Oil States International (OIS) investor relations material

Executive summary

• Q3 2025 delivered consolidated revenues of $165 million, net income of $2 million ($0.03/share), and adjusted EBITDA of $21 million, with profitability driven by restructuring, cost reductions, and strong offshore/international activity despite U.S. land and tariff headwinds.

• 75% of consolidated revenues came from offshore and international projects, reflecting a strategic shift to higher-margin, longer-cycle work and supporting a decade-high backlog of $399 million.

• Backlog reached $399 million, the highest since June 2015, with a quarterly book-to-bill ratio of 1.3x and robust bookings, particularly in military and production infrastructure orders.

• The company focused on growing offshore/international presence, managing U.S. land volatility, and generating strong cash flow, with $10 million returned to stakeholders through note and stock repurchases.

• Revenues decreased 5% year-over-year, with product revenues up 6% and service revenues down 20% due to exited operations and lower U.S. demand.

Financial highlights

• Q3 2025 revenues were $165.2 million; adjusted consolidated EBITDA was $21 million; net income was $2 million ($0.03/share), including $4 million in restructuring charges; adjusted net income was $5 million ($0.08/share).

• Operating income for Q3 2025 was $4.7 million, compared to a loss of $11 million in Q3 2024.

• Cash flow from operations grew to $31 million in Q3 and $55 million for the first nine months, with free cash flow of $23 million for the quarter.

• $4 million in share repurchases and $6 million in convertible note repurchases were completed in Q3; year-to-date stock repurchases totaled $16.2 million.

• Cash and cash equivalents were $67.1 million as of September 30, 2025, with no borrowings under the credit facility.

Outlook and guidance

• Q4 consolidated revenues are expected to increase 8%-13% sequentially, with adjusted EBITDA forecasted at $21-$22 million.

• Full-year cash flow from operations is projected to exceed $100 million, with strong free cash flow yield.

• Offshore and international markets are expected to improve into 2026, while U.S. land activity may remain subdued due to commodity prices, tariffs, and OPEC+ production.

• Supply chain disruption in perforating products is expected to impact Downhole Technologies in late Q4 2025.

• Sufficient liquidity is projected for the next twelve months, including full retirement of 2026 Notes at maturity.