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USA = COMPRESSION USA Compression Partners , LP Investor Presentation August 2026
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Forward-Looking Statements and Disclaimer Forward Looking Statements This presentation contains forward-looking statements related to the operations of the Partnership that are based on management’ s current expectations, estimates, and projections about its operations. You can identify many of these forward-looking statements by words such as “believe,” “expect,” “intend,” “project,” “anticipate,” “estimate,” “continue,” “if,” “outlook,” “will,” “could,” “should,” or similar words or the negatives thereof. You should consider these statements carefully because they discuss our plans, targets, strategies, prospects, and expectations concerning our business, operating results, financial condition, our ability to make distributions, and other similar matters. These statements are not guarantees of future performance and are subject to certain risks, uncertainties, and other factors, some of which are beyond our control and are difficult to predict. These include risks relating to changes in general economic conditions, including inflation, supply chain disruptions, trade tensions, or tariff impacts; changes in economic conditions of the crude oil and natural gas industries, including any impact from the ongoing military conflict involving Russia and Ukraine or the conflict in the Middl e East; changes in the long-term supply of and demand for crude oil and natural gas; our ability to realize the anticipated benefits of our acquisition of J-W Power Company and to integrate the acquired assets with our existing fleet and operations; competitive conditions in our industry, including competition for employees in a tight labor market; changes in the availability and cost of capital, including changes to interest rates; renegotiation of material terms of customer contracts; actions taken by our customers, competitors, and third-party operators; and the factors set forth under the heading “Risk Factors” or included elsewhere that are incorporated by reference herein from our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission as updated by Exhibit 99.1 to our Current Report on Form 8-K12B filed on July 6, 2026; and if applicable, our other Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K. As a result of such risks and others, our business, financial condition and results of operations could differ materially from what is expressed or forecasted in such forward-looking statements. Before you invest in our securities, you should be aware of such risks, and you should not place undue reliance on these forward–looking statements. Any forward- looking statement made by us in this presentation speaks only as of the date of this presentation. Unpredictable or unknown f actors not discussed herein also could have material adverse effects on forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Industry & Market Data The market data and certain other statistical information used throughout this presentation are based on independent industry publications, government publications or other published independent sources. Although we believe these third-party sources are reliable as of their respective dates, we have not independently verified the accuracy or completeness of this information. Some data is also based on our good faith estimates and our management’s understanding of industry conditions. The industry in which we operate is subject to a high degree of uncertainty and risk due to a variety of factors. These and other factors could cause results to differ materially from those expressed in these publications. Intellectual Property This presentation contains trademarks, trade names and service marks of other companies, which are the property of their respective owners. We do not intend our use or display of other parties’ trademarks, trade names or service marks to imply, and such use or display should not be construed to imply, a relationship with, or endorsement or sponsorship of us by, these other parties. J-W Power Acquisition The results of operations of J-W Power Company, and its parent company, J-W Energy Company, subsequent to January 12, 2026 are reflected in our financial results of operations for the six months ended June 30, 2026. 2
