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©2025 TETRA Technologies, Inc. All rights reserved. COMPANY OVERVIEW & INVESTMENT CASE October 2025 Section Topic Pages 1 Overview 3-6 2 One TETRA 2030 8-11 3 Completion Fluids & Products 13-17 4 Water & Flowback Services 19-22 5 Emerging Growth 24 6 Electrolytes for B.E.S.S. 26-29 7 Desalination 31-35 8 Critical Minerals 37-38 9 Investing for Growth 40-41 10 Financials 43-46 11 Appendix 48-50
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2 DISCLAIMER Forward-Looking Statements This presentation includes certain statements that are deemed to be forward-looking statements. Generally, the use of words such as “may, ” “see, ” “expectation, ” “expect, ” “intend, ” “estimate, ” “projects, ” “anticipate, ” “believe, ” “assume, ” “could, ” “should,” “plans, ” “targets” or similar expressions that convey the uncertainty of future events, activities, expectations or outcomes identify forward-looking statements that the Company intends to be included within the safe harbor protections provided by the federal securities laws. These forward-looking statements include statements concerning the Company’s strategic plans, planning, financial targets and outlook for future reporting periods (including the extent and timing of revenue and expense), the Company’s future operations and strategy (including the expected implementation and related impact of the Company’s TETRA 2030 Plan); economic and operating conditions that are outside of the Company’s control, including statements concerning the oil and gas industry; the completion of new projects and the profitability thereof; potential revenue associated with prospective energy storage projects or our produced water desalination projects; the success, adoption and viability of our existing and new technologies, including our produced water desalination technology; demand for our products and services by customer; measured, indicated and inferred mineral resources estimates and proven and probable reserve estimates, the potential extraction of lithium, bromine and other minerals from our Evergreen Unit and other leased acreage, the economic viability thereof, the demand for such resources, the timing and costs of such activities, and the expected revenues, including any royalties, profits and returns from such activities; the timing and success of our bromine production wells and the construction of our bromine processing facility and related engineering activities; and statements regarding the Company's beliefs, expectations, plans, goals, future events and performance, and other statements that are not purely historical. These forward-looking statements are based on certain assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions, expected future developments, public statements made by customers and other third parties, and other factors it believes are appropriate in the circumstances. Such statements are subject to several risks and uncertainties, many of which are beyond the control of the Company. With respect to the Company’s disclosures of measured, indicated and inferred mineral resources, including bromine and lithium carbonate equivalent concentrations, it is uncertain if all such resources will ever be economically developed. Investors are cautioned that mineral resources do not have demonstrated economic value and further exploration may not result in the estimation of a mineral reserve. In addition, resource and reserve estimation is a process of estimating underground accumulations of minerals that cannot be measured in an exact way. The accuracy of any resource or reserve estimate depends on the quality of available data, the interpretation of such data and price and cost assumptions made by Qualified Persons. The results of drilling, testing and production activities may justify revisions of previous estimates. Accordingly, mineral resource and reserve estimates may differ significantly from the quantities of minerals that are ultimately produced. Further, there are a number of uncertainties related to processing lithium, which is an inherently difficult process. Therefore, you are cautioned not to assume that all or any part of our resources can be economically or legally commercialized. With respect to the Company’s disclosures regarding the potential joint venture for the Evergreen Unit, it is uncertain about the ability of the parties to successfully negotiate one or more definitive agreements, the future relationship between the parties, and the ability to successfully and economically produce lithium and bromine from the Evergreen Unit. Investors are cautioned that any forward-looking statements are not guarantees of future performance or results and that actual results or developments may differ materially from those projected in the forward-looking statements. Factors which may cause actual results to differ materially from current expectations include, but are not limited to: changes in general economic conditions; opportunity risks, such as mineral extraction, demand therefor, or realizing industrial and other benefits expected from bromine processing; our ability to develop a bromine processing facility and risks inherent in the construction such facility; the accuracy of our resources report, feasibility study and economic assessment regarding our lithium and bromine acreage; equipment supply, equipment defects and/or our ability to timely obtain equipment components; competition from existing or new competitors; risks associated with changes in laws and regulations, or the imposition of economic or trade sanctions affecting international commercial transactions, including legislative, regulatory and policy changes, such as unexpected changes in tariffs, trade barriers, price and exchange controls; and other the factors described in the section titled “Risk Factors” contained in the Company's Annual Reports on Form 10-K, as well as other risks identified from time to time in its reports on Form 10-Q and Form 8-K furnished or filed with the Securities and Exchange Commission. Investors should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement, and the Company undertakes no obligation to update or revise any forward-looking statements, except as may be required by law. Industry and Market Data This presentation has been prepared by TETRA and includes market data and other statistical information from third-party sources, including independent industry publications, government publications or other published independent sources. Although TETRA believes these third-party sources are reliable as of their respective dates, TETRA has not independently verified the accuracy or completeness of this information. Certain data included in this presentation is also based on TETRA’s good faith estimates, which are derived from its review of internal sources as well as the third-party sources described above. Non-GAAP Financial Measures This presentation includes certain financial measures that are not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). These measures may include Enterprise Value, Net Debt, Net Leverage Ratio, Adjusted EBITDA, Adjusted EBITDA margins, Adjusted Free Cash Flow and Base Business Adjusted Free Cash Flow. See the appendix to this presentation for the definitions, and a discussion, of these non-GAAP financial measures and reconciliations to the most comparable GAAP financial measures. These non-GAAP financial measures are not measures of financial performance prepared or presented in accordance with GAAP and may exclude items that are significant in understanding and assessing the Company’s financial results. These non-GAAP financial measures should be considered in addition to, and not as a replacement for or superior to, the comparable GAAP measure, and may not be comparable to similarly titled measures reported by other companies. These non-GAAP financial measures should be considered in addition to, and not as a replacement for or superior to, the comparable GAAP measure, and may not be comparable to similarly titled measures reported by other companies. Therefore, users of any such information should not place undue reliance thereon. Key items required to reconcile certain non-GAAP measures to GAAP measures for future periods and by future segments are not currently determinable without unreasonable efforts due to the inherent difficulty in quantifying with reasonable accuracy significant items, including depreciation expense and interest expense, pending finalization of cost estimates, funding structure and cost allocations between future segments. Such reconciling items may be material to the Company’s actual results determined in accordance with GAAP. Change in Reporting Segments As discussed in this presentation, the Company intends to manage its operations in three segments likely beginning in 2027. This presentation provides unaudited financial information for the twelve months ended September 30, 2025 reflecting the realignment of the Company's operating segments on the Company's historical segment results. This information remains subject to additional adjustments which may arise as we finalize the new reporting structure. Investors are cautioned that this information is unaudited, and as such has not been subject to the more rigorous standards of review for our filed financial statements. Additionally, our independent registered public accounting firm has not audited, reviewed, compiled or applied agreed- upon procedures with respect to this information and, accordingly, does not express an opinion or any other form of assurance with respect thereto. The changes in the segment structure affect only the manner in which the results for the Company's operating segments were previously reported. The historical segment information provided under the new segment structure has no other impact on the Company's previously reported consolidated financial information. The information in this presentation should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2024 and its Quarterly Report on Form 10-Q for the period ended September 30, 2025.
