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1 Innovex International Q2 2026 Earnings Presentation
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2 Disclaimer Important Information and Disclaimers This disclaimer applies to this document and the verbal or written comments of any person presenting it. This document, taken together with any such verbal or written comments, is referred to herein as the “Presentation.” Historical financial results presented in this Presentation as averages or annualized forms are not necessarily indicative of results that may be expected for any future period. Cautionary Statement Regarding Forward-Looking Statements This Presentation contains forward-looking statements about Innovex International, Inc. (“Innovex,” “INVX,” the “Company,” “we” or “us”) and its industry that involve substantial risks and uncertainties. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of Innovex’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. Forward-looking statements can be identified by the use of forward-looking terminology, including “may,” “believe,” “expect,” “intend,” “anticipate,” “plan,” “should,” “estimate,” “continue,” “potential,” “will,” “hope” or other similar words and include the Company’s expectation of future performance contained herein. These statements discuss future expectations, contain projections of results of operations or of financial condition, or state other “forward-looking” information, including without limitation statements regarding the expected benefits of the sale of the Eldridge facility. You are cautioned not to place undue reliance on any forward-looking statements, which can be affected by assumptions used or by risks or uncertainties. The inclusion of forward-looking statements should not be regarded as a representation by Innovex that any of its plans will be achieved. When considering these forward-looking statements, you should keep in mind the risks related to the Company’s merger and acquisition activities, including the ultimate outcome and results of integrating operations, the effects of the Company’s merger and acquisition activities (including the Company’s future financial condition, results of operations, strategy and plans), potential adverse reactions or changes to business relationships resulting from the completion of mergers and acquisitions, expected benefits from mergers and acquisitions and the ability of the Company to realize those benefits, the significant costs required to integrate operations, whether merger or acquisition-related litigation will occur and, if so, the results of any litigation, settlements and investigations, operating hazards, natural disasters, weather-related delays, casualty losses and other matters beyond our control; acts of terrorism, war or political or civil unrest in the United States or elsewhere; loss or corruption of our information or a cyberattack on our computer systems; uncertainties pertaining to the Impulse litigation; the risks related to economic conditions and other factors noted in the Company’s Annual Report on Form 10-K, any Quarterly Reports on Form 10-Q and the other documents that the Company files with the Securities and Exchange Commission. The risk factors and other factors noted therein could cause actual results to differ materially from those contained in any forward-looking statement. Innovex disclaims any duty to update and does not intend to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this presentation, except as may be required by law. Disclaimer
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3 Industry Information We obtained the industry, market and competitive position data used throughout this Presentation from our own internal estimates and research, as well as from independent industry publications, government publications and other published independent sources. Internal estimates are derived from publicly available information released by industry analysts and third-party sources, our internal research and our industry experience and are based on assumptions made by us based on such data and our knowledge of the industry and market, which we believe to be reasonable. In addition, while we believe the industry, market and competitive position data included in this Presentation is reliable and based on reasonable assumptions, we have not independently verified the accuracy or completeness of any third-party information. Some data is also based on our good faith estimates. The industry in which we operate is subject to a high degree of uncertainty and risk due to a variety of factors. These and other factors could cause results to differ materially from those expressed in these publications. Forecasts and other forward-looking statements obtained from these sources are subject to the same qualifications and uncertainties as the other forward-looking statements in this Presentation. