Kodiak Gas Services : Investor Presentation
KGS
Published on 05/11/2026 at 06:08 am EDT
May 2026
ONE RELENTLESS FORCE POWERING OUR CRITICAL ENERGY FUTURE
Powering our critical energy future
Culture centered on customer service, people and innovation
$6 Billion
Market capitalization1
2.8%
Dividend Yield1
Industry-leading operator of large horsepower engines
State-of-the-art training facility and curriculum
Advanced operational technology
4.5 Million
Fleet Horsepower2
Compression market leader in the Permian Basin and large horsepower
~400 Megawatts of Distributed Power2
Flexible fleet of turbines and reciprocating power gen units
~900 Highly
Trained Technicians2
Industry-leading talent and technical expertise
Always Raising the Bar
1 Market capitalization calculated as of May 8, 2026; dividend yield based on stock price as of May 8, 2026 and first quarter 2026 dividend of $0.49 per share annualized
2 Fleet and technician statistics as of March 31, 2026
Investor Presentation 2026 3
Our Expanded Energy Infrastructure Footprint
Kodiak Power Solutions' Asset Footprint
Data Center Microgrids Manufacturing
8%
Northern
Rockies 3%
Northeast
Compression Fleet Total Horsepower1
4.5 million
Compression Fleet
% Large Horsepower2
80%
Average Compression Horsepower Per Unit1
977
Permian Basin
3.0 million horsepower
Contract compression
69%
Permian
13%
Eagle Ford
Distributed Power Fleet1
~400 Megawatts
Actual Delivered Uptime on Primary Power
Data Center Contract
market leader
% of revenue-generating compression horsepower as of March 31, 2026
>99.9% for
>2 Years
1 Compression and power generation fleet statistics as of March 31, 2026; average compression horsepower per unit calculated as revenue-generating horsepower divided by revenue-generating compression units
2 Large Horsepower defined as units with >1,000 HP; calculated as sum of total fleet horsepower comprised of Large Horsepower divided by total fleet horsepower
Investor Presentation 2026 4
Kodiak's Energized Growth Outlook
Compelling Fundamentals & Proven Execution Today Energized Growth Outlook Ahead
Constructive Compression Fundamentals Multi-year growth outlook in U.S natural gas combined with tight contract compression market
Proven Execution
Track record of increasing utilization & delivering industry leading service
Strong Financial Performance Focused on increasing margins & return on capital
Massive Power Demand
"Bring-your-own-generation" solutions desperately
needed to meet rapidly growing power grid shortfall
Track Record
Proven track record
of integrating acquisitions and capturing efficiencies
Attractive Capital Return Program Committed to returning capital to shareholders through paying a well-covered and growing dividend and opportunistically repurchasing stock
Energized Growth Outlook
Upside to historical high single-digit percentage EBITDA growth, funded by stable contract compression cash flow
Investor Presentation 2026 5
Compression Fleet
(horsepower in millions)
Distributed Power Fleet
~2
(in megawatts)
300 - 500
MW / year
Targeted annual growth rate
396
61
Gigawatts
>5.2
Million HP
~150 thousand HP / year
Annual growth rate of 3 - 4%
4.5
~1701
YE 2025 YE 2026E YE 2030E
Apr-26 YE 2026E YE 2030E
~5.2 million
Year-end 2030 Compression Fleet Horsepower Target
~2 Gigawatts
Year-end 2030 Distributed Power Capacity Target
Expected new unit growth
1 Includes >20K of horsepower that was acquired in a purchase leaseback transaction announced in the first quarter of 2026
Natural Gas Compression
5.0
4.9 4.8
HP & Power HP-equivalent, in millions
2.3
1.8
Distributed Power
0.8
0.8
0.6 0.5 0.5 0.4 0.4
Note: As of May 8, 2026, and assumes a conversion rate of 1 MW equals 1.3 million mechanical horsepower; Sources Company reports, Intrepid Financial Partners, and Spears & Associates Report: The Upstream Gas Compression Market as of April 2026
…And Long Lead Times for New Gas Compression2
Apr 2026
>180
weeks
Sep 2025
53-57
weeks
Caterpillar 3600 Inline Engines
High Industry Utilization...1
94%
Q1 2026
Caterpillar 3600 Inline Gas Compression
High Demand + Long Lead Time = Tight Market
