Flowco : 1Q 2026 Investor Presentation

Published: 2026-05-07 19:41:18 ET FLOC

Published on 05/07/2026 at 07:41 pm EDT - Modified on 05/07/2026 at 07:45 pm EDT

May 2026

Revenue Adjusted Net Income

Adjusted EBITDA1 Adjusted EBITDA Margin1

Net cash flow provided by operating activities

Free Cash Flow1

$209.5 million

$35.7 million

$85.5 million 40.8%

$78.7 million

$52.3 million

Production Solutions

Natural Gas Technologies

$140MM

$61MM

$69MM

$30MM

1Q26 Revenue

1Q26 Adjusted Segment EBITDA1

1Q26 Revenue

1Q26 Adjusted Segment EBITDA1

33%

67%

33%

67%

44%

1Q26 Adjusted Segment EBITDA Margin1

1Q26 Production Solutions % of Revenue2

1Q26 Natural Gas Technologies % of Revenue2

Adjusted Net Income, Adjusted EBITDA, Adjusted EBITDA Margin, and Free Cash Flow are non-GAAP financial measures. See appendix for reconciliations to GAAP financial measures.

Based on 1Q26 8-K Filing

43%

1Q26 Adjusted Segment EBITDA Margin1

Market Leadership

Market Leader and Pure-Play in Production Optimization

Robust, Long-Term Growth Profile

Growth Outlook Underpinned by Large, Unmet Total Addressable Market and Increasing Adoption

High-Value Outcomes

Innovative Technologies Deliver Economic Benefits and Emissions Reduction for Oil and Gas Producers

Leading Returns Profile

Market-Leading Returns with High ROA1 and ROCE1

Resiliency & Visibility

Cash Flow Durability Driven by OpEx Focus and Long-Duration Deployments (Over 50% of Total Revenue Generated by Rental Fleet)

Blue-Chip Customers

Long-Standing Customer Partnerships Supported by Life of Well Production Services

Proven Management Team

Returns and Growth Oriented Team with Deep Industry Experience

1) ROA = Return on Assets; ROCE = Return on Capital Employed

Pure-play market-leading provider of production optimization and emissions management solutions for the oil and natural gas industry

Company Highlights By the Numbers1

Pure-play provider of production optimization,

artificial lift, and emissions management and monetization solutions

Market leadership in each of its major product

and service offerings

Predictable, recurring cash flows driven by

operator non-discretionary, production-oriented operating expenditures

300+ customers across major U.S. oil basins

~1,420 employees across 45 field locations and

7 manufacturing locations

Headquartered in Houston, Texas

34%

2025 Adjusted Return on Capital Employed (ROCE)

36%

$295

$312

$166

$240

2022

2023

4Q24

Annualized

2025

Return on Capital Employed2

41%

40%

Adjusted EBITDA Margin2

(US$MM)

Combined EBITDA and Adjusted EBITDA2

2025

4Q24

Annualized

2023

2022

$487

$760

$744

Revenue and Combined Revenue2

(US$MM)

$665

2022 and 2023 represent the combined historical financial information for each of Estis Compression, LLC ("Estis"), Flowco Productions LLC ("Flowco Productions") and Flogistix, LP ("Flogistix")

Combined Revenue, Combined EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin and Combined Return on Capital Employed are non-GAAP financial measures; see appendix for reconciliations to GAAP financial measures

Maturing proved developed producing base and improved drilling efficiency supports production through commodity cycles

U.S. Lower 48 Upstream Cash Flow and Reinvestment Rate1

(US$bn)

$700

$600

Operators focused on production maintenance while maximizing free cash flow

Cash Flow (US$bn)

$500

$400

$300

$200

$100

Production optimization has become a core, non-discretionary operating expense

$0 ($100)

Operating Cash Flow Free Cash Flow Reinvestment Rate 2

$386

$230

$256

$218

$224

$240

$174

$161

$147

$140

$102

$120

$85

$91

$81

$75

$100

$10 $7 $14

$10

$19

($21) ($20)

140%

Reinvestment Rate (%)

120%

100%

80%

60%

40%

20%

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

U.S. Oil Production Rising Despite Moderated Drilling1

(MMBbl/d)

Automation and innovative technologies are increasing productivity and reducing unit costs

13.2

13.5

2,094

12.9

1,915

12.2

11.9

10.8

11.2 11.2

9.3

8.8

9.3

1,142

1,046

957

1,018

810

739

626

587

572

484

566

7.3

8.6

U.S. Oil Production (MMbbl/d)

Machine learning is being deployed to optimize performance and expand margins

Rig count

2,500

2,000

# of rigs

1,500

1,000

500

0 0

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Rystad Energy (January 2026)

Reinvestment rate defined as total capex as a percent of operating cash flow

Oil and gas producers have industrialized the shale model, focused on enhancing free cash flow through maximizing recovery

Production Optimization

Critical path solutions that support durable earnings and resilient through-cycle performance

Recurring Aftermarket

A growing installed base of equipment driving repeat aftermarket opportunities across the life of the well