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ABOUT TETRA 3 OPERATIONS in 13+ COUNTRIES REVENUE IN 23 COUNTRIES 1,400+ EMPLOYEES Founded in 1981. Headquartered in The Woodlands, TX Leveraging 40+ years of fluid chemistry solutions Base Business • Innovation and market leader for offshore deepwater completion fluids • Leader in produced water treatment and recycling for unconventional oil & gas • Leading global producer of calcium chloride Emerging Growth • Electrolytes for long duration energy storage • Produced water desalination for beneficial reuse • Critical minerals in Arkansas brine leases ENERGY SERVICES // INDUSTRIAL CHEMICALS // CRITICAL MINERALS
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TETRA SNAPSHOT 4 a) Shares outstanding as of 09/30/2025 multiplied by closing share price as of 10/24/2025. b) As of 09/30/2025. c) Enterprise Value calculated as Market Cap as of 10/24/2025 p lus Net Debt as of 09/30/2025.. 1Enterprise value, Net debt and Adjusted EBITDA margins are non-GAAP financial measures. See “Non-GAAP Reconciliation” in appendix for more informa tion and reconciliation. NYSE: TTI Ticker $1.05B Market Cap (a) $114M Net Debt (b, 1) $1.17B Enterprise Value (c, 1) 135M Shares Outstanding (b) 2.9 million Avg 30d Trading Volume Revenue $257M Adj. EBITDA Margin1 12.1% Revenue $362M Adj. EBITDA Margin1 33.1% Fluid Chemistry Solutions for Energy, Energy Storage & Water Treatment 11.0% 11.5% 12.9% 17.1% 18.7% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q3 2025 TTM $619M Q3’25 TTM Revenue Profile Offshore Completion Fluids Water & Flowback Industrial Chemicals Adj. EBITDA Margins
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EXISTING BUSINESS SEGMENT OVERVIEW 5 Current Business Segments Completion Fluids & Products Water & Flowback Services Annual Revenue ($M) & Adjusted EBITDA Margin Business Lines Completion Fluids Industrial Chemicals Water Transfer & Treatment Flowback and Sand Filtration Revenue Drivers Deepwater O&G Well Completions Global GDP O&G Production /US Frac Key Products Calcium Bromide Zinc Bromide CS Neptune Calcium Chloride TETRA BlueLinx TETRA SWAT TETRA SandStorm Auto Drill Out, EPF’s Growth Opportunity Bromine Capacity Expansion Electrolytes for Utility Scale BEES Produced Water Recycling & Re-Use 1Adjusted EBITDA, Adjusted EBITDA margins are non-GAAP financial measures. See “Non-GAAP Reconciliation” in appendix for more information and reconciliation. $282 $135 $169 $280 $313 $288 $257 13% 8% 9% 16% 17% 13% 12% 0% 5% 10% 15% 20% 25% 2019 2020 2021 2022 2023 2024 Q3-2025 TTM $millions Revenue Adjusted EBITDA Margin $279 $243 $220 $273 $313 $311 $362 25% 28% 29% 25% 28% 29% 33% $- $50.0 $100.0 $150.0 $200.0 $250.0 $300.0 $350.0 $400.0 2019 2020 2021 2022 2023 2024 Q3-2025 TTM $millions Revenue Adjusted EBITDA Margin 1 1
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THE TETRA INVESTMENT CASE 6 2025 is an inflection point for TETRA’s growth initiatives • Ramping sales of TETRA PureFlow for Eos to match increased production levels • Traction with TETRA Oasis TDS including EOG pilot unit; finalizing engineering design on 25K bbl/day unit • Continued progress in advancing the bromine project with internally generated free cash flow ▸ Completion Fluids & Products Adj. EBITDA margins at a 10 year high driven by value-added suite of products ▸ Automation and international growth to drive Water & Flowback Services revenue and margin improvement ▸ Base business FCF expected to exceed $50M 1Adjusted EBITDA margins, base business free cash flow and net leverage ratio are non- GAAP financial measures. See “Non- GAAP Reconciliation” in appendix for more information and reconciliation. 3Q 2025 Adj. EBITDA Margins Completion Fluids & Products 31% Water & Flowback Services 12% 3Q2025 TTM Net leverage ratio of 1.2X Chemicals Revenue and Adj. EBITDA achieves 10yr high Water & Flowback Services contract wins in Argentina 3Q25 TTM Net Cash Provided by Operations $74M Base Business FCF $49M Cash on hand $67M as of 9/30/2025 TTM Revenue $619M Adj. EBITDA $116M Adj. EBITDA Margin 18.7% 2024 Actual 2025 Guidance Range Revenue $599M $ 620-630M Adjusted EBITDA $99.4M(1) $ 107-112M(1) 1 1 1 1 1 1 1 1 1 1
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ONE TETRA – THE PATH TO 2030
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ONE TETRA 2030 | SEGMENT TRANSITION 8 ▸ Completion Fluids ▸ Calcium Chloride Completion Fluids & Products Water & Flowback Services ▸ Water Transfer ▸ Water Treatment & Recycle ▸ Well Testing & Flowback 2025 SEGMENTS FUTURE SEGMENTS ▸ Calcium Chloride ▸ Electrolytes for Energy Storage ▸ Smackover Arkansas Minerals & Produced Water Specialty Chemicals & Minerals Water Treatment & Desalination ▸ Water Treatment & Recycle ▸ Produced Water Desalination Energy Services ▸ Completion Fluids ▸ Well Testing & Flowback
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ONE TETRA 2030 | FUTURE BUSINESS MIX 9 0 50 100 150 200 250 300 350 TTM 3Q'25 2030 Target Adj. EBITDA1 23% CAGR 0 200 400 600 800 1,000 1,200 TTM 3Q'25 2030 Target Revenue 15% CAGR Water Treatment and Desal 6% Industrial Chemicals 24% Energy Services 70% Water Treatment and Desal 28% Specialty Chemicals and Minerals 36% Energy Services 36% 70% traditional oilfield services 64% industrial chemicals & water treatment 0 20 40 60 80 100 120 140 160 TTM 3Q'25 2030 Target Adj. Free Cash Flow1 TTM 3Q’25 Revenue 2030 Revenue Targets millions millions millions 47% CAGR (1) Adjusted EBITDA and Adjusted FCF (Free Cash Flow) are non-GAAP financial measures. See “Non-GAAP Reconciliation in the appendix for more information on how these non-GAAP financial measure are computed and a reconciliation for historical periods. No quantitative reconciliation of Adjusted EBITDA or Adjusted FCF [Targets] to the most directly comparable GAAP measure is available without unreasonable efforts due to the inherent difficulty in forecasting and quantifying with reasonable accuracy significant items required for the reconciliation. Key items required to establish a comparable target include, among other things, depreciation expense and interest. Such reconciling items are not currently determinable pending finalization of cost estimates and funding structure and may be material to the Company’s actual results determined in accordance with GAAP.