…And Long Lead Times for New Power Turbines4
Apr 2026
146-150
weeks
Sep 2025
102-106
weeks
SMT130 Turbine
Massive Demand Growth...3
>100 GWs
New Data Center Demand by 2035
Caterpillar Solar SMT130 Gas Turbine
1 As of May 8, 2026 - Calculated as the weighted average utilization rate as of period end for AROC, KGS, NGS, and USAC
2 Estimated lead time for new Caterpillar 3600 inline gas compression engines
3 BloombergNEF "Supply Crunch Threatens US Need for 106 Gigawatts of New Power"
4 Estimated lead time for new Caterpillar Solar SMT130 gas turbines
U.S. Gas Demand Growth1
Mexico/Other Demand
5
Power/Other Demand
10
30 Bcf/d
midpoint
U.S. LNG
Demand
15
2025 - 2035
Demand Growth in Bcf/d
U.S. Compression Intensity2
14
Horsepower
(in millions)
10-year average = ~600K HP per Bcf/d
Bcf/d
Public Contract Compression3
110
Remaining Compression
73
90
80
70
140
120
60 100
50
80
40
30 60
20
40
10
0 20
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026E
U.S. Gas Demand Growth Through 2035
30 Bcf/d
X
Compression Intensity
~600K HP per Bcf/d
=
Incremental HP Needed by 2035
~18 million
1 Goldman Sachs and Kodiak Fundamentals Team
2 EIA Short Term Energy Outlook February 2026, Spears & Associates: The Upstream Gas Compression Market: April 2026, and Kodiak Fundamentals Team
3 Contract compression includes KGS, AROC, NGS, and USAC's year-end 2025 compression fleet plus forecasted new unit growth
>100
Proposed natural
gas-fired power plant projects in Texas1
158
Texas Leads the Nation in Data Center
Development
✓
Favorable Regulatory
Environment
✓
Natural Gas
Availability
Land Availability
✓
Existing
Infrastructure
Data Centers under construction in Texas2
>11 Bcf/d of Permian natural gas pipeline takeaway projects by 20293
>5 GW of natural gas power plants under construction4
>30 GW of data center projects in Texas over the next two years5
1 Cleanview as of April 2026
2 Aterio as of May 8, 2026
3 Company reports; Gulf Coast Expansion Project 0.6 Bcf/d in 1H '26, Blackcomb Pipeline 2.5 Bcf/d in 2H '26, Hugh Brinson 2.2 Bcf/d in 2H '26, Eiger Express 3.7 Bcf/d in 2H '28, Desert Southwest 2.3 Bcf/d in 2H '29
4 Company Reports & Kodiak Fundamentals Team as of April 2026
5 Cleanview as of April 2026
Race to Scale up
Digital Infrastructure
Agentic AI Capacity is Rapidly
Accelerating, Doubling Every
7 Months1
Hyperscalers' Capex (2026-2030)
$5 trillion2
Data Centers Under Construction / Development in the U.S.
>700 Facilities3
Data Centers Under Construction
by State3
3
13
4
2
4
8
12
2
4
29
5
15
13
61
3
12
8
10
22 28
6
10
2
36
3
5
9
2
144
12
12
158
11
21
8
57
1
5 - 10 Year Wait Times for Potential Grid Connectivity
1 METR as of April 2026
2 Bloomberg: Hyperscalers includes Amazon, Alphabet, Meta, Microsoft, and Oracle
3 Aterio as of May 8, 2026
"Bring Your Own Generation"
Emerging solution to growing gap between data center power demand growth and supply additions
> 60 Gigawatts
Companies That Have Signed the Rate Payer Protection Pledge2
Projected Behind-the-Meter of power
solutions needed by 20351
U.S. Data Center Power Demand in Gigawatts1
150
100
50
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
0
High behind the meter potential
Expecting grid connect
Existing data center demand
1 Rystad Energy Research and Analysis, September 2025
2 The White House Fact Sheet as of March 4, 2026; White House initiative where major tech firms commit to paying the full cost of electricity for data centers
Investor Presentation 2026 12
Compression & Genset Engine Similarities
Engines
Highly similar design and operation
Parts & Components
Highly similar
Maintenance Profiles
Similar maintenance and overhaul processes
CAT 3516J Gas Compression Engine
(1380 Horsepower)
CAT 3516H Genset Engine
(Powers 1.9 MW Genset)
KGS Caterpillar-certified techs being cross-trained on generators1
Buyer of large HP Caterpillar recip engines over last decade
KGS operational AI/machine learning technology scalable across both platforms
1 As of May 8, 2026; over 700 Kodiak technicians completed at least 1 CAT Certification course
Technical Colleges
Partnerships with the Military
Social Media Campaigns
