Slides
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Investor Presentation November 2025
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Page 2 Forward-Looking Statements This presentation contains “forward-looking statements” and/or “forward-looking information” under applicable securities laws (collectively referred to as “forward-looking statements”). All statements other than statements of historical facts contained in this presentation, including statements regarding Pason System Inc.’s (“Pason” or the “Company”) future results of operations and financial position, financial targets, business strategy, plans and objectives for future operations, are forward-looking statements. These forward-looking statements reflect the current views of Pason with respect to future events and operating performance as of the date of this document. These forward-looking statements are subject to known and unknown risks, uncertainties, assumptions, and other factors, including those described under the heading “Risk and Uncertainty” in the Company’s filings with Canadian securities regulators, that could cause actual results to be materially different from results that are expressed or implied by such forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. Although the Company believes the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in the forward- looking statements will be achieved or occur. Moreover, neither the Company nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. Except to the extent required by applicable law, the Company assumes no obligation to publicly update or revise any forward-looking statements made in this document or otherwise after the date of this presentation, whether as a result of new information, future events or otherwise. The Company’s filings with the Canadian securities regulatory authorities may be accessed through the SEDAR website (www.sedar.com) or through Pason's website (www.pason.com). Note: All amounts in this presentation are Canadian dollars unless otherwise noted.
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Page 3 Overview of Pason Leading global provider of end-to-end data solutions for well construction 40+ years of distinctive technology, support and service capabilities High barriers to entry driven by scope of technology, service intensity and required scale Unique employee driven culture with strong health & safety performance Strong corporate governance practices Ongoing commitment to making contributions to the communities in which the company operates Strong cash-generating capability with high operating margins and low capital intensity Consistent delivery of returns on invested capital and cash returned to shareholders Prudent capital structure and no interest-bearing debt Significant operating leverage to generate additional profits through industry recovery Well-positioned for growth in drilling, completions, and solar and energy storage markets INNOVATIVE RESPONSIBLE PROFITABLE
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Page 4 Board of Directors * Denotes Non-Independent Directors Laura Schwinn Lead Director and Chair, Human Resources and Compensation Committee Joined Pason Board in 2019 Ken Mullen Chair, Audit Committee Joined Pason Board in 2023 Jon Faber* President & Chief Executive Officer Joined Pason Board in 2020 Marcel Kessler* Non-Executive Chair Joined Pason Board in 2012 Sophia Langlois Chair, Corporate Governance and Nomination Committee Joined Pason Board in 2024 James Bowzer Director Joined Pason Board in 2024
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Page 5 Strong and Committed Management Team Jon Faber* President & Chief Executive Officer With Pason since 2014 Celine Boston Chief Financial Officer With Pason since 2020 Kevin Boston VP, Commercial With Pason since 2010 Heather Hantos VP, Human Resources With Pason since 2011 Lars Olesen VP, Product & Technology With Pason since 1999 Natalie Fenez VP, Legal & Corporate Secretary With Pason since 2017 Russell Smith VP, International With Pason since 2010 Ryan van Beurden VP, Rigsite Research & Development With Pason since 2002 Bryce McLean VP, Operations With Pason since 2011 * Jon Faber also sits on the Board of Directors as a non-independent director John Gurski President, Energy Toolbase With Pason since 2019 Craig Bye VP, R&D - Cloud Platforms & Applications With Pason since 2007
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Page 6 The Data Behind Well Construction Real-Time Decision Making Transmit Collaboration Managing end-to-end well construction data Enabling customer priorities Capture Automation Aggregate Display Safety Store Visualize Leverage Reporting Analytics Deliver With a superior service model
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Page 7 Service Support Superior Service Model Customer Hardware Office Third Party Software Installation Communications Monitoring Analytics Real Time Advice Phone Email Chat Field Tech Field
