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Investor UpdateOctober 2025
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DisclaimerForward-Looking StatementsThe information in this presentation includes “forward-looking statements” that are subject to risks and uncertainties. All statements, other than statements of historical fact included in this presentation,regarding NCS Multistage Holdings, Inc.’s (the “Company,” “NCS”, “NCSM”, “we” or “us”) strategy, financial guidance, future operations, financial position, estimated revenues and losses, projected costs,prospects, plans and objectives of management are forward-looking statements. When used in this presentation, the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project” and similarexpressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words.Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to thefuture, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, our actual results may differ materially from those contemplatedby the forward-looking statements. Important factors that could cause our actual results to differ materially from those in the forward-looking statements include regional, national or global political,economic, business, competitive, market and regulatory conditions and the following: declines in the level of oil and natural gas exploration and production activity in Canada, the United States andinternationally; oil and natural gas price fluctuations; significant competition for our products and services that results in pricing pressures, reduced sales, or reduced market share; inability to successfullyimplement our strategy of increasing sales of products and services into the U.S. and international markets; loss of significant customers; losses and liabilities from uninsured or underinsured businessactivities and litigation; change in trade policy, including the impact of tariffs; our failure to identify and consummate potential acquisitions; the financial health of our customers including their ability to payfor products or services provided; our inability to integrate or realize the expected benefits from acquisitions; our inability to achieve suitable price increases to offset the impacts of cost inflation; loss of anyof our key suppliers or significant disruptions negatively impacting our supply chain; risks in attracting and retaining qualified employees and key personnel; risks resulting from the operations of our jointventure arrangement; currency exchange rate fluctuations; impact of severe weather conditions; our inability to accurately predict customer demand, which may result in us holding excess or obsoleteinventory; failure to comply with or changes to federal, state and local and non-U.S. laws and other regulations, including tax policies, anti-corruption and environmental regulations, guidelines andregulations for the use of explosives; impairment in the carrying value of long-lived assets including goodwill; system interruptions or failures, including complications with our enterprise resource planningsystem, cybersecurity breaches, identity theft or other disruptions that could compromise our information; our inability to successfully develop and implement new technologies, products and services thatalign with the needs of our customers, including addressing the shift to more non-traditional energy markets as part of the energy transition and the adoption of artificial intelligence and machine learning;our inability to protect and maintain critical intellectual property assets, the inability to protect our current royalty income, or the losses and liabilities from adverse decisions in intellectual property disputes;loss of, or interruption to, our information and computer systems; our failure to establish and maintain effective internal control over financial reporting; restrictions on the availability of our customers toobtain water essential to the drilling and hydraulic fracturing processes; changes in legislation or regulation governing the oil and natural gas industry, including restrictions on emissions of greenhousegases; our inability to meet regulatory requirements for use of certain chemicals by our tracer diagnostics business; the reduction in our asset-based revolving credit facility borrowing base or our inability tocomply with the covenants in our debt agreements; and our inability to obtain sufficient liquidity on reasonable terms, or at all.For the reasons described above, as well as factors identified in the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, under the section entitled “Risk Factors” and other filingswith the Securities and Exchange Commission, we caution you against relying on any forward-looking statements. Should one or more of these risks or uncertainties occur, or should underlyingassumptions prove incorrect, our actual results and plans could differ materially from those expressed in any forward-looking statements. