Cactus, Inc. Class A Common Stock · NYSE:WHD
Cactus, Inc. Class A Common Stock — Merger or Acquisition (June 2025)
13 slides from Cactus, Inc. Class A Common Stock's merger presentation, June 2025
Slide 1: Acquisition of 65% of Baker Hughes' Surface Pressure Control Business
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: SPC Meets Cactus' Acquisition Criteria
SPC Meets 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 Requirements En
Slide 4: 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 5: 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 6: 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 7: Transformative Geographic Exposure
Transformative Geographic Exposure Cactus Pro Forma Cactus Current (1) (SPC 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
Slide 8: 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 9: Pro Forma Financial Profile
Pro Forma 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 million
Slide 10: Appendix
A Appenaix
Slide 11: 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 12: 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 13: Investor Relations Contact
Investor Relations Contact Alan Boyd Director of Corporate Development & Investor Relations 713-904-4669 IR@CactusWHD.com 13