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information contained herein and no reliance should be placed on it. None of Innovex, the underwriters or any of their respective affiliates, advisers, connected persons or any other person accept any liability for any loss howsoever arising (in negligence or otherwise), directly or indirectly, from this Presentation or its contents or otherwise arising in connection with this Presentation. This shall not, however, restrict or exclude or limit any duty or liability to a person under any applicable law or regulation of any jurisdiction that may not lawfully be disclaimed. The information contained in this Presentation is provided as at the date of this Presentation and is subject to change without notice. Financial Information: Non-GAAP Financial Measures This Presentation contains both financial measures prepared and presented in accordance with generally accepted accounting principles (“GAAP”) and non-GAAP financial measures, which are measurements of financial performance that are not prepared and presented in accordance with GAAP. Accordingly, these measures should not be considered as a substitute for data prepared and presented in accordance with GAAP. These non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA Margin, Return on Capital Employed ("ROCE") and Free Cash Flow, are or have been used by Innovex’s management when evaluating results of operations and as otherwise described below. Non-GAAP financial measures should not be construed as being more important than comparable GAAP measures. Innovex’s management believes these non-GAAP financial measures provide users of our financial statements with additional and useful comparisons of current results of operations with past and future periods. Although we use or have used these non-GAAP financial measures to assess the performance of our business and for the other purposes, the use of these non-GAAP financial measures as an analytical tool has limitations, and you should not consider them in isolation, or as a substitute for analysis of our results of operations as reported in accordance with GAAP. In addition, because not all companies use identical calculations, the non-GAAP financial measures included in this Presentation may not be comparable to similarly titled measures disclosed by other companies, including our peers or other companies in our industry. Please see “Appendix: GAAP Reconciliations” within the Presentation for reconciliations of the non- GAAP financial measures included in the Presentation to our most directly comparable financial measures calculated and presented in accordance with GAAP. Use of Website Investors should note that Innovex announces material financial information in SEC filings, press releases and public conference calls. Innovex may use the Investors section of its website (www.innovex-inc.com) to communicate with investors. It is possible that the financial and other information posted there could be deemed to be material information. Information on Innovex’s website is not part of this Presentation. Disclaimer (Cont’d)
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4 Source: FactSet, Public Disclosure. S&P 500 represents the median metric for current constituents. Note: (1) Since inception of Legacy Innovex (2) ROCE is a non-GAAP measure and defined as Income from Operations excluding acquisition and integration costs, litigation related expenses not reflective of our ongoing operating performance, and income tax expens e (resulting in Adjusted Income from Operations, after tax) divided by average capital employed. For the purpose of this statement, we calculated the average of ROCE for the 12 month periods ended 2019 through 2025. Capital employed is defined as the combined values of debt and stockholders’ equity. See appendix for reconciliation to Innovex’s most comparable GAAP measure. Track record of high-margin, profitable growth since inception Innovex Today Proven and Successful Business Model Runway for Sustained Growth • Exceptional Revenue Growth: 29% revenue CAGR since inception1 under a low leverage framework • Returns Focused: ROCE2 outperformed S&P 500 from 2019 through 2025 • High Margins and Low Capex: High free cash conversion with negligible sustaining capital requirements • Through Cycle Playbook: Strategy performs well across all market environments • Innovation: New product development drives revenue growth and expands our addressable market • Geographic & Market Share Expansion: Continued organic market share growth within North America, with sizeable opportunities in International & Offshore markets • Disciplined Curation: Qualitative and Quantitative framework applied to all investments and divestments • Strong Market Tailwinds: Growing domestic service intensity coupled with sustained International & Offshore investment Nov. 2016 Antelope Oil Tools, Team Oil Tools, and Isolation Technologies merge to form Innovex June 2019 QCI/Enerserv acquired by Innovex Mar. 2021 Rubicon Oilfield International acquired by Innovex August 2022 Pride Energy Services acquired by Innovex September 2024 Innovex and Dril- Quip merge to form Innovex International Aug. 2021 Applied Oil Tools acquired by Innovex November 2024 Downhole Well Solutions acquired by Innovex Transformational Merger May 2025 Citadel Casing Solutions acquired by Innovex April 2026 Drilling Innovative Solutions acquired by Innovex July 2026 TCO Group acquired by Innovex
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5 No Barriers between our customers and our employees No Barriers to our ongoing success Innovex’s No Barriers Culture Big Impact, Small Ticket Products Flat, Lean and Unbureaucratic Organization Disciplined Acquisitions & Divestitures Relentless Innovation Rapid Response to Market Needs Empowered Employees Customer Centric
