Financial Analysis

NOTE 3ACQUISITIONS The following table presents key information connected with our 2025, 2024 and 2023 acquisitions (in thousands, except share amounts): Assets and Operations Acquired Acquisition Date Shares Issued Cash Consideration Acquisition related costs for Asset Acquisitions Other Consideration Value of Shares Issued Total Consideration Segments Eight Smaller Asset Acquisitions Multiple 2025 Dates $ 25,432 $ $ $ $ 25,432 Water Infrastructure One Asset Acquisition August 29, 2025 7,537 7,537 Corporate-Other Omni July 1, 2025 862,069 17,747 20,757 7,664 46,168 Water Infrastructure One Smaller Asset Acquisition April 1, 2025 1,725 1,725 Water Services Eight Smaller Asset Acquisitions Multiple 2024 Dates 14,591 31 14,622 Water Infrastructure Bobcat April 18, 2024 8,070 8,070 Water Infrastructure Trinity April 1, 2024 30,832 30,832 Water Infrastructure Buckhorn March 1, 2024 18,781 18,781 Water Infrastructure Iron Mountain Energy January 8, 2024 14,000 14,000 Water Infrastructure Tri-State Water Logistics January 3, 2024 58,330 58,330 Water Infrastructure Rockies produced water gathering and disposal infrastructure January 1, 2024 18,100 18,100 Water Infrastructure Four Smaller Asset Acquisitions Multiple 2023 Dates 7,293 7,293 Water Infrastructure Asset Acquisition April 3, 2023 4,000 4,000 Water Services Asset Acquisition January 31, 2023 6,250 150 6,400 Water Infrastructure Total 862,069 $ 232,688 $ 181 $ 20,757 $ 7,664 $ 261,290 2025 Business Combination with Omni On J …

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NOTE 11COMMITMENTS AND CONTINGENCIES Litigation The Company is subject to a number of lawsuits and claims arising out of the normal conduct of its business. The ability to predict the ultimate outcome of such matters involves judgments, estimates and inherent uncertainties. Based on a consideration of all relevant facts and circumstances, including applicable insurance coverage, it is not expected that the ultimate outcome of any currently pending lawsuits or claims against the Company will have a material adverse effect on its consolidated financial position, results of operations or cash flows; however, there can be no assurance as to the ultimate outcome of these matters. Retentions We are self-insured up to certain retention limits with respect to workers compensation, general liability and vehicle liability matters, and health insurance. We maintain accruals for self-insurance retentions that we estimate using third-party data and claims history. …

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NOTE 10DEBT Sustainability-linked credit facility and revolving line of credit On January 24, 2025 (the Closing Date), SES Holdings and Select LLC entered into a $550.0 million sustainability-linked senior secured credit facility (the Sustainability-Linked Credit Facility), by and among SES Holdings, as parent, Select LLC, as borrower and certain of SES Holdings subsidiaries, as guarantors, each of the lenders party thereto and Bank of America, N.A., as administrative agent, issuing lender and swingline lender (the Administrative Agent), which initially provides for $300.0 million in revolving commitments (the Revolving Credit Facility) and $250.0 million in term commitments (the Term Loan Facility), in each case, subject to a borrowing base. The Sustainability-Linked Credit Facility also has a sublimit of $50.0 million for letters of credit and a sublimit of $30.0 million for swingline loans. Subject to obtaining commitments from existing or new lenders, Select LLC has the option to increase the maximum amount under the senior secured credit facility by (i) $150.0 million for additional revolving commitments and (ii) $50.0 million for additional term commitments, in each case, during the first four years following the Closing Date. The Borrowing Base for the Revolving Credit Facility is calculated as the sum of (i) 90% of the Eligible Investment Grade Billed Receivables, plus (ii) 85% of the Eligible Billed Receivables (other than Eligible Investment Grade Billed Receivables …

