Traveling with Management: Biased Higher

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Traveling with Management: Biased Higher

USA | Oil Services & Equipment

Flowco Holdings EquityMayResearch19, 2026

FLASH NOTETraveling with Management: Biased Higher

This week we spent time with FLOC management. Key messages included: 1) RATING BUY

Emphasis on execution; 2) An improving macro backdrop; 3) Reiteration of ’26 PRICE $27.55^

financial outlook, with higher end of capex increasingly likely (driving ‘27 upside); PRICE TARGET | % TO PT $33.00 | +20%

and 4) Reiteration of potential ‘revenue synergistic’ acquisitions. 52W HIGH-LOW $27.85 - $14.03

FLOAT (%) | ADV MM (USD) 38.1% | 20.38

Key Takeaways: We traveled alongside FLOC’s CEO Joe Bob Edwards, CFO Jon Byers and VP MARKET CAP $2.5B

of Finance Andrew Leonpacher on a non-deal roadshow. The meetings supported recent themes, TICKER FLOC

including; ^Prior trading day's closing price unless otherwise

noted.

Execution: Management and investors continue to emphasize execution, execution,•

execution. The market’s revaluation of FLOC‘s multiple is likely dependent on execution as

investors assess durable free cash / earnings generation overtime.

NAM Backdrop Improves: Management indicated that NAM interest / conversations continue•

to step up. And while they are not seeing material FLOC activity increases yet, the client focus

on production optimization is rising. This was an investor focus.

Positioning: Management indicated that it's seeing incremental demand for HPGL, with•

market share capture story intact for both the HPGL and VRUs. The positioning is further

solidified with the Valiant acquisition, which remains a revenue synergy story - seeing positive

indications to grow the business with customer overlap.

Growth Capex: Considering the market dynamics and FLOC's positioning, investor‘s probed•