NPK International (NYSE: NPKI) projects double-digit 2026 growth after strong 2025

Rhea-AI Filing Summary

NPK International Inc. released updated investor presentation materials detailing strong 2025 results and a constructive 2026 outlook. In 2025, the company generated $277 million in revenue and $76 million in Adjusted EBITDA, reflecting 27% and 38% year-over-year growth, respectively, with an Adjusted EBITDA margin of 27.3%. Growth was driven by rental revenues tied to power transmission projects and robust product sales to utility customers, while composite matting remained the core specialty rental asset.

The company ended 2025 with about $12 million of Net Debt and roughly $145 million of available liquidity, supporting both organic fleet expansion and share repurchases. For full-year 2026, guidance calls for revenues of $305–$325 million and Adjusted EBITDA of $88–$100 million, implying further double-digit growth, along with planned net capital expenditures of $45–$55 million focused mainly on rental fleet investments.

Insights

Equity analyst – industrials & infrastructure

Strong 2025 growth, higher margins, and double-digit 2026 guidance signal positive operating momentum.

NPK International delivered 2025 revenue of $277 million and Adjusted EBITDA of $76 million, up 27% and 38% year over year. Mix shifted toward higher-margin rental revenue, especially in power transmission, lifting Adjusted EBITDA margin to 27.3%.

The balance sheet appears conservative, with Net Debt of roughly $12 million and about $145 million in available liquidity exiting 2025. This supports continued rental fleet expansion, selective acquisitions such as the Grassform deal, and share repurchases under the remaining $92 million authorization.

For 2026, management guides to revenues of $305–$325 million and Adjusted EBITDA of $88–$100 million, implying further double-digit growth. Execution on fleet deployment, utilities and power transmission demand, and cost discipline will influence whether results track toward the upper or lower end of these ranges.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 26, 2026

 NPK International Inc.

(Exact name of registrant as specified in its charter)

Delaware			001-02960			72-1123385
(State or other jurisdiction of incorporation)			(Commission File Number)			(I.R.S. Employer Identification No.)

9320 Lakeside Boulevard,			Suite 100
The Woodlands,			Texas			77381
(Address of principal executive offices)						(Zip Code)

Registrant's telephone number, including area code: (281) 362-6800

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13a-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common Stock, $0.01 par value			NPKI			New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 7.01     Regulation FD Disclosure.

NPK International Inc. (the “Company”) has prepared presentation materials (the “Presentation Materials”) that management intends to use from time to time, on February 26, 2026, and thereafter, in presentations about the Company’s operations and performance. The Company may use the Presentation Materials, possibly with modifications, in presentations to current and potential investors, lenders, creditors, insurers, vendors, customers, employees, and others with an interest in the Company and its business.

The information contained in the Presentation Materials is summary information that should be considered in the context of the Company’s filings with the Securities and Exchange Commission and other public announcements that the Company may make by press release or otherwise from time to time. The Presentation Materials speak as of the date of this Current Report on Form 8-K. While the Company may elect to update the Presentation Materials in the future or reflect events and circumstances occurring or existing after the date of this Current Report on Form 8-K, the Company specifically disclaims any obligation to do so. The Presentation Materials are furnished as Exhibit 99.1 to this Current Report on Form 8-K and are incorporated herein by reference. The Presentation Materials will also be posted in the Investors section of the Company’s website, http://www.npki.com for up to 90 days.

The information referenced under Item 7.01 (including Exhibit 99.1 referenced in Item 9.01 below) of this Current Report on Form 8-K is being “furnished” under “Item 7.01. Regulation FD Disclosure” and, as such, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information set forth in this Current Report on Form 8-K (including Exhibit 99.1 referenced in Item 9.01 below) shall not be incorporated by reference into any registration statement, report or other document filed by the Company pursuant to the Securities Act of 1933, as amended (the “Securities Act”), except as shall be expressly set forth by specific reference in such filing.

Use of Non-GAAP Financial Information

To help understand the Company’s financial performance, the Company has supplemented its financial results that it provides in accordance with generally accepted accounting principles (“GAAP”) with non-GAAP financial measures. Such financial measures include Adjusted Income (Loss) from Continuing Operations, Adjusted Income (Loss) from Continuing Operations Per Common Share, earnings before interest, taxes, depreciation and amortization (“EBITDA”) from Continuing Operations, Adjusted EBITDA from Continuing Operations, Adjusted EBITDA Margin from Continuing Operations, Free Cash Flow, and Net Debt (Cash).

We believe these non-GAAP financial measures are frequently used by investors, securities analysts and other parties in the evaluation of our performance and liquidity with that of other companies in our industry. Management uses these measures to evaluate our operating performance, liquidity and capital structure. In addition, our incentive compensation plan measures performance based on our consolidated EBITDA, along with other factors. The methods we use to produce these non-GAAP financial measures may differ from methods used by other companies. These measures should be considered in addition to, not as a substitute for, financial measures prepared in accordance with GAAP. Applicable reconciliations to the nearest GAAP financial measure of each non-GAAP financial measure are included in the attached Exhibit 99.1.

