Flowco Holdings Inc. · NYSE:FLOC
Flowco — Q1 2026 Earnings Presentation
32 slides from Flowco's earnings presentation, May 6, 2026
Slide 1: Investor Presentation
Investor Presentation May 2026 1
Slide 2: Disclaimer and Forward-Looking Statements
Disclaimer and Forward-Looking Statements Forward-Looking Statements This investor presentation contains statements relating to future actions and results, which are "forward-looking statements" within the meaning of the Securities Exchange Act of 1934, as amended. Statements of expectations and pre
Slide 3: First Quarter 2026 Performance
First Quarter 2026 Performance Revenue $209.5 million Adjusted Net Income $35.7 million Adjusted EBITDA1 $85.5 million Adjusted EBITDA Margin1 40.8% Net cash flow provided by operating activities $78.7 million Free Cash Flow1 $52.3 million Production Solutions Natural Gas Technologies $140MM $61MM $
Slide 4: Flowco Key Highlights
Flowco Key Highlights Market Leadership Market Leader and Pure-Play in Production Optimization Robust, Long-Term Growth Profile Growth Outlook Underpinned by Large, Unmet Total Addressable Market and Increasing Adoption High-Value Outcomes Innovative Technologies Deliver Economic Benefits and Emissi
Slide 5: Flowco at a Glance
Flowco at a Glance Pure-play market-leading provider of production optimization and emissions management solutions for the oil and natural gas industry Company Highlights By the Numbers1 Pure-play provider of production optimization, Revenue and Combined Revenue2 (US$MM) artificial lift, and emissio
Slide 6: Industrialization of Lower Oil and Gas Production
Industrialization of Lower 48 Oil and Gas Production U.S. Lower 48 Upstream Cash Flow and Reinvestment Rate1 (US$bn) Maturing proved developed producing base and improved drilling efficiency supports production Operating Cash Flow Free Cash Flow Reinvestment Rate 2 through commodity cycles $700 140%
Slide 7: Flowco’s Positioning in the Industrialization of North American Production
Flowco’s Positioning in the Industrialization of North American Production Production Optimization Revenue Visibility Critical path solutions that support 50%+ of revenue from rentals, driving durable earnings and resilient through- strong visibility and recurring cash flow cycle performance Recurri
Slide 8: Flowco Business Segmentation
Flowco Business Segmentation Structured to effectively partner with customers and to drive operational efficiency and profitable growth Production Solutions Natural Gas Technologies Surface Equipment Downhole Components ESPs1 Vapor Recovery Natural Gas Systems Improve operator returns through optimi
Slide 9: Flowco’s Ability to Service Customers Throughout Well Lifecycle
Flowco’s Ability to Service Customers Throughout Well Lifecycle Illustrative Well Decline Curve Daily Production 0 2 4 6 8 10 30 Years of Production HPGL Conventional Gas Lift Plunger Lift ESP Plunger Lift Production Solutions ESP Conventional Gas Lift Plunger Lift Digital Solutions Vapor Recovery N
Slide 10: I. Production Solutions
rlowco I. Production Solutions
Slide 11: Flowco’s Positioning in the Production Stage of a Well’s Lifecycle
Production Solutions Natural Gas Technologies Flowco’s Positioning in the Production Stage of a Well’s Lifecycle Artificial Technology 2025E Global Artificial Lift Market1 (US$bn) Lift Type Description HPGL International Injects high pressure gas down the wellbore 52% to lighten liquid column and
Slide 12: Valiant Transaction Overview
Production Solutions Natural Gas Technologies Valiant Transaction Overview Company Highlights One of the largest private, pure-play providers of ESP systems in the United States By the Numbers Proven, Permian Basin-focused ESP provider with established relationships with blue-chip E&P operators ~$52
Slide 13: Overview of Flowco’s Surface Equipment Fleet
Production Solutions Natural Gas Technologies Overview of Flowco’s Surface Equipment Fleet High Pressure Gas Lift Systems Premium Conventional Gas Lift Systems Utilized in early lifecycle of well – Flowco is unique in its ability to pair increases lift rates while lowering surface equipment tech
Slide 14: Conventional Gas Lift and Plunger Lift Downhole Product Applications
Production Solutions Natural Gas Technologies Conventional Gas Lift and Plunger Lift Downhole Product Applications Flowco Gas Lift and Plunger Lift products serve customers throughout the well lifecycle HPGL/ESP Gas Lift Plunger Assisted Gas Lift / Fast Fall Conventional Gas Assisted Multi-Stage Hig
Slide 15: II. Natural Gas Technologies
II. Natural Gas Technologies 15
Slide 16: VRU Adoption Rates are Currently Low, but are Rapidly Increasing
Production Solutions Natural Gas Technologies VRU Adoption Rates are Currently Low, but are Rapidly Increasing Vapor Recovery is seeing rapid adoption, especially in the Permian Basin Atmospheric Tanks with VRUs Atmospheric Tanks with VRUs by Basin Reporting to EPA GHGRP1 Reporting to EPA GHGRP1 Tho