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3 USAC Market Statistics1 Adjusted EBITDA Growth2 ($MM) Note: Metrics and statistics in this presentation that are provided as of 12/31/2025 do not include impact of J-W acquisition unless otherwise noted 1 As of 6/30/2026 2 Adjusted gross margin, Adjusted EBITDA, DCF, and DCF Coverage Ratio are Non-GAAP measures. See appendix for reconciliations to the comparable GAAP measures, and information on the calculation of these non-GAAP measures. Non-GAAP measures may not be comparable to similarly titled measures of other companies 3 Represents 2026 Adjusted EBITDA guidance Total Equity Returns1 • Consistent Yield: 8.0% distribution yield, with 50+ straight quarters of stable or increased distributions • Strong EBITDA Growth: 13% annualized Adjusted EBITDA2 growth since 2022 • Durable Unitholder Returns: 162% total equity return over 5 years, outperforming benchmarks Business Model Contract compression services provides: • Fixed-fee, take-or-pay contracts that provide consistent cash flows • Majority of contract terms at two-to-five years Growth capital focused on high-quality customers delivering significant gas growth to market History of Strong Performance 3 73% 162% 68% 113% 50% 71% 3 Years 5 Years USAC AMLP S&P 500 Value $426 $512 $584 $614 2022 2023 2024 2025 $770 – $800 2026 Guidance 13% CAGR
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Diversified Geography and Service Offering 4 Diversified Geography • Broad, differentiated presence: HP Density across the Permian, Northeast, Gulf Coast, Mid-Continent, and Rockies • Scale advantages: Regional density creates operational efficiencies while better supporting customers Diversified Service Offering Operational Footprint1 • Full lifecycle support, from manufacturing, to deployment, maintenance, repairs, and overhauls • Supports customers across HP types, from large (up to 5,000 HP) down to small (< 400 HP) • Accelerating aftermarket presence, enhancing customer stickiness and operational optionality 4.5MM Active HP Across Major Basins1 1 As of 6/30/2026
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Robust Macro Outlook 5 Compression Demand Drivers Rockies: Flat to -2 BCF Permian: +5 to +8 BCF Gulf Coast & Mid-Con: +9 to +11 BCF Northeast: +5 to +7 BCF Forecasted Natural Gas Production Growth Bcf/d by Region by 20301 1 Source: S&P Global Energy, “North American Dry Natural Gas Short-Term Outlook: Production and break-even prices”; USAC analysis 2 USAC management estimate Rising Natural Gas Production • 20+ Bcf/d growth expected by 2030, driven by LNG exports and power demand • Permian, Haynesville, Marcellus remain key growth basins High Compression Intensity • Shale development increasingly relies on artificial lift and wellhead compression • Trend toward deeper, higher-GOR wells further increases compression intensity Growing Horsepower Needs • An estimated 10MM+ incremental horsepower could be needed2 • USA Compression is well positioned to capitalize on growth across basins
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DCF Growth Formula 6 Executing against our DCF growth formula is expected to underpin strong value creation and support industry leading yield Scale Fleet & Revenue Limit Cost Inflation Maintain Capital Discipline Grow Active Fleet Horsepower Maximize Revenue Dollars per Horsepower Maintain and Grow Combined Fleet Utilization Achieve Cost Synergy Goals across M&A Invest in SG&A to Enhance Back-office Capabilities Increase Operational Efficiency and Gross Profit % Over Time Remain a Disciplined Capital Allocator Invest in Maintenance Capital to Maximize Fleet Effectiveness Maintain Current Leverage Ratio & Optimize Capital Structure 1 2 3 1 2 3
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Scale Fleet & Revenue: Active HP and Revenue Dollar Per HP 1 1 2 3 $4.00 $6.00 $8.00 $10.00 $12.00 $14.00 $16.00 $18.00 $20.00 $22.00 0 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 5,500 $21.38 2025 2025 PF 3,310 2,997 $16.65 2,964 $15.41 2016 3,200 $15.07 1,624 3,434 2017 $16.09 3,568 2018 2019 3,585 $16.71 2020 2022 $16.60 2021 ~4,430 1,387 $17.35 $18.86 2023 $20.43 3,262 2024 Active HP Average Revenue per Active HP CDM Acquisition • Active HP has strong history of inorganic and organic growth through cycles • Macro natural gas outlook supports continued growth tailwinds and advanced order book into 20292 J-W Acquisition • Rates have accelerated since 2022 due to increased equipment costs and limited new unit supply • Contracted annual CPI escalations underpin continued modest growth • J-W acquisition adds ~850k active HP at higher average rates • 4.46MM Active HP3, with 2% new total HP growth expected in 2026 Proven HP Growth Reliable Rate Escalations Notable 2026 Accelerators Active HP & $/HP Since 2016 1 Active HP for the year ended December 31, 2025, proforma for J-W acquisition 2 Long engine lead times necessitated advanced engine orders to secure future growth 3 As of 6/30/2026 7 1
