Ranger Energy Services, Inc. · NYSE:RNGR
Ranger Energy Services — Q3 2025 Earnings Presentation
14 slides from Ranger Energy Services's earnings presentation, Nov 10, 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: Transaction Summary
Transaction Summary Accretive Opportunistic Transaction that Complements Ranger’s Technology-Driven Organic Growth Initiatives Operational Depth in the Permian Further Strengthens Balanced Consideration Mix 1 Approximately $90.5 million purchase price funded through a combination of $60.5 million ca
Slide 4: Transaction Aligns with Ranger's Long-Standing Strategic Pillars
Transaction Aligns with Ranger’s Long-Standing 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 & Mark
Slide 5: Acquisition at a Glance
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 modern fl
Slide 6: 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 7: 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 8: 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 9: Appendix: Supplemental Information
APPENDIX: SUPPLEMENTAL INFORMATION
Slide 10: Non-GAAP Reconciliation: Adjusted EBITDA
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 11: Non-GAAP Reconciliation: Adjusted EBITDA
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 12: Non-GAAP Reconciliation: Adjusted EBITDA
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 13: Non-GAAP Reconciliation: Adjusted EBITDA
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 14: Non-GAAP Reconciliations
Non-GAAP Reconciliations Free Cash Flow (in millions) Year Ended December 31, LTM September 30, 2022 2023 2024 2025 Net cash provided by operating activities $ 44.5 $ 90.8 $ 84.5 $ 77.6 Purchase of property and equipment (13.8) (36.5) (34.1) (24.5) Free cash Flow $ 30.7 $ 54.3 $ 50.4 $ 53.1 Adjusted
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