Slide 1: Second Quarter 2026 Earnings Presentation
Second Quarter 2026 Earnings Presentation August 6, 2026
Slide 2: Disclosure Statement
Disclosure Statement Statements made in the course of this presentation that state the Cash Flow. We use these non-GAAP financial measures to evaluate and Company's or management's intentions, hopes, beliefs, expectations or manage the Company’s operations because we believe they provide useful pred
Slide 3: 2Q 2026 Highlights
2Q 2026 Highlights NET CASH PROVIDED BY REVENUE ADJUSTED EBITDA1 OPERATING ACTIVITIES $1,307M $60M $133M +10% sequential growth +54% increase from first a second quarter record quarter +13% growth in the U.S. WORKING CAPITAL % 2 Improved to 19% $25M share repurchases in 2Q 2026, $75M for 1H 2026 CAP
Slide 4: Consolidated Revenue Composition — 2Q 2026
Consolidated Revenue Composition — 2Q 2026 By Geographic Segment By Sector United States Upstream $1,109M $508M 39% 85% Gas Utilities $310M 24% Midstream $272M 21% International Downstream & Industrial 11% $151M $217M 16% 4% Canada $47M © 2026 DNOW. All Rights Reserved. 4
Slide 5: Revenue by End-Market Sector & by Segment — 2Q 2026
Revenue by End-Market Sector & by Segment — 2Q 2026 United States International Canada $1,109M, 85% of total $151M, 11% of total $47M, 4% of total Upstream Upstream Upstream 36% 51% 76% Gas Utilities 28% Downstream & Industrial Midstream 44% 23% 11% Downstream & Industrial Downstream & Industrial 11
Slide 6: DNOW MRC Global Integration & Synergy Update
DNOW MRC Global Integration & Synergy Update 2Q 2026 Progress Cost Synergies Annual Cost Synergy Target Timeline ▪ Expected annualized cost synergies of approximately $30M exit rate by Revised Plan year-end 2026, representing 43% of the $70M three-year target $30M 2026 2026 $17M 2027 2027 $42M Reven
Slide 7: Strong Balance Sheet with Financial Flexibility
Strong Balance Sheet with Financial Flexibility Strong balance sheet while Ample Liquidity executing a strategy to maximize $472M in total liquidity strategic flexibility through the cycle plus access to $500M accordion Cash of $114M ◊ Debt of $474M ◊ Net Debt1 of $360M Net Debt Leverage Ratio1 curr
Slide 8: Disciplined Approach to Capital Allocation
Disciplined Approach to Capital Allocation Repurchased $25M Capex of $9M in the Cumulative Share Repurchases $160 million share repurchase program of shares during the second quarter 2026 to quarter, with $112M support growth and $112 accumulated on the ERP initiatives $160M share $87 repurchase pro
Slide 9: Outlook
Outlook Guidance 2Q 2026 3Q 2026 Full-Year 2026 Revenue $1,307 million Up low-to-mid single digits Ranging from percentage range from 2Q $5.0 - $5.1 billion 2026 BEAT RAISE RAISE guidance guidance guidance Adjusted EBITDA1 $60 million Ranging from 5.0 to 5.5 percent Approaching 4.5 percent of of rev
Slide 10: Investor Relations
Investor Relations Brad Wise Vice President Digital Strategy & Investor Relations Contact email: ir@dnow.com For the most up to date investor information, please click here
Slide 11: Appendix
Appendix © 2026 DNOW. All Rights Reserved. 11
Slide 12: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation THREE MONTHS ENDED June 30, 2026 ($ millions) Amount % of Revenue Revenue $1,307 Net (loss) attributable to DNOW Inc. $(21) (1.6%) Interest expense, net 9 Income tax provision 12 Depreciation and amortization 23 Increase in LIFO reserve 19 Stock-based compensation 4 Tr
Slide 13: Net Debt & Leverage Ratio Calculation
Net Debt & Leverage Ratio Calculation ($ millions) June 30, 2026 Long-term debt $474 Plus: current portion of debt obligations - Total debt $474 Less: cash $114 Net Debt $ 360 Net Debt $ 360 Trailing twelve months Adjusted EBITDA $211 Net Debt Leverage Ratio 1.7x Note: Net Debt, Net Debt Leverage Ra