Ranger Energy Services (RNGR) investor relations material

Executive summary

• Achieved $547 million in total revenue and $73.2 million in Adjusted EBITDA for 2025, with net income of $12.3 million ($0.54 per diluted share), reflecting disciplined execution amid a stable but competitive market.

• Integrated American Well Services (AWS), expanding scale, service offerings, and fleet, with integration milestones on track and synergy plans progressing.

• Launched Echo/ECHO Hybrid Electric Rig program, signing a contract for 15 new rigs, validating strong customer demand for lower-emission, high-efficiency solutions, with deliveries starting Q3 2026 and full deployment by end of 2027.

• Maintained strong operational performance in core high-spec rigs and ancillary services, with wireline services facing ongoing headwinds but showing signs of improvement.

• Returned over 40% of 2025 free cash flow to shareholders via dividends and share repurchases, ending the year in a net cash position.

Financial highlights

• Q4 2025 revenue was $142.2 million, up from $128.9 million in Q3 and flat year-over-year; full-year revenue was $546.9 million, down from $571.1 million in 2024.

• Q4 net income was $3.2 million ($0.14 per diluted share), up from $1.2 million in Q3; Q4 Adjusted EBITDA was $20.3 million (14.3% margin).

• Full-year Adjusted EBITDA was $73.2 million (13.4% margin), compared to $78.9 million (13.8%) in 2024.

• Free cash flow for 2025 was $42.9 million ($1.89 per share), with a nearly 60% EBITDA conversion rate for the third consecutive year.

• Ended 2025 with $67.7 million in liquidity, including $10.3 million in cash and $57.4 million in revolving credit facility capacity, and $3.5 million in outstanding borrowings.

Outlook and guidance

• 2026 expected to be stable in activity, with focus on execution, AWS integration, and EchoRig deployment.

• Pro forma annual EBITDA opportunity of over $100 million in 2026, with further upside as market conditions improve.

• Q1 2026 results expected to be similar to Q4 2025 due to winter storm impacts, but full-year goals remain achievable.

• Free cash flow conversion rate expected to be closer to 50% in 2026 due to EchoRig capital timing.

• Deliveries of 15 additional ECHO Hybrid Electric Rigs scheduled to begin in Q3 2026, with full deployment by end of 2027.