Kodiak Gas Services (KGS) Investor presentation summary

Financial performance and guidance

• Achieved Q3 2025 adjusted EBITDA of $174.7 million, with discretionary cash flow of $116.7 million and adjusted net income of $31.5 million.

• Full-year 2025 guidance projects adjusted EBITDA of $700–$725 million and discretionary cash flow of $450–$470 million.

• Contract services revenues expected between $1.16–$1.2 billion, with adjusted gross margin percentage of 67–69%.

• Raised quarterly dividend 9% to $0.49 per share and repurchased ~$50 million of stock in Q3 2025.

• Maintained high fleet utilization at ~98% and added ~60,000 horsepower in Q3 2025.

Market position and industry trends

• Operates 4.5 million horsepower fleet, with 80% in large horsepower units and ~98% utilization.

• Leading provider in the Permian and Eagle Ford basins, which are among the lowest-cost U.S. basins.

• Top three U.S. contract compression providers control ~70% of the outsourced market.

• Industry experiencing tightness: CapEx below historical levels, costs and pricing up ~50% since 2017, and utilization rates at 95%.

• U.S. gas demand growth driven by LNG and power, with 23 Bcf/d incremental demand and ~14 million HP needed by 2030.

Business model and customer base

• Fixed-revenue, multi-year contracts with inflation escalators and 98% mechanical availability guarantee.

• Over 60% of revenue from investment-grade customers; top 10 customers account for more than 50% of revenue.

• Customer bears mobilization/demobilization costs; 86% of fleet HP on multi-year terms (3–5 years typical).

• No direct commodity price exposure, supporting stable cash flow even during price volatility.

• Shareholder return program includes a 5.8% dividend yield and $65 million available for share repurchases.