Machine Learning and Automation

Proprietary, in-house technology driving rules-based maintenance, improving uptime and margins

Revenue Visibility

50%+ of revenue from rentals, driving strong visibility and recurring cash flow

Innovative Technologies

Continuous innovation with operators, advancing differentiated technologies such as HPGL1 and SurgeFlow

Durable Earnings

Consistent net income generation supporting disciplined, profitable growth

1) HPGL = High Pressure Gas Lift

Structured to effectively partner with customers and to drive operational efficiency and profitable growth

Production Solutions

Surface Equipment

Downhole Components

ESPs1

Improve operator returns through optimization of oil and natural gas production rates and volumes over the lives of wells

FY 2025 Production Solutions % of Revenue4

35%

65%

$217M

2025 Adjusted EBITDA

43.6%

2025 Adjusted EBITDA Margin

HPGL2 | ESP | Conventional Gas Lift | Plunger Lift Digital Solutions

Sales

Rentals

ESP = Electric Submersible Pump

HPGL = High Pressure Gas Lift

VRUs = Vapor Recovery Units

Based on YE25 8-K filing

Natural Gas Technologies

Vapor Recovery

Natural Gas Systems

Enable operators to more fully monetize natural gas while minimizing emissions

FY 2025 Natural Gas Technologies % of Revenue4

35%

65%

$111M

2025 Adjusted EBITDA

42.4%

2025 Adjusted EBITDA Margin

VRUs3 | Natural Gas Systems

Sales

Predominantly Rentals

Daily Production

Production Solutions

HPGL

Conventional Gas Lift

Plunger Lift

ESP Plunger Lift

ESP

Conventional Gas Lift

Plunger Lift

Digital Solutions

Vapor Recovery

Natural Gas Technologies

Natural Gas Systems

Flowco is a differentiated artificial lift provider offering both HPGL and ESP, as well as later-life lift solutions, leveraging operating insight and well-level knowledge to support optimal lift selection throughout the life of the well

Source: Rystad Energy (January 2026) 9

Illustrative Well Decline Curve

Years of Production

Life of well

ESP market unlocked with Valiant transaction

Valiant transaction unlocks one of the largest addressable markets in artificial lift, expanding potential market size by ~70% and positioning Flowco to address ~85% of the U.S. Lower 48 onshore market

1) Source: Rystad Energy (January 2026) 11

HPGL

Plunger Lift

$0.7

Gas Lift

$1.2

$7.0 bn

ESP

$2.5

2025E U.S. Artificial Lift Market1 (US$bn)

Rod Lift

$1.1

HPGL

$1.5

U.S. 48%

$14.7 bn

International 52%

2025E Global Artificial Lift Market1 (US$bn)

Artificial

Lift Type

Technology

Description

product offering

Injects high pressure gas down the wellbore

to lighten liquid column and enhance recovery

Only high flowrate lift system designed specifically for unconventionals

ESP

Utilizes an electric motor to drive a multistage

centrifugal pump to lift production from the well

New Offering

Gas Lift

Injects natural gas into the wellbore to reduce

fluid column density and hydrostatic pressure

Allows reservoir pressure to push fluids to the surface

Plunger Lift

Utilizes downhole plunger to lift liquids from

low-pressure or high gas production wells

Rod Lift

A reciprocating rod (sucker rod) driven from

surface activates a downhole pump

Downhole pump pushes liquids to surface

Indicates

Company Highlights

One of the largest private, pure-play providers of ESP systems in the United States

Proven, Permian Basin-focused ESP provider with established relationships with blue-chip

E&P operators

Demonstrated track record of growing wallet share driven by high-quality service execution and strong technical expertise

Maintains internal capabilities for assembly, repair, and maintenance, supporting reliability and responsiveness

2026E

Adjusted EBITDA1

of Current Revenue from the Permian Basin

2026E

Adjusted EBITDA Margin1

Number of ESP Installations since Inception

Proprietary monitoring, analytics and sizing software supporting system design and ongoing performance optimization

Flexible rental and sales model that provides customer flexibility, supports strong margins, and drives recurring revenue

Employees as of December 2025

Permian-based Service and Maintenance Facilities

Flowco closed on its acquisition of Valiant in March 2026, unlocking the ESP market at an attractive valuation

Source: Management estimates 12

High Pressure Gas Lift Systems Premium Conventional Gas Lift Systems

Utilized in early lifecycle of well -increases lift rates while lowering lease operating expenses

Frequently paired with conventional surface equipment

Flowco is unique in its ability to pair surface equipment technology with downhole applications

Systems utilized in conventional gas lift and plunger lift applications, and to support HPGL

99%

Fleet mechanical availability maximizes operator run time

<5%

Customer churn across all systems

HPGL Key Highlights

Wellbore

Injection

Natural gas is injected down the wellbore via the production tubing or

annulus

Increased

Production

Discharge pressure (up to 5,500 psi) lightens the liquid column, reducing

bottom hole pressure and promoting high production rates

Illustrative HPGL Application

High injection pressure (5,500 PSI)

