#1C Investor Presentation Cactus, Inc. (NYSE: WHD) September 2022 safety Strong All Year Long अ#2Important Disclosures Non-GAAP Measures This presentation includes references to EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, and EBIT, which are not measures calculated in accordance with accounting principles generally accepted in the United States of America ("GAAP"). A reconciliation of EBITDA, Adjusted EBITDA and EBIT to net income, the most directly comparable measure calculated in accordance with GAAP, is provided in the Appendix included in this presentation. While management believes such measures are useful for investors, these measures should not be used as a replacement for financial measures that are calculated in accordance with GAAP. Forward-Looking Statements The information in this presentation includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact included in this presentation, regarding our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this presentation, the words "may," "hope," "potential," "could," "believe," "anticipate," "intend," "estimate," "expect," "project" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on Cactus' current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. We caution you that these forward-looking statements are subject to all of the risks and uncertainties, most of which are difficult to predict and many of which are beyond our control, incident to the operation of our business. Consequently, no forward-looking statements can be guaranteed. When considering these forward-looking statements, you should keep in mind the risk factors and other factors noted in the Company's Annual Report on Form 10-K, any Quarterly Reports on Form 10-Q and the other documents that the Company files from time to time with the Securities and Exchange Commission. These documents are available on the Company's website at https://cactuswhd.com/investors/sec-filings/ or through the SEC's Electronic Data Gathering and Analysis Retrieval (EDGAR") system at www.sec.gov. The risk factors and other factors noted therein could cause actual results to differ materially from those contained in any forward-looking statement. We disclaim any duty to update and do not intend to update any forward- looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this presentation. Industry and Market Data This presentation has been prepared by Cactus and includes market data and other statistical information from third-party sources, including independent industry publications, government publications or other published independent sources. Some data is also based on Cactus' good faith estimate. Although Cactus believes these third-party sources are reliable as of their respective dates, Cactus has not independently verified the accuracy or completeness of this information. Information Presented Except as otherwise indicated or required by the context, references in this presentation to the "Company," "Cactus," "we," "us" and "our" refer to (i) Cactus Wellhead, LLC ("Cactus LLC") and its consolidated subsidiaries prior to the completion of our IPO and (ii) Cactus, Inc. ("Cactus Inc.") and its consolidated subsidiaries (including Cactus LLC) following the completion of our IPO on February 12, 2018. Cactus LLC is our accounting predecessor. 2#3Experienced Executive Team Scott Bender President & CEO Joel Bender Senior Vice President & Chief Operating Officer ■ Mr. Bender has served as President and CEO since co-founding Cactus Wellhead, LLC ("Cactus LLC") in 2011. ■ Mr. Bender previously was President of Wood Group Pressure Control from 2000 to 2011. Mr. Bender successfully built and monetized Ingram Cactus Company (sold to Cameron in 1996) and led Wood Group Pressure Control's profitable expansion until its sale to General Electric in 2011. Mr. Bender graduated from Princeton University in 1975 with a Bachelor of Science in Engineering and from the University of Texas at Austin in 1977 with a Master of Business Administration. ■ Mr. Bender has served as Senior Vice President and COO since co-founding Cactus LLC in 2011. ■ Mr. Bender previously was Senior Vice President of Wood Group Pressure Control from 2000 to 2011. Mr. Bender successfully built and monetized Ingram Cactus Company (sold to Cameron in 1996) and led Wood Group Pressure Control's profitable expansion until its sale to General Electric in 2011. Mr. Bender graduated from Washington University in 1981 with a Bachelor of Science in Engineering and from the University of Houston in 1985 with a Master