Kodiak Gas Services, Inc. · NYSE:KGS
Kodiak Gas Services — Investor Presentation (May 2026)
31 slides from Kodiak Gas Services's investor presentation, May 2026
Slide 1: Kodiak Gas Services Investor Presentation
KODIAK GAS SERVICES INVESTOR PRESENTATION May 2026 ONE RELENTLESS FORCE POWERING OUR CRITICAL ENERGY FUTURE
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 Culture centered on customer service, Powering our critical energy future people and innovation $7 Billion Market capitalization1 2.7% Dividend Yield1 State-of-the-art training facility and curriculum Advanced operational technology Industry-leading operator of large hor
Slide 4: Our Expanded Energy Infrastructure Footprint
Our Expanded Energy Infrastructure Footprint Kodiak Power Solutions’ Asset Footprint Compression Fleet Total Horsepower1 Data Center Microgrids Manufacturing 4.5 million Compression Fleet % Large Horsepower2 80% 8% Northern Average Compression Rockies 3% Horsepower Per Unit1 Northeast 977 7% Mid-Con
Slide 5: Kodiak's Energized Growth Outlook
Kodiak’s Energized Growth Outlook Compelling Fundamentals & Proven Execution Today Energized Growth Outlook Ahead Constructive Compression Fundamentals Massive Power Demand Multi-year growth outlook in U.S natural gas combined with “Bring-your-own-generation” solutions desperately tight contract com
Slide 6: Investing to Power Our Critical Energy Future
Investing to Power Our Critical Energy Future ~2 Compression Fleet Distributed Power Fleet Gigawatts (horsepower in millions) (in megawatts) >5.2 Million HP ~150 thousand 300 - 500 HP / year MW / year Annual growth Targeted annual rate of 3 - 4% growth rate ~1701 4.5 396 61 YE 2025 YE 2026E YE 2030E
Slide 7: Market Leader For Power & Compression
Market Leader For Power & Compression 5.0 4.9 4.8 HP & Power HP-equivalent, in millions Natural Gas Compression 2.3 1.8 Distributed Power 0.8 0.8 0.6 0.5 0.5 0.4 0.4 Note: As of May 8, 2026, and assumes a conversion rate of 1 GW equals 1.3 million mechanical horsepower; Sources Company reports, Intr
Slide 8: Compression & Power Markets Remain Tight
Compression & Power Markets Remain Tight High Industry Utilization...1 …And Long Lead Times for New Gas Compression2 94% Apr 2026 >180 Q1 2026 weeks Sep 2025 53-57 weeks Caterpillar 3600 Inline Engines Caterpillar 3600 Inline Gas Compression High Demand + Long Lead Time = Tight Market Massive Demand
Slide 9: Gas Growth Driving Compression Demand
Gas Growth Driving Compression Demand U.S. Gas Demand Growth1 U.S. Compression Intensity2 Mexico/Other 90 Horsepower Bcf/d 140 Demand 5 (in millions) 10-year average = ~600K HP per Bcf/d 80 Public Contract Compression3 120 70 110 Remaining Compression Power/Other Demand 10 60 100 32 Bcf/d midpoint 5
Slide 10: Highly Visible Permian Gas Demand Growth
Highly Visible Permian Gas Demand Growth Texas Leads the Nation in Data Center >100 158 Development Proposed natural Data Centers under gas-fired power plant construction in Texas2 Favorable Regulatory projects in Texas1 ✓ Environment Natural Gas ✓ Availability ✓ Land Availability rica Existing me o
Slide 11: For AI Race – Speed to Power is Key
For AI Race – Speed to Power is Key Data Centers Under Construction Race to Scale up by State3 Digital Infrastructure 3 Agentic AI Capacity is Rapidly 4 13 Accelerating, Doubling Every 4 2 12 4 7 Months1 8 2 13 15 3 29 5 61 22 28 12 10 8 6 144 Hyperscalers’ Capex (2026-2030) 10 2 12 $5 trillion2 36
Slide 12: Data Center Growth Requires Distributed Power
Data Center Growth Requires Distributed Power “Bring Your Own > 60 Gigawatts Projected Behind-the-Meter of power Generation” Companies That Have solutions needed by 20351 Emerging solution to growing gap Signed the Rate Payer between data center power demand Protection Pledge2 growth and supply addi
Slide 13: 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 14: Skilled Workforce is a Competitive Advantage
Skilled Workforce is a Competitive Advantage Recruiting Pipeline World Class Highly Skilled Training Program Technicians Technical Colleges ~30,000 SF Facility with Hands-on Training Programs State-of-the-Art Virtual Reality Training Technology Partnerships with the Military Provide Entry Level to A
