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Earnings Presentation Third Quarter 2025 November 5, 2025
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2Earnings Presentation | 2025 Forward Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Words such as “will”, “expect”, “look forward”, “guidance”, “targeted”, “goals”, and similar expressions are intended to identify forward-looking statements , including, for example, statements about the merger (as defined below), future events, plans and anticipated results of the operations, business strategies, the anticipated benefits of the merger, the anticipated impact of the merger on the combined company's business and future financial operating results, the expected amount and timing of synergies from the mergers, the anticipated closing date for the merger. Statements about the DNOW-MRC Global merger (the “merger”), future events, plans and anticipated results of operations, business strategies, the anticipated benefits of the merger, the anticipated impact of the merger on the combined company’s business and future financial operating results, the expected amount and timing of synergies from the merger, the anticipated closing date for the merger, the company’s business, including its strategy, its industry, the company’s future profitability, the company’s guidance on its sales, Adjusted EBITDA, Adjusted Net Income, Adjusted Diluted EPS, Adjusted SG&A, Gross Profit, Gross Profit percentage, Adjusted Gross Profit, Adjusted Gross Profit percentage, Net Debt, Tax Rate, Capital Expenditures and Cash from Operations, Free Cash Flow, Free Cash Flow after Dividends, growth in the company’s various markets and the company’s expectations, beliefs, plans, strategies, objectives, prospects and assumptions are not guarantees of future performance. These statements are based on management’s expectations that involve a number of business risks and uncertainties, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, most of which are difficult to predict and many of which are beyond our control, including the factors described in the company’s SEC filings that may cause our actual results and performance to be materially different from any future results or performance expressed or implied by these forward- looking statements, including the company’s Current Report on Form 8-K dated November 5, 2025. For a discussion of key risk factors, please see the risk factors disclosed in the company’s SEC filings, which are available on the SEC’s website at www.sec.gov and on the company’s website, www.mrcglobal.com. Our filings and other important information are also available on the Investor Relations page of our website at www.mrcglobal.com. Undue reliance should not be placed on the company’s forward-looking statements. Although forward-looking statements reflect the company’s good faith beliefs, reliance should not be placed on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which may cause the company’s actual results, performance or achievements or future events to differ materially from anticipated future results, performance or achievements or future events expressed or implied by such forward-looking statements. The company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, except to the extent required by law. In this presentation, the company is providing certain non-GAAP financial measures. These are not measures of financial performance calculated in accordance with U.S. Generally Accepted Accounting Principles (GAAP) and should not be considered as alternatives. The following GAAP measures have the following non- GAAP measures presented and derived from the respective GAAP measures: • Net Income or Net Income from Continuing Operations (adjusted EBITDA) • Net Income margin (adjusted EBITDA margin) • Gross profit (Adjusted Gross Profit) • Gross profit percentage (Adjusted Gross Profit percentage) • Net Income (adjusted Net Income from continuing operations) • Diluted Earnings per Share (adjusted diluted EPS) • Selling, general and administrative expense (adjusted SG&A) • Net cash provided by operations (free cash flow and free cash flow after dividends) • Long-term debt, net (Net Debt) • Net debt leverage ratio & Net debt leverage ratio including preferred