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6 (1) Free Cash Flow is a non-GAAP measure. We define Free Cash Flow as cash provided by operations less capital expenditures. (2) Adjusted EBITDA is a non-GAAP measure. We define Adjusted EBITDA as net income (loss) before interest (income) expense, net, income tax expense (benefit), net, depreciation and amortization, (gain) loss on sale of assets, and other expense, net, further adjusted to exclude certain items which we believe are not reflective of our ongoing performance or whi ch are non-cash in nature. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by revenue. (3) Return on Capital Employed (“ROCE”) is a non-GAAP measure. We define ROCE as Income from Operations excluding acquisition and integration costs, litigation related expenses not reflective of our ongoing operating performance, and income tax expense (resulting in Adjusted Income from Operations, after tax) divided by average capital employed. Capital emp loyed is defined as the combined values of debt and stockholders’ equity. INNOVEX TODAY Big Impact, Small Ticket Curated portfolio of mission-critical products Global & Diversified Presence Capital Light, High Return (ROCE 3) Model Historically only 2-3% of revenue reinvested into capex High Free Cash Flow1 Conversion 50-60% of Adjusted EBITDA2 converts to free cash flow under normal business conditions Strong balance sheet $222 MM Cash Balance at end of Q2; Utilized $65 MM of cash for TCO acquisition in early Q3 Attractive Margin Profile 19% LTM Adjusted EBITDA2 Margin as of 6/30/2026 Shorter cycle NAM Land and longer cycle International & Offshore
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7 $224 $240 $274 $239 $245 $47 $44 $52 $49 $48 0% 5% 10% 15% 20% 25% 30% 35% 40% $- $50 $100 $150 $200 $250 $300 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Revenue Adj. EBITDA Adj. EBITDA Margin % $52 $37 $43 $14 $30 $- $10 $20 $30 $40 $50 $60 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q2 2026 Marks a New Phase for Innovex Q2 2026 Commentary • Revenue of $245 million, up 2% sequentially • Net income of $25 million • Adjusted EBITDA(1) of $48 million and Adjusted EBITDA Margin (1) of 20% • Net cash from operations of $37 million • Free Cash Flow(2) of $30 million Financial Performance(1) Quarterly Free Cash Flow(2) (1) Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP measures. We define Adjusted EBITDA as net income (loss) before interest (income) expense, net, income tax expense (benefit), net, depreciation and amortization, (gain) loss on sale of assets, and other expense, net, further adjusted to exclude certain items which we believe are not reflective of our ongoing performance or which are non-cash in nature. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by revenue. See appendix for reconciliation to Innovex’s most comparable GAAP measures. (2) Free Cash Flow is a non-GAAP measure. We define Free Cash Flow as cash provided by operations less capital expenditures. See appendix for reconciliation to Innovex’s most comparable GAAP measures. Q2 2026 Highlights • Completed acquisition of TCO on July 1 • No Barriers culture and integration milestones are unlocking the capabilities of our legacy Dril- Quip teams, driving strong commercial wins and a growing pipeline • Innovative firsts, international awards, and improving market tailwinds are accelerating organic growth
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8 TCO Highlights Strong margins, free cash flow and returns on capital Strengthens Innovex’s market position and operational capability in Norway and UAE Differentiated technology with applications across multiple key global markets Margin improvement potential via supply chain enhancement Transaction closed on July 1st TCO 2025 Financial Overview $70mm 2025 Revenue $11mm 2025 Free Cash Flow1 65% 2025 Free Cash Flow1 % Adj. EBITDA2 <1% 2025 Capex % Revenue 1) Free Cash Flow is a non-GAAP measure, please see appendix for reconciliation to nearest GAAP measure 2) Adjusted EBITDA is a non-GAAP measure, please see appendix for reconciliation to nearest GAAP measure Qualitative Framework Big-Impact / Small-Ticket Customer-Linked Innovation Opportunity to Apply No Barriers Culture Enhances Curated Product Portfolio Quantitative Framework Accretive on Key Metrics Clear Path to Strong Return on Capital Capital-Light Business Model Maintain Strong Liquidity Post-Closing TCO Exemplifies Our Disciplined M&A Framework
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9 TCO Plays in Key International & Offshore Markets TCO solutions complement Innovex’s existing portfolio of “big impact, small ticket” products Growing Core Business Emerging Technology Expands Platform in Norway & UAE High-Margin Differentiated Products TCO Product Offering
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10 Note: Revenues are attributable to geographies based on the sales destination of the products or services provided. US Offshore includes $4.2mm in revenue attributable to Canadian offshore operations. Revenue in any one of our geographies or in any one of our product families may fluctuate from period to period based on the mix of products and servic es sold in a given period and the timing of revenue recognition. 2025 Revenue Mix Revenue by Key Product Family Revenue by Key Geography Products and Services across well life cycle Diverse Geographic Mix Broad Technology Portfolio not reliant on a single product 24% 21% 16% 12% 8% 8% 7% 3% Subsea Completions Well Construction Drilling Enhancement Production Solutions Surface Wellhead Fishing & Intervention Service, Mileage & Other 52% 18% 12% 10% 8% NAM Land MEAP US Offshore LATAM ECAF
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11 Current market conditions present opportunity Cycles are a Feature, not a bug Up-Cycle Mid-Cycle Down-Cycle • Prioritize execution to drive market share capture • Expand margins through strategic price increases • Invest in inventory to support customer needs • Maintain focused acquisition approach • Divest underperforming or noncore product families • Maintain balance sheet strength • Optimize margins and focus on process improvement • Maintain focused acquisition approach • Continually prune non-core product lines from portfolio • Invest while competitors struggle • Unwind working capital to generate cash • Evaluate transformative opportunities • Continually prune non-core product lines from portfolio We strive to maintain a fortress balance sheet to allow us to profit from volatility.
