Cactus, Inc. Class A Common Stock · NYSE:WHD
Cactus, Inc. Class A Common Stock — Q1 2026 Earnings Presentation
29 slides from Cactus, Inc. Class A Common Stock's earnings presentation, May 7, 2026
Slide 1: Investor Presentation
Investor Presentation Cactus, Inc. (NYSE: WHD) March 2026 Cactus | 1
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 Cactus International (each of which is defined below), which are not measures calculated in accordance with acco
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 1 A Leading Pure Play Equipment Solutions Provider for Onshore Markets Innovative and Differentiated Products & Services that Sustain 2 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 33.4% 37.1% Service, Installation & Margin Margin Maintenance for its Equipment Well
Slide 6: Historical Financial Overview
Historical Financial Overview 2025(1) Revenue by Segment Revenue(1) ($ in millions) 10 months of Spoolable $1,097 $1,130 $1,079 Technologies $340 $407 $368 $688 $439 $349 $757 $724 $717 Spoolable Technologies 34% 2020 2021 2022 2023 2024 2025 Pressure Control 66% Adjusted EBITDA(1)(2) ($ in millions
Slide 7: Differentiated Margin Profile Through the Cycle
Differentiated Margin Profile Through the Cycle Total Adjusted EBITDA Margin (2014 – 2025)(1)(2) 2025 Adjusted EBITDA Margin(1)(2) 34% 33% 23% 18% 14% 13% 13% 12% 13% 12% Peer B Peer A Peer C Peer D Peer A Peer B Peer C Peer D Strength of margin profile relative to peers maintained through the cycle
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 b
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 Lower cost to install times Withstands cyclic Reduces operating field loading
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 Wellhead & Production Gathering Midstream / Takeaway Tree Line Pipe Line Pipe Line Pipe Customer E&P E&P Midstream Diameter Small / Medium Larger Largest Typical Service Multiphase produ
Slide 11: Cactus International Joint Venture At a Glance
Cactus International Joint Venture At a Glance About Cactus International ● Cactus closed on its acquisition of a majority interest in the Surface Pressure Control business of Baker Hughes on January 1, 2026 ● Combination of former Vetco Gray onshore and Wood Group Pressure Control businesses ● Prov
Slide 12: Cactus International Provides Transformative Geographic Exposure
Cactus International Provides Transformative Geographic Exposure Cactus & Cactus International 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 r
Slide 13: 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 ● Automation of human-performed ● Switching from diesel to solar install versus legacy offerings connections powered generation in certain instances ● Enables customers to drill, ●
Slide 14: Expansive Global Operating Footprint
Expansive Global Operating Footprint Global Operations(1) Iran Iraq Kuwait Qatar Headquarters Saudi Arabia Manufacturing U.A.E. Services / Engineering Cactus International JV Provides Core Middle East Footprint and Global Reach 1) Excludes locations with nominal headcount. Cactus | 14
Slide 15: A Dynamic Manufacturing Advantage; Responsive, Scalable and Low Cost
A Dynamic Manufacturing Advantage; Responsive, Scalable and Low Cost Bossier City / Dammam / Abu Dhabi Suzhou / Vietnam Facilities Baytown Facility Facilities ● Purpose-built facilities to support ● Less time-sensitive, high-volume ● Produces 100% of FlexSteel pipe local market requirements wellhead
Slide 16: 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 penetration
Slide 17: 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 13% of the business o Performance-based stock compensation tied to Return on Capital Employed (“ROCE”) ● Management team has built the foundation of this company
Slide 18: Returns and Margins Have Outperformed Peers
Returns and Margins Have Outperformed Peers 2025 Adjusted EBITDA Margin (%) 40.0% (1) 30.0% NCSM SBO 20.0% FTI OIS WEIR NOV FET HTG 10.0% 0.0% ROCE(3) DRQ (10.0%) 0.0% 10.0% 20.0% 30.0% 40.0% (2017 – 2025) (%) 1) 2023 Cactus ROCE calculation utilizes two months of year-end 2022 capitalization and te
Slide 19: Execution Has Driven Equity Outperformance
Execution Has Driven Equity Outperformance Share Price Performance of Cactus vs. the OSX since IPO 142% (37%) WHD OSX Share Price Outperformed the OSX in 5 of 8 years since IPO Note: Data based on share price performance from 2/7/2018 to 3/12/2026. Cactus 2/7/2018 price set as IPO price of $19 per s
Slide 20: Steadily Increasing Return of Capital Profile
Steadily Increasing Return of Capital Profile Cactus’ Dividends, Associated Distributions, and Repurchases Since 2018 ($ in millions) Increased quarterly dividend $50 8% in July 2025 Modest share repurchase in 2024 led to flat 2025 despite dividend increase $40 $30 $20 $10 $0 (1) 2018 2019 2020 2021
Slide 21: Strong Balance Sheet & Low Capital Intensity
Strong Balance Sheet & Low Capital Intensity Balance Sheet and Capital Summary Adjusted EBITDA – Net Capital Expenditures(1)(2) ● Q4 2025 cash of approximately $495 million, ($ in millions) including $371 million of restricted cash $359 $357 $314 ● Approximately $223 million availability on revolvin
Slide 22: First Quarter Outlook
First Quarter Outlook Outlook ● Updating prior Spoolable Technologies guide provided on the February 26th conference call with this release ● Now expect Pressure Control results to be biased towards low end of prior guide due to Middle East developments o Impacts to Q1 outlook remain highly uncertai
Slide 23: 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 ● Cactus, Inc. is dedicated to improving lives of our employees and the environment. We will continue to strive to improve our products the communities where they live. We have po
Slide 24: Appendix
Appendix Cactus | 24
Slide 25: 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 26: Cactus & Cactus International Financial Profile
Cactus & Cactus International Financial Profile 2024 Financial Information (Excluding Synergies) Cactus International Cactus & Cactus Cactus Consolidated (100%)(1) International(2) Revenue $1,130 million $498 million $1,628 million Adj. EBITDA(3) $392 million $87 million $479 million Adj. EBITDA Mar
Slide 27: Non-GAAP Reconciliation (Cactus International 100%)
Non-GAAP Reconciliation (Cactus International 100%) Important Disclosure Regarding Non-GAAP Measures EBITDA, Adjusted EBITDA, Transaction Adjusted EBITDA and Adjusted Year Ended EBITDA margin are not measures calculated in accordance with GAAP. EBITDA, Adjusted EBITDA, Transaction Adjusted EBITDA an
Slide 28: Company Organizational Structure
Company Organizational Structure Company Profile Organizational Structure(1) WHD Ticker (NYSE) Class A Shares Outstanding(1) ~69mm CC Unit Public Holders Investors Class B Shares Outstanding(1) ~11mm Total Shares Outstanding(1) ~80mm Market Capitalization(2) ~$4.1bn Class B Common Stock Class A Comm
Slide 29: Investor Relations Contact
Investor Relations Contact Alan Boyd Treasurer, Director of Corporate Development & Investor Relations 713-904-4669 IR@CactusWHD.com Cactus | 29