Item 9.01     Financial Statements and Exhibits. 

(d) Exhibits.

Exhibit No.						Description
99.1						Q4 2025 Presentation Materials
104						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. 

						NPK International Inc.
						(Registrant)
Date:			February 26, 2026			By:			/s/ Gregg S. Piontek
									Gregg S. Piontek
									Senior Vice President and Chief Financial Officer
									(Principal Financial Officer)

February 2026 Investor Presentation INVESTOR RELATIONS

Safe Harbor DISCLAIMERS CONFIDENTIAL 2 Forward Looking Statements This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements other than statements of historical facts are forward-looking statements. Words such as “will,” “may,” “could,” “would,” “should,” “anticipates,” “believes,” “estimates,” “expects,” “plans,” “intends,” “guidance,” “outlook,” and similar expressions are intended to identify these forward-looking statements but are not the exclusive means of identifying them. These statements are not guarantees that our expectations will prove to be correct and involve a number of risks, uncertainties, and assumptions. Many factors, including those discussed more fully elsewhere in this release and in documents filed with the Securities and Exchange Commission by NPK International Inc. (“NPK”), particularly its Annual Report on Form 10-K, and its Quarterly Reports on Form 10-Q, as well as others, could cause actual plans or results to differ materially from those expressed in, or implied by, these statements. These risk factors include, but are not limited to, risks related to our ability to generate organic growth; economic and market conditions that may impact our customers’ future spending; customer concentration; the effective management of our fleet, including our ability to properly manufacture, safeguard, and maintain our fleet; international operations; manufacturing capacity expansion projects; operating hazards present in our and our customers’ industries and substantial liability claims; our contracts that can be terminated or downsized by our customers without penalty; our product offering and market expansion; our ability to attract, retain, and develop qualified leaders, key employees, and skilled personnel; expanding our services in the utilities sector, which may require unionized labor; the price and availability of raw materials; inflation; capital investments and business acquisitions; market competition; technological developments and intellectual property; severe weather, natural disasters, and seasonality; public health crises, epidemics, and pandemics; our cost and continued availability of borrowed funds, including noncompliance with debt covenants; environmental laws and regulations; legal compliance; the inherent limitations of insurance coverage; income taxes; cybersecurity incidents or business system disruptions; complications with the design or implementation of our updated enterprise resource planning system; activist stockholders that may attempt to effect changes at our Company or acquire control over our Company; share repurchases; and our amended and restated bylaws, which could limit our stockholders’ ability to obtain what such stockholders believe to be a favorable judicial forum for disputes with us or our directors, officers or other employees. We assume no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by securities laws. NPK's filings with the Securities and Exchange Commission can be obtained at no charge at www.sec.gov, as well as through our website at www.npki.com. Non-GAAP Financial Measures This presentation includes references to financial measurements that are supplemental to the Company’s financial performance as calculated in accordance with generally accepted accounting principles (“GAAP”). These non-GAAP financial measures include Adjusted Income (Loss) from Continuing Operations, Adjusted Income (Loss) from Continuing Operations Per Common Share, earnings before interest, taxes, depreciation and amortization (“EBITDA”) from Continuing Operations, Adjusted EBITDA from Continuing Operations, Adjusted EBITDA Margin from Continuing Operations, Free Cash Flow, and Net Debt (Cash). We believe these non-GAAP financial measures are frequently used by investors, securities analysts and other parties in the evaluation of our performance and liquidity with that of other companies in our industry. Management uses these measures to evaluate our operating performance, liquidity and capital structure. In addition, our incentive compensation plan measures performance based on our consolidated EBITDA, along with other factors. The methods we use to produce these non-GAAP financial measures may differ from methods used by other companies. These measures should be considered in addition to, not as a substitute for, financial measures prepared in accordance with GAAP.

Business Overview CONFIDENTIAL 3

4 NPK: A Specialty Rental & Services Company Providing Worksite Access Solutions To Power & Infrastructure Markets ABOUT NPK We are a temporary worksite access solutions company that manufactures, sells, and rents recyclable composite matting products, along with a full suite of services, including planning, logistics, and site restoration. Financial Highlights 66% 34% Profitable Platform of Scale 2025 results from continuing operations Global Footprint 26 R&S Yards 7 Partners The Woodlands, TX Corporate HQ ~500 Employees $277 Total Revenue ($MM) $76 Adjusted EBITDA* ($MM) 27.3% Adjusted EBITDA Margin* +38% YoY Adjusted EBITDA Growth* +27% YoY Revenue Growth $12 Net Debt* ($MM) as of December 31, 2025 Rental & ServicesProduct Sales $193 $208 $217 $277 2022 2023 2024 2025 Revenue $38 $49 $55 $76 2022 2023 2024 2025 Adj. EBITDA* Adj. EPS* * Represents a non-GAAP financial measure. See reconciliation to the most comparable GAAP measure in “Non-GAAP Financial Measures” slides within this presentation. 2025 Revenue $0.08 $0.17 $0.23 $0.42 2022 2023 2024 2025