of Business Administration. Steven Bender Vice President of Operations Mr. Bender has served as Vice President of Operations of Cactus LLC since 2011, managing all US service center and field operations. ■ Mr. Bender previously was Rental Business Manager of Wood Group Pressure Control from 2005 to 2011. ■ Mr. Bender graduated from Rice University in 2005 with a Bachelor of Arts in English and Hispanic Studies and from the University of Texas at Austin in 2010 with a Master of Business Administration. Steve Tadlock Vice President, Chief Financial Officer & Treasurer William Marsh Vice President of Administration and General Counsel ■ Mr. Tadlock has served as Vice President, Chief Financial Officer & Treasurer, since March 2019. Mr. Tadlock previously served as Vice President and Chief Administrative Officer since March 2018 and has also served as VP of Corporate Services since June 2017. He has worked with Cactus LLC since its founding in 2011 as a Board observer. ■ Mr. Tadlock previously worked at Cadent Energy Partners, where he served as a Partner from 2014 to 2017. Mr. Tadlock graduated from Princeton University in 2001 with a Bachelor of Science in Engineering and from the Wharton School at the University of Pennsylvania in 2007 with a Master of Business Administration. ■ ■ Mr. Marsh has served as Vice President of Administration and General Counsel since May 2022. Mr. Marsh previously had been of counsel with the law firm of Bracewell LLP from 2021 to 2022. Mr. Marsh previously was with the Baker Hughes Company from 2013 to 2021, most recently serving as Chief Legal Officer. Mr. Marsh obtained a Bachelor of Science in Accounting in 1985 and a Juris Doctor in 1989 from Brigham Young University. 3#4Investment Highlights 1 A Leading Pure Play Pressure Control Equipment Solutions Provider for Onshore Markets 2 Innovative and Differentiated Products & Services that Sustain Relative Margin Resilience G 3 Dynamic Operating and Manufacturing Capabilities Through-Cycle Outperformance 4 Returns Focused with Large Net Cash Balance 5 Experienced Management Team with Significant Equity Ownership & Strong Industry Relationships 4#5Company Overview Cactus designs, manufactures, sells and rents highly engineered products which generate improved drilling and completions efficiencies while enhancing safety 2021 Revenue by Type Field Service and Other 22% Rental 14% Revenue ($ in millions) $628.4 $544.1 $341.2 $632.2 $438.6 $348.6 2019 2020 2021 YTD 2022 Ann. Product 64% 2017 2018 Adjusted EBITDA(1) ($ in millions) $112.1 $212.6 $229.0 $195.7 $121.0 $120.4 *Product Revenue Includes Drilling and Production Consumables Selected Active Basins 2017 2018 2019 2020 2021 YTD 2022 Ann. ■ Bakken ■DJ / Powder River Adj. EBITDA (1) as % of Revenue 32.9% 39.1% 36.4% 34.7% 27.4% 31.0% ■ Eagle Ford ■Marcellus / Utica - Adjusted EBITDA(¹) – Net Capital Expenditures (2) as % of Revenue ■ Permian ■ Haynesville 26.5% 27.5% 29.5% 26.9% 23.9% 24.8% ■ SCOOP/STACK Cooper, Australia 2017 2018 2019 2020 2021 YTD 2022 Ann. Note: YTD 2022 Ann. represents the first half of the year annualized. 5 Source: Company filings. 1) 2) EBITDA and Adjusted EBITDA are non-GAAP financial measures. The Appendix at the back of this presentation contains a reconciliation of EBITDA and Adjusted EBITDA to net income, the most comparable financial measure calculated in accordance with GAAP. Net Capital Expenditures equals net cash flows from investing activities.#6Proprietary Equipment Across Drilling, Completion, and Production Phases of a Well Technologically advanced wellhead and frac solutions deliver greater reliability and time savings ■ Designed for pad drilling and intense completion environments ■Principal products: Safe DrillⓇ wellheads, frac related rentals and production trees Time savings can exceed 30 hours of rig time per well Drilling Consumable Sale Completion (Frac) Temporary Rental Production Consumable Sale Cactus Also Provides Field Service, Installation & Maintenance 6#7Market Leader with Strong Market Share Historical U.S. Onshore Market Share(1) Cactus Rigs Followed (1) Market Share 61 110 169 211 272 270 34.8% 29.5% 26.9% 19.9% 24.8% 10 99 14.4% 145 G 41.8% 193 9.4% 6.4% 15 0.8% 3.4% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 U.S. Onshore Rigs 1,931 1,814 1,699 1,800 755 495 853 1,011 918 417 463 Significant U.S. Market Share Gains 1) Source: Baker Hughes Rig Count Data, as published on the Friday on or immediately preceding the 15th day of each month presented, and Cactus analysis. Represents the number of active U.S. onshore rigs Cactus followed divided by the total number of active U.S. onshore rigs. Data represents the average number of active U.S. onshore rigs Cactus followed (which Cactus defines as the number of active U.S. onshore drilling rigs to which it was the primary provider of wellhead products and corresponding services during drilling) as of mid-month for each referenced period divided by the Baker Hughes U.S. onshore rig count during the corresponding period. 