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KODIAK GAS SERVICES INVESTOR PRESENTATION August 2026 ONE RELENTLESS FORCE POWERING OUR CRITICAL ENERGY FUTURE KODIAK GAS BERVICES KODIAK GAS SERVICES KOCIAK POWER SOLUTIONS JPSU 400977 2 KOCAK POWER SOLUTIONS " a division of Kodiak Gas Services
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217 216 214 177 178 178 99 101 105 0 107 166 244 189 72 0 106 69 12 86 64 0 176 72 16 24 32 2Investor Presentation 2026 Disclaimer Cautionary Note Regarding Forward-Looking Statements. This presentation contains, and our officers and representatives may from time to time make, “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward -looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Forward- looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding: (i) expected operating results, such as revenue growth and earnings, including the integration of acquired businesses into our operations, and our ability to service our indebtedness; (ii) anticipated levels of capital expe nditures and uses of capital; (iii) current or future volatility in the credit markets and future market conditions; (iv) potential or pending acquisition transactions or other strategic transactions, the timing thereof, the receipt of necessary approvals to close such acquisitions, our ability to finance such acquisitions, and our ability to achieve the intended operational, financial, and strategic benefits from any such transactio ns; (v) expectations of the effect on our financial condition of claims, litigation, environmental costs, contingent liabilities and governmental and regulatory investigations and proceedings; (vi) production a nd capacity forecasts for the natural gas and oil industry; (vii) strategy for customer retention, growth, fleet maintenance, market position and financial results; (viii) our interest rate hedges; and (ix) strate gy for risk management. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not place undue reliance on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: (i) a reduction in the demand for natural gas and oil; (ii) the loss of, or the deterioration of the financial condition of, any of our key customers; (iii) nonpayment and nonperformance by our customers, suppliers or vendors; (iv) competitive pressures that may cause us to lose market share; (v) our ability to successfully integrate any acquired businesses, including Distributed Power Solutions, LLC ("DPS"), and realize the expected benefits thereof in the expected timeframe or at all; (vi) our ability to source and fund purchases of additional compression and power generation equipment; (vii) changes in the distributed power industry, including any decreases in the demand for electricity and distributed power; (viii) a deterioration in general economic, business, geopolitical or industry conditions, including as a result of the conflict between Russia and Ukraine, the conflict and potential regime change in Iran as well as other hostilities in the Middle East and developments between the United States and Venezuela, inflation, and slow economic growth in the United States; (ix) a downturn in the economic environment, as well as continued inflationary pressures; (x) the outcome of any pending internal review or any future related government enforcement actions; (xi) tax legislation and the impact of changes to applicable tax laws, including the passage of the One Big Beautiful Bill Act, and administrative initiatives or challenges to our tax positions; (xii) the loss of key management, operational personnel or qualified technical personnel; (xiii) our dependence on a limited number of suppliers; (xiv) the cost of compliance with existing and new governmental regulations, as well as the associated uncertainty given the current U.S. federal government administration; (xv) changes in trade policies and regulations, including increases or changes in duties, current and potentially new tariffs or quotas and other similar measures, as well as the potential direct and indirect impact of retaliatory tariffs and other actions; (xvi) the cost of compliance with regulatory initiatives and stakeholders’ pressures, including sustainability and corporate responsibility; (xvii) the inherent risks associated with our operations, such as equipment defects and malfunctions; (xviii) our reliance on third-party components for use in our information technology systems; (xix) legal and reputational risks and expenses relating to the privacy, use and security of employee and client information; (xx) threats of cyber-attacks or terrorism; (xxi) agreements that govern our debt contain features that may limit our ability to operate our business and fund future growth and also increase our exposure to risk during adverse economic conditions; (xxii) volatile and/or elevated interest rates and associated central bank policy actions; (xxiii) our ability to access the capital and credit markets or borrow on affordable terms (or at all) to obtain additional capital that we may require; (xxiv) major natural disasters, severe weather events or other similar events that could disrupt operations; (xxv) unionization of our labor force, labor interruptions and new or amended labor regulations; (xxvi) renewal of insurance; (xxvii) the effectiveness of our disclosure controls and procedures; and (xxviii) such other factors as discussed throughout the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission (“SEC”) on February 26, 2026. Any forward-looking statement made by us in this presentation is based only on information currently available to us and speaks only as of the date on which it is made. Except as may be required by applicable law, we undertake no obligation to publicly update any forward-looking statement whether as a result of new information, future developments or otherwise. Non-GAAP Financial Measures. This presentation contains certain financial measures not presented in accordance with generally accepted accounting principles (“GAAP”), including adjusted gross margin, adjusted gross margin percentage, adjusted net income, adjusted EBITDA, adjusted EBITDA percentage, discretionary cash flow and free cash flow. Such non-GAAP measures should not be considered an alternative to, or more meaningful than, the most directly comparable measure of financial performance presented in accordance with GAAP. Moreover , such non-GAAP measures may not be comparable to similarly titled measures of other companies. However , we believe these non-GAAP financial measures provide useful information to investors because, when viewed with our GAAP results and the accompanying reconciliation, they provide a more complete understanding of our performance than GAAP results alone. See the Supplemental Slides for reconciliation of non-GAAP measures. Industry & Market Data. The market data and certain other statistical information used throughout this presentation are based on independent industry publications, government publications or other published independent sources. Although we believe these third-party sources are reliable as of their respective dates, we have not independently verified the accuracy or completeness of this information. Some data is also based on our good faith estimates and our management’s understanding of industry conditions. 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. Intellectual Property. This presentation contains trademarks, trade names and service marks of other companies, which are the property of their respective owners. We do not intend our use or display of other parties’ trademarks, trade names or service marks to imply, and such use or display should not be construed to imply, a relationship with, or endorsement or sponsorship of us by, these other parties.
