Slide 1: First Quarter 2026 Earnings Presentation
First Quarter 2026 Earnings Presentation May 7, 2026
Slide 2: Disclosure Statement
Disclosure Statement Statements made in the course of this presentation that state the Company's The Company defines Adjusted Gross Profit as revenue, less cost of products, 2 or management's intentions, hopes, beliefs, expectations or predictions of the plus amortization of intangibles, plus invent
Slide 3: 1Q 2026 Highlights
1Q 2026 Highlights 3 REVENUE ADJUSTED EBITDA1 CASH USED IN OPERATING ACTIVITIES $1,183M $39M $95M $50M share repurchases CAPITAL ALLOCATI ON $46M acquisition of Edge Controls While much progress has been made, the system MRC Global U.S. ERP has been stabilized, but is not yet optimized 1. See reconc
Slide 4: 1Q 2026 Consolidated Revenue
1Q 2026 Consolidated Revenue Sequential Adjusted Adjusted 4 Revenue Change EBITDA1 EBITDA %1 DNOW 23% $39M 3.3% By End-Market $1,183M Sequential Percent of DNOW By Segment 39% Upstream Revenue Change Revenue U.S. 29% 83% $985M 23% Gas Utilities International 3% 13% Downstream 20% & Industrial $147M
Slide 5: 1Q 2025-1Q 2026 Revenue Bridge
1Q 2025-1Q 2026 Revenue Bridge with 2Q 2026 sequential guide ($ millions) $1,311 5 $128M decline Forecasting sequential 2Q 2026 revenue growth Approximately three-quarters of the decline was in Upstream and Downstream in the mid-to-high single and Industrial. YOY Gas Utilities down 5% and Midstream
Slide 6: 1Q 2025-1Q 2026 Adjusted EBITDA Bridge
1Q 2025-1Q 2026 Adjusted EBITDA1 Bridge with 2Q 2026 sequential guide ($ millions) 6 $82 $43M decline Forecasting sequential Driven by lower revenue, corresponding gross 2Q 2026 adjusted EBITDA margin pressure, and temporary yet significant to revenue flowthroughs costs to stabilize the ERP environm
Slide 7: MRC Global U.S. ERP Stabilization Progress
MRC Global U.S. ERP Stabilization Progress Focused on improving operational workflow and workstreams to deliver improved customer service 7 Workflows / Workstreams Targeted Business Value Order, quote and pricing Improved speed and efficiency, reduce rework across performance improvements quoting to
Slide 8: DNOW MRC Global Integration & Cost Synergies Update
DNOW MRC Global Integration & Cost Synergies Update 1Q 2026 Progress 8 Revenue Synergies Annual Cost Synergy Target Timeline ▪ Early-Stage Commercial ▪ Combined capabilities unlocking Revised Plan Cross-Selling Pipeline new customers, suppliers and $30M markets 2026 2026 ▪ Inventory as a Commercial
Slide 9: Strong Balance Sheet with Financial Flexibility
Strong Balance Sheet with Financial Flexibility 9 Focused on manageable debt levels, Ample Liquidity we are executing a strategy to $379M in total liquidity maximize strategic flexibility with access to $500M accordion through the cycle Cash of $116M ◊ Debt of $571M ◊ Net Debt1 of $455M Net debt lev
Slide 10: Disciplined Approach to Capital Allocation
Disciplined Approach to Capital Allocation 10 Capex $8M in the first Repurchased $50M Cumulative Share Repurchases $160 million share repurchase program quarter 2026 to of shares during the support growth in U.S. quarter, with $87M $87 Process Solutions accumulated on the assets and ERP $160M share
Slide 11: Outlook
Outlook 11 For 2Q 2026, expect sequential Full-year 2026 revenue expected revenue growth in U.S. and to approach $5B, with Adjusted International segments, with a EBITDA as a percentage of seasonal sequential decline in revenue to approach 4.5% Canada Full-year 2026 cash flow from 2Q 2026 revenue ex
Slide 12: Investor Relations
Investor Relations Brad Wise Vice President Digital Strategy & Investor Relations Contact email: ir@dnow.com For the most up to date investor information, please click here
Slide 13: Appendix
Appendix
Slide 14: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation 14 THREE MONTHS ENDED March 31, 2026 ($ millions) Amount % of Revenue Revenue $ 1,183 Net (loss) attributable to DNOW Inc. $ (44) (3.7%) Interest expense, net 8 Income tax (benefit) (16) Depreciation and amortization 23 Increase in LIFO reserve 16 Stock-based compensat
Slide 15: Net Debt & Leverage Ratio Calculation
Net Debt & Leverage Ratio Calculation 15 ($ millions) March 31, 2026 Long-term debt $ 571 Plus: current portion of debt obligations - Total debt $ 571 Less: cash 116 Net debt $ 455 Net debt $ 455 Adjusted EBITDA1 $ 202 Net debt leverage ratio 2.3x Note: Net debt, net debt leverage ratio and Adjusted