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September 2026 INVESTOR PRESENTATION
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Disclaimer Cautionary Statement Regarding Forward-Looking Statements This presentation contains statements reflecting assumptions, expectations, projections, intentions or beliefs about future events that are intended as “forward-looking statements.” You can identify these statements by the fact that they do not relate strictly to historical or current facts. Management cautions that any or all of Target Hospitality’s (the “Company,” “we,” “us,” or “our”) forward-looking statements may not materialize. Please read Target Hospitality’s annual, quarterly and current reports filed with the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended, including its 2025 Form 10-K filed on March 11, 2026, and first quarter 2026 Form 10-Q filed on May 11, 2026, and second quarter Form 10-Q filed on August 10, 2026, for additional information about the risks, uncertainties and other factors affecting these forward-looking statements and Target Hospitality generally. Target Hospitality’s actual future results may vary materially from those expressed or implied in any forward-looking statements. All of Target Hospitality’s forward-looking statements, whether written or oral, are expressly qualified by these cautionary statements and any other cautionary statements that may accompany such forward-looking statements. In addition, Target Hospitality disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof. Non-GAAP Financial Measures This presentation also contains the forward-looking non-GAAP financial measure Adjusted EBITDA. Reconciliations of this forward-looking measure to its most directly comparable GAAP financial measure is unavailable to Target Hospitality without unreasonable effort. We cannot provide reconciliations of forward-looking Adjusted EBITDA to GAAP financial measures because certain items required for such reconciliations are outside of our control and/or cannot be reasonably predicted, such as the provision for income taxes. Preparation of such reconciliations would require a forward-looking balance sheet, statement of income and statement of cash flow, prepared in accordance with GAAP, and such forward-looking financial statements are unavailable to us without unreasonable effort. Although we provide a range of Adjusted EBITDA that we believe will be achieved, we cannot accurately predict all the components of the Adjusted EBITDA calculation. To the extent required, statements disclosing the definitions, utility and purposes of these measures are set forth in our earnings press release for the second quarter 2026, which is available on our website free of charge at www.TargetHospitality.com. Industry and Market Data This presentation includes statistical and other industry and market data that we obtained from industry publications and research, surveys and studies conducted by third parties. Industry publications and third-party research, surveys and studies generally indicate that their information has been obtained from sources believed to be reliable, although they do not guarantee the accuracy or completeness of such information. While we believe these industry publications and third-party research, surveys and studies are reliable, you are cautioned not to give undue weight to this information. Investor Presentation | 2
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32% 12% 56% Investor Presentation | 3 Target Hospitality Company Overview 2026 Outlook Ranges (3) ($ in millions) Total Revenue Adj. EBITDA(3) Total Capex(4) Workforce Hospitality Solutions (“WHS”) …to enhance their performance on the clock Providing critical services to workers off the clock… 01 FOOD 02 REST 03 CONNECTION 04 WELLNESS 05 COMMUNITY 06 HOSPITALITY ENGAGEMENT 07 PERFORMANCE 08 SAFETY 09 LOYALTY 10 PRODUCTIVITY 11 PREPAREDNESS 12 $435 - $445 $105 - $115 $490 - $510 2026 End Market Revenue Breakdown (1)(3) Hospitality and Facilities Services & Other (2) Government Notes: 1. Represents percentage of 2026 total consolidated revenue outlook range mid- point, as provided on August 26, 2026. 2. Includes HFS – South, and All Other segments. 3. As provided August 26, 2026. The unaudited estimated financial results included in this presentation are subject to revision. As a result, actual results for the year ended December 31, 2026, may differ materially from the estimated unaudited financial results as a result of the year-end audit, or upon occurrence of other developments that may arise prior to the time financial results are finalized. Infor mation reconciling forward-looking Adjusted EBITDA to GAAP financial measures are unavailable to the Company without unreasonabl e effort, and therefore, no reconciliations to the most comparable GAAP measures are provided for the 2026 financial outlook. 4. Total capital expenditures excluding acquisitions. One of North America’s Largest Providers of Comprehensive Hospitality Solutions • Leading vertically integrated provider of modular workforce accommodations and value-added hospitality services • We believe we are the largest provider capable of delivering comprehensive, turnkey solutions at scale in remote and expansive geographies that we serve • Interchangeable, long-lived specialty rental fleet generates robust asset-level economics with nominal maintenance capex requirements Target 12 Provides Major Workforce Recruitment and Retention Benefits Strategically aligned with secularly growing end markets including data center construction, critical mineral development mining sites, and vital national security programs