5 The Original Composite Mat DURA-BASE® ADVANCED-COMPOSITE MAT SYSTEM Our flagship product, DURA-BASE®, solution made from 100% recyclable high-density polyethylene, was introduced in 1998 as the market’s first engineered thermoplastic worksite access matting. Today, with the largest composite fleet in the U.S.*, DURA-BASE® continues to set the standard for safe, cost-effective, and environmentally friendly performance and remains the preferred heavy-duty working platform for temporary work sites and access roads. Composite Matting Value Proposition Engineered, compression molded, single-piece construction – proprietary formula and lightest weight heavy duty mat on the market* Design & Manufacturing Ease of deployment; true, 8’ x 14’ x 4” two-sided mat design; transport up to 3x the capacity of traditional wood-based alternative* Handling and Logistics Continuous work surface eliminates gapping and differential movement – aides in reducing equipment damage & improving safetySafety Non-permeable, sealed design prevents contamination of the carry of invasive species – 100% recyclable Environmental Long-term performance life with minimal maintenance expense; capable of lasting 15+ years Durability * Based on internal assessment of currently available competitive heavy-duty mats in U.S. market * * Based on Full Year 2025 revenues ✓ Capital preservation/optionality ✓ Project-by-project mindset ✓ Shorter-term single project use ✓ Nationwide logistics efficiency ✓ Value safety, service quality, responsiveness We provide both rental and purchase options for our customers. Flexible Model Accommodates Varying Customer Needs ✓ Ownership mindset ✓ Economic incentives to own ✓ Long-term multi-project requirements ✓ Value brand promise, matting system compatibility and long-life assets ✓ Access to Lifecycle Management program Reasons Customers 66% of Revenues** Reasons Customers 34% of Revenues** Why Customers Choose NPK Safety Service Quality Responsiveness Experience Value

6 Vertically Integrated Model Supports Specialty End-Markets Products & Services • Introduced DURA-BASE® to the world over 25 years ago as the first 100% recyclable composite matting solution • Committed R&D, Project Technical Support team with industry-leading experience • Focus on reducing lifecycle waste and carbon emissions • Manufacturing facility in Carencro, LA; strategically located near cost advantaged “Gulf Coast” suppliers • Nearly 30 years of experience manufacturing DURA- BASE composite mats • Increased production volume 15% in 2025, with additional increase anticipated in 2026; further capacity investments expected in 2026 • Pre-planning assessment and access mat plan design • Temporary work sites and access roads • Ancillary services include SWPPP management and ground restoration at completion of operations • Largest heavy duty composite mat manufacturing capacity and rental service fleet in the U.S. • ~ 215k composite mats in rental fleet (U.S. and U.K.) • Supply small- and large-scale rental and sale requests • Experienced composite matting industry sales and national service operations team We Serve a Diverse Mix of Growing End-Markets Engineering & Design Precision Manufacturing Logistics Planning & Installation Specialty Rental, Product Sale Oil & Gas Pipeline Infrastructure Construction Rail & OtherPower Transmission We combine industry-leading IP and deep manufacturing expertise with on-demand logistics support and installation.

End-market Revenue Concentration Power Transmission Oil & Gas Other Power Transmission • Need for significant sustained investment driven by aging infrastructure, transmission congestion, grid hardening efforts, and renewable interconnect • Substantial electricity demand growth (U.S. manufacturing growth, datacenter requirements, AI) • Regulated nature of industry enhances stability of long-term infrastructure investments Oil & Gas • Resilient global demand, restrained supply for oil and gas • Geopolitical instability and focus on energy security • Multiple U.S. LNG export facilities coming online between 2026-2028 • Debottlenecking of U.S. natural gas supply chain facilitating exports to Europe and Asia Renewables, Rail & Other • Major access markets in UK and EU, with enhanced ability to service these segments following Grassform acquisition • Renewables market projected to grow at >15% CAGR 2024 – 2028 • Rail continues to be significant market, with £92 B in funding approved for transport infrastructure in July 2025 (>£25 B allocated to High Speed 2 Railway project) Segment Demand DriversMacro Outlook Pipeline • Significant repair and maintenance requirement for aging infrastructure • New infrastructure required to facilitate energy transition • Varied usage for composite matting on new construction Infrastructure Construction • Buildout of domestic manufacturing capabilities (onshoring and national security emphasis) • U.S. construction growth >7% projected for 2026 / 2027 (~5% annual growth through 2029) and >8% growth projected in 2026 for Commercial & Institutional and Office & Data Center sectors 7 We Own & Operate the Largest U.S. Composite Matting Fleet Scale to Capitalize on Multi-year Investment Cycles Across Multiple End-markets

