Innovex International, Inc. · NYSE:INVX
Innovex International — Q4 2025 Earnings Presentation
15 slides from Innovex International's earnings presentation, Feb 24, 2026
Slide 1: Innovex International Q4 2025 Earnings Presentation
Innovex International Q4 2025 Earnings Presentation 1
Slide 2: 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 financial results
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: Q4 2025 Performance
Q4 2025 Performance Revenue $274 million, up 14% sequentially Net income $14 million Adjusted EBITDA(1) $52 million, 19% margin(1) Net cash flow from operations $52 million Free cash flow(2) $43 million Revenue & Adjusted EBITDA (1) Quarterly Free Cash Flow(2) $60 Revenue Adj. EBITDA Adj. EBITDA Mar
Slide 8: 2025 Revenue Mix
2025 Revenue Mix Products sold primarily to drilling, Consistent focus on growing Diverse across product lines, well completion and production high-quality International & lifecycle and geography engineers Offshore exposure Revenue by Key Product Family Revenue by Key Geography 3% Subsea 8% 7% 24% C
Slide 9: No Barriers Culture Driving Operational Transformation
No Barriers Culture Driving Operational Transformation Innovex’s Proven Playbook in Action Exit of Eldridge Facility key to next phase of transformation • 80% Footprint Reduction: from 113 acres to ~23 acres • Expect to fully exit in Q2 2026 Transforming operating model to drive higher - 80% margins
Slide 10: We use the cycle to drive growth
We use the cycle to drive growth Current market conditions present opportunity Up-Cycle • Prioritize execution to drive market share capture • Expand margins through Mid-Cycle strategic price increases • Invest in inventory to support • Maintain balance sheet strength customer needs • Optimize margi
Slide 11: We Generate Real Cash and Actual Returns by Leveraging our Platform
We Generate Real Cash and Actual Returns by Leveraging our Platform We curate our portfolio based on underlying economic potential, not pitchbook logic The Innovex Approach Typical OFS Playbook Invest in small ticket, big impact products Aggregate EBITDA Drive organic growth through customer f
Slide 12: Appendix: GAAP Reconciliations
Appendix: GAAP Reconciliations 12
Slide 13: Innovex International Reconciliation to Non-GAAP Metrics
Innovex International Reconciliation to Non-GAAP Metrics Quarterly Net Income to Adjusted EBITDA ($ in millions) Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Net Income $32 $15 $15 $39 $14 (+) Net Interest Expense 0 1 1 1 1 (+) Income Tax Provision (4) 7 7 19 13 (+) Depreciation and Amortization Expense 12 15 15 1
Slide 14: Innovex International Reconciliation to Non-GAAP Metrics
Innovex International Reconciliation to Non-GAAP Metrics Quarterly Free Cash Flow ($ in millions) Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Cash Flow from Operating Activities $36 $31 $59 $48 $52 Capital Expenditures (8) (7) (7) (12) (9) Free Cash Flow $29 $24 $52 $37 $43 Note: Individual items rounded to the n
Slide 15: Legacy Standalone Innovex Reconciliation to Non-GAAP Metrics
Legacy Standalone Innovex Reconciliation to Non-GAAP Metrics Return on Capital Employed (ROCE) ($ in millions) 2024 2023 2022 2021 20203 20193 20183 Income from Operations $49 $97 $77 $14 ($1) $44 $35 Plus: Acquisition Costs1 33 2 3 5 2 2 1 Less: Income Tax Expense 2 20 10 4 2 9 (4) Adjusted Income
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