Financial Analysis

"COMMITMENTS AND CONTINGENCIES From time to time, we are subject to legal, administrative and environmental proceedings before various courts, arbitration panels and governmental agencies concerning claims arising in the ordinary course of business. These proceedings include certain contract disputes, additional environmental reviews and investigations, audits and pending judicial matters. We cannot predict the final disposition of such proceedings. We regularly review legal matters and record provisions for claims that we can estimate and are considered probable of loss. The amount or range of reasonably possible losses is not anticipated to, either individually or in the aggregate, materially adversely affect our business, financial condition and results of operations. Guarantees In certain limited circumstances, we enter into contractual guarantees. We may guarantee another entity's obligation in the event it fails to perform and may provide guarantees in certain indemnification agreements. We did not have any guarantees of other parties' obligations as of June 30, 2026. Surety Bonds In certain limited circumstances, we enter into contracts that require us to obtain external surety bonds to secure our payment and performance. We agree to indemnify the issuers of these surety bonds for amounts, if any, paid by them under these agreements. In the event that any surety bonds are called for non-performance, we would be obligated to reimburse the issuer of the surety bond. The …

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DEBT Debt Issuance, Repurchases and Extinguishment In April 2026, Guardian entered into a credit agreement and borrowed $150 million under the Guardian Term Loan. The Guardian Term Loan matures on April 30, 2033 and bears interest at a variable rate equal to SOFR plus 1.95%. The proceeds were used to repurchase $150 million aggregate principal amount of DT Midstream's outstanding senior unsecured notes in open-market transactions, consisting of $130 million of the 2029 Notes and $20 million of the 2031 Notes. The repurchases were completed at a discount and accounted for as partial extinguishments of debt. As a result, the Company recognized a gain on extinguishment of debt of approximately $1 million during the three months ended June 30, 2026, which was recorded as a Gain from financing activities on DT Midstream's Consolidated Statements of Operations for the three and six months ended June 30, 2026. Long-Term Debt The following is a summary of long-term debt: Maturity June 30, December 31, Title Type Interest Rate Date 2026 2025 (millions) 2029 Notes Senior Unsecured Notes (a) 4.125% 2029 $ 970 $ 1,100 2031 Notes Senior Unsecured Notes (a) 4.375% 2031 980 1,000 2032 Notes Senior Unsecured Notes (b) 4.300% 2032 600 600 2034 Notes Senior Unsecured Notes (a) 5.800% 2034 650 650 Guardian Term Loan Unsecured Term Loan Variable (c) 2033 150 Long-term debt principal 3,350 3,350 Unamortized debt discount (1) (1) Unamortized debt issuance costs (23) (25) Long-term debt, net $ 3,32 …

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The following is a summary of revenues disaggregated by segment: Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 (millions) Pipeline (a) $ 183 $ 176 $ 368 $ 345 Gathering 168 133 324 267 Elimination of inter-segment revenue (8) (13) Total Operating revenues $ 343 $ 309 $ 679 $ 612 __________________________________ (a) Includes revenues outside the scope of ASC 606 primarily related to contracts accounted for as leases of $18 million and $20 million for the three months ended June 30, 2026 and 2025, respectively, and $37 million and $41 million for the six months ended June 30, 2026 and 2025, respectively. …

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FAIR VALUE Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in a principal or most advantageous market. Fair value is a market-based measurement that is determined based on inputs, which refer broadly to assumptions that market participants use in pricing assets or liabilities. These inputs can be readily observable, market corroborated, or generally unobservable inputs. We make certain assumptions we believe that market participants would use in pricing assets or liabilities, including assumptions about risk, and the risks inherent in the inputs to valuation techniques. We believe we use valuation techniques that maximize the use of observable market-based inputs and minimize the use of unobservable inputs. Significant Accounting Policy Fair Value A fair value hierarchy has been established that prioritizes the inputs to valuation techniques used to measure fair value in three broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). In some cases, the inputs used to measure fair value might fall in different levels of the fair value hierarchy. All assets and liabilities are required to be classified in their entirety based on the lowest level of input that is significant to the fair …

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INCOME TAXES Effective Tax Rates We record income taxes during the interim period using an estimated annual effective tax rate and recognize specific events discretely as they occur. The interim period effective tax rate of DT Midstream was 32% and 24% for the three months ended June 30, 2026 and 2025, respectively, and 26% and 24% for the six months ended June 30, 2026 and 2025, respectively. The difference between the current period interim effective tax rates and the federal statutory rate of 21% is primarily driven by the effect of state income taxes and a non-recurring adjustment to our deferred tax liabilities recognized during the three months ended June 30, 2026. The difference between the prior period interim effective tax rates and the federal statutory rate was primarily driven by state income taxes.