Significant Opportunity within Power Transmission Market Macroeconomic tailwinds driving significant investment in Transmission Grid Source: EEI Business Analytics Group (based on U.S. Investor-Owned Electric Utilities Investment proportions applied to 2016-2024 actual Capex and 2025-2028 projections), EIA Annual Energy Outlook 2026 (Power Demand 2016-2028) Total Estimated Transmission Capex and Power Demand $1.2T+ $221B >$44B+ + ~ Infrastructure Investment and Jobs Act (IIJA) is investing significantly over next decade U.S. investor-owned utilities are expected to deploy Capex of $221B in 2026 (increasing to $242B by 2028) for energy security, sustainability, and affordability Expected U.S. utility transmission investment in 2026, with ~8.5% of spend on temporary access specialty rental & services Source: United States Department of Transportation (2023) Source: EEI Financial Analysis Department (2025) Source: EEI Business Analytics Group (2025) and NPK estimates Enhanced via Significant Government Stimulus in Coming Years % of CapExRationaleDriver ~30%Rapid energy demand growth in the U.S. is threatening an aging and fragile electric gridAging Grid Infrastructure ~30% Utilities to double existing transmission capacity to connect new generation sourcesNew Generation Tie In ~20% Much of the funding is dedicated to hardening lines to be more resilientHardening & Resilience ~15% Significant transmission capacity to support Data Center growthDatacenters/AI ~5%Additional demand could result from supply chain reshoring Reshoring/Manufacturing/ Other Source: EEI Electric Power Industry Outlook (2025) $19 $22 $22 $24 $25 $25 $27 $30 $33 $40 $44 $46 $49 3,000 3,200 3,400 3,600 3,800 4,000 4,200 4,400 $0 $10 $20 $30 $40 $50 $60 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 TW h Ca pe x ($ Bn ) Transmission Net on-grid demand

9 Material Conversion Opportunity Compell ing Benefits vs Wood Products Provide Long-term Material Conversion Tai lwind WoodComposite 2,200 – 2,800 1,000Weight (lbs) NoYes Designed to alleviate contaminant transport from job to job NoYesRecyclable No - broken boards, loose nails, flat tires Yes Designed to minimize safety hazards NoYes Designed to eliminate shifting during use NoYes Integrated connection system to spread load YesNo Absorbs water/warps when wet Composite makes up of the matting market, with NPK being the market leader ~25 Typical Average Lifespan (years) 10-15 2-3 Composite Wood SAFER GREENER Interlocking design creates a continuous, stable work surface that eliminates gaps and movement, helping prevent slips, trips, and falls while enhancing productivity and safety in any condition. SAFER by DESIGN • Reduced soil disturbance • Minimal impact on local ecosystems • Reduced remediation (and associated cost) 100% Made from Recyclable high-density polyethylene LOWER - TOTAL COST OF OPERATION (TCO) 46up to Mats per Truckload vs Wood mats can absorb water and dirt on-site, leading to higher costsAverage savings on return freight46 composite mats 20-25 wood mats 20%* Composite mats are engineered for longevity — delivering consistent, reliable performance that won’t rot, splinter, or break. Wood Composite %* * Based on internal assessment of currently available competitive heavy-duty mats in U.S. market

10 Our Specialty Rental Asset Generates ~35% IRR Recyclable Comp osit e Mat ting Provid es For Long Useful R aw Mat eria l Life & Superior IRR -$2,000 $0 $2,000 $4,000 $6,000 $8,000 $10,000 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 NPK Rental Mat Economic Case ~ 35% IRR Annual rental revenue ~50% of cost 12-year depreciable life; 2-3 year payback Minimal maintenance cost Recycled for ~50% of original cost Revenue generation remains consistent Material can be recycled multiple times Original mat manufactured Virgin &/or recycled materials engineered to meet design performance requirements Up to 15-year useful life* No deterioration in performance or rental pricing over lifetime Minimal maintenance cost required Mat returned for reprocessing >95% recapture of original input materials Expertly reformulated to achieve original design performance requirements Eliminates mat being sent to landfill Gen2 mat manufactured Original materials returned to a further 15-year useful life* Significant reduction in carbon emissions through reuse of original & or recycled materials Multiple cycles possible creating long useful life. * Based on average actual performance of NPK’s fleet when installed & utilized to manufacturers recommendations

