PDS Q4 2025 Earnings Presentation

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PRECISION DRILLING CORPORATIONFebruary 2026 - Investor Presentation

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2INVESTOR PRESENTATION Certain statements contained in this report, including statements that contain words such as "could" , "should" , "can" , "anticipate" , "estimate" , "intend" ,"plan" , "expect" , "believe" , "will" , "may" , "continue" , "project" , "potential" and similar expressions and statements relating to matters that are not historicalfacts constitute "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within themeaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 (collectively, "forward-looking information andstatements"). In particular, forward-looking information and statements include, but are not limited to, the following: our strategic priorities for 2026; our futurecapital expenditure plans; anticipated activity levels and our scheduled infrastructure projects; anticipated demand for rigs; the number of term contracts inplace; and our future debt reduction plans beyond 2025. Certain of the information in this presentation is “financial outlook” within the meaning of applicable securities laws. The purpose of this financial outlook isto provide readers with disclosure regarding our reasonable expectations as to the anticipated results of its proposed business activities. Readers arecautioned that this financial outlook may not be appropriate for other purposes. These forward-looking information and statements are based on certain assumptions and analysis made by Precision in light of our experience andour perception of historical trends, current conditions, expected future developments, and other factors we believe are appropriate under the circumstances.These include, among other things: our ability to react to customer spending plans as a result of changes in oil and natural gas prices; the status of currentnegotiations with our customers and vendors; customer focus on safety performance; existing term contracts are neither renewed nor terminated prematurely;our ability to deliver rigs to customers on a timely basis; the general stability of the economic and political environments in the jurisdictions where we operate;and the impact of an increase/decrease in capital spending. Undue reliance should not be placed on forward-looking information and statements. Whether actual results, performance or achievements will conform toour expectations and predictions is subject to a number of known and unknown risks and uncertainties which could cause actual results to differ materiallyfrom our expectations. Such risks and uncertainties include, but are not limited to: volatility in the price and demand for oil and natural gas; fluctuations in thedemand for contract drilling, well servicing and ancillary oilfield services; our customers’ inability to obtain adequate credit or financing to support their drillingand production activity; changes in drilling and well servicing technology which could reduce demand for certain rigs or put us at a competitive disadvantage;shortages, delays and interruptions in the delivery of equipment supplies and other key inputs; the effects of seasonal and weather conditions on operations andfacilities; ability to enhance our rig technology to improve drilling efficiency; the availability of qualified personnel and management; a decline in oursafety performance which could result in lower demand for our services; changes in environmental laws and regulations such as increased regulation ofhydraulic fracturing or restrictions on the burning of fossil fuels and greenhouse gas emissions, which could have an adverse impact on the demand for oil andgas; terrorism, social, civil and political unrest in the foreign jurisdictions where we operate; fluctuations in foreign exchange rates, interest rates and tax rates;and other unforeseen conditions which could impact the use of services supplied by Precision and Precision’s ability to respond to such conditions. Readers are cautioned that the foregoing list of risk factors is not exhaustive. Additional information on these and other factors that could affect ourbusiness, operations or financial results are included in reports on file with applicable securities regulatory authorities, including but not limited to Precision’sAnnual Information Form for the year ended December 31, 2024, which may be accessed on Precision’s SEDAR+ profile at www.sedarplus.ca or underPrecision’s EDGAR profile at www.sec.gov. The forward-looking information and statements contained in this news release are made as of the date hereof andPrecision undertakes no obligation to update publicly or revise any forward-looking information and statements, whether as a result of new information, futureevents or otherwise, except as required by law. FORWARD-LOOKING STATEMENT

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3INVESTOR PRESENTATION PRECISION HIGHLIGHTS#1 Land Driller in Canada, Highly Desirable Super Triple& Super Single RigsTechnology Leader - Most Advanced Rig in North America with Alpha , Evergreen and Robotics#1 Well Service Provider in Canada, 145 RigsActive in Kuwait & Saudi Arabia, 7 Rigs ContractedGlobal Oilfield Service Company A Top U.S. Land Driller, Super Triple Rigs in All Major Basins

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4INVESTOR PRESENTATION Maximize free cash flow through disciplined capital deployment and strict cost managementGenerated $413M cash, funding rig upgrades, meeting debt reduction/share repurchase goals, and increasing cash balanceProactively reduced fixed cost structureDelivered resilient operating margins in Canada and the U.S.1.Grow revenue in existing service linesGrew leading Canadian drilling market shareGrew U.S. rig utilization from a low of 27 rigs to a peak of 40Invested $107M in upgrade capital, including 27 major customer-funded rig upgradesExpanded EverGreen revenue by 22% year over year3.Enhance shareholder returns through debt reduction and share repurchasesReduced debt by $101M, exiting the year with 1.2x leverageOn track to meet 2022-2027 debt reduction of target of $700MReturned $76M to shareholders through repurchases, reducing outstanding shares by 6%2. 2025 STRATEGIC PRIORITIES & RESULTS