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217 216 214 177 178 178 99 101 105 0 107 166 244 189 72 0 106 69 12 86 64 0 176 72 16 24 32 State-of-the-art training facility and curriculum Advanced operational technology Culture centered on customer service, people and innovation Kodiak Gas Services Overview Powering our critical energy future $6 Billion Market capitalization1 3.3% Dividend Yield1 1 Market capitalization calculated as of August 7, 2026; dividend yield based on stock price as of August 7, 2026 and second quarter 2026 dividend of $0.49 per share annualized 2 Fleet and technician statistics as of June 30, 2026 Always Raising the Bar 3Investor Presentation 2026 Industry-leading operator of large horsepower engines 4.5 Million Fleet Horsepower2 405 Megawatts of Distributed Power2 ~900 Highly Trained Technicians2 Compression market leader in the Permian Basin and large horsepower Flexible fleet of turbines and reciprocating power gen units Industry-leading talent and technical expertise
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217 216 214 177 178 178 99 101 105 0 107 166 244 189 72 0 106 69 12 86 64 0 176 72 16 24 32 Our Expanded Energy Infrastructure Footprint % of revenue-generating compression horsepower as of June 30, 2026 ▪ 3.1 million horsepower ▪ Contract compression market leader 13% Eagle Ford 8% Northern Rockies 3% Northeast 4Investor Presentation 2026 1 Compression and power generation fleet statistics as of June 30, 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 Kodiak Power Solutions’ Asset Footprint Data Center Microgrids Manufacturing Compression Fleet Total Horsepower1 4.5 million Compression Fleet % Large Horsepower2 81% Average Compression Horsepower Per Unit1 991 Distributed Power Fleet1 405 Megawatts Permian Basin 70% Permian 6% Mid-Continent
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217 216 214 177 178 178 99 101 105 0 107 166 244 189 72 0 106 69 12 86 64 0 176 72 16 24 32 Kodiak’s Energized Growth Outlook 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 Attractive Capital Return Program Committed to returning capital to shareholders through paying a well-covered and growing dividend and opportunistically repurchasing stock Track Record Proven track record of integrating acquisitions and capturing efficiencies Massive Power Demand “Bring-your-own-generation” solutions desperately needed to meet rapidly growing power grid shortfall Energized Growth Outlook Upside to historical high single-digit percentage EBITDA growth, funded by stable contract compression cash flow Energized Growth Outlook AheadCompelling Fundamentals & Proven Execution Today 5Investor Presentation 2026 Strong Financial Performance Focused on increasing margins & return on capital
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217 216 214 177 178 178 99 101 105 0 107 166 244 189 72 0 106 69 12 86 64 0 176 72 16 24 32 Investing to Power Our Critical Energy Future 6Investor Presentation 2026 Compression Fleet (horsepower in millions) Distributed Power Fleet (in megawatts) ~1701 Jun-26 YE 2026E YE 2030E Jun-26 YE 2026E YE 2030E ~5.2 million Year-end 2030 Compression Fleet Horsepower Target ~2 Gigawatts Year-end 2030 Distributed Power Capacity Target ~5.2 Million HP ~2 Gigawatts Expected new unit growth ~150 thousand HP / year Annual growth rate of 3 - 4% 405 300 - 500 MW / year Targeted annual growth rate 456 4.5 1 Includes >20K of horsepower that was acquired in a purchase leaseback transaction announced in the first quarter of 2026
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217 216 214 177 178 178 99 101 105 0 107 166 244 189 72 0 106 69 12 86 64 0 176 72 16 24 32 HP & Power HP-equivalent, in millions Market Leader For Power & Compression 7Investor Presentation 2026 Note: As of August 7, 2026, and assumes a conversion rate of 1 GW 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 Distributed Power Natural Gas Compression 5.0 5.0 4.8 2.3 1.8 0.8 0.6 0.5 0.5 0.4 0.4 0.8
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217 216 214 177 178 178 99 101 105 0 107 166 244 189 72 0 106 69 12 86 64 0 176 72 16 24 32 Compression & Power Markets Remain Tight 8Investor Presentation 2026 High Demand + Long Lead Time = Tight Market High Industry Utilization...1 …And Long Lead Times for New Gas Compression2 94% Q2 2026 53-57 weeks >180 weeks Sept 2025 Aug 2026 1 As of August 7, 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 Caterpillar 3600 Inline Engines Massive Demand Growth...3 …And Long Lead Times for New Power Turbines4 >100 GWs New Data Center Demand by 2035 102-106 weeks >180 weeks Sept 2025 Aug 2026 SMT130 Turbine Caterpillar 3600 Inline Gas Compression Caterpillar Solar SMT130 Gas Turbine
