Select Water Solutions (WTTR) Investor presentation summary

Strategic transformation and business model

• Transitioning to an infrastructure-led model, targeting over 60% of gross profits from Water Infrastructure in the near to medium term, up from 16% in 2023 and 7% in 2018.

• Focused on long-term, contracted revenues through pipeline, recycling, and disposal facilities, with over 2.5 million acres under dedication and right-of-first-refusal agreements.

• Diversifying into municipal, industrial, and mineral extraction markets to provide stable, high-margin, royalty-based cash flows.

• Strategic divestments and asset swaps have shifted the portfolio from low-margin trucking to high-margin infrastructure and solids management.

• Over 70 acquisitions in company history, with 20+ since 2021, emphasizing infrastructure and contracted revenue streams.

Financial performance and growth

• Water Infrastructure revenue grew 7.7% YoY in 2025, with gross profit before D&A up 10.4%; Chemical Technologies revenue rose 18.5% with gross profit up 44.7%.

• Adjusted EBITDA reached $260 million in 2025, up 0.7% YoY, with gross profit before D&A at $377 million.

• Water Infrastructure segment delivered a 72% CAGR in gross profit before D&A since 2021.

• Over $200 million in infrastructure growth capex since 2023 funded by free cash flow from Services and Chemicals.

• More than $255 million returned to shareholders since 2018 through dividends and share repurchases.

Operational highlights and assets

• Operates 2.8 million barrels per day of fixed recycling capacity, 1,000+ miles of pipelines, and 41+ million barrels of storage.

• Market-leading recycling position in the Northern Delaware Basin, with over one billion barrels recycled or treated since 2023.

• Significant expansion in the Haynesville, Midland, Rockies, and other key U.S. basins, with best-in-class assets and long-term contracts.

• New contracts in 2025-2026 add nearly one million dedicated acres and over 200 miles of pipeline, with initial paybacks of 3-5 years and average terms of ~11 years.

• Technology suite includes real-time monitoring, automation, and a central Remote Operations Center for enhanced efficiency and risk mitigation.