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Scale Fleet & Revenue: Utilization 8 1 0% 85% 90% 95% 100% 2016 2017 2018 2019 2020 2021 2022 2023 94.6%94.3% 87.1% 82.7%82.8% 2025 93.7%94.0% 2024 94.7% 91.8% 94.8% Horsepower Utilization Resilient Fixed Fee Model Robust Contract Lengths1 Go-forward Optionality • Contracts not tied to volumetric throughput or direct commodity price • Utilization has proven resilient through cycles • 75% of total revenues under primary term • Contract tenor protects against potential downcycles and short-term geopolitical risk • Utilization at ~92%1 in 2026, due to the inclusion of legacy J-W • Commercial optionality to place at least 50K J-W HP with minimal capital 1 2 3 Horsepower Utilization Since 2016 1 As of 6/30/2026
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Limit Cost Inflation: Increase Operational Efficiency 9 1 1 2 3 0% 20% 40% 60% 80% 100% 2022 2023 2024 2025 66.7% 66.4% 67.1% 67.1% 0% 5% 10% 15% 20% 2022 2023 2024 2025 8.7% 8.6% 7.6% 6.6% USAC Peer 1 Peer 2 Consistent Gross Margins • Adj. gross profit margin has remained strong and stable, in line with historical range of 66% to 68% • 2026 YTD1 aggregate Adj. GP% of 64%, primarily due to J-W assets having lower GP%; synergy capture expected to improve margins over time Adjusted Gross Profit Margin2 Since 2022 SG&A Percentage of Revenue USAC vs Public Peers; Since 2022 3 Industry Leading SG&A Efficiency • SG&A declined substantially in 2025 relative to 2024, partly due to transition to ET shared services • USAC has consistently outperformed public peers since 2022 in terms of SG&A efficiency, driven by disciplined operational controls Intentional Technology Investments • Implementing increased investments in telemetry, technology, and artificial intelligence in 2026 • Will lean into high return opportunities with tangible outcomes that create long-term operational and back-office efficiencies 1 As of 6/30/2026 2 Adjusted Gross Profit Margin is calculated as a percentage of revenue; Adjusted gross margin is a Non-GAAP measures. See appendix for reconciliations to the comparable GAAP measures, and information on the calculation of these non-GAAP measures. Non-GAAP measures may not be comparable to similarly titled measures of other companies 3 Source: Company filings; Peer group includes KGS & AROC 2
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Limit Cost Inflation: Achieve Cost Synergies Tied to J-W Acquisition 10 Achieve $10MM to $20MM in Expected Cost Synergies from J-W Acquisition Commercial Operations Back Office Cost Synergies Breakdown SG&A: Overlapping technologies, systems, and processes to enhance efficiencies and support scalable growth Operations: Scale benefits in parts and fluids, improve route planning, and align operating practices to drive field productivity Tax: Tax efficiencies as legacy J-W contracts are transitioned to USAC qualified income contracts Commercial: Expand geographic and product offering to legacy J-W customers, including more large HP inventory 1 2 3
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Maintain Capital Discipline: Leverage & Capital Structure $1,211 $539 $1,000 $1,750 $750 2026 2027 2028 2029 2030 2031 2032 2033 ABL Drawn ABL Undrawn 1 2 3 4.76x 4.10x 4.02x 4.00x 3.75x 2022 2023 2024 2025 Near-term Target Maturity Profile in millions3 Leverage Ratio Since 20221 Improved Debt to EBITDA • Leverage ratio has steadily improved from 4.76x in 2022 to 4.00x in 2025 • Acquisition of J-W supported further deleveraging in 2026, to 3.72x1 as of Q2 Enhanced Credit Profile • Maintained or upgraded debt ratings (Ba3 / B+ / BB) since first notes issuance in 2018 • Refinanced ABL and 2027 senior notes in Q3 2025, reducing weighted average borrowing cost and improving strategic flexibility Near-term Optionality • $500MM+ remaining ABL capacity • Energy high yield market remains resilient despite recent increase in longer-term yields 1 Represents Total Leverage Ratio, which is defined as total debt divided by annualized quarterly EBITDA for the applicable quarter, each as calculated and defined in accordance with USAC’s Credit Agreement. Beginning in 2023, USAC added back recurring taxes to the calculation of EBITDA under the Credit Agreement, consistent with the definition under the Credit Agreement, but which USAC had not added back in 2022. This tax add back increased EBITDA under the Credit Agreement, which is the denominator of the Total Leverage Ratio calculation 2 Does not represent guidance; target is subject to change 3 ABL Drawn balance as of June 30, 2026 2 11
