Cactus (WHD) investor relations material

Strategic acquisitions and business structure

• Acquired FlexSteel business in February 2023, expanding into spoolable technologies.

• Acquired 65% of Baker Hughes Pressure Control LLC (Cactus International) in January 2026, adding significant international exposure.

• Cactus International JV provides a core Middle East footprint and global reach.

• Management owns about 13% of the business, aligning interests with shareholders.

Financial performance and outlook

• 2024 consolidated revenue reached $1.13 billion, with Adjusted EBITDA of $392 million and a 35% margin.

• Cactus International contributed $498 million in revenue and $87 million in Adjusted EBITDA (17% margin) in 2024.

• Q1 2026 Pressure Control revenue expected between $295–$305 million, with Adjusted EBITDA margin of 23–25%.

• Spoolable Technologies Q1 2026 revenue expected flat versus Q4 2025, with Adjusted EBITDA margin of 34–36%.

• Q4 2025 cash position was approximately $495 million, with $223 million available on a revolving credit facility.

Operational strengths and product innovation

• Designs, manufactures, sells, and rents engineered products for drilling, completion, and production efficiency.

• SafeDrill® wellhead systems and FlexSteel spoolable pipe offer safety, time savings, and lower installation costs.

• Spoolable pipe applications span E&P, midstream, and end-use, supporting oil, gas, water, and CO2 transport.

• Manufacturing footprint includes facilities in the U.S., Middle East, China, and Vietnam, supporting scalability and low cost.