Target Hospitality (TH) Investor presentation summary

Company overview and market positioning

• Leading vertically integrated provider of modular workforce accommodations and hospitality services, with a focus on remote and expansive geographies.

• Largest provider capable of delivering turnkey solutions at scale, generating robust asset-level economics with low maintenance capex.

• Strategically aligned with growing end markets such as data center construction, critical mineral development, and national security programs.

• 2026 revenue outlook: $490–$510 million, Adjusted EBITDA: $105–$115 million, total capex: $32–$56 million.

• Revenue mix: 56% Workforce Hospitality Solutions, 32% Government, 12% Hospitality and Facilities Services & Other.

Growth strategy and business transformation

• Launched price optimization and contract structure initiatives to secure longer terms and increase revenue visibility.

• Expanding end markets and geographies, leveraging density in the Southwest U.S. and targeting data center and infrastructure opportunities.

• Rapid deployment capabilities with scalable, modular fleet supporting project ramp-ups from 250 to 1,500+ individuals in under 180 days.

• Focus on building relationships with blue-chip customers and expanding take-or-pay contract portfolio.

• Demonstrated ability to solve complex customer needs, from rapid mobilization to comprehensive workforce community management.

Financial strength and operational efficiency

• Strong financial position with $141 million liquidity and 0.6x net leverage as of June 30, 2026.

• Closed a new $660 million asset-based revolving credit facility, extending debt maturity and enhancing flexibility.

• Robust unit economics: $47K capex per bed, $18K annual cash flow per bed, <3-year payback, 40%+ IRR over 20 years.

• Minimal maintenance capex and consistent contracted revenue drive high returns.

• No near-term debt maturities, supporting ongoing growth initiatives.