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Maintain Capital Discipline: Strategic Investment 12 1 145 275 243 118 32 3924 2022 25 2023 2024 2025 $60-$70 $230- $250 2026 Guidance $169 $300 $275 $157 Maintenance Cap Growth Cap 6.5% 2022 9.1% 2023 11.3% 2024 11.8% 2025 5.3% Delta Return on Invested Capital (ROIC): ROIC nearly doubled from 2022 to 2025 driven by disciplined capital deployment and pricing tailwinds Maintenance Capital: Increased investment in preventative maintenance to maximize uptime and long-term asset health New Unit Growth: Approximately $150MM of new unit growth capital ordered for 2026, resulting in an expected 2%+ total HP growth Increased Telemetry: 2026 growth capital includes panel upgrades and improved telemetry for increased asset monitoring and efficiency USAC Capital Spend 1 2 3 Return on Invested Capital Since 20221 Total Capex in millions, since 2022 2 1 See appendix for reconciliation 2 Represents 2026 Capex guidance; $230 - $250MM represents growth capital spend; $60 - $70MM represents maintenance capital spend
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Appendix 13
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Second-Quarter 2026 Highlights 14 Record average revenue- generating HP 4.45 MM 25% Y-o-Y Record $ per revenue- generating HP $22.84 7% Y-o-Y Record Revenues $342.1 MM 37% Y-o-Y Record Adjusted EBITDA1 $193.2 MM 29% Y-o-Y 1 Adjusted EBITDA and DCF Coverage Ratio are Non-GAAP measures. See appendix for reconciliations to the comparable GAAP measures, and information on the calculation of these non-GAAP measures. Non-GAAP measures may not be comparable to similarly titled measures of other companies. 2 As of June 30, 2026. Large horsepower is defined as compression units 1,000 horsepower or greater. • Average active HP grew to 4.45MM • Continued strong business execution with total utilization at 92% and large horsepower at 94%2 • Pricing continued at record levels • Distribution coverage of 1.65x1 • Leverage ratio at 3.72x Operational and Financial Results Highlights
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Operational and Financial Performance 15 Average Revenue-generating HP (000s) Adjusted EBITDA ($MM)1 DCF ($MM)1Total Capex ($MM) 1 Adjusted EBITDA and DCF are Non-GAAP measures. See appendix for reconciliations to the comparable GAAP measures, and information on the calculation of these non-GAAP measures. Non-GAAP measures may not be comparable to similarly titled measures of other companies. 2 Represents 2026 Adjusted EBITDA, 2026 Capex, and 2026 DCF guidance. 3 Expansion capital expenditures for full year 2026 guidance includes approximately $38MM of other business support capital that includes vehicles, tools, and IT infrastructure. $770- $800 $480 - $510 3,329 3,528 3,559 4,448 2023 2024 2025 2026 YTD $512 $584 $614 $382 2023 2024 2025 2026 YTD $770- $800 2026 Guidance $281 $355 $386 $256 2023 2024 2025 2026 YTD $480- $510 2026 Guidance $25 $32 $39 $26 $275 $243 $118 $73 2023 2024 2025 2026 YTD $230- $250 $60-$70 2026 Guidance Expansion CAPEX Maintenance CAPEX 2 2, 3 2
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Ownership Structure and Energy Transfer Relationship 16 Energy Transfer LP USA Compression GP , LLC (our general partner) Public Unitholders3 Non-econ GP 68% USA Compression Partners, LP NYSE: USAC 32%2 USAC Ownership Structure1 • Supportive parent that owns one of the largest and most diversified portfolios of energy assets in the United States • Energy Transfer has owned USAC’s general partner since April 2018 and has not sold any Common Units since then • In 2025, USAC relocated its headquarters to Dallas, Texas and began implementing shared services model to benefit from the Energy Transfer family relationship • Delivers cost savings tied to economies-of-scale • Provides real-time expertise of gas market fundamentals • Includes key leadership adding decades of additional experience to USAC team 1 As of June 30, 2026 2 Includes 8 million Common Units held by our General Partner 3 Including Westerman, Ltd.