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ONE TETRA 2030 | TRANSFORMING TO A HIGHER VALUE PORTFOLIO 10 Target Revenue CAGR 5%-8% Target Adj. EBITDA Margin1 of 25%-30% Energy Services Completion Fluids Well Testing & Flowback Specialty Chemicals & Minerals Calcium Chloride B.E.S.S. Electrolytes Smackover Arkansas Minerals Target Revenue CAGR 25%-30% Target Adj. EBITDA Margin1 of 28%-32% Water Treatment & Desalination Produced Water Recycling & Re-use Target Revenue CAGR 55%-60% Target Adj. EBITDA Margin1 of 28%-32% 450 124 $0 $50 $100 $150 $200 $250 $300 $350 $400 $450 $500 Revenue Adj. EBITDA Million 350 105 $0 $50 $100 $150 $200 $250 $300 $350 $400 $450 $500 Revenue Adj. EBITDA Million 445 135 $0 $50 $100 $150 $200 $250 $300 $350 $400 $450 $500 Revenue Adj. EBITDA Million (1) Adjusted EBITDA and Adjusted FCF (Free Cash Flow) are non-GAAP financial measures. See “Non-GAAP Reconciliation in the appendix for more information on how these non-GAAP financial measure are computed and a reconciliation for historical periods. No quantitative reconciliation of Adjusted EBITDA or Adjusted FCF [Targets] to the most directly comparable GAAP measure is available without unreasonable efforts due to the inherent difficulty in forecasting and quantifying with reasonable accuracy significant items required for the reconciliation. Key items required to establish a comparable target include, among other things, depreciation expense and interest. Such reconciling items are not currently determinable pending finalization of cost estimates and funding structure and may be material to the Company’s actual results determined in accordance with GAAP. 1 1 1
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SEGMENT COMP GROUP EV/EBITDA MULTIPLES 11 2026 EV/EBITDA 1. All data from Bloomberg Consensus Estimates, 10/22/2025; TEV = Total Enterprise Value. Enterprise Value calculated as Market Cap as of 10/22/2025 plus Net Debt as of 09/30/2025.. 1Enterprise value, Net debt and Adjusted EBITDA margins are non-GAAP financial measures. See “Non-GAAP Reconciliation” in appendix for more information and reconciliation. Specialty Chemicals & Minerals Water Treatment & Desalination Energy Services Enterprise Value
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Recognized As Top-Performing Service Provider of Completion Fluids with Highest Customer Loyalty* COMPLETION FLUIDS & PRODUCTS * Kimberlite Oilfield International Research
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COMPLETION FLUIDS & PRODUCTS | CURRENT BUSINESS MIX 131. TTM as of September 30, 2025 ▸ Innovation leader with TETRA CS Neptune fluids ▸ Global infrastructure with a long-term bromine supply agreement ▸ Diverse and stable industrial chemicals business Leading Provider of High Value Completion Fluids $362M TTM1 Revenue Industrial Chemicals 40%Completion Fluids 60%
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COMPLETION FLUIDS | OVERVIEW 141) Source: WoodMackenzie $60 $80 $100 $120 $140 $160 $180 $200 0 50 100 150 200 250 300 350 400 450 2021 2022 2023 2024 2025E 2026E 2027E 2028E 2029E TETRA Bromine Fluids Revenue1 vs Subsea Tree Installations1 GOA, LAM, N.Sea Global TETRA Bromine Fluids Revenue TETRA Bromine Fluids Revenue (millions) Subsea Production Trees ▸Innovation, quality, and vertical integration drive competitive advantages ▸Strong margins through the cycles ▸Key deepwater awards in Brazil and TETRA Neptune projects in the GOA ▸Investing to bring on bromine capacity from existing acreage in Arkansas Incremental Bromine Capacity Pipeline of TETRA Neptune Opportunities DW Market Visibility Extending to 2030 $0 $50 $100 $150 $200 $250 2016 2017 2018 2019 2020 2021 2022 2023 2024 3Q25 TTM millions Completion Fluids Revenue
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GLOBAL COMPLETION FLUIDS MARKET | HIGH PRESSURE LEASES 15*Rystad Energy. **Spears, Grandview, internal estimates 25 25 244 191 5 9 14 40 6 >550 Offshore leases with >14.0 ppg fluid density equivalent reservoir pressure* $1.1B market all fluid densities** Zinc Restricted Market Not Zinc Restricted Market
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1) Internal estimates. 2) Bloomberg consensus INDUSTRIAL CHEMICALS | OVERVIEW Industrial chemicals growing faster than GDP Significant Calcium Chloride business ▸ Global logistics and distribution network ▸ #1 in Europe(1) ; #2 in the US(1) ▸ 85% of revenues from diverse mix of industries Emerging growth opportunity for lithium extraction and chip manufacturing Food Dust Binding Chip Manufacturing Beverage Common Applications 16 $0 $20 $40 $60 $80 $100 $120 $140 $160 2016 2017 2018 2019 2020 2021 2022 2023 2024 3Q25 TTM millions Industrial Chemicals Revenue -15% -10% -5% 0% 5% 10% 15% 20% 2017 2018 2019 2020 2021 2022 2023 2024 3Q25 TTM Annual Growth VS GDP2 Rate Annual Growth GDP
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CALCIUM CHLORIDE | DIVERSE MIX OF INDUSTRIES 17 ▸Strong market positions with >85% of revenues being non-O&G ▸Vertically integrated; global mix of manufacturing solutions ▸Sufficient footprint and plant capacity to grow with investment ▸Higher barrier to entry given 40+ year reputation & product offerings ▸Pipeline of growth opportunities ahead Industrial Food Agriculture Road Oil & Gas
