ProFrac Holding Corp.

ProFrac Holding Corp. is a U.S.-based energy services company organized around hydraulic fracturing, proppant production, equipment manufacturing, and related completion services. Its operations are centered on North American unconventional oil and natural gas basins, with a vertically integrated structure that combines service fleets, sand mines, and manufacturing capabilities.

9,8 %

−19,0 %

−11,4 %

0.81

0.56

— ProFrac Holding Corp.
%
Stimulation Services55% Mobile hydraulic fracturing fleets and auxiliary equipment used to complete wells.
Proppant Production20% Frac sand mined and sold to support well stimulation and completion activity.
Manufacturing15% Pressure-pumping and completion equipment, including pumps, valves, and manifolds.
Flotek Industries7% Chemistry and data technology products and services for E&P customers.
Other / complementary services3% Distributed power generation and other completion-related offerings.

ProFrac sells primarily to upstream oil and natural gas exploration and production companies operating in U.S...

  • Upstream E&P operatorsprimary

    Buy hydraulic fracturing and completion services to develop shale wells.

  • Oilfield service providerssecondary

    Buy frac sand and related inputs for their own completion operations.

  • Integrated completion customersprimary

    Buy bundled pumping, sand, chemicals, and equipment for efficiency.

  • Manufacturing customerssecondary

    Buy pumps, valves, manifolds, and related equipment for field use.

  • Chemistry and data customersemerging

    Buy Flotek products and services for well performance optimization.

ProFrac’s business is concentrated in the United States, especially the most active unconventional oil and gas basins...

  • •Operations are concentrated in the United States
  • •Service footprint spans nearly all major unconventional basins
  • •Sand mines are located in the Haynesville, Permian, and Eagle Ford
  • •Basin proximity reduces transport time and supports customer service
  • •U.S. shale activity drives utilization across the platform

ProFrac’s strategy is built around vertical integration across pumping, sand, manufacturing, and chemistry so it can...

01
Vertical integration across completion inputsmedium-term

Captures more of the well-completion value chain and improves service control.

02
Fleet modernization and technology investmentshort-term

Supports reliability, efficiency, and customer-specific service requirements.

03
Basin proximity and logistics efficiencymedium-term

Reduces transport costs and improves responsiveness to customer activity.

Demand is tied to U.S. oil and gas capital spending, so lower commodity prices or reduced E&P activity can quickly...

high

Oil and gas spending cyclicality

Customer activity depends on commodity prices and E&P budgets, which drive fracturing demand.

Scope
Hydraulic fracturing and completion services
Materiality
high
high

Customer concentration

A limited number of recurring customers contributes a large share of revenue.

Scope
Top ten customers represented 45% of 2025 revenue
Materiality
high
medium

Supplier and equipment availability

Specialized parts and raw materials are needed to maintain and upgrade fleets.

Scope
Hydraulic fracturing equipment and manufacturing inputs
Materiality
medium
medium

Asset impairment

Fleet, mine, and intangible asset values depend on future cash flows and utilization.

Scope
Long-lived assets and goodwill
Materiality
medium
medium

Interest rate exposure

Variable-rate debt increases financing costs when rates rise.

Scope
Long-term debt
Materiality
medium
Long-lived asset impairment
Can create material non-cash charges if utilization weakens
Goodwill impairment
Affects earnings and balance sheet carrying values
Business combinations
Purchase price allocation can materially affect goodwill and depreciation
Tax receivable agreement
Affects cash obligations and balance sheet presentation
Related-party and intercompany transactions
Affects segment reporting and consolidated revenue/cost presentation

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: 29/04/2026