#1C Investor Presentation Cactus, Inc. (NYSE: WHD) March 2024 अ#2Important Disclosures G Non-GAAP Measures This presentation includes references to EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin, which are not measures calculated in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Reconciliations of EBITDA and Adjusted EBITDA to net income, the most directly comparable measure calculated in accordance with GAAP, are provided in the Appendix included in this presentation. This presentation includes certain guidance for the non-GAAP financial measures Adjusted EBITDA margin for Pressure Control and Adjusted EBITDA margin for Spoolable Technologies, and Corporate and Other Adjusted EBITDA. We are unable to reconcile these measures to their nearest GAAP measure without unreasonable efforts because we are unable to predict with reasonable certainty the actual impact of items included in the most directly comparable GAAP financial measure. 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. On February 28, 2023, Cactus, through one of its subsidiaries, completed its previously announced merger of the FlexSteel business (the "Merger") through a merger with HighRidge Resources, Inc. and its subsidiaries ("HighRidge"). On February 27, 2023, in order to facilitate the Merger with HighRidge, an internal reorganization was completed in which Cactus Companies, LLC ("Cactus Companies"), a newly formed wholly-owned subsidiary of Cactus Inc., acquired all of the outstanding units representing ownership interests in Cactus Wellhead, LLC, the operating subsidiary of Cactus Inc. (the "CC Reorganization"). FlexSteel Holdings, Inc. was a wholly-owned subsidiary of HighRidge prior to the Merger and was converted into a limited liability company, contributed from HighRidge to Cactus Companies as part of the CC Reorganization and is now named FlexSteel Holdings, LLC ("FlexSteel"). Unless otherwise specifically noted herein or the context otherwise requires, information set forth herein with respect to periods prior to February 28, 2023 does not include the information of HighRidge and the FlexSteel business. Accordingly, unless otherwise specifically noted herein or the context otherwise requires, information with respect to Cactus Inc. and its consolidated subsidiaries (the "Company", "we", "us", "our" and "Cactus") for the periods prior to February 28, 2023 refers only to Cactus and its consolidated subsidiaries prior to the Merger and does not include results and other information associated with HighRidge and the FlexSteel business. 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, expected revenue, Adjusted EBITDA and Adjusted EBITDA margin, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this presentation, the words "guidance," "outlook," "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 not to place undue reliance on any forward-looking statements, which can be affected by assumptions used or by risks or uncertainties, including unanticipated challenges relating to the FlexSteel 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. 2#3Experienced Executive Team Scott Bender Chairman & CEO Joel Bender President Steven Bender Chief Operating Officer Steve Tadlock Executive Vice President, CEO of Spoolable Technologies & Treasurer William Marsh Executive Vice President & General Counsel Mr. Bender has served as Chairman and CEO since August 2023 and previously 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 Director and President since August 2023 and previously served as Senior Vice President, COO and Director 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. Mr. Bender has served as COO since August 2023 and previously served as Vice President of Operations of Cactus LLC since 2011, managing all U.S. 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. ■ Mr. Tadlock joined Cactus in June 2017 and has served as CEO of the Spoolable Technologies Segment since October 2023. Mr. Tadlock previously served as Chief Financial Officer from March 2019 through October 2023. He has worked with Cactus LLC since its founding in 2011 as a Board Observer. ■ Mr. Tadlock previously served as a Director and Chairman of Polyflow Holdings, LLC until his resignation in 2018. ■ 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 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, most recently serving as Chief Legal Officer from 2013 to 2021. 