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Posted by Defense World Staff on Jul 26th, 2026

Bessemer Group Inc. reduced its stake in Antero Midstream Corporation (NYSE:AM – Free Report) by 91.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 16,112 shares of the pipeline company’s stock after selling 166,796 shares during the period. Bessemer Group Inc.’s holdings in Antero Midstream were worth $367,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the stock. Larson Financial Group LLC grew its holdings in Antero Midstream by 68.1% during the 4th quarter. Larson Financial Group LLC now owns 1,747 shares of the pipeline company’s stock valued at $31,000 after buying an additional 708 shares in the last quarter. Arax Advisory Partners lifted its holdings in shares of Antero Midstream by 83.9% in the fourth quarter. Arax Advisory Partners now owns 1,734 shares of the pipeline company’s stock worth $31,000 after buying an additional 791 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Antero Midstream by 219,900.0% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,200 shares of the pipeline company’s stock worth $39,000 after buying an additional 2,199 shares in the last quarter. Root Financial Partners LLC boosted its position in shares of Antero Midstream by 36.4% in the first quarter. Root Financial Partners LLC now owns 2,014 shares of the pipeline company’s stock valued at $46,000 after acquiring an additional 537 shares during the period. Finally, Geneos Wealth Management Inc. boosted its position in shares of Antero Midstream by 401.4% in the second quarter. Geneos Wealth Management Inc. now owns 2,778 shares of the pipeline company’s stock valued at $53,000 after acquiring an additional 2,224 shares during the period. 53.97% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets In related news, insider Yvette K. Schultz sold 69,269 shares of the company’s stock in a transaction on Monday, May 4th. The shares were sold at an average price of $21.90, for a total value of $1,516,991.10. Following the completion of the transaction, the insider directly owned 580,565 shares in the company, valued at approximately $12,714,373.50. The trade was a 10.66% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Michael N. Kennedy sold 100,000 shares of the stock in a transaction on Monday, May 4th. The shares were sold at an average price of $21.92, for a total value of $2,192,000.00. Following the completion of the transaction, the insider directly owned 1,500,594 shares in the company, valued at approximately $32,893,020.48. This represents a 6.25% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.10% of the stock is owned by corporate insiders.

Antero Midstream Stock Performance Shares of AM opened at $22.75 on Friday. The company has a market cap of $10.80 billion, a PE ratio of 26.45 and a beta of 0.64. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 1.89. The stock has a 50-day moving average price of $22.07 and a 200-day moving average price of $21.38. Antero Midstream Corporation has a 12-month low of $16.77 and a 12-month high of $23.83.

Antero Midstream (NYSE:AM – Get Free Report) last posted its quarterly earnings data on Wednesday, April 29th. The pipeline company reported $0.25 earnings per share for the quarter, missing the consensus estimate of $0.26 by ($0.01). The company had revenue of $314.21 million during the quarter, compared to the consensus estimate of $311.30 million. Antero Midstream had a return on equity of 20.38% and a net margin of 33.90%.The firm’s revenue for the quarter was up 7.9% on a year-over-year basis. During the same quarter last year, the company posted $0.25 earnings per share. As a group, equities analysts forecast that Antero Midstream Corporation will post 1.1 earnings per share for the current fiscal year.

Antero Midstream Announces Dividend The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 12th. Stockholders of record on Wednesday, July 29th will be issued a $0.225 dividend. The ex-dividend date of this dividend is Wednesday, July 29th. This represents a $0.90 dividend on an annualized basis and a dividend yield of 4.0%. Antero Midstream’s dividend payout ratio is presently 104.65%.

Analyst Ratings Changes A number of research firms recently weighed in on AM. The Goldman Sachs Group set a $24.00 target price on shares of Antero Midstream in a report on Tuesday, July 14th. Morgan Stanley raised shares of Antero Midstream from an “underweight” rating to an “equal weight” rating and set a $26.00 price target for the company in a report on Wednesday, April 22nd. Finally, Weiss Ratings lowered shares of Antero Midstream from a “buy (a-)” rating to a “buy (b+)” rating in a research report on Thursday, June 25th. One equities research analyst has rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $24.25.

Read Our Latest Analysis on AM

Antero Midstream Profile (Free Report)

Antero Midstream Corporation is a publicly traded midstream service provider that was established in 2014 as a spin-off from Antero Resources. Headquartered in Denver, Colorado, the company owns, operates and develops midstream infrastructure to support the gathering, compression, processing, transportation and storage of natural gas, natural gas liquids (NGLs) and crude oil. Antero Midstream plays a critical role in connecting upstream production in the Appalachian Basin to end-market pipelines and processing facilities.

The company’s core operations include a network of gathering pipelines and compression stations that serve the Marcellus and Utica shale formations across West Virginia, Pennsylvania and Ohio.

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A month has gone by since the last earnings report for Antero Midstream Corporation (AM - Free Report) . Shares have added about 9.3% in that time frame, outperforming the S&P 500.

But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Antero Midstream due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its latest earnings report in order to get a better handle on the important catalysts.

Antero Midstream's Q4 Earnings Miss Estimates, Revenues BeatAntero Midstream reported fourth-quarter 2025 earnings per share of 11 cents, which missed the Zacks Consensus Estimate of 24 cents. The bottom line also declined from the year-ago quarter’s level of 23 cents.

Total quarterly revenues of $297 million beat the Zacks Consensus Estimate of $294 million. The top line also improved from $287 million in the year-ago quarter.

The weak quarterly earnings can be attributed to an increase in total operating expenses. However, higher gathering and compression volumes partially offset the negatives.

Operational Performance

Average daily compression volumes were 3,424 million cubic feet (MMcf/d) compared with 3,266 MMcf/d in the year-ago quarter. The reported figure was above our estimate of 3,274 MMcf/d. On a per-Mcf basis, the compression fee was 22 cents, which increased nearly 5% from 21 cents a year ago.

High-pressure gathering volumes totaled 3,193 MMcf/d, up 5% from the year-ago level of 3,045 MMcf/d. Our estimate for the same was pinned at 3,068 MMcf/d. On a per-Mcf basis, the average gathering high-pressure fee was 23 cents, which remained flat year over year.

Low-pressure gathering volumes averaged 3,435 MMcf/d compared with 3,276 MMcf/d a year ago. The figure was above our estimate of 3,296 MMcf/d. On a per-Mcf basis, the average gathering low-pressure fee was 36 cents, which remained flat year over year. The reported figure met our estimate of 36 cents.