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this presentation. Except as otherwise required by applicable law, we disclaim any duty to update and do not intend to update any forward-lookingstatements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this presentation.Non-GAAP Financial MeasuresThis presentation includes financial measures that are not presented in accordance with generally accepted accounting principles (“GAAP”), including EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin,Adjusted EBITDA Less Share-Based Compensation, Adjusted Gross Profit, Adjusted Gross Margin, Free Cash Flow, Free Cash Flow Less Distributions to Non-Controlling Interest and Net Working Capital.While management believes such measures are useful for investors, they should not be used as a replacement for financial measures that are in accordance with GAAP. Please see the Appendix forreconciliations of those measures to comparable GAAP measures. We do not present a qualitative or quantitative reconciliation of our forward-looking non-GAAP financial measures to the most directlycomparable GAAP measure due to the inherent difficulty, without unreasonable efforts, in forecasting and quantifying with reasonable accuracy significant items required for this reconciliation.Market DataThis presentation has been prepared by NCS and includes market data and other statistical information from third-party sources, including independent industry publications, government publications orother published independent sources. Although NCS believes these third-party sources are reliable as of their respective dates, NCS has not independently verified the accuracy or completeness of thisinformation. Some data are also based on NCS’s good faith estimates, which are derived from a review of internal sources as well as the third-party sources described above.2
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The NCS Investment Proposition• Leadership position in key well construction and completion technologies•Enabler of capital-efficient unconventional resource development• Deploying technology and resources into growing markets outside of North America• Strong balance sheet and capital light model that generates meaningful through-cycle free cash flowTrading Statistics and Selected Financial Metrics* (In millions, except per share amounts) * See appendix for Adjusted EBITDA Less Share-Based Compensation, Free Cash Flow and Net Working Capitalreconciliations. All amounts as of 9/30/2025 except as indicated. 3
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Our Technologies
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Fracturing Systems – Pinpoint StimulationOther Completion Methods Pinpoint Stimulation Unpredictable frac size and location Controlled proppant placementWell 1Well 2Well 3Well 4 Pinpoint stimulation enables more predictable, repeatable and verifiable completions that maximize reservoir connectivity, as compared to other completion methods 5
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Fracturing Systems InnovusTMDownhole Frac-Isolation Assembly on Coiled Tubing InnovusTMCasing-Installed MultiCycle®Frac Sleeve Frac ports Outer barrelSliding inner barrelIsolation packerSleeve locatorGauge/recorderGauge/recorderCoiled tubingFlow subLocator profile 6 Applications• Fracturing control• Selective production / injection• Solids control• Water, gas and CO2injection• Tracer integration• Onshore and offshore• Cemented or open hole
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Repeat Precision Joint Venture• PurpleSeal & PurpleReign frac plug family of products• 4.5”, 5.5” and 6.0” specifications• All-composite designs and hybrid bridge plug• Dissolvable plug configurable for high & low salinity as well as hot & cool wellbore environments• PurpleSet frac plug setting tools• FracSure Express frac plug deployment system; pre-assembled, compact, and efficient• PurpleFire factory-assembled modular perforating gun system, including PinPoint self-orienting perforating guns• Repeat Precision provides NCS with additional revenue exposure from plug-and-perf wells and is a valuable supply chain partner for NCS7
