.01 Financial Statements and Exhibits.

Exhibit		Description
99.1		Earnings Release of DT Midstream dated February 19, 2026.
99.2		Slide Presentation of DT Midstream dated February 19, 2026.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

Forward-Looking Statements:

This Current Report on Form 8-K contains forward-looking statements that are subject to various assumptions, risks and uncertainties. It should be read in conjunction with the “Forward-Looking Statements” section in DT Midstream’s Form 10-K (which section is incorporated by reference herein), and in conjunction with other SEC reports filed by DT Midstream that discuss important factors that could cause DT Midstream’s actual results to differ materially. DT Midstream expressly disclaims any current intention to update any forward-looking statements contained in this report as a result of new information or future events or developments.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: February 19, 2026
	DT MIDSTREAM, INC.
	(Registrant)
	by
		/s/ Jeffrey Jewell
		Name:	Jeffrey Jewell
		Title:	Chief Financial Officer

Exhibit 99.1

NEWS RELEASE

DT Midstream Reports Record 2025 Results; Raises Dividend and Increases Project Backlog by 50%

• Full year 2025 Adjusted EBITDA of $1.138 billion, a 17% increase from 2024

• Increased dividend by 7%

• Announced final investment decision on two pipeline projects

DETROIT, Feb. 19, 2026 – DT Midstream, Inc. (NYSE: DTM) today announced fourth quarter 2025 reported net income of $111 million, or $1.08 per diluted share. For the fourth quarter of 2025, Operating Earnings were also $111 million, or $1.08 per diluted share. Adjusted EBITDA for the quarter was $293 million.

Full year 2025 reported net income was $441 million, or $4.30 per diluted share. For full year 2025, Operating Earnings were also $441 million, or $4.30 per diluted share. Adjusted EBITDA for the year was $1.138 billion.

Reconciliations of Operating Earnings and Adjusted EBITDA (non-GAAP measures) to reported net income are included at the end of this news release.

“As a result of our disciplined execution of a focused strategy, we achieved record results in 2025, with 17% year-over-year Adjusted EBITDA growth. It was a great team effort, and I want to thank each employee for their contribution,” said David Slater, Executive Chairman and CEO. “We successfully completed the integration of our Midwest pipelines and completed key organic growth projects ahead of schedule and on budget. We are very well positioned to serve the increasing demand across our footprint and continue our track record of premium, high-quality natural gas pipeline growth.”

Slater noted the following significant business updates:

• Increased organic project backlog by approximately 50 percent to $3.4 billion over the next 5 years, with pipeline projects comprising 75% of the backlog

• Increased dividend by 7% from fourth quarter 2025 to $0.88 per share, to be paid on April 15, 2026 to stockholders of record on March 16, 2026

• Reached final investment decisions on an expansion of Viking Gas Transmission and the next phase of the interstate pipeline modernization program

“Our increased organic project backlog, and strong investment grade balance sheet give us high confidence in meeting our goals for this year and beyond,” said Jeff Jewell, Executive Vice President and CFO. “Our Adjusted EBITDA guidance for 2026 is $1.155 to $1.225 billion, representing 6% annual growth from our 2025 original guidance. Our 2027 Adjusted EBITDA early outlook range is $1.225 to $1.295 billion.”

The company has scheduled a conference call to discuss results for 9:00 a.m. ET (8:00 a.m. CT) today.  Investors, the news media and the public may listen to a live internet broadcast of the call at this link. The participant toll-free telephone dial-in number in the U.S. and Canada is 888.596.4144, and the toll number is 646.968.2525; the passcode is 9881735. International access numbers are available here. The webcast will be archived on the DT Midstream website at investor.dtmidstream.com.

# # #

About DT Midstream

DT Midstream (NYSE: DTM) is an owner, operator and developer of natural gas interstate and intrastate pipelines, storage and gathering systems, compression, treatment and surface facilities. The company transports clean natural gas for utilities, power plants, marketers, large industrial customers and energy producers across the Southern, Northeastern and Midwestern United States and Canada. The Detroit-based company offers a comprehensive, wellhead-to-market array of services, including natural gas transportation, storage and gathering. For more information, please visit the DT Midstream website at www.dtmidstream.com.

Why DT Midstream Uses Operating Earnings, Adjusted EBITDA and Distributable Cash Flow

Use of Operating Earnings Information – Operating Earnings exclude non-recurring items, certain mark-to-market adjustments and discontinued operations. DT Midstream management believes that Operating Earnings provide a more meaningful representation of the company’s earnings from ongoing operations and uses Operating Earnings as the primary performance measurement for external communications with analysts and investors. Internally, DT Midstream uses Operating Earnings to measure performance against budget and to report to the Board of Directors.

Adjusted EBITDA is defined as GAAP net income attributable to DT Midstream before expenses for interest, taxes, depreciation and amortization, and loss from financing activities, further adjusted to include the proportional share of net income from equity method investees (excluding interest, taxes, depreciation and amortization), and to exclude certain items the company considers non-routine. DT Midstream believes Adjusted EBITDA is useful to the company and external users of DT Midstream’s financial statements in understanding operating results and the ongoing performance of the underlying business because it allows management and investors to have a better understanding of actual operating performance unaffected by the impact of interest, taxes, depreciation, amortization and non-routine charges noted in the table below. We believe the presentation of Adjusted EBITDA is meaningful to investors because it is frequently used by analysts, investors and other interested parties in the midstream industry to evaluate a company’s operating performance without regard to items excluded from the calculation of such measure, which can vary substantially from company to company depending on accounting methods, book value of assets, capital structure and the method by which assets were acquired, among other factors. DT Midstream uses Adjusted EBITDA to assess the company’s performance by reportable segment and as a basis for strategic planning and forecasting.

Distributable Cash Flow (DCF) is calculated by deducting earnings from equity method investees, depreciation and amortization attributable to noncontrolling interests, cash interest expense, maintenance capital investment (as defined below), and cash taxes from, and adding interest expense, income tax expense, depreciation and amortization, certain items we consider non-routine and dividends and distributions from equity method investees to, Net Income Attributable to DT Midstream. Maintenance capital investment is defined as the total capital expenditures used to maintain or preserve assets or fulfill contractual obligations that do not generate incremental earnings. We believe DCF is a meaningful performance measurement because it is useful to us and external users of our financial statements in estimating the ability of our assets to generate cash earnings after servicing our debt, paying cash taxes and making maintenance capital investments, which could be used for discretionary purposes such as common stock dividends, retirement of debt or expansion capital expenditures.

In this release, DT Midstream provides 2026 and 2027 Adjusted EBITDA guidance. The reconciliation of net income to Adjusted EBITDA as projected for full-year 2026 and 2027 is not provided. DT Midstream does not forecast net income as it cannot, without unreasonable efforts, estimate or predict with certainty the components of net income. These components, net of tax, may include, but are not limited to, impairments of assets and other charges, divestiture costs, acquisition costs, or changes in accounting principles. All of these components could significantly impact such financial measures. At this time, DT Midstream is not able to estimate the aggregate impact, if any, of these items on future period reported earnings. Accordingly, DT Midstream is not able to provide a corresponding GAAP equivalent for Adjusted EBITDA.

Forward-looking Statements

This release contains statements which, to the extent they are not statements of historical or present fact, constitute “forward-looking statements” under the securities laws. These forward-looking statements are intended to provide management’s current expectations or plans for our future operating and financial performance, business prospects, outcomes of regulatory proceedings, market conditions, and other matters, based on what we believe to be reasonable assumptions and on information currently available to us.

Forward-looking statements can be identified by the use of words such as “believe,” “expect,” “expectations,” “plans,” “strategy,” “prospects,” “estimate,” “project,” “target,” “anticipate,” “will,” “should,” “see,” “guidance,” “outlook,” “confident,” “may,” and other words of similar meaning. The absence of such words, expressions or statements, however, does not mean that the statements are not forward-looking. In particular, express or implied statements relating to future earnings, cash flow, results of operations, uses of cash, tax rates and other measures of financial performance, future actions, conditions or events, potential future plans, strategies or transactions of DT Midstream, and other statements that are not historical facts, are forward-looking statements.