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12 We curate our portfolio based on underlying economic potential, not pitchbook logic We Generate Real Cash and High Returns The Innovex Approach Typical OFS Playbook Invest in small ticket, big impact products Drive organic growth through customer-focused innovation Apply No Barriers approach to achieve exceptional margins and free cash flow, leveraging our industrial platform, and attracting long-term investors Actively curate a product portfolio that fully integrates with our existing R&D framework Use disciplined approach to M&A and divestitures, enhancing growth with products that fit our approach, at valuations that drive strong returns Defend the strength of our balance sheet Aggregate EBITDA Consolidate via a “roll up” strategy Chase “scale,” regardless of the underlying economic moat, to become a cyclical “play” on a cycle Combine distinct segments and business lines that operate autonomously Pay high M&A multiples with low realized ROCE1 Aggressive use of leverage to justify “accretion” Note: (1) Return on Capital Employed (“ROCE”) is a non-GAAP measure. We define ROCE as Income from Operations excluding acquisition and integration costs, litigation related expenses not reflective of our ongoing operating performance, and income tax expense (resulting in Adjusted Income from Operations, after tax) divided by average capital employed. Capital employed is defined as the combined values of debt and stockholders’ equity
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13 Vision + Culture = Results Source: Capital IQ, Public Disclosure. S&P 500 represents the median metric for current constituents. Big 3 represents the median metric of SLB, BKR and HAL. (1) Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP measures. We define Adjusted EBITDA as net income (loss) before interest (income) expense, net, income tax expense (benefit), net, depreciation and amortization, (gain) loss on sale of assets, and other expense, net, further adjusted to exclude certain items which we believe are not reflective of our ongoing performance or which are non-cash in nature. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by revenue. See appendix for reconciliation to Innovex’s most comparable GAAP measures. Adjusted EBITDA for the presented peers has been pulled or derived from the public filings or presentations of such peers and then divided by the publicly disclosed revenues as applicable to arrive at the margin presented. Innovex's computation of Adjusted EBITDA may not be comparable to those of its peers. (2) ROCE is a non-GAAP measure. We define ROCE as Income from Operations excluding acquisition and integration costs, litigation related expenses not reflective of our ongoing operating performance, and income tax expense (resulting in Adjusted Income from Operations, after tax) divided by average capital employed. Capital employed is defined as the combined values of debt and stockholders’ equity. See appendix for reconciliation to Innovex’s most comparable GAAP measure. ROCE for the presented peers has been derived from the public filings or presentations of such peers and calculated in accordance with Innovex's definition of ROCE. 16% 14% 11% 10% 9% 9% 8% 8% 8% 7% 1% 0.0 x 0.1 x 0.6 x 1.7 x 4.5 x 3.6 x 1.9 x 1.4 x 0.1 x 1.2 x 1.4 x W HD INVX HTG HAL SBO S&P 500 NOV SLB XP RO BKR CLB 0 % 5 % 10 % 15 % 20 % 25 % 30 % 35 % 40 % 2020 2021 2022 2023 2024 2025 S&P 500 Big 3 Leading Top Line Growth Consistently High Margins Negligible Capex Strong Returns Peer Median 2% 2025 Total Debt / Adjusted EBITDA1: (2020 - 2025 Revenue per Share CAGR) (Historical Adj. EBITDA Margins1) (8-Yr Average Return on Capital Employed (“ROCE”)2)(Investment in PP&E as % of Revenue) 0.0 % 4.0 % 8.0 % 12.0 % 16.0 % 2020 2021 2022 2023 2024 2025 Big 3 S&P 500
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14 Appendix: GAAP Reconciliations