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Page 8 The Intelligence Layer in the Solar + Energy Storage Industry Model the site Control the assets Warranty reporting Compliance reporting Measure and verify savings Real-time system performance Manual and scheduled dispatch Solar self-consumption Grid services revenue Electric bill savings Create a proforma cash flow model Incorporate PV generation Review energy costs and rate switch scenarios Analyze incentives Monitor the performance Real-time advisory
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Page 9 North American Land Rig Count1 vs. Consolidated Revenue Strong growth prospects are not reliant on higher levels of North American land drilling activity Pason consistently demonstrates our ability to outpace underlying drilling activity GROWTH DRIVERS BEYOND INCREASED NORTH AMERICAN LAND DRILLING ACTIVITY Increased Revenue per Industry Day in North America, driven by growing use of data-driven technologies (automation and analytics) International Drilling revenue growth, driven by increased adoption of more advanced drilling technologies Increased revenue from Intelligent Wellhead Systems, driven by increased use of technology in completions market Revenue growth from Energy Toolbase, driven by growing demand for energy storage solutions 1. Source: Baker Hughes
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Page 10 WTI (US$/bbl) vs. North American Land Rig Count1 Expectations of a less volatile industry environment over time Since 2020, North American land drilling activity has become less volatile than the WTI oil price FACTORS RESULTING IN LOWER VOLATILTY Smaller number of larger, well-capitalized operators with strong balance sheets Capital discipline and return of capital frameworks among E&P companies Limited access to equity financing capital for E&P companies to fund production growth Majority of current activity directed at supporting current production levels rather than growth Drawdown of inventory of Drilled but Uncompleted wells (DUCs) US storage inventory of crude and petroleum products at low end of their 20-year range 1. Source: Baker Hughes
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Page 11 Summary of Key Industry Metrics 525 rigs 5,192 DUCs 1.68 billion barrels 104.7 million barrels 770 rigs 12.8 million barrels 97.7 million barrels +7% 10,195 DUCs -49%-32% 1.90 billion barrels -12% 13.6 million barrels Store Produce Complete Use Drill Current2 March ‘20 US storage of crude and petroleum products (billions of barrels) US oil production (millions of barrels per days) US drilled but uncompleted wells (“DUCs”) Global oil demandUS land rigs (1) Sources: Energy Information Administration (EIA) and Baker Hughes Rig Count. (2) As at October 31, 2025 +7%
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Page 12 Favourable industry trends support meaningful growth opportunities in each operating segment 1. Pason currently owns 80% of Energy Toolbase (ETB), and consolidates its financial results with a non- controlling interest recorded for the 20% held by other shareholders. The 20% shareholders have a put option to sell their holdings to Pason for cash, exercisable at their discretion. 1 Long term drilling activity based on global energy supply/demand Increasing use of data-driven technologies (including artificial intelligence, machine learning and big data) for automation and analytics Long term completions activity based on global energy supply/demand Adoption and use of technology in oil & gas completions Demand for renewable energy as an important part of total energy supply mix Use of energy storage assets to address structural intermittency of renewable energy sources Complexity of completions operations Focus on repeatability and wellbore placement Efforts to optimize performance of installed energy storage assets
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Page 13 Revenue per Industry Day has grown steadily over time, through various industry cycles 1. Revenue per Industry Day is defined as the total revenue generated from the North American Drilling segment over all active d rilling rig days in the North American market. Drilling rig days are calculated by using accepted industry sources. 2. Source: Baker Hughes Rig Count. North American Revenue per Industry Day and Land Drilling1 8% CAGR and 143% growth from 2012 -9% CAGR and -66% decline from 2012
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Page 14 North American Revenue per Industry Day1 Recent growth in Revenue per Industry Day has been largely driven by increasing use of technology Increased product adoption driven by well complexity Increased US market share driven largely by large contractor partnerships Increased product adoption driven by growing demand for data Primary growth drivers 1. Revenue per Industry Day is defined as the total revenue generated from the North American Drilling segment over all active d rilling rig days in the North American market. Drilling rig days are calculated by using accepted industry sources.
