Kodiak Gas Services, Inc. · NYSE:KGS
Kodiak Gas Services — Investor Presentation (March 2026)
32 slides from Kodiak Gas Services's investor presentation, March 2026
Slide 1: Investor Presentation
Investor Presentation March 2026
Slide 2: Disclaimer
Disclaimer Cautionary Note Regarding Forward-Looking Statements. This presentation contains, and our officers and representatives may from time to time make, “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Fo
Slide 3: Kodiak Gas Services Overview
Kodiak Gas Services Overview POWERING Our Critical Energy Future $4.7 billion $7.3 billion 3.6% Market Enterprise Dividend Capitalization1 Value1 Yield1 4.5 million ~7 years ~98% Fleet Average Age of Fleet Horsepower2 Large Horsepower2 Utilization Rate2 1 Market capitalization and enterprise value c
Slide 4: Fourth Quarter & Full Year 2025 Highlights
Fourth Quarter & Full Year 2025 Highlights Adjusted EBITDA1 ($M) Fourth Quarter Highlights ~98% $715 $610 ► Reported record Adj. EBITDA of $184 million $184 $169 Fleet ► Increased Contract Services Adj. Gross Margin to 69.2% - utilization2 a new company record Q4 Q4 2024 2025 ► Generated record free
Slide 5: Kodiak Investment Thesis
Kodiak Investment Thesis Constructive Industry ► Visible, multi-year growth in U.S. natural gas and power demand Fundamentals ► Tight contract compression market with industry-wide capital discipline ► 4.5 million horsepower compression fleet1 paired with 380MW Compression Market distributed power f
Slide 6: Kodiak Contract Compression Fleet
Kodiak Contract Compression Fleet Leading contract compression provider in the lowest cost to produce U.S. basins 4.5 million fleet horsepower1 3.6 million Combined horsepower in the 8% 3% Permian and Eagle Ford Northeast Northern Rockies 7% Fleet Horsepower Profile1 Mid-Continent 69% Permian % of r
Slide 7: Compression Industry Tightness
Compression Industry Tightness Compression CapEx is Below Historical Levels...1 ...While Costs Have Risen2 $1,111 ~$1,250 $946 (per year) ~$800 $ Millions $ per HP $495 Average Average Average 2017 2026E 2017-2019 2020-2021 2022-2025 Leading to Higher Industry Utilization....3 …And Higher Pricing4 $
Slide 8: U.S. Compression Market
U.S. Compression Market Top 3 U.S. Contract Compression Providers = U.S. Compression Market2 HP (in millions) % ~75% of the outsourced market1 Outsourced (contract compression) 17 26% Insourced (end user-owned) 48 74% Total 65 100% 4.8 4.8 4.5 HP in millions 1.2 0.6 0.5 0.5 0.4 0.4 0.4 0.3 0.3 0.3 0
Slide 9: Compression Growth Driven by Gas Growth
Compression Growth Driven by Gas Growth U.S. Gas Demand Growth1 U.S. Compression Intensity2 140 Bcf/d million HP 70 Mexico Demand 5 10-year average = ~600K HP per Bcf/d 65 120 60 108 Power/Other Demand 10 100 99 104 103 47 50 93 92 95 30 Bcf/d 80 84 midpoint 73 75 40 60 U.S. LNG Demand 15 30 40 20 2
Slide 10: Permian Gas Positioned for Significant Growth
Permian Gas Positioned for Significant Growth Permian Basin >45% of domestic Increased ~10% CAGR drilling activity located in drilling activity gross gas production the Permian Basin1 in higher GOR areas since 20202 >35% Gas Takeaway Projects4 Capacity Start Pipeline4 (Bcf/d) Date More gas per Gulf
Slide 11: Premier Customer Base
Premier Customer Base >50% >60% Long-Term Revenue from top 10 Revenue from Relationships with top customers1 investment grade rated customers customers1 High Quality Customer Base2 1 Based on total Contract Services revenues for 2025 2 As of December 31, 2025 11
Slide 12: Contract Structure Supports Cash Flow
Contract Structure Supports Cash Flow 01 02 03 04 05 Fixed monthly Annual inflation Advance billing 98% mechanical Customer bears revenue index adjustments improves working availability mobilization and with multi-year capital cycle guarantee demobilization terms costs Percent of Fleet HP on Term1 M
Slide 13: Investing In People & Technology
Investing In People & Technology Building on Kodiak’s Industry Leading Position The Right People The Right Technology Investing in training & Investing in innovation development IGNITE Technician Agentic AI Development Program Co-Pilot Parts Finder 13
Slide 14: Steady Growth With Limited Volatility
Steady Growth With Limited Volatility Fourth Quarter 2025 Quarterly Contract Services Adjusted Gross Margin Fleet Utilization 98% $209 $200 $203 20 $196 ~98% 200 $188 $187 18 $177 % of AGM provided by Contract Services segment1 16 150 Trough Fleet Utilization 14 during Covid $126 $128 $121 $115 $117
Slide 15: Distributed Power Solutions Acquisition
Distributed Power Solutions Acquisition Transaction Overview TRACK RECORD SURGING of Integrating and $675 Million1 purchase price Increase in $575M funded on ABL & Transforming Demand $100M KGS equity to DPS Businesses 384 MW2 fleet of Caterpillar reciprocating and turbine generators serving ENERGIZ
Slide 16: Step Change in U.S. Power Demand Growth
