Calfrac Well Services Ltd. · TSX:CFW
Calfrac Well Services — Investor Presentation (September 2026)
16 slides from Calfrac Well Services's investor presentation, September 2026
Slide 1: Calfrac Well Services Ltd. Corporate Presentation
Calfrac Well Services Ltd. Corporate Presentation September 2026
Slide 2: Reader Advisory
READER ADVISORY Caution to Readers The information contained in this Presentation does not purport to be all-inclusive or to contain all information that prospective investors and other stakeholders may require. Readers are encouraged to conduct their own analysis and review of Calfrac Well Services
Slide 3: Company Overview
Company Overview Calfrac is a focused, well -capitalized oilfield services company with 27 years of operational history, a ~1.1 million active HP asset base, and a uniquely diversified platform across three countries TSX: CFW Founded: 1999 HQ: Calgary, Alberta TTM Adj. EBITDA % by Region TTM Capex %
Slide 4: Investment Thesis: Why Calfrac Now?
Investment Thesis: Why Calfrac Now? Differentiated growth exposure, top -tier profitability, growing free cash flow, and significant management ownership underpin a compelling investment opportunity at a discounted valuation Unique Growth Engine Modernized Fleet & Deleveraging & Free Cash Aligned Le
Slide 5: Complementary Geographic Footprint
Complementary Geographic Footprint Calfrac's diversified presence across Canada, the United States, and Argentina provides a unique platform balancing stable cash flow with attractive growth opportunities Grande Prairie Red Deer Calgary Williston North America Argentina Gillette Vernal Denver Grand
Slide 6: Peer Benchmarking – North American Pressure Pumpers
Peer Benchmarking – North American Pressure Pumpers Adj. EBITDA Margin % SG&A % of Revenue 25% 12% Top quartile m argins Low -cost operator 10% 20% 8% 15% 6% 10% 4% 5% 2% 0% 0% Peer 1 Peer 2 Peer 3 Peer 4 CFW Peer 5 Peer 1 CFW Peer 2 Peer 3 Peer 4 Peer 5 Calfrac combines top -tier margins and low -c
Slide 7: Significant Share Price Upside at Average Peer Group Multiple
Significant Share Price Upside at Average Peer Group Multiple EV / Adj. EBITDA: Calfrac vs. Pressure Pumping Peers Illustrative Share Price Sensitivity Trailing twelve -month Adj. EBITDA / Enterprise Value Implied Calfrac share price at selected Enterprise Value / TTM Adj. EBITDA multiples 10x $16 9
Slide 8: Net debt reduced to decade-low levels, ~60% reduction in net interest expense
Net debt reduced to decade -low levels, contributing to a ~60% reduction in net interest expense supporting higher free cash flow generation ~$20M/Year Annualized Interest Savings (1) $125.8M (Net Debt / TTM Adj. EBITDA < 0.6x) Net debt at Q2 2026 Net Interest Expense ▪ Net debt is down more than 60
Slide 9: Calfrac's Capital Allocation Priorities
Calfrac’s Capital Allocation Priorities A disciplined capital allocation framework focused on preserving financial strength, investing for profitable growth, and max imi zing long -term per -share value Priority Order for Uses of Capital 1 2 3 4 5 Preserve Balance Sheet High -Return Growth Return Ex
Slide 10: North American Operations
North America n Operations North American business well positioned to capitalize on improving market conditions North America Canadian WCSB, US Rockies & Williston Basin Since 2001 906,000 11 5 ~100 6 Active coiled tubing units Sand transport units Operating Hubs Operating longevity Active HP Active
Slide 11: Vaca Muerta: Argentina's Export-Driven Shale Growth Engine
Vaca Muerta: Argentina’s Export -Driven Shale Growth Engine World-scale resource, accelerating investment and new export infrastructure are supporting a multi -year production growth runway What Sets Vaca Muerta Apart Vaca Muerta Crude Oil Production 000’s of barrels per day; 2021-2025 actual, 2030
Slide 12: Argentina Operations
Argentina Operations Calfrac is one of the country's largest pressure pumping providers, delivering premium performance with strong margins Vaca Muerta Neuquén Basin, Argentina Since 2008 ~180,000 #3 7 #1 10 Established customer relationships Active HP - top three largest Fracturing operator in Vaca
Slide 13: Company Evolution
Company Evolution Calfrac has navigated every cycle, and emerges in 2026 leaner, better -capitalized, and positioned for durable free cash flow gro wth 2017 - 2019 2020 – 2022 2023 - 2025 2026 and Beyond Cyclical Rebound Cost & Discipline Modernization & Scale Free Cash Flow Era ■ Cyclical rebound i
Slide 14: Management, Governance & Insider Alignment
Management, Governance & Insider Alignment Calfrac is led by an experienced management team and board who are highly invested and aligned with the interests of sharehol der s Leadership Team Insider Ownership Tyler Dahlseide Chief Executive Officer 20+ yrs experience Scarlett Crockatt Chief Financia
Slide 15: Calfrac's Compelling Investment Opportunity
Calfrac’s Compelling Investment Opportunity Differentiated growth, leading profitability, expanding free cash flow, a strong balance sheet, and an aligned management tea m underpin a compelling investment opportunity at a discounted valuation Leadership Contacts 1. Unique Growth Engine A unique comb
Slide 16: TSX: CFW | IR@calfrac.com | www.calfrac.com
TSX: CFW | IR@calfrac.com | www.calfrac.com 16
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