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 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 Strong Margins and Free Cash Flow Generation 5 Experienced Management Team with Significant Equity Ownership & Strong Industry Relationships 4#5Products & Operations Overview Cactus designs, manufactures, sells and rents highly engineered products which generate improved drilling, completion and production efficiencies while enhancing safety Wellhead systems Production trees Spoolable pipe Frac Stacks Completion Equip. Fittings Cactus Provides Service, Installation & Maintenance for its Equipment 5#6Historical Financial Overview 2023(1) Revenue by Segment Revenue (1) ($ in millions) 10 months of Spoolable Technologies Spoolable Technologies 31% Pressure Control 69% Selected Active Basins ■ Bakken ■DJ / Powder River ■ Eagle Ford ■Marcellus / Utica ■ Permian ■ Haynesville ■ SCOOP/STACK Cooper, Australia G $1,097 $340 $628 $688 $544 $439 10 months of Spoolable Technologies $349 $757 2018 2019 2020 2021 2022 2023 Adjusted EBITDA(1,2) ($ in millions) $229 $228 $213 $121 $120 $398 10 Months of Spoolable Technologies 2018 2019 2020 2021 2022 2023 Adj. EBITDA (2) as % of Revenue 39% 36% 35% 27% 33% Adjusted EBITDA (2) - Net Capital Expenditures (3) as % of Revenue 27% 28% 30% 25% 29% 36% 33% 2018 2019 2020 2021 2022 2023 Source: Company filings. 1) 2) Note: Historical financial data prior to March 2023 shown not inclusive of FlexSteel, which was acquired on Feb 28, 2023. 2023 revenue includes Spoolable Technologies revenue from the close of the FlexSteel acquisition on February 28, 2023. 2023 Adj. EBITDA includes Spoolable Technologies results from the close of the FlexSteel acquisition on February 28, 2023. 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. 6 3) Net Capital Expenditures equals net cash flows from investing activities excluding cash outflow for the acquisition of FlexSteel.#7Differentiated Margin Profile Through the Cycle Total Adjusted EBITDA Margin (2014 - 2023) (1 (1)(2) 2023 Adjusted EBITDA Margin (1)(2) 34% 24% 20% 18% 13% 13% 12% Peer A Peer B Peer C Peer D Peer E Peer F 36% 21% 17% G 12% 11% 11% 10% Peer C Peer A Peer E Peer D Peer B Peer F Strength of margin profile relative to peers maintained through the cycle Note: Historical Cactus data prior to February 28, 2023 not inclusive of FlexSteel. 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. EBITDA and Adjusted EBITDA are non-GAAP financial measures. The Appendix at the back of this presentation contains a reconciliation of Cactus 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. 7#8Technologically 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 and pack offs run and set through BOPS 80#9Technologically Advanced Spoolable Pipe Systems FlexSteel Spoolable Pipe FlexSteel Advantages G HDPE/PE-RT Shield HDPE/PE-RT Liner Conventional Steel Line Pipe Steel Reinforcement Features Operator Savings ✓ Durable and corrosion- ✓ Lower maintenance cost resistant for operators ✓ Faster installation times ✓ Lower cost to install Withstands cyclic loading ✓ Lowest bend radius of any spoolable pipe ✓ Pre-leak detection Large diameter High pressure & temperature ratings Reduces operating field failures/reinstallations Reduces need for special handling or bedding tools ✓ Captures permeated gases Higher flowrates ✓ Reliable in extreme conditions 9#10Spoolable Pipe Applications Across the Industry Value Chain Tank Battery Midstream Sales Meter BOB Refining / End Use Cactus Wellhead & Tree Customer FLEXSTEEL A Cactus Company FLEXSTEEL A Cactus Company Production Line Pipe E&P Small/Medium Diameter Typical Service Multiphase production Consumable Sale Gathering Line Pipe E&P Larger Oil/Gas/Water / CO₂ FLEXSTEEL A Cactus Company Midstream / Takeaway Line Pipe Midstream Largest Oil/Gas/CO2 Associated Service Spoolable Pipe Fittings Installation Maintenance 10 10#11Differentiated Offerings Enable Customers to Meet ESG-Related Goals Faster ■ Equipment takes less time to install versus legacy offerings Enables customers to drill, complete and bring wells online faster ■ Fewer people and less equipment on location ■Reduces carbon intensity per well Safer Equipment enhances. employee safety ■ Automation of human- performed connections ■ Routine tasks can be performed remotely ■Longer spooled length minimizes connections and fabrication required on-site Cleaner Switching from diesel to solar powered generation in certain instances ■Spoolable pipe design enables capture and management of permeated gases ■Spoolable pipe design characteristics are well suited for CO2 transportation 11#128 North American Operating Footprint Operational Footprint Headquarters located in Houston, TX ■ U.S. manufacturing facilities located in Bossier City, LA and Baytown, TX ■ Significant overlap in Cactus and FlexSteel service centers & yards Service centers support field operations and provide repair services ■Located in all key producing basins Flexible cost structure at Bossier City, Baytown and branches G U.S. Manufacturing Facilities: Bossier City, Louisiana Baytown, Texas Headquarters Manufacturing Service Centers / Yards Cactus locations FlexSteel locations 12#13G Global Operating Footprint Global Operations ■Manufacturing facilities located in the U.S.A and China Established legacy business in Australia Cactus started to provide rental equipment in the Middle East in late 2021 ■Approved as vendor in key Middle East markets ■First wellhead/production tree sales in Middle East, Europe, Latin America and Africa in 2022 & 2023 ■FlexSteel products have been sold into over 20 countries since introduction Frow Manufacturing Established Wellhead & Spoolable Market Emerging Wellhead & Spoolable Markets Established Wellhead & Emerging Spoolable Market 13#14A Dynamic Manufacturing Advantage; Responsive, Scalable and Low Cost Bossier City Facility ■Rapid-response manufacturing 5-axis computer numerically controlled machines ■"Just-in-time" capabilities for fast delivery time & parachute orders ■ Expanded in 2018 and 2022 Suzhou Facility ■Less time-sensitive, high-volume wellhead equipment ■Wholly foreign owned enterprise (WFOE) ■Low cost of operation with low sensitivity to utilization ■ Additional international sourcing underway Baytown Facility ■ Produces 100% of FlexSteel equipment ■ Only manufacturer to hydro-test all pipe before leaving its facility ■Third production line added in 2019 API and ISO certified CAP 3 TIN 仓库周转区(六) Scalable and Low Fixed Cost Manufacturing Footprint 14 14#15Experienced and Well Aligned Management Team with Strong Industry Relationships Management is well incentivized as it owns over 18% of the business ■ 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 Scott Bender appointed Joel Bender appointed Vice President of CWE (1984) ICC sold to I Cooper Cameron | Corporation I (1996) CAMERON I A Schlumberger Company Scott Bender leaves WGPC (2010) Cactus, Inc. IPO (2018) Cactus, Inc. Scott and Joel Bender found Cactus, Inc. announces inaugural share repurchase program (2023) initiates Cactus regular Cactus, EGE Oil & Gas LLC with 18 key quarterly Inc. I I managers (2011) dividend (2019) acquires FlexSteel (2023) President of Cactus Cactus Pipe Wellhead founded (1959) Equipment ("CWE"), a subsidiary of Cactus Pipe (1977) CWE Merges with Ingram Petroleum Services, forming Ingram Cactus 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) T WGPC | Sold to GE I Oil and Gas (2011) WOOD GROUP 15#16Returns & Margins Have Outperformed Peers 2023 Adjusted EBITDA Margin (%) 40.0% 30.0% 20.0% OIL 10.0% 0.0% (10.0%) STATES DRI QUIP 0.0% CHAMPIONX 10.0% 20.0% Core Lab 30.0% Cactus (1) 40.0% G ROCE(2) (2017-2023) (%) Source: Company filings and Factset. 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. Cactus data based on historical actuals and not pro forma for the FlexSteel acquisition. FlexSteel results included past the close of the acquisition on February 28, 2023. 1) 2) 2023 Cactus ROCE calculation utilizes two months of year-end 2022 capitalization and ten months of year-end 2023 capitalization to reflect the acquisition of FlexSteel on February 28, 2023. 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 average of 2017, 2018, 2019, 2020, 2021, 2022 and 2023. 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, 2021, 2022 and 2023. 