Slide 1: Company Overview & Investment Case
COMPANY OVERVIEW & INVESTMENT CASE October 2025 Section Topic Pages 1 Overview 3-6 2 One TETRA 2030 8-11 3 Completion Fluids & Products 13-17 4 Water & Flowback Services 19-22 5 Emerging Growth 24 6 Electrolytes for B.E.S.S. 26-29 7 Desalination 31-35 8 Critical Minerals 37-38 9 Investing for Growth
Slide 2: Disclaimer
DISCLAIMER Forward-Looking Statements This presentation includes certain statements that are deemed to be forward-looking statements. Generally, the use of words such as “may,” “see,” “expectation,” “expect,” “intend,” “estimate,” “projects,” “anticipate,” “believe,” “assume,” “could,” “should,” “pl
Slide 3: About TETRA
ABOUT TETRA ENERGY SERVICES // INDUSTRIAL CHEMICALS // CRITICAL MINERALS Founded in 1981. Headquartered in The Woodlands, TX Leveraging 40+ years of fluid chemistry solutions Base Business • Innovation and market leader for offshore deepwater completion fluids • Leader in produced water treatment an
Slide 4: TETRA Snapshot
TETRA SNAPSHOT Ticker NYSE: TTI Fluid Chemistry Solutions for Energy, Energy Storage & Water Treatment Market Cap (a) $619M Q3’25 TTM Revenue Profile $1.05B 20% 18.7% 18% 17.1% Net Debt (b, 1) 16% Industrial $114M Chemicals 12.9% Adj. EBITDA Margins 14% 11.5% 12% Water & Enterprise Value (c, 1) Flow
Slide 5: Existing Business Segment Overview
EXISTING BUSINESS SEGMENT OVERVIEW Current Business Segments Completion Fluids & Products Water & Flowback Services $400.0 $362 25% $313 $350.0 $313 $311 $282 $280 $288 $279 $257 20% $300.0 $273 $243 $250.0 $220 15% $169 17% $millions $millions $200.0 $135 16% Annual Revenue ($M) & $150.0 13% 13% 10
Slide 6: The TETRA Investment Case
THE TETRA INVESTMENT CASE 2025 is an inflection point for TETRA’s growth initiatives • Ramping sales of TETRA PureFlow for Eos to match increased production levels • Traction with TETRA Oasis TDS including EOG pilot 3Q25 TTM Net Cash TTM Revenue $619M unit; finalizing engineering design on 25K bbl/d
Slide 7: One TETRA - The Path to 2030
ONE TETRA - THE PATH TO 2030 AAAA AAAA AAAA
Slide 8: One TETRA 2030 | Segment Transition
ONE TETRA 2030 | SEGMENT TRANSITION Energy Services FUTURE SEGMENTS ▸ Completion Fluids 2025 SEGMENTS Completion Fluids & Products ▸ Well Testing & Flowback ▸ Completion Fluids Specialty Chemicals & Minerals ▸ Calcium Chloride ▸ Calcium Chloride Water & Flowback Services ▸ Electrolytes for Energy St
Slide 9: One TETRA 2030 | Future Business Mix
ONE TETRA 2030 | FUTURE BUSINESS MIX Water Treatment Water Treatment and Desal 6% and Desal 28% Industrial Specialty Chemicals Chemicals 24% and Minerals 36% 70% 64% traditional industrial 2030 TTM 3Q’25 oilfield chemicals & Revenue Revenue Targets services water treatment Energy Services 70% Energy
Slide 10: One TETRA 2030 | Transforming to a Higher Value Portfolio
ONE TETRA 2030 | TRANSFORMING TO A HIGHER VALUE PORTFOLIO Specialty Chemicals & Minerals Water Treatment & Desalination Energy Services Calcium Chloride Produced Water Recycling & Re-use Completion Fluids B.E.S.S. Electrolytes Well Testing & Flowback Smackover Arkansas Minerals Target Revenue CAGR 2
Slide 11: Segment Comp Group EV/EBITDA Multiples
SEGMENT COMP GROUP EV/EBITDA MULTIPLES 2026 EV/EBITDA Specialty Chemicals & Minerals Water Treatment & Desalination Energy Services Enterprise Value 1. All data from Bloomberg Consensus Estimates, 10/22/2025; TEV = Total Enterprise Value. Enterprise Value calculated as Market Cap as of 10/22/2025 pl
Slide 12: Completion Fluids & Products
COMPLETION FLUIDS & PRODUCTS Recognized As Top-Performing Service Provider of Completion Fluids with Highest Customer Loyalty* * Kimberlite Oilfield International Research