Annual cost savings vs. ESPs

Bottom hole pressure lower than max injection pressure

Injected gas lifts liquids to surface

Most systems are rented under multi-year contracts

Flowco Gas Lift and Plunger Lift products serve customers throughout the well lifecycle

HPGL/ESP

Gas Lift

Plunger Assisted Gas Lift /

Fast Fall

Conventional

Gas Assisted

Multi-Stage

High Flow Rates

Plunger

Plunger Lift

Plunger

Production Rate - MMBbl/d

Well Life

Broad portfolio of patented products serving the full well lifecycle, generating durable aftermarket revenue from growing installed base

Vapor Recovery is seeing rapid adoption, especially in the Permian Basin

Atmospheric Tanks with VRUs

Reporting to EPA GHGRP1

Thousand tanks (LHS), % of total tanks with VRUs

Atmospheric Tanks with VRUs by Basin

Reporting to EPA GHGRP1

Percent of total basin tanks with VRUs

200

150

100

191

182

185

167

145

171

162

153

20%

162

19%

18%

19%

14%

13%

12%

10%

2015 2016 2017 2018 2019 2020 2021 2022 2023

50%

40%

30%

20%

10%

2015 2016 2017 2018 2019 2020 2021 2022

Permian - Midland Permian - Delaware

Utica/Marcellus

Eagle Ford

DJ Basin Bakken

The total count of tanks with VRU systems has more than doubled from 2015 to 2022, growing from ~13,000 to ~31,000 at facilities reporting their emissions to the EPA

VRU adoption, although still at a relatively low penetration level, has been on an upward trajectory since 2020 as more facilities have opted to incorporate vapor recovery

VRU adoption is growing rapidly in the Permian with adoption up to 42% in the Midland and 37% in the Delaware in 2022 among facilities required to disclose to the EPA GHGRP program

Source: Rystad Energy (January 2026 and August 2024)

1) Large oil and gas facilities with annual emissions over 25,000 TCO2e have been mandated to report emissions and emissions-related data to the EPA since 2011 under the Greenhouse Gas Reporting Program (GHGRP). In 2014, the data collection requirements were expanded for Subpart W, requiring GHGRP reporting oil and gas facilities to report data on their vapor recovery technology starting in 2015

VRUs are a leading technology to help E&P operators mitigate emissions while improving operator economics

Operator Value Propositions Illustrative VRU Configuration

❑

1 Monetary

Recovers stream of liquids-rich vapor gas, which

can be sent to sales line to be sold for additional revenue

❑

Emissions /

Regulatory

Avoids venting or flaring, bolstering compliance

with EPA guidance and reducing potential Waste Emissions Charge for methane and VOCs if implemented

❑

Reputation

/ ESG

Supports operators who are making strides in

environmental sustainability while balancing fiduciary responsibility

Heater Treater

Sales Meter

Sales Line

VRU

Oil Tanks

VRT

98%

Emissions reduction from VRU Implementation

99%

Operational uptime

High-Value Outcomes1

Significant gas processing uplift with VRU captured gas1

Representative Vapor Composition

19%

Methane

23%

Ethane

30%

Propane

2 - 6 Months

Payback with use of VRUs2

20%

Butane

Pentane

Hexane+

Pricing of VRU captured gas is 3x to 10x higher than natural gas depending on vapor composition

Note: VRT = Vapor Recovery Tower

Source: Management Estimates

Payback assumes VRUs are deployed on wells producing 250 - 2,350 Bbl/d and a natural gas price of $2 or $3 per MMBtu

Advanced, cloud-based solutions purpose built for maintenance and optimization

Comprehensive Platform

Increased Customer Performance and Satisfaction

Flux

A one-stop shop for fleet management, the Flux dashboard evaluates vital sensor data in real-time, improving maintenance capabilities

Logix PLC

Complex control sequences and real-time alert system improves equipment operation and emissions monitoring

Multi-Stream

Patented technology allowing a single system to capture and compress multiple vapor sources

The Optimal System for monetizing vapors through maximum uptime

Full Suite of Applications

Enhances Value Proposition

99% Operational Uptime

Real-Time Monitoring to Optimize Solutions

Comprehensive Review of Individual Customer Data for Specific Needs

Vertically integrated supply chain drives technology implementation and delivers industry-leading margins and returns

Key Highlights

Leading packager of electric and natural gas driven systems <800 HP

Headquartered in Kilgore, Texas with over ~240,000 square feet of operational space

HPGL (rarely sold to third parties) and conventional systems (sold to third parties) designed, fabricated, and assembled in-house

Purchases major compressor components at distributor prices and employs skilled labor for manufacturing and aftermarket services

Highly scalable workforce allows for Natural Gas Systems third-party business to efficiently move in tandem with market demand

Cost Advantage

Vendor Relationships

Increased Efficiency

Artificial Lift Focus

Natural Gas Systems business provides flexibility, vertical integration and deep history of expertise

Disclaimer

Flowco Holdings Inc. published this content on May 07, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 07, 2026 at 23:35 UTC.