Liberty Energy Inc 2Q26 - First Take - ALERT

Research evidence excerpt

Liberty Energy Inc 2Q26 - First Take - ALERT

J P M O R G A N North America Equity Research

22 July 2026

Liberty Energy Inc Overweight

LBRT, LBRT US

2Q26 - First Take - ALERT Price (22 Jul 26):$25.14

Oil & Gas Exploration & Production

EBITDA Results. Adj. EBITDA $151mm v. JPMe $147mm and consensus Arun Jayaram AC

$147mm. (1-212) 622-8541

arun.jayaram@jpmchase.com

JPM View: Stock Reaction – Neutral. Heading into the print, we sensed Jason Kim

relatively low investor expectations that the company would have a power (1-212) 622-1408

solutions announcement with 2Q26 earnings. While the company did not secure jason.b.kim@jpmchase.com

a customer agreement, it did announce a joint venture with PowerBridge, a Five Sowmya Vemulapalli

Point portfolio company that is viewed as a credible data center developer. We view (1-212) 270-4660

sowmya.vemulapalli@jpmchase.com

this as analogous to LBRT’s existing deal with Vantage, which includes a 400 MW J.P. Morgan Securities LLC

of power generation capacity reservation in 2027 scalable to 1 GW, versus the

PowerBridge JV that involves an initial 300 MW development targeted for 2027-

28 and scalable to 2 GW in West Texas.

LBRT posted a slight beat with 2Q26 EBITDA of $151mm coming in 3% ahead

of JPMe/STe and up 20% from 1Q26 levels. 2Q26 revenue of $1.19bn was 8%

above our forecast, but margins were a bit light as the company printed 2Q26

EBITDA margins of 12.7% vs. JPMe/STe of 13.3%/13.4%. The company is

observing a modest improvement in frac fundamentals driven by rising NAM

activity, fleet attrition, and equipment cannibalization, with conditions supporting

a modest improvement in pricing vs. cyclical lows in 1Q26. Market trends are

supportive of the company’s fleet, which includes an above average mix of next