Slides
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Nine Q2 2026 IR Presentation +
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DISCLAIMER 2 Forward-Looking Statements & Non-GAAP Financial Measures Certain statements in this presentation are forward-looking statements that are subject to a number of risks and uncertainties, many of which are beyond our control. All statements, other than statements of historical fact included in this presentation, regarding our strategy, 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,” “may,” “continue,” “predict,” “potential,” “project” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Forward-looking statements may include statements about our industry; our financial strategy, budget, projections, operating results, cash flows and liquidity; and our plans, business strategy and objectives, expectations and intentions that are not historical. Forward-looking statements entail various risks and uncertainties that could cause actual results to differ from those expressed, including, among other things, the volatility of future oil and natural gas prices; the level of capital spending and well completions by the onshore oil and natural gas industry, which may be affected by geopolitical and economic developments in the U.S. and globally, including conflicts, instability, acts of war or terrorism in oil producing countries or regions, as well as actions by members of OPEC+; general economic conditions and inflation, particularly cost inflation with labor or materials; the adequacy of our capital resources and liquidity, including the ability to meet our debt obligations; equipment and supply chain constraints; our ability to maintain existing prices or implement price increases on our products and services; pricing pressures, reduced sales, or reduced market share as a result of intense competition in the markets for our dissolvable plug products: availability of skilled and qualified labor and key management personnel; our ability to accurately predict customer demand; competition in our industry; governmental regulation and taxation of the oil and natural gas industry; environmental liabilities; our ability to implement new technologies and services; operating hazards inherent in our industry. Although we believe that our plans, intentions and expectations reflected in or suggested by the forward-looking statements contained herein are reasonable, we can give no assurance that these plans, intentions or expectations will be achieved. For additional information regarding known material factors that could affect our operating results and performance, please see our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, which are available at the SEC’s website, http://www.sec.gov. Should one or more of these known material risks occur, or should the underlying assumptions change or prove incorrect, our actual results, performance, achievements or plans could differ materially from those expressed or implied in any forward- looking statement. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. All subsequent written or oral forward- looking statements concerning us are expressly qualified in their entirety by the cautionary statements above. We undertake no obligation to publicly update or revise any forward- looking statements after the date they are made, whether as a result of new information, future events or otherwise, except as required by law. All information in this presentation is as of June 30, 2026 unless otherwise noted. In addition to reporting financial results in accordance with GAAP, the Company has presented Adjusted EBITDA and Adjusted EBITDA margin. These are not recognized measures under, or an alternative to, GAAP. The Company’s management believes that this presentation provides useful information to management, analysts and investors regarding certain additional financial and business trends relating to its results of operations and financial condition. In addition, management uses these measures for reviewing the financial results of the Company. These non-GAAP measures are intended to provide additional information only and do not have any standard meaning prescribed by GAAP. These non-GAAP measures have limitations as an analytical tool, and you should not consider them in isolation or as a substitute for analysis of the Company’s results as reported under GAAP. Industry and Market Data This presentation includes market data and other statistical information from third party sources, including independent industry publications, government publications and other published independent sources. Although the Company believes these third party sources are reliable as of their respective dates, the Company has not independently verified the accuracy or completeness of this information.
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COMPANY OVERVIEW
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COMPANY OVERVIEW 4 22% 38% 19% 21% Completion Tools Cementing Coiled Tubing Wireline Investment Highlights $311 $349 $593 $610 $554 $562 $(26) $5 $94 $73 $53 $49 2020 2021 2022 2023 2024 2025 Revenue Adj. EBITDA Revenue by service line1 Financial overview ($MM) 1 Revenue contributions reflect full year 2025 revenue See appendix for Adjusted EBITDA reconciliation Capital-light business model with strong barriers to entry driving greater cash generation ~60% of business driven by technology-based businesses (completion tools & cementing) Technology offering, including dissolvable and composite plugs, electric wireline units and proprietary cement slurries Diversified completion portfolio and geography Strategy focused on growing completion tool revenue through growth in both domestic and international markets Experienced management team that has led through up and down cycles
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TECHNOLOGY-BASED SERVICE OFFERING 5 Nine’s wide range of advanced technologies will accommodate any type of completion for 100% of wells drilled in the United States and Canada. Performance Delivered.