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2026 $ in thousands Q2 Q1 Q4 Q3 Q2 Q1 Net income 45,652$ 38,342$ 27,761$ 34,487$ 28,559$ 20,512$ Non-cash interest expense 1,843 1,829 1,949 2,133 2,231 2,241 Depreciation and amortization 89,071 87,146 72,360 71,222 70,841 70,393 Non-cash income tax expense (benefit) 1,939 2,711 436 (16) (39) 85 Unit-based compensation expense (benefit) 1,608 2,405 1,527 1,167 (1,736) 3,384 Transaction expenses 1,032 3,777 1,914 — — — Severance charges and other employee costs 1,695 4,085 169 2,463 472 1,351 Other — — — 1,876 — 1,000 Loss (gain) on disposition of assets (994) (545) 1,625 831 39 1,325 Loss on extinguishment of debt — 1 3,006 — — — Impairment of assets — 4 302 622 3,242 3,645 Distributions on Preferred Units — — — (1,950) (1,950) (4,388) Amortization of capitalized SaaS implementation costs 430 284 — — — — Maintenance capital expenditures (16,931) (9,246) (7,838) (8,990) (11,733) (10,853) Distributable Cash Flow 125,345$ 130,793$ 103,211$ 103,845$ 89,926$ 88,695$ Maintenance capital expenditures 16,931 9,246 7,838 8,990 11,733 10,853 Transaction expenses (1,032) (3,777) (1,914) — — — Severance charges and other employee costs (1,695) (4,085) (169) (2,463) (472) (1,351) Distributions on Preferred Units — — — 1,950 1,950 4,388 Other — 398 — (1,876) — (1,000) Changes in operating assets and liabilities 6,135 (46,472) 30,522 (34,567) 21,107 (46,934) Net cash provided by operating activities 145,684$ 86,103$ 139,488$ 75,879$ 124,244$ 54,651$ Distributable Cash Flow 125,345$ 130,793$ 103,211$ 103,845$ 89,926$ 88,695$ Distributions for Distributable Cash Flow Coverage Ratio 76,095$ 76,110$ 76,109$ 64,410$ 64,409$ 61,731$ Distributable Cash Flow Coverage Ratio 1.65x 1.72x 1.36x 1.61x 1.40x 1.44x 2025 $ in thousands Q2 Q1 Q4 Q3 Q2 Q1 Total revenues 342,146$ 331,275$ 252,485$ 250,255$ 250,125$ 245,234$ Cost of operations, exclusive of depreciation and amortization (124,790) (117,902) (83,737) (76,950) (86,499) (81,618) Depreciation and amortization (89,071) (87,146) (72,360) (71,222) (70,841) (70,393) Gross margin 128,285$ 126,227$ 96,388$ 102,083$ 92,785$ 93,223$ Depreciation and amortization 89,071 87,146 72,360 71,222 70,841 70,393 Adjusted gross margin 217,356$ 213,373$ 168,748$ 173,305$ 163,626$ 163,616$ Net income 45,652$ 38,342$ 27,761$ 34,487$ 28,559$ 20,512$ Interest expense, net 49,258 48,966 45,299 47,066 47,674 47,369 Depreciation and amortization 89,071 87,146 72,360 71,222 70,841 70,393 Income tax expense 5,480 4,122 536 2,407 391 1,535 EBITDA 189,461$ 178,576$ 145,956$ 155,182$ 147,465$ 139,809$ Unit-based compensation expense (benefit) 1,608 2,405 1,527 1,167 (1,736) 3,384 Transaction expenses 1,032 3,777 1,914 — — — Severance charges and other employee costs 1,695 4,085 169 2,463 472 1,351 Loss (gain) on disposition of assets (994) (545) 1,625 831 39 1,325 Loss on extinguishment of debt — 1 3,006 — — — Amortization of capitalized SaaS implementation costs 430 284 — — — — Impairment of assets — 4 302 622 3,242 3,645 Adjusted EBITDA 193,232$ 188,587$ 154,499$ 160,265$ 149,482$ 149,514$ Interest expense, net (49,258) (48,966) (45,299) (47,066) (47,674) (47,369) Non-cash interest expense 1,843 1,829 1,949 2,133 2,231 2,241 Income tax expense (5,480) (4,122) (536) (2,407) (391) (1,535) Non-cash income tax expense 1,939 2,711 — — — — Transaction expenses (1,032) (3,777) (1,914) — — — Severance charges and other employee costs (1,695) (4,085) (169) (2,463) (472) (1,351) Other — 398 436 (16) (39) 85 Changes in operating assets and liabilities 6,135 (46,472) 30,522 (34,567) 21,107 (46,934) Net cash provided by operating activities 145,684$ 86,103$ 139,488$ 75,879$ 124,244$ 54,651$ 2026 2025 Non-GAAP Reconciliations 17 Adjusted gross margin and Adjusted EBITDA Distributable Cash Flow and Distributable Cash Flow Coverage 1 Includes ~18.2MM common units issued in January 2026 as part of J-W acquisition; coverage ratio of 1.55x when excluding the issuance 1