Forward-looking statements are not guarantees of future results and conditions, but rather are subject to numerous assumptions, risks, and uncertainties that may cause actual future results to be materially different from those contemplated, projected, estimated, or budgeted. Many factors may impact forward-looking statements of DT Midstream including, but not limited to, the following: changes in general economic conditions, including increases in interest rates and associated Federal Reserve policies, a potential economic recession, and the impact of inflation on our business; industry changes, including the impact of consolidations, alternative energy sources, technological advances, infrastructure constraints and changes in competition; changes in global trade policies and tariffs; global and domestic supply chain disruptions; actions taken by third-party operators, producers, processors, transporters and gatherers; changes in expected production from Expand Energy and other third parties in our areas of operation; demand for natural gas gathering, transmission, storage, transportation, sand mining, and water services; the availability and price of natural gas to the consumer compared to the price of alternative and competing fuels; our ability to successfully and timely implement our business plan; our ability to complete organic growth projects on time and on budget; our ability to finance, complete, or successfully integrate acquisitions; our ability to realize the anticipated benefits of the Midwest Pipeline Acquisition and our ability to manage the risks of the Midwest Pipeline Acquisition; the price and availability of debt and equity financing; restrictions in our existing and any future credit facilities and indentures; the effectiveness of our information technology and operational technology systems and practices to detect and defend against evolving cyber attacks on United States critical infrastructure; changing laws regarding cybersecurity and data privacy, and any cybersecurity threat or event; operating hazards, environmental risks, and other risks incidental to gathering, storing and transporting natural gas; geologic and reservoir risks and considerations; natural disasters, adverse weather conditions, casualty losses and other matters beyond our control; the impact of outbreaks of illnesses, epidemics and pandemics, and any related economic effects; the impacts of geopolitical events, including the conflicts/tensions in Venezuela, Ukraine and the Middle East; labor relations and markets, including the ability to attract, hire and retain key employee and contract personnel; large customer defaults; changes in tax status, as well as changes in tax rates and regulations; the effects and associated cost of compliance with existing and future laws and governmental regulations, such as the Inflation Reduction Act and the One Big Beautiful Bill Act; changes in environmental laws, regulations or enforcement policies, including laws and regulations relating to pipeline safety, climate change and greenhouse gas emissions; changes in laws and regulations or enforcement policies, including those relating to construction and operation of new interstate gas pipelines, ratemaking to which our pipelines may be subject, or other non-environmental laws and regulations; our ability to qualify for federal income tax credits; ability to develop low carbon business opportunities and deploy greenhouse gas reducing technologies; changes in insurance markets impacting costs and the level and types of coverage available; the timing and extent of changes in commodity prices; the success of our risk management strategies; the suspension, reduction or termination of our customers’ obligations under our commercial agreements; disruptions due to equipment interruption or failure at our facilities, or third-party facilities on which our business is dependent; the effects of future litigation; and the risks described in our Annual Report on Form 10-K for the year ended December 31, 2025 and our reports and registration statements filed from time to time with the SEC.

The above list of factors is not exhaustive. New factors emerge from time to time. We cannot predict what factors may arise or how such factors may cause actual results to vary materially from those stated in forward-looking statements, see the discussion under the section entitled “Risk Factors” in our Annual Report for the year ended December 31, 2025, filed with the SEC on Form 10-K and any other reports filed with the SEC. Given the uncertainties and risk factors that could cause our actual results to differ materially from those contained in any forward-looking statement, you should not put undue reliance on any forward-looking statements.

Any forward-looking statements speak only as of the date on which such statements are made. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements, whether as a result of new information, subsequent events or otherwise.

Investor Relations

Todd Lohrmann, DT Midstream, 313.774.2424

investor_relations@dtmidstream.com

DT Midstream, Inc.

Reconciliation of Reported to Operating Earnings (non-GAAP, unaudited)

		Three Months Ended
		December 31,													September 30,
		2025													2025
		Reported Earnings				Pre-tax Adjustments			Income Taxes (1)			Operating Earnings			Reported Earnings			Pre-tax Adjustments			Income Taxes (1)			Operating Earnings
		(millions)
Adjustments						$	—		$	—								$	—		$	—
Net Income Attributable to DT Midstream		$	111			$	—		$	—		$	111		$	115		$	—		$	—		$	115

		Year Ended
		December 31,												December 31,
		2025												2024
		Reported Earnings			Pre-tax Adjustments			Income Taxes (1)			Operating Earnings			Reported Earnings			Pre-tax Adjustments			Income Taxes (1)				Operating Earnings
		(millions)
Midwest Pipeline Acquisition Tax Impact					$	—		$	—								$	—		$	22		A
Louisiana Tax Impact						—			—									—			(4	)	B
Bridge Facility						—			—									4	C		(1	)
Net Income Attributable to DT Midstream		$	441		$	—		$	—		$	441		$	354		$	4		$	17			$	375

(1) Excluding tax related adjustments, the amount of income taxes was calculated based on a combined federal and state income tax rate, considering the applicable jurisdictions of the respective segments and deductibility of specific operating adjustments

Adjustments Key

A State tax rate increase impact to deferred income tax expense due to Midwest Pipeline Acquisition

B State tax rate reduction impact to deferred income tax expense due to enacted tax legislation

C Bridge Facility interest expense related to funding Midwest Pipeline Acquisition

DT Midstream, Inc.

Reconciliation of Reported to Operating Earnings per diluted share ⁽¹⁾ (non-GAAP, unaudited)

		Three Months Ended
		December 31,																September 30,
		2025																2025
		Reported Earnings				Pre-tax Adjustments				Income Taxes (2)				Operating Earnings				Reported Earnings				Pre-tax Adjustments				Income Taxes (2)				Operating Earnings
		(per share)
Adjustments						$	—			$	—											$	—			$	—
Net Income Attributable to DT Midstream		$	1.08			$	—			$	—			$	1.08			$	1.13			$	—			$	—			$	1.13

		Year Ended
		December 31,												December 31,
		2025												2024
		Reported Earnings			Pre-tax Adjustments			Income Taxes (2)			Operating Earnings			Reported Earnings			Pre-tax Adjustments					Income Taxes (2)					Operating Earnings
		(per share)
Midwest Pipeline Acquisition Tax Impact					$	—		$	—								$	—				$	0.22			A
Louisiana Tax Impact						—			—									—					(0.04	)		B
Bridge Facility						—			—									0.04		C			(0.01	)
Net Income Attributable to DT Midstream		$	4.30		$	—		$	—		$	4.30		$	3.60		$	0.04				$	0.17				$	3.81

(1) Per share amounts are divided by Weighted Average Common Shares Outstanding — Diluted, as noted on the Consolidated Statements of Operations

(2) Excluding tax related adjustments, the amount of income taxes was calculated based on a combined federal and state income tax rate, considering the applicable jurisdictions of the respective segments and deductibility of specific operating adjustments

Adjustments Key

A State tax rate increase impact to deferred income tax expense due to Midwest Pipeline Acquisition

B State tax rate reduction impact to deferred income tax expense due to enacted tax legislation

C Bridge Facility interest expense related to funding Midwest Pipeline Acquisition

DT Midstream, Inc.

Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA (non-GAAP, unaudited)

		Three Months Ended								Year Ended
		December 31,				September 30,				December 31,				December 31,
		2025				2025				2025				2024
Consolidated		(millions)
Net Income Attributable to DT Midstream		$	111			$	115			$	441			$	354
Plus: Interest expense			41				40				161				153
Plus: Income tax expense			40				35				144				137
Plus: Depreciation and amortization			67				65				258				209
Plus: Loss from financing activities			—				—				—				5
Plus: EBITDA from equity method investees (1)			70				69				276				284
Less: Interest income			—				(1	)			(2	)			(7	)
Less: Earnings from equity method investees			(37	)			(34	)			(138	)			(162	)
Less: Depreciation and amortization attributable to noncontrolling interests			(1	)			(1	)			(4	)			(4	)
Other			2				—				2				—
Adjusted EBITDA		$	293			$	288			$	1,138			$	969

(1) Includes share of our equity method investees’ earnings before interest, taxes, depreciation and amortization, which we refer to as “EBITDA.” A reconciliation of earnings from equity method investees to EBITDA from equity method investees follows:

		Three Months Ended								Year Ended
		December 31,				September 30,				December 31,				December 31,
		2025				2025				2025				2024
		(millions)
Earnings from equity method investees		$	37			$	34			$	138			$	162
Plus: Depreciation and amortization attributable to equity method investees			19				22				82				82
Plus: Interest expense attributable to equity method investees			14				13				56				40
EBITDA from equity method investees		$	70			$	69			$	276			$	284

DT Midstream, Inc.

Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA

Pipeline Segment (non-GAAP, unaudited)

		Three Months Ended								Year Ended
		December 31,				September 30,				December 31,				December 31,
		2025				2025				2025				2024
Pipeline		(millions)
Net Income Attributable to DT Midstream		$	93			$	92			$	370				276
Plus: Interest expense			13				14				51				47
Plus: Income tax expense			34				28				121				107
Plus: Depreciation and amortization			28				27				111				74
Plus: Loss from financing activities			—				—				—				3
Plus: EBITDA from equity method investees (1)			70				69				276				284
Less: Interest income			—				—				(1	)			(4	)
Less: Earnings from equity method investees			(37	)			(34	)			(138	)			(162	)
Less: Depreciation and amortization attributable to noncontrolling interests			(1	)			(1	)			(4	)			(4	)
Adjusted EBITDA		$	200			$	195			$	786			$	621

(1) Includes share of our equity method investees’ earnings before interest, taxes, depreciation and amortization, which we refer to as “EBITDA.” A reconciliation of earnings from equity method investees to EBITDA from equity method investees follows:

		Three Months Ended								Year Ended
		December 31,				September 30,				December 31,				December 31,
		2025				2025				2025				2024
		(millions)
Earnings from equity method investees		$	37			$	34			$	138			$	162
Plus: Depreciation and amortization attributable to equity method investees			19				22				82				82
Plus: Interest expense attributable to equity method investees			14				13				56				40
EBITDA from equity method investees		$	70			$	69			$	276			$	284

DT Midstream, Inc.

Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA

Gathering Segment (non-GAAP, unaudited)

		Three Months Ended								Year Ended
		December 31,				September 30,				December 31,				December 31,
		2025				2025				2025				2024
Gathering		(millions)
Net Income Attributable to DT Midstream		$	18			$	23			$	71			$	78
Plus: Interest expense			28				26				110				106
Plus: Income tax expense			6				7				23				30
Plus: Depreciation and amortization			39				38				147				135
Plus: Loss from financing activities			—				—				—				2
Less: Interest income			—				(1	)			(1	)			(3	)
Other			2				—				2				—
Adjusted EBITDA		$	93			$	93			$	352			$	348

DT Midstream, Inc.

Reconciliation of Net Income Attributable to DT Midstream to Distributable Cash Flow (non-GAAP, unaudited)

		Three Months Ended								Year Ended
		December 31,				September 30,				December 31,				December 31,
		2025				2025				2025				2024
Consolidated		(millions)
Net Income Attributable to DT Midstream		$	111			$	115			$	441			$	354
Plus: Interest expense			41				40				161				153
Plus: Income tax expense			40				35				144				137
Plus: Depreciation and amortization			67				65				258				209
Plus: Loss from financing activities			—				—				—				5
Plus: Adjustments for non-routine items (1)			—				—				—				(416	)
Less: Earnings from equity method investees			(37	)			(34	)			(138	)			(162	)
Less: Depreciation and amortization attributable to noncontrolling interests			(1	)			(1	)			(4	)			(4	)
Plus: Dividends and distributions from equity method investees			48				61				187				633
Less: Cash interest expense			(76	)			1				(151	)			(140	)
Less: Cash taxes			(2	)			(1	)			(5	)			(12	)
Less: Maintenance capital investment (2)			(29	)			(19	)			(62	)			(30	)
Distributable Cash Flow		$	162			$	262			$	831			$	727

(1) Distributable Cash Flow calculation excludes certain items we consider non-routine. For the year ended December 31, 2024, adjustments for non-routine items included the $416 million Millennium financing distribution.

(2) Maintenance capital investment is defined as the total capital expenditures used to maintain or preserve assets or fulfill contractual obligations that do not generate incremental earnings.

# # #

Exhibit 99.2

 2  Safe Harbor Statement  New slide  This presentation contains statements which, to the extent they are not statements of historical or present fact, constitute “forward-looking statements” under the securities laws. These forward-looking statements are intended to provide management’s current expectations or plans for our future operating and financial performance, business prospects, outcomes of regulatory proceedings, market conditions, and other matters, based on what we believe to be reasonable assumptions and on information currently available to us.   Forward-looking statements can be identified by the use of words such as “believe,” “expect,” “expectations,” “plans,” “strategy,” “prospects,” “estimate,” “project,” “target,” “anticipate,” “will,” “should,” “see,” “guidance,” “outlook,” “confident,” “may,” and other words of similar meaning. The absence of such words, expressions or statements, however, does not mean that the statements are not forward-looking. In particular, express or implied statements relating to future earnings, cash flow, results of operations, uses of cash, tax rates and other measures of financial performance, future actions, conditions or events, potential future plans, strategies or transactions of DT Midstream, and other statements that are not historical facts, are forward-looking statements.   Forward-looking statements are not guarantees of future results and conditions, but rather are subject to numerous assumptions, risks, and uncertainties that may cause actual future results to be materially different from those contemplated, projected, estimated, or budgeted. Many factors may impact forward-looking statements of DT Midstream including, but not limited to, the following: changes in general economic conditions, including increases in interest rates and associated Federal Reserve policies, a potential economic recession, and the impact of inflation on our business; industry changes, including the impact of consolidations, alternative energy sources, technological advances, infrastructure constraints and changes in competition; changes in global trade policies and tariffs; global and domestic supply chain disruptions; actions taken by third-party operators, producers, processors, transporters and gatherers; changes in expected production from Expand Energy and other third parties in our areas of operation; demand for natural gas gathering, transmission, storage, transportation, sand mining, and water services; the availability and price of natural gas to the consumer compared to the price of alternative and competing fuels; our ability to successfully and timely implement our business plan; our ability to complete organic growth projects on time and on budget; our ability to finance, complete, or successfully integrate acquisitions; our ability to realize the anticipated benefits of the Midwest Pipeline Acquisition and our ability to manage the risks of the Midwest Pipeline Acquisition; the price and availability of debt and equity financing; restrictions in our existing and any future credit facilities and indentures; the effectiveness of our information technology and operational technology systems and practices to detect and defend against evolving cyber attacks on United States critical infrastructure; changing laws regarding cybersecurity and data privacy, and any cybersecurity threat or event; operating hazards, environmental risks, and other risks incidental to gathering, storing and transporting natural gas; geologic and reservoir risks and considerations; natural disasters, adverse weather conditions, casualty losses and other matters beyond our control; the impact of outbreaks of illnesses, epidemics and pandemics, and any related economic effects; the impacts of geopolitical events, including the conflicts/tensions in Venezuela, Ukraine and the Middle East; labor relations and markets, including the ability to attract, hire and retain key employee and contract personnel; large customer defaults; changes in tax status, as well as changes in tax rates and regulations; the effects and associated cost of compliance with existing and future laws and governmental regulations, such as the Inflation Reduction Act and the One Big Beautiful Bill Act; changes in environmental laws, regulations or enforcement policies, including laws and regulations relating to pipeline safety, climate change and greenhouse gas emissions; changes in laws and regulations or enforcement policies, including those relating to construction and operation of new interstate gas pipelines, ratemaking to which our pipelines may be subject, or other non-environmental laws and regulations; our ability to qualify for federal income tax credits; ability to develop low carbon business opportunities and deploy greenhouse gas reducing technologies; changes in insurance markets impacting costs and the level and types of coverage available; the timing and extent of changes in commodity prices; the success of our risk management strategies; the suspension, reduction or termination of our customers’ obligations under our commercial agreements; disruptions due to equipment interruption or failure at our facilities, or third-party facilities on which our business is dependent; the effects of future litigation; and the risks described in our Annual Report on Form 10-K for the year ended December 31, 2025 and our reports and registration statements filed from time to time with the SEC.  The above list of factors is not exhaustive. New factors emerge from time to time. We cannot predict what factors may arise or how such factors may cause actual results to vary materially from those stated in forward-looking statements, see the discussion under the section entitled “Risk Factors” in our Annual Report for the year ended December 31, 2025, filed with the SEC on Form 10-K and any other reports filed with the SEC. Given the uncertainties and risk factors that could cause our actual results to differ materially from those contained in any forward-looking statement, you should not put undue reliance on any forward-looking statements.  Any forward-looking statements speak only as of the date on which such statements are made. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements, whether as a result of new information, subsequent events or otherwise. 

