Ncs Multistage Holdings, Inc. · NASDAQ:NCSM
Ncs Multistage — Q1 2026 Earnings Presentation
29 slides from Ncs Multistage's earnings presentation, Apr 30, 2026
Slide 1: Investor Update
Investor Update April 2026
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements The information in this presentation includes “forward-looking statements” that are subject to risks and uncertainties. All statements, other than statements of historical fact included in this presentation, regarding NCS Multistage Holdings, Inc.’s (the “Compan
Slide 3: A Key Enabler for Unconventional Energy
A Key Enabler for Unconventional Energy A Key Enabler for Unconventional Energy • Leadership position in key well construction and Selected Trading Financial Metrics1 (In millions, except per share amounts) completion technologies Ticker / Exchange NCSM / NASDAQ • Enabler of capital-efficient unconv
Slide 4: Complementary Product and Service Profile
Complementary Product and Service Profile Leadership position in selected products and services that are critical to successful development of oil, natural gas and other energy resources Fracturing Systems Repeat Precision • Highly flexible completion and • Products for plug-and-perf enhanced recove
Slide 5: Large Global Addressable Market
Large Global Addressable Market Large Global Addressable Market ~$9.7B Global Market in 2026 Well-positioned to expand ~2% share of the $9.7B global completion equipment market ME/ Asia 25% Robust technology development initiatives, serving as Eur/CIS/Africa differentiators for sustainable organic g
Slide 6: Executing on Our Long-Term Strategy
Executing on Our Long-Term Strategy Executing on Our Long-Term Strategy To advance more efficient, intelligent, and sustainable energy development by enabling Our Vision: unmatched well performance We will achieve this Vision through three Core Strategies supported by our Guiding Principles: Core St
Slide 7: Unlocking New Market Opportunities
Unlocking New Market Opportunities Unlocking New Market Opportunities Expanding our reach beyond onshore unconventional oil and gas completions • Significant progress in 2025 and early 2026 toward opening new market opportunities in support of long-term growth Steam Assisted Deepwater Gravity Draina
Slide 8: Continuous Cost Optimization
Continuous Cost Optimization Continuous Cost Optimization Ongoing cost optimization efforts to improve gross margin and support robust incremental profitability while maintaining reliability • Engineering and design changes to improve sliding sleeve performance while simplifying manufacturing and as
Slide 9: ResMetrics Update
ResMetrics Update ResMetrics Update Strategic acquisition of complementary Tracer Diagnostics business Transaction Rationale Key Acquisition Terms • Acquired 7/31/25: $7.3mm total cash purchase Expanded service offering and broader pro price (including contingent consideration paid in forma tracer
Slide 10: Attractive Financial Profile
Business model offers significant operating leverage Attractive Financial Profile ($ millions) Business model offers significant operating leverage Incremental Revenue Adjusted Gross Profit1 and Margin% 2 Adjusted EBITDA $186-$194 margins of 25%- 35% by leveraging relatively fixed S,G&A Expect t
Slide 11: Robust Free Cash Flow Conversion
Robust Free Cash Flow Conversion ($ millions) 1 Delivering consistent free cash flow1 conversion through industry cycles • Converted ~50% of cumulative Adjusted EBITDA to free cash flow after distributions 1 1 to non-controlling interest over 2023-2025 while growing revenue by 18% from 2022 • Accele
Slide 12: Improving Return on Invested Capital
Improving Return on Invested Capital 1 Return on 15+% Invested Capital1 11.2% 9.0% 2021 0.5% 2023 2022 2024 2025 Target (1.1%) (2.4%) Net Operating Profit ($2.4) $0.5 ($1.1) $9.0 $11.9 After Tax1 ($ millions) Average Invested $100.0 $98.6 $100.9 $99.6 $106.2 Capital1 ($ millions) 1 See Appendix for
Slide 13: Capital Allocation Priorities
Capital Allocation Priorities 1. Organic growth and profitability improvement initiatives • Funded from internally-generated cash flow 2. Strategic investments and acquisitions • Global presence and multiple product lines enables breadth of potential strategic partners • Synergy opportunities levera
Slide 14: Investment Highlights and Key Takeaways
Investment Highlights and Key Takeaways Investment Highlights and Key Takeaways Track record of organic revenue growth from products and 1 services that enable efficient and effective unconventional resource development Operational leverage supports strong incremental 2 Adjusted EBITDA margins Robus