Slide 13: Completion Fluids & Products | Current Business Mix
COMPLETION FLUIDS & PRODUCTS | CURRENT BUSINESS MIX Revenue Leading Provider of High Value $362M TTM1 Completion Fluids ▸ Innovation leader with TETRA CS Neptune fluids ▸ Global infrastructure with a long-term bromine supply agreement Industrial ▸ Diverse and stable industrial chemicals Chemicals 40
Slide 14: Completion Fluids | Overview
COMPLETION FLUIDS | OVERVIEW Completion Fluids Revenue $250 ▸Innovation, quality, and vertical integration drive competitive advantages $200 $150 millions ▸Strong margins through the cycles $100 ▸Key deepwater awards in Brazil and $50 TETRA Neptune projects in the GOA $0 ▸Investing to bring on bromi
Slide 15: Global Completion Fluids Market | High Pressure Leases
GLOBAL COMPLETION FLUIDS MARKET | HIGH PRESSURE LEASES 25 25 191 14 $1.1B market 9 all fluid densities** 244 >550 Offshore leases 40 with >14.0 ppg fluid 5 density equivalent reservoir pressure* 6 Zinc Restricted Market Not Zinc Restricted Market *Rystad Energy. **Spears, Grandview, internal estimat
Slide 16: Industrial Chemicals | Overview
INDUSTRIAL CHEMICALS | OVERVIEW Industrial Chemicals Revenue Industrial chemicals growing faster than GDP $160 $140 $120 Significant Calcium Chloride business $100 millions $80 ▸ Global logistics and distribution network $60 ▸ #1 in Europe(1) ; #2 in the US(1) $40 ▸ 85% of revenues from diverse mix
Slide 17: Calcium Chloride | Diverse Mix of Industries
CALCIUM CHLORIDE | DIVERSE MIX OF INDUSTRIES Industrial Food Agriculture Road Oil & Gas ▸Strong market positions with >85% of revenues being non-O&G ▸Vertically integrated; global mix of manufacturing solutions ▸Sufficient footprint and plant capacity to grow with investment ▸Higher barrier to entry
Slide 18: Water & Flowback Services
WATER & FLOWBACK SERVICES AAAA AAAA AAAA
Slide 19: Water & Flowback Services | Water Treatment Solutions
WATER & FLOWBACK SERVICES | WATER TREATMENT SOLUTIONS A Leading Water Treatment and A Leading Provider of Produced Water Recycling Recycling Position in the Permian Basin 8.0 +2x ▸ Compelling integrated water solutions 7.0 offerings 6.0 ▸ Automating field operations, 5.0 significantly reducing well
Slide 20: Water & Flowback Services | Flowback
WATER & FLOWBACK SERVICES | FLOWBACK North America Production Testing & Drillout Market $1B $850M TETRA Market Exploration Well Construction Completions Production Abandonment Opportunity1 Completion Flowback Production Flowback ▸ $300M market (US land) ▸ $550M market (US land) ▸ Patented TETRA Auto
Slide 21: Water & Flowback Services | TETRA Enables E&P Efficiencies
WATER & FLOWBACK SERVICES | TETRA ENABLES E&P EFFICIENCIES Production Flowback (TETRA SandStorm) Completion Flowback (TETRA Auto Drillout) 25,000 600 11000 50 Thousands Thousands 45 550 10500 20,000 40 Frac Stages (per well) Lateral Length (ft) Proppant (pounds) 500 10000 Frac Fluid (bbls) 15,000 35
Slide 22: Water & Flowback Services | Margin Enhancement Opportunities
WATER & FLOWBACK SERVICES | MARGIN ENHANCEMENT OPPORTUNITIES • 30-40% personnel reduction for transfer TETRA BlueLinx Automation operations (80% Job Implementation) • 24/7 operations monitoring for job anomalies • 50% personnel reduction while removing Patented Automated Sand them from high risk “re
Slide 23: Emerging Growth
EMERGING GROWTH ▸ELECTROLYTES FOR ENERGY STORAGE SYSTEMS ▸PRODUCED WATER RECYCLING & REUSE ▸CRITICAL MINERALS
Slide 24: Leveraging Core Competencies into Emerging Growth Markets
LEVERAGING CORE COMPETENCIES INTO EMERGING GROWTH MARKETS FLUIDS CHEMISTRY EXPERTISE Arkansas Bromine Facility Construction Water Treatment Expertise Drives Growth in CF, B.E.S.S & Critical Minerals Drives Growth in Produced Water Reuse Bromine Sodium Bromide Water Transfer Completion Fluids Calcium