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WATER & FLOWBACK SERVICES
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- 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 2020 2021 2022 2023 2024 TTM 3Q'25 WATER & FLOWBACK SERVICES | WATER TREATMENT SOLUTIONS 19 ▸ Compelling integrated water solutions offerings ▸ Automating field operations, significantly reducing well site costs ▸ Introduced TETRA Oasis Total Desalination Solution A Leading Water Treatment and Recycling Position in the Permian Basin +2x Produced Water Recycled in Billions of Gallons A Leading Provider of Produced Water Recycling
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WATER & FLOWBACK SERVICES | FLOWBACK 201. Source: Company estimate of total addressable market. Image Source / Permission: Halliburton Exploration Well Construction Completions Production Abandonment North America Production Testing & Drillout Market $1B $850M TETRA Market Opportunity 1 Completion Flowback ▸ $300M market (US land) ▸ Patented TETRA Automated Drillout system ▸ Removes debris (frac plugs) & proppant from well flow stream ▸ Obtained 35% market share in Appalachia in 24 months since product launch Production Flowback ▸ $550M market (US land) ▸ Patented & industry-leading, automated TETRA Sandstorm technology ▸ Removes sand from production flow stream, eliminating costly downtime & repairs ▸ Operating presence in most major basins domestically
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WATER & FLOWBACK SERVICES | TETRA ENABLES E&P EFFICIENCIES Source for chart: Rystad 300 350 400 450 500 550 600 - 5,000 10,000 15,000 20,000 25,000 2018 2019 2020 2021 2022 2023 2024 2Q'25 Thousands Thousands Proppant per well (pounds) Frac Fluid per well (bbls) 10 15 20 25 30 35 40 45 50 8000 8500 9000 9500 10000 10500 11000 2018 2019 2020 2021 2022 2023 2024 2Q'25 Lateral Length (ft) Frac Stages (per well) Proppant (pounds) Frac Fluid (bbls) Lateral Length (ft) Frac Stages (per well) Production Flowback (TETRA SandStorm) Completion Flowback (TETRA Auto Drillout) PROPPANT 49% increase in sand FRAC FLUID 54% increase in volume / well LATERAL LENGTH 29% increase in lateral feet / plugs FRAC STAGES 35% increase per well LEVERAGING TECHNOLOGY & AUTOMATION TO ENABLE OPERATOR EFFICIENCY STRATEGY 21
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WATER & FLOWBACK SERVICES | MARGIN ENHANCEMENT OPPORTUNITIES 22 TETRA BlueLinx Automation (80% Job Implementation) • 30-40% personnel reduction for transfer operations • 24/7 operations monitoring for job anomalies Patented Automated Sand Management (Auto Flush) (25% Fleet Implementation) • 50% personnel reduction while removing them from high risk “red zones” thereby lowering overall operating costs • Enhanced reliability and profitability Patented Automated Drillout System (Four Units Deployed) • New market entry • 75% personnel reduction while removing them from high risk “red zones” thereby lowering overall operating costs • Enhanced reliability and profitability
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EMERGING GROWTH ▸ELECTROLYTES FOR ENERGY STORAGE SYSTEMS ▸PRODUCED WATER RECYCLING & REUSE ▸CRITICAL MINERALS
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LEVERAGING CORE COMPETENCIES INTO EMERGING GROWTH MARKETS 241) EIA; 2) Rystad Energy Database; 3) Fastmarkets - Why North America needs regional price references for lithium published on April 15, 2024 Zinc-Bromide Electrolyte for Long Duration Energy Storage Magnesium Manganese Lithium EMERGING GROWTHEXISTING BUSINESS UTILITY SCALE B.E.S.S. 25% CAGR NEXT 10 YRS (1) 6 BILLION BBL TAM PERMIAN BASIN (2) US LITHIUM DEMAND 29% CAGR thru 2030 (3) Bromine Sodium Bromide Calcium Bromide Zinc Bromide TETRA CS Neptune Energy Storage Water Transfer Water Treatment Water Recycling Agriculture Multi-industry Data Centers Lithium Iodine Magnesium Strontium Boron FLUIDS CHEMISTRY EXPERTISE Critical Minerals Recycling & Re-Use Mineral Extraction Completion Fluids Water Treatment Arkansas Bromine Facility Construction Drives Growth in CF, B.E.S.S & Critical Minerals Water Treatment Expertise Drives Growth in Produced Water Reuse
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ELECTROLYTES FOR ENERGY STORAGE SYSTEMS
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UTILITY SCALE BATTERY ENERGY STORAGE | MARKET GROWTH PROFILE 261. Source: Global Annual Battery Energy Storage Product, Feb. 2025 Advanced battery energy storage market 70% CAGR since 2020 Forecasted 25% CAGR for next 10 years 1
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ONLY US MANUFACTURER OF HIGH PURITY ZINC-BROMIDE* ▸ Five-year supply agreement with EOS • 100% of TETRA PureFlow (high-purity zinc- bromide) • 75% of full electrolyte ▸ EOS targeting 8GWh annual future capacity1 ▸ TETRA electrolyte revenue estimated between $25 - $40 / KWH battery system* • 2026 consensus revenue of $470M** • 2027 consensus revenue of $931M** **Bloomberg reported estimates as of Oct. 22, 2025; TETRA management does not endorse these estimates ELECTROLYTES | COMMERCIALIZING OUR TECHNOLOGY 27 *Based on management estimates. First bulk transport of TETRA PureFlow 1TETRA management does not endorse these statements. OTHER THAN MANAGEMENT ESTIMATES, THE INFORMATION IN THIS SLIDE IS REPRODUCED FROM PUBLIC STATEMENTS BY EOS OR BASED ON BLOOMBERG REPORTS. THE INFORMATION HAS NOT BEEN INDEPENDENTLY VERIFIED BY US, AND ACCORDINGLY, WE TAKE NO RESPONSIBILITY FOR SUCH NUMBERS AND MAKE NO REPRESENTATION OR WARRANTY IN RESPECT OF THIS INFORMATION.