Slide 15: Investing In People & Technology
Investing In People & Technology Constantly Raising the Bar The Right People The Right Technology Investing in training & Investing in innovation development IGNITE Technician Agentic AI Development Program Co-Pilot Parts Finder Investor Presentation 2026 15
Slide 16: Compression Contract Structure Supports Stable Cash Flow
Compression Contract Structure Supports Stable 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
Slide 17: Compression Provides Steady Growth With Limited Volatility
Compression Provides Steady Growth With Limited Volatility First Quarter 2026 98% Quarterly Contract Services Adjusted Gross Margin Fleet Utilization $217 $209 $200 $203 ~97% $188 $187 $196 % of AGM provided by Contract $177 Services segment1 Trough Fleet Utilization during Covid $126 $128 $121 $117
Slide 18: Distributed Power Provides a Better Option
Distributed Power Provides a Better Option Scalable Turnkey Power Comprehensive Distributed Energy Generation Solutions Speed to Power ~3-6 years Better than the grid Time it takes to build new transmission lines in ERCOT1 Reliability Fleet of reciprocating and turbine engines can handle fluctuating
Slide 19: Premium Fleet with Application Flexibility
Premium Fleet with Application Flexibility Power Generation Fleet1 230 MW 166 MW Turbines Reciprocating Engines Power Solutions for Diverse End Markets Data Centers Microgrids Microgrids Manufacturing Proven Capabilities Impeccable Safety Rapid Deployment Creative Solutions Turnkey Packages Record 1
Slide 20: 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 21: 2026 Capital Plan
2026 Capital Plan Full Year Capital Spending Compression Power Infrastructure Infrastructure ► New compression units ► New power units for 2026 ► Electric conversions ► Balance of plant equipment ► Emissions upgrades ► Payments for units >2026 Operational AI/ML ► $770 - $920 Million Maintenance 2026
Slide 22: Strengthening Credit Profile
Strengthening Credit Profile Debt to EBITDA Ratio1 Corporate Rating 4.2x Ba3 Pro forma for DPS Acquisition & Equity Offering2 3.6x BB- 3.1x BB Q3 2023 Q1 2026 PF Q1 2026 Debt Maturity Profile3 ABL Facility Senior Unsecured Notes ~$1.5B Availability under $1,500 ABL facility3 $1,000 ABL draw at 3/31/
Slide 23: Full-Year 2026 Guidance
Full-Year 2026 Guidance (All amounts below are in thousands except percentages) Low High Adjusted EBITDA1 $ 820,000 $ 860,000 Discretionary Cash Flow1, 2 $ 520,000 $ 570,000 Segment Information Compression Infrastructure Revenue $ 1,250,000 $ 1,280,000 Compression Infrastructure Adjusted Gross Margi
Slide 24: Supplemental Slides
Supplemental Slides Kodiak Power Solutions Data Center Under Construction Solar SMT130 Turbines Investor Presentation 2026 24
Slide 25: First Quarter 2026 Highlights
First Quarter 2026 Highlights First Quarter and Recent Highlights Adjusted EBITDA1 ($M) ▸ Reported record Adjusted $190 $190 $0.49 EBITDA of $190 million ▸ Increased Contract Services Adj. $184 Per Share Quarterly Dividend Gross Margin Percentage to $178 70.6% - a new record ▸ Completed a 20.7K hors
Slide 26: 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 Investor Presentation 2026 26
Slide 27: Anatomy of a Compression Unit
Anatomy of a Compression Unit Engine Cooler Telemetry Control Panel Compressor Skid Investor Presentation 2026 27
Slide 28: Non-GAAP Financial Measures
Non-GAAP Financial Measures Adjusted Net Income (Loss) Adjusted net income and adjusted earnings per share are considered non-GAAP measures. Adjusted net income is defined as net income adjusted to exclude certain items, as applicable, such as (i) impairment of long-lived assets; (ii) severance expe
Slide 29: 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) Q1 2025 Q4 2025 Q1 2026 (in thousands) Q1 2025 Q4 2025 Q1 2026 Total revenues $329,642 $332,871 $345,759 Net cash provided by operating activiti
Slide 30: 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 31: Contact Us
Contact Us IR@KODIAKGAS.COM Investor Presentation 2026 31
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