Ncs Multistage Holdings, Inc. · NASDAQ:NCSM
Ncs Multistage — Q4 2025 Earnings Presentation
29 slides from Ncs Multistage's earnings presentation, Mar 5, 2026
Slide 1: Investor Update
Investor Update March 2026
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements The information in this presentation includes “forward-looking statements” that are subject to risks and uncertainties. All statements, other than statements of historical fact included in this presentation, regarding NCS Multistage Holdings, Inc.’s (the “Compan
Slide 3: A Key Enabler for Unconventional Energy
A Key Enabler for Unconventional Energy • Leadership position in key well construction and Selected Trading Financial Metrics1 (In millions, except per share amounts) completion technologies Ticker / Exchange NCSM / NASDAQ • Enabler of capital-efficient unconventional Share Price (3/03/26) $40.06 re
Slide 4: Complementary Product and Service Profile
Complementary Product and Service Profile Leadership position in selected products and services that are critical to successful development of oil, natural gas and other energy resources Fracturing Systems Repeat Precision • Highly flexible completion and • Products for plug-and-perf enhanced recove
Slide 5: Large Global Addressable Market
Large Global Addressable Market ~$9.7bn Global Market in 2026 Well positioned to expand ~2% share of the $9.7B global completion equipment market ME/ Asia 25% Robust technology development initiatives, serving as Eur/CIS/Africa differentiators for sustainable organic growth 46% LatAm Leveraging Nort
Slide 6: Executing on Our Long-Term Strategy
Executing on Our Long-Term Strategy To advance more efficient, intelligent, and sustainable energy development by enabling Our Vision: unmatched well performance We will achieve this Vision through three Core Strategies supported by our Guiding Principles: Core Strategies: upon our leading market on
Slide 7: Unlocking New Market Opportunities
Unlocking New Market Opportunities Expanding our reach beyond onshore unconventional oil and gas completions • Significant progress in 2025 and early 2026 toward opening new market opportunities in support of long-term growth Steam Assisted Deepwater Gravity Drainage • Work ongoing to qualify the Ra
Slide 8: Continuous Cost Optimization
Continuous Cost Optimization Ongoing cost optimization efforts to improve gross margin and support robust incremental profitability while maintaining reliability • Engineering and design changes to improve sliding sleeve performance while simplifying manufacturing and assembly processes Fracturing S
Slide 9: ResMetrics Update
ResMetrics Update Strategic acquisition of complementary Tracer Diagnostics business Transaction Rationale Key Acquisition Terms ✓ Expanded service offering and broader pro • Acquired 7/31/25: $7.15mm total cash purchase forma tracer portfolio price (including earnout paid in early 2026) • Trailing
Slide 10: Attractive Financial Profile ($ millions)
Attractive Financial Profile ($ millions) Business model offers significant operating leverage ✓ Incremental Revenue Adjusted Gross Profit1 and Margin% Adjusted EBITDA $184-$194 2 margins of 25%- 35% by leveraging relatively fixed S,G&A ✓ Expect to convert 50%-60% of Adjusted EBITDA to free cash flo
Slide 11: Robust Free Cash Flow Conversion ($ millions)
Robust Free Cash Flow Conversion ($ millions) 1 Delivering consistent free cash flow1 conversion through industry cycles • Converted ~50% of cumulative Adjusted EBITDA to free cash flow after distributions 1 1 to non-controlling interest over 2023-2025 while growing revenue by 18% from 2022 • Accele
Slide 12: Improving Return on Invested Capital
Improving Return on Invested Capital 1 Invested Capital1 15+% 11.2% 9.0% 2021 0.5% 2023 2022 2024 2025 Target (1.1%) (2.4%) Net Operating Profit ($2.4) $0.5 ($1.1) $9.0 $11.9 After Tax1 ($ millions) Average Invested $100.0 $98.6 $100.9 $99.6 $106.2 Capital1 ($ millions) 1 See Appendix for Invested C
Slide 13: Capital Allocation Priorities
Capital Allocation Priorities 1. Organic growth and profitability improvement initiatives • Funded from internally-generated cash flow 2. Strategic investments and acquisitions • Global presence and multiple product lines enables breadth of potential strategic partners • Synergy opportunities levera
Slide 14: Investment Highlights and Key Takeaways
Investment Highlights and Key Takeaways Track record of organic revenue growth from products and 1 services that enable efficient and effective unconventional resource development Operational leverage supports strong incremental 2 Adjusted EBITDA margins Robust technology development program 3 targe