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Year ended December 31, 2025 2024 2023 (in thousands) Geographic Region Permian Basin $ 724,141 $ 702,014 $ 759,303 Rockies 164,960 209,934 231,306 Marcellus/Utica 157,172 141,267 160,839 Eagle Ford 135,445 154,887 163,366 Mid-Continent 91,423 85,342 100,510 Bakken 86,694 91,162 96,338 Haynesville/E. Texas 60,268 79,036 84,028 Eliminations and other regions (12,759) (11,567) (10,337) Total $ 1,407,344 $ 1,452,075 $ 1,585,353 …

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NOTE 12EQUITY-BASED COMPENSATION The SES Holdings 2011 Equity Incentive Plan (the 2011 Plan) was approved by the board of managers of SES Holdings in April 2011. In conjunction with the private placement of 16,100,000 shares of the Companys Class A common stock on December 20, 2016 (the Select 144A Offering), the Company adopted the Select Energy Services, Inc. 2016 Equity Incentive Plan (as amended, the 2016 Plan) for employees, consultants and directors of the Company and its affiliates. Options that were outstanding under the 2011 Plan immediately prior to the Select 144A Offering were cancelled in exchange for new options granted under the 2016 Plan. On May 8, 2020, the Companys stockholders approved an amendment to the 2016 Plan to increase the number of shares of the Companys Class A common stock that may be issued under the 2016 Plan by 4,000,000 shares and to make certain other administrative changes. On March 25, 2024, the Company adopted the Select Water Solutions, Inc. 2024 Equity Incentive Plan (the 2024 Plan) subject to approval by the Companys stockholders. On May 8, 2024, the Companys stockholders approved the 2024 Plan and the 2024 Plan became effective as of such date. The 2024 Plan reserved 8,487,004 shares of the Companys Class A common stock for issuance with respect to equity awards granted under the 2024 Plan. In connection with the approval of the 2024 Plan, no further awards will be granted under the 2016 Plan, the Nuverra Environmental Solutions Inc. …

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NOTE 13FAIR VALUE MEASUREMENT The Company utilizes fair value measurements to measure assets and liabilities in a business combination or assess impairment and abandonment of property and equipment, intangible assets and goodwill or to measure the value of securities marked to market. Fair value is defined as the amount at which an asset (or liability) could be bought (or incurred) or sold (or settled) in an orderly transaction between market participants at the measurement date. Further, ASC 820, Fair Value Measurements , establishes a framework for measuring fair value, establishes a fair value hierarchy based on the quality of inputs used to measure fair value, and includes certain disclosure requirements. Fair value estimates are based on either (i) actual market data or (ii) assumptions that other market participants would use in pricing an asset or liability, including estimates of risk. ASC 820 establishes a three-level valuation hierarchy for the disclosure of fair value measurements. The valuation hierarchy categorizes assets and liabilities measured at fair value into one of three different levels depending on the observability of the inputs employed in the measurement. The three levels are defined as follows: Level 1 Unadjusted quoted prices for identical assets or liabilities in active markets. Level 2 Quoted prices for similar assets or liabilities in non-active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for …

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NOTE 9GOODWILL AND OTHER INTANGIBLE ASSETS The Company recorded $30.3 million and $13.5 million of goodwill in connection with the Companys 2025 and 2024 acquisitions, respectively. See Note 3Acquisitions for additional information. Goodwill is evaluated for impairment annually, or more frequently if indicators of impairment exist. In performing its annual goodwill impairment assessment, the Company may elect to first perform a qualitative assessment to determine whether it is more likely than not that the fair value of the reporting units is less than its carrying amount. During the fourth quarter of 2025, the Company performed its annual qualitative impairment assessment of goodwill and based on the evaluation of relevant events and circumstances, concluded that it is not more likely than not that the fair value of the reporting units is less than its carrying amount. Accordingly, no quantitative impairment test was required, and the Company determined there was no impairment of the carrying value of goodwill. The changes in the carrying amounts of goodwill by reportable segment for the year ended December 31, 2025 and 2024 is as follows: Water Water Infrastructure Services Total (in thousands) Balance as of December 31, 2023 $ 3,245 $ 1,438 $ 4,683 Additions 13,532 13,532 Balance as of December 31, 2024 $ 16,777 $ 1,438 $ 18,215 Additions 30,270 30,270 Balance as of December 31, 2025 $ 47,047 $ 1,438 $ 48,485 The components of other intangible assets as of December 31, 202 …