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217 216 214 177 178 178 99 101 105 0 107 166 244 189 72 0 106 69 12 86 64 0 176 72 16 24 32 Gas Growth Driving Compression Demand 9Investor Presentation 2026 2025 - 2035 Demand Growth in Bcf/d U.S. LNG Demand Power/Other Demand 10 17 Mexico/Other Demand 5 32 Bcf/d midpoint =X U.S. Gas Demand Growth Through 2035 32 Bcf/d Compression Intensity ~600K HP per Bcf/d ~19 million Incremental HP Needed by 2035 U.S. Gas Demand Growth1 15 73 110 20 40 60 80 100 120 140 0 10 20 30 40 50 60 70 80 90 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026E 10-year average = ~600K HP per Bcf/d Bcf/dHorsepower (in millions) U.S. Compression Intensity2 1 Company reports, 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 Q1 2026 compression fleet plus forecasted new unit growth in 2026 Public Contract Compression3 Remaining Compression
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217 216 214 177 178 178 99 101 105 0 107 166 244 189 72 0 106 69 12 86 64 0 176 72 16 24 32 Highly Visible Permian Gas Demand Growth 10Investor Presentation 2026 Pipeline4 Capacity (Bcf/d) Start Date Gulf Coast Exp. 0.6 1H 2026 Blackcomb 2.5 2H 2026 Hugh Brinson 2.2 2H 2026 Eiger Express 3.7 2H 2028 Desert Southwest 2.3 2H 2029 Total 11.3 YE 2029 Gas Takeaway Projects4 >30 GW of data center projects in Texas over the next two years5 >5 GW of natural gas power plants under construction4 >11 Bcf/d of Permian natural gas pipeline takeaway projects by 20293 Favorable Regulatory Environment Natural Gas Availability Land Availability Existing Infrastructure ✓ ✓ ✓ ✓ GulfofAmerica 166 Data Centers under construction in Texas2 >100 Proposed natural gas-fired power plant projects in Texas1 Texas Leads the Nation in Data Center Development 1 Cleanview as of April 2026 2 Aterio as of August 5, 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
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217 216 214 177 178 178 99 101 105 0 107 166 244 189 72 0 106 69 12 86 64 0 176 72 16 24 32 For AI Race – Speed to Power is Key 11Investor Presentation 2026 Data Centers Under Construction by State3Race to Scale up Digital Infrastructure Hyperscalers’ Capex (2026-2030) $5 trillion2 Data Centers Under Construction / Development in the U.S. >700 Facilities3 Agentic AI Capacity is Rapidly Accelerating, Doubling Every 7 Months1 1 METR as of April 2026 2 Bloomberg: Hyperscalers includes Amazon, Alphabet, Meta, Microsoft, and Oracle 3 Aterio as of August 5, 2026 5 – 10 Year Wait Times for Potential Grid Connectivity 58 67 34 28 26 23 22 14 11 13 11 14 15 26 13 6 14 15 11 12 8 4 5 7 3 5 4 4 5 1 3 3 2 3 2 166 1473
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217 216 214 177 178 178 99 101 105 0 107 166 244 189 72 0 106 69 12 86 64 0 176 72 16 24 32 Data Center Growth Requires Distributed Power 12Investor Presentation 2026 0 50 100 150 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 U.S. Data Center Power Demand in Gigawatts1 High behind the meter potential Expecting grid connect Existing data center demand Companies That Have Signed the Rate Payer Protection Pledge2 “Bring Your Own Generation” Emerging solution to growing gap between data center power demand growth and supply additions > 60 Gigawatts Projected Behind-the-Meter of power solutions needed by 20351 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
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217 216 214 177 178 178 99 101 105 0 107 166 244 189 72 0 106 69 12 86 64 0 176 72 16 24 32 Operating Large Engine Fleets at the Highest Levels of Reliability is What We Do 13Investor Presentation 2026 CAT 3516J Gas Compression Engine (1380 Horsepower) CAT 3516H Genset Engine (Powers 1.9 MW Genset) Engines Highly similar design and operation Parts & Components Highly similar Maintenance Profiles Similar maintenance and overhaul processes Compression & Genset Engine Similarities >700 KGS Caterpillar-certified Techs, subset being cross-trained on generators1 AI/ML KGS operational AI/machine learning technology scalable across both platforms Leading Buyer of large HP Caterpillar recip engines over last decade 1 As of May 8, 2026; over 700 Kodiak technicians completed at least 1 CAT Certification course