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Page 15 US Active Land Rigs1 and Frac Spreads2 Significant Addressable Market in Completions IWS’ daily revenue is more than 3x Pason’s in a market that has a little more than one-third of the number of active sites as the drilling market PASON REVENUE PER INDUSTRY DAY3 2024 C$1,025 IWS REVENUE PER INDUSTRY DAY3 2024 C$5,127 1. Source: Baker Hughes 2. Source: Primary Vision 3. Revenue per IWS Day is defined as the total revenue generated by the Completions segment over all IWS active days during the rep orting period. IWS active days are calculated by using IWS Active Jobs in the reporting period. Revenue per Industry Day is defined as the total revenue generated from the North American Drilling segment over all active drilling rig days in the North American market. Drilling rig days are calculated by using accepted industry sources.
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Page 16 Revenue and Adjusted EBITDA Adjusted EBITDA is calculated in ‘Non- GAAP Reconciliation’ on page 26 this Investor Presentation. Revenue by Operating Segment Adjusted EBITDA $ and as a % of Revenue in CAD millions Attractive Adjusted EBITDA margins on lower industry activity and increasing revenue levels from earlier stage segments
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Page 17 Disciplined Approach to Invested Capital Strategic investments in high return capital expenditures drive long term free cash flow growth Net Capital Expenditures1 in CAD millions Includes growth capex related to IWS Acquisition & new drilling products Average capex of $25M/year with limited reinvestment required through downturns 1. Net Capital Expenditures includes additions to property, plant, and equipment and development costs, net of proceeds on dispo sal from Pason's Consolidated Statement of Cash Flows 2. Refer to Non-GAAP measures on page 26 of this presentation. Free Cash Flow2 in CAD millions
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Page 18 Well Positioned for Meaningful Revenue Growth North American Revenue per Industry Day 1 International Drilling Revenue Intelligent Wellhead Systems Revenue Energy Toolbase Revenue Significant Momentum with Revenue Growth Opportunities… Coupled with… Largely fixed cost base with high operating leverage Stable capital intensity with targeted growth- related investments Increased profitability and free cash flow over time Resulting in… 1. Revenue per Industry Day is defined as the total revenue generated from the North American Drilling segment over all active d rilling rig days in the North American market. Drilling rig days are calculated by using accepted industry sources.
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Page 19 Capital Allocation Priorities 1 2 3 Preserve Balance Sheet Strength Managing end market cyclicality with operating leverage Ability to pursue attractive growth opportunities Disciplined and Sustainable Shareholder Returns Exposure to steady growth in the quarterly dividend Current quarterly dividend of $0.52/share Normal Course Issuer Bid in place since 2018 Maintain Flexibility to Maximize Returns Over Time Share repurchases evaluated in the context of growth opportunities Shareholder Returns Over Time
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Page 20 Third Quarter 2025 Highlights Quarterly Revenue per IWS Day1 of $5,393 New quarterly North American Revenue per Industry Day1 record of $1,071 Continued outperformance of drilling & completions industry activity $101 MILLION IN REVENUE $39 MILLION ADJUSTED EBITDA $19 MILLION FREE CASH FLOW $76M IN TOTAL CASH WITH NO DEBT $13 MILLION RETURNED TO SHAREHOLDERS Prudent balance sheet positioned for growth related investments and shareholder returns 1. Revenue per Industry Day is defined as the total revenue generated from the North American Drilling segment over all active d rilling rig days in the North American market. This metric provides a key measure of the North American Drilling segment's ability to evaluate and manage product adoption, pricing, and market share penetration. Drilling rig days are calcu lated by using accepted industry sources. 2. Revenue per IWS Day is defined as the total revenue generated by the Completions segment over all IWS active days during the rep orting period. IWS active days are calculated by using IWS Active Jobs in the reporting period. This metric provides a key measure of IWS' ability to evaluate and manage product adoption and pricing.