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NOTE 15INCOME TAXES Select Inc. is subject to U.S. federal and state income taxes as a corporation. SES Holdings and its subsidiaries, with the exception of certain corporate subsidiaries, are treated as flow-through entities for U.S. federal income tax purposes and as such, are generally not subject to U.S. federal income tax at the entity level. Rather, the tax liability with respect to their taxable income is passed through to their members or partners. Select Inc. recognizes a tax liability on its allocable share of SES Holdings taxable income. The U.S. and non-U.S. components of income before income tax expense for the year ended December 31, 2025 is as follows: For the year ended December 31, 2025 (in thousands) U.S. $ 20,222 Non-U.S. (363) Total $ 19,859 The components of the federal and state income tax (benefit) expense are summarized as follows: For the year ended December 31, 2025 2024 2023 (in thousands) Current tax (benefit) expense Federal income tax expense $ $ 55 $ 200 State and local income tax (benefit) expense (392) 1,013 1,563 Total current (benefit) expense (392) 1,068 1,763 Deferred tax (benefit) expense Federal income tax (benefit) expense (2,555) 13,633 (57,807) State and local income tax expense (benefit) 1,339 (1,133) (4,152) Total deferred (benefit) expense (1,216) 12,500 (61,959) Total income tax (benefit) expense $ (1,608) $ 13,568 $ (60,196) Tax (benefit) expense attributable to controlling interests $ (1,698) $ 13,422 $ (60,443) Tax expense attr …

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"Newly adopted accounting pronouncements: In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09). The Company has adopted the standard for this annual reporting period on a prospective basis. The Companys annual income tax disclosures have been expanded to provide additional transparency into the drivers of its effective tax rate and cash taxes paid, net of refunds received, to various jurisdictions. The disclosures reflect new quantitative thresholds and expanded presentation requirements introduced under ASU 2023-09. See Note 15 Income Taxes for the expanded disclosures. Accounting pronouncements not yet adopted: In November 2024, the FASB issued ASU 2024-03, ""Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40)"" (""ASU 2024-03""). The amendments in this update enhance disclosures about a public business entitys expenses and provide more detailed information about the types of expenses included in certain expense captions in the consolidated financial statements. ASU 2024-03 is effective for the Company for the year ending December 31, 2027, and for interim periods thereafter. The Company is currently evaluating the impacts of the adoption of ASU 2024-03." …

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NOTE 14RELATED PARTY TRANSACTIONS The Company considers its related parties to be those stockholders who are beneficial owners of more than 5.0% of its common stock, executive officers, members of its board of directors or immediate family members of any of the foregoing persons, transactions with a company that is significantly influenced by another related party, and cost-method and equity-method investees. The Company has entered into a number of transactions with related parties. In accordance with the Companys related persons transactions policy, the audit committee of the Companys board of directors regularly reviews these transactions. However, the Companys results of operations may have been different if these transactions were conducted with non-related parties. During the year ended December 31, 2025, sales to related parties were $0.5 million and purchases from related-party vendors were $29.0 million. These purchases consisted of $18.1 million relating to the rental of certain equipment or other services used in operations, $4.5 million relating to management, consulting and other services, $4.0 million related to inventory and other consumables and $2.5 million related to purchases of property and equipment. During the year ended December 31, 2024, sales to related parties were $0.7 million and purchases from related-party vendors were $24.7 million. These purchases consisted of $15.2 million relating to the rental of certain equipment or other services used in o …

