NPK International (NR) Investor Presentation summary

Business overview and market position

• Specializes in temporary worksite access solutions, manufacturing and renting recyclable composite matting products with integrated services such as planning, logistics, and site restoration.

• Operates the largest composite matting fleet in the U.S. and U.K., with over 180,000 mats and 26 rental and service yards.

• Key end-markets include power transmission, oil & gas, pipeline, infrastructure construction, and rail, with utilities driving significant demand.

• DURA-BASE® composite mats offer superior safety, environmental, and economic benefits compared to wood alternatives, supporting a long-term material conversion trend.

• Vertically integrated model with domestic manufacturing and R&D supports double-digit growth capacity for the next several years.

Financial performance and growth

• TTM Q3 2025 revenue reached $259 million, with adjusted EBITDA of $71 million and a 27.3% margin.

• 3Q25 rental and related services revenue grew 37% YoY, with rental revenues up 57% YoY and 40% YTD, driven by power transmission projects.

• Product sales increased 108% YoY in 3Q25, primarily due to utility capital spending.

• Full-year 2025 guidance projects $268–$272 million in revenue and $71–$74 million in adjusted EBITDA, with net capital expenditures of $45–$50 million.

• Maintains a strong net cash position ($26 million as of 3Q25) and $180 million in available liquidity, supporting organic and inorganic growth.

Strategic initiatives and operational improvements

• Focused on fleet optimization, price discipline, and cost controls, resulting in margin expansion and improved SG&A efficiency.

• Divested underperforming business units, culminating in the sale of the Fluids Systems segment in 3Q24.

• Ongoing investments in alternative raw materials, rental fleet expansion, and ERP system conversion to further reduce costs and improve asset utilization.

• Capital allocation prioritizes modest leverage, rental fleet growth, accretive acquisitions, and share repurchases ($92 million authorization remaining as of 3Q25).

• Approximately 60% of TTM 3Q25 adjusted EBITDA converted to cash, supporting growth investments and capital returns.