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Data Center Race Establishes Distinct Growth Vertical Target Hyper/Scale Provides Scalable, Fully Integrated Solutions on Demand for Data Center Developers Accelerating data center demand, coupled with lagging supply, is expected to create a significant deficit by 2030 Meeting this demand will require building ~2X the data center capacity built in the last 24 years – in under 5 years (1) Notes: 1. Source: McKinsey Quarterly, April 2025 2. Total current potential market opportunities based on management’s estimates of hospitality services and solutions required t o support capital investments in data center development, AI infrastructure, power generation and critical mineral development. Estimates are derived from historical percentages of hospitality services and solutions required to support these capital investment cycles. Investments expected to total ~$7Tn across the value chain, primarily driven by AI workloads (1) Investor Presentation | 4 Meeting this demand will require an immense amount of land, labor and infrastructure to support development Target Hyper/Scale Establishes a Unique Sub-Brand Focused on Supporting Data Center Development Large-Scale Data Center Projects are Being Built in Remote Locations that Lack Infrastructure Highly Customized All-Inclusive Communities Address the Key Labor Constraint in Scaling Remote Projects Multi-Trillion Dollar Advanced Technology Infrastructure Investment Cycle Underway Market Dilemma Target Hospitality Opportunity $18Bn Total Addressable Market (TAM) (2)
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Investor Presentation | 5 Business Transformation Through Strategic Initiatives Daily Rate Optimization Enhanced Contract Structure Expand End Markets and Geographies Pipeline Expansion Extended Contract Durations End Market Mega Trends Renewed focus on more complex projects to deliver highly differentiated solutions Reduce uncertainty from “termination for convenience” and similar clauses Increase revenue visibility while building longer-term customer relationshipsContinue to leverage density in Southwest U.S. while expanding to new geographies Drive scale-driven utilization advantages through efficient asset redeployment Expand customer and end-market exposure to capture data center opportunities and related infrastructure development Launched price optimization initiatives to better align rates with project requirements Expand take-or-pay contract portfolio to drive revenue visibility Revise contract structure to secure longer terms and encourage extensionsDevelop relationships with a diverse set of blue-chip customers Maintain a large asset base to enable rapid scaling for blue-chip customers Surging AI and other megatrends drive sustained demand for data center projects 5+ Year Average Duration with Multiple Additional Year Options Take-or-Pay Contract Structure National Hyperscalers and EPCs 20,000+ Beds of Potential Opportunity (for WHS) $18Bn Estimated TAM (2) >$100 Supported by Enhanced Amenities / Customized Solutions ~2 Years Average Duration LSA Contract Structure Natural Resource Development <5,000 Previous Pipeline ~$1Bn Estimated TAM (1) ~$70 HFS Segment Average Strategic Business Enhancement and Commercial Realignment Position Target Hospitality for Growth Notes: 1. Total potential market opportunities based on management’s estimate of hospitality services needed to support predominantly natu ral resource development customer activity in established operational regions. Estimates are derived from regional market analy sis and average historical customer contract economics. 2. Total current potential market opportunities based on management’s estimates of hospitality services and solutions required t o support capital investments in data center development, AI infrastructure, power generations and critical mineral development. Estimates are derived from historical percentages of hospitality services and solutions required to support these capital investment cycles . 3. These are not projections; they are goals and are forward-looking, subject to significant business, economic, regulatory and competitive uncertainties and contingencies, many of which are beyond the control of Target and its management, and are based upon assumptions with respect to future decisions, which are subject to change. Actual results will vary and those variations may be material. For discussion of some of the important factors that could cause these variations, please consult the “Risk Factors ” section of Target's 2025 Form 10-K and subsequent 2026 Form 10-Qs. Nothing in this presentation should be regarded as a representation by any person that these goals will be achieved, and Target undertakes no duty to update its goals. Illustrative Terms (3)
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• Professional and highly trained full- time staff provide 24/7 support • Dedicated on-site security personnel • Target manages the entire process from initial setup to finish • Customers know that their workforce needs are addressed • Our motto is “Move Fast. Build Things.” • Target was founded on the principles of efficiency and rapid deployment • Nimble operations allow Target to quickly adapt to fluctuations in worker population • Enabled by scalable, modular equipment • Build, manage and operate self-sufficient workforce communities • Drive retention with premium, in-demand lifestyle amenities Investor Presentation | 6 We Solve our Customers’ Most Challenging Problems Customer Need Solution “Help Us Attract and Retain Skilled Labor at Scale in Remote Geographies” “Deliver Turn-Key Solutions so We Can Focus on Our Core Mission” “Our Workers Need to be Safe and Comfortable While on the Jobsite” “Our Project Just Received Approval; We Need to Get Started ASAP” “We Need a Partner Who Can Scale in Tandem With Our Project’s Ramp-up” 1 2 3 4 5
