Select Water Solutions (WTTR) Investor presentation summary

Strategic transformation and business model evolution

• Transitioning to an infrastructure-led model, targeting over 60% of gross profits from Water Infrastructure within 12–24 months, up from 7% in 2018 and 47% in 2H'25.

• Focused on long-term, contracted revenues from pipelines, recycling, and disposal, with significant expansion in the Permian Basin, especially Northern Delaware.

• Diversifying into municipal, industrial, and minerals markets, including lithium extraction and water rights consolidation in Colorado.

• Strategic divestments and asset swaps have shifted the portfolio toward higher-margin infrastructure and away from low-margin trucking.

Financial performance and growth

• FY'25 revenue was $1,407 million, with Water Infrastructure revenue up 7.7% and Chemical Technologies revenue up 18.5% year-over-year.

• Gross profit before D&A reached $377 million, with Water Infrastructure contributing $169 million (+10.4% YoY) and Chemical Technologies $56 million (+44.7% YoY).

• Adjusted EBITDA hit a record $260 million (+0.7% YoY), and over $200 million in infrastructure growth capex has been funded by services and chemicals free cash flow since 2023.

• Net capex increased 77.5% to $279 million in 2025, reflecting accelerated infrastructure investment.

Contracted revenue and customer base

• Added nearly 1 million acres of dedicated or ROFR acreage in FY'25, with an average contract length of 11.2 years for deals closed in 2024–2025.

• Over 2.5 million acres now under dedication, primarily in the Permian, supporting stable, long-term cash flows.

• Public investment grade customers accounted for about half of 2025 revenue, with no single customer representing more than 10%.