Cactus : September Investor Presentation 2023

Important Disclosures

Non-GAAP Measures

This presentation includes references to EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Segment EBITDA, Adjusted Segment EBITDA, Adjusted Segment EBITDA margin, and EBIT, which are not measures calculated in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Reconciliations of EBITDA, Adjusted EBITDA, Segment EBITDA, Adjusted Segment EBITDA and EBIT to net income, the most directly comparable measure calculated in accordance with GAAP, is provided in the Appendix included in this presentation. While management believes such measures are useful for investors, these measures should not be used as a replacement for financial measures that are calculated in accordance with GAAP.

On February 28, 2023, Cactus, through one of its subsidiaries, completed its previously announced merger of the FlexSteel business (the "Merger") through a merger with HighRidge Resources, Inc. and its subsidiaries ("HighRidge"). On February 27, 2023, in order to facilitate the Merger with HighRidge, an internal reorganization was completed in which Cactus Companies, LLC ("Cactus Companies"), a recently formed wholly-owned subsidiary of Cactus Inc., acquired all of the outstanding units representing ownership interests in Cactus Wellhead, LLC, the operating subsidiary of Cactus Inc. (the "CC Reorganization"). FlexSteel Holdings, Inc. was a wholly-owned subsidiary of HighRidge prior to the Merger and was converted into a limited liability company, contributed from HighRidge to Cactus Companies as part of the CC Reorganization and is now named FlexSteel Holdings, LLC ("FlexSteel").

Unless otherwise specifically noted herein or the context otherwise requires, information set forth herein with respect to periods prior to February 28, 2023 does not include the information of HighRidge. Accordingly, unless otherwise specifically noted herein or the context otherwise requires, information with respect to Cactus Inc. and its consolidated subsidiaries (the "Company", "we", "us", "our" and "Cactus") for the periods prior to February 28, 2023 refers only to Cactus and its consolidated subsidiaries prior to the Merger and does not include results and other information associated with HighRidge and the FlexSteel business.

Forward-Looking Statements

The information in this presentation includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact included in this presentation, regarding our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this presentation, the words "guidance," "outlook," "may," "hope," "potential," "could," "believe," "anticipate," "intend," "estimate," "expect," "project" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on Cactus' current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. We caution you not to place undue reliance on any forward-looking statements, which can be affected by assumptions used or by risks or uncertainties, including unanticipated challenges relating to the FlexSteel business. Consequently, no forward-looking statements can be guaranteed. When considering these forward-looking statements, you should keep in mind the risk factors and other factors noted in the Company's Annual Report on Form 10-K, any Quarterly Reports on Form 10-Q and the other documents that the Company files from time to time with the Securities and Exchange Commission. These documents are available on the Company's website at https://cactuswhd.com/investors/sec-filings/ or through the SEC's Electronic Data Gathering and Analysis Retrieval ("EDGAR") system at www.sec.gov. The risk factors and other factors noted therein could cause actual results to differ materially from those contained in any forward-looking statement. We disclaim any duty to update and do not intend to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this presentation.

Industry and Market Data

This presentation has been prepared by Cactus and includes market data and other statistical information from third-party sources, including independent industry publications, government publications or other published independent sources. Some data is also based on Cactus' good faith estimate. Although Cactus believes these third-party sources are reliable as of their respective dates, Cactus has not independently verified the accuracy or completeness of this information.

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Experienced Executive Team

Scott Bender

Chairman & CEO

Joel Bender

President

Steven Bender

Chief Operating Officer

Steve Tadlock

Executive Vice

President, Chief

Financial Officer &

Treasurer

William Marsh

Executive Vice President

& General Counsel

• Mr. Bender has served as Chairman and CEO since August 2023 and previously served as President and CEO since co- founding Cactus Wellhead, LLC ("Cactus LLC") in 2011.
• Mr. Bender previously was President of Wood Group Pressure Control from 2000 to 2011.
• Mr. Bender successfully built and monetized Ingram Cactus Company (sold to Cameron in 1996) and led Wood Group
  Pressure Control's profitable expansion until its sale to General Electric in 2011.
• Mr. Bender graduated from Princeton University in 1975 with a Bachelor of Science in Engineering and from the University of Texas at Austin in 1977 with a Master of Business Administration.
• Mr. Bender has served as Director and President since August 2023 and previously served as Senior Vice President, COO and Director since co-founding Cactus LLC in 2011.
• Mr. Bender previously was Senior Vice President of Wood Group Pressure Control from 2000 to 2011.
• Mr. Bender successfully built and monetized Ingram Cactus Company (sold to Cameron in 1996) and led Wood Group
  Pressure Control's profitable expansion until its sale to General Electric in 2011.
• Mr. Bender graduated from Washington University in 1981 with a Bachelor of Science in Engineering and from the University of Houston in 1985 with a Master of Business Administration.
• Mr. Bender has served as COO since August 2023 and previously served as Vice President of Operations of Cactus LLC since 2011, managing all U.S. service center and field operations.
• Mr. Bender previously was Rental Business Manager of Wood Group Pressure Control from 2005 to 2011.
• Mr. Bender graduated from Rice University in 2005 with a Bachelor of Arts in English and Hispanic Studies and from the University of Texas at Austin in 2010 with a Master of Business Administration.
• Mr. Tadlock joined Cactus in June 2017 and has served as Chief Financial Officer & Treasurer since March 2019. He has worked with Cactus LLC since its founding in 2011 as a Board Observer.
• Mr. Tadlock previously served as a Director and Chairman of Polyflow Holdings, LLC until his resignation in 2018.
• Mr. Tadlock previously worked at Cadent Energy Partners, where he served as a Partner from 2014 to 2017.
• Mr. Tadlock graduated from Princeton University in 2001 with a Bachelor of Science in Engineering and from the Wharton School at the University of Pennsylvania in 2007 with a Master of Business Administration.
• Mr. Marsh has served as General Counsel since May 2022.
• Mr. Marsh previously had been of counsel with the law firm of Bracewell LLP from 2021 to 2022.
• Mr. Marsh previously was with the Baker Hughes Company, most recently serving as Chief Legal Officer from 2013 to 2021.
• Mr. Marsh obtained a Bachelor of Science in Accounting in 1985 and a Juris Doctor in 1989 from Brigham Young University.

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Investment Highlights

	1	A Leading Pure Play Equipment Solutions Provider
	for Onshore Markets

	2	Innovative and Differentiated Products & Services
	that Sustain Relative Margin Resilience

3 Dynamic Operating and Manufacturing Capabilities

4 Strong Margins and Free Cash Flow Generation

	5	Experienced Management Team with Significant
	Equity Ownership & Strong Industry Relationships

Through-Cycle Outperformance

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Products & Operations Overview

Cactus designs, manufactures, sells and rents highly engineered products which generate

improved drilling, completion and production efficiencies while enhancing safety

Wellhead systems

Production trees

Spoolable pipe

Cactus Provides

Service,

Installation &

Maintenance for its

Equipment

Frac Stacks

Completion Equip.

End Fittings

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