Q4 2025 Antero Midstream Corp Earnings Call Transcript

Feb 12, 2026 / 05:00PM GMT

Release Date Price: $20.91 (+2.30%)

Transcript 8-K10-K

Key Points

Positve

Antero Midstream Corp (AM) closed the acquisition of HG Midstream for $1.1 billion, adding over 400 highly economic undeveloped locations.
The company reported an EBITDA growth of 7% year over year for 2025, marking the 11th consecutive year of growth since its IPO.
Free cash flow after dividends increased by 30% in 2025, driven by capital-efficient organic growth.
For 2026, Antero Midstream Corp (AM) expects an 8% year-over-year EBITDA growth and an 11% year-over-year free cash flow growth.
The company maintains a strong balance sheet with leverage in the low 3 times range, allowing for debt reduction and share repurchases.

Negative

The acquisition of HG Midstream requires significant integration efforts, including the integration of the water system.
The capital budget for 2026 is substantial, ranging from $190 million to $220 million, which may impact financial flexibility.
Despite the positive outlook, the company faces the challenge of maintaining high-single-digit EBITDA growth beyond 2027.
The reliance on dry gas assets may pose risks if market conditions for dry gas change unfavorably.
The company's growth strategy heavily depends on the successful execution of the three-rig, two-completion-crew development program.

Operator

Greetings. Welcome to Antero Midstream fourth-quarter 2025 earnings call. (Operator Instructions) Please note this conference is being recorded.

I will now turn the conference over to Dan Katzenberg, Director of Finance. Sir, you may begin.

Dan Katzenberg

Antero Midstream Corp - Director of Finance and Investor Relations

Thank you for joining us for Antero Midstreamâs fourth-quarter investor conference call. We will spend a few minutes going through the financial and operating highlights and then we will open it up for Q&A. I would also like to direct you to the home page of our website at anteromidstream.com where we have provided a separate earnings call presentation that will be reviewed during todayâs call. Todayâs call may also contain certain non-GAAP financial measures. Please refer to our earnings press release for important disclosures regarding such measures.

Joining me on the call today are Michael Kennedy, CEO and President of Antero Midstream; Justin Agnew, CFO of Antero Midstream; and Brendan Krueger, CFO of Antero

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