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Tracer DiagnosticsLeading provider of chemical and radioactive tracers for well diagnostics and reservoir characterization• Cost-effective and reliable service utilized by E&P companies to optimize completion designs and field development• Growing portfolio of chemical tracers, including:−FFI®tracers (liquid tracers, for identification of stage-specific fracture fluid returns)−OST®tracers (particulate tracers, oil soluble)−WST®tracers (particulate tracers, water soluble)−Reservoir gas tracers (partition into gas phase)• Radioactive tracer logging services (“RA”) including real-time and memory tools• Diverse customer base across the U.S., Canada, the Middle East, the North Sea and Argentina; a growing international business8
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How Customers Utilize Tracers• Evaluate well spacing and diagnose frac hits• Fast, economical completion design optimization• Verify stage contributions • Evaluate cluster efficiency • Locate wellbore obstructions • Monitor waterflood and gas flood efficiency FirstView 3D interactive animation Common Tracer Uses 9
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ResMetrics Overview and Rationale 10 Strategic acquisition of complementary Tracer Diagnostics businessResMetrics OverviewTransaction Rationale• Provides advanced reservoir diagnostics using chemical tracers•Fracture Diagnostics: Production profiling, fracture interference, formation allocation, A/B testing, toe contribution•IOR / EOR: Swept volume, injection allocation, pattern optimization, reservoir heterogeneity, saturation estimation• Robust quality control systems and analytical laboratory ensures accurate results and enables more quantitative analyses• Web-based customer portal, PetroXY , simplifies data interpretation, enabling faster, data driven decision making• Has delivered revenue growth, margin expansion and free cash flow in 2024 and 2025Expanded service offering and larger pro forma tracer portfolioComplimentary U.S. customer base and expands Tracer Diagnostics footprint in strategic Middle East regionGreater scale enables more impactful new service and product developmentMedium-term synergy benefits through adoption of operational best practicesTalented and accomplished team with a track record of innovation and profitable growthStrategic and accretive use of balance sheet
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Well Construction• Single-source provider of well construction solutions• Proprietary technologies to support casing and liner installation and for initial formation access⁻AirLock®casing buoyancy system⁻VectrasetTM, VecturonTMand SlimStimTMliner hanger assemblies⁻GoPortTMand InnovusTMtoe initiation sleeves• Complemented by full line of casing accessories including shoe tracks, landing collars, centralizers, stage tools and open-hole packers 11
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>90%<10%Expanded Addressable MarketNCS has expanded its addressable market and diversified its business through organic sales and new product development, the Repeat Precision joint venture and the Tracer Diagnostics acquisitions2024 - $163 mm Revenue2016 - $98 mm Revenue140+ Customers 200+ Customers~20%~10%~60%~10%12
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Growth and Financial Execution
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Executing on Our Long-Term Strategy 14upon our leading market positionson high margin growth opportunities worldwideinnovative solutions to complex customer challenges Canada Land Rig Count (-5%)NCS Canada (USD MM) Revenue (+9%)NCS International Revenue (USD MM)Source: Baker Hughes and Company filings. • Higher temperature solutions• Expanded range of available sizes• Production / life-of-well solutions• Subsea / Deepwater product developments
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Q3 and YTD September 2025 Financial ResultsQ3 2025 Performance:• Total revenue of $46.5 million, a 6% increase compared to Q3 2024• U.S. revenue of $17.1 million; Canadian revenue of $23.7 million; International revenue of $5.7 million• Net income, attributable to NCS, of $3.8 million, earnings per diluted share of $1.37• Adjusted EBITDA* of $7.0 millionQ3 2025 Balance Sheet and YTD September Cash Flow:• September 30, 2025 cash balance of $25.3 million and total debt of $7.4 million• Total liquidity of $44.7 million, inclusive of cash and availability under undrawn ABL facility• Net working capital* of $63.0 million and $64.1 million at 9/30/25 and 9/30/24, respectively• YTD 2025 net capital expenditures of $0.3 million* See appendix for Adjusted Gross Margin, Adjusted EBITDA, Adjusted EBITDA Margin and Net Working Capital reconciliations.15 YTD ‘24 vs. YTD ‘25 Results