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Our Fleet Enables us to Grow Alongside our Customers Rapid Ramp-up Capabilities Enabled by Strategic Inventory Enhance Value Proposition and Competitive Differentiation …To Meet the Ever-Evolving Needs of our Customers Across the Entire Project Lifecycle Target Hospitality Rapidly Deploys and Integrates a Mobile and Scalable Fleet… Investor Presentation | 7 Initial Data Center Community Contract established to provide comprehensive facility services for up to 250 individuals 250 Individuals Finalized first community expansion, increasing the community size to accommodate up to 650 individuals 650 Individuals Embedded infrastructure to facilitate further expansion and accommodate up to 1,500 individuals based on ultimate project requirements 1,500+ Individuals Second expansion underway to add capacity for up to 1,050 individuals as the project continues to ramp 1,050 Individuals <60 Days 90-120 Days 120-180 Days 180+ Days
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Scaled Network with Strategic Regional Density Investor Presentation | 8 Note: 1. Community count includes the 27 communities that are owned or leased by Target Hospitality, as well as the 2 that are not owned or leased Target Hospitality Enables Our Customers to Attract and Retain Employees in Hard-to-Recruit Geographies by Offering Turnkey Solutions and Best-in-Class Amenities North America Hospitality Locations 29 Total Communities (1) Across North America Locations of large-scale data center development Target Hospitality Community
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• Unexpected snowstorm hits Texas • Widespread road closures with no traffic in or out of the facility • Zero access to outside services during the storm • 500+ workers effectively operating on an “island” and ordered to shelter in place Case Study: 2026 Snowstorm in Texas Investor Presentation | 9 Targeting 100% Uptime Even in Challenging Situations Target Hospitality Communities are Purpose Built for the Unexpected Developer can remain fully focused on project work knowing their employees are safe and taken care of We aim to ensure that workers feel safe and secure with sufficient reserves of power, food, water and 24/7 support •Staff is trained and “battle tested” for extreme weather events •Water lines are always insulated and heat traced •Five days minimum of backup food on-site for the entire workforce •Offsite workforce hub providing remote support around the clock •Facilities are built to withstand inclement weather from the start Proactively stocked with equipment needed to clear sites of weather 100% back-up power for the entire facility and 24/7 emergency fueling services •Bulk fuel delivered and stored on-site for ancillary power generation No Disruption to Operations Target Hospitality was Prepared
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Robust Unit Economics with Minimal Maint. CapEx Investor Presentation | 10 (50) 0 50 100 150 200 250 300 350 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Cumulative Cash Flow $000s Years in Service Illustrative Unit Level Cash Flow Profile1 40%+ IRR Over 20 Years, Driven by Minimal Capex and Maintenance Needs and Consistent Contracted Revenue Inputs Outputs $1.2K Yearly Maint. Cost per Bed $47K Capex per Bed $105 / $58 ADR / COGS per Bed $18K Cash Flow per Bed per Year 7.6x Unlevered Returns per $ < 3 Year Payback Period < 3-Year Payback Period Illustrative Community Statistics •Total Beds •Initial Investment (2) •Cumulative EBITDA •EBITDA Margin 500 $23MM $190MM ~50% Note: 1. Unit level economics on an unlevered pretax basis 2. Includes total transportation & mobilization costs; Capex is only spent with impending contracts with high revenue visibility
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GROWTH OPPORTUNITIES
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Investor Presentation | 12 Leverage Unique Strategic Advantages to Drive Growth Well Positioned to Rapidly Deliver Comprehensive Solutions that Enable the Buildout of Critical and Remote Projects Leading full-service provider of scaled, remote workforce hospitality solutions across the U.S. Strategic regional presence with network density in key geographies enables rapid mobilization with enhanced operational efficiencies Perform all on-site services in-house to ensure consistent, high-quality solutions Financial flexibility and capacity to finance large infrastructure build-outs An Industry Leader Presence in High-Activity Regions Hundreds Of Premium Offerings 0.6x Net Leverage(1) Notes: 1. As of June 30, 2026
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$53MM Adjusted EBITDA 2025A Investor Presentation | 13 Key Drivers of Outsized Growth Opportunity Further Enhance Unit- Level Economics Tailwinds from $7Tn (1) of Committed Infrastructure Investments Data Center Infrastructure Opportunities Infrastructure, Critical Mineral Development and National Security Inorganic M&A Opportunities Unmatched Services Holistic Solutions Unique Capabilities Growth Pipeline Targeting Potential $18Bn (2) of Market Opportunities Across Diverse Industries, Underpinned by Data Center Opportunities and Related Infrastructure Development Notes: 1. Source: McKinsey Quarterly, April 2025 2. Total current potential market opportunities based on management’s estimates of hospitality services and solutions required t o support capital investments in data center development, AI infrastructure, power generation and critical mineral development. Estimates are derived from historical percentages of hospitality services and solutions required to support these capital investment cycles.