Slide 15: Employees Customers Stakeholders
Employees Customers Stakeholders We will invest in our employees, our We will treat our customers as partners and We will ethically and responsibly increase most important resource, by providing operate in a fair and honest manner. We will stakeholder value by focusing on innovation, coaching and tr
Slide 16: Appendix: Recent Financial Performance and Current Guidance
Appendix: Recent Financial Performance and Current Guidance
Slide 17: Q1 2026 Financial Results
Q1 2026 Financial Results ($ millions) Q1 2026 Financial Results ($ millions) Q1 2026 Performance: • Total revenue of $45.6 million, a 9% decline compared to Q1 2025 Q1 & Q4 ‘25 vs. Q1 ‘26 Results • U.S. more than doubled to $19.1 million • International increased +13% to $3.3 million • Canadian rev
Slide 18: Q2 & Full Year 2026 Guidance
Q2 Full Year 2026 Guidance Q2 & Full Year 2026 Guidance Q2 2026 Financial Guidance1: • Total revenue of $36 - $39 million • Adjusted gross margin of 35.5% - 37.5% • Adjusted EBITDA of $0.0 - $2.0 million • Depreciation and amortization expense of $1.6 million Full Year 2026 Financial Guidance1: • To
Slide 19: Appendix: Our Technologies
Appendix: Our Technologies Appendix: Our Technologies
Slide 20: Fracturing Systems – Pinpoint Stimulation
Fracturing Systems – Pinpoint Stimulation Pinpoint stimulation enables more predictable, repeatable and verifiable completions that maximize reservoir connectivity, as compared to other completion methods Fracturing Systems – Pinpoint Stimulation Pinpoint stimulation enables more predictable, repeat
Slide 21: Fracturing Systems
Fracturing Systems Fracturing Systems InnovusTM Casing-Installed MultiCycle® Frac Sleeve Applications Frac ports Outer barrel Sliding inner barrel Locator profile • Fracturing control • Selective production / injection • Solids control • Water, gas and CO2 injection • Tracer integration InnovusTM Do
Slide 22: Repeat Precision Joint Venture
Repeat Precision Joint Venture Repeat Precision Joint Venture Repeat Precision provides NCS with additional revenue exposure from plug-and-perf wells and is a valuable supply chain partner for NCS • PurpleSeal & PurpleReign frac plug family of products • 4.5”, 5.5” and 6.0” specifications • All-comp
Slide 23: Tracer Diagnostics
Tracer Diagnostics Tracer Diagnostics Leading provider of chemical and radioactive tracers for well diagnostics and reservoir characterization Common Tracer Uses FirstView 3D Interactive Animation • Evaluate well spacing and diagnose frac hits • Fast, economical completion design optimization • Veri
Slide 24: Well Construction
Well Construction Well Construction • Single-source provider of well construction solutions • Proprietary technologies to support casing and liner installation and for initial formation access ⁻ AirLock® casing buoyancy system ⁻ VectrasetTM, VecturonTM and SlimStimTM liner hanger assemblies ⁻ GoPort
Slide 25: Appendix: Financial Reconciliations
Appendix: Financial Reconciliations Appendix: Financial Reconciliations
Slide 26: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation Adjusted EBITDA Reconciliation Year Ended Three Months December 31, Ended March 31, ($ in millions) 2021 2022 2023 2024 2025 2025 2026 Net income (loss) $ (3.8) $ (1.0) $ (3.1) $ 8.1 $ 26.0 $ 4.5 $ 1.7 Income tax expense (benefit) 0.3 0.4 (0.2) 0.1 (9.2) 0.7 0.8 Intere
Slide 27: Adjusted Gross Profit and Adjusted Gross Margin Reconciliation
Adjusted Gross Profit and Adjusted Gross Margin Reconciliation Adjusted Gross Profit and Adjusted Gross Margin Reconciliation Year Ended Three Months December 31, Ended March 31, ($ in millions) 2021 2022 2023 2024 2025 2025 2026 Total revenues $ 118.5 $ 155.6 $ 142.5 $ 162.6 $ 183.6 $ 50.0 $ 45.6 T
Slide 28: Free Cash Flow and Net Working Capital Reconciliations
Free Cash Flow and Net Working Capital Reconciliations Free Cash Flow and Net Working Capital Reconciliations Year Ended Three Months Ended Free Cash Flow December 31, March 31, ($ in millions) 2021 2022 2023 2024 2025 2025 2026 Net cash provided by (used in) operating activities $ 11.6 $ (1.4) $ 4.
Slide 29: Average Invested Capital, NOPAT and Return on Invested Capital Reconciliations
Average Invested Capital, Net Operating Profit After Tax and Return on Invested Capital Reconciliations Average Invested Capital, Net Operating Profit After Tax and Return on Invested Capital Reconciliations Year Ended Average Invested Capital December 31, ($ in millions) 2021 2022 2023 2024 2025 Eq
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