Ranger Energy Services, Inc. · NYSE:RNGR
Ranger Energy Services — Q1 2026 Earnings Presentation
25 slides from Ranger Energy Services's earnings presentation, Apr 28, 2026
Slide 1: Energy Services Leads the Way
ENERGY SERVICES LEADS THE WAY April 2026
Slide 2: Important Disclosures
Important Disclosures Forward-Looking Statements: Certain statements contained in this presentation constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements,
Slide 3: Largest Well Service Provider in the United States
Largest Well Service Provider in the United States Production Focused Well Service Company • High-Spec Rigs (HSR) offer downside protection and consistent through- cycle demand • Completions exposure provides upside to increased activity • ECHO hybrid rig offers next generation well services technol
Slide 4: Largest Well Service Provider in the United States
Largest Well Service Provider in the United States Ranger operates the largest fleet of active well servicing rigs in the United States Spears and Associates Active Well Service Fleet Count2 Total Rigs1 219 Management estimates that the three largest well service 431 200 providers currently hold app
Slide 5: Strategic Priorities for Long-Term Shareholder Value
Strategic Priorities for Long-Term Shareholder Value GROW MARKET MAXIMIZE FREE PRIORITIZE MAINTAIN LEADING CASH FLOW SHAREHOLDER FINANCIAL POSITION GENERATION RETURNS FLEXIBILITY Largest Well Service Converted more than 62% Capital returns framework Balance Sheet remains provider in the Lower 48 of
Slide 6: Leading the Way in Innovation
Leading the Way in Innovation In 2025, Ranger delivered the first two ECHO rigs - the industry’s first Hybrid Double Electric Workover Rig. Construction of ECHO involved the conversion of an existing rig design uniquely available to Ranger. ECHO rigs are engineered to operate with zero emissions whe
Slide 7: ECHO Hybrid Rig Program: Returns Profiles
ECHO Hybrid Rig Program: Returns Profiles 21.2% Potential Adj. EBITDA Margin for HSR Segment Incremental ECHO Rig EBITDA Contribution Incremental ECHO Rig Revenue $24,500 (in thousands) 21.0% $17,500 20.7% $11,900 20.3% FY 2025 HSR Segment Adj. EBITDA Margin $45,900 $67,500 $94,500 17 25 35 Current
Slide 8: Ranger Services the Well Life After Drilling
Ranger Services the Well Life After Drilling Drilling Completion Production Decommissioning None Ranger Revenue 20-25% 65-75% <10% Contribution 2-3 weeks Estimated 1 week 15-20 years 1 week Duration Annual $25 billion $10 billion $1 billion $15 billion Market Size Estimated High Medium Low Medium Vo
Slide 9: Customers Spend Highest Priority Dollars on Production
Customers Spend Highest Priority Dollars on Production Over time, as the installed base of wells in US basins has grown, the amount of spending in maintaining production has increased significantly as compared to completions, exploration and drilling and related spending areas 80% Production Spendin
Slide 10: Complementary Portfolio with Opportunities for Growth
Complementary Portfolio with Opportunities for Growth High-Spec Rigs Processing & Ancillary Wireline • Anchor business with significant market • Strong pull-through revenue • Growing Production Wireline to counter share in US onshore and expanding opportunities from existing rig segment pullback in
Slide 11: High-Spec Rigs Growth
High-Spec Rigs Growth High-Specification Rigs segment posting consistent performance despite material declines in U.S. Land Drilling Rig count with production focus providing resiliency High-Spec Rigs Revenue & U.S. Land Rig Count High-Spec Rigs Adjusted EBITDA & Margin Revenue in $MM Adjusted EBITD
Slide 12: Service & Safety Record Drives Customer Loyalty
Service & Safety Record Drives Customer Loyalty E&P consolidation has benefited Ranger as major operators prioritize service quality and reliability Customers want fewer vendors and complete packages, providing pull-through opportunities that positively impact margins Ranger has recently developed a
Slide 13: AWS Transaction Aligns with Ranger's Strategic Pillars