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Non-GAAP Reconciliations 18 Adjusted EBITDA Distributable Cash Flow and Distributable Cash Flow Coverage $ in thousands 2025 2024 2023 2022 Net income (loss) 111,319$ 99,575$ 68,268$ 30,318$ Non-cash interest expense 8,554 8,748 7,279 7,265 Depreciation and amortization 284,816 264,756 246,096 236,677 Non-cash income tax expense (benefit) 466 574 (52) (151) Unit-based compensation expense 4,342 16,552 22,169 15,894 Transaction expenses 1,914 133 46 27 Severance charges and other employee costs 4,455 2,430 841 982 Other 2,876 — — — Loss (gain) on disposition of assets 3,820 4,939 (1,667) 1,527 Loss on extinguishment of debt 3,006 4,966 — — Change in fair value of derivative instrument — 1,204 (1,204) — Impairment of assets 7,811 913 12,346 1,487 Distributions on Preferred Units (8,288) (17,550) (47,775) (48,750) Maintenance capital expenditures (39,414) (31,923) (25,234) (23,777) Distributable Cash Flow 385,677$ 355,317$ 281,113$ 221,499$ Maintenance capital expenditures 39,414 31,923 25,234 23,777 Transaction expenses (1,914) (133) (46) (27) Severance charges and other employee costs (4,455) (2,430) (841) (982) Distributions on Preferred Units 8,288 17,550 47,775 48,750 Other (2,876) 630 1,500 (700) Changes in operating assets and liabilities (29,872) (61,523) (82,850) (31,727) Net cash provided by operating activities 394,262$ 341,334$ 271,885$ 260,590$ Distributable Cash Flow 385,677$ 355,317$ 281,113$ 221,499$ Distributions for Distributable Cash Flow Coverage Ratio 266,659$ 245,990$ 208,856$ 205,559$ Distributable Cash Flow Coverage Ratio 1.45x 1.44x 1.35x 1.08x Years Ended December 31, $ in thousands 2025 2024 2023 2022 Total revenues 998,099$ 950,449$ 846,178$ 704,598$ Cost of operations, exclusive of depreciation and amortization (328,804) (312,726) (284,708) (234,336) Depreciation and amortization (284,816) (264,756) (246,096) (236,677) Gross margin 384,479$ 372,967$ 315,374$ 233,585$ Depreciation and amortization 284,816 264,756 246,096 236,677 Adjusted gross margin 669,295$ 637,723$ 561,470$ 470,262$ Net income (loss) 111,319$ 99,575$ 68,268$ 30,318$ Interest expense, net 187,408 193,471 169,924 138,050 Depreciation and amortization 284,816 264,756 246,096 236,677 Income tax expense 4,869 2,231 1,365 1,016 EBITDA 588,412$ 560,033$ 485,653$ 406,061$ Unit-based compensation expense 4,342 16,552 22,169 15,894 Transaction expenses 1,914 133 46 27 Severance charges and other employee costs 4,455 2,430 841 982 Loss (gain) on disposition of assets 3,820 4,939 (1,667) 1,527 Loss on extinguishment of debt 3,006 4,966 — — Gain on derivative instrument — (5,684) (7,449) — Impairment of assets 7,811 913 12,346 1,487 Adjusted EBITDA 613,760$ 584,282$ 511,939$ 425,978$ Interest expense, net (187,408) (193,471) (169,924) (138,050) Non-cash interest expense 8,554 8,748 7,279 7,265 Income tax expense (4,869) (2,231) (1,365) (1,016) Transaction expenses (1,914) (133) (46) (27) Severance charges and other employee costs (4,455) (2,430) (841) (982) Cash received on derivative instrument — 6,888 6,245 — Other 466 1,204 1,448 (851) Changes in operating assets and liabilities (29,872) (61,523) (82,850) (31,727) Net cash provided by operating activities 394,262$ 341,334$ 271,885$ 260,590$ Years Ended December 31,
