Oil States International (OIS) Investor presentation summary

Strategic transformation and growth focus

• Accelerating offshore and international growth, with highest backlog in a decade and 80% of 2025 revenues from these markets.

• Prioritizing capital allocation to high-margin, technology-driven business lines and de-emphasizing commoditized domestic markets.

• Leading market positions in offshore connectors and managed pressure drilling systems, with 80-85% global share in FlexJoint connectors.

• Expanding international presence in Latin America, Middle East, and West Africa.

• Innovation in product portfolio, including new technologies for offshore wind, carbon capture, and subsea mineral gathering.

Financial performance and cash generation

• 2025 consolidated revenues reached $669 million with adjusted EBITDA of $83 million; 2026 guidance projects $680–$700 million in revenue and $90–$95 million EBITDA.

• Peer-leading free cash flow yield of 17% in 2025, with $94 million in free cash flow and $105 million in cash flow from operations.

• 113% of 2025 adjusted EBITDA converted into free cash flow; 126% converted into cash flow from operations.

• Achieved net cash position at year-end 2025, with $70 million cash on hand and no borrowings under the revolving credit facility.

• Purchased $71 million of convertible senior notes and replaced credit facility with new $125 million senior secured agreement.

Segment performance and product innovation

• Offshore Manufactured Products contributed 64% of 2025 revenue and 71% of adjusted segment EBITDA.

• Completion and Production Services and Downhole Technologies segments focus on high-margin rental and service lines, with international expansion and new product launches.

• Offshore segment backlog reached $435 million at end of 2025, highest since 2015, with a book-to-bill ratio of 1.3x.

• Award-winning technology recognized with multiple industry accolades in 2025, including innovations in wind connectors and workover packages.