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Page 21 Environmental, Social & Governance • Developing products that drive increased drilling and completions efficiency, helping reduce carbon footprint • Environmentally responsible cleaning, recycling and disposal of equipment returned from field operations • Investing in solar and energy storage markets through Energy Toolbase ENVIRONMENTAL • Unique and inspiring workplace culture with a focus on total employee well- being • Unwavering commitment to safety of workforce and protection of assets • Significant investments in digital security infrastructure and systems protecting Pason and customer data SOCIAL • Experienced, independent and diverse Board of Directors • Strong corporate governance polices and practices, including annual ‘say on pay’ • Executive compensation tied to safety, financial and strategic targets, and shareholder returns • Comprehensive Code of Conduct GOVERNANCE
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Page 22 Value Proposition Summary Profitable ResponsibleInnovative Clear market leader Distinctive technology position Outstanding financial profile Well positioned for growth Strong margins and free cash flow generation
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Page 24 Appendix
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Page 25 Historical Financial Information 1. As defined in the following slide 'Non -GAAP Reconciliation' 2. Includes both expensed and deferred development costs. Adjusted EBITDA includes the impact of expensed R&D and IT costs 3. Includes additions to property, plant, and equipment and development costs, net of proceeds on disposal from Pason's Consolidated Statement of Cash Flows 4. Total Cash is defined as total cash and cash equivalents and short -term investments from Pason’s Consolidated Balance Sheets 5. 2024 financial information includes results generated by the Completions segment, which were not part of the Company's consol idated reporting group until January 1, 2024 following the IWS Acquisition. $CAD 000s 2019 2020 2021 2022 2023 2024 Revenue 295,642 156,636 206,686 334,998 369,309 414,133 Adjusted EBITDA 1 129,644 39,540 72,520 159,510 171,466 161,827 as a % of revenue 44% 25% 35% 48% 46% 39% Investments in R&D and IT 2 32,164 27,468 32,903 38,066 42,348 56,626 as a % of revenue 11% 18% 16% 11% 11% 14% Funds flow from operations 111,718 40,560 67,728 134,885 154,472 131,133 Cash from operating activities 108,547 58,583 65,061 104,414 135,033 123,190 Net Capital expenditures 3 22,593 4,719 9,950 33,941 38,002 69,126 Free Cash Flow 1 85,954 53,864 55,111 70,473 97,031 54,064 Dividends paid 63,100 40,420 16,567 29,473 38,535 41,362 Share repurchases 24,040 9,478 8,432 13,786 27,939 9,997 Total Cash 4 161,016 149,282 158,283 172,434 171,773 80,778 Working capital 183,769 167,366 184,083 213,899 212,561 120,583 Total interest bearing debt - - - - - -
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Page 26 Non-GAAP Reconciliation $CAD 000s 2019 2020 2021 2022 2023 2024 Net income (loss) 53,803 5,134 31,925 105,726 95,827 119,709 Add: Income taxes 20,193 4,864 11,738 33,405 34,346 23,657 Depreciation and amortization 40,830 34,417 25,689 20,842 27,216 52,179 Stock-based compensation 10,840 4,840 11,523 15,230 11,718 10,898 Net interest (income) expense (903) (867) 1,526 (4,937) (14,394) (2,954) EBITDA 124,763 48,388 82,401 170,266 154,713 203,489 Add: Foreign exchange (gain) loss 2,199 1,113 (2,011) (2,024) 16,758 3,841 Derecognition of onerous lease 4,289 (5,757) - - - - Government wage assistance - (9,941) (8,208) - - - Reorganization costs - 5,554 - - - - Net monetary gain (2,887) (1,874) (496) (1,849) (2,832) - Put option revaluation - - 381 (5,815) (149) (1,413) Gain on previously held equity - - - - - (50,830) Other 1,280 2,057 453 (1,068) 2,976 6,740 Adjusted EBITDA 129,644 39,540 72,520 159,510 171,466 161,827 Free Cash Flow Cash from operating activities 108,547 58,583 65,061 104,414 135,033 123,190 Less: Net additions to property, plant, & equipment (20,868) (4,228) (9,267) (33,448) (36,901) (63,680) Deferred development costs (1,725) (491) (683) (493) (1,101) (5,446) Free Cash Flow 85,954 53,864 55,111 70,473 97,031 54,064