2011 represents December 2011 figures as of the middle of the month. 2012-2016 represents the average of mid-month June and December rig counts. 2017-2021 represents the average mid-month figure for Cactus for each month of the year and the annual Baker Hughes average for the U.S. onshore rig count. The number of active U.S. onshore rigs Cactus followed represents the approximate number of active U.S. onshore drilling rigs to which Cactus was the primary provider of wellhead products and corresponding services during drilling, as of mid-month. Cactus believes that comparing the total number of active U.S. onshore rigs to which it is providing its products and services at a given time to the total number of active U.S. onshore rigs on or about such time provides Cactus with a reasonable approximation of its market share with respect to its wellhead products sold and the corresponding services it provides. 7#8Differentiated Margin Profile Through the Cycle Total Adjusted EBITDA Margin (2014 - 2021) (1)(2) YTD 2022 Adjusted EBITDA Margin (1)(2) 33% 26% 22% 18% 31% G 15% 13% 13% 10% 96 9% 8% 7% 13% 13% ||| Peer E Peer F Peer A Peer B Peer C Peer D Peer C Peer A Peer F Peer D Peer E Peer B Strength of margin profile relative to peers maintained through the cycle Source: Factset, Company filings. 1) 2) Peer data represents Adjusted EBITDA where available per company filings and presentations. Peers include: ChampionX, Core Laboratories, Dril-Quip, National Oilwell Varco, Oil States International and TechnipFMC. Cactus' computation of Adjusted EBITDA may not be comparable to other similarly titled measures of other companies. TechnipFMC data represents FMC Technologies financial data from 2014 to 2016 and TechnipFMC plc data pro forma for the separation of Technip Energies for 2017-2021. YTD 2022 represents the first and second calendar quarters of 2022. Cactus data represents Adjusted EBITDA, defined as EBITDA excluding (gain) loss on debt extinguishment, stock-based compensation, severance expenses, non-cash adjustments for the revaluation of the liability related to the tax receivable agreement, and equity offering expenses. The Appendix at the back of this presentation contains a reconciliation of EBITDA and Adjusted EBITDA to net income, the most comparable financial measure calculated in accordance with GAAP. Adjusted EBITDA Margin is defined as Adjusted EBITDA expressed as a percentage of Revenue. 8#9Technologically Advanced Pad Drilling Wellhead Systems Cactus Safe Drill® Safe Drill® Advantages Safety Fewer trips into confined space (cellar) Time Savings Eliminates time consuming BOP manipulation No BOP manipulation after intermediate casing has been installed No waiting on cement after running casing strings Conventional Wellhead No "hot work" required to cut casing with torch Mandrel hangers, pack offs run and set through BOPS 9#10Favorable Macro Trends Benefit Cactus Improving Activity Environment ■Recovery in energy demand driving. increased need for oil & gas production ■Industry underinvestment in 2020 and 2021 driving potential multi-year growth in rig and well counts U.S. land rig count forecasted to grow by -10% in 2023(1) Total U.S. Frac Jobs (1) Average Active U.S. Onshore Rigs (1) 460 419 705 773 2020A 2021A 2022E 2023E Total U.S. Onshore Wells Drilled(1) 1. 8,310 12,351 11,755 10,900 12,427 15,641 19,596 18,660 2020A 2021A 2022E 2023E 2020A 2021A 2022E 2023E Source: Spears and Associates. 10 10#111) Growing Product Revenue Per Rig Followed Drivers For Increased Revenue Per Rig ■ Sale of higher-end wellhead systems ■Shift to higher-pressure wells requires higher value equipment ■ Customer utilization of additional features ■ E&Ps increasingly value additional time-saving features as drilling costs escalate Cactus Product Revenue Per U.S. Onshore Rig Followed (1) (Data Indexed to 100) 147 159 162 174 ■ Implementation of cost recovery initiatives ■ Evolution in artificial lift ■Customer preference to utilize multiple forms of artificial lift during a well life- cycle increases product sales 100 119 2017 2018 2019 2020 2021 YTD 2022 Revenue per rig followed represents total company Product revenue divided by rigs followed, which represents the average number of active U.S. onshore rigs Cactus followed (which Cactus defines as the number of active U.S. onshore drilling rigs to which it was the primary provider of wellhead products and corresponding services during drilling) as of mid month for each of the three months in the applicable quarter. 