Slide 25: Electrolytes for Energy Storage Systems
ELECTROLYTES FOR ENERGY STORAGE SYSTEMS
Slide 26: Utility Scale Battery Energy Storage | Market Growth Profile
UTILITY SCALE BATTERY ENERGY STORAGE | MARKET GROWTH PROFILE Advanced battery energy storage market 70% CAGR since 2020 Forecasted 25% CAGR for next 10 years1 1. Source: Global Annual Battery Energy Storage Product, Feb. 2025 26
Slide 27: Electrolytes | Commercializing Our Technology
ELECTROLYTES | COMMERCIALIZING OUR TECHNOLOGY ONLY US MANUFACTURER OF First bulk transport of TETRA PureFlow HIGH PURITY ZINC-BROMIDE* ▸ Five-year supply agreement with EOS • 100% of TETRA PureFlow (high-purity zinc- bromide) • 75% of full electrolyte ▸ EOS targeting 8GWh annual future capacity1 ▸ T
Slide 28: Zinc-Bromide Energy Storage | Intro & Advantages
ZINC-BROMIDE ENERGY STORAGE | INTRO & ADVANTAGES Zinc-Bromide Lithium-Ion UTILITY SCALE DURATION (8-12 HRS) NON-FLAMMABLE LONG LIFE (20 YRS) FULLY RECYCLABLE US SOURCED COMMERCIAL STATUS MOBILITY 28
Slide 29: Eos Energy | Significant Commercial Traction
EOS ENERGY | SIGNIFICANT COMMERCIAL TRACTION LEAD GENERATION* OPPORTUNITY PIPELINE* ORDERS BACKLOG* MARKET DRIVERS Grid stability $15.1B $18.8B $672.5M ~61 GWh ~77 GWh ~2.6 GWh Emerging AI data center demand adding large +$6.8B 50% +$6.9M project volume to New adds in Q2 Standalone Storage 2 new ord
Slide 30: Produced Water Recycling & Reuse
PRODUCED WATER RECYCLING & REUSE
Slide 31: Produced Water Recycling | Permian Basin Water Reuse Opportunity
PRODUCED WATER RECYCLING | PERMIAN BASIN WATER REUSE OPPORTUNITY 8.7 1.6 0.8 Reuse Opportunity Addressable 0.8 0.8 Market ▸ 6.3 billion bbl/yr 0.5 6.3 0.3 ▸ Running out of 5.9 available pore space for disposal* billion bbl / yr 4.5 Reuse End Markets ▸ Agriculture ▸ Multi-industry 2.8 ▸ AI data cente
Slide 32: Produced Water Recycling | Industry Challenges
PRODUCED WATER RECYCLING | INDUSTRY CHALLENGES FORMATION PRESSURE TRANSPORTATION COSTS ▸ Increased pore pressure causing well integrity issues ▸ Out-of-basin disposal is not the solution ▸ increased eismicity, ghost wells ▸ Longer distance = higher cost Permian Basin shallow formation static pressur
Slide 33: Delaware Basin | Running Out of Disposal Space by 2028
DELAWARE BASIN | RUNNING OUT OF DISPOSAL SPACE BY 2028* Delaware Basin Orphaned Water 18 No disposal option late 2028 16 14 Over pressure in disposal 5.8M bbl/day of is limiting capacity orphaned water 12 million bbl / day 10 8 6 4 2 0 2018 2019 2020 2021 2022 2023 2024 2025E 2026E 2027E 2028E 2029E
Slide 34: Produced Water Recycling | TETRA Oasis TDS
PRODUCED WATER RECYCLING | TETRA OASIS TDS PATENT-PENDING SOLUTION THAT TRANSFORMS A WATER WASTE PRODUCT INTO A VALUE-ADDED RESOURCE. Recipient of the 2025 Hart Energy Special Meritorious Engineering Award for Innovation // Recognized for its groundbreaking contribution to sustainable water manageme
Slide 35: TETRA Oasis TDS | 25K Barrels Per Day Commercial Plant Design
TETRA OASIS TDS | 25K BARRELS PER DAY COMMERCIAL PLANT DESIGN 25k bpd SCALABLE 100K BPD PLANT DESIGN (“TRAINS”) 25k bpd 25k bpd 25k bpd 25k bpd 25k bpd 25k bpd 35
Slide 36: Critical Minerals
CRITICAL MINERALS AAAA AAAA AAAA
Slide 37: Critical Minerals | TETRA's Brine Acreage
CRITICAL MINERALS | TETRA’S BRINE ACREAGE SLI / EQNR Lithium TTI Evergreen Bromine Plant Over 40,000 acres of mineral rich Smackover brine leases Albemarle Corp ▸6,900 acres(1) AOGC approved brine TETRA Acreage production unit. 65% TTI / 35% Magnolia Saltwerx LLC(2) all mineral rights(3) ▸35,000 acr