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217 216 214 177 178 178 99 101 105 0 107 166 244 189 72 0 106 69 12 86 64 0 176 72 16 24 32 Skilled Workforce is a Competitive Advantage 14Investor Presentation 2026 Quality People + World Class Training Program Recruiting Pipeline World Class Training Program ~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 Highly Skilled Technicians Technical Colleges Partnerships with the Military Social Media Campaigns Expanding Training Program to Include Power Industry-Leading Customer Service
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217 216 214 177 178 178 99 101 105 0 107 166 244 189 72 0 106 69 12 86 64 0 176 72 16 24 32 Investing In People & Technology IGNITE Development Program Agentic AI Parts Finder Technician Co-Pilot Constantly Raising the Bar The Right People Investing in training & development The Right Technology Investing in innovation 15Investor Presentation 2026
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217 216 214 177 178 178 99 101 105 0 107 166 244 189 72 0 106 69 12 86 64 0 176 72 16 24 32 Compression Contract Structure Supports Stable Cash Flow 16Investor Presentation 2026 Annual inflation index adjustments 02 Fixed monthly revenue with multi-year terms 01 Advance billing improves working capital cycle 03 98% mechanical availability guarantee 04 Customer bears mobilization and demobilization costs 05 10%90% HP on Month-to-Month Contract Term HP with Remaining Contract Term Percent of Fleet HP on Term1 1 As of June 30, 2026 2 Kodiak press release dated March 20, 2026: “Kodiak Gas Services Announces Accretive Purchase of Over 20,000 Horsepower in the Permian Basin” Increasing Duration of Contracts 7 Years 2026 Purchase / Leaseback2 10 Years 2026 Renewals with Two of our Top Ten Customers
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217 216 214 177 178 178 99 101 105 0 107 166 244 189 72 0 106 69 12 86 64 0 176 72 16 24 32 $86 $84 $88 $89 $94 $95 $97 $104 $105 $104 $108 $112 $115 $117 $121 $126 $128 $177 $188 $187 $196 $200 $203 $209 $217 $221 $46.01 $28.30 $40.82 $42.52 $57.68 $65.97 $70.75 $77.29 $94.53 $108.87 $93.75 $82.62 $76.14 $86.49 $82.25 $78.53 $76.91 $81.81 $76.43 $70.81 $71.78 $64.57 $65.78 $59.62 $72.74 $95.65 $1.91 $1.70 $1.97 $2.51 $3.39 $2.93 $4.33 $4.76 $4.64 $7.42 $7.98 $5.60 $2.68 $2.84 $2.59 $2.92 $2.14 $2.06 $2.11 $2.44 $4.14 $3.19 $3.03 $3.75 $4.70 $2.95 0 2 4 6 8 10 12 14 16 18 20 - 50 100 150 200 Q1 '20 Q2 '20 Q3 '20 Q4 '20 Q1 '21 Q2 '21 Q3 '21 Q4 '21 Q1 '22 Q2 '22 Q3 '22 Q4 '22 Q1 '23 Q2 '23 Q3 '23 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 Kodiak Compression Infrastructure Adj. Gross Margin ($M) Average WTI Crude Oil Price ($/bbl) Average Henry Hub Price ($/MMBtu) Compression Provides Steady Growth With Limited Volatility 17Investor Presentation 2026 Quarterly Compression Infrastructure Adjusted Gross Margin Kodiak Compression Infrastructure 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 96% Trough Fleet Utilization during Covid Second Quarter 2026 Fleet Utilization 98%
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217 216 214 177 178 178 99 101 105 0 107 166 244 189 72 0 106 69 12 86 64 0 176 72 16 24 32 Distributed Power Provides a Better Option 18Investor Presentation 2026 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” Januar y 2026 Comprehensive Turnkey Power Generation Scalable Distributed Energy Solutions 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 ~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
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217 216 214 177 178 178 99 101 105 0 107 166 244 189 72 0 106 69 12 86 64 0 176 72 16 24 32 Premium Fleet with Application Flexibility 19Investor Presentation 2026 ManufacturingData Centers MicrogridsMicrogrids Power Solutions for Diverse End Markets Proven Capabilities Impeccable Safety Record Creative SolutionsRapid Deployment Power Generation Fleet1 237 MW Reciprocating Engines 168 MW Turbines Turnkey Packages 1 As of June 30, 2026
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217 216 214 177 178 178 99 101 105 0 107 166 244 189 72 0 106 69 12 86 64 0 176 72 16 24 32 20Investor Presentation 2026 Frame 5 Gas Turbines Key Highlights: • Ideal for industrial power generation • Up to ~26.6 megawatts per unit • Enhanced fuel flexibility NovaLT16 Gas Turbines Key Highlights: • Designed to minimize environmental impact • Up to ~17 megawatts per unit • Flexible operation to 50% of rated speed Power Generating Equipment Strategic Agreement for Gas Turbines Partnership with Baker Hughes Parts Agreement Provides Kodiak the ability to service equipment Training Agreement Training program designed for gas turbine operations Multi-Year Agreement For 1 gigawatt of gas turbines, pathway to 1.8 gigawatts Pricing & Supply Certainty Features highly visible delivery dates and pricing Check spacing
