Cactus, Inc. Class A Common Stock · NYSE:WHD
Cactus, Inc. Class A Common Stock — Investor Presentation (September 2025)
35 slides from Cactus, Inc. Class A Common Stock's investor presentation, September 2025
Slide 1: Cactus Inc. (NYSE: WHD) September 2025
=i iGactus Inc. (NYSES WED) Sspiember 2 202
Slide 2: Important Disclosures
Important Disclosures Non-GAAP Measures This presentation includes references to EBITDA, Adjusted EBITDA, Transaction Adjusted EBITDA and Adjusted EBITDA Margin with respect to Cactus and SPC (each of which is defined below), which are not measures calculated in accordance with accounting principles
Slide 3: Experienced Executive Team
Experienced Executive Team Scott Bender Joel Bender Steven Bender Chairman and CEO President Chief Operating Officer Served as Chairman & CEO since Served as Director & President since Served as COO since 2023 and 2023 and previously served as CEO 2023 and previously served as COO previously served
Slide 4: Investment Highlights
Investment Highlights A Leading Pure Play Equipment Solutions Provider 1 for Onshore Markets Innovative and Differentiated Products & Services 2 that Sustain Relative Margin Resilience 3 Dynamic Operating and Manufacturing Capabilities Through-Cycle Outperformance 4 Strong Margins and Free Cash Flow
Slide 5: Products & Operations Overview
Products & Operations Overview Cactus designs, manufactures, sells and rents highly engineered products which generate improved drilling, completion and production efficiencies while enhancing safety Cactus Provides Service, 33.4% Margin 37.1% Margin Installation & Maintenance for its Wellhead Syste
Slide 6: Historical Financial Overview
Historical Financial Overview YTD ’25 Ann.(1) Rev. by Segment Revenue(1) ($ in millions) 10 months of $1,097 $1,130 $1,108 Spoolable Technologies $340 $407 $378 $688 Spoolable $439 $349 Technologies $757 $724 $740 34% Pressure Control 2020 2021 2022 2023 2024 YTD 2025 Ann. 66% Adjusted EBITDA(1,2) (
Slide 7: Differentiated Margin Profile Through the Cycle
Differentiated Margin Profile Through the Cycle Total Adjusted EBITDA Margin (2014 – 2024) (1)(2) YTD 2025 Adjusted EBITDA Margin (1)(2) 34% 33% 24% 22% 18% 18% 13% 13% 13% 13% 12% 12% Peer A Peer B Peer C Peer D Peer E Peer B Peer E Peer A Peer C Peer D Strength of margin profile relative to peers
Slide 8: Technologically Advanced Pad Drilling Wellhead Systems
Technologically Advanced Pad Drilling Wellhead Systems Cactus SafeDrill® SafeDrill® Advantages Safety Time Savings Fewer trips into Eliminates time confined space (cellar) consuming BOP - manipulation No BOP manipulation No waiting on cement after intermediate after running casing casing has
Slide 9: Technologically Advanced Spoolable Pipe Systems
Technologically Advanced Spoolable Pipe Systems FlexSteel Spoolable Pipe FlexSteel Advantages Features Operator Savings Durable and corrosion- Lower maintenance cost resistant for operators Faster installation times Lower cost to install Reduces operating field Withstands cyclic failures
Slide 10: Spoolable Pipe Applications Across the Industry Value Chain
Spoolable Pipe Applications Across the Industry Value Chain Midstream Refining / Tank Battery Sales Meter End Use Midstream / Wellhead & Production Gathering Takeaway Tree Line Pipe Line Pipe Line Pipe Customer E&P E&P Midstream Diameter Small/Medium Larger Largest Typical Service Multiphase product
Slide 11: Differentiated Offerings Enable Customers to Meet ESG-Related Goals
Differentiated Offerings Enable Customers to Meet ESG-Related Goals Faster Safer Cleaner Equipment takes less time to Equipment enhances Switching from diesel to solar install versus legacy offerings employee safety powered generation in certain Enables customers to drill, Automation of hu
Slide 12: North American Operating Footprint