16#17Execution Has Driven Equity Outperformance Share Price Performance of Cactus vs. the OSX since IPO 0% 146% WHD (40%) OSX G Share Price Outperformed the OSX in 4 of 6 years since IPO Note: Data based on share price performance from 2/7/2018 to 3/12/2024. Cactus 2/7/2018 price set as IPO price of $19 per share. Source: Factset 17#18Steadily Increasing Return of Capital Profile Cactus' Dividends & Associated Distributions to Members Paid Since 2018 ($ in millions) $40 Announced inaugural share repurchase program in June 2023 and 9% quarterly dividend increase in August 2023 $30 $20 $10 $0 2018 2019 2020 2021 2022 (1) 2023 Cactus Has Increased Shareholder Returns in Every Year Since Going Public and Announced its Inaugural Share Repurchase Program in June 2023 Source: Company filings and annual reports. 1) 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. 18#19G Multiple Avenues of Growth for Spoolable Technologies ■ Growth In Core Production Products ■Transition from legacy offerings to spoolable technologies still underway ■ Increase customer penetration for larger-diameter gathering-based technologies ■ Expand customer penetration for under pad applications that connect to the wellhead ■Introduction of an additional market leading technology to Cactus' customer base ■ Expansion in the Midstream Segment ■Larger diameter capabilities required by relatively untapped customer base ■ Customer count has significantly increased since 2020 ■ Carbon Capture & Underground Storage ("CCUS") ■ Executed on first CCUS project for large independent operator in 2022 ■ Actively engaged in multiple CCUS opportunities as market grows ■ International International market penetration in relatively early stages ■ Offshore ■ Shallow-water product in late stages of development 19#20Strong Balance Sheet & Low Capital Intensity Balance Sheet & Capital Summary Year-end 2023 cash of approximately $134 million ■ Approximately $216 million availability on revolving credit facility as of December 31, 2023 ■Full year 2024 net capital expenditure guidance of $45 to $55 million ■2024 capital expenditure guidance driven by: ■~$20 million for international growth and supply chain diversification initiative ■Spending to increase efficiency at Baytown facility Adjusted EBITDA - Net Capital Expenditures ($ in millions)(1)(2) $173 $144 $103 $109 2018 2019 2020 $202 $359 2021 2022 2023 Net Capital Expenditures (2) ($ in millions) $68 $56 $39 $26 $18 $12 2018 2019 2020 2021 21 20 2022 2220 2023 Proven track record of cash flow generation Source: Company filings. 1) 2) Historical data prior to 2023 not pro forma for the FlexSteel acquisition. EBITDA and Adjusted EBITDA are non-GAAP financial measures. The Appendix at the back of this presentation contains a reconciliation of Cactus EBITDA and Adjusted EBITDA to net income, the most comparable financial measure calculated in accordance with GAAP. Historical data prior to 2023 not pro forma for the FlexSteel acquisition. Net Capital Expenditures equals net cash flows from investing activities excluding the cash outflow for the FlexSteel acquisition. 20 20#21First Quarter Updates Outlook Pressure Control Q1 2024 ■Revenue expected to be down mid-single digit percent versus Q4 2023 ■ Expected Adjusted EBITDA margin of 33% - 35% ■ Spoolable Technologies Q1 2024 ■Revenue expected to be up low single digit percent versus Q4 2023 ■ Expected Adjusted EBITDA margin of 37 - 39% Expected Corporate and Other Adjusted EBITDA loss of approximately $4 million G 21#22Cactus 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 performance over time and to initiate projects and activities that will further reduce our impact on the 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 i our Environmental Management System ("EMS"). Note that our shot 50 14001 certified dronmental Policy Statement and encouraging their Educating our Associates about our i 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 m currently in place in 20 locations. We estimate that in 2018, approximately 8 milion gallons of w water recycling progeated for reuse in our re 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 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, muman and Labor tights S October 4, 201 Cacidicated to imping and acting human righ Week to make the world Our comment citando right our customers, our Aciates and the efforts to improve lives via our Code of vendor Contact To that end, we are committed to the following to them impre in the area of