Freshwater delivery volumes were registered at 93 MBbls/d, down 18% from the prior-year quarter’s figure of 114 MBbls/d. On a per-barrel basis, the average freshwater distribution fee was $4.37 compared with $4.31 a year ago. The figure was above our estimate of $4.31.

Operating Expenses

Direct operating expenses amounted to $54.1 million, down from $55.9 million recorded a year ago.

Antero Midstream’s total operating expenses amounted to $196.5 million, up from $109.7 million recorded in the corresponding period of 2024.

Balance Sheet

As of Dec. 31, 2025, the company had cash and cash equivalents of $180 million. The company also had a long-term debt of $3.2 billion.

How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a upward trend in estimates revision.

VGM ScoresCurrently, Antero Midstream has a subpar Growth Score of D, however its Momentum Score is doing a lot better with an A. However, the stock was allocated a grade of D on the value side, putting it in the bottom 40% for this investment strategy.

Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been trending upward for the stock, and the magnitude of this revision looks promising. Interestingly, Antero Midstream has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry PlayerAntero Midstream belongs to the Zacks Oil and Gas - Integrated - United States industry. Another stock from the same industry, National Fuel Gas (NFG - Free Report) , has gained 9.5% over the past month. More than a month has passed since the company reported results for the quarter ended December 2025.

National Fuel Gas reported revenues of $651.51 million in the last reported quarter, representing a year-over-year change of +18.6%. EPS of $2.06 for the same period compares with $1.66 a year ago.

For the current quarter, National Fuel Gas is expected to post earnings of $2.69 per share, indicating a change of +12.6% from the year-ago quarter. The Zacks Consensus Estimate has changed -1.8% over the last 30 days.

National Fuel Gas has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of B.

Algert Global LLC boosted its holdings in shares of Antero Midstream Corporation (NYSE: AM) by 105.2% in the undefined quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,153,609 shares of the pipeline company's stock after buying an additional 591,346 shares during the quarter.

Chickasaw Capital Management LLC grew its stake in shares of Antero Midstream Corporation (NYSE: AM) by 11.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,409,183 shares of the pipeline company's stock after acquiring an additional 147,250 shares

Posted by Defense World Staff on Apr 8th, 2026

Shares of Antero Midstream Corporation (NYSE:AM – Get Free Report) crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $19.40 and traded as high as $23.03. Antero Midstream shares last traded at $22.7850, with a volume of 1,770,244 shares trading hands.

Analyst Upgrades and Downgrades A number of analysts recently weighed in on the stock. Weiss Ratings raised shares of Antero Midstream from a “buy (b+)” rating to a “buy (a-)” rating in a report on Friday, March 6th. Zacks Research lowered shares of Antero Midstream from a “strong-buy” rating to a “hold” rating in a report on Monday, February 2nd. The Goldman Sachs Group upped their target price on shares of Antero Midstream from $18.00 to $23.00 and gave the stock a “neutral” rating in a report on Tuesday, February 24th. Wells Fargo & Company upped their target price on shares of Antero Midstream from $21.00 to $23.00 and gave the stock an “equal weight” rating in a report on Friday, March 13th. Finally, UBS Group upped their target price on shares of Antero Midstream from $22.00 to $24.00 and gave the stock a “neutral” rating in a report on Wednesday, March 25th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Antero Midstream currently has a consensus rating of “Hold” and a consensus target price of $22.50.

Read Our Latest Research Report on Antero Midstream

Antero Midstream Stock Up 0.8% The stock’s fifty day moving average is $21.78 and its two-hundred day moving average is $19.40. The company has a current ratio of 3.41, a quick ratio of 3.41 and a debt-to-equity ratio of 1.63. The firm has a market cap of $10.78 billion, a P/E ratio of 26.49 and a beta of 0.75.

Antero Midstream (NYSE:AM – Get Free Report) last issued its quarterly earnings results on Wednesday, February 11th. The pipeline company reported $0.11 EPS for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.13). The company had revenue of $297.00 million during the quarter, compared to the consensus estimate of $292.46 million. Antero Midstream had a return on equity of 20.12% and a net margin of 34.77%.Antero Midstream’s quarterly revenue was up 3.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.23 EPS. As a group, research analysts anticipate that Antero Midstream Corporation will post 0.95 earnings per share for the current year.

Antero Midstream Announces Dividend The business also recently declared a quarterly dividend, which was paid on Wednesday, February 11th. Stockholders of record on Wednesday, January 28th were issued a $0.225 dividend. The ex-dividend date of this dividend was Wednesday, January 28th. This represents a $0.90 dividend on an annualized basis and a dividend yield of 3.9%. Antero Midstream’s dividend payout ratio is presently 104.65%.

Insider Transactions at Antero Midstream In other news, insider Yvette K. Schultz sold 25,000 shares of the stock in a transaction on Monday, March 9th. The shares were sold at an average price of $22.81, for a total value of $570,250.00. Following the transaction, the insider owned 649,834 shares of the company’s stock, valued at $14,822,713.54. This represents a 3.70% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Brooks J. Klimley sold 5,000 shares of the stock in a transaction on Thursday, March 12th. The stock was sold at an average price of $23.16, for a total transaction of $115,800.00. Following the completion of the transaction, the director directly owned 69,680 shares in the company, valued at $1,613,788.80. The trade was a 6.70% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 44,000 shares of company stock valued at $1,004,690 in the last quarter. Insiders own 0.86% of the company’s stock.

Hedge Funds Weigh In On Antero Midstream Institutional investors have recently made changes to their positions in the stock. Richardson Financial Services Inc. increased its holdings in shares of Antero Midstream by 330.2% in the 3rd quarter. Richardson Financial Services Inc. now owns 1,295 shares of the pipeline company’s stock worth $25,000 after buying an additional 994 shares during the last quarter. Root Financial Partners LLC bought a new position in shares of Antero Midstream in the 3rd quarter worth $25,000. Elevation Wealth Partners LLC bought a new position in shares of Antero Midstream in the 4th quarter worth $27,000. Quent Capital LLC bought a new position in shares of Antero Midstream in the 3rd quarter worth $28,000. Finally, Larson Financial Group LLC boosted its stake in shares of Antero Midstream by 68.1% in the 4th quarter. Larson Financial Group LLC now owns 1,747 shares of the pipeline company’s stock valued at $31,000 after purchasing an additional 708 shares in the last quarter. Institutional investors own 53.97% of the company’s stock.

Antero Midstream Company Profile (Get Free Report)

Antero Midstream Corporation is a publicly traded midstream service provider that was established in 2014 as a spin-off from Antero Resources. Headquartered in Denver, Colorado, the company owns, operates and develops midstream infrastructure to support the gathering, compression, processing, transportation and storage of natural gas, natural gas liquids (NGLs) and crude oil. Antero Midstream plays a critical role in connecting upstream production in the Appalachian Basin to end-market pipelines and processing facilities.