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SUMMARY OF SERVICE LINES 6 Completion Tools Cementing Coiled Tubing Wireline Provider of downhole solutions and technology used for multistage completions; offerings are mostly comprised of composite and dissolvable frac plugs in a variety of sizes to isolate stages during plug-and- perf operations Consists of blending high-grade cement and water with various solid and liquid additives to create a cement slurry that is pumped between the casing and the wellbore of the well Wellbore intervention operations utilizing a continuous steel pipe that is transported to the wellsite wound on a large spool in lengths of up to 30,000 feet Involves the use of a wireline or electric wireline unit equipped with a spool of wireline that is unwound and lowered into oil and gas wells for well completion, well intervention, etc. • Dissolvable frac plugs • Hybrid frac plugs • Composite frac plugs • Refrac tools • Cementing services • Slurries / additives • Patriot cementing pump truck • Breakthru casing floatation device • AllSight live jobsite dashboard • Coiled tubing services • Optimized performance • Skyview wireline truck • Coated line wireline • Electric wireline unit • ~646,000 isolation, stage 1 and casing flotation tools1 • ~30,000 cementing jobs with on-time rate of ~89%1 • ~9,400 jobs and ~250 million running feet of coiled tubing with a success rate greater than 99%1 • ~221,000 stages with a success rate of over 99%1 • Owned IP of one of the most critical and prolific composite, hybrid and dissolvable isolation tools • Highly dependable “toe” and casing flotation solutions • Midland, Delaware, Haynesville and Eagle Ford labs with testing capabilities • Redundant pumps with 1,000 HP and dual-sided bulk plants • ~ 86% of coil fleet is deep reach (≥2.375” diameter) with high HP frac pumps to push coil further downhole • Downhole memory tool tracking real-time data • Superior wellsite execution enabling Company to have the NPT and efficient operations • Currently running 4 electric wireline units Key Products / Services Nine operates a diversified suite of oilfield completion products and services with significant barriers to entry Barriers to Entry Through Service & Technology 1 Management estimates for time period from January 2018 to December 2025 ServiceTech.
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ASSET LIGHT MODEL 7 Pressure Pumping Wireline
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ASSET-LIGHT MODEL REDUCES CAPEX NEEDS 8 $45 $53 $62 $10 $15 $32 $22 $15 $18 2017 2018 2019 2020 2021 2022 2023 2024 2025 Nine has fundamentally reduced the capex needs to run the business Nine Annual Capex Spend ($mm) Revenue ($MM) $544 $827 $833 $311 $349 $593 $610 $554 $562 CapEx as a % of rev 8% 6% 7% 3% 4% 5% 4% 3% 3%
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MARKET SHARE OVERVIEW 9 Nine US Wireline & Completion Tools % of stage completed1 US Completions Market Share Source: 1 Management estimates of Nine frac stages relative to industry frac stages based on Spears & Associates 2 Management estimates based on Nine rigs followed in the Permian, Eagle Ford and Haynesville Nine U.S. Cementing Market Share in the Eagle Ford, Permian & Haynesville 2 US Cementing Market Share 14% 15% 14% 17% 19% 16% 17% 18% 2018 2019 2020 2021 2022 2023 2024 2025 17% 21% 20% 18% 20% 17% 14% 17% 2018 2019 2020 2021 2022 2023 2024 2025
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GEOGRAPHIC AND COMMODITY DIVERSITY 10 EAGLE FORD – 13% MARCELLUS/UTICA – 21% BARNETT – 3%PERMIAN – 41% MIDCON – <1% HAYNESVILLE – 12% DJ/NIOBRARA – 1% BAKKEN – 4% CANADA – <1% Completion Tools Cementing Coiled Tubing Wireline R&D Facility in Norway Service Coverage Area and Revenue by Region1 Major Unconventional Basins ~5% of overall revenue comes from outside NAM 1 Revenue contributions reflect full year 2025 revenue Our Services
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CONTINUED EXCELLENCE IN SAFETY 11 2.47 1.5 1.26 1.44 0.88 0.77 0.30 0.48 0.41 0.63 0.49 0.44 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TRIR
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Diverse, Blue-chip customer base with minimal concentration CUSTOMERS WHO TRUST US 12
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TECHNOLOGY OVERVIEW