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Zinc-Bromide Lithium-Ion UTILITY SCALE DURATION (8-12 HRS) NON-FLAMMABLE LONG LIFE (20 YRS) FULLY RECYCLABLE US SOURCED COMMERCIAL STATUS MOBILITY ZINC -BROMIDE ENERGY STORAGE | INTRO & ADVANTAGES 28
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EOS ENERGY | SIGNIFICANT COMMERCIAL TRACTION 29 * Source: Eos Investor Presentation; Q2 2025 Financial Results. Numbers shown as of 6/30/2025. TETRA management does not endo rse these estimates. THE INFORMATION IN THIS SLIDE IS REPRODUCED FROM PUBLIC STATEMENTS BY EOS. THE INFORMATION HAS NOT BEEN INDEPENDENTLY VERIFIED BY US, AND ACCORDINGLY, WE TAKE NO RESPONSIBILITY FOR SUCH NUMBERS AND MAKE NO REPRESENTATION OR WARRANTY IN RESPECT OF THIS INFORMATION. LEAD GENERATION* OPPORTUNITY PIPELINE* ORDERS BACKLOG* $15.1B $18.8B $672.5M +$6.8B 50% +$6.9M ~61 GWh ~77 GWh ~2.6 GWh New adds in Q2 Standalone Storage 2 new orders Grid stability Emerging AI data center demand adding large project volume to pipeline MARKET DRIVERS
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PRODUCED WATER RECYCLING & REUSE
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PRODUCED WATER RECYCLING | PERMIAN BASIN WATER REUSE OPPORTUNITY 31*Source: Rystad Energy Database and B3 Insight 2.8 0.8 0.3 1.8 5.9 0.8 0.5 4.5 PRODUCED+FLOWBACK TREATMENT RE -INJECTION DISPOSAL billion bbl / yr Delaware Basin Midland Basin 8.7 1.6 0.8 6.3 ▸ Agriculture ▸ Multi-industry ▸ AI data centers ▸ Chip manufacturing ▸ Critical minerals Addressable Market Reuse End Markets ▸ 6.3 billion bbl/yr ▸ Running out of available pore space for disposal* Reuse Opportunity
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PRODUCED WATER RECYCLING | INDUSTRY CHALLENGES 32Source: B3 Insight Permian Basin shallow formation static pressure evolution FORMATION PRESSURE ▸ Increased pore pressure causing well integrity issues ▸ increased eismicity, ghost wells ▸ Out-of-basin disposal is not the solution ▸ Longer distance = higher cost TRANSPORTATION COSTS
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DELAWARE BASIN | RUNNING OUT OF DISPOSAL SPACE BY 2028* 33 0 2 4 6 8 10 12 14 16 18 2018 2019 2020 2021 2022 2023 2024 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E million bbl / day Delaware Basin Orphaned Water Operational Capactiy Existing SWDs bbls/d Injection Disposal bbls/d Source B3 Insight / *B3 Insights model projections. SWD = saltwater disposal No disposal option late 2028 5.8M bbl/day of orphaned water Over pressure in disposal is limiting capacity
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PRODUCED WATER RECYCLING | TETRA OASIS TDS 34 Recipient of the 2025 Hart Energy Special Meritorious Engineering Award for Innovation // Recognized for its groundbreaking contribution to sustainable water management and advanced desalination technology. PATENT- PENDING SOLUTION THAT TRANSFORMS A WATER WASTE PRODUCT INTO A VALUE -ADDED RESOURCE.