The company’s core operations include a network of gathering pipelines and compression stations that serve the Marcellus and Utica shale formations across West Virginia, Pennsylvania and Ohio.

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Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- Antero Resources (NYSE: AR) ("Antero" or the "Company") today announced that the Company plans to issue its first quarter 2026 earnings release on Wednesday, April 29, 2026 after the close of trading on the New York Stock Exchange.

A conference call is scheduled on Thursday, April 30, 2026 at 9:00 am MT to discuss the financial and operational results. A brief Q&A session for security analysts will immediately follow the discussion of the results. To participate in the call, dial in at 877-407-9079 (U.S.), or 201-493-6746 (International) and reference "Antero Resources." A telephone replay of the call will be available until Thursday, May 7, 2026 at 9:00 am MT at 877-660-6853 (U.S.) or 201-612-7415 (International) using the conference ID: 13758944. To access the live webcast and view the related earnings conference call presentation, visit Antero's website at www.anteroresources.com. The webcast will be archived for replay until Thursday, May 7, 2026 at 9:00 am MT.

Antero Resources is an independent natural gas and natural gas liquids company engaged in the acquisition, development and production of unconventional properties located in the Appalachian Basin in West Virginia. In conjunction with its affiliate, Antero Midstream (NYSE: AM), Antero is one of the most integrated natural gas producers in the U.S. The Company's website is located at www.anteroresources.com.

SOURCE Antero Resources Corporation

Also from this source

, /PRNewswire/ -- Antero Midstream Corporation (NYSE: AM) ("Antero Midstream" or the "Company") today announced its first quarter 2026 financial and operating results.  The relevant consolidated financial statements are included in Antero Midstream's Quarterly Report on Form 10-Q for the three months ended March 31, 2026.

First Quarter 2026 Highlights:

Gathering volumes increased by 14% compared to the prior year quarter Net Income was $118 million, or $0.25 per diluted share, in line with the prior year quarter Adjusted Net Income was $138 million, or $0.29 per diluted share, a 4% per share increase compared to the prior year quarter (non-GAAP measure) Adjusted EBITDA was $288 million, a 5% increase compared to the prior year quarter (non-GAAP measure) Capital expenditures were $42 million Adjusted Free Cash Flow after dividends was $85 million, an 8% increase compared to the prior year quarter (non-GAAP measure) Repurchased 1.0 million shares for $18 million Michael Kennedy, CEO and President said, "Antero Midstream delivered another quarter of volume and EBITDA growth while closing the Company's largest acquisition to-date.  Our ability to close the HG acquisition and integrate operations while avoiding any outages during Winter Storm Fern, is a testament to the hard work and dedication of our team."

Mr. Kennedy continued, "In addition to the integration efforts that remain on schedule, we continue to invest capital to improve the connectivity and market outlets on our gathering systems. These capital projects supported our first dry gas Marcellus Shale pad in over a decade, as well as our first pad on the acquired assets, that were connected during the second quarter. These pads deliver volumetric growth and position Antero Midstream to help supply the rising demand for U.S. Energy."

Justin Agnew, CFO of Antero Midstream, said, "Antero Midstream's strong balance sheet and consistent Free Cash Flow generation, combined with the sale of our Ohio Utica Shale assets, allowed us to finance the HG Energy acquisition while maintaining leverage in the low 3-times range. Looking ahead we expect our just-in-time organic strategy, bolstered by the highly accretive HG Energy acquisition, to continue delivering high-single digit EBITDA growth in the future."

For a discussion of the non-GAAP financial measures, including Adjusted EBITDA, Adjusted Net Income, Leverage, and Adjusted Free Cash Flow after dividends please see "Non-GAAP Financial Measures."

Share Repurchases

During the first quarter of 2026, Antero Midstream repurchased 1.0 million shares for $18 million.  Antero Midstream had approximately $318 million of remaining capacity under its share repurchase program as of March 31, 2026. 

Strategic and Operating Updates

Antero Midstream completed its two previously announced strategic transactions during the first quarter.  The Company closed on the HG Energy acquisition in early February and closed on the divestiture of its Ohio Utica Shale assets in late February.  Operating and financial results include contributions based on the closing dates of each transaction.

Upon closing of the acquisition, Antero Midstream immediately commenced asset integration operations and cost-effective water blending solutions. This included initial facilities and connectivity work that successfully supported the first pad turn-in-line on the acquired assets in the second quarter.  In addition, the Company initiated the construction of a pipeline to connect its water system with the acquired water system, which supports additional fresh water delivery volumes and growth in 2027 and beyond.

During the first quarter of 2026, Antero Midstream connected 20 wells to its gathering system and serviced 26 wells with its fresh water delivery system.  Capital expenditures were $42 million during the first quarter of 2026.  The Company invested $26 million in gathering and compression, $15 million in water infrastructure, and $1 million in the Stonewall Joint Venture.

First Quarter 2026 Financial Results

Gathering volumes increased by 14% compared to the prior year quarter. Fresh water delivery volumes averaged 83 MBbl/d during the quarter, a 21% decrease compared to the first quarter of 2025.  Processing volumes from the processing and fractionation joint venture (the "Joint Venture") increased by 4% compared to the prior year quarter. Joint Venture fractionation volumes averaged 40 MBbl/d, in line with the prior year quarter.  Processing and fractionation capacity were both 100% utilized during the quarter. 

Three Months Ended

March 31,

Average Daily Volumes:

2025

2026

% Change

Gathering (MMcf/d)

3,348

3,805

14 %

Centralized Compression (MMcf/d)

3,330

3,370

1 %

High Pressure Gathering (MMcf/d)

3,106

3,133

1 %

Fresh Water Delivery (MBbl/d)

105

83

(21) %

Joint Venture Processing (MMcf/d)

1,650

1,708

4 %

Joint Venture Fractionation (MBbl/d)

40

40

—

For the three months ended March 31, 2026, revenues were $314 million, comprised of $250 million from the Gathering and Processing segment and $64 million from the Water Handling segment, net of $21 million of amortization of customer relationships.  Water Handling revenues include $40 million from other water handling and high rate water transfer services.

Direct operating expenses were $30 million for the Gathering and Processing segment and $41 million for the Water Handling segment for a total of $71 million.  Water Handling operating expenses include $35 million from other water handling and high rate water transfer services.  General and administrative expenses excluding equity-based compensation were $12 million during the first quarter of 2026.  Total operating expenses during the first quarter of 2026 included $11 million of equity-based compensation expense and $35 million of depreciation expense. Transaction expense was $9 million related to the HG Midstream acquisition.

