Innovex International, Inc. · NYSE:INVX
Innovex International — Q2 2025 Earnings Presentation
21 slides from Innovex International's earnings presentation, Aug 6, 2025
Slide 1: Innovex International Q2 2025 Earnings Presentation
Innovex International Q2 2025 Earnings Presentation Highly Confidential | 1
Slide 2: Disclaimer
Disclaimer Important Information and Disclaimers This disclaimer applies to this document and the verbal or written comments of any person presenting it. This document, taken together with any such verbal or written comments, is referred to herein as the “Presentation.” Historical financial results
Slide 3: Disclaimer (Cont'd)
Disclaimer (Cont’d) Industry Information We obtained the industry, market and competitive position data used throughout this Presentation from our own internal estimates and research, as well as from independent industry publications, government publications and other published independent sources.
Slide 4: Innovex is Building a Unique Energy Industrial Platform
Innovex is Building a Unique Energy Industrial Platform Our VISION is to create a unique energy industrial platform focused on driving exceptional value and service to our customers, and exceptional absolute returns for our shareholders. 1 Curated Portfolio of Complementary, Mission Critical Product
Slide 5: Innovex's No Barriers Culture
Innovex’s No Barriers Culture No Barriers between our customers and our employees No Barriers to our ongoing success Big Impact, Customer Small Ticket Centric Products Disciplined Flat, Lean and Acquisitions Unbureaucratic & Divestitures Organization Empowered Rapid Response Employees to Market Need
Slide 6: Q2 2025 Performance & Q3 2025 Outlook
Q2 2025 Performance & Q3 2025 Outlook Q2 2025 Commentary Financial Performance(1)(2) $300 Revenue Adj. EBITDA Adj. EBITDA Margin % 80% • Revenue of $224 million, down 7% sequentially $251 70% $250 $240 $224 • Net income of $15 million 60% $200 50% • Adjusted EBITDA(2) of $47 million and Adjusted $15
Slide 7: Q2: Our Disciplined M&A framework and Cycle Playbook in Action
Q2: Our Disciplined M&A framework and Cycle Playbook in Action Encouraging early success with revenue synergies enhance economics • Organic Growth Clear Path to Margin Enhancement via Cost Synergies • Sales Synergies: Legacy DWS sales team secured multi-rig bid for Innovex float equipment 25% Adj. E
Slide 8: Citadel Acquisition Fits Innovex M&A Framework
Citadel Acquisition Fits Innovex M&A Framework We take a disciplined and contrarian approach Qualitative Framework Quantitative Framework Big-Impact / Small-Ticket Accretive on Key Metrics Customer-Linked Innovation Clear Path to Strong ROIC Opportunity to Apply No Barriers Culture Capital
Slide 9: Citadel is a Leader in US Land with International Growth Opportunities
Citadel is a Leader in US Land with International Growth Opportunities Innovex Platform will accelerate growth domestically and internationally Citadel Key Characteristics Key Product Families • Strong and growing position in US Land Float Equipment Cementing Equipment • Large, untapped internationa
Slide 10: Citadel provides a complementary set of high-performance technologies
Citadel provides a complementary set of high-performance technologies Represents ~2%1 of the cost of an average North American land well Our Onshore Wellbore Complementary Business Model Big Impact, Small Ticket Wellhead Penetrator Single use / consumable products Products provided by both: Du
Slide 11: No Barriers Culture Drives Operational Transformation
No Barriers Culture Drives Operational Transformation Innovex’s Proven Playbook in Action Definitive Agreement for $95 million sale of Eldridge Facility • Frees up ~8% of Market Cap • 80% Footprint Reduction: from 113 acres to ~23 acres • Expected close Q3 2025 Transforming operating model to drive
Slide 12: We use the cycle to drive growth
We use the cycle to drive growth Current market conditions present opportunity Up-Cycle Mid-Cycle Down-Cycle • Prioritize execution to drive market • Maintain balance sheet strength • Invest while competitors struggle share capture • Optimize margins and focus on • Unwind working capital to bolster
Slide 13: We Generate Real Cash and Actual Returns by Leveraging our Platform
We Generate Real Cash and Actual Returns by Leveraging our Platform We curate our portfolio based on underlying economic potential, not pitchbook logic The Innovex Approach Typical OFS Playbook Invest in small ticket, big impact products Aggregate EBITDA Drive organic growth through customer f
Slide 14: Innovex Today
Innovex Today Track record of successful, disciplined growth since inception Proven and Successful Business Model Runway for Sustained Growth • Disciplined Revenue Growth: 27% revenue CAGR since • Innovation: New product development drives revenue inception1 under a low leverage framework growth and
Slide 15: Appendix: GAAP Reconciliations
Appendix: GAAP Reconciliations 15
Slide 16: Innovex International Reconciliation to Non-GAAP Metrics
Innovex International Reconciliation to Non-GAAP Metrics Quarterly Net Income to Adjusted EBITDA ($ in millions) Q2’24 Q3’243 Q4’24 Q1’25 Q2’25 Net Income $10 $83 $32 $15 $15 (+) Net Interest Expense 1 1 0 1 1 (+) Income Tax Provision 4 (3) (4) 7 7 (+) Depreciation and Amortization Expense 7 8 12 15
Slide 17: Innovex International Reconciliation to Non-GAAP Metrics
Innovex International Reconciliation to Non-GAAP Metrics Quarterly Free Cash Flow Q2’24 Q3’241 Q4’24 Q1’25 Q2’25 ($ in millions) Cash Flow from Operating Activities $23 $22 $36 $31 $59 Capital Expenditures (2) (2) (8) (7) (7) Free Cash Flow $21 $20 $29 $24 $52 (1) Reflects Legacy Innovex’s results t
Slide 18: Legacy Standalone Citadel Reconciliation to Non-GAAP Metrics
Legacy Standalone Citadel Reconciliation to Non-GAAP Metrics Trailing Twelve Month Net Income to Adjusted EBITDA as of 3/31/2025 LTM ($ in millions) (as of Mar-25) Revenue $70 Net Income $14 (+) Net Interest Expense (0) (+) Income Tax Provision 0 (+) Depreciation and Amortization Expense 3 (-) Other
Slide 19: Legacy Standalone Citadel Reconciliation to Non-GAAP Metrics
Legacy Standalone Citadel Reconciliation to Non-GAAP Metrics Trailing Twelve Month Net Income to Adjusted EBITDA as of 4/30/2025 LTM ($ in millions) (as of Apr-25) Revenue $72 Net Income $15 (+) Net Interest Expense 1 (+) Income Tax Provision 0 (+) Depreciation and Amortization Expense 3 (-) Other E
Slide 20: Legacy Standalone Citadel Reconciliation to Non-GAAP Metrics
Legacy Standalone Citadel Reconciliation to Non-GAAP Metrics Trailing Twelve Month Free Cash Flow as of 4/30/2025 LTM ($ in millions) (as of Apr-25) Cash Flow from Operations $13 (-) Capital Expenditures (3) Free Cash Flow(1) $9 Note: Figures shown above reflect unaudited results. A quality of earni
Slide 21: Pro Forma Reconciliation to Non-GAAP Metrics
Pro Forma Reconciliation to Non-GAAP Metrics Pro Forma Net Debt / LTM Adj. EBITDA ($ in millions) As of 03/31/25 Innovex Net Debt $(43) (-) Cash Consideration of Acquisition1 70 Pro Forma Net Debt / (Net Cash) $27 Innovex LTM Adj. EBITDA $152 Citadel LTM Adj. EBITDA 17 Pro Forma Adj. EBITDA $169 Pro
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