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217 216 214 177 178 178 99 101 105 0 107 166 244 189 72 0 106 69 12 86 64 0 176 72 16 24 32 Capital Allocation Framework 21Investor Presentation 2026 ▪ Long term leverage ratio of <4.0x ▪ Ample liquidity at all times ▪ Stable to improving credit ratings ▪ Disciplined maintenance capex Organic Growth Dividend Growth Share Repurchases ▪ Targeting annual Adj. EBITDA organic growth rates of high single digit %s for compression and higher for power ▪ Targeting annual increases ▪ Opportunistic based on value and alternative uses of cash Protect the Franchise Sustainable / Well-Covered Dividend Reinvest Organically / Return Incremental Capital to Shareholders 1 2 3 Strategic M&A4 Discretionary Growth With Limited Volatility Sustainable & Growing Return of Capital to Shareholders Non-discretionary
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217 216 214 177 178 178 99 101 105 0 107 166 244 189 72 0 106 69 12 86 64 0 176 72 16 24 32 2026 Capital Plan 22Investor Presentation 2026 Other CapEx ► Safety-related capex ► Business systems ► Rolling stock, tools & equipment $805 - $895 Million 2026E CapEx >90% Permian focused ~1,700 HP Average horsepower per unit Full Year Capital Spending Compression Infrastructure ► New compression units ► Electric conversions ► Emissions upgrades ► Operational AI/ML 2026 New Compression Units Maintenance CapEx ► Bottoms-up analysis based on unit hours 51 MW Reciprocating engines 2026 New Power Units Power Infrastructure ► New power units for 2026 ► Balance of plant equipment ► Payments for units >2026
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217 216 214 177 178 178 99 101 105 0 107 166 244 189 72 0 106 69 12 86 64 0 176 72 16 24 32 4.2x 3.6x 3.1x Q3 2023 Q1 2026 Q2 2026 Strengthening Credit Profile 23Investor Presentation 2026 ~$1.6B Availability under ABL facility3 $381 $1,000 $770 $630 $0 $500 $1,000 $1,500 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 ($M) ABL Facility Senior Unsecured Notes Corporate Rating Ba3 BB- BB Debt to EBITDA Ratio1 Debt Maturity Profile2 1 Represents Leverage Ratio as defined in ABL Credit Agreement; uses last quarter annualized adjusted EBITDA, net of all cash outstanding at the end of the quarter 2 2Debt as of June 30, 2026, >4 Years Until First Debt Maturity in September 2030
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217 216 214 177 178 178 99 101 105 0 107 166 244 189 72 0 106 69 12 86 64 0 176 72 16 24 32 Full-Year 2026 Guidance 24Investor Presentation 2026 Low High Adjusted EBITDA1 $ 830,000 $ 860,000 Discretionary Cash Flow1, 2 $ 570,000 $ 600,000 Segment Information Compression Infrastructure Revenue $ 1,250,000 $ 1,280,000 Compression Infrastructure Adjusted Gross Margin Percentage1 69.0% 70.5% Power Infrastructure Revenue $ 95,000 $ 125,000 Power Infrastructure Adjusted Gross Margin Percentage1 60.0% 70.0% Other Services Revenue $ 125,000 $ 160,000 Other Services Adjusted Gross Margin Percentage1 13.0% 16.0% Capital Expenditures Compression Infrastructure Growth Capex $ 280,000 $ 300,000 Power Infrastructure Growth Capex $ 400,000 $ 450,000 Other Capex3 $ 45,000 $ 55,000 Maintenance Capex $ 80,000 $ 90,000 (All amounts below are in thousands except percentages) 1 The Company is unable to reconcile projected adjusted EBITDA to projected net income (loss), projected discretionary cash flow to projected net cash provided by operating activities, and projected adjusted gross margin % to projected gross margin, the most comparable financial measures calculated in accordance with GAAP, respectively, without unreasonable efforts because components of the calculations are inherently unpredictable, such as changes to current assets and liabilities, unknown future events, and estimating certain future GAAP measures. The inability to project certain components of the calculation would significantly affect the accuracy of the reconciliations. 2 Discretionary cash flow assumes no change to Secured Overnight Financing Rate futures. 3 Other capital expenditures guidance excludes a $42.5 million non-cash finance lease addition related to an operational office. This non-cash activity is not reflected in the investing section of the Company’s statement of cash flows and is therefore excluded from Kodiak’s full-year capital expenditures guidance.