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5INVESTOR PRESENTATION Drive revenue growth and deepen customer relationships through upgrades, operational excellence, and by leveraging technology1.Enhance shareholder returns by reducing debt $100M and allocating up to 50% of FCF to share repurchases3.Maximize free cash flow through disciplined capital deployment and strict cost management2. STRATEGIC PRIORITIESFOR 2026

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6INVESTOR PRESENTATION 1. 2026 Estimated FCF: FY Consensus EBITDA less FY Consensus Interest Expense less FY CAPEX Guidance; Consensus numbers from FactSet as of February 9, 2026.2. As of February 9, 2026, when PD stock closed at $119.67/share. ROBUST FREE CASH FLOW YIELD#1 Land Driller Canada, #2 in North AmericaAttractive Upgrade Capital Returns (~$160M growth investments last 2 years)High-quality, Recurring Completion & Production Cash FlowsConsistent International Operations U.S. Operations Levered To Long-term Gas GrowthFuture Free Cash Flow Drivers13%FREE CASH FLOW YIELD POTENTIAL$207MAnalyst Estimates for 2026 Free Cash Flow1$1,548MEquity Market Cap213%Estimated FCF Yield Differentiated Digital Automation Technology Offering

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7INVESTOR PRESENTATION $1.7B Returned to ShareholdersMoving Direct Shareholder Returns Up to 50% of FCF in 2026Net Debt/Adjusted EBITDA 1.2x1Long-term Target of <1.0x ENHANCING SHAREHOLER RETURNS 1. As at December 31, 2025.208 262 436 667 849 969 1,085 1,267 1,519 1,695 02004006008001,0001,2001,4001,6001,8002,0002015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025Cum. Reduction/Repurchase (C$M)Cumulative Debt Reduction & Share RepurchasesDebt repaymentShare repurchases

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8INVESTOR PRESENTATION ENHANCING SHAREHOLER RETURNS – DEBT REDUCTION 1. 2025E & 2026E based on debt reduction target of C$700M between 2022 & 20272. Precision’s total long-term debt was US$500M, including US$80M of U.S. denominated borrowings and C$28M of Canadian denominated borrowings on the Senior Credit Facility $0.0$0.4$0.8$1.2$1.6$2.0LONG-TERM DEBT (US$ BILLIONS)DEBT REDUCTION PROGRESS1Approaching 1.0x~1.2x $100$400$0$100$200$300$400$5002026 2027 2028 2029LONG-TERM DEBT (US$ MILLIONS)Average cost of debt is 6.6% DEBT MATURITY PROFILE2$101M Debt Repaid in 2025To Repay $700M from 2022-2027 & Achieve Net Debt To Adj EBITDA Below 1.0x$535M repaid as of 12/31/251.2x leverage as of 12/31/25Debt Termed Out, Attractive RatesNext maturity in 20296.6% average cost of debt 7.9x

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9INVESTOR PRESENTATION Reduced Share Count 11% Since Q1 2024, 6% reduction in 2025Repurchased $76M of Shares in 2025 and met target of between 35% to 45% of FCFTargeting between 40% and 50% of FCF in 2026 Targeting Direct Shareholder Returns up to 50% of FCF in 2026 ENHANCING SHAREHOLER RETURNS – SHARE BUYBACKS SHARE BUYBACK PROGRESSPRECISION DRILLING OUTSTANDING SHARES (MILLIONS) 12.0 13.0 14.0 15.0Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/2511% decrease

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10INVESTOR PRESENTATION High impact upgrades driving performance gains & sustaining PD’s premium ratesFunded by upfront payments, term contracts, and/or higher day ratesTargeting full capital recovery over contract termFocused on heavy oil & Montney rigs in Canada and gas-weighted plays in U.S.GROWING REVENUE FROM EXISTING SERVICE LINESUpgraded 27 PD Super Series Rigs in 2025SUPER TRIPLE RIG FEATURES0104020305 060708091011121413 Up to 39,000 ft 5.5” Racking Capacity01AlphaAutomation , AlphaApps & AlphaAnalytics 02Drilling Equipment Control System03High Speed Downhole Data04Omni-Directional Pad Walking System05Up to 1.1M lbs. Hookload06High-Torque Top Drives07Sliding Automation08Two-Speed 2,000 HP Drawworks09Transfer Tank10Umbilically Connected Backyard Complex113 – 2,000 HP Pumps with 7,500 psi Circulating Systems12Integrated Power Management System134 - CAT 3512 Gensets, Bi-Fuel Capable, Battery Energy Storage System14AlphaARMS Robotics1515

