Liberty Energy Inc. (LBRT) Management Meeting Takeaways See Potential for 500 MWs of ESAs by Year End, With Raised Capex G...

Equity Research 28 July 2026 | 5:36PM EDT

Liberty Energy Inc. (LBRT) Management Meeting Takeaways: See Potential for >500 MWs of ESAs by Year-End, With Raised Capex Guide Supported by Project Financing

LBRT 12m Price Target: $31.00 Price: $17.70 Upside: 75.1% NEUTRAL Neil Mehta On 7/28, we hosted a virtual investor event with Liberty Energy | Goldman Sachs & Co. LLC Inc. (LBRT, Neutral), with Mr. Ron Gusek, CEO, President & John Mackay Director, Mr. Michael Stock, CFO & Treasurer, and Ms. Anjali | Goldman Sachs & Co. LLC Voria, VP of Investor Relations. On the back of 2Q earnings and recent price pressure, we highlight key takeaways where Alexa Petrick Breno | Goldman Sachs & Co. LLC management discussed drivers of capital spend guide, constructive outlook on Energy Service Agreements (ESAs), and outlook for project financing. We highlight the company as a first mover in the Key Data _____________________________________ Market cap: $2.9bn industry and continue to monitor for updated color on contracts. Enterprise value: $3.2bn 3m ADTV: $111.1mn Management noted the increase in capex for FY26 is driven largely United States by the pull-forward in deposits for equipment as well as increasingly Americas Energy Services M&A Rank: 3 higher complexity on projects due to higher loads. The company GS Forecast __________________________________ highlighted the potential to see greater than 500 MWs of ESAs 12/25 12/26E 12/27E 12/28E

through 2H26 and noted the anticipated contract duration to be Revenue ($ mn) EBITDA ($ mn) 4, , , ,958.7 1,027.3 within a 15-20 year range with the potential for renewal at the end EBIT ($ mn) EPS ($) of the contract term. As LBRT looks to fund the business and capital P/E (X) needed, the company looks to utilize project financing, with the EV/EBITDA (X) 4.1 5.4 5.2 4.5 FCF yield (%) ) ultimate recycling of capital back to the balance sheet. We believe Dividend yield (%) 2.2 1.8 1.8 1.8 that these factors should allow growth and contribution from LBRT’s Net debt/EBITDA (X) 0.3 0.5 1.5 1.7

power business over the long term, and we look for continued color 3/26 6/26E 9/26E 12/26E on the business over the next several quarters. EPS ($) (

GS Factor Profile ______________________________ Growth

Key Takeaways from the Discussion Financial Returns

1. Increase in capex for 2026 largely driven by timing due to Integrated

pull-forward in deposits for equipment Percentile 20th 40th 60th 80th 100th

LBRT provided color on the increase in guide for capex for FY2026, LBRT relative to Americas Coverage now expecting ~$1.5 bil compared to previous guide of $1.1 bil as LBRT relative to Americas Energy Services noted on the 2Q26 earnings call. Management messaged that the Source: Company data, Goldman Sachs Research estimates. increase in spend is largely due to timing of deposits for equipment See disclosures for details. for the power business, as well as increasing spend on a per MW

Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to Analysts employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S.

Goldman Sachs Liberty Energy Inc. (LBRT)

Liberty Energy Inc. (LBRT) Balance Sheet ($ mn) _______________________________________ NEUTRAL Rating since Aug 2, 2021 12/25 12/26E 12/27E 12/28E Cash & cash equivalents Accounts receivable Inventory Ratios & Valuation __________________________________________ Other current assets /25 12/26E 12/27E 12/28E Total current assets 878.0 1, P/E (X) Net PP&E 2,054.2 2,272.1 3,242.5 3,890.5 EV/EBITDA (X) 4.1 5.4 5.2 4.5 Net intangibles -- -- -- -- EV/sales (X) 0.6 0.7 0.9 0.9 Total investments 0.0 0.0 0.0 0.0 FCF yield (%) ) Other long-term assets EV/DACF (X) 4.0 5.3 5.4 4.6 Total assets 3,558.3 4,356.6 4,587.0 5,213.6 CROCI (%) ROE (%) 7.3 1.3 0.7 1.4 Accounts payable Net debt/EBITDA (X)…