Net Income was $118 million, or $0.25 per diluted share, in line with the prior year quarter.  Net Income adjusted for amortization of customer relationships, impairment of property and equipment, gain on long-lived assets, transaction expense and other, net of tax effects of reconciling items, or Adjusted Net Income, was $138 million.  Adjusted Net Income was $0.29 per diluted share, a 4% per share increase compared to the prior year quarter.

The following table reconciles Net Income to Adjusted Net Income (in thousands):

Three Months Ended

March 31,

2025

2026

Net Income

$

120,737

118,266

Amortization of customer relationships

17,668

21,210

Impairment of property and equipment

817

—

Gain on long-lived assets

—

(2,658)

Transaction expense

—

8,689

Other(1)

(5)

(13)

Tax effect of reconciling items(2)

(4,773)

(7,047)

Adjusted Net Income

$

134,444

138,447

(1) Other represents gain on asset sale.

(2) The statutory tax rate for each of the three months ended March 31, 2025 and 2026 was approximately 26%.

Adjusted EBITDA was $288 million, a 5% increase compared to the prior year quarter.  Interest expense was $54 million, a 12% increase compared to the prior year quarter driven by financing for the HG Energy acquisition.  Capital expenditures were $42 million during the first quarter of 2026.  Adjusted Free Cash Flow before dividends was $192 million and Adjusted Free Cash Flow after dividends was $85 million, an 8% increase compared to the prior year quarter.

The following table reconciles Net Income to Adjusted EBITDA and Adjusted Free Cash Flow before and after dividends (in thousands):

Three Months Ended

March 31,

2025

2026

Net Income

$

120,737

118,266

Interest expense, net

48,410

54,029

Income tax expense

36,096

37,639

Depreciation expense

32,748

34,635

Amortization of customer relationships

17,668

21,210

Equity-based compensation

12,402

10,579

Equity in earnings of unconsolidated affiliates

(28,020)

(30,012)

Distributions from unconsolidated affiliates

33,375

35,720

Impairment of property and equipment

817

—

Gain on long-lived assets

—

(2,658)

Transaction expense

—

8,689

Other operating expense, net(1)

44

34

Adjusted EBITDA

$

274,277

288,131

Interest expense, net

(48,410)

(54,029)

Capital expenditures (accrual-based)

(37,288)

(41,952)

  Current income tax expense

(1,680)

—

Adjusted Free Cash Flow before dividends

$

186,899

192,150

Dividends declared (accrual-based)

(107,836)

(106,871)

Adjusted Free Cash Flow after dividends

$

79,063

85,279

(1) Other operating expense represents accretion of asset retirement obligations and gain on asset sale.

The following table reconciles net cash provided by operating activities to Adjusted Free Cash Flow before and after dividends (in thousands):

Three Months Ended

March 31,

2025

2026

Net cash provided by operating activities

$

198,942

238,624

Amortization of deferred financing costs

(1,307)

(1,512)

Settlement of asset retirement obligations

210

34

Transaction expense

—

8,689

Changes in working capital

26,342

(11,733)

Capital expenditures (accrual-based)

(37,288)

(41,952)

Adjusted Free Cash Flow before dividends

$

186,899

192,150

Dividends declared (accrual-based)

(107,836)

(106,871)

Adjusted Free Cash Flow after dividends

$

79,063

85,279

Conference Call

A conference call is scheduled on Thursday, April 30, 2026 at 10:00 am MT to discuss the financial and operational results.  A brief Q&A session for security analysts will immediately follow the discussion of the results.  To participate in the call, dial in at 877-407-9126 (U.S.), or 201-493-6751 (International) and reference "Antero Midstream."  A telephone replay of the call will be available until Thursday, May 7, 2026 at 10:00 am MT at 877-660-6853 (U.S.) or 201-612-7415 (International) using the conference ID: 13758947. To access the live webcast and view the related earnings conference call presentation, visit Antero Midstream's website at www.anteromidstream.com.  The webcast will be archived for replay until Thursday, May 7, 2026 at 10:00 am MT.

Presentation

An updated presentation will be posted to the Company's website before the conference call.  The presentation can be found at www.anteromidstream.com on the homepage.  Information on the Company's website does not constitute a portion of, and is not incorporated by reference into, this press release.

Non-GAAP Financial Measures and Definitions

Antero Midstream uses certain non-GAAP financial measures.  Antero Midstream defines Adjusted Net Income as Net Income adjusted for certain items.  Antero Midstream uses Adjusted Net Income to assess the operating performance of its assets.  Antero Midstream defines Adjusted EBITDA as Net Income adjusted for certain items.

Antero Midstream uses Adjusted EBITDA to assess:

the financial performance of Antero Midstream's assets, without regard to financing methods, capital structure or historical cost basis; its operating performance and return on capital as compared to other publicly traded companies in the midstream energy sector, without regard to financing or capital structure; and the viability of acquisitions and other capital expenditure projects. Antero Midstream defines Adjusted Free Cash Flow before dividends as Adjusted EBITDA less net interest expense, accrual-based capital expenditures, and current income tax expense.  Capital expenditures include additions to gathering systems and facilities, additions to water handling systems, and investments in unconsolidated affiliates.  Capital expenditures exclude acquisitions and Adjusted Free Cash Flow excludes transaction expense related to acquisitions. Adjusted Free Cash Flow after dividends is defined as Adjusted Free Cash Flow before dividends less accrual-based dividends declared for the quarter.  Antero Midstream uses Adjusted Free Cash Flow before and after dividends as a performance metric to compare the cash generating performance of Antero Midstream from period to period.

Adjusted EBITDA, Adjusted Net Income, and Adjusted Free Cash Flow before and after dividends are non-GAAP financial measures.  The GAAP measure most directly comparable to these measures is Net Income.  Such non-GAAP financial measures should not be considered as alternatives to the GAAP measures of Net Income and cash flows provided by (used in) operating activities.  The presentations of such measures are not made in accordance with GAAP and have important limitations as analytical tools because they include some, but not all, items that affect Net Income and cash flows provided by (used in) operating activities.  You should not consider any or all such measures in isolation or as a substitute for analyses of results as reported under GAAP.  Antero Midstream's definitions of such measures may not be comparable to similarly titled measures of other companies.