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Non-GAAP Reconciliations 19 Return on Invested Capital $ in thousands 2025 2024 2023 2022 Numerator (full-year): Net Income 111,319 99,575 68,268 30,318 Interest expense, net 187,408 193,471 169,924 138,050 Non-operating loss (gain) 2,909 (828) (7,576) (91) Less: Taxes on Interest expense, net and Non-operating loss (gain) (7,974) (4,219) (3,182) (4,473) 293,662$ 287,999$ 227,434$ 163,804$ Denominator (average of current year end and prior year end): Long-term debt, net 2,525,568 2,431,627 2,221,369 2,039,942 Operating lease liabilities 11,191 13,205 15,439 17,349 Preferred Units 84,405 322,572 476,822 477,309 Common Units (126,777) (217,168) (209,198) (18,991) 2,494,387 2,550,235 2,504,431 2,515,608 Return on Invested Capital 11.8% 11.3% 9.1% 6.5% Years Ended December 31,
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Basis of Presentation; Explanation of Non-GAAP Financial Measures This presentation includes the non-U.S. generally accepted accounting principles (“non-GAAP”) financial measures, which may include Adjusted gross margin, Adjusted EBITDA, Distributable Cash Flow, and Distributable Cash Flow Coverage Ratio. Adjusted gross margin, a non-GAAP measure, is defined as revenue less cost of operations, exclusive of depreciation and amortiza tion expense. Management believes that Adjusted gross margin is useful to investors as a supplemental measure of the Partnership’s operating profitability. Adjusted gross margin primarily is impacted by the pricing trends for service operations and cost of operations, including labor rates for service technicians, volume and per-unit costs for lubricant oils, quantity and pricing of routine preventative maintenance on compression units, and property tax rates on compression units. EBITDA, a non-GAAP measure, is defined as net income (loss) before net interest expense, depreciation and amortization expense, and income tax expense (benefit). Adjusted EBITDA, also a non-GAAP measure, is defined as EBITDA plus impairment of assets, impairment of goodwill, interest income on capital leases, unit-based compensation expense (benefit), severance charges and other employee costs, certain transaction expenses, loss (gain) on disposition of assets, loss on extinguishment of debt, loss (gain) on derivative instrum ent, amortization of capitalized SaaS implementation costs, and other. The Partnership’s management views Adjusted EBITDA as one of its primary tools, to assess: (i) the financial performance of the Partnership’s assets without regard to the impact of financing methods, capital structure, or the historical cost basis of the Partnership’s assets; (ii) the viability of capital expenditure projects and the overall rates of return on alternative investment opportunities; (iii) the ability of the Partnership’s assets to generate cash sufficient to make debt payments and pay distributions; and (iv) the Partnership’s operating performance as compared to those of other companies in its industry without regard to the impact of financing methods and capital structure. The Partnership believes that Adjusted EBITDA provides useful information to investors because, when viewed in conjunction with GAAP results and the accompanying reconciliations, it may provide a more complete assessment of the