11#12Significant Growth Potential Through Geographic Expansion Percentage of 2021 Global Land Rig Count (Excluding Russia & Central Asia) Areas of potential expansion 76% G 24% Countries where Cactus provided wellhead equipment prior to 2022 ■ U.S. & Australia ■ Rest-of-World (1) Not yet established in regions that make up the majority of global rig activity Source: Company estimates. Spears & Associates. 1. Excludes rigs in Russia and Central Asia. 12#13Differentiated Offerings Enable Customers to Meet ESG-Related Goals Faster ■ Cactus enables customers to drill and complete wells faster Translates to fewer rig and frac days & associated equipment ■Lower operator emissions per barrel of production ■Reduced carbon intensity per well ■Fewer drilling days per well More frac stages completed per day Safer ■ Cactus' equipment increases employee safety by enabling: ■ Automation of human- performed connections ■ Routine tasks to be performed remotely ■Fewer trips into underground cellars ■No "hot work" required to cut casing with torch Cleaner ■Recently began deploying equipment allowing for: ■ Environmentally friendly method for powering Cactus' equipment and operations ■ Electric power generation at the wellsite ■Reduced diesel usage 13#14Small Expenditures Can Have a Big Impact on Operators Cactus Value Proposition Cactus offerings make up a relatively small portion of the overall cost to drill & complete a well Efficiency and reliability can cause a disproportionate amount of benefit for operators ■ Operators prioritize cost savings on Components of Onshore Well Costs (1) Drilling 29% Other 15% larger ticket items 1) Source: EIA and Management estimates. Completion 54% Cactus Products Cactus Rentals 1% 1% 14#15Flexible and Scalable Operating Footprint U.S. Operations ■ Service centers support field services and provide repair services ■ Spread across all key producing basins ■Flexible cost structure at branches & Bossier City ■ Ability to scale costs and right-size in real-time ■Minimal maintenance capex required United States Bossier City, Louisiana Manufacturing Facility International Operations Established onshore business in Australia Started to provide rental equipment in the Middle East in late 2021 Approved as vendor in key Middle East markets First wellhead sale to South America in Q3 2022 Booked first order for wellhead equipment in the Middle East in Q3 2022 Manufacturing Service Centers Headquarters Australia China Suzhou, China Manufacturing Facility Moomba Brisbane Adelaide Middle East South America 15#16A Dynamic Manufacturing Advantage; Responsive, Highly Scalable and Lower Cost Responsive manufacturing in the U.S. supplemented by high volume production in China Bossier City Facility ■Rapid-response manufacturing of equipment ■5-axis computer numerically controlled machines "Just-in-time" product capabilities allow Cactus to offer fast delivery time for parachute orders ■No large near-term capital equipment needs following 2018 expansion ■Cash cost of operations is highly variable Suzhou Facility ■Less time-sensitive, high-volume wellhead equipment ■ Wholly foreign owned enterprise (WFOE) Continue to increase product types assembled and tested in Suzhou ■Low cost of operation with low sensitivity to utilization Identified additional international sourcing 2 ·仓库周转区() Highly Scalable and Low Fixed Cost Manufacturing Footprint 16#17Experienced and Well Aligned Management Team with Strong Industry Relationships ■ Management is well incentivized as it owns approximately 20% of the business ■ Over 80% of executive compensation deemed “at risk” ■ Performance-based stock compensation tied to Return on Capital Employed ("ROCE") ■ Management team has built the foundation of this company over more than four decades ■Track record of building and successfully monetizing similar businesses G ■ Strength of leadership and loyalty is attested by management and operating teams that joined from past ventures 1959 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 Joel Bender appointed Vice President of ICC sold to I Cooper Cameron I Corporation