Pason Systems Inc. · TSX:PSI
Pason Systems — Shareholder Meeting (May 2026)
25 slides from Pason Systems's shareholder meeting presentation, May 7, 2026
Slide 1: Annual General Meeting of Shareholders
May 7, 2026 Annual General Meeting of Shareholders
Slide 2: Meeting Agenda
Meeting Agenda • Consolidated financial statements and the report of the auditors for the year ended December 31, 2025 • Election of Directors • Appointment of Auditors • Non-binding “say on pay” advisory vote • Other business Page 2
Slide 3: Board of Directors
Board of Directors Marcel Kessler James Bowzer Jon Faber* Chair Director President & Chief Executive Officer Joined Pason Board in 2012 Joined Pason Board in 2024 Joined Pason Board in 2020 Sophia Langlois Ken Mullen Laura Schwinn Chair, Corporate Governance and Nomination Chair, Audit Committee Lea
Slide 4: Corporate Update
pas Or > Corporate Update Technology * Deployed * Simply
Slide 5: Forward-Looking Statements
Forward-Looking Statements This presentation contains “forward-looking statements” and/or “forward-looking information” under applicable securities laws (collectively referred to as “forward-looking statements”). All statements other than statements of historical facts contained in this presentation
Slide 6: Strong and Committed Management Team
Strong and Committed Management Team Jon Faber Celine Boston Kevin Boston Craig Bye Natalie Fenez President & Chief Executive Chief Financial Officer VP, Commercial VP, R&D - Cloud Platforms & VP, Legal & Corporate Officer 5 years with Pason 15 years with Pason Applications Secretary 12 years with P
Slide 7: How We Operate
How We Operate Three principles have shaped Pason for decades Simplicity Discipline Compounding Technology Deployed Simply Customer, capital, cost focus Build long-term, invest through cycles • Customer focused value proposition • Prudent balance sheet with no • Investment through cycles interest-be
Slide 8: Pason at a Glance
Pason at a Glance Technology. Deployed. Simply. A 40+ year commitment to solving customer complexity with simple, reliable, field-proven solutions — and the organizing principle behind our products, service, and support. 8 years $419M $1,053 Consecutive years outpacing 2025 Consolidated Revenue 2025
Slide 9: The Data Behind Well Construction
The Data Behind Well Construction Managing end- Capture Aggregate Display Transmit Store Deliver Visualize Leverage to-end well construction data With a superior service model Automation Safety Collaboration Reporting Analytics Enabling customer priorities Real-Time Decision Making Page 9
Slide 10: Superior Service Model
Superior Service Model Customer Support Service Phone Hardware Field Software Email Installation Office Communications Chat Monitoring Analytics Third Party Field Tech Real Time Advice Page 10
Slide 11: Operating Markets
Operating Markets End-to-end data solutions spanning three segments — unified by a superior service model, disciplined focus, and decades of domain expertise Drilling Completions Solar & Storage 78% of 2025 revenue 14% of 2025 revenue 8% of 2025 revenue Leading global provider of drilling data Valve
Slide 12: Strong growth prospects are not solely reliant on higher North American land drilling activity
Strong growth prospects are not solely reliant on higher levels of North American land drilling activity North American Land Rig Count vs. Consolidated Revenue GROWTH DRIVERS Increased revenue from Completions (Intelligent Wellhead Systems), driven by increased use of technology in completions mar
Slide 13: Recent growth in Revenue per Industry Day driven by increasing use of technology
Recent growth in Revenue per Industry Day has been largely driven by increasing use of technology North American Revenue per Industry Day Primary Increased product adoption driven Increased US market share driven largely by growth Increased product adoption driven by growing demand for data by well
Slide 14: Diversified Revenue Streams
Diversified Revenue Streams Drilling remains the anchor; 2025 was the first year that non-drilling segments contributed more than 20% of consolidated revenue Revenue by Operating Segment in CAD millions North American rig count (2020 → 2025) +43% Pason North American Drilling revenue +109% Pason con
Slide 15: The Completions Opportunity
The Completions Opportunity Building scale in a daily rental business Capex precedes ongoing multi-year revenue stream, with operating leverage and free cash flow conversion following at scale +12% C$5,472 Outperformance IWS revenue growth in 2025 2025 Revenue per IWS Day compared to industry activi
Slide 16: Supportive Industry Tailwinds
Supportive Industry Tailwinds Multiple structural trends support medium and long-term demand for drilling and completions data — and for Pason AI: demand for data AI: demand for power Rising decline rates Artificial intelligence (AI) models require high- Data center buildout is driving sharp growth
Slide 17: Multiple Drivers of Long-Term Growth
Multiple Drivers of Long-Term Growth Continued adoption and price realization from established North American drilling COMPOUND THE CORE products, plus growing momentum behind newer technologies — including the mud Drilling — established and still analyzer, with a developing portfolio of related pro
Slide 18: Revenue and Adjusted EBITDA
Revenue and Adjusted EBITDA Consolidated Revenue Adjusted EBITDA $ and as a % of Revenue in CAD millions Ability to outpace industry activity with increasing revenue levels from earlier stage segments and the benefits of operating leverage on a mostly fixed cost base Adjusted EBITDA is calculated in
Slide 19: Disciplined Approach to Invested Capital
Disciplined Approach to Invested Capital Net Capital Expenditures Free Cash Flow in CAD millions in CAD millions Includes growth capex related to IWS Acquisition & new drilling products Strategic investments in high return capital expenditures drive long term free cash flow growth Net Capital Expend
Slide 20: Capital Allocation Priorities
Capital Allocation Priorities 1 Preserve Balance Sheet Strength Managing end market cyclicality with operating leverage Ability to pursue attractive growth opportunities Shareholder Returns Over Time 2 Disciplined and Sustainable Shareholder Returns Exposure to steady growth in the quarterly d
Slide 21: First Quarter 2026 Highlights
First Quarter 2026 Highlights North American Completions $38 MILLION Revenue per revenue only down $102 MILLION 6% from Q1 2025 ADJUSTED Industry Day of despite 21% decline IN REVENUE $1,046 in US frac spreads EBITDA $9 MILLION $74M IN TOTAL Disciplined FREE CASH CASH WITH NO Prudent balance managem
Slide 22: Value Proposition Summary
Value Proposition Summary Diversified revenue growth Distinctive Outstanding technology financial position profile Clear Clear market path leader forward Page 22
Slide 23: Pason Systems
Pason Systems 6130 Third Street SE Calgary, AB T2H 1K4 Canada Phone: 403.301.3400 Web: www.pason.com Email: investorrelations@pason.com Page 23
Slide 24: Historical Financial Information
Historical Financial Information $CAD 000s 2020 2021 2022 2023 20245 2025 Revenue 156,636 206,686 334,998 369,309 414,133 419,267 Adjusted EBITDA 1 39,540 72,520 159,510 171,466 161,827 153,401 as a % of revenue 25% 35% 48% 46% 39% 37% Investments in R&D and IT 2 27,468 32,903 38,066 42,348 56,626 5
Slide 25: Non-GAAP Reconciliation
Non-GAAP Reconciliation $CAD 000s 2020 2021 2022 2023 2024 2025 Net income (loss) 5,134 31,925 105,726 95,827 119,709 51,602 Add: Income taxes 4,864 11,738 33,405 34,346 23,657 19,718 Add: Depreciation and amortization 34,417 25,689 20,842 27,216 52,179 58,860 Add: Stock-based compensation 4,840 11,