Liberty Energy (LBRT) investor relations material

Executive summary

• Q3 2025 revenue was $947–$947.4 million, down 9% sequentially and 17% year-over-year, with net income of $43–$43.1 million, reflecting lower pricing and activity.

• Adjusted EBITDA was $127.7–$128 million, down 29% sequentially and 48% year-over-year.

• Achieved record operational efficiency and safety, leveraging technology innovation and service quality, including the launch of Forge and expanded AI-driven automation.

• Power business pipeline more than doubled in 90 days, with strong demand from data centers and industrial customers; completed IMG Energy Solutions acquisition to expand distributed power.

• Board strengthened with the appointment of Alice Yake to guide power services growth.

Financial highlights

• Q3 revenue of $947–$947.4 million, down from $1B in Q2 and $1.1B in Q3 2024.

• Net income of $43–$43.1 million, down from $71 million in Q2 and $74 million in Q3 2024.

• Adjusted net loss of $10 million, excluding $53 million tax-affected investment gains.

• Adjusted EBITDA of $127.7–$128 million, down from $181 million in Q2 and $248 million in Q3 2024.

• Ended quarter with $13–$13.5 million cash, $240–$253 million net debt, and $146 million total liquidity.

• Net capital expenditures of $113 million in Q3; full-year 2025 CapEx expected at $525M–$550M.

Outlook and guidance

• Anticipates normal seasonal trends in Q4, with industry activity stabilizing and potential uptick in 2026 as frac fundamentals improve.

• 2026 CapEx shifting toward power generation, targeting 500 MW delivered by 2026 and over 1 GW by 2027.

• Quarterly cash dividend increased by 13% to $0.09 per share for Q4 2025.

• Power business expected to drive long-term growth, with robust sales pipeline and urgency in customer demand.

• Long-term gas demand projected to rise, driven by LNG export capacity and power markets.