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Select Water Solutions / Equity Bottom-Up

<ul><li>Continued expansion of Select’s Water Infrastructure platform supports margin accretive growth through 2026 and beyond.</li><li>Near term, management expects double-digit percentage revenue and gross profit gains in the segment in 4Q25.</li><li>Water Infrastructure is Select’s highest-margin segment</li></ul>

Continued expansion of Select’s Water Infrastructure platform supports margin accretive growth through 2026 and beyond.Near term, management expects double-digit percentage revenue and gross profit gains in the segment in 4Q25.Water Infrastructure is Select’s highest-margin segment

Select Water Solutions, Inc.: Infrastructure Segment Underpins Growth Expectations - 28 October 2025

<ul><li>Select’s expanding Water Infrastructure platform exposes the company to durable future earnings and cash flow potential underpinned by long-term customer contracts.</li><li>The company provides produced water solutions to meet its customers’ needs throughout the productive lives of their oil and natural gas wells.</li><li>The solutions are a necessity that allow operators to manage the water needs to develop and produce their assets.</li></ul>

Select’s expanding Water Infrastructure platform exposes the company to durable future earnings and cash flow potential underpinned by long-term customer contracts.The company provides produced water solutions to meet its customers’ needs throughout the productive lives of their oil and natural gas wells.The solutions are a necessity that allow operators to manage the water needs to develop and produce their assets.

Select Water Solutions, Inc: Infrastructure Growth Increases Earnings and Cash Flow Visibility

<ul><li>3Q24 Water Infrastructure Segment revenue grew 41% Y/Y and gross profit (before D&amp;A) grew 99%.</li><li>Gross profit margin was 56.7% compared with 40.1% in 3Q23.</li><li>The expansion lifted total company margin to 27.3% in 3Q24 from 23.4% in 3Q23. The segment contributed 46% of total gross profit in 3Q24.</li></ul>

3Q24 Water Infrastructure Segment revenue grew 41% Y/Y and gross profit (before D&amp;A) grew 99%.Gross profit margin was 56.7% compared with 40.1% in 3Q23.The expansion lifted total company margin to 27.3% in 3Q24 from 23.4% in 3Q23. The segment contributed 46% of total gross profit in 3Q24.

Select Water Solutions, Inc. -  Infrastructure Growth Increases Earnings and Cash Flow Visibility

<ul><li>Y/Y Water Infrastructure segment revenue increased 41% in 3Q24 and gross profit before D&amp;A increased 99%.</li><li>The strong profit performance allowed Select to overcome a 5% Y/Y total revenue decrease to generate an 11% total gross profit increase.</li><li>Water Infrastructure gross profit before D&amp;A margin increased to 56.7% in 3Q24 from 51.0% in 2Q24 and 40.1% in 3Q23. </li></ul>

Y/Y Water Infrastructure segment revenue increased 41% in 3Q24 and gross profit before D&amp;A increased 99%.The strong profit performance allowed Select to overcome a 5% Y/Y total revenue decrease to generate an 11% total gross profit increase.Water Infrastructure gross profit before D&amp;A margin increased to 56.7% in 3Q24 from 51.0% in 2Q24 and 40.1% in 3Q23. 

Select Water Solutions, Inc. - High-Margin Water Infrastructure Segment Leads Growth Trajectory

<ul><li>Gross profit margin before D&amp;A in Select’s Water Infrastructure Segment crossed the 50% threshold in 2Q24.</li><li>Segment revenue totaled $68.6 million, a 24% increase from 2Q23 and gross profit before D&amp;A totaled $35.0 million, a 68% Y/Y gain.</li><li>Gross profit margin before D&amp;A was 51%, compared with 46.9% in 1Q24 and 37.8% in 2Q23.</li></ul>

Gross profit margin before D&amp;A in Select’s Water Infrastructure Segment crossed the 50% threshold in 2Q24.Segment revenue totaled $68.6 million, a 24% increase from 2Q23 and gross profit before D&amp;A totaled $35.0 million, a 68% Y/Y gain.Gross profit margin before D&amp;A was 51%, compared with 46.9% in 1Q24 and 37.8% in 2Q23.

Select Water Solutions, Inc. - Water Infrastructure Segment Crosses 50% Margin Threshold

United States

Select Water Solutions, Inc. provides water management services to the oil and gas industry. The Company offers real-time water data and sourcing, transfer, containment, filtering, well testing, and treatment services, as well as well testing, fluid handling, and disposal solutions. Select Water Solutions serves customers throughout the United States.

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Select Water Solutions (WTTR US)

Select Water Solutions, Inc.: Infrastructure Segment Underpins Growth Expectations - 28 October 2025

Continued expansion of Select’s Water Infrastructure platform supports margin accretive growth through 2026 and beyond. Near term, management...

Water Tower Research

Select Water Solutions, Inc: Infrastructure Growth Increases Earnings and Cash Flow Visibility

Select’s expanding Water Infrastructure platform exposes the company to durable future earnings and cash flow potential underpinned by long-term...

Water Tower Research

Select Water Solutions, Inc. - Infrastructure Growth Increases Earnings and Cash Flow Visibility

3Q24 Water Infrastructure Segment revenue grew 41% Y/Y and gross profit (before D&A) grew 99%. Gross profit margin was 56.7% compared with 40.1% in...

Water Tower Research

Select Water Solutions, Inc. - High-Margin Water Infrastructure Segment Leads Growth Trajectory

The strong profit performance allowed Select to overcome a 5% Y/Y total revenue decrease to generate an 11% total gross profit increase.

Water Tower Research

Select Water Solutions, Inc. - Water Infrastructure Segment Crosses 50% Margin Threshold

Segment revenue totaled $68.6 million, a 24% increase from 2Q23 and gross profit before D&A totaled $35.0 million, a 68% Y/Y gain.

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