ProFrac Holding Corp. Q1 FY2026 earnings call

1. Overall first quarter results exceeded expectations despite early weather challenges. 2. Stimulation Services team delivered record efficiency in March with operational momentum into Q2. 3. Cost optimization program making progress towards $100 million annualized savings target, with labor-related and SG&A cost reductions implemented. 4. Machina, the integrated well optimization suite, gaining traction with customer feedback on commercial model and potential to unlock stranded acreage. 5. Profit Production facing challenges from winter weather and operational issues, focusing on optimizing mine investments to improve utilization and throughput.

Stimulation Services: First quarter revenues were $407 million, adjusted EBITDA was $32 million with a margin of 7.8%, improved from $384 million and $33 million with 8.7% margin in Q4 2025. Profit Production: First quarter revenues were $120 million, adjusted EBITDA was $7 million with a margin of 5.4%, down from $115 million and $16 million with 13.9% margin in Q4 2025. Manufacturing: First quarter revenues were $48 million, adjusted EBITDA was $7 million, up from $43 million and $4 million in Q4. Flowcheck: First quarter revenues were $72 million, adjusted EBITDA was $11 million, up from $43 million and $10 million in Q4.

1. Expect Q2 to trend higher sequentially. 2. Continue to achieve full $30 to $40 million range in non-labor operating expense savings as initiatives mature. 3. Total capital expenditures in 2026, including Flowtech spend, expected to be in range of $155 million to $185 million; excluding Flowtech, range of $145 to $175 million. 4. Pricing increases layered in throughout latter half of Q2 and into back half of year.

1. Market dynamics shifting can cause actual results to differ from forward-looking statements. 2. Cost pressures in chemicals, diesel, steel, etc., can impact margins. 3. Supply chain issues can delay fleet upgrade program. 4. Geopolitical developments and weather conditions can create operational disruptions.

Q: Dan Coutts from Morgan Stanley asked about squaring pricing comments.

A: Sequentially stable from Q4 to Q1, but active dialogue on pricing improvement with material increases in Q2 and back half of year.

Q: Patrick Ouellette from Stiefel asked about current pricing vs last few years.

A: Current pricing at 55%-60% of 2022 peak, with much more efficient industry.

Q: Bill Austin from Daniel Energy asked about mix between public and private operators in inquiries for incremental frack spreads.

A: Seen a lot of new activity from private operators, focus on core committed schedules and disciplined approach to fleet deployments.