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11INVESTOR PRESENTATION Leveraged to High-Inventory Developments LNG Canada•2.1 bcf/d facility•First cargo in July 2025IMPROVED MARKET ACCESSTMX Expansion•~590,000 bbls/d•Began operating in May 2024World-Class Oil and Natural Gas PlaysMontneyWorld-class oil and natural gas playMost remaining oil inventory life in North America with competitive returnsUnconventional OilDecades of inventory & attractive returnsConventional Heavy Oil & Clearwater FormationLow breakeven shallow development with rapid paybackImproved Market AccessOil: TMX pipeline expansion (2024)Gas: LNG Canada (2025)Additional 4.5 bcf/d of projects at or near FID, including LNG Canada Phase 2 1. Annual average market share for 2025, calculated using data from CAOEC CONVENTIONALHEAVY OIL #1 LAND DRILLER IN GROWING CANADIAN MARKETMost active driller in Canada, 36% market share1OurSuper Triple &Super Singlerigs in high demand

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12INVESTOR PRESENTATION Current Q4/25 WinterCanadian Play Preferred Rig Fleet Utilization12025/26EMontney/LNG PD Super Triple32 ~90% ~95%Oil Sands/Clearwater PD Super Single48 ~65% ~95%Other Plays Tele Double 15 ~35% ~55%Total Canada 95 65-70% ~90-95%0002,0004,0006,0008,00010,00012,00014,00016,00018,000Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q32022 2023 2024 2025MARGIN/DAY (C$) CANADIAN DAYRATE MARGINS2Positive trend over last 3 years1. Average utilization for the quarter, calculated as utilization days divided by available rig days2. Defined as revenue per utilization day less operating costs per utilization day; Q2 margins impacted by seasonality (i.e. spring break up) ; Q3/24 and Q4/24 margins impacted by rig mix TIGHT SUPER SPEC RIG MARKET SUPPORTING STRONG MARGINSHighly Desirable PD Super SeriesRigs

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13INVESTOR PRESENTATION Preferred Rig for Montney/LNG & U.S. Extended Reach Drilling Delivering cost-effectiveness, consistent performance, and repeatable resultsAlpha automation, digitally connected with 24/7 supportAgile modular layout optimized for efficient pad drilling with full walking capabilitySupporting extended reach programsDigital Twin monitoring to reduce downtime & extend asset lifeEverGreen product offeringsMost advanced North American land rig with rig floor roboticsPreferred Rig for Canadian Heavy Oil DrillingSpecifically designed by PD for unconventional drillingDelivering highly-efficient, cost-efficient, and consistent resultsPad walking rigs allow for year-round drilling, minimizing impact of spring break upLow truck load count allows for faster rig movesDigital Twin monitoring to reduce downtime & extend asset lifeEverGreen product offerings COMPETITIVE ADVANTAGE OF PD SUPER SERIES RIGSSuper Triple (2000, 1500 & 1200 HP)Super Single High Performance, High Value Service Offering Aligned With Customer Needs

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14INVESTOR PRESENTATION 90100110120130Baker Hughes L48 Land Gas Rig Count U.S. Natural Gas Activity Improving PD 2025 rig count increased while industry activity declinedCapitalized on opportunities in natural gas basinsIndustry natural gas rig count up ~21% exit-to-exit in 2025Activity driven by new LNG off-take & build-out of AI data centersWell-Positioned For Oil Drilling InflectionDemand remains high for Super Spec rigsStrong presence in Permian, Eagle Ford, and RockiesPRECISION’S ACTIVE U.S. BASINS 1. Per Baker Hughes as of February 6, 2026Up ~21% in 2025 with continued growth in 2026US OPERATIONS LEVERED TO LONG-TERM GAS GROWTH

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15INVESTOR PRESENTATION $0$50$100$150$2002020 2021 2022 2023 2024 2025INTERNATIONAL REVENUE (US$ MILLIONS)ANNUAL INTERNATIONAL REVENUE Established & Stable Operations CONSISTENT INTERNATIONAL OPERATIONSSuccessful international operator for over a decadeR904 rated top performing deep-well drilling rig in Kuwait7 rigs active, 4 Kuwait and 3 Saudi Arabia, expected for 2026 Early 2026, demobilized one rig in Kuwait while reactivating our suspended rig in Saudi ArabiaAll rigs supported by contracts extending into 2027 and 2028Healthy investment returnsPositioned for growth & continue to bid our idle marketable rigs PRECISION INTERNATIONAL ACTIVITY

