Slide 1: Investor Presentation Second Quarter 2026
Investor Presentation Second Quarter 2026
Slide 2: Disclosure Statement
Disclosure Statement Statements made in the course of this presentation that state the Cash Flow. We use these non-GAAP financial measures to evaluate and Company's or management's intentions, hopes, beliefs, expectations or manage the Company’s operations because we believe they provide predictions
Slide 3: Investment Thesis
Investment Thesis Diversifying toward more durable Scaled platform with higher-value Financial flexibility to infrastructure markets solutions exposure support long-term shareholder value Driving additional revenue diversification Expanding midstream opportunity Significant liquidity supports Streng
Slide 4: Premier Energy & Industrial Solutions Provider
Premier Energy & Industrial Solutions Provider 300 5,100 $2.5B LOCATIONS EMPLOYEES 1H 2026 Revenue Balanced Portfolio across AS OF JUNE 30, 2026 Diverse Industries with Multiple Opportunities for Long-term Growth Operating for over 160 years Headquartered in Houston, Texas Comprehensive network of b
Slide 5: 2Q 2026 Highlights
2Q 2026 Highlights NET CASH PROVIDED REVENUE ADJUSTED EBITDA1 BY OPERATING ACTIVITIES $1,307M $60M $133M +10% sequential growth +54% increase from first a second quarter record quarter +13% growth in the U.S. WORKING CAPITAL %2 Improved to 19% $25M share repurchases in 2Q 2026, $75M for 1H 2026 CAPI
Slide 6: Consolidated Revenue Composition — 1H 2026
Consolidated Revenue Composition — 1H 2026 By Geographic Segment By End-Market By Product Group United States Upstream Valves, Automation, $2,094M $976M Measurement & 39% Instrumentation 84% 29% Pipe Gas Utilities 16% $579M 23% Gas Products 15% Pumps, Production & Process Solutions 14% 20% Midstream
Slide 7: Revenue by End-Market Sector & by Segment — 1H 2026
Revenue by End-Market Sector & by Segment — 1H 2026 United States International Canada $2,094M $298M $98M Upstream Upstream Upstream 36% 49% 79% Gas Utilities 28% Downstream & Industrial Midstream 45% 22% 11% Downstream & Industrial Downstream & Industrial 14% 9% Midstream 6% Midstream 1% Gas Utilit
Slide 8: Providing Value-Added Solutions Across All Channels
Providing Value-Added Solutions Across All Channels Customer Onsite & Process Branch Operations Integrated Supply Solutions Provides wide array of Reduces customers’ total costs Meets demand across multiple sectors products and value locally in including operating expenses and for pumps, process and
Slide 9: Significantly Diversified End Markets
Significantly Diversified End Markets From Upstream Distributor to Diversified Infrastructure Solutions Provider In 2017-2023, DNOW revenue was >70% upstream-oriented, now upstream is <40% revenue through increased diversification of end markets Today, exposure is increasingly diversified across gro
Slide 10: Secular Demand Drivers Across DNOW’s End-Markets
Secular Demand Drivers Across DNOW’s End-Markets Focused on expanding growth opportunities, improving earnings durability and increasing free cash flow generation Upstream Gas Utilities Midstream Downstream & Industrial Stable production activity Infrastructure Growing natural gas Recurring maintena
Slide 11: Upstream Well Site Onshore Facility - Tank Battery
Upstream Well Site Onshore Facility - Tank Battery Expanding our upstream addressable market at customer-operated onshore wellsite facilities through a broader pump, production and process solutions portfolio Primary customer is E&P operator, increasingly focused on capital discipline, replacing dec
Slide 12: Growing Opportunities tied to AI Driven Data Center Market Expansion
Growing Opportunities tied to AI Driven Data Center Market Expansion Expanding midstream and industrial addressable market sector due to AI driven data center construction Power Infrastructure customers - midstream, DATA CENTER OVERVIEW Integrated Solutions for Reliable Power, Cooling, and Control u
Slide 13: Disciplined Capital Allocation Framework to Support Long-Term Growth
Disciplined Capital Allocation Framework to Support Long-Term Growth Strong financial …to fund growth and capital allocation program foundation… Fund organic growth and Inorganic growth through Cumulative Share $112 efficient operations acquisitions Repurchases under the $160 million Working capital
Slide 14: Creating Value Through Strategic Acquisitions
Creating Value Through Strategic Acquisitions Track Record of Success Spinoff from NOV Power Service Master Corporation Colorado Seals Natron Begin Trading on NYSE International Flex Flow Montana Seals & Caprock Supply Packings Colorado Valve & Controls MRC Global Progressive Supply 2014 2015 2016 2
Slide 15: Investment Thesis
Investment Thesis Diversifying toward more durable infrastructure markets Scaled platform with higher-value solutions exposure Strong balance sheet and cash flow profile Continued MRC Global integration and margin expansion opportunity 15
Slide 16: Investor Relations
Investor Relations Brad Wise Vice President Digital Strategy & Investor Relations Contact email: ir@dnow.com
Slide 17: Appendix
Appendix 17
Slide 18: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation THREE MONTHS ENDED June 30, 2026 ($ millions) Amount % of Revenue Revenue $1,307 Net (loss) attributable to DNOW Inc. $(21) (1.6%) Interest expense, net 9 Income tax provision 12 Depreciation and amortization 23 Increase in LIFO reserve 19 Stock-based compensation 4 Tr
Slide 19: Net Debt & Leverage Ratio Calculation
Net Debt & Leverage Ratio Calculation ($ millions) June 30, 2026 Long-term debt $474 Plus: current portion of debt obligations - Total debt $474 Less: cash $114 Net Debt $ 360 Net Debt $ 360 Trailing twelve months Adjusted EBITDA $211 Net Debt Leverage Ratio 1.7x Note: Net Debt, Net Debt Leverage Ra