Recent Performance CONFIDENTIAL 11

12 4Q25 Performance Summary, 2026 Outlook 4Q Reflects Strongest Quarter of 2025; Delivered 31% Revenue and 27% Adjusted EBITDA* Growth YoY Fourth Quarter 2025 Performance Summary Business Outlook (As of February 25, 2026) Strong customer demand for rental and related services 4Q25 revenues from specialty rental and related services of $50 million reflect 19% year-over- year growth, driven by strong demand in support of power transmission projects. Rental revenues increased 35% year-over-year in 4Q25 and 39% for the full year 2025. Power transmission infrastructure accounted for 60% of 2025 rental and service revenues. Acquisition of Grassform enhances our scale and capabilities in U.K. In November 2025, we completed the acquisition, funding $42m at closing. Grassform provides complementary enhancement of our scale and strengthens our capabilities, adding roughly 20,000 composite mats to our U.K. rental fleet and expanding our market coverage. Top-line growth and cost optimization driving margin expansion Adjusted EBITDA margin* of 28.8% in 4Q25 and 27.3% full year 2025. Full year 2025 result reflects a year-over-year improvement of 210 basis points, reflecting benefits of operating leverage and higher mix of rental revenues, somewhat offset by elevated cross-rental cost required to meet large-scale project timelines. Utility companies driving strong growth in product sales Robust product sales demand in 2025 driven primarily by utility company capital spending plans and project timing. Product sale revenues increased 62% year-over-over in 4Q25 and 30% for the full year 2025. Recent tax legislation provides additional tax deferrals We entered 2026 with $40 million of U.S. federal NOL and other tax credit carryforwards. Recent federal tax legislation provides additional tax deferrals on capital investments, further limiting expected cash tax burden in the next few years. Market outlook and commercial pipeline remains robust Entering 2026, commercial quoting volumes are approximately 30% higher than year-end 2024 levels, with strong multi-year market outlook in utilities underpinned by planned investment in power transmission infrastructure. Full-year 2026 guidance Midpoint of 2026 financial guidance indicates 14% expected growth in revenues and 25% expected growth in Adjusted EBITDA*, as compared to 2025. Estimated net capital expenditures for 2026 between $45 million and $55 million for the full year 2026, excluding investments in manufacturing expansion, primarily reflecting investments to expand rental fleet in response to sustained strength in rental demand outlook. Strong balance sheet provides optionality As of 4Q25, $12 million of net debt*, with $5 million of cash on-hand and $139 million of available liquidity under credit facility, which provides optionality to execute disciplined growth strategy, balancing organic investment in rental fleet expansion, the pursuit of strategically-aligned inorganic actions, and robust return of capital. * Represents a non-GAAP financial measure. See reconciliation to the most comparable GAAP measure in “Non-GAAP Financial Measures” slides within this presentation.

CONFIDENTIAL 13 Performance Bridges 4Q24 vs. 4Q25 Adjusted EBITDA from Continuing Operations* $ in millions * Represents a non-GAAP financial measure. See reconciliation to the most comparable GAAP measure in “Non-GAAP Financial Measures” slides within this presentation. $17 $22 $55 $76 Full Year 2024 vs. Full Year 2025 Adjusted EBITDA from Continuing Operations* $ in millions

14 Strategic Focus: Fleet Optimization, Price Discipline & Cost Controls Year-Over-Year Performance Revenue $ in millions Adjusted EBITDA* $ in millions Adjusted EBITDA Margin* Adjusted EBITDA as % of total revenue* * Represents a non-GAAP financial measure. See reconciliation to the most comparable GAAP measure in “Non-GAAP Financial Measures” slides within this presentation. +27% +31% +38% +27% +210 bps -90 bps

15 Rental Growth Rate Accelerated in 2025 5 Year Performance Services Revenue $ in millions Product Sales Revenue $ in millions Rental revenue accelerated in 2025, driven primarily by utilities sector Strategic shift away from lower margin service work on rental projects has impacted recent service revenue capture Product sales fluctuate quarter-to-quarter, depending on customer capital spending activity Rental Revenue $ in millions Utilities sector contributed 60% of rental revenue 2025 Services revenue generally has a lower margin than Rental Utility companies represented $75m+ of product sales in 2025

For the Full Year 2026, NPK Currently Anticipates the Following: Financial Guidance Current as of February 25, 2026 Consolidated Revenues in a range of Consolidated Adjusted EBITDA in a range of Net Capital Expenditures* in a range of $305-$325 million $88-$100 million $45-$55 million 16 * Excluding investments to support expansion of manufacturing production capacity.

Value Creation Roadmap CONFIDENTIAL 17

18 ✓ Geographic network expansion to service new growth territories ✓ Rental fleet growth to match growing customer demand ✓ Increasing revenue density and customer relevance in served markets Pursuing the highest-return, value-enhancing projects Our Organic Growth Priorities ✓ Expanding scale in site access at accretive economics ✓ Increased customer value and industry coverage through broader specialty rental asset offering or manufacturing ✓ Completed Grassform acquisition in November 2025, strengthening U.K. operations scale and capabilities Complementary, accretive opportunities Our Acquisition Criteria ~ $145 million of cash and bank facility availability exiting 2025 provides meaningful flexibility to support growth plans 2024 divestiture of Fluids Systems created balance sheet capable of supporting significant growth 75%+ of capital expenditures in 2022-2025 directed to rental fleet expansion Net Debt (Cash)* Net Rental Fleet Capital Expenditures ** * Represents a non-GAAP financial measure. See reconciliation to the most comparable GAAP measure in “Non-GAAP Financial Measures” slides within this presentation. ** Represents capital expenditures for rental fleet assets less proceeds from sales of rental fleet assets. Organic & Inorganic Growth Commercial Growth Priorities

