Slide 1: First Quarter 2026 Earnings Presentation
NOV Inc. First Quarter 2026 Earnings Presentation April 28, 2026
Slide 2: Safe Harbor / Forward Looking Statements / Non-GAAP Financial Measures
Safe Harbor / Forward Looking Statements / Non-GAAP Financial Measures This document contains, or has incorporated by reference, statements that are not historical facts, including estimates, projections, and statements relating to our business plans, objectives, and expected operating results that
Slide 3: NOV powers the industry that powers the world.
NOV delivers technology-driven solutions to empower the global energy industry. For more than 160 years, NOV has pioneered innovations that enable its customers to safely produce abundant energy while minimizing environmental impact. The energy industry depends on NOV’s deep expertise and technology
Slide 4: First Quarter 2026 Highlights
First Quarter 2026 Highlights Revenue Adjusted EBITDA1 Working Capital Intensity2 Estimated $54MM negative impact Estimated $32MM negative impact 400 basis point improvement YOY from the conflict in the Middle East from the conflict in the Middle East $2.05B $177MM 26.7% 1 Adjusted EBITDA is a non-G
Slide 5: First Quarter 2026 Highlights
First Quarter 2026 Highlights Record EBITDA Record EBITDA Record Bookings $100MM Returned to Subsea flexible pipe Process systems Composite solutions Shareholders in Q1 with backlog into 2028 and reflecting strong reflecting demand and more than $900MM Brazil capacity expansion activity in offshore
Slide 6: Significant Achievements
Significant Achievements Awarded contracts to reactivate a high-spec Announced an expansion of subsea flexible pipe Secured orders for STAR Super Seal Key Lock harsh-environment semisubmersible rig in the manufacturing facility in Açu, Brazil (SSKL) technology for produced water North Sea transport
Slide 7: First Quarter 2026 Consolidated Revenue
First Quarter 2026 Consolidated Revenue1 Sequential Year-on-Year Adjusted $897MM Revenue Revenue EBITDA2 % Energy Products and Services (9)% (10)% 10.7% $1.19B (11)% +4% 11.0% Energy Equipment $2.05B (10)% (2)% 8.6% NOV 50% 50% 37% 63% Land Offshore North America International 1Form 8-K containing e
Slide 8: Energy Equipment
Energy Equipment Designs, delivers, manufactures, and supports advanced drilling, completion, and production solutions Strong execution on the segment’s capital equipment backlog more than offset lower sales of aftermarket parts and services, which were impacted by conflict-related disruptions. A le
Slide 9: Energy Products and Services
Energy Products and Services Provides critical technologies consumed in drilling, intervention, completion, and production activities Disruptions in the Middle East and lower global drilling activity more than offset strong performance from the segment’s drill bit and digital services businesses. Pr
Slide 10: Disciplined Capital Allocation Supports Shareholder Value
Disciplined Capital Allocation Supports Shareholder Value Investing in strategic growth, preserving financial flexibility, and returning excess capital to shareholders Return Capital Balance Sheet Capex Share Buybacks Dividends Investment grade rating critical Announced strategic Opportunistic share
Slide 11: Outlook: Second Quarter 2026 Outlook
Outlook: Second Quarter 2026 Outlook Year-Over-Year (Q2’26 vs Q2’25) Revenue Decrease four to six percent year-over-year NOV Adj. EBITDA $185 million to $215 million Revenue Decrease two to four percent year-over-year EE Adj. EBITDA $135 million to $155 million Revenue Decrease six to eight percent
Slide 12: Appendix
Appendix © 2026 NOV Inc. All rights reserved. First Quarter 2026 Earnings Presentation – 04/28/2026 12
Slide 13: Reconciliation of Net Income to Adjusted EBITDA (Unaudited)
Reconciliation of Net Income to Adjusted EBITDA (Unaudited) Three Months Ended In millions March 31, December 31, 2026 2025 2025 Revenue: Energy Equipment $ 1,190 $ 1,146 $ 1,334 Energy Products and Services 897 992 989 Eliminations (35) (35) (46) Total revenue 2,052 2,103 2,277 Adjusted EBITDA: Ene
Slide 14: Reconciliation of Cash Flows from Operating Activities to Free Cash Flow and Excess Free Cash Flow
Reconciliation of Cash Flows from Operating Activities to Free Cash Flow and Excess Free Cash Flow (Unaudited) In millions Three Months Ended March 31, 2026 2025 Total cash flows provided by operating activities $ (26) $ 135 Capital expenditures (65) (84) Free Cash Flow $ (91) $ 51 Business acquisit
Slide 15: © 2026 NOV Inc. All rights reserved. First Quarter 2026 Earnings Presentation – 04/28/2026
© 2026 NOV Inc. All rights reserved. First Quarter 2026 Earnings Presentation – 04/28/2026 15