Partnership’s performance compared to considering solely GAAP results. Distributable Cash Flow, a non-GAAP measure, is defined as net income (loss) plus non-cash interest expense, non-cash income tax expense (benefit), depreciation and amortization expense, unit-based compensation expense (benefit), impairment of assets, impairment of goodwill, certain transaction expenses, severance charges and other employee costs, loss (gain) on disposition of assets, loss on extinguishment of debt, change in fair value of derivative instrument, proceeds from insurance recovery, amortization of capi talized SaaS implementation costs, and other, less distributions on the Partnership’s Series A Preferred Units (“Preferred Units”), and maintenance capital expenditures. The Partnership’s management believes Distributable Cash Flow is an important measure of operating performance because it allows management, investors, and others to compare the cash flows that the Partnership generates (after distributions on the Partnership’s Preferred Units but prior to any retained cash reserves established by the Partnership’s general partner and the effect of the Distribution Reinvestment Plan) to the cash distributions that the Partnership expects to pay its common unitholders. See previous slides for, as applicable, gross margin reconciled to Adjusted gross margin, Adjusted EBITDA reconciled to net income (loss) and net cash provided by operating activities, and net income (loss) reconciled to Distributable Cash Flow. This presentation also contains a forward-looking estimate of Adjusted EBITDA and Distributable Cash Flow projected to be generated by the Partnership for its 2026 fiscal year. The Partnership is unable to reconcile projected Adjusted EBITDA and Distributable Cash Flow to projected net income (loss) and projected net cash provided by operating activities, the most comparable financial measures calculated in accordance with GAAP because components of the required calculations cannot be reasonably estimated, such as changes to current assets and liabilities, unknown future events, and estimating certain future GAAP measures. The inability to project certain components of the calculation would significantly affect the accuracy of the reconciliations. Adjusted gross margin, Adjusted EBITDA, and Distributable Cash Flow should not be considered an alternative to, or more meaningful than, gross margin, net income (loss), operating income, cash flows from operating activities, or any other measure presented in accordance with GAAP. Moreover, Adjusted gross margin, Adjusted EBITDA, and Distributable Cash Flow as presented may not be comparable to similarly titled measures of other companies. The Partnership believes that external users of its financial statements benefit from having access to the same financial mea sures that management uses to evaluate the results of the Partnership’s business. Distributable Cash Flow Coverage Ratio, a non-GAAP measure, is defined as Distributable Cash Flow divided by distributions declared to common unitholders in respect of such period. Management believes Distributable Cash Flow Coverage Ratio is an important measure of operating performance because it permits management, investors, and others to assess the Partnership’s ability to pay distributions to common unitholders out of the cash flows that the Partnership generates. The Partnership’s Distributable Cash Flow Coverage R atio as presented may not be comparable to similarly titled measures of other companies. 20