KGS: 1Q Beat; Increased Guidance with DPS Contributions; Targeting Annual Power Fleet Growth

研报英文原文证据摘录

KGS: 1Q Beat; Increased Guidance with DPS Contributions; Targeting Annual Power Fleet Growth

EQUITY RESEARCH QUICK TAKE

RBC Capital Markets, LLC

Elvira Scotto, CFA (Analyst)

Chris Goehring (AVP)

May 11, 2026

Kodiak Gas Services, Inc.

1Q Beat; Increased Guidance with DPS Contributions; Targeting Annual Power Fleet

Growth

NYSE: KGS | USD 69.65 | Outperform | Price Target USD 64.00

Sentiment: Positive

Net takeaway

KGS's 1Q Adj. EBITDA beat Street and RBC estimates, with better overall margins driving the beat to our estimates as compression

operations remain strong. KGS increased its 2026 Adj. EBITDA guidance to incorporate 9 months of contributions from its DPS

acquisition (closed 4/1/26) and continued strength in its compression segment, with the new $840MM ($75MM increase) slightly

above current FactSet consensus and RBC estimates. We think the guidance above Street estimates and its targeted annual

power fleet growth of 300-500MW per year (targeting a total of ~2GW by YE30 from 396MW at recent close) can drive shares

to outperform today.

Increased 2026 guidance on close of DPS acquisition and continued strength in compression segment

• Adj. EBITDA. KGS increased its 2026 Adj. EBITDA guidance range to $820-860MM (was $750-780MM), to incorporate 9 months of

contributions from DPS. The new midpoint of $840MM is an increase of $75MM, and above current FactSet consensus estimate

of ~$830MM and our ~$837MM.

• Power Infrastructure (new segment following acquisition). KGS expects 2026 revenue of $95-125MM and adjusted gross margin

of 60-70%. At the 4/1/26 close of the DPS acquisition, the power fleet consisted of 396MW capacity. KGS announced the

procurement of an incremental 261MW power generation capacity and expects to take delivery of 61MW by YE26, and targets