DT Midstream Inc: 2Q26 In-Line; LEAP Phase V, Viking Modernization Sanctioned; Call Commentary on Additional Growth in Focus

Research evidence excerpt

DT Midstream Inc: 2Q26 In-Line; LEAP Phase V, Viking Modernization Sanctioned; Call Commentary on Additional Growth in Focus

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

30 July 2026

DT Midstream Inc

2Q26 In-Line; LEAP Phase V, Viking Modernization Neutral

Sanctioned; Call Commentary on Additional Growth in DTM, DTM US

Focus Price (29 Jul 26):$135.95

Head of North America Power,

DTM reported 2Q26 adj EBITDA of $305mm versus the $303mm JPMe and Utilities, Midstream, LNG, and

Nuclear

$299mm Street median estimates. Gathering (+$9mm vs JPMe) and Pipelines (-

$8mm vs JPMe) largely offset. Alongside the print, DTM announced FID on LEAP Jeremy Tonet, CFA AC

Phase 5 and reached FID on Viking Phase 1 Modernization ($140–$160mm capex, (1-212) 622-4915

jeremy.b.tonet@jpmorgan.com

4Q28 ISD). DTM also filed a FERC 7c for G3 in late June and received FERC

North American Midstream

approval for Guardian Phase 1 Modernization. Additionally, DTM executed a new

long-term gathering agreement supporting a 100 MMcf/d Appalachia Gathering Vrathan Reddy

expansion and commercialized a new NEXUS interconnect serving a data center (1-212) 622-4692

vrathan.reddy@jpmchase.com

generation project, reinforcing the demand-pull narrative across the Northeast

Eli Jossen, CFAsystem. On the call, we look for latest on MIST commercial discussions and scope

(1-212) 622-4113

refinement toward FID, Vector 2030 commercialization progress, and any color on eli.jossen@jpmchase.com

Millennium R2R upsizing potential given Algonquin/Beacon demand pull. We see

Francina Kolluri

backlog additions likely largely in line with call commentary on G4, MIST and (1-212) 270-5796

Vector 2030 binding commitment timelines the larger driver of trading today. francina.kolluri@jpmchase.com

J.P. Morgan Securities LLC