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16INVESTOR PRESENTATION Premier Well Service Provider In Canada HIGH-QUALITY COMPLETION & PRODUCTION CASH FLOWConsolidated the business with two acquisitions1Size and scale providing increased opportunities PRECISION WELL SERVICE CANADIAN LOCATIONS 1. High Arctic’s well service business and rental assets acquired July 27, 2022; CWC Energy Services Corp. acquired November 8, 2023Strong FCF With Min Capex RequirementsLonger-life assets with a stock of spare parts & equipmentPositive Outlook For BusinessDriven by TMX pipeline expansion, LNG Canada, and increased regulatory spending requirementsShortage of high-quality assets and staffed service rigs, supporting healthy activity and firm pricing$0$10$20$30$40$50$602019 2020 2021 2022 2023 2024 2025ADJ EBITDA - CAPEX(C$ MILLIONS)(Adjusted EBITDA¹ less CAPEX)HIGH-QUALITY FREE CASH FLOW

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17INVESTOR PRESENTATION Fully Digital Automation: A Game ChangerTransforming traditional drilling into highly efficient data-driven processesLeveraging Big Data: Enhanced PerformanceDeriving critical insights from real-time datasetsArtificial Intelligence: Predictive Analytics Identifying patterns and trends to optimize drilling operations, maintenance, and safetyEmpowering our Customers: Driving SustainabilityLeveraging a combination of hybrid power systems, and optimized fuel monitoring to reduce diesel consumption and emissionsDriving environmental performance while being cost neutral/negativeContinuing to develop ancillary technologies to further reduce emissions MARGIN ENHANCEMENT VIA VALUE-ADD TECHNOLOGY

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18INVESTOR PRESENTATION Expect to reduce debt by $100M in 2026, and well-positioned to repay $700M of debt from 2022-2027 ($535M as of 12/31/2025)Expect to allocate up to 50% of FCF to share repurchasesOn track to achieve a Net Debt to Adjusted EBITDA ratio¹ of <1.0xExpect current winter drilling season to exceed last year’s activityU.S. activity grew 25% over the last 9 months of 2025Continue to have encouraging customer conversations that could result in activity increasesExpect 7 active rigs internationally in 2026Pad-capable Super Seriesrigs continue to drive market outperformanceExpect CAPEX budget of $245M in 2026, including $63M for upgradesA leader in innovation with Alpha , EverGreen and roboticsIn Canada, Precision’sSuper Triples& Super Singles nearly fully utilized through winter drilling seasonCanadian margins² Q1/26e ~$14,000 - $15,000/dayUS margins2Q1/26e ~US$8,000 - US$9,000/day1. Non-GAAP measure; see our Quarterly Report for more information2. Defined as Revenue per utilization day less Operating cost per utilization day 18 FEBRUARY PRECISION MARKET UPDATEFirm Commitment To Debt Reduction & Share Buyback Targets Tight Super Spec Rig Market Supporting Strong MarginsPrecision Drilling Activity UpdatePD’s Super SeriesRigs Provide Competitive Advantage

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19INVESTOR PRESENTATION CREATINGSHAREHOLDER VALUE Delivering High Performance, High ValueServices Strict Cost Management & Capital Discipline Disciplined Investments In Our People & Equipment Higher Equity Valuation Through Strong FCF Yield, Deleveraging & Share Repurchases Generating Significant Free Cash Flow

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APPENDIXPrecision Drilling Corporation

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21INVESTOR PRESENTATION 05010015020025030020222023202420252026Source: Baker Hughes land rig count as of February 6, 2026 U.S. LAND RIG COUNT 10 YEAR HISTORY 02004006008001,0001,2002016 2017 2018 2019 2020 2021 2022 2023 2024 2025 20269182019 Avg Active Rigs4172020 Avg Active Rigs4632021 Avg Active Rigs7052022 Avg Active Rigs5802024 Avg Active Rigs31% decline Jan 1/23 to Dec 30/256672023 Avg Active Rigs1742022 Avg Active RigsCANADIAN LAND RIG COUNT 5 YEAR HISTORY1762023 Avg Active RigsPad drilling driving more activity during spring break up 1852024 Avg Active RigsHISTORICAL INDUSTRY DRILLING ACTIVITY5452025 Avg Active Rigs1742025 Avg Active Rigs

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