Slide 15: Employees, Customers, Stakeholders
Employees Customers Stakeholders We will invest in our employees, our We will treat our customers as partners and We will ethically and responsibly increase most important resource, by providing operate in a fair and honest manner. We will stakeholder value by focusing on innovation, coaching and tr
Slide 16: Appendix: Recent Financial Performance and Current Guidance
Appendix: Recent Financial Performance and Current Guidance
Slide 17: Q4 and Full Year 2025 Financial Results ($ millions)
Q4 and Full Year 2025 Financial Results ($ millions) Q4 2025 Performance: • Total revenue of $50.6 million, a 13% increase compared to Q4 2024 FY ‘24 vs. FY ‘25 Results • U.S. revenue of $18.1 million; Canadian revenue of $27.8 million; International revenue of $4.7 million • Net income, attributabl
Slide 18: Q1 2026 and 2026 Full Year Financial Guidance
Q1 2026 and 2026 Full Year Financial Guidance Q1 2026 Financial Guidance1: • Total revenue of $49 - $53 million • Adjusted gross margin of 39% - 41% • Adjusted EBITDA of $6.5 - $8.5 million • Depreciation and amortization expense of $1.6 million Full Year 2026 Financial Guidance1: • Total revenue of
Slide 19: Appendix: Our Technologies
Appendix: Our Technologies
Slide 20: Fracturing Systems – Pinpoint Stimulation
Fracturing Systems – Pinpoint Stimulation Pinpoint stimulation enables more predictable, repeatable and verifiable completions that maximize reservoir connectivity, as compared to other completion methods Other Completion Methods Pinpoint Stimulation Well 1 Well 2 Well 3 Well 4 Unpredictable frac si
Slide 21: Fracturing Systems
Fracturing Systems InnovusTM Casing-Installed MultiCycle® Frac Sleeve Applications Frac ports Outer barrel Sliding inner barrel Locator profile • Fracturing control • Selective production / injection • Solids control • Water, gas and CO2 injection • Tracer integration InnovusTM Downhole Frac-Isolati
Slide 22: Repeat Precision Joint Venture
Repeat Precision Joint Venture Repeat Precision provides NCS with additional revenue exposure from plug-and-perf wells and is a valuable supply chain partner for NCS • PurpleSeal & PurpleReign frac plug family of products • 4.5”, 5.5” and 6.0” specifications • All-composite designs and hybrid bridge
Slide 23: Tracer Diagnostics
Tracer Diagnostics Leading provider of chemical and radioactive tracers for well diagnostics and reservoir characterization Common Tracer Uses FirstView 3D Interactive Animation • Evaluate well spacing and diagnose frac hits • Fast, economical completion design optimization • Verify stage contributi
Slide 24: Well Construction
Well Construction • Single-source provider of well construction solutions • Proprietary technologies to support casing and liner installation and for initial formation access ⁻ AirLock® casing buoyancy system ⁻ VectrasetTM, VecturonTM and SlimStimTM liner hanger assemblies ⁻ GoPortTM and InnovusTM t
Slide 25: Appendix: Financial Reconciliations
Appendix: Financial Reconciliations
Slide 26: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation Year Ended Three Months December 31, Ended December 31, ($ in millions) 2021 2022 2023 2024 2025 2024 2025 Net income (loss) $ (3.8) $ (1.0) $ (3.1) $ 8.1 $ 26.0 $ 3.7 $ 15.6 Income tax expense (benefit) 0.3 0.4 (0.2) 0.1 (9.2) (0.6) (8.3) Interest expense 0.7 1.0 0.6
Slide 27: Adjusted Gross Profit and Adjusted Gross Margin Reconciliation
Adjusted Gross Profit and Adjusted Gross Margin Reconciliation Three Months Year Ended December 31, Ended December 31, ($ in millions) 2021 2022 2023 2024 2025 2024 2025 Total revenues $ 118.5 $ 155.6 $ 142.5 $ 162.6 $ 183.6 $ 45.0 $ 50.6 Total cost of sales, exclusive of DD&A 70.0 95.2 86.9 95.1 10
Slide 28: Free Cash Flow and Net Working Capital Reconciliations
Free Cash Flow and Net Working Capital Reconciliations Year Ended Free Cash Flow December 31, ($ in millions) 2021 2022 2023 2024 2025 Net cash provided by (used in) operating activities $ 11.6 $ (1.4) $ 4.8 $ 12.7 $ 22.2 1 Purchases of property & equipment (0.8) (1.1) (2.2) (1.4) (1.3) Proceeds fro
Slide 29: Average Invested Capital and Net Operating Profit After Tax and Reconciliations
Average Invested Capital and Net Operating Profit After Tax and Reconciliations Invested Capital Year Ended December 31, ($ in millions) 2021 2022 2023 2024 2025 Equity $ 110.7 $ 109.3 $ 109.4 $ 116.1 $ 143.1 Plus: Long-term Debt, including current maturities 7.8 7.9 8.2 8.1 7.6 Less: Cash and Cash
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