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Executing Against a Robust Opportunity Pipeline Investor Presentation | 14 Current Contract Opportunity Pipeline (1) Recent Contract Announcements 200+ Planned and In-Process Large-Scale U.S. Infrastructure Projects 30+ Identified Opportunities in Early Stages of Dialogue 10+ Active Discussions Demonstrated History of Converting Identified Opportunities into New Business Wins Revenue Nov. 2025 – 1st Data Center Community Expansion 1st 400-bed (160%) expansion to the previously announced 250-bed community to support the data center campus $42MM Dec. 2025 – Power Community Contract Established a 24-month, 250-bed agreement to support power generation for mining and data center development in Northern Nevada $35MM Feb. 2026 – 2nd Data Center Community Expansion 2nd 400-bed expansion to the original 250-bed data center campus representing a total bed increase of 320% with the ability to support 1,050 individuals $49MM Mar. 2026 – West Texas Power Community Contract Established a 47-month, 1,400-bed agreement to provide turnkey workforce accommodation for a multi-gigawatt power plant supporting Hyperscale AI data center development in West Texas $129MM Note: 1. Contract opportunity pipeline includes uncontracted services with both existing and new customers. We cannot guarantee that t his pipeline will result in realized contractual opportunities or meaningful revenue or profitability. Mar. 2026 – Pecos Power Community Contract Announced a 400-bed, multi-year contract to support the development of essential natural gas power generation capacity near Pecos, Texas $23MM Apr. 2026 – Data Center Hub Contract Announced a five-year, ~4,000-bed lease and services agreement (with two additional two-year extension options) directly with a top-five hyperscaler to support their development of a data center campus in North Texas $550MM May 2026 – AI Infrastructure Contract Announced a 48-month, ~3,370-bed agreement to provide workforce accommodations and customized hospitality solutions supporting AI Infrastructure development $750MM August 2026 – Pecos Hyperscaler Contract Announced a four-year, ~1,100-bed agreement to provide workforce accommodations and all-inclusive hospitality solutions supporting a Hyperscaler data center development in the Pecos region of West Texas $250MM
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FINANCIAL STRENGTH
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Strong Financial Position Supports Growth Initiatives As of June 30, 2026, total available liquidity of approximately $141 million with a net leverage ratio of 0.6x. Illustrates Target’s prudent capital discipline and consistent focus on maintaining a strong balance sheet and flexible capital structure. On July 24, 2026, closed a new $660 million1 asset-based revolving credit facility, strengthening Target’s liquidity position, extending its debt maturity profile and enhancing financial flexibility to pursue a robust commercial growth pipeline. Debt Maturity Profile2 Financial Strength and Flexibility Establish Ideal Platform to Continue Pursuing Strategic Growth Initiatives Consistently Enhancing Financial Strength Capitalization and Liquidity $MM 06/30/2026 Cash and Cash Equivalents $6 ABL Facility – $175MM Capacity 40 Finance Leases and Other Financing Obligations 5 Total Debt $45 Net Debt $39 Total Liquidity, including undrawn ABL Facility capacity $141 No Near-Term Maturities Investor Presentation | 16 New $660 Million1 Credit Facility Significantly Expands Liquidity to Support Strategic Growth 1) $660 million ABL credit facility subject to borrowing base availability. 2) As of July 24, 2026, the Company had approximately $65.7 million of outstanding borrowings under the new $660 million ABL credit facility. $- $150 $300 $450 $600 $750 2026 2027 2028 2029 2030 2031 $ in millions Outstanding $660 ABL 1, 2
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APPENDIX
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Investor Presentation | 18 Case Study: Diversification and Regional Expansion Strategically located in Winnemucca, Nevada, ~60 miles from Thacker Pass, the world’s largest measured lithium resource and reserve Positions Target to support the development of Thacker Pass through multiple project phases Attractive return profile, with minimal capital investment underpinned by a multi-year contract Strategic regional expansion supports opportunities to pursue other potential growth initiatives within an expanding region of critical mineral development Thacker Pass Winnemucca Reno NEVADA Las Vegas Note: 1. The Workforce Hub contract includes both construction and service revenues. As of December 31, 2025, construction of the Workforce Hub was substantially complete, with the customer retaining ownership of the assets. Additionally, Target anticipates an increase in service activities starting in 2026, following the completion of the construction phase. WHS Segment Broadens Customer Base and Geographic Reach “Transportation, infrastructure, defense capabilities, and the next generation of technology rely upon a secure, predictable, and affordable supply of minerals” – White House Executive Order, March 20, 2025 2,000 Individuals Supported at the Hub $177MM Revenue through 2027 (1) 85 Years Life of Mine of Thacker Pass Multi-Year Workforce Hub Contract Supporting Critical Mineral Development