19 ✓ Divestitures of under-performing business units began in 2022 and culminated with sale of remaining Fluids Systems segment in 3Q24 ✓ Targeted actions in 2023 and 2024 to streamline operational support, remove layers of management and simplify business support activities. Building a leaner, more efficient industrial critical infrastructure platform Recent Operational Improvements ✓ Continue investments in alternative raw material sources, including post-industrial recycling ✓ Rental fleet and asset logistics optimization, improving asset utilization and reducing transportation costs ✓ Continued SG&A reductions as we complete ERP system conversion in early 2026, targeting SG&A mid-teens % of revenue Supports further margin expansion Ongoing Operational Improvements ~580 bps of SG&A margin improvement since FY22; 2025 includes $2m of severance and acquisition-related expenses Reducing Fixed Overhead, Improving Efficiency SG&A as % of total revenue Strong Cash Flow Conversion ~80% of 2025 Adjusted EBITDA* available to support organic growth investments and return of capital Cash used to fund working capital and other operating activities Cash used to fund maintenance capex, net ** Cash generation available to fund organic growth and return of capital * Represents a non-GAAP financial measure. See reconciliation to the most comparable GAAP measure in “Non-GAAP Financial Measures” slides within this presentation. ** Maintenance capex, net represents investments made to maintain the Company’s operations substantially at current levels, net of proceeds from sale of PP&E. Driving Asset & Cost Optimization Operational Excellence Initiatives

20 ✓ Maintain modest leverage ✓ Organic investment to expand rental fleet, along with associated equipment ✓ Continually evaluate accretive inorganic growth opportunities to accelerate growth ✓ Return of capital via programmatic share repurchases; remaining authorization of $92 million at December 31, 2025 Capital Allocation Priorities Committed to return of capital under share repurchase authorization $ in Millions Balanced Capital Allocation 2025 ($MM) Capital Expenditures, net * Acquisitions Share Repurchases $43 $42 $23 Re-engaged return of capital in 2025 following Fluids Systems sale Amounts above also include shares surrendered in lieu of taxes under vesting of restricted stock awards that are not acquired pursuant to our securities repurchase program. Solid Return on Net Assets following 2024 Divestiture 2025 Return on Net Assets ** * Capital expenditures, net includes $5m of finance purchases of vehicles and equipment ** Return on Net Assets represents Adjusted Income from Continuing Operations for 2025 divided by total net assets, excluding cash and debt, as of end of period. 11% Enhancing Return on Capital Employed Capital Allocation Priorities

21 Driving value creation through organic growth and margin expansion Delivered consistent growth in revenue and EBITDA from 2022-2025. Midpoint of forecasted FY2026 projection reflects 14% revenue and 25% Adjusted EBITDA* growth vs 2025. NPK’s long history provides identifiable competitive moats in composite matting With approximately 215,000 mats in rental fleet, we operate the largest fleet of composite mats, serving the U.S. and U.K. markets. Vertical integration and nearly 30 years experience manufacturing composite matting strengthens our market leadership position through R&D advancements and advantaged cost position. Disciplined capital allocation strategy We redeploy cash from operations toward a combination of organic investment and share repurchases, while exploring opportunistic investments in core worksite access assets. Minimal leverage position and highly cash generative business Entering 2026 with $12m of net debt and ~ $145m of available liquidity. In 2025, ~80% of our Adjusted EBITDA* was converted to cash, available to support our growth investments and return of capital program. * Represents a non-GAAP financial measure. See reconciliation to the most comparable GAAP measure in “Non-GAAP Financial Measures” slides within this presentation ** Source: Power Insights, July 2025 Investment Summary Why invest in NPKI? Serving large-scale and growing end-markets Matting demand within utility transmission forecasted to grow at ~15% CAGR** through 2030, addressing growing demand and aging infrastructure. Material conversion underpinned by superior unit economics Composite mats provide tangible economic, safety and environmental benefits vs alternative wood mat products. At ~25% market penetration, meaningful wood-to-composites adoption curve opportunity ahead.