Step Change in U.S. Power Demand Growth U.S. Power Demand in Megawatts1 Power Demand Growth by Sector2 7% 5% Data Centers “America must add at least 100GW of 628 Commercial 15% firm power in the next five years for Residential 58% America to continue to lead the AI 15% Industrial Race and fuel reind
Slide 17: Data Centers Increasingly Need Onsite Power
Data Centers Increasingly Need Onsite Power “Bring Your Own >6 Years > 60 Gigawatts Time it takes to add new power Projected Behind-the-Meter of power Generation” generation to the PJM grid1 solutions needed by 20352 Emerging solution to growing gap between data center power demand growth and supply
Slide 18: Operating Large Engine Fleets at the Highest Levels of Reliability
Operating Large Engine Fleets at the Highest Levels of Reliability is What We Do CAT 3516J Gas Compression Engine Compression & Genset Engine Similarities (1380 Horsepower) Engines Highly similar design and operation Parts & Components Highly similar Maintenance Profiles CAT 3516H Genset Engine Simi
Slide 19: DPS Has A Diversified Power Portfolio
DPS Has A Diversified Power Portfolio ~364 MW Under contract1 Contracted Power by Industry 12% Icon size represents % of contracted megawatts at the location 21% 67% Distributed Power Asset Footprint Data Center Microgrids Data Center Microgrids Manufacturing Manufacturing 1 Estimated as of March 31
Slide 20: Premium Fleet with Application Flexibility
Premium Fleet with Application Flexibility 100% Caterpillar Power Generation Fleet1 223 MW 161 MW Turbine Reciprocating Generators Generators Power Solutions for Diverse End Markets Data Centers Microgrids Microgrids Manufacturing DPS’s Proven Capabilities Impeccable Safety Rapid Deployment Creative
Slide 21: Capital Allocation Framework
Capital Allocation Framework Non-discretionary 1 Protect the Franchise ▪ Long term leverage ratio of <4.0x ▪ Stable to improving credit ratings ▪ Ample liquidity at all times ▪ Disciplined maintenance capex 2 Sustainable / Well-Covered Dividend 3 Reinvest Organically / Return Incremental Capital to
Slide 22: 2026 Capital Plan
2026 Capital Plan Full Year Capital Spending Growth CapEx Other CapEx ► New compression ► Safety-related capex units $350 - $400 ► Business systems ► Unit revamps Million ► Rolling stock ► Electric conversions 2026E CapEx ► Tools & equipment ► Emissions upgrades ► Operational AI/ML Maintenance CapEx
Slide 23: Strengthening Credit Profile
Strengthening Credit Profile Credit Ratings Debt to EBITDA Ratio1 Corporate Rating 3.9x Ba3 BB- 3.5x BB Q4 2024 Q4 2025 Debt Maturity Profile2 $1,000 ABL Facility Senior Unsecured Notes $750 $750 $770 ~$1.5B $630 Availability under ($M) $500 >3 years $465 ABL facility2 Until First Debt Maturity $250
Slide 24: Relative Valuation
Relative Valuation Forward Year Discretionary Cash Flow Yield1 Creating Value for 11.7% Shareholders 9.4% ► Kodiak shares currently trade at a 7.9% 6.8% discount to our comparable companies ► Shareholder return program provides attractive cash yield Kodiak G&P Pipeline Compression EV/2027 Adj. EBITD
Slide 25: Increased Liquidity & Share Buybacks
Increased Liquidity & Share Buybacks Top 5 Shareholders EQT Fully Exited in December 2025 (% of common shares outstanding)1 (% of common & preferred shares outstanding)2 24% 34% 43% 84% 46% 57% 61% 65% January February 100% 2024 2026 76% 66% 57% 43% 39% 35% Top 5 Shareholders Remaining Shareholders
Slide 26: Full-Year 2026 Guidance
Full-Year 2026 Guidance (All amounts below are in thousands except per share amounts and percentages) Low High Adjusted EBITDA (1) $ 750,000 $ 780,000 Discretionary Cash Flow (1)(2) $ 480,000 $ 510,000 Segment Information Contract Services Revenues $ 1,240,000 $ 1,280,000 Contract Services Adjusted
Slide 27: Supplemental Slides
Supplemental Slides 27
Slide 28: Anatomy of a Compression Unit
Anatomy of a Compression Unit Engine Cooler Telemetry Control Panel Compressor Skid 28
Slide 29: Non-GAAP Financial Measures
Non-GAAP Financial Measures Adjusted Gross Margin and Adjusted Gross Margin Percentage Adjusted Gross Margin and Adjusted Gross Margin Percentage are considered non-GAAP financial measures. We define Adjusted Gross Margin as revenue less cost of operations, exclusive of depreciation and amortization
Slide 30: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Gross Margin to Adjusted Gross Margin Net Cash Provided by Operating Activities to DCF and FCF (in thousands) Q4 2024 Q3 2025 Q4 2025 (in thousands) Q4 2024 Q3 2025 Q4 2025 Total revenues $309,519 $322,744 $332,871 Net cash provided by operating activiti
Slide 31: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Gross Margin to Adjusted Gross Margin for Contract Services Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 (in thousands) 2020 2020 2020 2020 2021 2021 2021 2021 2022 2022 2022 2022 Total Revenues $131,616 $123,499 $128,355 $132,259 $137,445 $142,622 $148,595 $154,
Slide 32: Contact Us
Contact Us IR@KODIAKGAS.COM
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