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TETRA OASIS TDS | 25K BARRELS PER DAY COMMERCIAL PLANT DESIGN 35 SCALABLE DESIGN (“TRAINS”) 25k bpd 25k bpd 25k bpd 25k bpd 25k bpd 25k bpd 25k bpd 100K BPD PLANT
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CRITICAL MINERALS
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CRITICAL MINERALS | TETRA’S BRINE ACREAGE 37 Over 40,000 acres of mineral rich Smackover brine leases ▸6,900 acres(1) AOGC approved brine production unit. 65% TTI / 35% Saltwerx LLC(2) all mineral rights(3) ▸35,000 acres with lithium option for Standard Lithium/Equinor JV. TETRA retains all non-lithium minerals plus 2.5% royalty on lithium carbonate equivalent (LCE) revenues 1) 6,900 acres includes Evergreen Expansion Unit. 2) Saltwerx, LLC is an ExxonMobil affiliate. 3) Subject to completion of certain mineral assignments. TTI Evergreen Unit TETRA Acreage SLI / EQNR Lithium TTI Evergreen Bromine Plant Exxon Mobil Albemarle Corp Magnolia Arkansas
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CRITICAL MINERALS | UNTAPPED RESOURCE OPPORTUNITY 38 1) Proven and probable bromine reserves of 744 ktons plus measured and indicated bromine resources of 158 ktons support at least 40 years of operations based on reservoir studies completed by TETRA's advisors and consultants. 2)Based on technical report, using a conversion factor of 5.323 to convert an estimated 44,000 short tons of elemental lithium to li thium carbonate equivalent. 3) & 4) Based on test well results reported in April 2025. Magnesium and manganese are not subject to a resource report prepared by a Qualified Person under S-K 1300. here can be no assurance that any future resource report will include magnesium or manganese or that any of the minerals listed above will be extracted or produced. 5) Designated critical mineral by Department of Defense, Department of Energy, and Department of Interior. 6) Q1 2025 Benchmark Mineral Intelligence Lithium Forecast 744 kilotons of proven & probable bromine reserves (1) 158 kilotons of indicated bromine resources (1) 40-yr reserve life (1) 100% ownership of mineral brine leases on 40,000 acres Lithium royalties from SLI on 35,000 acres TETRA gets 2.5% royalty from SLI SLI/Equinor expected to FID in 4Q25 with first production in 2028 Estimated production capacity of 22,500 tons/day (2) Lithium rights on 6,953-acre Evergreen Unit 729 kilotons (2) Lithium Carbonate Equivalent (LCE) High lithium concentration yields favorable economics Estimated production capacity of 10,000 tons/day (2) Bromine Largest market is fire retardant with demand increasing from global electrification. TETRA demand for high value completion fluids and long duration energy storage. Lithium (4) Global lithium demand projected to reach 2.7M tonnes of lithium carbonate equivalent (LCE) by 2030 – a 132% increase from 2024 levels (6) Magnesium(3)(4) Unique properties like lightweight strength and corrosion resistance make it valuable in sectors like aerospace, automotive, construction, and batteries. Manganese (5) A critical element due to its essential role in steel production and its growing importance in battery technology. TETRA Smackover Minerals(3)
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INVESTING FOR GROWTH
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ARKANSAS BROMINE PROJECT | CRITICAL DRIVER TO FUTURE GROWTH 40 1. Definitive Feasibility Study. 2. Adjusted EBITDA is a non-GAAP financial measure. See “Non-GAAP Reconciliation” in appendix for more information. No quantitative reconciliation of Adjusted EBITDA Targets to the most directly comparable GAAP measure is available without unreasonable efforts due to the inherent difficulty in forecasting and quantifying with reasonable accuracy significant items required for the reconciliation including, among other things depreciation expense and interest expense. Such reconciling items are not currently determinable pending finalization of cost estimates and funding structure and may be material to the Company’s actual results determined in accordance with GAAP. Mid-Point First Year Full Production Incremental Revenue $230M Incremental EBITDA2 $105M Project Capex Upstream & Pipelines $84M1 Plant & Other $186M Project $ 270M NPV10 $710M IRR 62% Definitive Feasibility Study (DFS)1 Economic Analysis Production Capacity 75 Million lbs Strategic Objectives Surety of supply ▸Control raw material supply ▸Displace third party suppliers ▸Meet growing demand for completion fluids and zinc bromide battery electrolytes Margin enhancement ▸Produce bromine at lower cost than contracted supply and open market purchases
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ARKANSAS BROMINE PROJECT | UPDATE 41 ▸ Bromine plant on target for late 2027 completion ▸ Bromine tower to be erected before year-end 2025 ▸ Closely collaborating with SLI/Equinor for upstream start-up • Project Upstream has been re-directed to align with SLI/Equinor lithium production from option acreage starting in 2028. • Delay Evergreen $80M upstream investment until lithium project approved. (TETRA receives bromine from post- lithium extraction at no cost.) ▸ In the event SLI/Equinor delay start-up past 2028, upstream investment will be required. DFS economics still apply * Based on management estimates.
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FINANCIALS //
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$0 $50 $100 $150 $200 $250 $300 2019 2020 2021 2022 2023 2024 3Q25 TTM Liquidity Delayed Draw $0 $20 $40 $60 $80 $100 $120 $140 $160 $180 $200 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 millions CFP WFS FINANCIAL SNAPSHOT 43 millions Net Leverage Ratio Under 2.0x $75M Delayed Draw Feature Liquidity of $208M 9/30/2025 Improving Liquidity to Fund Expansion $190M term loan matures in January 2030 Net Debt & Net Leverage Ratio1 $ millions Revenue Adj. EBITDA / Adj. EBITDA1 Margins 0.0x 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x 3.5x $100 $120 $140 $160 $180 $200 $220 2019 2020 2021 2022 2023 2024 3Q25 TTM 0% 5% 10% 15% 20% 25% $0 $5 $10 $15 $20 $25 $30 $35 $40 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 million Liquidity 1Adjusted EBITDA margins and net leverage ratio are non-GAAP financial measures. See “Non-GAAP Reconciliation” in appendix for more information and reconciliation.
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ONE TETRA 2030 | TARGETS & OBJECTIVES 44 ▸2030 targets • Revenue of $1.25B, 15% CAGR • Adj. EBITDA1 of $325M, Adj. EBITDA Margin1 of 26% • 2030 EPS between $1.20-$1.30 ▸Invest internally generated Free Cash Flow1 in 2025-2027 supplemented with non-dilutive project capital ▸Position TETRA to generate over $100M Free Cash Flow1 per year beginning in 2028 to initiate a return of capital program 1. Adjusted EBITDA, Adjusted EBITDA Margin and Free Cash Flow are non-GAAP measures. See “Non-GAAP Reconciliation” in appendix for more information. No quantitative reconciliation of Adjusted EBITDA, Adjusted EBITDA Margin or Free Cash Flow Targets to the most directly comparable GAAP measures for future periods are available without unreasonable ef forts due to the inherent difficulty in forecasting and quantifying with reasonable accuracy significant items required for the reconciliation including, among other things, depreciation expense and interest. Such reconciling items are not currently determinable pending finalization of cost estimates and funding structure, and may be material to the Company’s actual results determined in accordance with GAAP.