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NEW GENERATION OF DISSOLVABLE PLUGS 14 Nine Stinger Dissolvable Plug PLUG OVERVIEW Shorter Design, decreasing plug size by over 70% Predictable and reliable dissolution for entire addressable isolation tool market Completely dissolvable, eliminating plug drill-out MARKET & FINANCIAL OVERVIEW High-volume product with the ability to address entire addressable plug market in both NAM land and abroad (1 stage = 1 plug) Almost 100% free cash flow conversion ($1 of EBITDA = $1 Cash) and requires minimal capex to generate significant growth Margin accretive to Nine Strong patents and exclusive arrangements in place to protect IP design and material science
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NINE DISSOLVABLE PLUG BENEFITS 15 Neutral or Reduced AFE Increased IRR Increased SAFETYwith Fewer Humans at Surface Reduced EMISSIONS
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DISSOLVABLE PLUG ADOPTION INCREASING 16 15 – 20% Dissolvables & Composites Dissolvable Plug Market Share2 ~70% of the US Dissolvable Plug Market share is concentrated among four competitors, including Nine ~55-90% Nine Innovex Schlumberger Kureha Remaining Competitors Source: 1 Based on the total number of Nine composite and dissolvable plugs sold for FY25 divided by Q4 2025 Spears U.S. stag e count; 2 Management Estimates 2025 Nine Total US Plug Market Share1 15 – 25% 15 – 25% 15 – 25% 10 – 15% 10 – 45%
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SCORPION COMPOSITE PLUG 17 SCORPION Manufactured almost entirely of composite material, this tool is significantly shorter than most plugs of its kind, allowing for a much faster millout. SCORPION EXTENDED RANGE Featuring a small diameter, it’s designed to get through narrow restrictions, expanding to securely fit 4-inch, 4.5-inch, or 5.5-inch casing. Over 500,000+ plugs run LONG RANGE BRIDGE (GEN1) Designed to pass through damaged casing, restricted internal casing diameters and existing casing patches in the wellbore. LONG RANGE (GEN 2) Engineered with 75% less aluminum, it improves efficiency with faster drill-out times. Delivering secure and dramatically faster mill-out times, Nine offers a wide range of composite frac plugs for the longest and most complex laterals.
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EXP ANDING INTO NEW MARKETS THROUGH TECHNOLOGY18 Refrac market – enables customers to get product to market in 10-14 days versus traditional completions of ~6 months International Market Restrictive or Compromised Completion Market Nine has partnered with NewGen Systems on a Refrac Liner system A refrac boosts total reserves recovery while giving the operator the ability to capture today’s higher commodity prices without having to direct large amounts of capital to new drilling. With a refrac liner, a customer can reduce the upfront capital needed (i.e., drilling rig, infrastructure and surface equipment), as well as reduce overall cycle time to drill and complete a new well, helping operators stay within budgets, while still taking advantage of supportive commodity prices. Nine’s StingerTM Extended Range Dissolvable Frac Plug is designed specifically for wellbores with casing restrictions or casing patches. Often used in long lateral, high stage count wellbores where casing can become compromised, Nine’s Extended Range Dissolvable Frac Plug is one of the shortest on the market, which makes it easier to pass through restriction. Nine’s patented Multi-Cycle Barrier Valves are helping expand the Company’s tool portfolio in the international markets. Allows for completion of the well to begin and offers full flexibility with up to 15 pressure cycles and this interventionless, pressure-actuated, API-Q1 certified well barrier cost-effectively isolates wellbore reservoir pressure.
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EXP ANDING THROUGH ESG TECHNOLOGY 19 Dissolvable Pumpdown Rings Electric Wireline Used in conjunction with Nine’s composite or dissolvable plugs, by adding a dissolvable pumpdown ring, the bypass around the plug is greatly reduced while maintaining the needed line tension. Using a dissolvable pumpdown ring has been shown to reduce horsepower requirements by ~48%, water required to pump the plug to set at depth by ~28% and diesel fuel usage by ~42%. Nine has recently invested in transitioning traditional hydraulic wireline units into electric units Driven by one of the most advanced battery- based power packs in the industry, the E-Wireline truck delivers 4x the power of traditional wireline. Plus, the hydraulic system has been replaced with an all-electric platform which eliminates the risk associated with traditional elements that can bring operations to a standstill.