 Leading Organic Growth  $3.4B project   backlog  DTM Provides a Distinctive Investment Opportunity  Premium, high-quality, pure play natural gas attributes compared to peers  High-Quality Portfolio Mix  ~70% Pipeline   segment  Premier Geographic Presence  Growing power and LNG demand  Durable Contracting  ~95% demand-based contracts1,  ~8-year average2   contract tenor  Represents % of 2025 revenue contribution comprised of demand, Minimum Volume Commitments (MVCs) or flowing gas/proved developed producing reserves  Overall portfolio weighted average contract tenor as of 12/31/2025  DTM 2025 dividend based on annualized Q1 2025 Board-approved dividend ($0.82/share); DTM 2021-2025 Adjusted EBITDA CAGR based on 2021 original guidance to 2025 actual  Peer average of gas-focused peers (WMB, KMI, AM, TRP, ENB)  Definition and reconciliation of Adjusted EBITDA (non-GAAP) to net income included in the appendix  Represents 2025 Pipeline and Gathering segment Adjusted EBITDA contributions  Peer average includes WMB, KMI, TRP, ENB; Source: Peer company filings as of 2/13/2026  Investment Grade   2.9x on-balance sheet / 3.5x proportional  2026E YE leverage  DTM3  Gas-Focused Peers 4  8%  2%  Adjusted EBITDA5 CAGR  2021-2025  Dividend CAGR  2021-2025  Differentiated Business Mix and Backlog  Business Mix as  % of 2025 EBITDA6   Pipeline  Gathering  70%  3  30%  Peer-leading Dividend and Adjusted EBITDA Growth  DTM  Peer Average7  300%  260%  Project Backlog as   % of 2025 EBITDA  DTM3  Gas-Focused Peers 4  12%  6%  Backlog 75% Pipeline Projects 

 4  2025 Year in Review  Continuing our track record of best-in-class execution  Exceeded Adjusted EBITDA Guidance  Integrated Midwest Pipelines  LEAP Phase 4   Expansion   In-service  Early  Record   High   Gathering Volumes   Achieved Investment Grade  

 Definition and reconciliation of Adjusted EBITDA (non-GAAP) to net income included in the appendix  Definition and reconciliation of Distributable Cash Flow (non-GAAP) to net income included in the appendix  Represents annualized dividend per share growth from 2024 to 2025  Represents Distributable Cash Flow divided by annualized approved quarterly dividend. Definition and reconciliation of Distributable Cash Flow (non-GAAP) to net income included in the appendix  5  2025 Year in Review: Financial Results  Strong financial performance across all key metrics  Adjusted EBITDA and Cash Flow  $1.138 billion  2025 Adjusted EBITDA1   17% YoY     Growth Investments  80%  Pipeline projects  Return of Capital  12%  YoY dividend growth3  ~2.6x  Dividend coverage ratio4  >$1 billion  Organic opportunities advanced from project backlog  $831 million  2025 Distributable Cash Flow2   14% YoY   Investment   Grade  With all three major credit rating agencies  3.0x / 3.7x  2025 YE on-balance sheet /   proportionate leverage  Balance Sheet 

 Assumes dividend reinvestment; from 7/1/2021 to 2/11/2026  6  Strategic Accomplishments Since Spin  Disciplined execution of focused strategy delivers exceptional results  Increase pipeline segment    Jul   2021  Dec   2025  Dec  2022  Dec   2024  Dec   2023  Dec  2021  Diversify customer base    Achieve Investment Grade    Grow dividend    Maintain contract tenor    07/01/2021  DT Midstream Spin  $38.65 Opening Trade  ~280% Total Shareholder Return1  $20  $40  $60  $80  $100  $120  $140  DTM  AMNA  S&P 500  DTM  Increase size and scale    $/share 

 2021 original  guidance  2021  2022  2023  2024  2025  +12% CAGR  Definition and reconciliation of Adjusted EBITDA (non-GAAP) to net income included in the appendix  DTM Adjusted EBITDA growth from 2021 original guidance at spin-off through 2025 actual  Peer average growth of gas focused peers (WMB, KMI, AM, TRP, ENB) from 2021 actual Adjusted EBITDA  7  Delivering High-Quality Growth  Strong, durable growth with a proven track record  Historical Adjusted EBITDA1  (millions)  Well positioned assets and take-or-pay contract structures consistently deliver best-in-class results    Gas-focused peers3  12%  6%  Relative Growth vs. Peers  2021-2025 Adjusted EBITDA CAGR2 

 Definition and reconciliation of Adjusted EBITDA (non-GAAP) to net income included in the appendix  8  Full Year 2025 Financial Results  27% growth in the pipeline segment  2024  2025  $969  $1,138  +17%  Pipeline  Gathering  Pipeline  Midwest Pipeline Acquisition, higher LEAP and W10 storage revenue   Gathering  Record high volumes on Blue Union and Tioga, partially offset by lower volumes on Susquehanna and Appalachia  ~27%  ~1%  Adjusted EBITDA1  (millions)  Year-over-Year  Growth 

 75%  Pipeline  20%  Gathering  9  Capital Project Backlog Opportunities Expand to ~$3.4 billion  50% increase, highly concentrated in pipeline projects  Pipeline  Project  Contribution  Status  Midwestern Gas Transmission power plant lateral  Q1 2026  Under construction  Millennium R2R  Q1 2027  Precedent agreement  Phase 1 & 2 Interstate Pipelines Modernization  2H 2027 / 1H 2028  Under construction  Viking Gas Transmission expansion  Q4 2027  Under construction  Guardian Pipeline “G3” expansion  Q4 2028  Under construction  Vector pipeline expansion  2028  Precedent agreement  Stonewall/Appalachia Gathering power plant lateral  2030  Precedent agreement  NEXUS interconnections / laterals  2027-30  Pre-FID3  Interstate pipelines expansions  2028-30  Pre-FID  Haynesville System (LEAP) expansions  2028-30  Pre-FID  Storage development/expansion  2028-30  Pre-FID  Interstate pipelines power plant laterals  2027-30  Pre-FID  Modernization of interstate assets  2029-30  Pre-FID  Gathering  Project  Contribution  Status  Blue Union Gathering well pad expansions & buildout  2027-28  Pre-FID  Ohio Utica Gathering buildout  2027-28  Pre-FID  Tioga Gathering buildout  2028-29  Pre-FID  Appalachia Gathering System expansions  2027-30  Pre-FID  Backlog Project Composition  Probability-adjusted  Pre-FID Louisiana CCS Project  Final investment decision  2025-2029  2026-2030  ~50%  DTM Organic Project Backlog1, $B  Projects at 5-8x build multiples 