CWE (1984) Scott Bender appointed President of Wellhead CWE Merges with Ingram Petroleum Services, forming Ingram Cactus Cactus Cactus Pipe founded Equipment (1959) ("CWE"), a subsidiary of Cactus Pipe (1977) I (1996) CAMERON I A Schlumberger Company Scott Bender leaves WGPC (2010) Cactus, Inc. IPO (2018) Company ("ICC") ■ Scott and Joel Bender become President and VP Operations, respectively, of ICC (1986) Scott and Joel Bender appointed President and SVP, respectively, of Wood Group Pressure Control ("WGPC") Steven Bender appointed Rental Business Manager of WGPC (2005) WGPC I Sold to GE I Oil and Gas (2011) I GE GE Oil & Gas Scott and Joel Bender found Cactus LLC with 18 key managers (2011) Cactus, Inc. initiates regular quarterly dividend (2019) WOOD GROUP 17#18Well Established Relationships With High-Quality Customer Base 2021 Total Revenue by Customer Type 2021 Product Revenue by Customer Type 2021 Rental Revenue by Customer Type Majors 8% Majors 5% Private 26% Private 27% SMID E&P 4% Large E&P 62% SMID E&P 4% Large E&P 64% Private 29% SMID E&P 1% Majors 19% Large E&P 51% Majority of customer base represented by larger, well capitalized operators Note: Cactus' Field Service revenue driven by the Company's Product & Rental activity. Large E&P represents exploration & production companies with market capitalization of over $3bn as of August 22, 2022 per FactSet. Majors include international oil companies that engage in upstream and downstream activities 18#19Returns & Margins Have Outperformed Peers YTD 2022 Adjusted EBITDA Margin (%) 40.0% 30.0% 20.0% 10.0% OIL STATES 0.0% (10.0%) Source: Company filings and Factset. DRIL QUIP 0.0% CHAMPIONx 10.0% 20.0% Core Lab 30.0% Cactus (1) 40.0% G ROCE(2) (2017-2021) (%) Note: Adj. EBITDA Margins based on latest publicly available annual data. Cactus' computation of Adjusted EBITDA may not be comparable to other similarly titled measures of other companies. YTD 2022 represents first and second quarter of 2022. Cactus EBIT Adjusted EBITDA - depreciation and amortization. The Appendix at the back of this presentation contains a reconciliation of Adjusted EBITDA to net income, the most comparable financial measure calculated in accordance with GAAP. ROCE reflects weighted average of 2017, 2018, 2019, 2020 and 2021. ROCE = (Adj. EBITDA less D&A) / (Average of the subject year and preceding year capitalization including capital leases). ChampionX ROCE data represents legacy Apergy for 2016-2019 and ChampionX for 2020 and 2021. Year-end 2021 DMC Global Inc. capital employed figure excludes $480mm related to the acquisition of Arcadia and assocaited noncontrolling interest for comparative purposes. 1) 2) 19#20Execution Has Driven Equity Outperformance Share Price Performance of Cactus vs. the OSX since IPO 0% 111% WHD (54%) G OSX Share Price Outperformed the OSX in 2018, 2019, 2020 and 2021 Note: Data based on share price performance from 2/7/2018 to 9/1/2022.Cactus 2/7/2018 price set as IPO price of $19 per share. Source: Factset 20 20#21History of Prudent Investment Strategy Goodwill, Intangible, Long-Lived & Other Asset Impairment Expenses ($mm) (2015-2021) ($mm) $1,000 $10,597 $7,722 $750 $500 $250 $664 $656 $251 $133 $0 $- Peer A Peer B Peer C Peer D Peer E Peer F m Cactus Has Recorded Zero Impairment Charges Through the Cycle Note: Peers include: ChampionX, Dril-Quip, Core Labratories, National Oilwell Varco, Oil States International and TechnipFMC. ChampionX data represents legacy Apergy prior to merger. TechnipFMC financial data represents FMC Technologies from 2015-2016 and TechnipFMC pro forma for the separation from Technip Energies from 2017-2021. Source: Company filings and annual reports. 21#22अ Steadily Increasing Return of Capital Profile Cactus' Dividends & Associated Distributions to Members Paid Since 2018 ($ in millions) $35 8. 2018 2019 2020 2021 YTD 2022 Annualized (1) Cactus Has Increased Shareholder Returns in Every Year Since Going Public Source: Company filings and annual reports. 1. Annualized based upon $16.7 million of dividend payments and associated distributions made during the first half of 2022. Although we intend to continue paying the quarterly dividend at the current levels, Cactus' future dividend policy is within the discretion of Cactus' board of directors and will depend upon then-existing conditions, including Cactus' results of operations, financial condition, capital requirements, investment opportunities, statutory and contractual restrictions on Cactus' ability to pay dividends and other factors Cactus' board of directors may deem relevant. 