human rights Reseriding that the right tower is a fundamenta Wering with pters and end ing the use of her and Supporting the precap at forth the Ensuring that were ghts are fly rest by ng suspen and vendon fight work ennent that free from new man and harm and one that ensures actes ngh Extending ced Cata domination proceedanes induding gender ethnicits national ang religion, age and seal oneation Improving our cupational health and leg and policies designed to protect Associates and is from matures and cations as well as are other locate where they work Working with our spelers and vendors to the tomb our occupational hand Compensating our Acates with a farw porting their efforts to adequately provide for their fami Active Board and Sective four artery and Providingness trang to all Accates on our Cate of mess Conduct and Ethics to ensure all Ascotes are familiar with our are-bribery and anticoruption policy Reporting to the Board of Oractors during scheduled meetings regarding metal, health and safety iss The Director of Health, Safety and Environmental reports 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 2023 CEO Target Pay Mix Independent Directors 7 6 5 4 3 At IPO Current LTI 68% Base Salary 16% STI Target 16% 84% at risk 22 22#23Appendix#24Company Organizational Structure Company Profile Ticker Organizational Structure(1) G Public Investors Class B Common Stock (17.6% voting power) Class A Common Stock (82.4% voting power) Cactus, Inc. (5) (NYSE: WHD) WHD (NYSE) Class A Shares Outstanding(1) 66mm Class B Shares Outstanding(1) 14mm CC Unit Holders Total Shares Outstanding (1) 80mm Market Capitalization (2) ~$3.7bn Net Cash (3) ~$117mm Quarterly Dividend Per Share (2) $0.12 Annual Dividend Yield (2) 1.0% 14.0mm CC Units (17.6% economic rights) Ownership Profile (4) Management, Board & Select Employees 18% Public 82% 65.5mm CC Units (82.4% economic rights) Cactus Companies, LLC 100% Operating Subsidiaries Class A & Class B Shareholders Have Equal Voting Rights Source: Company filings. As of March 12, 2024. Excludes effect of dilutive securities. As of March 12, 2024. Market capitalization utilizes total shares outstanding. Our future dividend policy is within the discretion of our board of directors and will depend upon then-existing conditions. As of December 31, 2023. Net cash amount includes capital leases. 1) 2) 3) 4) As of March 13, 2024. 5) Cactus Inc.'s ownership of Cactus Companies, LLC is inclusive of its 100% ownership in Cactus Acquisitions LLC. 24 24#25Non-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 liability, (gain) loss on debt extinguishment, stock-based compensation, remeasurement loss on earn-out liability, inventory step-up expense, and transaction (acquisition or equity offering) related 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. ($ in thousands) 2023 Net income (loss) Income tax expense Interest expense (income), net $214,840 6,480 47,536 2022 $145,122 2021 2020 (3,714) $67,470 774 $59,215 (701) Year Ended December 31, 2019 $156,303 (879) 2018 2017 2016 2015 $150,281 3,595 31,430 7,675 10,970 32,020 19,520 $66,547 20,767 1,549 ($8,176) 20,233 809 $21,224 21,837 784 EBIT 268.856 172,838 75,919 69,484 187,444 173,396 88,863 12,866 43,845 Depreciation and amortization 65,045 EBITDA $333,901 34,124 $206,962 36,308 40,520 38,854 30,153 23,271 21,241 20,580 $112,227 $110,004 $226,298 $203,549 $112,134 $34,107 $64,425 Severance expenses Revaluation of tax receivable agreement liability (4,490) Transaction related expenses 12,183 1,910 8,422 (898) 406 1,864 555 (5,336) 1,042 (Gain) loss on debt extinguishment 4,305 (2,251) (1,640) Remeasurement loss on earn-out liability 14,850 Inventory step-up expense 23,516 Stock-based compensation 18,105 Adjusted EBITDA $398,065 10,631 $227,925 8,620 $120,355 8,599 $121,022 6,995 $228,999 4,704 $212,558 $112,134 361 $32,217 359 $63,144 Revenue Net income (loss) margin Adjusted EBITDA margin $1,096,960 19.6% 36.3% $688,369 21.1% 33.1% $438,589 15.4% 27.4% $348,566 17.0% 34.7% $628,414 24.9% $544,135 27.6% $341,191 19.5% $155,048 (5.3%) $221,395 36.4% 39.1% 32.9% 20.8% 9.6% 28.5% 25 25 *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%.#26Investor Relations Contact Alan Boyd Director of Corporate Development & Investor Relations 713-904-4669 [email protected] N IHH G 26