Npk International Inc. · NYSE:NPKI
Npk International — Q4 2025 Earnings Presentation
34 slides from Npk International's earnings presentation, Feb 26, 2026
Slide 1: February 2026 Investor Presentation
February 2026 Investor Presentation INVESTOR RELATIONS
Slide 2: Safe Harbor
Safe Harbor DISCLAIMERS Forward Looking Statements This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements other than statements of historical facts are forward-looking statements. Words such as “w
Slide 3: Business Overview
Business Overview CONFIDENTIAL 3
Slide 4: NPK: A Specialty Rental & Services Company
NPK: A Specialty Rental & Services Company Providing Worksite Access Solutions To Power & Infrastructure Markets Financial Highlights ABOUT NPK 2025 Revenue Revenue Adj. EBITDA* Adj. EPS* We are a temporary worksite access $277 $76 solutions company that 34% $0.42 manufactures, sells, and rents $49
Slide 5: The Original Composite Mat
The Original Composite Mat Flexible Model Accommodates Varying Customer Needs DURA-BASE® ADVANCED-COMPOSITE MAT SYSTEM We provide both rental and purchase options for our customers. Reasons Customers ✓ Capital preservation/optionality Our flagship product, DURA-BASE®, solution made from ✓ Project-by
Slide 6: Vertically Integrated Model Supports Specialty End-Markets
Vertically Integrated Model Supports Specialty End-Markets Products & Services We combine industry-leading IP and deep manufacturing expertise with on-demand logistics support and installation. Engineering & Design Precision Manufacturing Logistics Planning & Installation Specialty Rental, Product S
Slide 7: We Own & Operate the Largest U.S. Composite Matting Fleet
We Own & Operate the Largest U.S. Composite Matting Fleet Scale to Capitalize on Multi-year Investment Cycles Across Multiple End-markets Revenue Macro End-market Segment Demand Drivers Concentration Outlook Power Transmission • Need for significant sustained investment driven by aging infrastructur
Slide 8: Significant Opportunity within Power Transmission Market
Significant Opportunity within Power Transmission Market Macroeconomic tailwinds driving significant investment in Transmission Grid % of Driver Rationale CapEx Total Estimated Transmission Capex and Power Demand Rapid energy demand growth in the U.S. is Aging Grid Infrastructure threatening an agin
Slide 9: Material Conversion Opportunity
Material Conversion Opportunity Compelling Benefits vs Wood Products Provide Long-term Material Conversion Tailwind Composite Wood Composite makes up Typical Average Lifespan (years) Weight (lbs) Designed to 1,000 2,200 – 2,800 Wood Composite ~25 %* 10-15 2-3 of the matting market, Composite mats ar
Slide 10: Our Specialty Rental Asset Generates ~35% IRR
Our Specialty Rental Asset Generates ~35% IRR Recyclable Composite Matting Provides For Long Useful Raw Material Life & Superior IRR NPK Rental Mat Economic Case Material can be recycled $10,000 multiple times $8,000 Annual rental revenue ~50% of cost Revenue generation remains consistent Recycled f
Slide 11: Recent Performance
Recent Performance CONFIDENTIAL 11
Slide 12: 4Q25 Performance Summary, 2026 Outlook
4Q25 Performance Summary, 2026 Outlook 4Q Reflects Strongest Quarter of 2025; Delivered 31% Revenue and 27% Adjusted EBITDA* Growth YoY Fourth Quarter 2025 Business Outlook Performance Summary (As of February 25, 2026) Strong customer demand for rental and related services Full-year 2026 guidance 4Q
Slide 13: Performance Bridges
Performance Bridges 4Q24 vs. 4Q25 Adjusted EBITDA from Continuing Operations* $ in millions $22 $17 Full Year 2024 vs. Full Year 2025 Adjusted EBITDA from Continuing Operations* $ in millions $76 $55 * Represents a non-GAAP financial measure. See reconciliation to the most comparable GAAP measure in
Slide 14: Strategic Focus: Fleet Optimization, Price Discipline & Cost Controls
Strategic Focus: Fleet Optimization, Price Discipline & Cost Controls Year-Over-Year Performance Revenue Adjusted EBITDA* Adjusted EBITDA Margin* $ in millions $ in millions Adjusted EBITDA as % of total revenue* +27% +31% +38% +27% +210 -90 bps bps * Represents a non-GAAP financial measure. See rec
Slide 15: Rental Growth Rate Accelerated in 2025