22 22#23(100%) (75%) Company A (50%) Company B (25%) Company C 0% Company D Increased Dividend Through the Cycle OFS Change in Dividends Paid Per Share 2Q 2022 Vs. Q4 2019 25% Company E Company F No Dividend Cuts During Period x x × × Cactus Not Only Maintained Its Dividend Rate From 2019, But Increased It Company G Source: Company filings. Companies included: Baker Hughes, Core Laboratories, Halliburton, Helmerich & Payne, Liberty Oilfield Services, Nabors, NOV, Patterson-UTI Energy, Schlumberger, Solaris Oilfield Infrastructure, TechnipFMC, U.S. Silica. Company H Company I Company J 23 23 Company K Company L G#24Clean Balance Sheet & Low Capital Intensity Balance Sheet & Capital Summary June 30, 2022 cash balance of approximately $312 million ■Full year 2022 net capital expenditure guidance of $20 million to $30 million ■Modest maintenance capex requirements Adjusted EBITDA (1) - Net Capital Expenditures (2) ($ in millions) $81.4 $173.1 $144.4 $108.7 $102.9 $169.9 2022 capex driven by: ■Roofline expansion at Bossier City facility (completed in Q1 2022) ■ R&D facility buildout Electrification and additions to rental asset fleet as activity is expected to grow ■ General maintenance 2017 2018 2019 2020 2021 YTD 2022 Ann. Net Capital Expenditures (2) ($ in millions) $30.7 $68.2 $55.9 $25.8 $18.1 $11.6 2017 2018 2019 2020 2021 YTD 2022 Ann. Strong balance sheet with track record of cash flow generation Source: Company filings. 1) 2) EBITDA and Adjusted EBITDA are non-GAAP financial measures. Cactus defines Adjusted EBITDA as EBITDA excluding (gain) loss on debt extinguishment, stock-based compensation, non-cash adjustments for the revaluation of the liability related to the tax receivable agreement, and equity offering expenses. The Appendix at the back of this presentation contains a reconciliation of EBITDA and Adjusted EBITDA to net income, the most comparable financial measure calculated in accordance with GAAP. YTD Annualized represents first two quarters of 2022 annualized. Net Capital Expenditures equals net cash flows from investing activities. 24 24#25G 1. 2. Recent Performance & Outlook Second Quarter 2022 Performance ■ Revenues up 17% sequentially ■ Adjusted EBITDA up over 30% sequentially ■ Product market share (1) of nearly 40% ■ Adjusted EBITDA margin (2) increased to approximately 33% Outlook & Recent Developments ■ Q3 2022 Product revenues expected to be up 5 to 10% sequentially ■Rigs followed expected to be up approximately 5% versus Q2 2022 ■ Q3 2022 Rental revenues expected to be up by 10% sequentially Field Service revenue expected to be 24% of combined Product & Rental revenue August was a record revenue month for the Company TRA payment and associated distributions of $14.8mm made in Q3 2022 Represents the average number of active U.S. onshore rigs Cactus followed (which Cactus defines as the number of active U.S. onshore drilling rigs to which it was the primary provider of wellhead products and corresponding services during drilling) as of mid-month for each of the three months in the applicable quarter divided by the Baker Hughes U.S. onshore rig count quarterly average. The Appendix at the back of this presentation contains a reconciliation of EBITDA and Adjusted EBITDA to net income, the most comparable financial measure calculated in accordance with GAAP. Incremental Adjusted EBITDA margin represents the sequential change in Adjusted EBITDA divided by the sequential change in revenue during the quarter. 25#26Cactus Is Committed to ESG Environmental Cactus, Inc. is committed to reducing its and its industry's impact on the environment. We will continue to strive to improve our products over time and to initiate more projects and activities that will further reduce our and our industry's impact on the environment. Cactus Social Cactus, Inc. is dedicated to improving lives of our employees and the communities where they live. We have policies in place to protect human rights and to require ethical behavior by our employees and suppliers. We seek to make the world a better place by providing products that minimize environmental impact and by requiring fairness, equal opportunity and human dignity. Cactus Environmental Policy Statement October 4, 2019 Cactus, Inc. is committed to reducing its impact on the environment. We will continue to strive to improve our environmental pertorbance o further reduce a e over time and to initiate projects and activities that will ace our impact on the environment Our commitment to the