Innovex International, Inc. · NYSE:INVX
Innovex International — Q3 2025 Earnings Presentation
15 slides from Innovex International's earnings presentation, Nov 4, 2025
Slide 1: Innovex International Q3 2025 Earnings Presentation
Innovex International Q3 2025 Earnings Presentation 1
Slide 2: Disclaimer
Disclaimer Disclaimer Important Information and Disclaimers This disclaimer applies to this document and the verbal or written comments of any person presenting it. This document, taken together with any such verbal or written comments, is referred to herein as the “Presentation.” Historical financi
Slide 3: Disclaimer (Cont'd)
Disclaimer (Cont’d) Industry Information We obtained the industry, market and competitive position data used throughout this Presentation from our own internal estimates and research, as well as from independent industry publications, government publications and other published independent sources.
Slide 4: Innovex Today
Curated Portfolio of High FCF1 Conversion Complementary, Mission 50-60% of Adjusted EBITDA2 is Critical Products converted into free cash flow under normal business conditions Big impact/small ticket product proposition Resilient Gross INNOVEX Diversified Presence Margins TODAY Across the Most 32-34
Slide 5: Innovex Today
Innovex Today Track record of successful, disciplined growth since inception Proven and Successful Business Model Runway for Sustained Growth • Disciplined Revenue Growth: 27% revenue CAGR since • Innovation: New product development drives revenue growth inception1 under a low leverage framework and
Slide 6: Innovex's No Barriers Culture
Innovex’s No Barriers Culture No Barriers between our customers and our employees No Barriers to our ongoing success Big Impact, Small Customer Centric Ticket Products Disciplined Flat, Lean and Acquisitions & Unbureaucratic Divestitures Organization Empowered Rapid Response to Employees Market Need
Slide 7: Q3 2025 Performance & Q4 2025 Outlook
Q3 2025 Performance & Q4 2025 Outlook Q3 2025 Commentary Financial Performance(1)(2) $300 Revenue Adj. EBITDA Adj. EBITDA Margin % 80% • Revenue of $240 million, up 7% sequentially $251 $240 $240 70% $250 $224 • Net income of $39 million 60% $200 50% • Adjusted EBITDA(2) of $44 million and Adjusted
Slide 8: No Barriers Culture Driving Operational Transformation
No Barriers Culture Driving Operational Transformation Innovex’s Proven Playbook in Action Closed on $90 million sale of Eldridge Facility • Net proceeds1 of $87 million • 80% Footprint Reduction: from 113 acres to ~23 acres • Significantly enhances an already net cash position Transforming operatin
Slide 9: Q3: Disciplined M&A framework and Cycle Playbook in Action
Q3: Disciplined M&A framework and Cycle Playbook in Action Early revenue synergies enhancing deal economics Organic Growth Clear Path to Margin Enhancement via Cost Synergies • Gaining Share in US Land: US land portfolio continues to outpace the underlying market 25% • Gaining Share in Subsea: Partn
Slide 10: We use the cycle to drive growth
We use the cycle to drive growth Current market conditions present opportunity Up-Cycle Mid-Cycle Down-Cycle • Prioritize execution to drive • Maintain balance sheet strength • Invest while competitors struggle market share capture • Optimize margins and focus on • Unwind working capital to bolster
Slide 11: We Generate Real Cash and Actual Returns by Leveraging our Platform
We Generate Real Cash and Actual Returns by Leveraging our Platform We curate our portfolio based on underlying economic potential, not pitchbook logic The Innovex Approach Typical OFS Playbook Invest in small ticket, big impact products Aggregate EBITDA Drive organic growth through customer f
Slide 12: Appendix: GAAP Reconciliations
Appendix: GAAP Reconciliations 12
Slide 13: Innovex International Reconciliation to Non-GAAP Metrics
Innovex International Reconciliation to Non-GAAP Metrics Quarterly Net Income to Adjusted EBITDA ($ in millions) Q3’241 Q4’24 Q1’25 Q2’25 Q3’25 Net Income $83 $32 $15 $15 $39 (+) Net Interest Expense 1 0 1 1 1 (+) Income Tax Provision (3) (4) 7 7 19 (+) Depreciation and Amortization Expense 8 12 15
Slide 14: Innovex International Reconciliation to Non-GAAP Metrics
Innovex International Reconciliation to Non-GAAP Metrics Quarterly Free Cash Flow ($ in millions) Q3’241 Q4’24 Q1’25 Q2’25 Q3’25 Cash Flow from Operating Activities $22 $36 $31 $59 $48 Capital Expenditures (2) (8) (7) (7) (12) Free Cash Flow $20 $29 $24 $52 $37 (1) Reflects Legacy Innovex’s results
Slide 15: Legacy Standalone Innovex Reconciliation to Non-GAAP Metrics
Legacy Standalone Innovex Reconciliation to Non-GAAP Metrics Annual Adjusted EBITDA and Adjusted EBITDA Margin ($ in millions) 2023 2022 2021 20202 20192 20182 Revenue $556 $467 $295 $189 $325 $277 Net Income 74 63 10 (5) 32 35 Interest Expense, Net 6 4 2 2 4 4 Income Tax Expense 20 10 4 2 9 (4) Dep
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