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Q4 2025 and 2025 Full Year Financial GuidanceQ4 2025 Financial Guidance1:• Total revenue of $41 - $45 million• Adjusted gross margin of 40% - 42%• Adjusted EBITDA of $5.0 - $6.5 million• Depreciation and amortization expense of $1.6 millionFull Year 2025 Financial Guidance1:• Total revenue of $174 - $178 million, a year-over-year increase of 6% at the midpoint• Adjusted EBITDA of $22.5 - $24.0 million• Gross capital expenditures of $1.3 - $1.5 million• Free cash flow less distributions to non-controlling interest of $11 - $13 million1 Financial guidance as of 10/29/2025.16
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Revenue ProfileRevenue Contribution – Twelve Months Ended September 30, 2025Product and Service MixBy Geography 17
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Key Market DriversNCS’s business is most closely levered to drilling and completion activityCanada Average Land Rig CountU.S. Average Horizontal Land Rig CountInternational Average Land Rig CountSource: Baker Hughes18
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Attractive Financial ProfileFinancial and operating model minimizes capital investment and maximizes free cash flowAdjusted Gross Profit1(millions) and Margin%Revenue (millions)Free Cash Flow1(millions)1 See Appendix for Adjusted Gross Profit, Adjusted Gross Margin, Adjusted EBITDA, Adjusted EBITDA Margin and Free Cash Flow reconciliations.2 Financial guidance as of 10/29/2025.19Adjusted EBITDA1(millions) and Margin%22
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Selected Market Metrics Source: All selected metrics are derived from Capital IQ and Company filings. We have not independently verified such third-party information, nor have we ascertained the underlying economic assumptions relied upon in those sources, and we cannot assure you of the accuracy or completeness of such information. Estimates and share prices as of 10/10/2025 and balance sheets as of 6/30/2025. NCSM cash reduced by $7.15 million to account for ResMetrics acquisition.Note: Peers selected based on comparability and have an equity market capitalization of below $1.5 billion, and include BOOM, CLB, FET, FTK, HTG.L, INVX, OIS, and SBO.AT, the order of which does notcorrespond with the labels above. 20 Enterprise Value / 2025E EBITDA MultipleTotal Debt / Total CapitalizationPeer Median = 22.8%Peer Median = 5.4x• Conservative balance sheet• Debt comprised entirely of finance leases• Trading at a ~12% discount to the peer median multiple of 5.4x
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The NCS Investment PropositionTrading Statistics and Selected Financial Metrics* (In millions, except per share amounts) 21* See appendix for Adjusted EBITDA Less Share-Based Compensation, Free Cash Flow and Net Working Capitalreconciliations. All amounts as of 9/30/2025 except as indicated. • Leadership position in key well construction and completion technologies•Enabler of capital-efficient unconventional resource development• Deploying technology and resources into growing markets outside of North America• Strong balance sheet and capital light model that generates meaningful through-cycle free cash flow
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Appendix
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EmployeesWe will invest in our employees, our most important resource, by providing coaching and training that enables them to learn and grow to their full potential. Together, we will maintain a culture that promotes teamwork and an environment that is challenging, rewarding and fun. We will listen to our employees, treat them with respect and support them when they make decisions that are aligned with The Promise. StakeholdersWe will ethically and responsibly increase stakeholder value by focusing on innovation, sustainable growth and strong financial performance.QualityWe will continuously improve our processes and systems in order to strive to meet or exceed all applicable quality requirements.TechnologyWe will deliver reservoir analysis, insights and technologies that support our customers’ development strategies and resource recovery objectives and develop technology and processes to drive improvement in our products and services.CustomersWe will treat our customers as partners and operate in a fair and honest manner. We will listen to our customers, set clear, common expectations and respond with execution excellence.Health Safety & EnvironmentWe will provide leadership, tools and training to empower our employees, customers and vendors to remain healthy and safe. We will integrate environmental stewardship into our business activities and respect the communities in which we operate. 23
