Slide 1: Investor Presentation
August 2025 Investor Presentation
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains “forward-looking statements” and/or “forward-looking information” under applicable securities laws (collectively referred to as “forward-looking statements”). All statements other than statements of historical facts contained in this presentation
Slide 3: Overview of Pason
Overview of Pason Leading global provider of end-to-end data solutions for well construction INNOVATIVE 40+ years of distinctive technology, support and service capabilities High barriers to entry driven by scope of technology, service intensity and required scale Strong cash-generating capability w
Slide 4: Board of Directors
Board of Directors Marcel Kessler* James Bowzer Jon Faber* Non-Executive Chair Director President & Chief Executive Officer Joined Pason Board in 2012 Joined Pason Board in 2024 Joined Pason Board in 2020 Sophia Langlois Ken Mullen Laura Schwinn Chair, Corporate Governance and Chair, Audit Committee
Slide 5: Strong and Committed Management Team
Strong and Committed Management Team Jon Faber* Celine Boston Kevin Boston Craig Bye Natalie Fenez President & Chief Executive Chief Financial Officer VP, Commercial VP, R&D - Cloud Platforms & VP, Legal & Corporate Officer With Pason since 2020 With Pason since 2010 Applications Secretary With Paso
Slide 6: The Data Behind Well Construction
The Data Behind Well Construction Managing end-to-end Capture Aggregate Display Transmit Store Deliver Visualize Leverage well construction data With a superior service model Automation Safety Collaboration Reporting Analytics Enabling customer priorities Real-Time Decision Making Page 6
Slide 7: Superior Service Model
Superior Service Model Customer Support Service Phone Hardware Field Software Email Installation Office Communications Chat Monitoring Analytics Third Party Field Tech Real Time Advice Page 7
Slide 8: The Intelligence Layer in the Solar + Energy Storage Industry
The Intelligence Layer in the Solar + Energy Storage Industry Model the site Review energy costs Analyze Incorporate PV Create a proforma and rate switch incentives generation cash flow model scenarios Real-time Control advisory the assets Grid services Electric bill Solar Manual and revenue savings
Slide 9: Strong growth prospects are not reliant on higher levels of North American land drilling
Strong growth prospects are not reliant on higher levels of North American land drilling activity North American Land Rig Count1 vs. Consolidated Revenue GROWTH DRIVERS BEYOND INCREASED NORTH AMERICAN LAND DRILLING ACTIVITY Increased Revenue per Industry Day in North America, driven by growing use
Slide 10: Expectations of a less volatile industry environment over time
Expectations of a less volatile industry environment over time WTI (US$/bbl) vs. North American Land Rig Count1 FACTORS RESULTING IN LOWER VOLATILTY Smaller number of larger, well-capitalized operators with strong balance sheets Capital discipline and return of capital frameworks among E&P compa
Slide 11: Summary of Key Industry Metrics
Summary of Key Industry Metrics Drill Complete Produce Store Use US land rigs US drilled but US oil production US storage of crude Global oil demand uncompleted wells (millions of barrels and petroleum (“DUCs”) per days) products (billions of barrels) Current2 525 rigs 5,291 DUCs 13.3 million barrel
Slide 12: Favourable industry trends support meaningful growth opportunities in each operating segment
Favourable industry trends support meaningful growth opportunities in each operating segment Increasing use of data-driven technologies (including artificial intelligence, machine learning and big data) for automation and analytics Focus on repeatability and wellbore placement Long term drilling act
Slide 13: Revenue per Industry Day has grown steadily over time, through various industry cycles
Revenue per Industry Day has grown steadily over time, through various industry cycles North American Revenue per Industry Day and Land Drilling1 8% CAGR and 143% growth from 2012 -9% CAGR and -66% decline from 2012 1. Revenue per Industry Day is defined as the total revenue generated from the North
