Oil States International (OIS) Investor presentation summary

Strategic transformation and growth focus

• Accelerated shift toward offshore and international markets, now comprising 74% of revenues as of March 2026, up from 54% in 2023.

• Backlog for offshore manufactured products reached $430 million, the highest in a decade, providing strong revenue and margin visibility.

• Leading market share (80-85%) in FlexJoint connectors for offshore floating production facilities.

• Expansion in Latin America, Middle East, and West Africa, with technology-led differentiation and high-margin product lines.

• Focus on innovation, including new MPD systems, advanced connectors, and emerging opportunities in wind, geothermal, and CCS.

Financial performance and valuation

• Market capitalization of $553 million and enterprise value of $549 million as of May 18, 2026.

• EV/2026 consensus EBITDA of 6.4x, representing a 52% discount to proxy peer average of 13.2x.

• 2026 consensus free cash flow yield of 7.2%, significantly above the 2.2% peer average.

• Net cash position of $4 million as of March 31, 2026, with $59 million cash on hand and no borrowings under the revolving credit facility.

• Retired $53 million in convertible senior notes in April 2026, maintaining a strong balance sheet.

Segment performance and technology leadership

• Offshore Manufactured Products accounted for 63% of 1Q26 revenue and 72% of adjusted segment EBITDA.

• Completion and Production Services and Downhole Technologies contributed 15% and 22% of revenue, respectively.

• High-margin rental and service lines, especially in offshore and international markets, drive profitability.

• Recent product launches, such as EPIC Precision and Flex Perforating Systems, are expanding international market penetration.

• Multiple industry awards for technology innovation and safety, including OTC Spotlight and Gulf Energy Excellence Awards.