TETRA Technologies (TTI) investor relations material

Executive summary

• Achieved one of the strongest second quarters and first-half performances in a decade, driven by deepwater, international, and offshore market growth, with international revenue up 24% over any prior first half in the past decade.

• Launched Neptune Z-Lite fluids, secured a major Gulf of America project, and advanced the Arkansas Bromine Project with Board approval and $108 million in equity proceeds.

• Expanded commercial engagement for Oasis desalination, targeting 500,000 barrels/day by 2030, and strengthened intellectual property portfolio.

• Industrial Chemicals segment contributed over 50% of Completion Fluids & Products revenue, with notable strength in Europe and year-over-year growth in electrolyte sales.

• Water & Flowback Services achieved its highest Q2 production testing revenue in a decade, with Argentina setting a new Q2 record and expected to more than double 2025 revenues in 2026.

Financial highlights

• Q2 2026 revenue was $185.7 million, up 19% sequentially and 7% year-over-year; net income from continuing operations was $10.2 million, and adjusted EBITDA was $31.9 million, up 24% sequentially.

• Completion Fluids & Products revenue was $113.1 million (up 23% sequentially), Water & Flowback Services revenue was $72.5 million (up 12% sequentially); adjusted EBITDA margins were 26.4% and 14.8%, respectively.

• Cash and equivalents at June 30, 2026 were $154.6 million; net debt was $28.7 million with a net leverage ratio of 0.4x.

• Gross margin for Q2 2026 was 24.6%, down from 27.7% in Q2 2025; operating margin for the first six months was 9.6%.

• Trailing twelve months revenue as of Q2 2026 was $642 million; market cap and enterprise value both at $1.3 billion as of August 2026.

Outlook and guidance

• Deepwater and international activity outlook remains strong, with U.S. market showing improvement; base business expected to perform in line with market expectations.

• Arkansas Bromine Project is on track, with mechanical completion of Phase 2 targeted by end of 2026 and first production expected in early 2028.

• Targeting a 15% CAGR in revenue, 19% CAGR in Adjusted EBITDA, and 34% CAGR in Adjusted Free Cash Flow from 2025 to 2030.

• Multiple growth drivers beyond 2026: deepwater completions, energy storage electrolytes, Oasis desalination commercialization, and Arkansas Bromine facility startup.

• Expect global volatility and Neptune project timing could impact second-half 2026 results.