Antero Midstream (AM) reported a softer-than-expected 1Q26 due to transaction timing, but management raised confidence in its high-single-digit EBITDA growth outlook for 2027+.
Key Takeaways
- 1.Antero Midstream reported a softer 1Q26 with adj. EBITDA of $288m, missing estimates due to volume and margin timing related to the HG Energy acquisition.
- 2.Management expressed increased confidence in achieving high-single-digit EBITDA growth through the medium-term, supported by AR's production growth plans.
- 3.The HG Midstream acquisition integration is progressing ahead of schedule, with the first pad already turned-in-line in 2Q26.
Table of Contents
- 1Q26 Results
- Key Takeaways
- Updating Estimates
- Valuation and Risks
- Disclosure Appendix
- Price target and rating history chart(s)
- Target price history table(s)
- Regulatory disclosures
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Authors
John MackayOlivia FosterJackie KoletasBen Lund
Securities
AMARHenry Hub
Themes
Midstream M&A IntegrationData Center/Power Demand Opportunities
Regions
North AmericaUnited States