 Elevated   Organic Growth  At end of decade  Differentiated growth drivers  Investments focused in core natural gas pipeline assets   Backed by long-term contracts with investment grade customers  FERC-pipeline investments provide higher growth toward end of decade  Strong cash flows and healthy balance sheet fully fund growth plan, with headroom for additional opportunities  Definition and reconciliation of Adjusted EBITDA (non-GAAP) to net income included in the appendix  10  Entering a Period of Generational Investment Opportunities  Sizeable organic project backlog supports Adjusted EBITDA growth above long-term growth rate at the end of decade  2025 original guidance  2026 guidance  2027 early outlook  2030  $1,095 - $1,155  $1,155 - $1,225  $1,225 -$1,295  Adjusted EBITDA1  (millions)   5-7%  Structural long-term  growth rate 

 2021  2022  2023  2024  2025  20261  +7.3%  8% CAGR  Annualized Q1 2026 board approved dividend ($0.88/share)  The dividend coverage ratio represents Distributable Cash Flow divided by annualized approved quarterly dividend. Definition and reconciliation of Distributable Cash Flow (non-GAAP) to net income included in the appendix   Definition and reconciliation of Adjusted EBITDA (non-GAAP) to net income included in the appendix  11  Distinctive Dividend Growth   Consistent, secure dividend supported by growing Adjusted EBITDA  Annualized dividend  (per share)  Financial policy is to provide a growing and durable dividend  Strong 2025 dividend coverage ratio2 of ~2.6x   Plan to continue to grow dividend in-line with Adjusted EBITDA3  Maintain a dividend coverage ratio2 above our 2.0x floor 

 Viking Pipeline Expansion  15 MMcf/d expansion of lateral serves load growth in Grand Forks, North Dakota  Anchored by investment grade utility customer under a long-term, negotiated rate contract  Q4 2027 expected in-service  Vector Pipeline Expansion   ~400 MMcf/d westbound capacity increase into Chicago  Successful binding open season closed in January 2026  Q4 2028 expected in-service  Phase 2 Interstate Pipeline Modernization  Focused on Midwestern Pipeline  Improves reliability of capacity serving market corridor between Chicago and Nashville  1H 2028 expected in-service  Millennium R2R Project  Scaled to meet market need  Executed contracts totaling 70 MMcf/d under negotiated rates with two utilities and a power plant  Q1 2027 expected full in-service  Final investment decision  12  Executing New Pipeline Growth Investments  Serving key demand markets  Reached FID1  Advancing towards FID     

 2026 guidance  2027  $420 - $480  1. See appendix for committed growth capex walk   13  2026 Capital Plan is Largely Committed and 2027 is Advancing  Continued commercialization and execution of growth projects from our backlog  Growth capex  (millions)  Organic, demand-driven, capital investments  Increasing committed capital to reflect new projects reaching FID  Total committed investments of ~$820 million over 2026 and 2027  ~$1.6 billion1 of projects have reached FID through 2030  Committed  New Commitments  Pre-FID  ~$390  Committed 

 Source: Gas Daily; Price Hubs: Transco Zone 6 NY, Texas Eastern Zone M-2, Northern Ventura, Mich Con, Iroquois Zone 2, Emerson Viking, Chicago, Dawn Ontario, Tennessee Zone 1  14  Strong market signals support the need for new capacity  Peak prices and record utilization this winter creates an opportunity for our pipelines  Record high utilization across multiple assets this winter  All-time record withdrawals from our gas storage complex  Peak day flows across Interstate Pipelines  Customers with transport capacity were able to access more affordable supply  January 2026 Peak Gas Prices for Select Hubs ($/MMBtu)  1/13  1/14  1/15  1/16  1/17  1/18  1/19  1/20  1/21  1/22  1/23  1/24  1/25  1/26  1/27  1/28  1/29  1/30  1/31  2/1  2/2  2/3  2/4  2/5  2/6  2/7  2/8  2/9  2/10  2/11  2/12  Chicago  Ontario  Emerson  New England  Michigan  Twin Cities  Appalachia  New York  Tennessee   Twin Cities  $70.94   Chicago  $65.65   Michigan  $63.00   Ontario  $69.67   Emerson  $20.41  New England  $179.17   New York  $142.81   Tennessee  $56.99   Appalachia  $52.45 

 Includes Illinois, Indiana, Kentucky, Michigan, Minnesota, Ohio, Tennessee and Wisconsin  Assumes 1 GW = 0.15 Bcf/d of natural gas  Source: S&P Global Commodity Insights North American Power Market Outlook, December 2025  15  Strategically Located Assets to Serve Power Demand Growth  Coal retirements will drive growth in natural gas demand  35 GW  summer   capacity  Forecasted Coal Plant Retirements1   2026-2040   +5 Bcf/d  Potential Natural Gas Demand2 

 Assumes 1 GW = 0.15 Bcf/d natural gas demand  Midcontinent Independent System Operator, Inc.  PJM Interconnection LLC, RTO Region  Source: Utility company announcements, S&P Global Commodity Insights North American Power Market Outlook, December 2025  16  Extensive Interstate Network Adjacent to Growing Utility Demand  Data center opportunities accelerating Upper Midwest natural gas demand  16   GW  11   GW  12   GW  Utility Announced Data Center &   Large Load Opportunities  10   GW  ~50 GW  Utility Announced   Opportunities  ~7.5 Bcf/d   Natural Gas   Demand1  Forecasted Total Annual Power Demand (TWh)   2025  2030  +16%  2025  2030  +15%  MISO2  PJM3 

 Definition and reconciliation of Adjusted EBITDA (non-GAAP) to net income included in the appendix  Definition and reconciliation of Operating Earnings and Operating Earnings per Share (non-GAAP) to reported earnings included in the appendix; EPS calculation based on average share count of approximately 103 million shares outstanding - diluted  Definition and reconciliation of Distributable Cash Flow (non-GAAP) to net income included in the appendix  Includes contribution to equity method investees  17  2026/2027 Guidance Summary  (millions, except EPS)  Guidance  2026 Adjusted EBITDA1  $1,155 - $1,225  2026 Operating Earnings2  $455 - $495  2026 Operating EPS2  $4.42 - $4.82  2026 Distributable Cash Flow3  $830 - $890  2026 Capital Investment4  $490 - $570  Growth Capital  $420 - $480  Maintenance Capital  $70 - $90  2027 Adjusted EBITDA (early outlook)   $1,225 - $1,295 

 18  Appendix 

 Definition and reconciliation of Adjusted EBITDA (non-GAAP) to net income included in this appendix  Definition and reconciliation of Operating Earnings and Operating Earnings per Share (non-GAAP) to reported earnings included in the appendix; EPS calculation based on average share count of approximately 103 million shares outstanding – diluted for 2025 and approximately 98 million shares outstanding – diluted for 2024  Definition and reconciliation of Distributable Cash Flow (non-GAAP) to net income included in this appendix  Includes contribution to equity method investees   2024 growth capital reflects total DT Midstream capital spend of $320 million less contributions from customers of $19 million plus $1.2 billion related to the Midwest Pipeline Acquisition  2025 growth capital reflects total DT Midstream capital spend of $369 million less contributions from customers of $17 million  19  Full-Year Financial Results  (millions, except EPS)  2024  2025  Change  Adjusted EBITDA1  $969  $1,138  17%  Pipeline segment  $621  $786  27%  Gathering segment  $348  $352  1%  Operating Earnings2  $375  $441  18%  Operating EPS2  $3.81  $4.30  13%  Distributable Cash Flow3  $727  $831  14%  Growth Capital4  $1,5015  $3526  Maintenance Capital  $30  $62 

 Definition and reconciliation of Adjusted EBITDA (non-GAAP) to net income included in the appendix  Definition and reconciliation of Operating Earnings and Operating Earnings per Share (non-GAAP) to reported earnings included in the appendix; EPS calculation based on average share count of approximately 103 million shares outstanding – diluted on December 31, 2025 and September 30, 2025  Definition and reconciliation of Distributable Cash Flow (non-GAAP) included in the appendix  Includes contribution to equity method investees   Growth capital reflects DT Midstream capital spend of $110 million less $7 million contribution from customers received in Q4 2025  Growth capital reflects DT Midstream capital spend of $119 million less $4 million contribution from customers received in Q3 2025  20  Quarterly Financial Results  Three months ended   (millions, except EPS)  December 31, 2025  September 30, 2025  Key drivers  Adjusted EBITDA1  $293  $288  Pipeline segment  $200  $195  Higher revenue on pipeline joint ventures and LEAP  Gathering segment  $93  $93  Higher revenue due to higher volumes offset by higher maintenance  Operating Earnings2  $111  $115  Operating EPS2  $1.08  $1.13  Distributable Cash Flow3  $162  $262  Cash interest expense in Q4  Growth Capital4  $1035  $1156  Maintenance Capital  $29  $19 

