Flowco Holdings Inc. (FLOC.N): 2Q EBITDA Slightly Ahead; Guidance Slightly Below Expectations

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11 Aug 2026 09:00:21 ET │ 10 pages

Flowco Holdings Inc. (FLOC.N)

2Q EBITDA Slightly Ahead; Guidance Slightly Below Expectations

CITI'S TAKE

This morning, FLOC announced 2Q adjusted EBITDA of $94mm, 1% below

Citi, but 1% above FactSet consensus – the company signaled EBITDA

toward the low end of guidance during conferences in June, and these

headwinds appear largely digested. Revenues of $236mm were in-line

with Citi, but 1% above consensus as strong Production Solutions

revenues (4%/5% above Citi/consensus), driven by higher downhole

components, were offset by weakness in Natural Gas Technologies

(8%/8% below), owing to soft vapor recovery system sales. EBITDA

margins across both segments came in above our forecasts, but overall

EBITDA margins were ~50bps below due to higher-than-expected

corporate costs. During the call, FLOC guided to 3Q adjusted EBITDA of

$95mm at the midpoint, 2% above our forecasts, but 2% below

consensus. Overall, adjusted EBITDA and revenue figures were largely inline with consensus but guidance was below and we expect a modestly

negative to neutral reaction.

Implications — Overall, adjusted EBITDA and revenue figures were largely in-line

with consensus but guidance was below and we expect a modestly negative to

neutral reaction.

Neutral / High Risk

Price (10 Aug 26 16:00)

US$22.33

Target price

US$31.00

Expected share price return

38.8%

Expected dividend yield

0.0%

Expected total return

38.8%

Market Cap

US$2,017M

Scott GruberAC

Johan Monge