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SIGNIFICANT & SCALABLE EMISSION REDUCTIONS 20 Source: ERM; Details and assumptions can be found on Nine’s website at: nineenergyservice.com/assets/files/Environmental-Study-Results_v1.3.pdf Nine Stinger Dissolvable Frac Plug Dissolvable frac plugs on a 6-well pad take 84 cars off the road: ~404 METRIC TONS OF CO2E
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CEMENTING & DRILLING SOLUTIONS 21 CRACK ATTACK Prevent lost circulation & reduce costs FLOWLOK Resists gas and water invasion FAST-ACTING RESIN TECHNOLOGY Reduces up to 75% wait time Cement Slurries and Additives FLEX 50H 16X more acid resistance TRIDENT Alternative to stage cementing NINE LITE HOLLOW GLASS SPHERES (HGS) Crush strengths up to 8,000 PSI Deep expertise in North America’s most active shale plays, innovative slurry R&D, modern technology and steadfast service. Succeed in the Most Complex Formations
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FINANCIAL OVERVIEW
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Q2 2026 FINANCIAL SNAPSHOT Q2 Highlights Q2 revenue was within guidance; however, Adj. EBITDA was below guidance During the quarter, two of our large-diameter coiled tubing units were taken out of service due to maintenance-related issues, representing approximately 17% of our large diameter fleet One of the affected coiled tubing units returned to service early in the third quarter, while the second unit remains under repair and is currently expected to return near year-end At the same time, we experienced meaningful inflationary pressures across several cost categories, including consumables, labor, and repairs and maintenance in Coiled Tubing and Cementing SERVICE LINES: • Completion tool revenue increased by ~44% q/q, primarily due to significant growth in international revenue during the quarter. • Cementing revenue increased by ~3% q/q, primarily due to activity pickup in the Permian Basin • Wireline revenue decreased by ~4% q/q, which was primarily the result of the shutdown of our Midland facility towards the end of Q1 • Coiled Tubing revenue decreased by ~2% q/q, primarily due to job mix and increased white space between jobs 23 Q2 2026 ($mm) 13% $130 $142 Q1 26 Q2 26 $3 $9 Q1 26 Q2 26 2% 6% Q1 26 Q2 26 REVENUE ADJ. EBITDA ADJ. EBITDA MARGIN $5.5* *$5.5mm, non-cash inventory write-down 7%* *Margin without impact of $5.5mm inventory write -down 1On March 5, 2026 (the “Plan Effective Date”), the Company emerged from bankruptcy and applied fresh start accounting on such date. The application of fresh start accounting resulted in a new basis of accounting and the Company becoming a new entity for financial reporting purposes, which is referred to as the “Successor.” The Company prior to the application of fresh start account is referred to as the “Predecessor.” For simplicity and to reduce confusion, this presentation reports results for the full first quarter by combining the Predecessor (January 1, 2026 to March 5, 2026) and Successor (March 6, 2026 to March 31, 2026). All SEC documents, including the 10-Q and earnings release, have the Predecessor and Successor periods reported separately and are available for reference on the Company's investor relations website. For the Predecessor period, revenue was $88mm, adj. EBITDA was $1mm and adj. EBITDA margin was 1%. For the Successor period, revenue was $42mm, adj. EBITDA was $2mm and adj. EBITDA margin was 5%. 1 1 1
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6/30/2026 CAPITALIZATION 24 AS OF 6/30/26 ($MM) CAPITALIZATION Cash 16.8 Debt Exit ABL Facility 97.3 Short-term debt 1.6 Total Debt 98.9 Net Debt 82.1 Total Cash 16.8 ABL Availability 30.0 Total Liquidity 46.8 Commentary Total capex for Q2 26 of $4.8mm and Q1 26 of $5.6mm1, total capex YTD of $10.4mm Expect FY 26 capex to be between $20 - $30 million 1Capital expenditures for the Predecessor period of January 1, 2026 to March 5, 2026 totaled $1.9mm and $3.7mm for the Successor period of March 6, 2026 to March 31, 2026.