North American Operating Footprint Operational Footprint Headquarters located in Houston, TX U.S. manufacturing facilities located in Bossier City, LA and Baytown, TX Service centers support field operations and provide repair services Located in all key producing basins U.S. Manufacturing F
Slide 13: Global Operating Footprint
Global Operating Footprint Global Operations Manufacturing facilities located in the U.S.A, China and Vietnam Established legacy business in Australia Cactus started to provide rental equipment in the Middle East in late 2021 Approved as vendor in key Middle East markets First wellhead/pro
Slide 14: A Dynamic Manufacturing Advantage; Responsive, Scalable and Low Cost
A Dynamic Manufacturing Advantage; Responsive, Scalable and Low Cost Bossier City Facility Suzhou / Vietnam Facilities Baytown Facility Rapid-response manufacturing Less time-sensitive, high-volume Produces 100% of FlexSteel pipe wellhead equipment 5-axis computer numerically Suzhou and Vi
Slide 15: Multiple Avenues of Growth for Spoolable Technologies
Multiple Avenues of Growth for Spoolable Technologies Growth in Core Production Products Market transition from traditional stick steel line pipe to spoolable products still in early stages Increase customer penetration for larger diameter gathering- focused products Expand customer penetratio
Slide 16: Experienced and Well Aligned Management Team with Strong Industry Relationships
Experienced and Well Aligned Management Team with Strong Industry Relationships Management is well incentivized as it owns approximately 15% of the business Performance-based stock compensation tied to Return on Capital Employed (“ROCE”) Management team has built the foundation of this company
Slide 17: Returns & Margins Have Outperformed Peers
Returns & Margins Have Outperformed Peers YTD 2025 Adjusted EBITDA Margin (1) (%) 40.0% (2) 30.0% NCSM SBO (1) 20.0% FTI OIS WEIR NOV FET HTG 10.0% ROCE(3) 0.0% DRQ (2017 – 2024) (%) (10.0%) 0.0% 10.0% 20.0% 30.0% 40.0% Source: Company filings and Factset. Note: Adj. EBITDA Margins based on latest p
Slide 18: Execution Has Driven Equity Outperformance
Execution Has Driven Equity Outperformance Share Price Performance of Cactus vs. the OSX since IPO 121% 0% (54%) WHD OSX Share Price Outperformed the OSX in 5 of 7 years since IPO Note: Data based on share price performance from 2/7/2018 to 8/28/2025. Cactus 2/7/2018 price set as IPO price of $19 pe
Slide 19: Steadily Increasing Return of Capital Profile
Steadily Increasing Return of Capital Profile Cactus’ Dividends, Associated Distributions, and Repurchases Since 2018 ($ in millions) $50 Announced 8% quarterly dividend increase in July 2025 $40 $30 $20 $10 $0 (1) 2018 2019 2020 2021 2022 2023 2024 2025 YTD Ann. Cactus Has Increased Shareholder Ret
Slide 20: Strong Balance Sheet & Low Capital Intensity
Strong Balance Sheet & Low Capital Intensity Balance Sheet & Capital Summary Adjusted EBITDA – Net Capital Expenditures ($ in millions)(1)(2) Q2 2025 cash of approximately $405 million $359 $357 $319 Approximately $223 million availability on revolving credit facility as of June 30, 2025 $202
Slide 21: Third Quarter Outlook
Third Quarter Outlook Outlook Affirming guide provided on the Q2 2025 conference call in July 2025 Pressure Control Q3 2025 Revenue expected to be down mid-to-high single digits versus Q2 2025; rental revenue expected to rebound at the end of Q3 2025 Expected Adjusted EBITDA margin of 28% –
Slide 22: Cactus Is Committed to ESG
Cactus Is Committed to ESG Environmental Social Cactus, Inc. is committed to reducing its and its industry’s impact on the Cactus, Inc. is dedicated to improving lives of our employees and the communities environment. We will continue to strive to improve our products over time and to where they