The following table reconciles cash paid for capital expenditures and accrued capital expenditures during the period (in thousands):

Three Months Ended

March 31,

2025

2026

Capital expenditures (as reported on a cash basis)

$

32,276

38,806

Change in accrued capital costs

5,012

3,146

Capital expenditures (accrual basis)

$

37,288

41,952

Antero Midstream defines Net Debt as consolidated total debt, excluding unamortized debt premiums and debt issuance costs, less cash, cash equivalents and restricted cash.  Antero Midstream views Net Debt as an important indicator in evaluating Antero Midstream's financial leverage.  Antero Midstream defines Leverage as Net Debt divided by Adjusted EBITDA for the last twelve months.  The GAAP measure most directly comparable to Net Debt is total debt, excluding unamortized debt premiums and debt issuance costs.

The following table reconciles consolidated total debt to Net Debt as used in this release (in thousands):

March 31, 2026

Bank credit facility

$

442,400

5.75% senior notes due 2028

650,000

5.375% senior notes due 2029

750,000

6.625% senior notes due 2032

600,000

5.75% senior notes due 2033

650,000

5.75% senior notes due 2034

600,000

Consolidated total debt

$

3,692,400

Less: Cash, cash equivalents and restricted cash

—

Consolidated net debt

$

3,692,400

Antero Midstream Corporation is a Delaware corporation that owns, operates and develops midstream gathering, compression, processing and fractionation assets located in the Appalachian Basin, as well as integrated water assets that primarily service Antero Resources Corporation's (NYSE: AR) ("Antero Resources") properties.

This release includes "forward-looking statements." Words such as "may," "assume," "forecast," "position," "predict," "strategy," "expect," "intend," "plan," "estimate," "anticipate," "believe," "project," "budget," "potential," or "continue," and similar expressions are used to identify forward-looking statements, although not all forward-looking statements contain such identifying words.  Such forward-looking statements are subject to a number of risks and uncertainties, many of which are not under Antero Midstream's control.  All statements, except for statements of historical fact, made in this release regarding activities, events or developments Antero Midstream expects, believes or anticipates will or may occur in the future, such as statements regarding our strategy, future operations, financial position, estimated revenues and losses, Antero Resources' and Antero Midstream's respective ability to integrate acquired assets and achieve the intended operational, financial and strategic benefits from any such transactions, projected costs, prospects, plans and objectives of management, Antero Resources' expected production and development plan, natural gas, NGLs and oil prices, Antero Midstream's ability to realize the anticipated benefits of its investments in unconsolidated affiliates, Antero Midstream's ability to execute its share repurchase and dividend program, Antero Midstream's ability to execute its business strategy, impacts of geopolitical events, including the conflicts in Ukraine, Venezuela and in the Middle East, and world health events, information regarding long-term financial and operating outlooks for Antero Midstream and Antero Resources, information regarding Antero Resources' expected future growth and its ability to meet its drilling and development plan and the participation level of Antero Resources' drilling partner, the impact on demand for Antero Midstream's services as a result of incremental production by Antero Resources, the impact of recently enacted legislation, and expectations regarding the amount and timing of litigation awards are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.  These forward-looking statements are based on management's current beliefs, based on currently available information, as to the outcome and timing of future events.  All forward-looking statements speak only as of the date of this release.  Although Antero Midstream believes that the plans, intentions and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions or expectations will be achieved.  Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements.  Except as required by law, Antero Midstream expressly disclaims any obligation to and does not intend to publicly update or revise any forward-looking statements.

Antero Midstream cautions you that these forward-looking statements are subject to all of the risks and uncertainties incidental to our business, most of which are difficult to predict and many of which are beyond Antero Midstream's control.  These risks include, but are not limited to, risks associated with the successful integration and future performance of acquired assets and operations, commodity price volatility, inflation, supply chain or other disruptions, environmental risks, Antero Resources' drilling and completion and other operating risks, regulatory changes or changes in law, the uncertainty inherent in projecting Antero Resources' future rates of production, cash flows and access to capital, the timing of development expenditures, impacts of world health events, cybersecurity risks, the state of markets for, and availability of, verified quality carbon offsets and the other risks described under the heading "Risk Factors" in Antero Midstream's Annual Report on Form 10-K for the year ended December 31, 2025 and the Quarterly Report on Form 10-Q for the quarter ended March 31, 2026..

ANTERO MIDSTREAM CORPORATION

Condensed Consolidated Balance Sheets

 (In thousands, except per share amounts)

(Unaudited)

December31,

March31,

2025

2026

Assets

Current assets:

Cash and cash equivalents

$

180,435

—

Restricted cash

82,500

—

Accounts receivable–Antero Resources

106,771

147,086

Accounts receivable–third party

993

3,156

Income tax receivable

1,896

1,896

Current assets held for sale

4,600

—

Other current assets

2,669

2,804

Total current assets

379,864

154,942

Long-term assets:

Property and equipment, net

3,454,572

3,931,657

Investments in unconsolidated affiliates

585,778

580,970

Customer relationships

1,074,087

1,682,303

Operating leases right-of-use assets

—

46,156

Assets held for sale

379,036

—

Other assets, net

10,779

9,836

Total assets

$

5,884,116

6,405,864

Liabilities and Stockholders' Equity

Current liabilities:

Accounts payable–Antero Resources

$

5,366

9,003

Accounts payable–third party

10,368

15,862

Accrued liabilities

91,527

117,576

Short-term lease liabilities

—

13,176

Current liabilities held for sale

2,297

—

Other current liabilities

1,924

1,633

Total current liabilities

111,482

157,250

Long-term liabilities:

Long-term debt

3,222,530

3,665,937

Deferred income tax liability, net

562,996

600,634

Long-term lease liabilities

—

33,415

Liabilities held for sale

3,021

—

Other

12,046

12,179

Total liabilities

3,912,075

4,469,415

Stockholders' equity:

Preferred stock, $0.01 par value: 100,000 authorized as of December 31, 2025 and
March 31, 2026

Series A non-voting perpetual preferred stock; 12 designated and 10 issued and
outstanding as of December 31, 2025 and March 31, 2026

—

—

Common stock, $0.01 par value; 2,000,000 authorized; 474,060 and 475,028 issued and
outstanding as of December 31, 2025 and March 31, 2026, respectively

4,741

4,750

Additional paid-in capital

1,952,524

1,827,496

Retained earnings

14,776

104,203

Total stockholders' equity

1,972,041

1,936,449

Total liabilities and stockholders' equity

$

5,884,116

6,405,864

ANTERO MIDSTREAM CORPORATION

Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited)

(In thousands, except per share amounts)

Three Months Ended March 31,

2025

2026

Revenue:

Gathering and compression–Antero Resources

$

238,017

261,999

Gathering and compression–third party

—

295

Water handling–Antero Resources

70,275

72,816

Water handling–third party

505

311

Amortization of customer relationships

(17,668)