AWS Transaction Aligns with Ranger’s Strategic Pillars On November 7th, 2025 Ranger closed a transaction with American Well Services (“AWS”) - a premier Permian focused well service operator - further consolidating our position as the leader in both the well services sector and the Permian Basin Gro
Slide 14: Committed to Returning Capital to Shareholders
Committed to Returning Capital to Shareholders Ranger returned more than 40% of its free cash flow to shareholders since 2023; including more than 40% through share repurchases and dividends during FY 2025 Opportunistic Share Repurchases Cumulative Uses of Excess Cash Since Ranger’s capital return A
Slide 15: Investment Highlights and Key Takeaways
Investment Highlights and Key Takeaways Strong track record of growth, strategic acquisitions, and compelling 1 investment fundamentals with attractive free cash flow conversion and ROIC Differentiated focus on production services leads to a consistently 2 growing market, reducing inherent cyclical
Slide 16: Proven Leadership Team
Proven Leadership Team Stuart Bodden serves as our President and Chief Executive Officer. Mr. Bodden has over 20 years of experience in various executive roles in the oil and gas industry. Prior to joining Ranger Energy Services, Mr. Bodden was Chief Executive Officer at Express Energy Services in H
Slide 17: Appendix
ENERGY SERVICES * APPENDIX
Slide 18: Non-GAAP Reconciliation: Adjusted EBITDA
Non-GAAP Reconciliation: Adjusted EBITDA ($MM) Processing High Solutions and Specification Wireline Ancillary Rigs Services Services Other Total Three Months Ended March 31, 2026 Net income (loss) $ 10.6 $ (2.4) $ 4.0 $ (9.2) $ 3.0 Interest expense, net — — — 0.8 0.8 Income tax expense — — — 1.0 1.0
Slide 19: Non-GAAP Reconciliation: Adjusted EBITDA
Non-GAAP Reconciliation: Adjusted EBITDA ($MM) Processing High Solutions and Specification Wireline Ancillary Rigs Services Services Other Total Three Months Ended December 31, 2025 Net income (loss) $ 12.0 $ (2.7) $ 2.9 $ (9.0) $ 3.2 Interest expense, net — — — 0.2 0.2 Income tax expense — — — 1.5
Slide 20: Non-GAAP Reconciliation: Adjusted EBITDA
Non-GAAP Reconciliation: Adjusted EBITDA ($MM) Processing High Solutions and Specification Wireline Ancillary Rigs Services Services Other Total Three Months Ended September 30, 2025 Net income (loss) $ 10.0 $ (4.2) $ 3.4 $ (8.0) $ 1.2 Interest expense, net — — — 0.4 0.4 Income tax expense — — — 1.3
Slide 21: Non-GAAP Reconciliation: Adjusted EBITDA
Non-GAAP Reconciliation: Adjusted EBITDA ($MM) Processing High Solutions and Specification Wireline Ancillary Rigs Services Services Other Total Three Months Ended June 30, 2025 Net income (loss) $ 12.0 $ (1.2) $ 4.5 $ (8.0) $ 7.3 Interest expense, net — — — 0.1 0.1 Income tax expense — — — 2.8 2.8
Slide 22: Non-GAAP Reconciliation: Adjusted EBITDA
Non-GAAP Reconciliation: Adjusted EBITDA ($MM) Processing High Solutions and Specification Wireline Ancillary Rigs Services Services Other Total Year Ended December 31, 2025 Net income (loss) $ 46.0 $ (13.9) $ 14.1 $ (33.9) $ 12.3 Interest expense, net — — — 1.2 1.2 Income tax expense — — — 5.5 5.5
Slide 23: Non-GAAP Reconciliation: Adjusted EBITDA
Non-GAAP Reconciliation: Adjusted EBITDA ($MM) Processing High Solutions and Specification Wireline Ancillary Rigs Services Services Other Total Year Ended December 31, 2024 Net income (loss) $ 46.8 $ (8.5) $ 17.8 $ (37.7) $ 18.4 Interest expense, net — — — 2.6 2.6 Income tax expense — — — 7.6 7.6 D
Slide 24: Non-GAAP Reconciliation: Adjusted EBITDA
Non-GAAP Reconciliation: Adjusted EBITDA ($MM) Processing High Solutions and Specification Wireline Ancillary Rigs Services Services Other Total Year Ended December 31, 2023 Net income (loss) $ 44.0 $ 7.1 $ 15.5 $ (42.8) $ 23.8 Interest expense, net — — — 3.5 3.5 Income tax expense — — — 7.2 7.2 Dep
Slide 25: Non-GAAP Reconciliation: Free Cash Flow
Non-GAAP Reconciliation: Free Cash Flow Flows($MM) (in millions) Year Ended Three Months Ended December 31, 2023 December 31, 2024 December 31, 2025 March 31, 2025 Net cash provided by operating activities $ 90.8 $ 84.5 $ 69.0 $ (3.4) Purchase of property and equipment (36.5) (34.1) (26.1) (18.3) Fr
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