Slide 17: Vapor Recovery Overview
Production Solutions Natural Gas Technologies Vapor Recovery Overview VRUs are a leading technology to help E&P operators mitigate emissions while improving operator economics Operator Value Propositions Illustrative VRU Configuration Recovers stream of liquids-rich vapor gas, which Heater Treater
Slide 18: Vapor Recovery Proprietary Technology
Production Solutions Natural Gas Technologies Vapor Recovery Proprietary Technology Advanced, cloud-based solutions purpose built for maintenance and optimization Increased Customer Performance and Comprehensive Platform Satisfaction Flux The Optimal System for A one-stop shop for fleet monetizing v
Slide 19: Natural Gas Systems Overview
Production Solutions Natural Gas Technologies Natural Gas Systems Overview Vertically integrated supply chain drives technology implementation and delivers industry-leading margins and returns Key Highlights Leading packager of electric and natural gas driven systems <800 HP ̶ Headquartered in Kil
Slide 20: III. Finance and Strategic Overview
III. Finance and Strategic Overview 20
Slide 21: Complementary Model Generating Durable, Capital-Efficient Growth
Complementary Model Generating Durable, Capital-Efficient Growth Rentals1 Sales Rental Revenue and Rental Gross Margin Rental Gross Margin2 72.2% 72.4% 72.9% 72.6% 73.3% $122 $107 $112 $97 $102 Material Free Cash Flow Conversion 1Q25 2Q25 3Q25 4Q25 1Q26 Demonstrated growth driven by customer deman
Slide 22: Resilient Business Model Generates Material Free Cash Flow
Resilient Business Model Generates Material Free Cash Flow 2025 Free Cash Flow Bridge1 Debt Maturity Schedule2 (US$MM) (US$MM) $11 $1 ABL Drawn ABL Available ($11) ($1) ($25) $722 $295 $295 $306 $295 $294 $294 ($103) $270 $388 D&A of $144mm excluded from the graph $167 $167 $333 2026E 2027E 2028E 20
Slide 23: Flowco Drivers of Growth and Deep Competitive Moats
Flowco Drivers of Growth and Deep Competitive Moats Multi-Faceted Strategy Provides Numerous Avenues for Growth Leverage Extensive Footprint Vertical Integration Williston Basin Powder River Basin Uinta DJ Basin Piceance Basin Appalachian Basin Basin Anadarko San Juan Raton Basin Headquarters Basin
Slide 24: Flowco ROCE Analysis vs. Peers
Flowco ROCE Analysis vs. Peers EBITDA1 Growth vs. Return on Capital Employed2 Differentiated Products and Services Compression3 Large Cap Diversified 2024A – 2025A EBITDA Growth 50% 40% 20% 10% 0% (10%) (20%) (30%) 5% 7% 9% 11% 13% 15% 17% 19% 21% 23% 2025A ROCE Source: FactSet and Public Filings; N
Slide 25: IV. Appendix
rlowco IV. Appendix
Slide 26: Reconciliation of Non-GAAP Financial Measures and Calculation of Certain Combined Financial Data
Reconciliation of Non-GAAP Financial Measures and Calculation of Certain Combined Financial Data Combined Revenue The Company uses non-GAAP financial measures, such as Combined Revenue, Combined EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Segment EBITDA, Adjusted Segment EBITDA Margin,
Slide 27: Reconciliation of Non-GAAP Financial Measures and Calculation of Certain Combined Financial Data (Cont’d)
Reconciliation of Non-GAAP Financial Measures and Calculation of Certain Combined Financial Data (Cont’d) Combined EBITDA and Adjusted EBITDA We define EBITDA as net income, adjusted to exclude interest expense, provision for income taxes and depreciation and amortization. We define Adjusted EBITDA
Slide 28: Reconciliation of Non-GAAP Financial Measures (Cont’d)
Reconciliation of Non-GAAP Financial Measures (Cont’d) Adjusted Net Income We define Adjusted Net Income as net income (loss) adjusted to eliminate the impact of (i) transaction-related expenses, (ii) share-based compensation, (iii) loss on the sale of equipment, (iv) loss on debt payments, and (v)
Slide 29: Reconciliation of Non-GAAP Financial Measures (Cont’d)
Reconciliation of Non-GAAP Financial Measures (Cont’d) Adjusted Segment EBITDA We define Adjusted Segment EBITDA as segment net income, adjusted to exclude interest expense, provision for income taxes, depreciation and amortization, share-based compensation expense, business combination-related expe
Slide 30: Reconciliation of Non-GAAP Financial Measures and Calculation of Certain Combined Financial Data (Cont’d)
Reconciliation of Non-GAAP Financial Measures and Calculation of Certain Combined Financial Data (Cont’d) Net Income to EBITDA EBITDA to Free Cash Flow ($ in thousands) ($ in thousands) Net Income to EBITDA 2025 4Q24 EBITDA to Free Cash Flow 2025 Net income $131,655 $22,336 EBITDA $294,590 Interest
Slide 31: Market Leadership Robust, Long-Term
Market Robust, Long-Term High-Value Leading Returns Leadership Growth Profile Outcomes Profile Resiliency & Blue-Chip Proven Visibility Customers Management Team 31
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