Natural Gas Services Group, Inc. · NYSE:NGS
Natural Gas Services — Q1 2026 Earnings Presentation
20 slides from Natural Gas Services's earnings presentation, May 12, 2026
Slide 1: Performance Under Pressure
PERFORMANCE UNDER PRESSURE INVESTOR PRESENTATION | MAY 2026
Slide 2: Disclaimer and Forward-Looking Statements
Disclaimer and Forward-Looking Statements Forward-Looking Statements This Presentation includes certain forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and information pertain
Slide 3: Overview
Overview Ticker (NYSE): NGS ▪ Natural Gas Services Group, Inc. (“NGS”) is a premier provider of natural gas Founded: December 1998 compression equipment to the energy industry. IPO: October 2002 ▪ The company rents, operates, and maintains compression equipment for use in oil and natural gas product
Slide 4: What is Natural Gas Compression?
What is Natural Gas Compression? Strategic Drivers of Rental The extraction of natural gas from a well or Compression Business pipeline, compressing it to a desired pressure and flow, and injecting it into a system. ▪ Natural gas compressors are used in various applications Customers do not need to
Slide 5: Company Highlights
Company Highlights NGS has a fleet of large, medium, and small horsepower units with a significant majority of revenue derived from units in the Permian Basin Fleet Highlights Revenue by Basin % of rental revenue Q1 2026 ▪ HP Utilization: 87% Total Rented Horsepower HP (000s) % <1% Antrim Shale 5% U
Slide 6: Customer Relationships
Customer Relationships ▪ Key customers have strong credit profiles; significant majority of revenue derived from major E&P customers ▪ 81% of monthly rental revenue is under term; those units have a weighted average remaining tenor of 2.4 years ▪ New units are generally pre-contracted, with a custom
Slide 7: Investment Highlights
Investment Highlights A Premier Compression Opportunity with Multiple, Compelling Growth Paths and Value Levers Attractive Industry Recurring Rental Industry-Leading Fundamentals Business Technology ▪ Oil production is stable and projected to ▪ Long-term contracts ▪ SMART System = Improves run time
Slide 8: Attractive Industry Fundamentals
Attractive Industry Fundamentals Oil production is stable and projected to continue to grow with greater need for compression ▪ The Permian Basin has been the main engine to drive U.S. oil production to world leadership ▪ Oil production is expected to continue to grow with most of that growth coming
Slide 9: Recurring Rental Business
Recurring Rental Business Long term contracts: Stable cash flows: Resilience to commodity price swings: ▪ Initial terms for rental units range ▪ Compression assets are “sticky”—once on a site, ▪ The rental compression industry is directly from 12-60 months there are material switching costs (shutdow
Slide 10: Industry-Leading Technology
Industry-Leading Technology ▪ NGS compression assets are differentiated from competition through the use of proprietary System Management and Recovery Technology (“SMART”) – SMART software reduces unplanned shutdowns and increases productivity by 5% to 8% ▪ eComp works with existing equipment to red
Slide 11: Proven Growth with Conservative Leverage
Proven Growth with Peer Group Leverage Ratios (as of 3/31/26) Conservative Leverage 3.60x 3.74x 2.60x 2.33x NGS is growing faster and has among the lowest leverage yet trades at a discount to its peers. This creates a compelling equity investment story. Adjusted EBITDA Growth (2022-2026 CAGR) Enterp
Slide 12: Organic Growth: Outpacing Public Peers
Organic Growth: Outpacing Public Peers NGS is capturing market share by scaling its rental fleet with outsized growth capital investments—deploying more than double that of its peers, as a percentage of EBITDA, to drive future cash flow as new assets enter service. Rented Fleet @ Growth Capex / 12/3
Slide 13: Growth Opportunities and Value Levers
Growth Opportunities and Value Levers Fleet Asset Fleet Accretive Optimization Utilization Expansion M&A ▪ Opportunity for targeted price ▪ Increase utilization of the existing ▪ Pre-contract units with strategic ▪ Pursue value-adding acquisitions increases due to inflation and high fleet customers
Slide 14: 2026 Guidance
2026 Guidance Metrics: Low High FY26 Adjusted EBITDA $92.5 million $97.5 million FY26 Growth Capital Expenditures $55 million $70 million FY26 Maintenance Capital Expenditures $15 million $18 million 14 MA Y 2 02 6
Slide 15: Investment Highlights Summary
Investment Attractive Industry Fundamentals Highlights Summary Recurring Rental Business Industry-Leading Technology Proven Growth with Conservative Leverage Growth Opportunities and Value Levers 15 MA Y 2 02 6
Slide 16: Thank You
Investor Relations Contact: Glenn Wiener (917) 887-8434 THANK YOU ir@ngsgi.com Corporate Address 601 State St, Suite 400 Southlake, Texas 76092 INVESTOR PRESENTATION | MAY 2026
Slide 17: Appendix: Management Bios
Appendix Management Bios Justin C. Jacobs Ian M. Eckert Cody J. Pye John A. Rowell Chief Executive Officer, Director Chief Financial Officer Senior Vice President, Operations Senior Vice President, Technical ▪ Joined NGS as CEO in February ▪ Joined NGS as Chief Financial ▪ Joined NGS as VP of Operat
Slide 18: Appendix: Summary Income Statement
Appendix Summary Income Statement: FYE 12/31/21 through 12/31/25, Q1 year-on-year comparisons, and LTM 3/31/26 Summary Income Statement FYE 12/31/21 FYE 12/31/22 FYE 12/31/23 FYE 12/31/24 FYE 12/31/25 Q1 2025 Q1 2026 LTM 3/31/26 (USD Thousands) Rental Revenue $ 63,624 $ 74,465 $ 106,159 $ 144,236 $
Slide 19: Appendix: Non-GAAP Financial Measure Bridges
Appendix Non-GAAP financial measure bridges: FYE 12/31/21 through 12/31/25, Q1 year-on-year comparisons, and LTM 3/31/26 Net Income to Adjusted EBITDA FYE 12/31/21 FYE 12/31/22 FYE 12/31/23 FYE 12/31/24 FYE 12/31/25 Q1 2025 Q1 2026 LTM 3/31/26 (USD Thousands) Net Income (Loss) $ (9,183) $ (569) $ 4,
Slide 20: Appendix: Non-GAAP Financial Measure Bridges
Appendix Non-GAAP financial measure bridges: Q1 year-on-year comparisons, FYE 25, and LTM 3/31/26 Net Income to Adjusted EBITDA Q1 2025 Q1 2026 FYE 2025 LTM 3/31/26 (USD Thousands) Net Income $ 4,854 $ 6,763 $ 19,928 $ 21,837 Interest Expense 3,170 4,028 13,565 14,423 Interest Income - - (2,444) (2,
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