shares They should be viewed in addition to, and not as a substitute for, analysis of our results reported in accordance with GAAP. Management believes that these non-GAAP financial measures provide investors a view to measures similar to those used in evaluating our compliance with certain financial covenants under our credit facilities and provide meaningful comparisons between current and prior year period results. They are also used as a metric to determine certain components of performance-based compensation. They are not necessarily indicative of future results of operations that may be obtained by the company. Non-GAAP Disclaimer
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3Earnings Presentation | 2025 Executive Summary | Financial Highlights 3Q 2025 Balance Sheet • Net debt leverage ratio of 2.7x • Liquidity $536M • Cash $59M Margins • Net loss from continuing operations • $(9)M, or (1.3)% of sales • Adjusted EBITDA • $36M, or 5.3% of sales • Gross Profit • $125M, or 18.4% of sales • Adjusted Gross Profit • $148M, or 21.8% of sales Sequential Revenue • 3Q 2025: $678M, declined 15% from 2Q 2025 • U.S. ERP system implementation negatively impacted 3Q revenue as well as weaker market conditions in PTI & DIET • By sector • Gas Utilities down 2% • DIET down 11% • PTI down 32% • By segment • U.S. down 16% • International down 9% Operating Cashflow – Continuing Operations • $36M used in 3Q due primarily to inventory purchases and lower collections from U.S. ERP implementation issues Note: See reconciliations of GAAP to non-GAAP measures in our appendix. Also see our Current Report on Form 8-K dated November 5, 2025, for a reconciliation of non-GAAP measures to their closest GAAP measures and for a discussion of forward-looking statements and the factors that might impact the various items in the 2025 Outlook. Cost Management and Working Capital Efficiency • SG&A $128M, or 18.9% of sales • Adjusted SG&A $116M, or 17.1% of sales • Net working capital to TTM sales ratio of 16.2% Announced combination with DNOW on June 26 • Expected to create a premier energy & industrial solutions provider • $70M of estimated annual cost synergies within 3 years of closing • Anticipated closing in the fourth quarter of 2025
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4Earnings Presentation | 2025 Revenue Composition - 3Q 2025 US 81% International 19% By Geographic Segment Gas Utilities 43% DIET 29% PTI 28% By End-Market Sector 37% 29% 12% 12% 6% 4% By Product Group Valves, Automation, Measurement & Instrumentation Gas Products Carbon Fittings & Flanges Line Pipe General Products Stainless Steel & Alloy Pipe & Fittings DIET 53% PTI 47% Gas Utilities 53% International by Sector US by Sector PTI 23% DIET 24%
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5Earnings Presentation | 2025 Sequential Revenue Changes by Business Sector $299 $292 2Q25 3Q25 Gas Utilities (2)% Sales declined $7M, or 2% , driven by: • Activity disruption caused by ERP system implementation $223 $199 2Q25 3Q25 DIET (11)% Sales declined $24M, or 11%, due to: • Activity disruption caused by ERP system implementation • Project postponements and cancellations in the U.S. resulting from increased steel prices due to tariffs as well as weaker refining and chemical markets $276 $187 2Q25 3Q25 PTI (32)% Sales decreased $89M, or 32%, driven by: • Activity disruption caused by ERP system implementation • Reduced U.S. upstream activity from lower commodity prices ($ millions)
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6Earnings Presentation | 2025 Quarterly Financial Performance - GAAP ($ millions, except per share data) Net Income (Loss) From Continuing Operations & % Margin Sales Gross Profit & % Margin Diluted EPS from Continuing Operations $29 $13 $(9) $79 $12 3Q24 2Q25 3Q25 YTD 2024 YTD 2025 $0.27 $0.15 $(0.11) $0.71 $0.14 3Q24 2Q25 3Q25 YTD 2024 YTD 20253.8% 1.6% (1.3)% 3.4% 0.5% $157 $151 $125 $485 $418 3Q24 2Q25 3Q25 YTD 2024 YTD 2025 $771 $798 $678 $2,347 $2,188 3Q24 2Q25 3Q25 YTD 2024 YTD 2025 20.4% 18.9% 18.4% 20.7% 19.1%