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15 (1) For Q2 2026, amount is comprised of the provision for legal settlement in the amount of $2.8 million related to the Impulse Litigation. Note: Individual items rounded to the nearest million. Quarterly Net Income to Adjusted EBITDA Innovex International Reconciliation to Non-GAAP Metrics ($ in millions) Q2’26 Q1’26 Q4’25 Q3’25 Q2’25 Net Income (Loss) $25 $(17) $14 $39 $15 (+) Net Interest Expense (Income) (1) 0 1 1 1 (+) Income Tax Provision (Benefit) 10 (5) 13 19 7 (+) Depreciation and Amortization Expense 16 16 15 15 15 (-) Other Expense (Income) 0 0 (2) 0 0 (+) Impulse Litigation Expenses1 3 51 0 0 0 (+) Non-Recurring Expenses (5) 4 11 (30) 9 Adjusted EBITDA $48 $49 $52 $44 $47 Net Income Margin % 10% (7)% 5% 16% 7% Adjusted EBITDA Margin % 20% 21% 19% 18% 21%
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16 (1) 2020 financial information has not been audited in accordance with PCAOB standards. Note: Individual items rounded to the nearest million. Annual Net Income to Adjusted EBITDA Innovex International Reconciliation to Non-GAAP Metrics ($ in millions) 2025 2024 2023 2022 2021 20201 Net Income $83 $140 $74 $63 $10 $(5) (+) Net Interest Expense (Income) 3 2 6 4 2 2 (+) Income Tax Provision (Benefit) 45 3 20 10 4 2 (+) Depreciation and Amortization Expense 61 31 23 18 18 24 (-) Other Expense (Income) (2) 0 0 (1) 0 (1) (+) Non-Recurring Expenses (2) (37) 9 8 1 7 Adjusted EBITDA $188 $139 $132 $102 $35 $29 Net Income Margin % 9% 21% 13% 14% 3% (3)% Adjusted EBITDA Margin % 19% 21% 24% 22% 12% 15%
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17 Note: Individual items rounded to the nearest million Quarterly Free Cash Flow Innovex International Reconciliation to Non-GAAP Metrics ($ in millions) Q2’26 Q1’26 Q4’25 Q3’25 Q2’25 Cash Flow from Operating Activities $37 $20 $52 $48 $59 Capital Expenditures (7) (6) (9) (12) (7) Free Cash Flow $30 $14 $43 $37 $52
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18 Return on Capital Employed (ROCE) Innovex International Reconciliation to Non-GAAP Metrics ($ in millions) 2025 2024 2023 2022 2021 20203 20193 20183 Income from Operations $133 $49 $97 $77 $14 $(1) $44 $35 Plus: Acquisition Costs1 17 33 2 3 5 2 2 1 Less: Income Tax Expense 45 2 20 10 4 2 9 (4) Adjusted Income from Operations, After Tax1 $105 $80 $79 $70 $15 $(1) $37 $40 Beginning Debt 35 50 90 39 26 65 83 63 Beginning Equity 958 329 251 181 91 135 51 31 Ending Debt 26 35 51 90 39 26 65 83 Ending Equity 1,058 958 329 251 181 130 135 51 Average Capital Employed $1,038 $686 $360 $280 $168 $178 $167 $114 ROCE 10%1 12%1 22%1 25%1 9%1 (1)%1,2 22%1 35%1 (1) Beginning in 2024, Acquisition costs were added back into Income from Operations to calculate ROCE. The historical ROCE v alues have been updated to reflect this calculation. (2) 2020 ROCE excludes post 2020 audit private to public company accounting write- down of $43 million. (3) 2020, 2019 and 2018 financial information has not been audited in accordance with PCAOB standards. Note: Individual items rounded to the nearest million.
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19 2025 Net Income to Adjusted EBITDA TCO Reconciliation to Non-GAAP Metrics ($ in millions) 2025 Revenue $70.0 Net Income $12.4 (+) Net Interest Expense 0.6 (+) Income Tax Provision 3.4 (+) Depreciation and Amortization Expense 0.5 (-) Other Expense 0.0 (+) Non-Recurring Expenses 0.7 Adjusted EBITDA $17.6 Net Income Margin % 18% Adjusted EBITDA Margin %1 25% Note: TCO reported financials converted from NOK to USD at an exchange ratio of 0.1056 (1) Underlying calculation is not rounded.
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20 2025 Free Cash Flow TCO Reconciliation to Non-GAAP Metrics ($ in millions) 2025 Cash Flow from Operations $11.7 (-) Capital Expenditures (0.2) Free Cash Flow(1) $11.5 Note: TCO reported financials converted from NOK to USD at an exchange ratio of 0.1056 (1) Underlying calculation is not rounded.