Oil States International, Inc. · NYSE:OIS
Oil States International — Q4 2025 Earnings Presentation
21 slides from Oil States International's earnings presentation, Feb 20, 2026
Slide 1: Oil States Investor Presentation
Oil States Investor Presentation Offshore and International Growth, Cash Generation and Value Upside March 2026 ©2026 Oil States. All Rights Reserved.
Slide 2: Forward-Looking Statements
Forward-Looking Statements The following contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are those that do not state historical facts and are, therefore, inherently
Slide 3: Oil States – Offshore and International Growth Drivers at a Discount
Oil States – Offshore and International Growth Drivers at a Discount Company Snapshot- Oil States International, Inc. Key Catalysts • NYSE: OIS | Sector: Oil & Gas Equipment and Services| HQ: • Growing presence in Latin America, Middle East, West Africa Houston, TX • Margin uplift with increasing of
Slide 4: Oil States - A Compelling Investment Opportunity
Oil States - A Compelling Investment Opportunity Offshore and International Growth, Robust Free Cash Flow, and Value Upside Long-term Macro, Strategically Leading Market Superb Balance Attractive Driving Demand: Transforming the Positions, Strong Sheet, Unlocking Valuation vs. Business Mix: Free Cas
Slide 5: Providing Technology-Focused, Energy Manufacturing and Services
As of Dec 31, 2025 Providing Technology-Focused, FY 2025 Revenue by Segment Energy Manufacturing and Services OFFSHORE MANUFACTURED COMPLETION AND DOWNHOLE PRODUCTS PRODUCTION SERVICES TECHNOLOGIES We design, manufacture We provide a broad range We research, develop and and sell capital equipment of
Slide 6: Strategically Transforming the Business Mix
Strategically Transforming the Business Mix Increasing Offshore and International Focus The company is shifting its strategy to concentrate on offshore and international markets for growth and expansion. The complexity and technology required for offshore and international markets, means fewer compe
Slide 7: Oil States Holds Leading Positions in Key Offshore and International Markets
Oil States Holds Leading Positions in Key Offshore and International Markets FlexJoint Connector Market Leadership FlexJoint Connector technology leads the market for offshore floating production facility projects, ensuring reliability and safety in deepwater operations. • #1 in the market with esti
Slide 8: Diversified Offshore Technology Portfolio Possesses Secular Growth Drivers
Diversified Offshore Technology Portfolio Possesses Secular Growth Drivers and Emerging Growth Opportunities • Deepwater Risers, Subsea Pipeline and Repair Equipment • Offshore Services: Rental Packages, Offshore for Floating Production and Subsea Installations Repair Services • Managed Pressure Dri
Slide 9: Offshore Manufactured Products Segment Backlog Reaches Highest Level in a Decade
Offshore Manufactured Products Segment Backlog Reaches Highest Level in a Decade A broad mix of products across multiple markets including Drilling, Completions, Production, Intervention, Plug and Abandonment, Transitional Energies as well as Military Products provides strong revenue and margin visi
Slide 10: Completion and Production Services: High-grading Rental and Service Lines
Completion and Production Services: High-grading Rental and Service Lines Tempress Extended Reach Innovation Tempress Extended Reach Tools are recognized for their advanced technology and leadership in the onshore drilling sector and are widely recognized as holding the market-leading position in th
Slide 11: Downhole Perforating and Completions, Re-engineered
Downhole Perforating and Completions, Re-engineered Downhole Technologies • Expanding international opportunities targeted to drive incremental revenues and gross margins, as headwinds with U.S. land activity levels remain. • New customer acquisition and positive market feedback is driving market pe
Slide 12: Profitability Driving Free Cash Flow
Profitability Driving Free Cash Flow Business and Operating Strategy Driving Margins and Cash Flow • Full year 2026 revenues to range between $680 million and $700 million, and full year EBITDA to range between $90 and $95 million. • 1Q26 guidance calls for revenues to be in a range of $150 million
Slide 13: Free Cash Flow and Balance Sheet, Unlocking Equity Value
Free Cash Flow and Balance FINANCIAL METRICS Sheet, Unlocking Equity Value as of December 31, 2025 Healthy Cash Flows are Funding Organic Growth, Debt $15 MILLION Reduction and Share Repurchases to Increase Returns to NET CASH Stockholders • “Asset-light” business requires relatively low levels of c
Slide 14: Next Steps
Next Steps For more information, please visit our website at oilstatesintl.com where you will find more information about our business segments, latest technologies, financial reports and a copy of this presentation. To reach IR or to request a meeting, please contact: ir@oilstates.com ©2026 Oil Sta
Slide 15: Appendix
Appendix ©2026 Oil States. All Rights Reserved.
Slide 16: Offshore-Focused Technology and Industry Multi-Award Winner
Offshore-Focused Technology and Industry Multi-Award Winner Oil States continues to be recognized for industry-leading technology, now with 8 OTC Spotlight on New Technology awards within the last 5 years: • 2025 OTC Spotlight on New Technology Winner: TowerLok Wind Tower Connector • 2025 Hart E&P M
Slide 17: ESG Policies and Priorities
ESG Policies and Priorities Environmental Social • Social Our Board of Directors and executive management team embrace • The Company’s commitment to environmental matters is • an integral part of our culture and business practices. It is their leadership responsibility and strive to exemplify the ou
Slide 18: Summary Financial Position
Summary Financial Position Dec 31, 2025 Market Cap (as of Feb.17, 2026) (3) $ 556 (USD in millions, except percentages) (unaudited) Net Debt (as of Dec. 31, 2025) (15) Cash $ 70 Net Working Capital (excludes cash, current operating 220 Enterprise Value (as of Feb. 17 , 2026) (3) $ 541 lease liabilit
Slide 19: Non-GAAP Adjusted EBITDA Reconciliations
2022 2023 2024 2025 Non-GAAP (USD in millions) (unaudited) (unaudited) (unaudited) (unaudited) Offshore Manufactured Products Adjusted Operating Income (Loss) $ 36 $ 56 $ 65 $ 69 Other Income 1 0 0 0 Depreciation and Amortization Expense 18 16 15 15 EBITDA Facility Consolidation/Closure and Other Ch
Slide 20: Non-GAAP Free Cash Flow Summary
Non-GAAP Free Cash Flow Summary, Net Debt to Adjusted EBITDA and Free Cash Flow Ratios (USD in millions) For the Years Ended December 31, Estimated Market Cap. as of Feb 17, 2026 $ 556 2022 2023 2024 2025 Free Cash Flow Yield 17% Net Cash Flows Provided by Operating Activities $ 33 $ 57 $ 46 $ 105 (
Slide 21: Non-GAAP Measures: Adjusted EBITDA Reconciliation
Non-GAAP Measures: Adjusted EBITDA Reconciliation The term Adjusted EBITDA consists of net income (loss) plus net interest expense, taxes, depreciation and amortization expense, impairments of assets and facility consolidation/closure and other charges, less a gain on the sale of an idle property an
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