Slide 38: Critical Minerals | Untapped Resource Opportunity
CRITICAL MINERALS | UNTAPPED RESOURCE OPPORTUNITY 100% ownership of mineral brine Lithium royalties from SLI on Lithium rights on 6,953-acre leases on 40,000 acres 35,000 acres Evergreen Unit 744 kilotons of proven & probable TETRA gets 2.5% royalty from SLI 729 kilotons (2) Lithium Carbonate bromin
Slide 39: Investing for Growth
INVESTING FOR GROWTH AAAA AAAA AAAA
Slide 40: Arkansas Bromine Project | Critical Driver to Future Growth
ARKANSAS BROMINE PROJECT | CRITICAL DRIVER TO FUTURE GROWTH Definitive Feasibility Study (DFS)1 Strategic Objectives Economic Analysis Surety of supply Mid-Point First Year Full Production ▸Control raw material supply Incremental Revenue $230M ▸Displace third party suppliers ▸Meet growing demand for
Slide 41: Arkansas Bromine Project | Update
ARKANSAS BROMINE PROJECT | UPDATE ▸ Bromine plant on target for late 2027 completion ▸ Bromine tower to be erected before year-end 2025 ▸ Closely collaborating with SLI/Equinor for upstream start-up • Project Upstream has been re-directed to align with SLI/Equinor lithium production from option acre
Slide 42: Financials
FINANCIALS //
Slide 43: Financial Snapshot
FINANCIAL SNAPSHOT Revenue Net Debt & Net Leverage Ratio1 $200 $220 3.5x $180 Net Leverage Ratio Under 2.0x 3.0x $160 $200 $140 2.5x $180 millions $120 millions $100 2.0x $160 $80 1.5x $60 $140 $40 1.0x $20 $120 0.5x $0 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 $100 0.0x 2019 2020 2021 2022 2023 2024 3Q25
Slide 44: One TETRA 2030 | Targets & Objectives
ONE TETRA 2030 | TARGETS & OBJECTIVES ▸2030 targets • Revenue of $1.25B, 15% CAGR • Adj. EBITDA1 of $325M, Adj. EBITDA Margin1 of 26% • 2030 EPS between $1.20-$1.30 ▸Invest internally generated Free Cash Flow1 in 2025-2027 supplemented with non-dilutive project capital ▸Position TETRA to generate ov
Slide 45: One TETRA 2030 | Financial Target Evolution
ONE TETRA 2030 | FINANCIAL TARGET EVOLUTION Revenue Drivers Adj. EBITDA1 Drivers ▸ Specialty Chemicals & Minerals - battery ▸ Battery electrolyte and desal plants electrolyte ▸ Arkansas Bromine facility ▸ Water Treatment & Desalination - 10 water ▸ Growing deepwater market and technology desalinatio
Slide 46: Immediate Key Targeted Milestones
IMMEDIATE KEY TARGETED MILESTONES BY YEAR-END 2025 ▸ Achieve 2025 revenue and earnings guidance ▸ Formalize bridging agreements with bromine producers to support immediate growing deepwater & battery electrolyte requirements ▸ Advancing TETRA Oasis TDS pilot project ▸ Complete engineering design of
Slide 47: Appendix: GAAP Reconciliation Tables
APPENDIX GAAP RECONCILIATION TABLES//
Slide 48: Non-GAAP Definitions
NON-GAAP DEFINITIONSEFINITIONS Adjusted EBITDA is defined as net income (loss) before taxes and discontinued operations, excluding impairments, certain special, non-recurring or other charges (or credits), including loss on debt extinguishment, interest, depreciation and amortization and certain non
Slide 49: Financials | GAAP Reconciliation Tables
FINANCIALS | GAAP RECONCILIATION TABLES Adjusted EBITDA | GAAP to Non-GAAP Reconciliation (Unaudited) TTI Consolidated ($ millions) 2016 2017 2018 2019 2020 2021 2022 2023 1Q24 2Q24 3Q24 4Q24 2024 1Q25 2Q25 3Q25 3Q25 TTM Revenue $306.0 $427.5 $560.1 $561.2 $377.7 $388.3 $553.2 $626.3 $151.0 $171.9 $
Slide 50: Financials | GAAP Reconciliation Tables
FINANCIALS | GAAP RECONCILIATION TABLES $ millions (Unaudited) Twelve Months Ended (Unaudited) FREE CASH FLOW RECONCILIATION 3Q25 TTM 2025 Guidance Range (in thousands) Low High Net Cash Provided by Operations $74.3 Revenue $620,000 $630,000 Capital expenditures, net of proceeds from asset sales (67