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• Serving a diverse set of customers across critical mineral development, power generation and AI data center infrastructure • Highly customized workforce solutions with capabilities to expand alongside the customer • Anticipate margin expansion to over 30% as communities scale following initial mobilization • Strong secular tailwinds and attractive contract structures creating a long runway for future growth across an $18Bn TAM (2) Workforce Hospitality Solutions - WHS Investor Presentation | 19 Proven Solutions with Growing End-Market Presence Notes: 1. Including the “All Other” segment. 2. Total current potential market opportunities based on management’s estimates of hospitality services and solutions required t o support capital investments in data center development, AI infrastructure, power generations and critical mineral development. Estimates are derived from historical percentages of hospitality services and solutions required to support these capital investment cycles. • Subcontractor to multiple federal agencies and U.S. government initiatives since 2014, with current focus on Department of Defense projects • Reactivation of Dilley assets highlights Target’s flexible service offering and unique capabilities • Efficiency in scaling facilities, with a 2,400-bed community fully operational in less than a year Government Services Complementary Business Mix Creates Multiple Avenues to Accelerate Growth Across Critical End-Markets Select Customers • 20 all-inclusive, full-turnkey communities, primarily supporting natural resource developers • Long-standing relationships with multinational corporations and a customer renewal rate of ~90% since 2021 • Contract structure and consistent customer retention provide enhanced revenue visibility Hospitality and Facilities Services (1) - HFS Hyperscalers Leading Constructors / EPCs
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Site Selection & Civil Surveying Community Configuration & Layout Engineering & Land Preparation Complete Facilities Management Technology Infrastructure & Services Waste & Janitorial Solutions Multiple 24/7 Culinary Solutions Premier Health & Recreational Facilities Transportation & Logistics Services Full Utility Capabilities & Integrations Cellular Connectivity & Installation Integrated Community Amenities Holistic Remote Workforce Solutions Gated Access & 24/7 Security Comprehensive Maintenance Services Real Estate Acquisition Commercial Construction & Fabrication Modular Asset Integration Investor Presentation | 20 Vertically Integrated Solutions Across Key End Markets Premium Hospitality Services and OfferingsCustomized and Purpose-Built Solutions Operate ManageDevelop Build Service Design
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Definitions Definitions: Target Hospitality defines Adjusted gross profit, as Gross profit plus depreciation of specialty rental assets, loss on impairment, and certain severance costs. Target Hospitality defines EBITDA as net income (loss) before interest expense and loss on extinguishment of debt, income tax expense (benefit), depreciation of specialty rental assets, and other depreciation and amortization. Adjusted EBITDA reflects the following additional adjustments to EBITDA to exclude certain non-cash items and expense or income items that management believes are not indicative of the Company’s ongoing operating performance: • Other expense (income), net: Other expense (income), net includes miscellaneous cash receipts, gains and losses on disposals of property, plant, and equipment and leased assets, community pre-opening costs incurred during ramp-up periods for new customer contracts, and other immaterial expenses and non-cash items. Community pre- opening costs primarily relate to certain operating costs incurred prior to the community becoming fully operational. • Transaction expenses: During 2026, the Company incurred legal, advisory, and audit-related fees associated with the secondary public offerings by Arrow Holdings S.à r.l. and MFA Global S.à r.l., entities controlled by investment funds managed by TDR Capital LLP, as well as legal costs related to certain contemplated transactions. During 2025, transaction costs primarily related to legal, advisory and audit-related fees associated with debt related transaction activity related to the 2025 Senior Secured Notes, which were redeemed and paid off on March 25, 2025, and, to a lesser extent, other business development project related transaction activity and remaining costs associated with the Arrow Proposal. • Stock-based compensation: Charges associated with stock-based compensation expense, which has been, and is expected to continue to be for the foreseeable future, a significant recurring expense and an important component of the Company’s compensation strategy. • Other adjustments: Claim settlement, system implementation costs, and corporate development related costs. Investor Presentation | 21