environment extends to our customers, our Associates and the communities in which we operate. We also expect our suppliers and vendors to join us in our efforts to reduce environmental impacts via our Code of Vendor Conduct. To that end, we are committed to the following: Compliance with all applicable environmental regulations Seeking to use resources efficiently and reduce waste ⚫ Avoiding environmental damage resulting from our operations Reviewing and improving our Environmental Management System ("EMS"). (Note that our EMS is not 50 14001 certified.] Educating our Associates about our Environmental Policy Statement and encouraging their efforts to help fulfil our commitment to reducing our impact on the environment • Communicating our environmental commitment to our suppliers and vendors, as well as our customers, our Associates and the public. • Working to improve the fuel economy of our fleet by routinely updating our fleet, ensuring proper maintenance, reducing iding time and avoiding unnecessary travel in 2018, our Fleet consumed 629,000 gallons of fuel. [Note that 0% of the consumption is from renewable resources.] Improving our water n currently in place in 20 locations. We estimate that ur water recycare promoted for reuse in our relie in 2018, approximately 8 milion gallons of water program Board oversight and consideration of climate-related risks and opportunities as part of our Enterprise Risk Management process which is conducted semi-annually. Recognizing that the right to water is a fundamental human right ■ All manufacturing facilities API and ISO 9001 certified to ensure the highest level of quality and safety ■Products & equipment reduce the need for personnel and equipment at the well site and our industry's impact on the environment Social, Human and Labor Rights Policy Statement October 4, 2019 Cactus, Inc. is dedicated to improving lives and protecting human rights. We seek to make the world. a better place by encouraging fairness, equal opportunity and human dignity. Our commitment to social, human and labor rights extends to our customers, our Associates and the communities in which we operate. We also expect our suppliers and vendors to join us in our efforts to improve lives via our Code of Vendor Conduct. To that end, we are committed to the following Recognizing that the right to water is a fundamental human right Working with our suppliers and vendors to help them improve in the area of human rights. Prohibiting the use of child labor and forced labor among our suppliers and vendors Supporting the precepts set forth in the UN Universal Declaration of Human Rights Ensuring that workforce rights are fully realized by developing a safe work environment that is free from unlawful discrimination and harassment and one that ensures Associates' rights under the law are fully protected •Extending anti-discrimination protections to all legally protected classes incuding gender, race, disability, ethnicity, national origin, religion, age and sexual orientation Expecting that our suppliers and vendors embrace workforce rights to the same extent as Cactu Improving our occupational health and safety program and policies designed to protect Associates and invitees from harm at all our facilities and locations as well as any other locations where they work Working with our suppliers and vendors to ensure they too embrace our occupational health and safety policy Compensating our Associates with a fair wage supporting their efforts to adequately provide for their families Active Board and Senior Executive oversight of our anti-bribery and anti-corruption program •Providing awareness training to all Associates on our Code of Business Conduct and Ethics to ensure all Associates are familiar with our anti-bribery and anti-corruption policy. Reporting to the Board of Directors during its regularly scheduled meetings regarding environmental, health and safety issues The Director of Health, Safety and Environmental reports directly to the General Counsel ■Our board of directors believes that sound governance practices and policies provide an important framework to assist it in fulfilling its duty to stockholders ■ Bylaws permit Eligible Stockholders to make nominations for election to the Board and to have those nominations included in the Company's proxy materials under certain circumstances Source: Company filings. Governance 2021 CEO Target Pay Mix Independent Directors 7 6 5 4 3 At IPO Current LTI 72% Base Salary 14% STI Target 14% 86% at risk 26#27Appendix safety Strong