 21  Gathering Volume Summary  Record high total Haynesville and Northeast gathered volumes in Q4  Q4 2024  Q1 2025  Q2 2025  Q3 2025  Q4 2025  +34%  Haynesville throughput  (bcf/d)  Q4 2024  Q1 2025  Q2 2025  Q3 2025  Q4 2025  1.37  1.30  1.17  1.09  1.28  Northeast throughput  (bcf/d)  Appalachia Gathering  Susquehanna Gathering  Tioga Gathering  Ohio Utica Gathering  Blue Union Gathering  February 2026 month-to-date volume average is ~2 Bcf/day 

 1. Definition and reconciliation of Adjusted EBITDA (non-GAAP) to net income included in this appendix  22  Diversified Asset Base Anchored by Regulated Pipelines  Pipeline segment increased to 70% of the business in 2025   2025 Business Mix   LEAP 14%  Millennium 10%  NEXUS 9%  Stonewall 8%  Guardian 5%  W10 Storage 6%  Bluestone 5%  Viking  4%  4%  Midwestern  Vector  3%  Michigan 1%  Birdsboro  <1%  Blue Union 13%  AGS 8%  Susquehanna 7%  2%  Tioga  OH Utica <1%  (% of total 2025 Adjusted EBITDA2)  Highly contracted asset portfolio supports stable cash flows  Pipeline assets contracted long-term with take-or-pay contracts  Gathering assets contracted long-term significant minimum volume commitments (MVCs)  Acreage dedications  Rate escalators tied to inflation  Gathering 30%  Pipeline 70% 

 23  Committed Growth Capex  ~50% of $3.4 billion organic project backlog committed  Committed capital represents expected investment for all in progress projects not yet in-service  2025-2029 Committed growth capex  (Q3 2025 disclosure)  -$0.3  2025 Capex placed in-service  2025 Capex not yet in-service  2026-2030  New committed  growth capex  (Q4 2025 disclosure)  Total Committed growth capex  ~$1.6  ~$0.2  ~$0.1  ~$1.6  Growth capex  (billions) 

 Growth Investment Projects in Progress  Continuing track record of completing growth investments early and on budget  In progress project updates  Stonewall to MVP and Appalachia Phase 3 expansions completed ahead of schedule and on budget  Reached FID for Viking Pipeline expansion and Phase 2 of Interstate Pipelines Modernization  Project1  Expected   in-service dates  Pipeline  Stonewall to Mountain Valley Pipeline (MVP) expansion  In-Service  Midwestern Gas Transmission power plant lateral  Q1 2026  Phase 1 Interstate Pipelines Modernization   2H 2027  Viking Pipeline expansion – New   Q4 2027  Phase 2 Interstate Pipelines Modernization - New   1H 2028  Guardian Pipeline “G3” expansion  Q4 2028  Gathering  Appalachia Gathering System expansion – Phase 3   In-Service  24  1. All projects listed have reached a final investment decision 

 Represents dates by which pipelines must file rate cases  25  Phase 2 of Modernization on Interstate Pipelines Reaches FID  Continuing investment in modernization projects to enhance system efficiency and reliability   Second phase predominantly focused on Midwestern Pipeline  Modernization enhancements will improve system efficiency and reliability for customers  1H 2028 expected in-service date  Capital investment of $140 to $160 million will be recovered in next rate case  Additional modernization opportunities   Projects improve reliability and service quality for customers  Investments will be recovered in future rate cases  Rate Case Filing Timelines1  Guardian Pipeline  Midwestern Gas Transmission  Viking Gas Transmission  2H  2026  2H 2027  2H 2028 

 Includes Allowance for Funds Used During Construction (AFUDC)  26  Executing on “G3” Guardian Pipeline Expansion  Preparing for FERC application filing  Map Update In Progress  “G3” expansion increases delivery capacity into upper Midwest markets  ~537 MMcf/d total expansion with expected Q4 2028 in-service date   Expansion will be completed via a combination of compression and looping  $850 to $930 million total capital investment1 at 5-6x build multiple  Anchored by precedent agreements with five investment-grade utilities  20-year contract terms  Negotiated rates  FERC application submission expected mid-2026  GUARDIAN PIPELINE  MIDWESTERN GAS TRANSMISSION  VECTOR PIPELINE  Joliet  ~537 MMcf/d  “G3” Expansion 

 27  LEAP Well Positioned for Future Expansions  Haynesville System current capacity of 2.1 Bcf/d, with expansion capability to ~4 Bcf/d  LEAP capacity (Bcf/d)  LEAP capacity  (Bcf/d)  In-service  Original  Phase 1 expansion  Aug. 2023  Phase 2 expansion  Jan. 2024  Phase 3 expansion  Jun. 2024  Phase 4 expansion  Sep. 2025  Total  Expansion potential  0.3  0.2  0.2  2.1  Integrated Haynesville system provides timely access to coming LNG demand  Fully contracted by long-term take-or-pay agreements  Competitive advantage through multiple market access at Gillis Hub  Adding 1 Bcf/d interconnect to Driftwood Line 200 (Woodside Louisiana LNG)  Increasing Cameron interconnect by 0.25 Bcf/d  Continuing discussions for additional expansions  LEAP can be further expanded to ~4 Bcf/d to serve growing Gulf Coast LNG and industrial corridor demand  Timing of future expansions will likely align with next wave of LNG in 2028-2030 timeframe  ~4     DTM assets  DTM treating plants  LNG facilities  Electric compression  Operational  Under development  Acreage dedication  2.1 Bcf/d  Capacity  LNG Corridor 

 Sources: Wood Mackenzie North America Gas Investment Horizon Outlook – November 2025  28  Strong US Demand and Production Fundamentals  Three-fourths of demand growth will be served by Haynesville and Appalachia production  U.S. Natural Gas Demand Forecast  2025  2030  49  63  +14 bcf/d  Production Forecast – DTM Basins  (bcf/d)  Haynesville   Appalachia  2025  2030  115  134  +19 Bcf/d  (bcf/d)  ResComm  Industrial  Power  LNG Exports  Net Mexican Exports  Other 

 Interconnect provides a pathway to reach majority of terminals within the LNG corridor  Source: Wood Mackenzie North America Gas Investment Horizon Outlook – November 2025  29  Leading Competitive Market Position to Serve Growing LNG Demand   Competitive advantage from superior connectivity to basin supply and LNG markets  2025  2026  2027  2028  2029  2030  2031  2032  2033  2034  2035  +14 Bcf/d  Haynesville Supply Forecast (Bcf/d)  2025  2026  2027  2028  2029  2030  2031  2032  2033  2034  2035  +12 Bcf/d  DTM’s Haynesville System Direct LNG Market Connections (Bcf/d)  Sabine Pass  Cameron  Calcasieu Pass  Plaquemines  Golden Pass  Port Arthur  Woodside Louisiana  Existing/Future   LEAP Interconnect   Capacity (Bcf/d)  LNG terminal / market  Transco  0.5  Industrial / LNG corridor1  Cameron  0.25  Cameron LNG, Port Arthur LNG  Creole Trail  1.0  Sabine Pass LNG  Texas Eastern  0.75  Calcasieu Pass LNG  Targa  0.1  Industrial  TC Energy Gillis Access  1.0  Industrial / Plaquemines LNG, Calcasieu Pass LNG  Driftwood Line 200 (Future)  1.0  Louisiana LNG  Cameron Expansion (Future)  0.25  Cameron LNG, Port Arthur LNG  ~4.9 Bcf/d Downstream  Interconnectivity1  ~3.5 Bcf/d Receipt Capacity 

