NCS Multistage (NCSM) Investor presentation summary

Strategic positioning and market overview

• Holds a leadership position in well construction and completion technologies, enabling capital-efficient unconventional resource development in high-growth markets worldwide.

• Revenue is geographically diversified: 52% Canada, 38% U.S., and 10% international.

• Product mix is 70% products and 30% services, serving over 230 customers.

• Addressable global completion equipment market estimated at $9.7B in 2026, with North America representing 46%.

• Well-positioned to expand from a ~2% share of the global market, leveraging technology and international expansion.

Product and service portfolio

• Offers fracturing systems, tracer diagnostics, well construction solutions, and plug-and-perf products through a joint venture.

• Proprietary technologies support complex well installations and enhanced recovery.

• Tracer diagnostics optimize well spacing, completion design, and flow assurance.

• Repeat Precision joint venture provides composite and dissolvable plugs, setting tools, and perforating guns.

• Technologies are applicable in both onshore and offshore, including geothermal and SAGD applications.

Financial performance and guidance

• Q1 2026 revenue was $45.6M, down 9% year-over-year; U.S. revenue more than doubled to $19.1M, international up 13%.

• Adjusted gross margin for Q1 2026 was 40%, with adjusted EBITDA of $5.6M.

• Full-year 2026 revenue guidance is $186–$194M, with adjusted EBITDA of $26–$29M and free cash flow after distributions of $11–$15M.

• Consistently converts 50–70% of adjusted EBITDA to free cash flow, supported by a capital-light model.

• Return on invested capital improved to 11.2% in 2025, with a target of 15%+.