Kodiak Gas Services (KGS) investor relations material

Executive summary

• Achieved record Q1 2026 Adjusted EBITDA of $190.1 million, up 7% year-over-year, driven by strong Contract Compression and initial Power segment contributions.

• Closed the Distributed Power Solutions (DPS) acquisition, launching the Power Infrastructure segment and procuring over 260 MW of additional power generation.

• Maintained industry-leading fleet utilization at 98%, with average horsepower per unit up to 977 and revenue-generating horsepower increasing by up to 38,700.

• Declared a $0.49/share dividend, a 9% year-over-year increase, covered 2.9x by discretionary cash flow.

• Net income attributable to common shareholders was $17.8 million, impacted by a $36.5 million loss on extinguishment of debt.

Financial highlights

• Total Q1 2026 revenue was $346 million, up 5% year-over-year, with Contract Services revenue up 6.2% to $307 million and Other Services revenue down 4.7% to $38.8 million.

• Adjusted gross margin for Contract Services reached a record 70.6%, up from 67.7% a year ago.

• Adjusted net income was $52 million ($0.59 per diluted share); discretionary cash flow rose 9% year-over-year to $126.5 million.

• Adjusted EBITDA margin was 55.0% in Q1 2026.

• Net debt at quarter end was $2.7 billion; leverage ratio at 3.6x.

Outlook and guidance

• 2026 Adjusted EBITDA guidance raised to $820–$860 million; discretionary cash flow guidance $520–$570 million.

• Compression Infrastructure revenue guidance: $1.25–$1.28 billion; Power Infrastructure: $95–$125 million, with 60%–70% adjusted gross margin.

• Growth CapEx for 2026 expected at $645–$920 million, targeting 300–500 MW annual power additions and 170,000 horsepower for compression.

• Maintenance CapEx for 2026 projected at $80–$90 million.

• Compression fleet expected to grow by ~150,000 HP/year, targeting over 5.2 million HP by 2030; distributed power fleet targeted to reach ~2 GW by 2030.