Slide 1: NOV Inc. Fourth Quarter 2025 Earnings Presentation
NOV Inc. Fourth Quarter 2025 Earnings Presentation February 5, 2026
Slide 2: Safe Harbor / Forward Looking Statements / Non-GAAP Financial Measures
Safe Harbor / Forward Looking Statements / Non-GAAP Financial Measures This document contains, or has incorporated by reference, statements that are not historical facts, including estimates, projections, and statements relating to our business plans, objectives, and expected operating results that
Slide 3: NOV powers the industry that powers the world.
NOV delivers technology-driven solutions to empower the global energy industry. For more than 150 years, NOV has pioneered innovations that enable its customers to safely produce abundant energy while minimizing environmental impact. The energy industry depends on NOV’s deep expertise and technology
Slide 4: Fourth Quarter 2025 Highlights
Fourth Quarter 2025 Highlights Revenue Working Capital Intensity1 Free Cash Flow2 +5% Sequentially -340 basis point improvement YOY ~177% conversion of Adjusted EBITDA $2.3B 21.9% $472MM 1 Working capital intensity defined as working capital less cash, debt, and lease liabilities as a percentage of
Slide 5: Significant Achievements
Significant Achievements Downhole Broadband Solutions technology Awarded the drilling equipment package for the NOV’s surface automation package with AI- powered by wired drill pipe used to drill Kingdom 4 jack-up rig to be built in Saudi enabled solutions delivered strong results in record annual f
Slide 6: Fourth Quarter 2025 Consolidated Revenue
Fourth Quarter 2025 Consolidated Revenue Sequential Year-on-Year Adjusted $989MM Revenue Revenue EBITDA % Energy Products and Services +2% (7)% 14.2% $1.33B +7% +4% 13.5% Energy Equipment $2.28B +5% (1)% 11.7% NOV 48% 52% 36% 64% Land Offshore North America International Form 8-K containing earnings
Slide 7: Energy Equipment
Energy Equipment Designs, delivers, manufactures, and supports advanced drilling, completion, and production solutions Revenues benefited from strong execution on backlog, while lower demand for aftermarket spare parts and services year-over-year led to a less favorable sales mix. 4Q25 Revenue Strea
Slide 8: Energy Products and Services
Energy Products and Services Provides critical technologies consumed in drilling, intervention, completion, and production activities Sequential revenue increase reflects higher sales of the segment’s composite solutions, seasonal bulk sales of products, and stabilizing activity in key markets. Lowe
Slide 9: Generated $876mm in Excess Free Cash Flow in 2025
Generated $876mm in Excess Free Cash1 Flow in 2025 NOV has converted over 85% of Adjusted EBITDA to Free Cash Flow over the past two years Balance Sheet Capex Return Capital Investment grade rating critical Maintain our asset base and Through base dividend, share to business model invest in organic
Slide 10: First Quarter 2026 Outlook
Outlook: First Quarter 2026 Outlook Year-Over-Year (Q1’26 vs Q1’25) Revenue Down one to three percent year-over-year NOV Adj. EBITDA $200 million to $225 million Revenue Down six to eight percent year-over-year EPS Adj. EBITDA $105 million to $125 million Revenue Increase three to five percent year-
Slide 11: Appendix
Appendix © 2026 NOV Inc. All rights reserved. Fourth Quarter 2025 Earnings Presentation – 02/05/2026 11
Slide 12: Reconciliation of Net Income to Adjusted EBITDA (Unaudited)
Reconciliation of Net Income to Adjusted EBITDA (Unaudited) In millions Three Months Ended Year Ended December 31, September 30, December 31, 2025 2024 2025 2025 2024 Revenue: Energy Products and Services $ 989 $ 1,060 $ 971 $ 3,977 $ 4,130 Energy Equipment 1,334 1,287 1,247 4,934 4,888 Eliminations
Slide 13: Reconciliation of Cash Flows from Operating Activities to Free Cash Flow and Excess Free Cash Flow
Reconciliation of Cash Flows from Operating Activities to Free Cash Flow and Excess Free Cash Flow (Unaudited) In millions Three Months Ended Year Ended December 31, December 31, 2025 2025 2024 Total cash flows provided by operating activities $ 573 $ 1,251 $ 1,304 Capital expenditures (101) (375) (
Slide 14: © 2026 NOV Inc. All rights reserved. Fourth Quarter 2025 Earnings Presentation – 02/05/2026
© 2026 NOV Inc. All rights reserved. Fourth Quarter 2025 Earnings Presentation – 02/05/2026 14