Key Financial Highlights for Q4 and Full Year 2025

• Net Income: Kodiak Gas Services, Inc. (“Kodiak” or “the Company”) reported Q4 2025 net income of \$24.6 million, or \$0.28 per diluted share.
• Adjusted Net Income: Adjusted net income for the quarter was \$35.3 million, or \$0.40 per adjusted diluted share.
• Full Year Performance: For the year ended December 31, 2025, net income attributable to common shareholders totaled \$49.9 million, while adjusted net income reached \$139.4 million.
• Adjusted EBITDA: Q4 adjusted EBITDA was \$715.0 million and full year adjusted EBITDA was \$609.6 million, indicating robust cash-generative capacity.
• Revenue Growth: The Company generated revenues of \$461.7 million for the year, reflecting a strong 23.7% increase compared to 2024.
• Shareholder Returns: Kodiak returned over \$263 million to shareholders through dividends and share repurchases in 2025.
• Leverage Reduction: The Company achieved its total leverage target of 3.5x by year-end 2025.
• Divestment Completion: Kodiak sold its Mexico operations, completing the divestment of all international operations and focusing on its core U.S. business.

2026 Guidance and Outlook

• Adjusted EBITDA Guidance: For 2026, Kodiak projects adjusted EBITDA in the range of \$780 million to \$820 million.
• Discretionary Cash Flow: The Company expects discretionary cash flow between \$480 million and \$520 million.
• Capital Expenditures: Full-year capital expenditures are forecasted to be between \$235 million and \$265 million for growth and between \$40 million and \$50 million for other capital needs, bringing total anticipated growth and other capex to \$275 million to \$315 million.
• Pending Acquisition: Guidance excludes the impact of the pending acquisition of Distributed Power Solutions, LLC, which, if completed, may further influence financial results and strategic positioning.

Operational and Strategic Developments

• Strategic Refocus: The completed divestment of international operations (Mexico) allows Kodiak to concentrate exclusively on the U.S. market, potentially improving operational efficiency and focus.
• Return of Capital: The sizable return of capital to shareholders through dividends and share repurchases signals management’s confidence in the Company’s cash flows and long-term prospects.
• Leverage and Balance Sheet: Achievement of the 3.5x leverage target enhances financial flexibility, potentially enabling future growth initiatives or further returns to shareholders.
• Pending M&A: The acquisition of Distributed Power Solutions, LLC, remains pending. If completed, this transaction could be material, potentially impacting future earnings and cash flow profiles.

Additional Financial Details

• Adjusted Gross Margin: The Company’s adjusted gross margin and adjusted EBITDA percentages provide an improved perspective on underlying profitability, excluding non-cash and non-recurring items.
• Cash Position: Kodiak ended 2025 with \$103.3 million in cash and cash equivalents, maintaining a solid liquidity position.
• Total Liabilities and Equity: As of year-end 2025, total liabilities and stockholders’ equity stood at \$4.32 billion.
• Shareholder Equity: Stockholders’ equity was \$1.21 billion at year-end, reflecting the Company’s strong capital base.

Forward-Looking Statements and Risks

Investors should note that Kodiak has provided forward-looking statements regarding expected financial performance, capital allocation, and the pending acquisition. These statements are subject to various risks, such as commodity price fluctuations, demand for natural gas, customer financial health, and potential impacts from the acquisition of Distributed Power Solutions, LLC. Actual results may differ materially from current guidance due to these and other factors.

Shareholder Considerations and Potential Price-Sensitive Factors

• Pending Acquisition: The outcome of the Distributed Power Solutions, LLC acquisition could materially impact Kodiak’s operational footprint and financial results. Investors should monitor developments closely as this could be a catalyst for share price movement.
• Capital Return Policy: The Company’s commitment to ongoing dividends and share repurchases may support share value and could attract income-focused investors.
• Leverage Reduction: Achieving a lower leverage ratio may lower the perceived risk profile, possibly supporting higher share valuations.
• Operational Focus: The completed exit from international operations could streamline the business and improve financial performance, benefiting shareholders in the medium to long term.
• 2026 Guidance: The robust guidance for adjusted EBITDA and discretionary cash flow sets optimistic expectations for the coming year, which could influence investor sentiment and share price if met or exceeded.