 Weighted average interest rate on debt instruments as of December 31, 2025  Inclusive of capital lease interest expense  30  Joint Venture Debt Details  Annual debt paydown at Millennium and Vector  DTM proportionate share  End of year debt balances  Interest expense  Asset   (DTM ownership %)  2025  2026  2027  2025  2026  2027  Weighted average interest rate1  Maturity  NEXUS Pipeline   (50%)  $375  $375  $375  $21  $21  $21  5.56%  Bullets, 2028 through 2035  Millennium Pipeline  (52.5%)  $114  $99  $83  $9  $7  $6  5.87%  Fully amortized by 2032  $420  $420  $420  $25  $25  $25  5.88%  Bullets, 2029 through 2036   Total Millennium  $534  $519  $503  $34  $32  $31  Vector Pipeline  (40%)  $26  $25  $25  $22  $22  $22  4.62%  2034  2024 Issuance  Prior Issuance  ($ values in millions) 

 31  Non-GAAP Definitions  Adjusted EBITDA and Distributable Cash Flow (DCF) are non-GAAP measures  New slide  Adjusted EBITDA is defined as GAAP net income attributable to DT Midstream before expenses for interest, taxes, depreciation and amortization, and loss from financing activities, further adjusted to include our proportional share of net income from our equity method investees (excluding interest, taxes, depreciation and amortization), and to exclude certain items we consider non-routine. We believe Adjusted EBITDA is useful to us and external users of our financial statements in understanding our operating results and the ongoing performance of our underlying business because it allows our management and investors to have a better understanding of our actual operating performance unaffected by the impact of interest, taxes, depreciation, amortization and non-routine charges noted in the table below. We believe the presentation of Adjusted EBITDA is meaningful to investors because it is frequently used by analysts, investors and other interested parties in our industry to evaluate a company’s operating performance without regard to items excluded from the calculation of such measure, which can vary substantially from company to company depending on accounting methods, book value of assets, capital structure and the method by which assets were acquired, among other factors. We use Adjusted EBITDA to assess our performance by reportable segment and as a basis for strategic planning and forecasting.     Distributable Cash Flow (DCF) is calculated by deducting earnings from equity method investees, depreciation and amortization attributable to noncontrolling interests, cash interest expense, maintenance capital investment (as defined below), and cash taxes from, and adding interest expense, income tax expense, depreciation and amortization, certain items we consider non-routine and dividends and distributions from equity method investees to, Net Income Attributable to DT Midstream. Maintenance capital investment is defined as the total capital expenditures used to maintain or preserve assets or fulfill contractual obligations that do not generate incremental earnings. We believe DCF is a meaningful performance measurement because it is useful to us and external users of our financial statements in estimating the ability of our assets to generate cash earnings after servicing our debt, paying cash taxes and making maintenance capital investments, which could be used for discretionary purposes such as common stock dividends, retirement of debt or expansion capital expenditures.     Adjusted EBITDA and DCF are not measures calculated in accordance with GAAP and should be viewed as a supplement to and not a substitute for the results of operations presented in accordance with GAAP. There are significant limitations to using Adjusted EBITDA and DCF as a measure of performance, including the inability to analyze the effect of certain recurring and non-recurring items that materially affect our net income or loss. Additionally, because Adjusted EBITDA and DCF exclude some, but not all, items that affect net income and are defined differently by different companies in our industry, Adjusted EBITDA and DCF do not intend to represent net income attributable to DT Midstream, the most comparable GAAP measure, as an indicator of operating performance and are not necessarily comparable to similarly titled measures reported by other companies.  Reconciliation of net income attributable to DT Midstream to Adjusted EBITDA or DCF as projected for full-year 2026 or 2027 is not provided. We do not forecast net income as we cannot, without unreasonable efforts, estimate or predict with certainty the components of net income. These components, net of tax, may include, but are not limited to, impairments of assets and other charges, divestiture costs, acquisition costs, or changes in accounting principles. All of these components could significantly impact such financial measures. At this time, management is not able to estimate the aggregate impact, if any, of these items on future period reported earnings. Accordingly, we are not able to provide a corresponding GAAP equivalent for Adjusted EBITDA or DCF. 

 32  Non-GAAP Definitions  Operating Earnings and Operating Earnings per share are non-GAAP measures  New slide  Use of Operating Earnings Information – Operating Earnings exclude non-recurring items, certain mark-to-market adjustments and discontinued operations. DT Midstream management believes that Operating Earnings provide a more meaningful representation of the company’s earnings from ongoing operations and uses Operating Earnings as the primary performance measurement for external communications with analysts and investors. Internally, DT Midstream uses Operating Earnings to measure performance against budget and to report to the Board of Directors.   In this presentation, DT Midstream provides guidance for future period Operating Earnings. It is likely that certain items that impact the company’s future period reported results will be excluded from operating results. A reconciliation to the comparable future period reported earnings is not provided because it is not possible to provide a reliable forecast of specific line items (i.e., future non-recurring items, certain mark-to-market adjustments and discontinued operations). These items may fluctuate significantly from period to period and may have a significant impact on reported earnings. 

 New slide  33  Non-GAAP Reconciliations  Reconciliation of Reported to Operating Earnings – DT Midstream Consolidated  Three Months Ended  December 31,  September 30,  2025  2025  Reported Earnings     Pre-tax Adjustments     Income Taxes (1)     Operating Earnings  Reported Earnings     Pre-tax Adjustments     Income Taxes (1)      Operating Earnings  (millions)  Adjustments  $ —   $ —   $ —   $ —   Net Income Attributable to DT Midstream     $ 111      $ —      $ —      $ 111      $ 115      $ —      $ —      $ 115   Year Ended  December 31,  December 31,  2025  2024  Reported Earnings     Pre-tax Adjustments     Income Taxes (1)     Operating Earnings  Reported Earnings     Pre-tax Adjustments     Income Taxes (1)     Operating Earnings  (millions)  Midwest Pipeline Acquisition Tax Impact  $ —   $ —   $ —   $ 22   A  Louisiana Tax Impact   —    —    —    (4)  B  Bridge Facility   —    —    4   C   (1)  Net Income Attributable to DT Midstream     $ 441      $ —   $ —      $ 441      $ 354      $ 4   $ 17      $ 375   (1)  Excluding tax related adjustments, the amount of income taxes was calculated based on a combined federal and state income tax rate, considering the applicable jurisdictions of the respective segments and deductibility of specific operating adjustments  Adjustments Key  A  State tax rate increase impact to deferred income tax expense due to Midwest Pipeline Acquisition  B  State tax rate reduction impact to deferred income tax expense due to enacted tax legislation  C  Bridge Facility interest expense related to funding Midwest Pipeline Acquisition 

 Non-GAAP Reconciliations     New slide  Reconciliation of Reported to Operating Earnings per diluted share(1) – DT Midstream Consolidated  34  Three Months Ended  December 31,  September 30,  2025  2025  Reported Earnings     Pre-tax Adjustments     Income Taxes (2)     Operating Earnings  Reported Earnings     Pre-tax Adjustments     Income Taxes (2)     Operating Earnings         (per share)  Adjustments  $ —   $ —   $ —   $ —   Net Income Attributable to DT Midstream     $ 1.08      $ —      $ —      $ 1.08      $ 1.13      $ —   $ —      $ 1.13   Year Ended  December 31,  December 31,  2025  2024  Reported Earnings     Pre-tax Adjustments     Income Taxes (2)     Operating Earnings  Reported Earnings     Pre-tax Adjustments     Income Taxes (2)     Operating Earnings         (per share)  Midwest Pipeline Acquisition Tax Impact  $ —   $ —   $ —   $ 0.22   A  Louisiana Tax Impact   —    —    —    (0.04)  B  Bridge Facility   —    —    0.04   C   (0.01)  Net Income Attributable to DT Midstream     $ 4.30      $ —      $ —      $ 4.30      $ 3.60      $ 0.04   $ 0.17      $ 3.81   (1)  Per share amounts are divided by Weighted Average Common Shares Outstanding — Diluted, as noted on the Consolidated Statements of Operations  (2)  Excluding tax related adjustments, the amount of income taxes was calculated based on a combined federal and state income tax rate, considering the applicable jurisdictions of the respective segments and deductibility of specific operating adjustments  Adjustments Key  A  State tax rate increase impact to deferred income tax expense due to Midwest Pipeline Acquisition  B  State tax rate reduction impact to deferred income tax expense due to enacted tax legislation  C  Bridge Facility interest expense related to funding Midwest Pipeline Acquisition 

