Slide 1: Fourth Quarter and Full Year 2022 Earnings Presentation
Fourth Quarter and Full Year 2022 Earnings Presentation March 2023
Slide 2: Safe Harbor
2 Safe Harbor Cautionary Statement Regarding Forward-Looking Statements Certain statements in this presentation may be considered “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. In some cases, the reader can ide
Slide 3: 2022 Was a Banner Year for ProFrac
3 2022 Was a Banner Year for ProFrac ProFrac posted record financial results and growth during 2022 while continuing to position itself as the industry consolidator FY 2022A Performance¹ Year-Over-Year Growth Consolidation Activity Best-In-Class Assets Revenue: $2.4 billion ▪ Lamesa sand mine3 (1Q 2
Slide 4: Our Next-Generation Fleet is Differentiated
4 Our Next-Generation Fleet is Differentiated ProFrac’s fuel-efficient, next-gen fleet generates fuel cost arbitrage, creating opportunities for premium pricing and higher utilization YE 2023E Fleet Composition¹ Illustrative Fleet Economics² Tier IV Diesel Tier IV Dual Fuel Electric Fuel Consumption
Slide 5: Materials Pull-Through Is Massive Opportunity
5 Materials Pull-Through Is Massive Opportunity ProFrac supplied only 30% of the sand pumped by its fleets in 2022; increased penetration of materials integration should drive expansion in profitability and continued relative outperformance ProFrac Sand Supplied vs. Total Sand Pumped Revenue and Adj
Slide 6: ProFrac is Creating Value Through M&A
6 ProFrac is Creating Value Through M&A $1.4bn of Consolidating M&A Since IPO Illustrative Annual Run-Rate Adj. EBITDA Bridge ($ in Millions) Lamesa ▪ Acquired Lamesa for ~$38 million in 1Q 2022(1) $1,742 Sand Mine 6,700 acre developed into one of two mines located in the Midland Basin $253 ▪ Acquir
Slide 7: ProFrac's Current Valuation is Compelling
7 ProFrac’s Current Valuation is Compelling ProFrac Total Enterprise Value1 Key Valuation and Credit Statistics4 ($ in Millions) ProFrac Peer Average S&P 500 Total Shares Outstanding² 159 Price to Earnings FY 2023E 2.6x 3.5x 17.9x Share Price (3/20/2023) $ 14.67 FY 2024E 2.2x 3.2x 16.0x Implied Mark
Slide 8: ProFrac Leads the Peer Group in Profitability
8 ProFrac Leads the Peer Group in Profitability Adjusted EBITDA and Adjusted EBITDA Margin (FY 2022)¹ Adjusted EBITDA per Fleet (FY 2022 & Q4 2022)¹,² (Adjusted EBITDA $MM) (Adjusted EBITDA Margin %) ($MM) $1,000 40% 35% $29.9 $900 ProFrac’s Adjusted EBITDA $28.5 35% $27.9 Margin Exceeds Peer Averag
Slide 9: ProFrac Outperformed Through Recent Industry Downturn
9 ProFrac Outperformed Through Recent Industry Downturn Adjusted EBITDA Margin¹ 35% 20% 21% 18% 16% 13% 9% 8% 2019 2020 2021 2022 Peer Average 1) Source: Company SEC filings. Peers include Liberty Energy, NexTier Oilfield Solutions and ProPetro Holding Corp. ProPetro Adjusted EBITDA includes $3mm pe
Slide 10: Reconciliation of Net Income to Adjusted EBITDA
10 Reconciliation of Net Income to Adjusted EBITDA Three Months Ended Twelve Months Ended Dec. 31 Sep. 30 Jun. 30 Mar. 31 Dec. 31 Sep. 30 Dec. 31 Dec. 31 Dec. 31 Dec. 31 (1) (1) (1) (1) (In millions except average active fleets and annualization factor) 2022 2022 2022 2022 2021 2021 2022 2021 2020 2