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217 216 214 177 178 178 99 101 105 0 107 166 244 189 72 0 106 69 12 86 64 0 176 72 16 24 32 25Investor Presentation 2026 Supplemental Slides Kodiak Power Solutions Data Center Under Construction Solar SMT130 Turbines
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217 216 214 177 178 178 99 101 105 0 107 166 244 189 72 0 106 69 12 86 64 0 176 72 16 24 32 $127 $163 Q1 2026 Q2 2026 $52 $54 Q1 2026 Q2 2026 Adjusted Net Income¹ ($M) Discretionary Cash Flow1 ($M) Adjusted EBITDA1 ($M) Second Quarter 2026 Highlights ▸ Reported record Adjusted EBITDA of $217 million ▸ Compression Infrastructure Adj. Gross Margin Percentage of 70% ▸ Increased Full Year 2026 Adjusted EBITDA and Discretionary Cash Flow Guidance ▸ Announced multi-year gas turbine order of 1 gigawatt of gas turbines ▸ Declared a $0.49 per share dividend - a 9% y/y increase 1 Adjusted EBITDA, adjusted gross margin percentage, adjusted net income, discretionary cash flow, and free cash flow are non-GAAP financial measures; see Supplemental Slides for reconciliations 2 Fleet statistics as of June 30, 2026 405 MW Fleet2 Fleet of reciprocating and turbine generators 363 megawatts under contract ✓ ✓ $0.49 Per Share Quarterly Dividend 4.4 Million RGHP2 Added ~41.1K gross horsepower in Q2 2026 Ended the quarter with 98% fleet utilization ✓ ✓ Second Quarter and Recent Highlights 26Investor Presentation 2026 $190 $217 Q1 2026 Q2 2026 $178 $217 Q2 2025 Q2 2026 $116 $163 Q2 2025 Q2 2026 $40 $54 Q2 2025 Q2 2026
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217 216 214 177 178 178 99 101 105 0 107 166 244 189 72 0 106 69 12 86 64 0 176 72 16 24 32 Premier Customer Base 27Investor Presentation 2026 >50% Revenue from top 10 customers1 Relationships with top customers Long-Term>60% Revenue from investment grade rated customers1 High Quality Customer Base2 1 Based on total Compression Infrastructure revenues for 2025 2 As of December 31, 2025
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217 216 214 177 178 178 99 101 105 0 107 166 244 189 72 0 106 69 12 86 64 0 176 72 16 24 32 Anatomy of a Compression Unit 28Investor Presentation 2026 Cooler Engine Compressor Telemetry Control Panel Skid
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217 216 214 177 178 178 99 101 105 0 107 166 244 189 72 0 106 69 12 86 64 0 176 72 16 24 32 Non-GAAP Financial Measures 29Investor Presentation 2026 Adjusted Net Income (Loss) Adjusted net income and adjusted earnings per share are considered non-GAAP measures. Adjusted net income is defined as net income adjusted to exclude certain items, as applicable, such as (i) impairment of long-lived assets; (ii) severance expenses; (iii) transaction expenses; (iv) sales tax reserve; (v) loss on disposal of business; (vi) loss (gain) on derivatives; (vii) loss on extinguishment of debt; and (viii) the tax effects of the adjustments. Adjusted earnings (loss) per share is calculated by dividing adjusted net income by the weighted average diluted shares outstanding. Adjusted EBITDA and Adjusted EBITDA Percentage Adjusted EBITDA and adjusted EBITDA percentage are considered non-GAAP measures. Adjusted EBITDA is defined net income before interest expense; income tax expense; and depreciation and amortization; plus certain items, as applicable, such as (i) impairment of long-lived assets; (ii) loss (gain) on derivatives; (iii) equity compensation expense; (iv) severance expenses; (v) transaction expenses; (vi) sales tax reserve; (vii) loss (gain) on disposal of business; (viii) loss (gain) on sale of assets; and (ix) loss on extinguishment of debt. We define adjusted EBITDA percentage as adjusted EBITDA divided by total revenues. Adjusted net income, adjusted diluted EPS, adjusted EBITDA and adjusted EBITDA percentage are used as supplemental financial measures by our management and external users of our financial statements, such as investors, commercial banks and other financial institutions, to assess: (i) the financial performance of our assets without regard to the impact of financing