Slide 14: Recent growth in Revenue per Industry Day has been largely driven by increasing use of technology
Recent growth in Revenue per Industry Day has been largely driven by increasing use of technology North American Revenue per Industry Day1 Primary Increased product adoption Increased US market share driven largely by Increased product adoption driven growth driven by well complexity large contracto
Slide 15: Significant Addressable Market in Completions
Significant Addressable Market in Completions US Active Land Rigs1 and Frac Spreads2 IWS REVENUE PER INDUSTRY DAY3 2024 C$5,127 PASON REVENUE PER INDUSTRY DAY3 2024 C$1,025 IWS’ daily revenue is more than 3x Pason’s in a market that has a little more than one-third of the number of active sites as t
Slide 16: Revenue and Adjusted EBITDA
Revenue and Adjusted EBITDA Revenue by Operating Segment Adjusted EBITDA $ and as a % of Revenue in CAD millions Attractive Adjusted EBITDA margins on lower industry activity and increasing revenue levels from earlier stage segments Adjusted EBITDA is calculated in ‘Non-GAAP Reconciliation’ on page
Slide 17: Disciplined Approach to Invested Capital
Disciplined Approach to Invested Capital Net Capital Expenditures1 Free Cash Flow2 in CAD millions in CAD millions Includes growth capex related to IWS Acquisition & new drilling products Average capex of $25M/year with limited reinvestment required through downturns Strategic investments in high re
Slide 18: Well Positioned for Meaningful Revenue Growth
Well Positioned for Meaningful Revenue Growth Significant Momentum with Revenue Growth Opportunities… Coupled with… North American Revenue per Industry Day1 Intelligent Wellhead Systems Revenue Largely fixed cost base with high operating leverage Stable capital intensity with targeted growth- re
Slide 19: Capital Allocation Priorities
Capital Allocation Priorities 1 Shareholder Returns Over Time Preserve Balance Sheet Strength Managing end market cyclicality with operating leverage Ability to pursue attractive growth opportunities 2 Disciplined and Sustainable Shareholder Returns Exposure to steady growth in the quarterly d
Slide 20: Second Quarter 2025 Highlights
Second Quarter 2025 Highlights Quarterly North Continued $32 MILLION American outperformance $96 MILLION Revenue per of drilling & ADJUSTED Industry Day1 of completions IN REVENUE EBITDA $1,026 industry activity $5 MILLION $69M IN Prudent balance FREE CASH TOTAL CASH Quarterly Revenue sheet position
Slide 21: Environmental, Social & Governance
Environmental, Social & Governance ENVIRONMENTAL SOCIAL GOVERNANCE • Developing products that drive • Unique and inspiring workplace culture • Experienced, independent and increased drilling and completions with a focus on total employee well- diverse Board of Directors efficiency, helping reduce ca
Slide 22: Value Proposition Summary
Value Proposition Summary Clear Strong margins Well market and positioned leader free cash flow for growth generation Distinctive Outstanding technology financial position profile Innovative Profitable Responsible Page 22
Slide 23: Pason Systems contact details
Pason Systems 6130 Third Street SE Calgary, AB T2H 1K4 Canada Phone: 403.301.3400 Web: ~~ www.pason.com Email: investorrelations@pason.com Page 23
Slide 24: Appendix
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Slide 25: Historical Financial Information
Historical Financial Information $CAD 000s 2019 2020 2021 2022 2023 2024 Revenue 295,642 156,636 206,686 334,998 369,309 414,133 1 Adjusted EBITDA 129,644 39,540 72,520 159,510 171,466 161,827 as a % of revenue 44% 25% 35% 48% 46% 39% Investments in R&D and IT 2 32,164 27,468 32,903 38,066 42,348 56
Slide 26: Non-GAAP Reconciliation
Non-GAAP Reconciliation $CAD 000s 2019 2020 2021 2022 2023 2024 Net income (loss) 53,803 5,134 31,925 105,726 95,827 119,709 Add: Income taxes 20,193 4,864 11,738 33,405 34,346 23,657 Depreciation and amortization 40,830 34,417 25,689 20,842 27,216 52,179 Stock-based compensation 10,840 4,840 11,523