Slide 1: NOV Inc. Third Quarter 2025 Earnings Presentation
NOV Inc. Third Quarter 2025 Earnings Presentation
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: Third Quarter 2025 Highlights
Third Quarter 2025 Highlights Bookings Working Capital Intensity1 Free Cash Flow2 Book-to-Bill of 141% 360 basis point improvement YOY ~95% conversion of Adjusted EBITDA $951MM 27.9% $245MM 1 Working capital intensity defined as working capital less cash, debt, and lease liabilities as a percentage
Slide 5: Significant Achievements
Significant Achievements Awarded a contract to supply a Monoethylene Expanding rig automation success in deepwater Awarded several orders for subsea flexible Glycol (MEG) Reclamation System for riser and flowline systems supporting A deepwater floater operating with NOV’s latest operation in the Bla
Slide 6: Q3 2025 Consolidated Revenue
Q3 2025 Consolidated Revenue Sequential Year-on-Year Adjusted $971MM Revenue Revenue EBITDA % Energy Products and Services (5)% (3)% 13.9% $1.25B +3% +2% 14.4% Energy Equipment $2.18B (1)% (1)% 11.9% NOV 50% 50% 37% 63% Land Offshore North America International Form 8-K containing earnings release f
Slide 7: Energy Equipment
Energy Equipment Designs, delivers, manufactures, and supports advanced drilling, completion, and production solutions Higher revenue from the segment’s growing backlog of offshore production-related equipment more than offset reduced demand for aftermarket spare parts and services. Improved profita
Slide 8: Energy Products and Services
Energy Products and Services Provides critical technologies consumed in drilling, intervention, completion, and production activities Revenue declined due to lower global drilling activity levels and delays in infrastructure projects affecting the timing of capital equipment orders, which stepped up
Slide 9: Returned 78% of Excess Free Cash Flow YTD
Returned 78% of Excess Free Cash Flow YTD Excluding the supplemental dividend paid in the second quarter of 2025 Balance Sheet Capex M&A Return Capital Investment grade rating critical Maintain our asset base and Enhance strategic growth Through base dividend, share to business model invest in organ
Slide 10: Outlook: Q4 2025 Outlook
Outlook: Q4 2025 Outlook Year-Over-Year (Q4’24 vs Q4’25) Revenue Down 5% to 7% NOV Adj. EBITDA $230 million - $260 million Revenue Down 8% to 10% “Looking to the fourth quarter, we expect a modest sequential pickup in capital equipment sales from our EPS Adj. EBITDA $120 million - $140 million Energ
Slide 11: Appendix
Appendix © 2025 NOV Inc. All rights reserved. 2025 Earnings Presentation – 10/28/2025 11
Slide 12: Reconciliation of Net Income to Adjusted EBITDA (Unaudited)
Reconciliation of Net Income to Adjusted EBITDA (Unaudited) In millions Three Months Ended Nine Months Ended September 30, June 30, September 30, 2025 2024 2025 2025 2024 Revenue: Energy Products and Services $ 971 $ 1,003 $ 1,025 $ 2,988 $ 3,070 Energy Equipment 1,247 1,219 1,207 3,600 3,601 Elimin
Slide 13: Reconciliation of Cash Flows from Operating Activities to Free Cash Flow (Unaudited)
Reconciliation of Cash Flows from Operating Activities to Free Cash Flow (Unaudited) In millions Three Months Ended Nine Months Ended September 30, September 30, 2025 2025 2024 Total cash flows provided by operating activities $ 352 $ 678 $ 713 Capital expenditures (107) (274) (233) Free Cash Flow $
Slide 14: © 2025 NOV Inc. All rights reserved. 2025 Earnings Presentation – 10/28/2025
© 2025 NOV Inc. All rights reserved. 2025 Earnings Presentation – 10/28/2025 14