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ONE TETRA 2030 | FINANCIAL TARGET EVOLUTION 45 1. Adjusted EBITDA is a non-GAAP measure. See “Non-GAAP Reconciliation” in appendix for more information. No quantitative reconc iliation of Adjusted EBITDA Target to the most directly comparable GAAP measure for future periods is available without unreasonable efforts due to the inherent difficulty in forecasting and quantifying with reasonable accuracy significant items required for the reconciliation including, among other things, depreciation expense and interest. Such reconciling items are not currently determinable pending finalization of cost estimates and funding structure, and may be material to the Company’s actual results determined in accordance with GAAP. ▸ Battery electrolyte and desal plants ▸ Arkansas Bromine facility ▸ Growing deepwater market and technology deployments ▸ Specialty Chemicals & Minerals - battery electrolyte ▸ Water Treatment & Desalination - 10 water desalination plants ▸ Energy Services - organic growth Revenue Drivers Adj. EBITDA1 Drivers
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IMMEDIATE KEY TARGETED MILESTONES 46 ▸ Achieve 2025 revenue and earnings guidance ▸ Formalize bridging agreements with bromine producers to support immediate growing deepwater & battery electrolyte requirements ▸ Advancing TETRA Oasis TDS pilot project ▸ Complete engineering design of first 25K bbl/day desalination plant & announce commercial agreement for first desalination plant ▸ Fund bromine project future requirements with non-dilutive project level capital ▸ Deliver minimum of 2 Gwhs of zinc bromide electrolytes ▸ Construction of first 25k bbl/day desalination plant ▸ Rationalize US onshore water transfer business ▸ Complete bromine plant BY YEAR-END 2025 IN 2026 IN 2027
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APPENDIX GAAP RECONCILIATION TABLES //
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48 NON -GAAP DEFINITIONS EFINITIONS Adjusted EBITDA is defined as net income (loss) before taxes and discontinued operations, excluding impairments, certain spec ial, non-recurring or other charges (or credits), including loss on debt extinguishment, interest, depreciation and amortization and certain non -cash items such as equity-based compensation expense. The most directly comparable GAAP financial measure is net income (loss) before taxes and discontinued operations. Adjustments to long -term incentives represent cumulative adjustments to valuation of long-term cash incentive compensation awards that are related to prior years. These costs are excluded from Adju sted EBITDA because they do not relate to the current year and are considered to be outside of normal operations. Long -term incentives are earned over a three -year period and the costs are recorded over the three - year period they are earned. The amounts accrued or incurred are based on a cumulative of the three -year period. Equity-based compensation expense represents compensation that has been or will be paid in equity and is excluded from Adjusted EBITDA because it is a non -cash item. Prior to January 2024, special items included (i) exploration and pre-development costs representing expenditures incurred to evaluate development of TETRA’s lithium and bromine properties in Arkansas, such as exploratory drilling and associated engineering studies, and (ii) income from collaborative arrangement representing the port ion of exploration and pre-development costs that were reimbursable by our strategic partner. Such costs were capitalized beginning in January 2024. Adjusted EBITDA is used by management as a supplemental financial measure to assess financial performance, without regard to charges or credits that are considered by management to be outside of its normal operations and without regard to financing methods, capital structure or historical cost basis, and to assess the Company’s ability to incur and service debt and fund capital expenditures. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by revenue. Net debt is defined as the sum of the carrying value of long -term and short-term debt on its consolidated balance sheet, less ca sh, excluding restricted cash on the balance sheet. Management views net debt as a measure of TETRA’s ability to reduce debt, add to cash balances , repurchase stock, and fund investing and financing activities. Enterprise value is the sum of Market Cap, or the number of shares outstanding times the closing price of common stock, plus Net debt. Total adjusted free cash flow is defined as cash from operations less capital expenditures net of sales proceeds and cost of equipment sold, less payments on financing lease obligations and including cash distributions to TETRA from investments and cash from sales of investments. Total adjusted free cash flow does not necessarily imply residual cash flow available for discretionary expenditures, as they exclude cash requirements for debt service or other non -discretionary expenditures that are not deducted. Base business adjusted free cash flow is defined as Total adjusted free cash flow excluding TETRA’s investments in the Arkansas br omine and lithium projects. Management uses this supplemental financial measure to assess the Company’s ability to retire debt, evaluate the capacity of the Company to f urther invest and grow, and to measure the performance of the Company as compared to its peer group. Net leverage ratio is defined as debt excluding financing fees and discount on term loan and including finance lease obligations , other capital purchase liabilities, letters of credit and guarantees, less cash divided by trailing twelve months Adjusted EBITDA for credit facilities. Adjusted EBITDA for credit facilities consists of Adjusted EBITDA described above, less non-cash (gain) loss on sale of investments, (gain) loss on sales of assets and excluding certain special or other charges (or credits). Management primarily uses this metric to assess TETRA’s ability to borrow, reduce debt, add to cash balances, and fund investing and fin ancing activities.
