Innovex International, Inc.

We generated strong Free Cash Flow in the quarter, converting approximately 28% of Adjusted EBITDA into free cash flow, and ended the quarter with approximately $201 million of cash and no bank debt, providing significant financial flexibility.

SEC original ↗Innovex International, Inc. — Earnings release (8-K exhibit)EX-99May 4, 2026

We also repurchased $14.1 million of our shares in the quarter for a price of $24.59 per share, underscoring our confidence in the intrinsic value of Innovex and our commitment to thoughtful capital allocation.

SEC original ↗Innovex International, Inc. — Earnings release (8-K exhibit)EX-99May 4, 2026

We will only execute against this playbook if the opportunity aligns with our ‘big impact, small ticket’ proposition, can generate high gross margins with low capital expenditures, and can be acquired at a reasonable multiple.

SEC original ↗Innovex International, Inc. — Earnings release (8-K exhibit)EX-99May 4, 2026

Balance Sheet, Debt, Cash Flow & Other Net cash provided by operating activities was $20 million for the first quarter of 2026, while capital expenditures totaled $6 million (approximately 2.4% of revenue) for the first quarter of 2026.

SEC original ↗Innovex International, Inc. — Earnings release (8-K exhibit)EX-99May 4, 2026

Innovex generated Free Cash Flow of $14 million during the first quarter of 2026 and ended the quarter with approximately $201 million of cash and cash equivalents and no bank debt.

SEC original ↗Innovex International, Inc. — Earnings release (8-K exhibit)EX-99May 4, 2026

We define Free Cash Flow as net cash provided by operating activities less capital expenditures, as presented in our Consolidated Statements of Cash Flows.

SEC original ↗Innovex International, Inc. — Earnings release (8-K exhibit)EX-99May 4, 2026

As we look forward, we continue to focus on both organic and inorganic investment opportunities, as well as generating strong free cash flow and exceptional shareholder returns.

SEC original ↗Innovex International, Inc. — Earnings release (8-K exhibit)EX-99May 4, 2026

We believe the quarter demonstrates that our strategy is working.

SEC original ↗Innovex International, Inc. — Earnings release (8-K exhibit)EX-99May 4, 2026

The acquisition of DIS exemplifies our focus on returns.

SEC original ↗Innovex International, Inc. — Earnings release (8-K exhibit)EX-99May 4, 2026

From a capital allocation perspective, we remain focused on balancing organic investment with disciplined M&A.

SEC original ↗Innovex International, Inc. — Earnings release (8-K exhibit)EX-99May 4, 2026

Not only are our margins improving, but we are also gaining share organically by focusing on customer pain points.

SEC original ↗Innovex International, Inc. — Earnings release (8-K exhibit)EX-99May 4, 2026

These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of Innovex’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements.

SEC original ↗Innovex International, Inc. — Earnings release (8-K exhibit)EX-99May 4, 2026

You are cautioned not to place undue reliance on any forward-looking statements, which can be affected by assumptions used or by risks or uncertainties.

SEC original ↗Innovex International, Inc. — Earnings release (8-K exhibit)EX-99May 4, 2026

We define ROCE as income from operations excluding acquisition and integration costs, litigation related expenses not reflective of our ongoing operating performance, and income tax expense (resulting in Adjusted Income from Operations, after tax) divided by average capital employed.

SEC original ↗Innovex International, Inc. — Earnings release (8-K exhibit)EX-99May 4, 2026

We revised our definition of ROCE and Adjusted Income from Operations, after tax to exclude litigation related expenses not reflective of our ongoing operating performance, which for the twelve months ended March 31, 2026 is reflective of the costs related to the Impulse Litigation.

SEC original ↗Innovex International, Inc. — Earnings release (8-K exhibit)EX-99May 4, 2026

In particular, we believe that the exclusion of the aforementioned litigation related expenses eliminated in calculating Adjusted Income from Operations, after tax and ROCE provides useful measures for period-to-period comparisons of our business.

SEC original ↗Innovex International, Inc. — Earnings release (8-K exhibit)EX-99May 4, 2026

(3) Includes monetary damages awarded by a jury and estimated future awards related to the Impulse Litigation, which is not reflective of our ongoing operating performance.

SEC original ↗Innovex International, Inc. — Earnings release (8-K exhibit)EX-99May 4, 2026