Antero Midstream Corp: 2Q26 EBITDA Below Street, Likely Timing Related as Guidance Reaffirmed; Veolia Proceeds Accelerate Debt Paydown

Research evidence excerpt

Antero Midstream Corp: 2Q26 EBITDA Below Street, Likely Timing Related as Guidance Reaffirmed; Veolia Proceeds Accelerate Debt Paydown

J P M O R G A N North America Equity Research

29 July 2026

Antero Midstream Corp

2Q26 EBITDA Below Street, Likely Timing Related as Underweight

Guidance Reaffirmed; Veolia Proceeds Accelerate Debt AM, AM US

Paydown Price (29 Jul 26):$21.52

Head of North America Power,

AM reported 2Q26 adj EBITDA of $289mm, below the $297mm JPMe and Utilities, Midstream, LNG, and

Nuclear

$301mm Street median estimate. Water Handling missed the JPMe, while

Gathering & Compression landed in line, with JV distributions accounting for the Jeremy Tonet, CFA AC

remaining delta. AM commenced initial construction on the East Side Express, the (1-212) 622-4915

jeremy.b.tonet@jpmorgan.com

company’s first intrastate regional pipeline, which will expand dry gas deliveries

North American Midstream

to multiple long-haul and regional pipelines and enhance local market optionality.

In July, AM deployed the $371mm received in damages from Veolia towards Vrathan Reddy

calling $650mm of senior notes due 2028 at par, reducing leverage below its 3x (1-212) 622-4692

vrathan.reddy@jpmchase.com

target. On the call, we look for further color on in-basin demand growth

Eli Jossen, CFAopportunities and capital allocation priorities given leverage reduction.

(1-212) 622-4113

• Growth expectations unchanged. AM reiterated expectations for gathering eli.jossen@jpmchase.com

and water volume increases to drive EBITDA growth in line with the full-year Francina Kolluri

guidance range. For 2027, AM continues to see water integration projects (1-212) 270-5796

francina.kolluri@jpmchase.com

supporting high-single-digit EBITDA growth. As a reminder, AM previously J.P. Morgan Securities LLC