All Year Long#28Company Organizational Structure Company Profile Ticker Organizational Structure(1) WHD (NYSE) Class A Shares Outstanding(1) 60.7mm Class B Shares Outstanding (1) 15.2mm Total Shares Outstanding (1) 75.9mm Market Capitalization(2) ~$3.0bn Finance Lease Obligations (3) $12.5mm Cash and Cash Equivalents (3) Quarterly Dividend Per Share Annual Dividend Yield (2) Ownership Profile (4) Management, Board & Select Employees 20% $311.7mm $0.11 1.1% CW Unit Holders G Public Investors Class B Common Stock (20.0% voting power) Class A Common Stock (80.0% voting power) 15.2mm CW Units (20.0% economic rights) Cactus, Inc. (NYSE: WHD) 60.7mm CW Units (80.0% economic rights) Cactus Wellhead, LLC (operating subsidiary) 100% Subsidiaries Public 80% Class A & Class B Shareholders Have Equal Voting Rights Source: Company filings. 1. 2. As of August 29, 2022. Excludes effect of dilutive securities. As of September 1, 2022. Market capitalization utilizes total shares outstanding. 3. As of June 30, 2022. 4. As of August 29, 2022. 28#29Non-GAAP Reconciliation Important Disclosure Regarding Non-GAAP Measures EBITDA and Adjusted EBITDA are not measures calculated in accordance with GAAP. EBITDA and Adjusted EBITDA are supplemental non-GAAP financial measures that are used by management and external users of our consolidated financial statements, such as industry analysts, investors, lenders and rating agencies. We define EBITDA as net income excluding net interest, income tax and depreciation and amortization. We define Adjusted EBITDA as EBITDA excluding severance expenses, revaluation of tax receivable agreement, (gain) loss on debt extinguishment, stock-based compensation, and equity offering expenses. We define Adjusted EBITDA Margin as Adjusted EBITDA as a percentage of Revenue. Our management believes EBITDA, Adjusted EBITDA and Adjusted EBITDA margin are useful, because they allow management to more effectively evaluate our operating performance and compare the results of our operations from period to period without regard to financing methods or capital structure, or other items that impact comparability of financial results from period to period. EBITDA and Adjusted EBITDA should not be considered as alternatives to, or more meaningful than, net income or any other measure as determined in accordance with GAAP. Our computations of EBITDA and Adjusted EBITDA may not be comparable to other similarly titled measures of other companies. We present EBITDA, Adjusted EBITDA and Adjusted EBITDA margin because we believe they provide useful information regarding the factors and trends affecting our business. Annualized ($ in thousands) Net income (loss) Interest (income) expense, net Income tax expense EBIT Year Ended December 31, 2021 2020 2019 2018 2017 2016 2015 $67,470 $59,215 $156,303 $150,281 774 (701) (879) 3,595 $66,547 20,767 7,675 10,970 32,020 19,520 1,549 ($8,176) 20,233 809 $21,224 21,837 784 75,919 69,484 187,444 173,396 88,863 12,866 43,845 Depreciation and amortization 36,308 40,520 38,854 30,153 23,271 21,241 EBITDA $112,227 $110,004 $226,298 $203,549 $112,134 $34,107 20,580 $64,425 Severance expenses Revaluation of tax receivable agreement liability. Secondary offering related expenses (898) 406 1,864 555 (5,336) 1,042 Six Months Ended June 30, 2022 Six Months Ended June 30, 2022 $125,726 (408) $62,863 (204) 22,914 11,457 148,232 74,116 35,184 17,592 $183,416 $91,708 2,230 1,115 (Gain) loss on debt extinguishment Stock-based compensation 8,620 Adjusted EBITDA $120,355 8,599 $121,022 6,995 $228,999 4,305 4,704 $212,558 $112,134 (2,251) 361 $32,217 (1,640) 359 $63,144 10.032 5,016 $195,678 $97,839 Revenue Net income (loss) margin Adjusted EBITDA margin $438,589 15.4% 27.4% $348,566 17.0% 34.7% $628,414 24.9% 36.4% $544,135 27.6% 39.1% $341,191 19.5% 32.9% $155,048 (5.3%) 20.8% $221,395 9.6% 28.5% $632,228 19.9% 31.0% $316,114 19.9% 31.0% 29 29 *For the year ended December 31, 2014, we had EBITDA of $88.8 million, representing net income of $59.1 million, excluding net interest expense of $11.2 million, income tax expense of $0.3 million and depreciation and amortization of $18.2 million. There was no early extinguishment of debt in 2014. Stock-based compensation was $1.3 million in 2014. Adjusted EBITDA was equal to $90.1 million. Revenue was $259.5 million, Net Income margin was 22.8% and Adjusted EBITDA margin was 34.7%.#30Investor Relations Contact John Fitzgerald Director of Corporate Development & Investor Relations 713-904-4655 [email protected] 121270 Ht G Cactus 30 30