Kodiak Gas Services (KGS) Investor presentation summary

Financial highlights

• Market capitalization of $3.1 billion and enterprise value of $5.7 billion as of May 2025.

• Reported record quarterly adjusted EBITDA of $177.7 million in Q1 2025.

• Dividend yield at 5.0% with a 10% increase in 2025 and a $50 million share repurchase program.

• Raised midpoint of full-year 2025 adjusted EBITDA guidance; Q1 2025 net income attributable to common shareholders was $31 million.

• Leverage ratio targeted at ≤3.5x by year-end 2025; over $300 million available under ABL facility.

Operational performance

• Fleet utilization rate at ~97% with 4.4 million total fleet horsepower.

• 79% of fleet horsepower consists of large horsepower units; average age of large units is ~7 years.

• Over 80% of contract compression horsepower is in the Permian Basin and Eagle Ford.

• 49,000 new unit horsepower added in Q1 2025; 2025 new unit growth capex is fully contracted.

• Major component suppliers are U.S.-based, minimizing tariff and supply chain risks.

Industry and market trends

• Top three U.S. contract compression providers control ~75% of the outsourced market.

• Industry utilization rate increased from 86% in Q4 2020 to 95% in Q1 2025.

• U.S. LNG capacity expected to add ~12 Bcf/d through 2030, driving gas demand.

• Over 200% YoY increase in new natural gas-fired power plants in 2025; data center demand growing at ~15% CAGR through 2030.

• Compression intensity remains at ~600,000 HP per Bcf/d; ~14 million incremental HP needed by 2030.