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7Earnings Presentation | 2025 Adjusted EBITDA & % Margin1 Quarterly Financial Performance - Adjusted ($ millions) 1. See reconciliation of non-GAAP measures to GAAP measures in the appendix Adjusted Gross Profit & % Margin1 Adjusted Net Income from Continuing Operations1 $24 $22 $11 $81 $45 3Q24 2Q25 3Q25 YTD 2024 YTD 2025 $162 $172 $148 $512 $473 3Q24 2Q25 3Q25 YTD 2024 YTD 2025 $47 $54 $36 $169 $126 3Q24 2Q25 3Q25 YTD 2024 YTD 2025 6.1% 6.8% 5.3% 7.2% 5.8% 21.0% 21.6% 21.8% 21.8% 21.6%
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8Earnings Presentation | 2025 Strong Balance Sheet & Financial Flexibility ($ millions) 2. Working capital to sales ratio is defined as working capital from continuing operations (excluding debt), net of cash divided by trailing twelve months sales. Calculated with GAAP figures. Total Debt (plus preferred shares) Capital Structure Cash Flow Provided by (Used in) Continuing Operations Net Working Capital to Sales Ratio2 1.7x 2.2x 2.7x $23 $374 $417 $355 N/A N/A $440 $449 $476 3Q24 2Q25 3Q25 Debt Preferred shares Net debt leverage1: Net Debt1: September 30, 2025 Cash and Cash Equivalents $ 59 Total Debt (including current portion): Global ABL Facility due 2029 134 Term Loan B due 2031, net of discount 342 Total Debt $ 476 Total stockholders’ equity 531 Total Capitalization $ 1,007 Liquidity $ 536 $99 $(46) $(36) $195 $(61) 3Q24 2Q25 3Q25 YTD 2024 YTD 2025 13.3% 14.2% 16.2% 3Q24 2Q25 3Q25 1. See reconciliation of non-GAAP measures to GAAP measures in the appendix. 3Q24 net debt leverage ratio includes preferred shares, which were repurchased in October 2024. Preferred shrs: Debt Debt
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9Earnings Presentation | 2025 APPENDIX
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10Earnings Presentation | 2025 THREE MONTHS ENDED NINE MONTHS ENDED ($ millions) September 30, 2025 June 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Amount % of Sales Amount % of Sales Amount % of Sales Amount % of Sales Amount % of Sales Sales $ 678 $ 798 $ 771 $2,188 $ 2,347 Gross profit $ 125 18.4% $ 151 18.9% $ 157 20.4% $ 418 19.1% $ 485 20.7% Depreciation and amortization 6 7 6 18 16 Amortization of intangibles 4 4 5 13 15 Increase (decrease) in LIFO reserve 13 10 (6) 24 (4) Adjusted Gross Profit $ 148 21.8% $ 172 21.6% $ 162 21.0% $ 473 21.6% $ 512 21.8% Note: Adjusted gross profit is a non-GAAP measure. For a discussion of the use of adjusted gross profit, see our Current Report on Form 8-K dated November 5, 2025. Adjusted Gross Profit Reconciliation APPENDIX
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11Earnings Presentation | 2025 THREE MONTHS ENDED NINE MONTHS ENDED ($ millions) September 30, 2025 June 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Amount % of Sales Amount % of Sales Amount % of Sales Amount % of Sales Amount % of Sales Sales $ 678 $ 798 $ 771 $ 2,188 $ 2,347 SG&A $ 128 18.9% $ 130 16.3% $ 120 15.6% $ 382 17.5% $ 362 15.4% Facility closures - - - - (1) Internal control remediation - - - (2) - ERP system implementation (6) - - (6) - Non-recurring other legal and consulting costs (6) (6) - (13) - Activism response legal and consulting fees - - - - (4) Adjusted SG&A $ 116 17.1% $ 124 15.5% $ 120 15.6% $ 361 16.5% $ 357 15.2% Note: Adjusted SG&A is a non-GAAP measure. For a discussion of the use of adjusted SG&A, see our Current Report on Form 8-K dated November 5, 2025. Adjusted SG&A Reconciliation APPENDIX
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12Earnings Presentation | 2025 Note: Adjusted EBITDA is a non-GAAP measure. For a discussion of the use of adjusted EBITDA, see our Current Report on Form 8-K dated November 5, 2025. Adjusted EBITDA Reconciliation THREE MONTHS ENDED NINE MONTHS ENDED ($ millions) September 30, 2025 June 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Amount % of Sales Amount % of Sales Amount % of Sales Amount % of Sales Amount % of Sales Sales $ 678 $ 798 $ 771 $ 2,188 $ 2,347 Net (loss) income $ (9) (1.3)% $ 13 1.6% $ 29 3.8% $ (18) (0.8)% $ 78 3.3% Loss from discontinued operations, net of tax - - - 30 1 Net (loss) income from continuing operations (9) (1.3)% 13 1.6% 29 3.8% 12 0.5% 79 3.4% Income tax (benefit) expense (4) 5 3 2 23 Interest expense 10 10 4 29 19 Depreciation and amortization 6 7 6 18 16 Amortization of intangibles 4 4 5 13 15 Facility closures - - - - 1 Increase (decrease) in LIFO reserve 13 10 (6) 24 (4) Equity-based compensation expense 4 4 4 12 11 Internal control remediation - - - 2 - ERP system implementation 6 - - 6 - Non-recurring other legal and consulting costs 6 6 - 13 - Activism response, legal and consulting costs - - - - 4 Write-off of debt issuance costs - - - - 1 Asset disposal - (3) - (3) 1 Foreign currency (gains) losses - (2) 2 (2) 3 Adjusted EBITDA $ 36 5.3% $ 54 6.8% $ 47 6.1% $ 126 5.8% $ 169 7.2% APPENDIX