methods, capital structure or historical cost basis of our assets; (ii) the viability of capital expenditure projects and the overall rates of return on alternative investment opportunities; (iii) the ability of our assets to generate cash sufficient to make debt payments and pay dividends; and (iv) our operating performance as compared to those of other companies in our industry without regard to the impact of financing methods and capital structure. We believe adjusted net income, adjusted diluted EPS, adjusted EBITDA and adjusted EBITDA percentage provide useful information because, when viewed with our GAAP results and the accompanying reconciliation, they provide a more complete understanding of our performance than GAAP results alone. We also believe that external users of our financial statements benefit from having access to the same financial measures that management uses in evaluating the results of our business. Adjusted Gross Margin Adjusted gross margin is defined as revenue less cost of operations, exclusive of depreciation and amortization expense. Adjusted gross margin percentage is defined as adjusted gross margin divided by total revenues. We believe adjusted gross margin and adjusted gross margin percentage are useful as supplemental measures to investors of our operating profitability. Discretionary Cash Flow Discretionary cash flow is considered a non-GAAP measure. We define discretionary cash flow as net cash provided by operating activities less (i) maintenance capital expenditures; (ii) certain changes in operating assets and liabilities; and (iii) certain other expenses; plus certain items, as applicable, such as (w) severance expenses; (x) transaction expenses; and (y) sales tax reserve. We believe discretionary cash flow is a useful liquidity and performance measure and supplemental financial measure for us in assessing our ability to pay cash dividends to our stockholders, make growth capital expenditures and assess our operating performance. Free Cash Flow Free cash flow is considered a non-GAAP measure. We define free cash flow as net cash provided by operating activities less (i) maintenance capital expenditures; (ii) certain changes in operating assets and liabilities; (iii) certain other expenses; (iv) growth capital expenditures; and (v) other capital expenditures; plus certain items, as applicable, such as (w) severance expenses; (x) transaction expenses; (y) sales tax reserve; and (z) proceeds from sale of assets. We believe free cash flow is a liquidity measure and useful supplemental financial measure for us in assessing our ability to pursue business opportunities and investments to grow our business and to service our debt.
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217 216 214 177 178 178 99 101 105 0 107 166 244 189 72 0 106 69 12 86 64 0 176 72 16 24 32 Reconciliation of Non-GAAP Financial Measures 30Investor Presentation 2026 (in thousands) Q2 2025 Q1 2026 Q2 2026 Total revenues $322,843 $345,759 $319,120 Cost of operations (exclusive of D&A and SG&A) (115,251) (122,878) (144,356) Depreciation and amortization (66,135) (68,681) (78,650) Gross margin $141,457 $154,200 $96,114 Depreciation and amortization 66,135 68,681 78,650 Adjusted Gross Margin $207,592 $222,881 $174,764 Adjusted Gross Margin % 64.3% 64.5% 54.8% (in thousands) Q2 2025 Q1 2026 Q2 2026 Net income (loss) $39,984 $17,680 $52,144 Interest expense, net 45,755 48,741 50,061 Income tax (benefit) expense 13,445 2,760 21,093 Depreciation and amortization 66,135 68,681 78,650 Loss on extinguishment of debt - 36,512 - Equity compensation expense 6,291 5,890 8,639 Severance expense - 72 - Transaction expenses1 - 8,315 3,300 Loss on sale of capital assets 6,606 1,261 2,959 Adjusted EBITDA $178,216 $190,092 $216,846 Net Income to Adjusted EBITDA Gross Margin to Adjusted Gross Margin Net Cash Provided by Operating Activities to DCF and FCF (in thousands) Q2 2025 Q1 2026 Q2 2026 Net cash provided by operating activities $177,172 $71,182 $99,465 Maintenance capital expenditures (17,565) (17,758) (19,947) Severance