Liberty Energy (LBRT) investor relations material

Executive summary

• Q3 revenue was $1.196B, up 26% YoY; adjusted EBITDA was $141.6M, while a $39.1M GAAP net loss reflected a $62.9M investment loss.

• Completions improved from early-year lows, with execution and modest pricing gains partly offset by drilling delays and cost inflation.

• A 1.2-GW data-center power agreement includes a $300M capacity-fee prepayment; project-level financing is targeted to begin in early 2027.

Financial highlights

• Q3 revenue was $1.196B versus $947.4M a year earlier and was up 1% QoQ; operating income was $19.3M versus an operating loss of $2.4M.

• Net loss was $39.1M and diluted loss per share was $0.24, versus net income of $43.1M and diluted EPS of $0.26 in Q3 2025.

• Adjusted net income was $9.8M versus an adjusted net loss of $9.5M; adjusted diluted EPS was $0.06 versus a loss of $0.06.

• Adjusted EBITDA was $141.6M, up 11% YoY and down 6% QoQ; 9M adjusted EBITDA was $418.6M versus $476.6M.

• 9M revenue rose 15% to $3.406B; net income was $26.6M versus $134.2M, and cost of services rose 20% to $2.819B.

Outlook and guidance

• Q4 activity is expected to face typical weather and holiday seasonality, partly offset by strong demand and activity deferred from Q3; management expects a smaller-than-normal slowdown.

• The tax expense rate for the remainder of 2026 is expected to be ~24% of pre-tax income; material cash taxes are not expected this year.

• 2026 CapEx guidance is unchanged; a significant Q4 capacity-fee prepayment is expected to provide cash, with no further financing anticipated in Q4.

• Most 2027 fleet placements are known and RFPs are progressing; modest price increases are being pursued. Generation supply is available for late 2027 and 2028, with >1 GW expected to energize in 2029.