(21,210)

Total revenue

291,129

314,211

Operating expenses:

Direct operating

56,830

70,697

General and administrative (including $12,402 and $10,579 of equity-based
compensation in 2025 and 2026, respectively)

23,024

22,347

Facility idling

443

545

Depreciation

32,748

34,635

Impairment of property and equipment

817

—

Gain on long-lived assets

—

(2,658)

Other operating expense, net

44

34

Total operating expenses

113,906

125,600

Operating income

177,223

188,611

Other income (expense):

Interest expense, net

(48,410)

(54,029)

Equity in earnings of unconsolidated affiliates

28,020

30,012

Transaction expense

—

(8,689)

Total other expense

(20,390)

(32,706)

Income before income taxes

156,833

155,905

Income tax expense

(36,096)

(37,639)

Net income and comprehensive income

$

120,737

118,266

Net income per common share–basic

$

0.25

0.25

Net income per common share–diluted

$

0.25

0.25

Weighted average common shares outstanding:

Basic

479,064

473,866

Diluted

484,378

477,963

ANTERO MIDSTREAM CORPORATION

Selected Operating Data (Unaudited)

Amount of

Three Months Ended March 31,

 Increase

Percentage

2025

2026

or Decrease

Change

Operating Data:

Gathering (MMcf)

301,298

342,446

41,148

14

%

Centralized compression (MMcf)

299,718

303,328

3,610

1

%

High pressure gathering (MMcf)

279,579

281,950

2,371

1

%

Fresh water delivery (MBbl)(1)

9,415

7,506

(1,909)

(20)

%

Other water handling (MBbl)(2)

5,179

8,359

3,180

61

%

Wells serviced by fresh water delivery

28

26

(2)

(7)

%

Gathering (MMcf/d)

3,348

3,805

457

14

%

Centralized compression (MMcf/d)

3,330

3,370

40

1

%

High pressure gathering (MMcf/d)

3,106

3,133

27

1

%

Fresh water delivery (MBbl/d)(1)

105

83

(22)

(21)

%

Other water handling (MBbl/d)(2)

58

93

35

60

%

Average Realized Fees(3):

Gathering ($/Mcf)

$

0.36

0.37

0.01

3

%

Centralized compression ($/Mcf)

$

0.22

0.22

—

*

High pressure gathering ($/Mcf)

$

0.23

0.23

—

*

Fresh water delivery ($/Bbl)(1)

$

4.38

4.44

0.06

1

%

Joint Venture Operating Data:

Processing (MMcf)

148,523

153,722

5,199

4

%

Fractionation (MBbl)

3,600

3,600

—

*

Processing (MMcf/d)

1,650

1,708

58

4

%

Fractionation (MBbl/d)

40

40

—

*

*Not meaningful or applicable.

(1)

Fresh water delivery includes fresh water charged at a fixed fee under our water services agreement with Antero Resources.

(2)

Other water handling includes fresh water charged at cost plus 3% for services provided to Antero Resources on its acreage acquired from HG Production and our other fluid handling services charged at cost plus 3% or cost of service.

(3)

The average realized fees for the three months ended March 31, 2026 include annual CPI-based adjustments of approximately 1.5%.

ANTERO MIDSTREAM CORPORATION

Condensed Consolidated Results of Segment Operations (Unaudited)

(In thousands)

Three Months Ended March 31, 2026

Gathering and

Water

Consolidated

(in thousands)

Processing

Handling

Unallocated (1)

Total

Revenues:

Revenue–Antero Resources

$

261,999

72,816

—

334,815

Revenue–third-party

295

311

—

606

Amortization of customer relationships

(12,384)

(8,826)

—

(21,210)

Total revenues

249,910

64,301

—

314,211

Operating expenses:

Direct operating

30,030

40,667

—

70,697

General and administrative (excluding equity-based compensation)

7,226

3,281

1,261

11,768

Equity-based compensation

7,596

2,669

314

10,579

Facility idling

—

545

—

545

Depreciation

17,844

16,791

—

34,635

Loss on long-lived assets

(3,229)

571

—

(2,658)

Other operating expense, net

—

34

—

34

Total operating expenses

59,467

64,558

1,575

125,600

Operating income (loss)

190,443

(257)

(1,575)

188,611

Other income (expense):

Interest expense, net

—

—

(54,029)

(54,029)

Equity in earnings of unconsolidated affiliates

30,012

—

—

30,012

Transaction expense

—

—

(8,689)

(8,689)

Total other income (expense)

30,012

—

(62,718)

(32,706)

Income (loss) before income taxes

220,455

(257)

(64,293)

155,905

Income tax expense

—

—

(37,639)

(37,639)

Net income (loss) and comprehensive income (loss)

$

220,455

(257)

(101,932)

118,266

(1) Corporate expenses that are not directly attributable to either the gathering and processing or water handling segments.

ANTERO MIDSTREAM CORPORATION

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

Three Months Ended March 31,

2025

2026

Cash flows provided by (used in) operating activities:

Net income

$

120,737

118,266

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation

32,748

34,635

Impairment of property and equipment

817

—

Deferred income tax expense

34,416

37,639

Equity-based compensation

12,402

10,579

Equity in earnings of unconsolidated affiliates

(28,020)

(30,012)

Distributions from unconsolidated affiliates

33,375

35,720

Amortization of customer relationships

17,668

21,210

Amortization of deferred financing costs

1,307

1,512

Settlement of asset retirement obligations

(210)

(34)

Gain on long-lived assets

—

(2,658)

Other operating activities

44

34

Changes in assets and liabilities:

Accounts receivable–Antero Resources

(8,825)

(8,450)

Accounts receivable–third party

35

(246)

Other current assets

(695)

(99)

Accounts payable–Antero Resources

1,629

982

Accounts payable–third party

1,056

6,350

Income taxes payable

1,783

—

Accrued liabilities

(21,325)

13,196

Net cash provided by operating activities

198,942

238,624

Cash flows provided by (used in) investing activities:

Additions to gathering systems, facilities and other

(22,081)

(19,437)

Additions to water handling systems

(8,447)

(18,469)

Additional investments in unconsolidated affiliate

(1,748)

(900)

Acquisition of HG Midstream

—

(1,120,593)

Proceeds from asset sales

5

378,628

Net cash used in investing activities

(32,271)

(780,771)

Cash flows provided by (used in) financing activities:

Dividends to common stockholders

(112,615)

(111,096)

Dividends to preferred stockholders

(138)

(138)

Repurchases of common stock

(28,569)

(18,013)