Rental Growth Rate Accelerated in 2025 5 Year Performance Rental Revenue Services Revenue Product Sales Revenue $ in millions $ in millions $ in millions Rental revenue accelerated in 2025, driven primarily Strategic shift away from lower margin service work Product sales fluctuate quarter-to-quarte
Slide 16: Financial Guidance
Financial Guidance Current as of February 25, 2026 For the Full Year 2026, NPK Currently Anticipates the Following: Consolidated Adjusted Consolidated Revenues Net Capital Expenditures* EBITDA in a range of in a range of in a range of $305-$325 $88-$100 $45-$55 million million million * Excluding in
Slide 17: Value Creation Roadmap
Value Creation Roadmap CONFIDENTIAL 17
Slide 18: Organic & Inorganic Growth
Organic & Inorganic Growth ~ $145 million of cash and bank facility availability exiting 2025 provides meaningful flexibility to support growth plans Commercial Growth Priorities Net Debt (Cash)* Our Organic Growth Priorities Pursuing the highest-return, value-enhancing projects ✓ Geographic network
Slide 19: Driving Asset & Cost Optimization
Driving Asset & Cost Optimization Strong Cash Flow Conversion ~80% of 2025 Adjusted EBITDA* available to support organic Operational Excellence Initiatives growth investments and return of capital Cash used to fund working capital Recent Operational Improvements and other operating activities Buildi
Slide 20: Enhancing Return on Capital Employed
Enhancing Return on Capital Employed Capital Allocation Priorities Solid Return on Net Assets following 2024 Divestiture 2025 Return on Net Assets ** Capital Allocation Priorities ✓ Maintain modest leverage ✓ Organic investment to expand rental fleet, along with associated 11% equipment ✓ Continuall
Slide 21: Investment Summary
Investment Summary Why invest in NPKI? Driving value creation through organic growth and margin expansion Delivered consistent growth in revenue and EBITDA from 2022-2025. Midpoint of forecasted FY2026 projection reflects 14% revenue and 25% Adjusted EBITDA* growth vs 2025. Serving large-scale and g
Slide 22: Appendix
Appendix CONFIDENTIAL 22
Slide 23: Experienced Executive Leadership Team
Experienced Executive Leadership Team APPENDIX Matthew S. Lanigan Gregg S. Piontek Lori Briggs Celeste Frugé President & Chief Executive Officer Chief Financial Officer Executive Vice President, Vice President, General Counsel, Business Operations Chief Compliance Officer & Corporate Secretary Matth
Slide 24: Consolidated Statements of Operations (unaudited)
Consolidated Statements of Operations (unaudited) APPENDIX CONFIDENTIAL 24
Slide 25: Consolidated Balance Sheets (unaudited)
Consolidated Balance Sheets (unaudited) APPENDIX CONFIDENTIAL 25
Slide 26: Consolidated Statements of Cash Flows (unaudited)
Consolidated Statements of Cash Flows (unaudited) APPENDIX CONFIDENTIAL 26
Slide 27: Non-GAAP Financial Measures (unaudited)
Non-GAAP Financial Measures (unaudited) APPENDIX CONFIDENTIAL 27
Slide 28: Non-GAAP Financial Measures (unaudited)
Non-GAAP Financial Measures (unaudited) APPENDIX CONFIDENTIAL 28
Slide 29: Non-GAAP Financial Measures (unaudited)
Non-GAAP Financial Measures (unaudited) APPENDIX CONFIDENTIAL 29
Slide 30: Non-GAAP Financial Measures (unaudited)
Non-GAAP Financial Measures (unaudited) APPENDIX CONFIDENTIAL 30
Slide 31: Non-GAAP Financial Measures (unaudited)
Non-GAAP Financial Measures (unaudited) APPENDIX CONFIDENTIAL 31
Slide 32: Non-GAAP Financial Measures (unaudited)
Non-GAAP Financial Measures (unaudited) APPENDIX Adjusted Income (Loss) from Continuing Operations and Adjusted Income (Loss) from Continuing Operations Per Common Share Consolidated (In thousands) 2022 2023 2024 2025 Income from continuing operations (GAAP) $ 822 $ 14,149 $ 35,599 $ 35,945 Impairme
Slide 33: Non-GAAP Financial Measures (unaudited)
Non-GAAP Financial Measures (unaudited) APPENDIX EBITDA from Continuing Operations and Adjusted EBITDA from Continuing Operations Consolidated (In thousands) 2022 2023 2024 2025 Revenues $ 192,993 $ 207,648 $ 217,489 $ 277,043 Operating income from continuing operations (GAAP) $ 6,532 $ 22,940 $ 32,
Slide 34: Non-GAAP Financial Measures (unaudited)
Non-GAAP Financial Measures (unaudited) APPENDIX The following table reconciles the Company’s net cash provided by (used in) operating activities calculated in accordance with GAAP to the non-GAAP financial measure of Free Cash Flow: Consolidated (In thousands) 2022 2023 2024 2025 Net cash provided