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Adjusted EBITDA Reconciliation (a) Represents litigation provision associated with a legal matter in Canada. For the full year 2023, we paid $1.8 million associated with a patent infringement case, as ordered by the Federal Court of Canada, which remains subject to appeal.(b) Represents non-cash impairment charges for property and equipment, goodwill and intangible assets.(c) Represents gain realized from the settlement of the final court judgment with Diamondback Industries.(d) Represents non-cash compensation charges related to share-based compensation granted to our officers, employees and directors.(e) Represents severance and other expenses associated with headcount reductions and other cost savings initiated as part of our restructuring initiatives.(f) Represents Employee Retention Credit (“ERC”) recorded during the period less the effect on bonus and associated payroll burden accruals. (g) Represents non-capitalizable costs of professional services incurred in connection with our legal proceedings associated with the assertion of, or defense of, intellectual property as well as the cost incurred for the evaluation of actual andpotential strategic transactions.(h) Represents realized and unrealized foreign currency exchange gains and losses attributable to NCS Multistage Holdings, Inc. primarily due to movement in the foreign currency exchange rates during the applicable periods.(i) Represents write-off of a constructed asset which was deemed to have no further service potential in December 2023. (j) Represents the impact of a research and development subsidy that is included in income tax expense (benefit) in accordance with GAAP, along with other charges and credits.24 ($ in millions)2020 2021 2022 2023 2024 2024 2025 2024 2025Net income (loss) (39.1)$ (3.8)$ (1.0)$ (3.1)$ 8.1$ 4.7$ 4.2$ 4.4$ 10.4$ Income tax expense (benefit) (7.8) 0.3 0.4 (0.2) 0.1 (0.0) (0.5) 0.7 (0.9) Interest expense 1.8 0.7 1.0 0.6 0.4 0.1 0.1 0.3 0.2 Depreciation 4.4 3.8 3.7 3.9 4.6 1.2 1.3 3.4 3.7 Amortization 1.5 0.7 0.7 0.7 0.7 0.2 0.3 0.5 0.6 EBITDA (39.2)$ 1.7$ 4.7$ 1.9$ 14.0$ 6.1$ 5.3$ 9.4$ 14.0$ Provision for litigation (a) - - - 1.8 - - - - - Impairments (b) 50.2 - - - - - - - - Gain on patent infringement settlement (c) (25.7) - - - - - - - - Share-based compensation (d) 7.7 4.2 3.5 4.2 2.7 0.7 0.7 2.1 1.9 Severance and other termination benefits (e) 5.7 - - 1.4 - - - - - Net benefit of ERC (f) - (1.9) - - - - - - - Professional fees (g) 1.3 4.9 5.7 1.5 1.8 0.3 0.4 1.3 1.7 Foreign currency exchange (gain) loss (h) 1.1 (0.3) 0.3 (0.5) 3.0 (0.2) 0.4 0.8 (0.8) Write-off of constructed asset (i) - - - 0.7 - - - - - Other (j) 1.1 0.5 1.0 0.9 0.7 0.2 0.2 0.6 0.6 Adjusted EBITDA 2.2$ 9.1$ 15.1$ 11.9$ 22.3$ 7.1$ 7.0$ 14.1$ 17.5$ Adjusted EBITDA Margin 2% 8% 10% 8% 14% 16% 15% 12% 13%Adjusted EBITDA less Share-based Compensation (5.5)$ 4.9$ 11.7$ 7.8$ 19.5$ 6.4$ 6.4$ 12.0$ 15.6$ Year Ended December 31,Nine Months Ended September 30,Three Months Ended September 30,
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Adjusted Gross Profit and Adjusted Gross Margin Reconciliation 25 ($ in millions)2023 2024 2024 2025Total revenues142.5$ 162.6$ 117.6$ 133.0$ Total cost of sales, exclusive of DD&A86.9 95.1 69.5 78.7 Total DD&A associated with cost of sales2.2 2.7 1.9 2.2 Gross Profit53.4$ 64.8$ 46.1$ 52.0$ Gross Margin 37% 40% 39% 39%Exclude total DD&A associated with cost of sales(2.2) (2.7) (1.9) (2.2) Adjusted Gross Profit55.6$ 67.5$ 48.1$ 54.3$ Adjusted Gross Margin 39% 41% 41% 41%Year Ended December 31,Nine Months Ended September 30,
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Free Cash Flow and Net Working Capital ReconciliationsFree Cash FlowNet Working Capital* Includes purchase and development of software and technology26($ in millions)2024 2025Working capital 77.3$ 86.0$ Cash and cash equivalents (15.3) (25.3) Current maturities of long term debt 2.1 2.3 Net Working Capital 64.1$ 63.0$ September 30,($ in millions)2020 2021 2022 2023 2024 2024 2025Net cash provided by (used in) operating activities 35.1$ 11.6$ (1.4)$ 4.8$ 12.7$ 2.1$ 9.0$ Purchases of property & equipment* (2.2) (0.8) (1.1) (2.2) (1.4) (1.2) (1.0) Proceeds from sales of property and equipment 1.1 0.4 0.4 0.5 0.6 0.4 0.7 Free Cash Flow 34.1$ 11.1$ (2.1)$ 3.1$ 11.9$ 1.4$ 8.7$ Distribution to non-controlling interest (17.6) (2.8) - (0.5) (2.1) (1.0) (1.9) Free Cash Flow less Distributions to Non-controlling Interest 16.5$ 8.4$ (2.1)$ 2.6$ 9.9$ 0.4$ 6.8$ Nine Months Ended September 30,Year Ended December 31,