DT Midstream: Dream the Midwest Dream

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DT Midstream: Dream the Midwest Dream

USA | Energy

DT Midstream EquityJulyResearch16, 2026

TARGET | ESTIMATE CHANGEDream the Midwest Dream

We hosted DTM for a fireside chat & NDR and we come away incrementally +ve RATING BUY

on the Midwest opportunity. Watch items into 2Q and FY are MIST binding open PRICE $145.29^

season later this summer and eventual FID in the fall for FY29 in-service, but PRICE TARGET | % TO PT $170.00 ($164.00) | +17%

also the increasingly socialized 'G4' expansion. WEC/LNT sanctioned projects / 52W HIGH-LOW $152.88 - $98.06

data points key catalysts in the Upper Midwest and Iowa. We now flow thru FLOAT (%) | ADV MM (USD) 99.0% | 101.56

MIST Phase 1&2 and 'G4' & 'G5' expansions thru financials, PT to $170, reit. BUY. MARKET CAP $14.9B

TICKER DTM

Datacenter Nexus: We see DC acceleration in Midwest in recent months as clear leading indicator ^Prior trading day's closing price unless otherwise noted.

for yet another round of positive revisions. See NI, LNT, WEC gas power expansions as the most

supportive & underappreciated to DTM, among a host of other emerging opportunities (across IN

principally). See MSFT & GOOG underpinning bulk of announcements in 2H26 for DTM. FY (Dec) CHANGE TO JEFe JEF vs CONS

2025 2026 2025 2026

MIST evolving into North and Southbound expansions. May create a staging of phases as the

EBITDA NA NA NM NM

utilities North towards Chicago may be on a different timeline than the utilities south into Nashville.

EPS NA NM NM -1%

DTM is shooting for a binding open season towards the end of the summer and a formal FID

sometime this fall to be on schedule for a 2029 in-service. DTM continued to characterize the

2025 ($) Q1A Q2A Q3 Q4 FY

opportunity as similar to the G3 expansion, but we now model two phases; one in FY29e and one in