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NOTE 4ABANDONMENTS AND OTHER COSTS A summary of impairments to and abandonment of property and equipment for the years ended December 31, 2025, 2024 and 2023 is as follows: Year ended December 31, 2025 2024 2023 (in thousands) Abandonment of property and equipment Water Infrastructure $ 4,372 $ 860 $ 432 Water Services 610 331 1,070 Other 1,239 46 Total abandonment of property and equipment $ 6,221 $ 1,237 $ 1,502 During the year ended December 31, 2025, the Company recognized $6.2 million in impairments and abandonments, consisting of $4.4 million in the Water Infrastructure segment primarily associated with SWD abandonments and the termination of a disposal lease, $1.2 million in Other related to abandonment of back-office software development costs previously classified as other long-term assets, and $0.6 million in the Water Services segment related to the relocation of operations from a leased facility. The $1.2 million and $1.5 million expense for abandonment of property and equipment during the years ended December 31, 2024 and December 31, 2023, respectively primarily resulted from the write-off of assets that are no longer utilized in operational activities. A summary of severance and lease abandonment costs for the years ended December 31, 2025, 2024 and 2023 is as follows: Year ended December 31, 2025 2024 2023 (in thousands) Severance Selling, general and administrative $ 1,467 $ 648 $ Total severance expense $ 1,467 $ 648 $ Lease abandonment costs Water Infrastru …

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NOTE 5REVENUE The Company follows ASC 606, Revenue from Contracts with Customers , for most revenue recognition, which provides a five-step model for determining revenue recognition for arrangements that are within the scope of the standard: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company applies the five-step model only to contracts when it is probable that we will collect the consideration the Company is entitled to in exchange for the goods or services the Company transfers to the customer. The accommodations and rentals revenue continues to be guided by ASC 842 Leases, which is discussed further below. The following factors are applicable to the Companys segments for the years 2025, 2024 and 2023, respectively: The vast majority of Water Services and Chemical Technologies customer agreements are short-term, lasting less than one year. Water Infrastructure contains both short-term and long-term agreements. Contracts are seldom combined together as virtually all of our customer agreements constitute separate performance obligations. Each job or project is typically distinct, thereby not interdependent or interrelated with other customer agreements. Most contracts allow either party to terminate at any …

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NOTE 18SEGMENT INFORMATION Select is a leading provider of sustainable water and chemical solutions to the energy industry in the U.S. The Companys services are offered through three reportable segments. Reportable segments are defined as components of an enterprise for which separate financial information is evaluated regularly by the CODM in deciding how to allocate resources and assess performance. The Companys CODM assesses performance and allocates resources on the basis of the three reportable segments. Corporate and other expenses that do not individually meet the criteria for segment reporting are reported separately as Corporate or Other. The Companys CODM is John D. Schmitz, Chairman, President and CEO. The Companys CODM assesses performance and allocates resources on the basis of the following three reportable segments: Water Infrastructure The Water Infrastructure segment consists of the Companys fixed infrastructure assets, including operations associated with our water distribution pipeline infrastructure, our water recycling facilities, our produced water gathering pipelines, SWDs, and our solids management facilities, primarily serving E&P companies. Water Services The Water Services segment primarily consists of the Companys water-related services businesses, including water sourcing, water transfer, fluids hauling, water monitoring, water containment and water network automation, primarily serving E&P companies. Additionally, this segment includes th …

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"NOTE 2SIGNIFICANT ACCOUNTING POLICIES Use of estimates : The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. On an ongoing basis, the Company evaluates its estimates, including those related to the recoverability of long-lived assets and intangibles, useful lives used in depreciation, amortization and accretion, allowance for credit losses, inventory reserve, income taxes, self-insurance liabilities, share-based compensation, contingent liabilities, lease- related reasonably certain option exercise assessments, the incremental borrowing rate for leases and the fair value of asset retirement obligations (AROs). The Company bases its estimates on historical and other pertinent information that are believed to be reasonable under the circumstances. The accounting estimates used in the preparation of the consolidated financial statements may change as new events occur, as more experience is acquired, as additional information is obtained and as the Companys operating environment changes. Cash and cash equivalents : The Company considers all highly liquid investments with an original maturity of three months or less to be cash …

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