Ranger Energy Services, Inc. · NYSE:RNGR
Ranger Energy Services — Investor Presentation (November 2025)
30 slides from Ranger Energy Services's investor presentation, November 2025
Slide 1: Energy Services Leads the Way
ENERGY SERVICES LEADS THE WAY November 2025
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 demand • Completions exposure provides upside to increased activity • ECHO hybrid rig offers next generation well services technology High Cash F
Slide 4: 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 over 60% of Capital returns framework Less than a half turn of provider in the Lower 48 Ad
Slide 5: 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 6: 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 other drilling and related spending areas. 80% Production Spending Well Production spen
Slide 7: 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 and Pump-Down share in US onshore and expanding opportunities from existing rig segment Wireline to counte
Slide 8: 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 9: 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 devel
Slide 10: AWS Transaction Aligns with Ranger's Strategic Pillars
AWS Transaction Aligns with Ranger’s Strategic Pillars Galvanizes Ranger as a top-tier provider at a compelling valuation and provides a new growth platform with the addition of service lines that can be pulled through Ranger’s legacy rig business Grow Market Leading Position Active & Marketable Rig
Slide 11: AWS Acquisition at a Glance
AWS Acquisition at a Glance Premier Permian-Focused Provider of Well Servicing Rigs for Workover & Completions Operations Key Financial & Operational Metrics High-Quality Rigs High-Margin with Full Equipment Complementary Packages New Service Lines $186M 29% $43M LTM Q3’25 LTM Q3’25 Operates a moder
Slide 12: Strong Year-Over-Year Financial Performance
Strong Year-Over-Year Financial Performance Value-Accretive Acquisition at 2.1x LTM Adj. EBITDA Multiple with ~$4M of Annualized Expected Cost-Synergies Ranger and American Well Services Historical Revenue 2024 AWS Revenue By Customer Type Strengthens Ranger’s position with leading Permian operators
Slide 13: Committed to Maintaining a Strong Balance Sheet
Committed to Maintaining a Strong Balance Sheet Strengthening scale and earnings capacity while preserving balance sheet flexibility to purse organic and opportunistic growth YTD Q3’25 Adjusted EBITDA(1) Total Debt(2) and Leverage Ratio(3) Pro Forma Pro Forma LTM LTM 1. Adjusted EBITDA is a non-GAAP
Slide 14: Proven Through-Cycle Resiliency
Proven Through-Cycle Resiliency Further Bolsters Ranger’s Cash Generation and Through-Cycle Earnings Durability Ranger Free Cash Flow (“FCF”) Conversion(1) vs. Average WTI Spot Price LTM Q3’25 Free Cash Flow(2) Ability to repay borrowings within one year from close with cash flows from pro forma org
Slide 15: Committed to Returning Capital to Shareholders
Committed to Returning Capital to Shareholders Ranger returned 48% of its free cash flow to shareholders since Q2 2023 Opportunistic Share Repurchases Cumulative Uses of Excess Cash Since Ranger’s capital return Accelerates Per Share Growth Implementing Capital Returns Program program demonstrates O
Slide 16: Leading the Way in Innovation
Leading the Way in Innovation In Q3 2025, Ranger delivered the first two ECHO rigs - the industry’s first Hybrid Double Electric Workover Our ticketing and next-generation operations Rig. Construction of ECHO involved the conversion of (“TANGO”) platform is an in-house designed solution. an existing
Slide 17: Investment Highlights and Key Takeaways
Investment Highlights and Key Takeaways Strong track record of growth and compelling investment 1 fundamentals with attractive free cash flow conversion and ROIC Differentiated focus on production services leads to a consistently 2 growing market, reducing inherent cyclical volatility experienced in
Slide 18: 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 19: Appendix
ENERGY SERVICES * APPENDIX
Slide 20: Non-GAAP Reconciliation: Adjusted EBITDA ($MM)
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 ($MM)
Non-GAAP Reconciliation: Adjusted EBITDA ($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 (in millions)
Non-GAAP Reconciliation: Adjusted EBITDA (in millions) Processing High Solutions and Specification Wireline Ancillary Rigs Services Services Other Total Three Months Ended March 31, 2025 Net income (loss) $ 12.0 $ (5.8) $ 3.3 $ (8.9) $ 0.6 Interest expense, net — — — 0.5 0.5 Income tax benefit — — —
Slide 23: Non-GAAP Reconciliation: Adjusted EBITDA (in millions)
Non-GAAP Reconciliation: Adjusted EBITDA (in millions) Processing High Solutions and Specification Wireline Ancillary Rigs Services Services Other Total Three Months Ended December 31, 2024 Net income (loss) $ 13.4 $ (3.0) $ 5.5 $ (10.1) $ 5.8 Interest expense, net — — — 0.5 0.5 Income tax expense —
Slide 24: Non-GAAP Reconciliation: Adjusted EBITDA (in millions)
Non-GAAP Reconciliation: Adjusted EBITDA (in millions) Processing High Solutions and Specification Wireline Ancillary Rigs Services Services Other Total Three Months Ended September 30, 2024 Net income (loss) $ 13.8 $ — $ 6.6 $ (11.7) $ 8.7 Interest expense, net — — — 0.7 0.7 Income tax expense — —
Slide 25: Non-GAAP Reconciliation: Adjusted EBITDA (in millions)
Non-GAAP Reconciliation: Adjusted EBITDA (in millions) Processing High Solutions and Specification Wireline Ancillary Rigs Services Services Other Total LTM September 30, 2025 Net income (loss) $ 47.4 $ (14.2) $ 16.7 $ (35.0) $ 14.9 Interest expense, net — — — 1.5 1.5 Income tax expense — — — 6.6 6.
Slide 26: Non-GAAP Reconciliation: Adjusted EBITDA (in millions)
Non-GAAP Reconciliation: Adjusted EBITDA (in millions) Processing High Solutions and Specification Wireline Ancillary Rigs Services Services Other Total Nine Months Ended September 30, 2025 Net income (loss) $ 34.0 $ (11.2) $ 11.2 $ (24.9) $ 9.1 Interest expense, net — — — 1.0 1.0 Income tax expense
Slide 27: Non-GAAP Reconciliation: Adjusted EBITDA (in millions)
Non-GAAP Reconciliation: Adjusted EBITDA (in millions) 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
Slide 28: Non-GAAP Reconciliation: Adjusted EBITDA (in millions)
Non-GAAP Reconciliation: Adjusted EBITDA (in millions) 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
Slide 29: Non-GAAP Reconciliation: Free Cash Flow
Non-GAAP Reconciliation: Free Cash Flow Flows($MM) (in millions) Three Months Ended September 30, 2025 June 30, 2025 September 30, 2024 Net cash provided by operating activities $ 13.6 $ 20.7 $ 17.7 Purchase of property and equipment (5.6) (6.3) (6.9) Free cash Flow $ 8.0 $ 14.4 $ 10.8 Year Ended LT
Slide 30: Non-GAAP Reconciliations: Leverage Ratio (in millions)
Non-GAAP Reconciliations: Leverage Ratio (in millions) Year Ended LTM December 31, 2022 December 31, 2023 December 31, 2024 September 30, 2025 Debt $ 18.4 $ 0.1 $ — $ — Finance leases 7.5 12.4 15.1 14.2 Financing liabilities 12.3 11.0 11.6 10.5 Total Debt $ 38.2 $ 23.5 $ 26.7 $ 24.7 Adjusted EBITDA
Ranger Energy Services — Investor Presentation (November 2025) on 6ix