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FINANCIALS | GAAP RECONCILIATION TABLES 49 Adjusted EBITDA is a non-GAAP measures. See “Non-GAAP Reconciliation” in appendix for more information and reconciliation. Prior to January 2024, special items included ( i) exploration and pre-development costs representing expenditures incurred to evaluate development of TETRA’s lithium and bromine properties in Arkansas, such as exploratory dril ling and associated engineering studies, and (ii) income from collaborative arrangement representing the portion of exploration and pre-development costs that were reimbursable by our strategic partner. Such costs were capitalized beginning in January 2024. Adjusted EBITDA | GAAP to Non-GAAP Reconciliation (Unaudited) Completion Fluids & Products ($ millions) 2019 2020 2021 2022 2023 2024 3Q25 TTM Revenue $279.3 $242.7 $219.6 $273.4 $313.0 $311.3 $361.6 Income from Continuing Ops before Taxes & Disc. O ($34.0) $55.3 $55.0 $57.4 $78.3 $82.9 $110.5 Interest (income) expense, net (0.7) (0.9) 0.6 0.6 (0.6) (0.7) 0.0 DD&A 13.5 7.4 6.9 7.5 9.1 9.7 9.2 Special items 91.1 6.4 0.3 2.1 2.3 (1.8) (0.0) Adjusted EBITDA $70.0 $68.2 $62.8 $67.5 $89.1 $90.1 $119.7 Adjusted EBITDA Margin 25.1% 28.1% 28.6% 24.7% 28.5% 28.9% 33.1% Water & Flowback Services ($ millions) 2019 2020 2021 2022 2023 2024 3Q25 TTM Revenue $282.0 $135.1 $168.6 $279.8 $313.2 $287.8 $257.2 Income from Continuing Ops before Taxes & Disc. O ($21.2) ($21.9) ($11.1) $15.7 $25.7 $10.7 ($8.0) Interest (income) expense, net (0.0) (1.6) 0.5 0.6 0.2 0.1 (0.0) DD&A 33.4 30.4 25.0 24.7 24.9 25.6 27.6 Special items 25.6 4.0 0.5 2.4 2.4 1.7 11.6 Adjusted EBITDA $37.9 $10.9 $14.9 $43.4 $53.2 $38.1 $31.2 Adjusted EBITDA Margin 13.4% 8.1% 8.8% 15.5% 17.0% 13.2% 12.1% Adjusted EBITDA | GAAP to Non-GAAP Reconciliation (Unaudited) TTI Consolidated ($ millions) 2016 2017 2018 2019 2020 2021 2022 2023 1Q24 2Q24 3Q24 4Q24 2024 1Q25 2Q25 3Q25 3Q25 TTM Revenue $306.0 $427.5 $560.1 $561.2 $377.7 $388.3 $553.2 $626.3 $151.0 $171.9 $141.7 $134.5 $599.1 $157.1 $173.9 $153.2 $618.8 Income from Cont. Ops before Taxes ($86.9) ($6.8) $8.4 ($128.1) ($25.1) ($14.7) $11.2 $31.7 $1.3 $12.5 $7.6 $7.4 $28.8 $5.1 $19.4 $8.1 $40.0 Interest (income) expense, net 21.7 15.7 19.7 21.8 18.3 16.4 15.8 22.3 6.0 6.2 5.1 5.2 22.5 4.7 4.2 4.4 18.6 DD&A 45.0 34.9 44.4 47.6 38.5 32.8 32.8 34.3 8.8 8.8 8.8 9.4 35.7 9.2 9.2 9.5 37.2 Stock option expense 10.7 6.4 6.7 7.1 4.7 4.7 6.9 10.6 1.6 1.8 1.5 1.7 6.6 1.9 1.7 1.7 7.0 Special items 24.3 (3.4) (13.4) 116.3 12.7 10.9 11.4 7.9 5.2 1.0 0.5 (0.8) 5.9 11.4 1.3 1.3 13.2 Adjusted EBITDA $14.8 $46.9 $65.9 $64.6 $49.1 $50.0 $78.1 $106.9 $22.8 $30.2 $23.5 $22.8 $99.4 $32.3 $35.9 $25.0 $116.0 Adjusted EBITDA Margin 4.8% 11.0% 11.8% 11.5% 13.0% 12.9% 14.1% 17.1% 15.1% 17.6% 16.6% 17.0% 16.6% 20.5% 20.6% 16.3% 18.7%
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(in thousands) Low High Revenue $620,000 $630,000 Income Before Taxes and Disc. Ops. $19,000 $27,000 Impairments and Other Charges 8,611 8,611 Former CEO stock appreciation right expense (75) (75) Transaction, restructuring, and other expenses 5,171 4,790 Non-cash cumulative FX loss on dissolution of Canada legal entity 9,516 9,516 Cost of product sales and services adjustment 477 477 Adjusted Income Before Taxes and Before Disc. Ops. $42,700 $50,319 Interest (income) expense, net $18,400 $17,581 Depreciation, amortization, and accretion $39,000 $37,000 Equity-based compensation expense $6,900 $7,100 Adjusted EBITDA $107,000 $112,000 Twelve Months Ended 2025 Guidance Range FINANCIALS | GAAP RECONCILIATION TABLES 50 FREE CASH FLOW RECONCILIATION 3Q25 TTM Net Cash Provided by Operations $74.3 Capital expenditures, net of proceeds from asset sales (67.4) Payments on finance lease obligations (3.8) Payments on seller financed (1.3) Distributions from investments 0.1 Purchase of investments 0.0 Cash received from sale of investments 19.0 Total Adjusted Free Cash Flow $20.8 ARKANSAS 27.8 BASE BUSINESS FCF $48.7 $ millions (Unaudited) Adjusted EBITDA, Adjusted EBITDA margins and net leverage ratio are non-GAAP financial measures. See “Non-GAAP Reconciliation” in appendix for more information and reconciliation Net Debt and Net Leverage Ratio Reconciliation (Unaudited) (in millions) 2019 2020 2021 2022 2023 2024 3Q25 TTM Term Credit Agreement $205 $200 $152 $154 $190 $180 $190 Capital Lease Obligations 17 14 13 10 8 10 6 Letters of Credit and Guarantees 6 7 8 6 1 8 0 Total debt commitments 228 220 173 169 199 198 197 Unrestricted cash 15 67 32 14 37 37 67 Debt covenant net debt $212 $153 $141 $156 $162 $161 $129 Debt Covenant EBITDA 67 50 52 80 92 92 110 Net leverage ratio 3.2x 3.1x 2.7x 2.0x 1.8x 1.8x 1.2x (Unaudited)