Cactus (WHD) investor relations material

Strategic transactions and business overview

• Completed FlexSteel acquisition in February 2023, expanding into spoolable pipe technologies.

• Announced acquisition of 65% of Baker Hughes' Surface Pressure Control (SPC) business for $344.5 million, with closing expected late 2025 or early 2026.

• SPC acquisition increases scale, geographic diversification, and provides access to a substantial backlog and international markets.

• Combined business will have a more balanced revenue mix between U.S. and international markets.

• FlexSteel and SPC both offer highly engineered products and field services, supporting growth and margin resilience.

Financial performance and outlook

• 2024 consolidated revenue reached $1,130 million, with Adjusted EBITDA of $392 million and a 35% margin.

• SPC contributed $498 million in revenue and $87 million in Adjusted EBITDA at a 17% margin in 2024.

• YTD 2025 annualized Adjusted EBITDA margin remains strong at 35%, outperforming most peers.

• Q2 2025 cash position of $405 million and $223 million available on the revolving credit facility.

• Q3 2025 guidance: Pressure Control revenue down mid-to-high single digits, Adjusted EBITDA margin 28–30%; Spoolable Technologies revenue down high single digits, margin 35–37%.

Products, technology, and operations

• Designs, manufactures, sells, and rents wellhead systems, production trees, spoolable pipe, frac stacks, and fittings.

• SafeDrill® wellhead systems and FlexSteel spoolable pipe offer safety, efficiency, and ESG benefits.

• Spoolable pipe applications span production, gathering, and midstream, with growing international and non-oil & gas opportunities.

• Manufacturing footprint includes facilities in the U.S., China, Vietnam, and service centers in all key producing basins.

• SPC brings additional international manufacturing and service locations, especially in the Middle East.