Borrowings on Credit Facility

304,300

1,076,900

Repayments on Credit Facility

(311,200)

(634,500)

Payments of deferred financing costs

—

(1,319)

Employee tax withholding for settlement of equity-based compensation awards

(18,449)

(32,536)

Payments on capital lease obligations

—

(86)

Net cash provided by (used in) financing activities

(166,671)

279,212

Net decrease in cash, cash equivalents and restricted cash

—

(262,935)

Cash, cash equivalents and restricted cash, beginning of period

—

262,935

Cash, cash equivalents and restricted cash, end of period

$

—

—

Supplemental disclosure of cash flow information:

Cash paid during the period for interest

65,272

44,525

Increase in accrued capital expenditures and accounts payable for property and equipment

5,012

3,146

Increase in accounts receivable–Antero Resources and accounts receivable–third party for the acquisition of HG Midstream

—

11,830

Right-of-use assets obtained in exchange for new operating lease obligations

351

47,473

SOURCE Antero Midstream Corporation

Antero Midstream Corporation (AM) Q1 2026 Earnings Call Transcript

Key Takeaways Antero Midstream missed EPS estimates as higher operating expenses offset strong revenue growth.Antero Midstream revenues rose 7.9% y/y, driven by 14% growth in gathering volumes and higher throughput.AM's operating cash flow climbed to $238.6M, supporting dividends, buybacks and growth investments. Antero Midstream (AM - Free Report) reported first-quarter 2026 earnings per share of 25 cents, missing the Zacks Consensus Estimate of 26 cents by 3.9%. Earnings were in line with the year-ago quarter’s level of 25 cents.

Total quarterly revenues of $314.21 million beat the Zacks Consensus Estimate of $300.07 million by 4.7%. The top line also improved 7.9% from $291.13 million in the year-ago quarter. Full capacity utilization in processing and fractionation underscored robust demand despite inflationary cost pressures.

The lower-than-expected quarterly earnings can be attributed to an increase in total operating expenses. However, higher gathering and compression volumes partially offset the negatives.

AM's Revenue Mix Improved on Gathering StrengthGathering and centralized compression revenues rose to $262.00 million from $238.02 million a year ago, driven by higher throughput. Total average daily gathering volumes increased 14% year over year to 3,805 million cubic feet (MMcf/d) from 3,348 MMcf/d, reflecting continued activity on AM’s dedicated acreage. The reported figure was above our estimate of 3,361 MMcf/d. On a per-Mcf basis, the average gathering fee increased 3% from 36 cents a year ago to 37 cents.

High-pressure gathering volumes totaled 3,133 MMcf/d, up 1% from the year-ago level of 3,106 MMcf/d. Our estimate for the same was 3,185 MMcf/d. On a per-Mcf basis, the average high-pressure gathering fee was 23 cents, which remained flat year over year. The reported figure met our estimate of 23 cents.

Centralized compression volumes averaged 3,370 MMcf/d compared with 3,330 MMcf/d a year ago. The figure was below our estimate of 3,400 MMcf/d. On a per-Mcf basis, the average centralized compression fee was 23 cents, which remained flat year over year. The reported figure met our estimate of 23 cents.

Antero Midstream's Water Handling Mix Shifted SharplyFresh water delivery volumes averaged 83 MBbl/d, down 21% from 105 MBbl/d in the prior-year quarter, pointing to a different cadence of completion activity on the legacy system. The figure was below our estimate of 106 MBbl/d. On a per-barrel basis, the average realized fresh water delivery fee was $4.44 compared with $4.38 a year ago, reflecting annual CPI-based adjustments embedded in the contracts. The figure was above our estimate of $4.39.

Other water handling volumes jumped to 93 MBbl/d from 58 MBbl/d, a 60% increase year over year. This category includes services on acreage acquired from HG Production as well as other fluid-handling work charged under cost-plus arrangements, helping explain the sharp shift in the water mix during the quarter. The figure was above our estimate of 61 MBbl/d.

AM's Operating Expenses Rose as the Quarter Stayed BusyTotal operating expenses increased to $125.60 million from $113.91 million in the prior-year quarter. Direct operating expenses climbed to $70.70 million from $56.83 million a year ago.

Below the operating line, interest expense, net, increased to $54.03 million from $48.41 million in the year-ago quarter, which management tied to financing associated with the HG Energy acquisition. The quarter also included $8.69 million of transaction expenses related to the HG Midstream acquisition, contributing to the earnings shortfall versus the Zacks estimate despite the revenue beat.

Antero Midstream's Cash Flow Covered Dividends & BuybacksOperating cash flow increased in the first quarter of 2026 with net cash provided by operating activities of $238.62 million compared with $198.94 million in the year-ago quarter. On a non-GAAP basis, adjusted free cash flow after dividends was $85.28 million, up from $79.06 million a year ago.

AM reported capital expenditures of $42 million during the quarter, including $26 million for gathering and compression and $15 million for water infrastructure. The company also repurchased 1.0 million shares for $18 million and ended the quarter with about $318 million of remaining capacity under its repurchase authorization, keeping capital return in focus alongside growth investments.

Balance Sheet of AMAs of March 31, 2026, the company had a long-term debt of $3.67 billion with no cash and cash equivalent in hand.

AM Targets Integration Milestones and New Demand ProjectsManagement highlighted that the newly acquired assets were integrated during Winter Storm Fern with no service interruptions. Commissioning of the dry gas compression expansion is complete and integration of the water systems is underway, with full completion expected by year-end.

Looking ahead, the company is capitalizing on local power and data center opportunities to drive future growth. Work has already begun on the HG assets integration, focusing specifically on water systems. Management expects to deliver high single-digit EBITDA growth in the coming days, driven by enhanced connectivity and active development across rich gas, dry gas and blended areas.

AM’s Zacks Rank & Key PicksAM currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks from the energy sector are Chevron Corporation (CVX - Free Report) , Kinder Morgan, Inc. (KMI - Free Report) and Eni S.p.A. (E - Free Report) . CVX, KMI and E each sport a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

Chevron reported first-quarter 2026 adjusted earnings per share of $1.41, which beat the Zacks Consensus Estimate of 92 cents.

As of March 31, 2026, CVX reported $5.3 million in cash and cash equivalents. At the quarter's end, its total debt amounted to $45.4 billion.

Kinder Morgan reported first-quarter 2026 adjusted earnings per share (EPS) of 48 cents, which beat the Zacks Consensus Estimate of 38 cents.

As of March 31, 2026, KMI reported $72 million in cash and cash equivalents. At the quarter's end, its long-term debt amounted to $29.72 billion.