 35     Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA  Non-GAAP Reconciliations  Three Months Ended  Year Ended  December 31,  September 30,  December 31,  December 31,  2025  2025  2025  2024  Consolidated  (millions)  Net Income Attributable to DT Midstream  $ 111   $ 115   $ 441   $ 354   Plus: Interest expense   41    40    161    153   Plus: Income tax expense   40    35    144    137   Plus: Depreciation and amortization   67    65    258    209   Plus: Loss from financing activities   —    —    —    5   Plus: EBITDA from equity method investees (1)   70    69    276    284   Less: Interest income   —    (1)   (2)   (7)  Less: Earnings from equity method investees   (37)   (34)   (138)   (162)  Less: Depreciation and amortization attributable to noncontrolling interests   (1)   (1)   (4)   (4)  Other   2    —    2    —   Adjusted EBITDA  $ 293   $ 288   $ 1,138   $ 969   (1)  Includes share of our equity method investees’ earnings before interest, taxes, depreciation and amortization, which we refer to as “EBITDA.” A reconciliation of earnings from equity method investees to EBITDA from equity method investees follows:  Three Months Ended  Year Ended  December 31,  September 30,  December 31,  December 31,  2025  2025  2025  2024  (millions)  Earnings from equity method investees  $ 37      $ 34   $ 138      $ 162   Plus: Depreciation and amortization attributable to equity method investees   19    22    82    82   Plus: Interest expense attributable to equity method investees   14    13    56    40   EBITDA from equity method investees  $ 70      $ 69   $ 276      $ 284  

 36  Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA Pipeline Segment  Non-GAAP Reconciliations  Three Months Ended  Year Ended  December 31,  September 30,  December 31,  December 31,  2025  2025  2025  2024  Pipeline  (millions)  Net Income Attributable to DT Midstream  $ 93   $ 92   $ 370    276   Plus: Interest expense   13    14    51    47   Plus: Income tax expense   34    28    121    107   Plus: Depreciation and amortization   28    27    111    74   Plus: Loss from financing activities   —    —    —    3   Plus: EBITDA from equity method investees (1)   70    69    276    284   Less: Interest income   —    —    (1)   (4)  Less: Earnings from equity method investees   (37)   (34)   (138)   (162)  Less: Depreciation and amortization attributable to noncontrolling interests   (1)   (1)   (4)   (4)  Adjusted EBITDA  $ 200   $ 195   $ 786   $ 621   (1)  Includes share of our equity method investees’ earnings before interest, taxes, depreciation and amortization, which we refer to as “EBITDA.” A reconciliation of earnings from equity method investees to EBITDA from equity method investees follows:  Three Months Ended  Year Ended  December 31,  September 30,  December 31,  December 31,  2025  2025  2025  2024  (millions)  Earnings from equity method investees  $ 37      $ 34   $ 138      $ 162   Plus: Depreciation and amortization attributable to equity method investees   19    22    82    82   Plus: Interest expense attributable to equity method investees   14    13    56    40   EBITDA from equity method investees  $ 70      $ 69   $ 276      $ 284  

 37  Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA Gathering Segment  Non-GAAP Reconciliations  Three Months Ended  Year Ended  December 31,  September 30,  December 31,  December 31,  2025  2025  2025  2024  Gathering  (millions)  Net Income Attributable to DT Midstream  $ 18   $ 23   $ 71   $ 78   Plus: Interest expense   28    26    110    106   Plus: Income tax expense   6    7    23    30   Plus: Depreciation and amortization   39    38    147    135   Plus: Loss from financing activities   —    —    —    2   Less: Interest income   —    (1)   (1)   (3)  Other   2    —    2    —   Adjusted EBITDA  $ 93   $ 93   $ 352   $ 348  

 Non-GAAP Reconciliations  38  Reconciliation of Net Income Attributable to DT Midstream to Distributable Cash Flow  Three Months Ended  Year Ended  December 31,  September 30,  December 31,  December 31,  2025  2025  2025  2024  Consolidated  (millions)  Net Income Attributable to DT Midstream  $ 111   $ 115   $ 441   $ 354   Plus: Interest expense   41    40    161    153   Plus: Income tax expense   40    35    144    137   Plus: Depreciation and amortization   67    65    258    209   Plus: Loss from financing activities   —    —    —    5   Plus: Adjustments for non-routine items (1)   —    —    —    (416)  Less: Earnings from equity method investees   (37)   (34)   (138)   (162)  Less: Depreciation and amortization attributable to noncontrolling interests   (1)   (1)   (4)   (4)  Plus: Dividends and distributions from equity method investees    48    61    187    633   Less: Cash interest expense   (76)   1    (151)   (140)  Less: Cash taxes   (2)   (1)   (5)   (12)  Less: Maintenance capital investment (2)   (29)   (19)   (62)   (30)  Distributable Cash Flow  $ 162   $ 262   $ 831   $ 727   (1)  Distributable Cash Flow calculation excludes certain items we consider non-routine. For the year ended December 31, 2024, adjustments for non-routine items included the $416 million Millennium financing distribution.  (2)  Maintenance capital investment is defined as the total capital expenditures used to maintain or preserve assets or fulfill contractual obligations that do not generate incremental earnings. 

FAQ

What were DT Midstream (DTM) full-year 2025 financial results?

DT Midstream reported 2025 net income of $441 million, or $4.30 per diluted share. Adjusted EBITDA reached $1.138 billion, up 17% from 2024. Distributable Cash Flow was $831 million, a 14% increase, reflecting stronger pipeline contributions and solid gathering performance.

How did DT Midstream’s pipeline and gathering segments perform in 2025?

In 2025, DT Midstream’s pipeline segment Adjusted EBITDA rose 27% to $786 million, driven by the Midwest pipelines and LEAP growth. The gathering segment generated Adjusted EBITDA of $352 million, up 1%, supported by record Haynesville and Northeast gathered volumes.

What dividend did DT Midstream declare and when will it be paid?

DT Midstream’s Board declared a $0.88 per share quarterly cash dividend. The dividend is payable on April 15, 2026, to shareholders of record as of March 16, 2026. This reflects double-digit year-over-year dividend growth supported by strong Distributable Cash Flow.

What is DT Midstream’s Adjusted EBITDA guidance for 2026 and 2027?

For 2026, DT Midstream guides Adjusted EBITDA to $1.155–$1.225 billion. The company also provides an early 2027 Adjusted EBITDA outlook of $1.225–$1.295 billion, indicating expected growth from its expanding pipeline-focused organic project backlog.

How strong is DT Midstream’s Distributable Cash Flow coverage of its dividend?

In 2025, DT Midstream generated $831 million of Distributable Cash Flow and describes its dividend coverage ratio as about 2.6x. Management’s financial policy targets maintaining dividend coverage above a 2.0x floor while growing the dividend in line with Adjusted EBITDA.

What capital investments is DT Midstream planning for 2026?

DT Midstream expects 2026 capital investment of $490–$570 million, including $420–$480 million of growth capital and $70–$90 million of maintenance capital. These investments primarily support its approximately $3.4 billion organic project backlog, heavily weighted to pipeline projects.

How large is DT Midstream’s organic project backlog and what does it include?

DT Midstream cites an organic project backlog of about $3.4 billion, a roughly 50% increase. The backlog is highly concentrated in long-term contracted pipeline projects, including expansions and modernization initiatives that are expected to support Adjusted EBITDA growth later in the decade.

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