Overview

• Energy services firm's Q4 revenue rose 9%, beating analyst expectations

• Adjusted EPS for Q4 met analyst expectations

• Company completed phase 1 of Arkansas bromine project on time and under budget

Outlook

• Tetra expects modest revenue growth in 2026 driven by electrolyte business and Argentina contracts

• Company anticipates Completion Fluids & Products EBITDA margins of 25%-30% in 2026

• Water & Flowback Services EBITDA margins expected to improve to mid-teens in 2026

Result Drivers

• COMPLETION FLUIDS & PRODUCTS - Segment led with record revenue and Adjusted EBITDA, supported by industrial chemicals and deepwater fluids market

• WATER & FLOWBACK SERVICES - Stable revenue despite U.S. frac activity decline, aided by market share gains and cost reductions

Company press release: ID:nPn6JjzTna

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q4 Revenue	Beat	$146.68 mln	$140.98 mln (5 Analysts)
Q4 Adjusted EPS	Meet	$0.02	$0.02 (3 Analysts)
Q4 Adjusted EBITDA		$20.4 mln
Q4 Adjusted Free Cash Flow		$3.07 mln
Q4 Gross Profit		$28.43 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 4 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the oil related services and equipment peer group is "buy"

• Wall Street's median 12-month price target for Tetra Technologies Inc is $11.50, about 3.2% above its February 25 closing price of $11.14

• The stock recently traded at 39 times the next 12-month earnings vs. a P/E of 25 three months ago

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