Eni reported first-quarter 2026 adjusted earnings from continuing operations of 81 cents per American Depository Receipt, which missed the Zacks Consensus Estimate of $1.13.

As of March 31, 2026, E had a long-term debt of €21.7 billion and cash and cash equivalents of €8.3 billion.

Results from Study AM-001 mark a pivotal advance through the transition to a once daily lower 400mg dose of AM enabling:

Production of GMP clinical batch for Galmed's upcoming clinical trials Solidification and prolongation of Aramchol's IP protection Potential reduction in drug CoGs by ~50% Improvement in patients' convenience and compliance upon potential commercialization , /PRNewswire/ -- Galmed Pharmaceuticals Ltd. (NASDAQ: GLMD) ("Galmed" or the "Company"), a clinical-stage biopharmaceutical company for liver disease and GI oncological therapeutics, announced today major milestone results from a Phase 1 PK study in healthy subjects (Study AM-001). The overall objective of the study was to identify the dose of Aramchol meglumine (AM) administered once daily that produces similar exposure to Aramchol from 300mg Aramchol free acid (AA) tablets dosed twice daily. Single doses of AM granules for oral suspension of 400 mg and 200mg were evaluated and compared to AA 300mg tablet. The study demonstrated that the bioavailability of Aramchol from the Aramchol meglumine granules for oral suspension is considerably greater (approximately 5-fold and 3-fold respectively) than that from Aramchol free acid tablets. An additional PK study (AM-003) comparing AM 400mg tablets once daily with AA 300mg tablets twice daily is ongoing. 

Aramchol down-regulates stearoyl CoA desaturase 1 (SCD1) in hepatocytes and in hepatic stellate cells (HSC's) and other tissues including various cancers. Metabolic-dysfunction associated steatohepatitis (MASH) (previously called non-alcoholic steatohepatitis (NASH)) is a common serious type of fatty liver disease often leading to cirrhosis, liver failure and sometimes to hepatocellular carcinoma. In Phase 2 and Phase 3 (open label part) clinical trials 600mg Aramchol reduced liver fat, attenuated steatohepatitis and demonstrated robust anti-fibrotic effects. To date ~ 600 adults have received single or multiple doses of Aramchol free acid, including ~240 healthy subjects and 360 patients with MASH.

Allen Baharaff, Galmed's Co-founder and CEO, commented: "A once daily lower dose of Aramchol meglumine is advantageous for compliance as monotherapy or in combination with other MASH candidates. Aramchol is currently being evaluated in multiple pre-clinical studies to overcome drug resistance and enhance the efficacy of standard-of-care (SoC) oncology agents for GI cancer treatments. A higher exposure will be needed in order to leverage Aramchol's multi-system therapeutic potential, well beyond its initial MASH applications. We believe that today's announced pivotal development positions Aramchol as a potential valuable tool in the arsenal of treatments for GI conditions including MASH and GI cancers and strengthens Galmed position in the GI space."

About Galmed Pharmaceuticals Ltd.:

We are a biopharmaceutical company focused on the development of Aramchol. We have focused almost exclusively on developing Aramchol for the treatment of liver disease, and we are currently seeking to advance the development of Aramchol for oncological indications beyond NASH and fibrosis. In addition, as part of our growth strategy, we are actively pursuing opportunities to expand and diversify our product pipeline, specifically targeting cardiometabolic and neurological indications and other innovative product candidates that align with our core expertise in drug development.

Forward-Looking Statements:

Forward-looking statements relate to anticipated or expected events, activities, trends or results as of the date they are made. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties that could cause our actual results to differ materially from any future results expressed or implied by the forward-looking statements. Forward-looking statements may include, but are not limited to, statements relating to the potential commercialization of Aramchol, the Company's belief that the pivotal development positions Aramchol as a potential valuable tool in the arsenal of treatments for GI conditions including MASH and GI cancers and strengthens Galmed position in the GI space. Many factors could cause our actual activities or results to differ materially from the activities and results anticipated in forward-looking statements, including, but not limited to, the development and approval of the use of Aramchol or any other product candidate for indications outside of non-alcoholic steatohepatitis, or NASH, also known as metabolic dysfunction-associated steatohepatitis, or MASH, and fibrosis or in combination therapy; the timing and cost of any pre-clinical or clinical trials of Aramchol or any other product candidate we develop; completion and receiving favorable results of any pre-clinical or clinical trial; regulatory action with respect to Aramchol or any other product candidate by the U.S. Food and Drug Administration, or the FDA, or the European Medicines Authority, or EMA, including but not limited to acceptance of an application for marketing authorization, review and approval of such application, and, if approved, the scope of the approved indication and labeling; the commercial launch and future sales of Aramchol and any future product candidates; our ability to comply with all applicable post-market regulatory requirements for Aramchol, or any other product candidate in the countries in which we seek to market the product; our ability to achieve favorable pricing for Aramchol, or any other product candidate; third-party payor reimbursement for Aramchol, or any other product candidate; our estimates regarding anticipated capital requirements and our needs for additional financing; market adoption of Aramchol or any other product candidate by physicians and patients; the timing, cost or other aspects of the commercial launch of Aramchol or any other product candidate; our ability to obtain and maintain adequate protection of our intellectual property; the possibility that we may face third-party claims of intellectual property infringement; our ability to manufacture our product candidates in commercial quantities, at an adequate quality or at an acceptable cost; our ability to establish adequate sales, marketing and distribution channels; intense competition in our industry, with competitors having substantially greater financial, technological, research and development, regulatory and clinical, manufacturing, marketing and sales, distribution and personnel resources than we do; our expectations regarding licensing, acquisitions and strategic operations; current or future unfavorable economic and market conditions and adverse developments with respect to financial institutions and associated liquidity risk; our ability to maintain the listing of our ordinary shares on The Nasdaq Capital Market; and the security, political and economic instability in the Middle East that could harm our business, including due to the current security situation in Israel. We believe these forward-looking statements are reasonable; however, these statements are only current predictions and are subject to known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from those anticipated by the forward-looking statements. We discuss many of these risks in our Annual Report on Form 20-F for the year ended December 31, 2025, filed with the SEC on March 31, 2026 in greater detail under the heading "Risk Factors." Given these uncertainties, you should not rely upon forward-looking statements as predictions of future events. All forward-looking statements attributable to us or persons acting on our behalf speak only as of the date hereof and are expressly qualified in their entirety by the cautionary statements included in this report. We undertake no obligations to update or revise forward-looking statements to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. In evaluating forward-looking statements, you should consider these risks and uncertainties.

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SOURCE Galmed Pharmaceuticals Ltd.