Appendix CONFIDENTIAL 22

2/26/2026 23 Matthew joined NPK in April 2016 as President, Newpark Industrial Solutions, and was appointed as our Chief Executive Officer in March 2022. • From April 2014 to June 2015, Mr. Lanigan served as a Managing Director of Custom Fleet Services in Australia for GE Capital Corporation, a financial services unit of General Electric. • From September 2010 to March 2014, he served as Commercial Excellence Leader in Asia Pacific for GE Capital. • Previous to September 2010, Mr. Lanigan held various executive positions in marketing and sales for GE Capital Corporation and spent his early career with ExxonMobil as a Drilling & Completions Engineer and an Offshore Production Engineer and Marketer for Crude & LPG. • Mr. Lanigan received his Bachelor's degree in Chemical Engineering from Royal Melbourne Institute of Technology and his MBA from the Melbourne Business School at the University of Melbourne and is certified as a Six Sigma Master Black Belt. Gregg joined NPK in April 2007 as Vice President, Controller and Chief Accounting Officer and promoted to Chief Financial Officer in October 2011. • Prior to joining NPK, Mr. Piontek was Vice President and Chief Accounting Officer of Stewart & Stevenson LLC, where, as a member of the executive team, he directed all start-up and purchase accounting functions related to the purchase of assets from Stewart & Stevenson Services, Inc. and served as lead executive financial officer for their $150 million public debt offering. • Previously, from 2001 to 2006, he held the positions of Assistant Corporate Controller and Controller, Power Products Division at Stewart & Stevenson Services, Inc. • Prior to that, Mr. Piontek served in various financial roles at General Electric, CNH Global N.V. and Deloitte & Touche LLP. • Mr. Piontek received a Master of Business Administration from Marquette University and a Bachelor of Science degree in Accounting from Arizona State University. Lori joined NPK in October 2017 as Senior Director, Business Transformation & Integration, was promoted to the position of Vice President, Marketing for Newpark Industrial Solutions in January 2021, and has been responsible for business operations since September 2021. • Ms. Briggs has progressed her career by blending her expertise in marketing, business development, pricing, and finance to optimize team performance and drive profitability across multiple platforms. • Prior to joining NPK, she held leadership roles with progressing responsibility in various divisions of GE (including Oil & Gas, Capital, and Aviation) for over 25 years, most recently holding the position of Global Pricing Leader for GE Oil & Gas, an energy subsidiary. • Ms. Briggs received her Bachelor of Science degree in Finance and Statistics/ Mathematics from Miami University and her MBA from Washington University in St. Louis. Celeste joined NPK in April 2008 as Senior Corporate Counsel and was promoted to the position of Vice President, General Counsel, Chief Compliance Officer & Corporate Secretary in May 2023. • Since joining NPK in 2008, Ms. Frugé has served in various legal roles of increasing responsibility, including the role of Associate General Counsel from January 2011 to February 2020 and as the Company's Deputy General Counsel and Assistant Corporate Secretary since February 2020. • In her capacity as Deputy General Counsel, she was responsible for managing and overseeing various global legal matters including complex commercial matters, acquisitions and divestitures, litigation and pre- litigation disputes, joint ventures and other legal issues including but not limited to data privacy, information governance, regulatory matters, and tax matters. • Prior to joining NPK, Ms. Frugé practiced law at Winstead, PC where she was a member of the Corporate, Securities/M&A practice group and at Stibbs & Burbach, PC in The Woodlands, Texas. • Ms. Frugé received her undergraduate degree from Loyola University and earned her J.D. from Loyola University New Orleans College of Law. Matthew S. Lanigan President & Chief Executive Officer Gregg S. Piontek Chief Financial Officer Lori Briggs Executive Vice President, Business Operations Celeste Frugé Vice President, General Counsel, Chief Compliance Officer & Corporate Secretary Experienced Executive Leadership Team APPENDIX

Consolidated Statements of Operations (unaudited) APPENDIX CONFIDENTIAL 24

Consolidated Balance Sheets (unaudited) APPENDIX CONFIDENTIAL 25

Consolidated Statements of Cash Flows (unaudited) APPENDIX CONFIDENTIAL 26

Non-GAAP Financial Measures (unaudited) APPENDIX CONFIDENTIAL 27

Non-GAAP Financial Measures (unaudited) APPENDIX CONFIDENTIAL 28

Non-GAAP Financial Measures (unaudited) APPENDIX CONFIDENTIAL 29

Non-GAAP Financial Measures (unaudited) APPENDIX CONFIDENTIAL 30

Non-GAAP Financial Measures (unaudited) APPENDIX CONFIDENTIAL 31

Non-GAAP Financial Measures (unaudited) APPENDIX CONFIDENTIAL 32 Consolidated (In thousands) 2022 2023 2024 2025 Income from continuing operations (GAAP) 822$ 14,149$ 35,599$ 35,945$ Impairments and other charges 7,905 - - - Gain on insurance recovery - - (67) - Gain on legal settlement - - (550) - Acquisition-related transaction costs - - - 1,088 Severance costs 338 1,487 1,337 1,218 Tax on adjustments (1,731) (312) (151) (484) Unusual tax items (1) - - (15,897) (1,471) Adjusted Income from Continuing Operations (non-GAAP) 7,334$ 15,324$ 20,271$ 36,296$ Adjusted Income from Continuing Operations (non-GAAP) 7,334$ 15,324$ 20,271$ 36,296$ Weighted average common shares outstanding - basic 92,712 86,401 85,819 84,820 Dilutive effect of stock options and restricted stock awards 1,300 1,914 1,576 899 Weighted average common shares outstanding - diluted 94,012 88,315 87,395 85,719 Adjusted Income from Continuing Operations Per Common Share - Diluted (non-GAAP) 0.08$ 0.17$ 0.23$ 0.42$ Adjusted Income (Loss) from Continuing Operations and Adjusted Income (Loss) from Continuing Operations Per Common Share (1) Unusual tax items primarily reflects the release of valuation allowances on U.S. net operating losses and other tax credit carryforwards that are expected to be realized following the sale of the Fluids Systems business.