Recruiting Pipeline
~30,000 SF Facility with
Hands-on Training Programs
State-of-the-Art
Virtual Reality Training Technology
Provide Entry Level to Advanced
Compression Training Program
Expanding Training Program to
Include Power
World Class
Training Program
Highly Skilled Technicians
Quality People + World Class Training Program
Industry-Leading Customer Service
Constantly Raising the Bar
The Right People
Investing in training & development
The Right Technology
Investing in innovation
IGNITE
Development Program
Technician
Co-Pilot
Agentic AI
Parts Finder
01
Fixed monthly
revenue
with multi-year terms
02
Annual inflation
index adjustments
03
Advance billing improves working capital cycle
04
98% mechanical availability guarantee
05
Customer bears mobilization and demobilization costs
Percent of Fleet HP on Term1 Increasing Duration of Contracts
86%
14%
2026 Purchase /
Leaseback2
2026 Renewal with
Top Ten Customer
10
Year Contract
7
Year Contract
1 As of March 31, 2026
2 Kodiak press release dated March 20, 2026: "Kodiak Gas Services Announces Accretive Purchase of Over 20,000 Horsepower in the Permian Basin"
First Quarter 2026 Fleet Utilization
Quarterly Contract Services Adjusted Gross Margin
98%
~97%
% of AGM provided by Contract Services segment1
$196
$200
$203
$209
$188 $187
$177
$126
$128
96%
$117
$121
$108
$112
$115
$97
$104 $105 $104
$86
$84
$88
$89
$94 $95
$108.87
$93.75
$77.29
$82.62
$86.49 $82.25
$94.53
$76.14
$78.53
$65.97 $70.75
$76.91 $81.81 $76.43
$7.98
$70.81 $71.78
$72.74
$64.57 $65.78 $59.62
$57.68
$7.42
$46.01
$40.82
$42.52
$5.60
$28.30
$4.33
$4.76
$4.64
$4.70
$4.14
$3.39
$3.75
$3.19
$3.03
$2.51
$2.93
$2.68
$2.84
$2.59
$2.92
$1.91
$1.70
$1.97
$2.14 $2.06
$2.11
$2.44
$217
Trough Fleet Utilization
during Covid
Q1 '20 Q2 '20 Q3 '20 Q4 '20 Q1 '21 Q2 '21 Q3 '21 Q4 '21 Q1 '22 Q2 '22 Q3 '22 Q4 '22 Q1 '23 Q2 '23 Q3 '23 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26
Kodiak Contract Services Adj. Gross Margin ($M) Average WTI Crude Oil Price ($/Bbl) Average Henry Hub Price ($/MMBtu)
Source: Company filings; EIA; adjusted gross margin is a non-GAAP financial measure; see Supplemental Slides for reconciliation
1 Contract Services segment adjusted gross margin as a percent of total adjusted gross margin in Q1 2026
Comprehensive
Turnkey Power Generation
Scalable Distributed Energy Solutions
~3-6 years
Time it takes to build new transmission lines in ERCOT1
Power Instability
Rapid load changes can disrupt the grid, causing voltage instability and damage to equipment
~40%
Of ERCOT's bill is transmission &
distribution charges2
Speed to Power
Better than the grid
Reliability
Fleet of reciprocating and turbine engines can handle fluctuating load curves and power densities
Track Record
Track record of supplying primary power to large load customers
Attractive Pricing
Power fleet is priced competitively with the grid
1 ERCOT's Transmission Planning Process, December 2025
2 Texas Public Policy Foundation "The Explosion of Transmission Costs in ERCOT: Causes, Forecasts, and Policy Solutions" January 2026
Power Generation Fleet1
230 MW
Reciprocating Engines
166 MW
Turbines
Power Solutions for Diverse End Markets
Data Centers
MMiiccrrooggrriiddss
Manufacturing
Proven Capabilities
Rapid Deployment
Creative Solutions
Turnkey Packages
Impeccable Safety Record
1 As of March 31, 2026
Non-discretionary
Discretionary
Stable to improving credit ratings
Disciplined maintenance capex
Long term leverage ratio of <4.0x
Ample liquidity at all times
1
Protect the Franchise
2
Sustainable / Well-Covered Dividend
Share Repurchases
Opportunistic based on value and alternative uses of cash
Dividend Growth
Targeting annual increases
Organic Growth
Targeting annual Adj. EBITDA organic growth rates of high single digit %s for compression and higher for power
3 Reinvest Organically / Return Incremental Capital to Shareholders
4
Strategic M&A
Growth
With Limited Volatility
Sustainable & Growing
Return of Capital to Shareholders
Disclaimer
Kodiak Gas Services Inc. published this content on May 11, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 11, 2026 at 10:07 UTC.