2Q 2026 Earnings Recap

Research evidence excerpt

2Q 2026 Earnings Recap

Update

July 29, 2026 11:29 PM GMT

Morgan Stanley & Co. LLCMAntero Midstream Corp | North America Robert S Kad

Equity Analyst

2Q 2026 Earnings Recap Robert.Kad@morganstanley.comVictoria Xiong, CFA +1 212 761-0065

Research Associate

Victoria.Xiong@morganstanley.com +1 212 761-0228

AlphaSignals Earnings Reaction Joy Golub

Unchanged Modest shortfall Largely unchanged Joy.Golub@morganstanley.com +1 212 761-4924

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS

Antero Midstream Corp (AM.N, AM UN)

Source: Company data, Morgan Stanley Research

Midstream Energy Infrastructure | United States of

America

Key Takeaways Stock Rating Equal-weight

Industry View Attractive

Adjusted EBITDA: $289mm (cons: $302mm/MS: $306mm), -4% vs. consensus. Price target $26.00

Shr price, close (Jul 29, 2026) $21.52

Mkt cap, curr (mm) $10,375

2626 Adjusted EBITDA was $289mm, +2% y/y. Gathering volumes were up +19% 52-Week Range $23.83-16.84

y/y to a record of 4.1 Bcf/d, while fresh water delivery of 82 MBPD were down -17%

y/y. Management continues to expect higher volumes in both business segments to

drive EBITDA growth in 2H26. In 2Q26, AM connected 26 wells to its gathering

system and serviced 21 wells, on track to its annual expectation of servicing 65-75

wells of AR's legacy acreage completions.

• AM has commenced construction on East Side Express, its first regional dry

gas pipeline. The bi-directional pipeline is expected to increase deliveries into

several long-haul and regional pipeline systems, and give AM additional

flexibility to pursue future intrastate pipeline projects from growing demand

centers across West Virginia.

• In July 2026, the company collected $371mm in damages and interest from

Veolia.