Non-GAAP Financial Measures (unaudited) APPENDIX CONFIDENTIAL 33 Consolidated (In thousands) 2022 2023 2024 2025 Revenues 192,993$ 207,648$ 217,489$ 277,043$ Operating income from continuing operations (GAAP) 6,532$ 22,940$ 32,351$ 46,779$ Income from continuing operations (GAAP) 822$ 14,149$ 35,599$ 35,945$ Interest (income) expense, net 3,510 4,107 2,621 13 Provision (benefit) for income taxes 924 5,573 (6,738) 11,705 Depreciation and amortization 24,735 23,596 22,656 25,537 EBITDA from Continuing Operations (non-GAAP) 29,991 47,425 54,138 73,200 Impairments and other charges 7,905 - - - Gain on insurance recovery - - (67) - Gain on legal settlement - - (550) - Facility exit costs and other, net 1,452 - - - Gain on divestiture (2,625) - - - Acquisition-related transaction costs - - - 1,088 Severance costs 338 1,487 1,337 1,218 Adjusted EBITDA from Continuing Operations (non-GAAP) 37,061$ 48,912$ 54,858$ 75,506$ Operating Margin from Continuing Operations (GAAP) 3.4% 11.0% 14.9% 16.9% Adjusted EBITDA Margin from Continuing Operations (non-GAAP) 19.2% 23.6% 25.2% 27.3% EBITDA from Continuing Operations and Adjusted EBITDA from Continuing Operations

Non-GAAP Financial Measures (unaudited) APPENDIX CONFIDENTIAL 34 Consolidated (In thousands) 2022 2023 2024 2025 Net cash provided by (used in) operating activities (GAAP) (25,021)$ 100,001$ 38,169$ 72,988$ Capital expenditures (28,273) (29,232) (43,531) (46,671) Proceeds from sale of property, plant and equipment 3,217 3,709 4,997 4,014 Free Cash Flow (non-GAAP) (50,077)$ 74,478$ (365)$ 30,331$ The following table reconciles the Company’s net cash provided by (used in) operating activities calculated in accordance with GAAP to the non-GAAP financial measure of Free Cash Flow: Consolidated (In thousands) 2022 2023 2024 2025 Current debt 22,438$ 16,916$ 2,900$ 5,170$ Long-term debt, less current portion 91,677 58,117 4,827 11,692 Total Debt 114,115 75,033 7,727 16,862 Less: cash and cash equivalents (23,182) (38,594) (17,756) (5,140) Net Debt (Cash) 90,933$ 36,439$ (10,029)$ 11,722$ The following table reconciles the Company’s total debt calculated in accordance with GAAP to the non-GAAP financial measure of Net Debt (Cash):

FAQ

How did NPKI perform financially in 2025?

NPK International reported 2025 revenue of $277 million and Adjusted EBITDA of $76 million, representing 27% and 38% year-over-year growth. Adjusted EBITDA margin reached 27.3%, reflecting higher rental mix and cost optimization efforts across its composite matting and services platform.

What 2026 financial guidance did NPKI provide in the investor presentation?

For 2026, NPK International expects consolidated revenues between $305 million and $325 million and Adjusted EBITDA between $88 million and $100 million. The company also plans net capital expenditures of $45 million to $55 million, mainly to expand its rental fleet for anticipated demand.

What is NPKI’s leverage and liquidity position entering 2026?

At the end of 2025, NPK International reported Net Debt of about $12 million, with $5 million of cash and $139 million of available credit facility capacity. Total liquidity of roughly $145 million supports growth investments and ongoing share repurchases under its remaining authorization.

Which markets drove NPKI’s 2025 rental and product sales growth?

In 2025, NPK International’s rental and related services growth was driven largely by power transmission projects, which provided about 60% of rental and service revenue. Utility customers also fueled product sales, contributing over $75 million of composite mat purchases during the year.

What role did the Grassform acquisition play in NPKI’s strategy?

NPK International completed the Grassform acquisition in November 2025, funding $42 million at closing. Grassform added roughly 20,000 composite mats to the U.K. rental fleet and broadened NPK’s geographic reach and capabilities in key European access markets aligned with its specialty rental focus.

How strong is NPKI’s cash generation and capital allocation framework?

In 2025, about 80% of Adjusted EBITDA converted into cash available for growth and capital returns. NPK International directed capital toward rental fleet expansion, acquisitions, and $23 million of share repurchases, while maintaining modest Net Debt and emphasizing disciplined, returns-focused capital allocation.

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