Slide 23: Announced Acquisition of 65% of Baker Hughes' Surface Pressure Control Business (SPC)
/NaMmounceac! Nequisition of 65% of Baer ucnes’ Suriace Pressure Conwrol Business (“SPC”)
Slide 24: SPC Expected to Meet Cactus' Acquisition Criteria
SPC Expected to Meet Cactus’ Acquisition Criteria Increased Scale & Geographic Diversification With Strong Growth Potential in Key Markets Manufacturer of a Highly Engineered Product Sold Directly to End-Users Ability to Improve Financial Performance Through Management Know-How Low Future Capex Requ
Slide 25: Transaction Overview
Transaction Overview Strategic Rationale Geographic diversification increases stability of the revenue profile through the cycle Increased scale via product lines well understood by Cactus management Access to attractive customers with long-term investment horizons, including NOCs and IOCs G
Slide 26: Surface Pressure Control At a Glance
Surface Pressure Control At a Glance About SPC Baker Hughes Surface Pressure Control business designs and manufactures specialized pressure control equipment (wellhead systems and production trees) Combination of former Vetco Gray onshore and Wood Group Pressure Control businesses Provides fie
Slide 27: Well Positioned to the Most Resilient Oil and Gas Market
Well Positioned to the Most Resilient Oil and Gas Market Middle East onshore wells continue to have the lowest breakeven costs per barrel, providing long-term resiliency The vast majority of SPC revenues are derived from this market Onshore Middle East Offers Lowest Breakeven for New Wells(1) SP
Slide 28: Transformative Geographic Exposure
Transformative Geographic Exposure Cactus & SPC Cactus Current (1) (100%)(2) International Pressure 5% U.S. International Control 44% 56% Revenue U.S. 95% Cactus International 6% International 34% Consolidated U.S. Revenue 66% U.S. 94% 1) Reflects 2024 results. International defined as non-U.S. reve
Slide 29: Expansive Global Operating Footprint
Expansive Global Operating Footprint Global SPC Operations(1) Bergen, Norway Service & Repair Dyce Aberdeen, UK Stavanger, Norway Service & Repair Service & Repair Suzhou, China Houston, Texas Manufacturing R&D Villahermosa, Mexico Bangalore, India Service Iran Iraq Engineering Rumaila, Iraq Kuwait
Slide 30: Cactus & SPC Financial Profile
Cactus & SPC Financial Profile 2024 Financial Information (Excluding Synergies) Cactus SPC Cactus & SPC(2) Consolidated (100%)(1) Revenue $1,130 million $498 million $1,628 million Adj. EBITDA(3) $392 million $87 million $479 million Adj. EBITDA 35% 17% 29% Margin(3) Net Capital $35 million $10 mill
Slide 31: Appendix
A Appenaix
Slide 32: Company Organizational Structure
Company Organizational Structure Company Profile Organizational Structure(1) Ticker WHD (NYSE) Class A Shares Outstanding(1) ~69mm CC Unit Public Class B Shares Outstanding(1) ~11mm Holders Investors Total Shares Outstanding(1) ~80mm Market Capitalization(2) ~$3.3bn Class B Common Stock Class A Comm
Slide 33: Non-GAAP Reconciliation (Cactus)
Non-GAAP Reconciliation (Cactus) Important Disclosure Regarding Non-GAAP Measures EBITDA, Adjusted EBITDA and Adjusted EBITDA margin are not measures calculated in accordance with GAAP. EBITDA, Adjusted EBITDA and Adjusted EBITDA margin are supplemental non-GAAP financial measures that are used by m
Slide 34: Non-GAAP Reconciliation (SPC 100%)
Non-GAAP Reconciliation (SPC 100%) Important Disclosure Regarding Non-GAAP Measures EBITDA, Adjusted EBITDA, Transaction Adjusted EBITDA and Adjusted EBITDA margin are not measures calculated in accordance with GAAP. EBITDA, Adjusted EBITDA, Transaction Adjusted EBITDA and Adjusted EBITDA margin are
Slide 35: Investor Relations Contact
Investor Relations Contact Alan Boyd Director of Corporate Development & Investor Relations 713-904-4669 IR@CactusWHD.com 35