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Recently Issued Pronouncements In November 2024, the FASB issued ASU No. 2024-03, Income StatementReporting Comprehensive IncomeExpense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments require enhanced disclosures of specified costs and expenses included in significant expense captions in the income statement, including purchases of inventory, employee compensation, depreciation, amortization, and other key amounts. The FASB subsequently issued ASU No. 2025-01 in January 2025 to clarify the effective date of ASU No. 2024-03. The amendments are effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of this standard's adoption on our Consolidated Financial Statements. In September 2025, the FASB issued ASU No. 2025-06, IntangiblesGoodwill and OtherInternal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The amendments modernize the guidance by replacing the stage-based capitalization model with a probable-to-complete threshold, aligning impairment testing with the long-lived asset model under ASC 360, and requiring enhanced disclosures for significant internal-use software projects. The amendments are effective for annual reporting periods beginning after December 15, 2027, and interi …

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REVENUE Disaggregation of Revenue The following is a summary of revenues disaggregated by segment: Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 (millions) Pipeline (a) $ 183 $ 176 $ 368 $ 345 Gathering 168 133 324 267 Elimination of inter-segment revenue (8) (13) Total Operating revenues $ 343 $ 309 $ 679 $ 612 __________________________________ (a) Includes revenues outside the scope of ASC 606 primarily related to contracts accounted for as leases of $18 million and $20 million for the three months ended June 30, 2026 and 2025, respectively, and $37 million and $41 million for the six months ended June 30, 2026 and 2025, respectively. Nature of Services We primarily provide two types of revenue services: firm service and interruptible service. Firm service revenue contracts provide for fixed revenue commitments regardless of actual volumes of natural gas that flow, which leads to more stable operating performance, revenues and cash flows and limits our exposure to natural gas price fluctuations. Firm service revenue contracts are typically long-term and structured using fixed demand charges or MVCs with fixed deficiency fee rates. Contracts structured using fixed demand charges contain a performance obligation of a stand-ready series of distinct services that are substantially the same with the same pattern of transfer to the customer, therefore revenue is recognized ratably over time. Contracts structured using MVCs with fixed deficiency fee ra …

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SEGMENT AND RELATED INFORMATION We set strategic goals, allocate resources, and evaluate performance based on the following two segments: Pipeline and Gathering. The Pipeline segment owns and operates interstate and intrastate natural gas pipelines, storage systems, and natural gas gathering lateral pipelines. The Pipeline segment also has interests in equity method investees that own and operate interstate natural gas pipelines. The segment is engaged in the transportation and storage of natural gas for intermediate and end user customers. The Gathering segment owns and operates gas gathering systems. The segment is engaged in collecting natural gas from points at or near customers wells for delivery to plants for treating, to gathering pipelines for further gathering, or to pipelines for transportation, as well as associated ancillary services. Inter-segment billing for goods and services exchanged between segments is based upon contracted prices of the provider. Financial data for our business segments follows: Three Months Ended June 30, 2026 Pipeline Gathering Total Reportable Segments Eliminations Total Consolidated (millions) Revenues Operating revenues $ 183 $ 168 $ 351 $ (8) $ 343 Operating Expenses Operation and maintenance 39 59 98 (8) 90 Depreciation and amortization 28 40 68 68 Taxes other than income 8 4 12 12 Other (Income) and Deductions Interest expense 14 28 42 42 Interest income (1) (1) (1) Earnings from equity method investees (33) (33) (33) Gain from fina …

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SIGNIFICANT ACCOUNTING POLICIES Cash and Cash Equivalents Cash and cash equivalents include cash in banks and highly liquid money market investments with remaining maturities of three months or less, when purchased. Cash equivalents are stated at cost, which approximates fair value. Financing Receivables Financing receivables are primarily composed of trade accounts receivable and notes receivable, which are stated at net realizable value. We regularly monitor the credit quality of our financing receivables by reviewing counterparty credit quality indicators and monitoring for triggering events, such as a credit rating downgrade or bankruptcy. We have three internal grades of credit quality, with internal grade 1 as the lowest risk and internal grade 3 as the highest risk. The related credit quality indicators and risk ratings utilized to develop the internal grades have been updated through June 30, 2026. As of June 30, 2026, the notes receivable related party of $4 million, which originated prior to 2021, were classified as internal grade 1. There are no notes receivable on nonaccrual status and no past due financing receivables as of June 30, 2026. For trade accounts receivable, the customer allowance for expected credit loss is calculated based on specific review of future collections based on receivable balances generally in excess of 30 days. Existing and future economic conditions, historical loss rates, customer trends and other relevant factors that may affect our ab …

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SUBSEQUENT EVENT Dividend Declaration On July 30, 2026, we announced that our Board of Directors declared a quarterly dividend of $0.88 per share of common stock. The dividend is payable to our stockholders of record as of September 21, 2026 and is expected to be paid on October 15, 2026.

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