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APPENDIX
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NINE ADJ. EBITDA RECONCILIATION 27 ($ MM UNLESS OTHERWISE NOTED) Q226 Q1261 2025 2024 2023 2022 2021 2020 EBITDA Reconciliation Net income (loss) (4.9) 106.6 (51.3) (41.1) (32.2) 14.4 (64.6) (378.9) Interest expense 1.9 5.8 55.2 51.3 51.1 32.5 32.5 36.8 Interest Income (0.1) (0.08) (0.7) (0.8) (1.3) (0.3) (0.03) (.6) Depreciation 7.0 6.2 23.2 25.6 29.1 26.8 28.9 32.4 Amortization of intangibles 0.2 2.1 11.2 11.2 11.5 13.5 16.1 16.5 Provision (benefit) from income taxes 0.4 0.02 (0.2) 0.2 0.6 0.5 (0.03) (2.5) EBITDA 4.5 120.6 37.4 46.4 58.9 87.4 12.9 (296.4) Adjusted EBITDA Reconciliation EBITDA 4.5 120.6 37.4 46.4 58.9 87.4 $12.9 (296.4) Impairment of goodwill and other intangible assets - - - - - - - 296.2 Transaction and integration costs - - - - - - - 0.1 (Gain) loss from the revaluation of contingent liabilities - - 0.2 0.1 0.4 0.5 0.5 0.3 Reorganization items, net - (125.6) - - - - - - Gain on extinguishment of debt - - - - - (2.8) (17.6) (37.8) Stock-based compensation and cash award expense 0.6 1.9 2.2 2.9 4.9 4.9 5.4 9.7 Gain (loss) on sale of property and equipment (0.02) (0.2) - 0.3 0.3 0.4 0.7 (2.9) Legal fees and settlements - - - - 0.07 0.09 1.8 .03 Restructuring charges and other expenses 2.7 6.0 7.5 0.7 2.0 3.4 1.6 4.9 Certain refinancing costs - - - - 6.4 - - - Cash award expense 0.8 0,3 4.2 2.8 - - - - Adjusted EBITDA 8.6 3.0 49.4 53.2 73.0 93.7 $5.2 ($25.8) Revenue 141.8 130.0 561.9 554.1 609.5 593.4 349.4 310.9 % Adj. EBITDA margin 6% 2% 9% 10% 12% 16% 1% -8% On March 5th, 2026, Nine emerged from bankruptcy and the Company applied fresh start accounting on such date. The application of fresh start accounting resulted in a new basis of accounting and the Company becoming a new entity for financial reporting purposes, which is referred to as the “Successor.” The Company prior to the application of fresh start accounting is referred to as the “Predecessor.” For simplicity and to reduce confusion, this presentation reports the full quarter combining these two periods. All SEC documents, including the 10-Q and earnings release, have the periods reported separately and are available for reference on our investor relations website. 1For the period from January 1, 2026 to March 5, 2026 (which we refer to as the Predecessor period), net income was $107.9mm, interest expense was $5.3mm, interest income was $(0.08)mm, depreciation was $4.0mm, amortization of intangibles was $2.0mm, provision (benefit) from income taxes was $0.1mm, reorganization items, net was $(125.6mm), stock-based compensation and cash award expense was $1.9mm, gain (loss) on sale of property and equipment was $(0.2)mm, restructuring charges and other expenses was $5.4mm, cash award expense was $0.2mm and adj. EBITDA was $0.9mm. For the period from March 6, 2026 to March 31, 2026 (which we refer to as the Successor period), net loss was $1.3mm, interest expense was $0.5mm, depreciation was $2.2mm, amortization of intangibles was $0.1mm, provision (benefit) from income taxes was $(0.09)mm, restructuring charges and other expenses was $0.6mm, cash award expense was $0.1mm and adjusted EBITDA was $2.1mm. For the Predecessor period, revenue was $88.4mm and adjusted EBITDA margin was 1%. For the Successor period, revenue was $41.6mm and adjusted EBITDA margin was 5%.