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13Earnings Presentation | 2025 Note: Adjusted net income from continuing operations is a non-GAAP measure. For a discussion of the use of adjusted net income from continuing operations, see our Current Report on Form 8-K dated November 5, 2025. ($ millions) THREE MONTHS ENDED NINE MONTHS ENDED September 30, 2025 June 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Net (loss) income $ (9) $ 13 $ 29 $ (18) $ 78 Loss from discontinued operations, net of tax - - - 30 1 Net (loss) income from continuing operations (9) 13 29 12 79 Facility closures, net of tax - - - - 1 Asset disposal, net of tax - (2) - (2) 1 Internal control remediation, net of tax - - - 2 - ERP system implementation, net of tax 5 - - 5 - Non-recurring other legal and consulting costs, net of tax 5 4 - 10 - Activism response, legal and consulting costs, net of tax - - - - 3 Increase (decrease) in LIFO reserve, net of tax 10 7 (5) 18 (3) Adjusted net income from continuing operations $ 11 $ 22 $ 24 $ 45 $ 81 APPENDIX Adjusted Net Income from Continuing Operations Reconciliation
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14Earnings Presentation | 2025 Net Debt & Leverage Ratio Calculation APPENDIX ($ millions) September 30, 2025 June 30, 2025 September 30, 2024 Long-term debt $ 472 $ 445 $ 85 Plus: current portion of debt obligations 4 4 - Total debt $ 476 $ 449 $ 85 Less: cash 59 75 62 Net debt $ 417 $ 374 $ 23 Net debt $ 417 $ 374 $ 23 Trailing twelve months adjusted EBITDA 157 170 220 Net debt leverage ratio 2.7x 2.2x 0.1x Preferred stock - - 355 Net debt including preferred stock - - 378 Trailing twelve months adjusted EBITDA N/A N/A 220 Net debt leverage ratio including preferred stock N/A N/A 1.7x Note: Net debt and net debt leverage ratio are non-GAAP measures. For a discussion of the use of net debt and net debt leverage ratio, see our Current Report on Form 8-K dated November 5, 2025.
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15Earnings Presentation | 2025 Merger Information No Offer or Solicitation This document is not intended to and shall not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made, except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended. Additional Information about the Merger and Where to Find It In connection with the merger, DNOW filed with the SEC a registration statement on Form S-4 that includes a joint proxy statement of DNOW and MRC Global that also constitutes a prospectus of DNOW common shares to be offered in the merger. Each of DNOW and MRC Global may also file other relevant documents with the SEC regarding the merger. This document is not a substitute for the prospectus or registration statement or any other document that DNOW or MRC Global may file with the SEC. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT, JOINT PROXY STATEMENT/PROSPECTUS, AND ANY OTHER RELEVANT DOCUMENTS THAT MAY BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE MERGER. Investors and security holders are able to obtain free copies of the registration statement and joint proxy statement/prospectus and other documents containing important information about MRC Global, DNOW and the merger, once such documents are filed with the SEC through the website maintained by the SEC at www.sec.gov. Copies of the documents filed with the SEC by MRC Global will be available free of charge on MRC Global’s website at https://investor.mrcglobal.com/ or by contacting MRC Global’s Investor Relations Department by email at Investor.Relations@mrcglobal.com or by phone at (832) 308-2847. Copies of the documents filed with the SEC by DNOW will be available free of charge on DNOW’s website at https://ir.dnow.com/ or by contacting DNOW’s Investor Relations Department by email at ir@dnow.com or by phone at (281) 823-4006. APPENDIX