Select Water Solutions (WTTR) Investor presentation summary

Business transformation and strategic focus

• Transitioning to an infrastructure-led model, targeting over 60% of gross profits from Water Infrastructure within 12–24 months, up from 47% as of Q1 2026.

• Strategic divestments and asset swaps have shifted the portfolio from low-margin trucking to high-margin infrastructure and solids management.

• Ongoing investments in R&D and technology to expand beneficial reuse and recycling capabilities, including pilot programs for agriculture and revegetation.

• Expansion into municipal and industrial water markets, highlighted by a major investment in Colorado water rights and storage.

• Advancing lithium extraction partnerships to leverage water infrastructure for high-margin, royalty-based cash flows.

Financial performance and growth

• Water Infrastructure revenue grew 7.7% YoY in 2025, with gross profit before D&A up 10.4%; Chemical Technologies revenue rose 18.5% with gross profit up 44.7%.

• Adjusted EBITDA reached $260 million in 2025, up 0.7% YoY, with a strong free cash flow profile and disciplined capex allocation.

• Over $200 million in infrastructure growth capex since 2023 has been funded by free cash flow from Services and Chemicals segments.

• Balance sheet remains strong with $194.7 million net debt and $307.6 million in liquidity as of March 31, 2026.

• Over $255 million returned to shareholders since 2018 through dividends and share repurchases.

Contracted growth and customer base

• More than 2.5 million acres under dedication, with nearly half signed in the last two years; average contract length for new deals is 11.2 years.

• Recent contracts and projects add 982,640 acres, 193 miles of pipeline, and 520K bpd recycling capacity, with $170–$225 million in capex.

• Customer base is diversified, with over 60% of revenue from public operators with market caps above $5 billion; no single customer exceeds 10% of revenue.