expense - 72 - Transaction expenses1 - 8,315 3,300 Change in operating assets and liabilities (38,478) 69,123 85,492 Other3 (4,705) (4,429) (5,059) Discretionary Cash Flow $116,424 $126,505 $163,251 Compression Infrastructure capital expenditures4,5 (37,966) (67,567) (66,790) Power Infrastructure capital expenditures4 - (17,985) (134,371) Other capital expenditures6 (16,398) (7,458) (53,709) Proceeds from sale of assets 8,230 3,467 4,123 Free Cash Flow 70,290 $36,962 ($87,496) Net Income to Adjusted Net Income (in thousands) Q2 2025 Q1 2026 Q2 2026 Net income (loss) $39,984 $17,860 $52,144 Loss on extinguishment of debt - 36,512 - Severance expense - 72 - Transaction expenses1 - 8,315 3,300 Tax effect of adjustments2 - (10,758) (1,169) Adjusted Net Income $39,984 $52,001 $54,275 Source: Company filings; 1Represents certain costs associated with non-recurring professional services, primarily related to the acquisition of DPS and secondary offerings. 2 Represents the estimated tax effect of adjustments calculated using the Company’s adjusted tax provision. 3 Includes non-cash lease expense, provisions for credit losses, and inventory reserve. 4 Growth and other capital expenditures for the three months ended June 30, 2026 include a $32 million increase in accrued capital expenditures. 5 For the three months ended March 31, 2026, growth capital expenditures included a $18.0 million investment in power generation infrastructure related to the DPS acquisition. 6 For the three months ended June 30, 2026, other capital expenditures include a $42.6 million non-cash finance lease addition related to an operational office.
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217 216 214 177 178 178 99 101 105 0 107 166 244 189 72 0 106 69 12 86 64 0 176 72 16 24 32 Reconciliation of Non-GAAP Financial Measures 31Investor Presentation 2026 Gross Margin to Adjusted Gross Margin for Compression Infrastructure (in thousands) Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Total Revenues $131,616 $123,499 $128,355 $132,259 $137,445 $142,622 $148,595 $154,408 $157,495 $162,808 $163,662 $170,992 Cost of Operations (excluding D&A) (45,899) (39,045) (39,897) (43,110) (43,269) (47,929) (51,124) (50,491) (52,937) (58,336) (55,872) (58,570) Depreciation and Amortization (32,751) (38,147) (37,567) (37,167) (38,049) (39,126) (40,789) (42,081) (42,405) (43,397) (44,111) (44,550) Gross Margin $52,966 $46,307 $50,891 $51,982 $56,127 $55,567 $56,682 $61,836 $62,153 $61,075 $63,679 $67,872 Depreciation and Amortization 32,751 38,147 37,567 37,167 38,049 39,126 40,789 42,081 42,405 43,397 44,111 44,550 Adjusted Gross Margin $85,717 $84,454 $88,458 $89,149 $94,176 $94,693 $97,471 $103,917 $104,558 $104,472 $107,790 $112,422 Adjusted Gross Margin % 65.1% 68.4% 68.9% 67.4% 68.5% 66.4% 65.6% 67.3% 66.4% 64.2% 65.9% 65.7% (in thousands) Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Total Revenues $177,697 $181,619 $186,673 $189,616 $193,399 $276,250 $284,313 $280,211 $288,956 $293,534 $296,970 $301,810 $306,985 $315,125 Cost of Operations (excluding D&A) (62,770) (65,017) (65,470) (63,835) (65,882) (99,333) (96,617) (93,184) (93,235) (93,137) (94,222) (92,899) (90,259) (94,435) Depreciation and Amortization (44,897) (45,430) (46,087) (46,455) (46,944) (69,463) (73,452) (70,413) (70,529) (66,135) (66,329) (73,192) (68,681) (73,106) Gross Margin $70,030 $71,172 $75,116 $79,326 $80,573 $107,454 $114,244 $116,614 $125,192 $134,262 $136,419 $135,719 $148,045 $147,584 Depreciation and Amortization 44,897 45,430 46,087 46,455 46,944 69,463 73,452 70,413 70,529 66,135 66,329 73,192 68,681 73,106 Adjusted Gross Margin $114,927 $116,602 $121,203 $125,781 $127,517 $176,917 $187,696 $187,027 $195,721 $200,397 $202,748 $208,911 $216,726 $220,690 Adjusted Gross Margin % 64.7% 64.2% 64.9% 66.3% 65.9% 64.0% 66.0% 66.7% 67.7% 68.3% 68.3% 69.2% 70.6% 70.0%
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217 216 214 177 178 178 99 101 105 0 107 166 244 189 72 0 106 69 12 86 64 0 176 72 16 24 32 Contact Us IR@KODIAKGAS.COM Investor Presentation 2026 32