.EQT Completes Public Offering of Kodiak Gas Services Shares

• The offering generated gross proceeds of approximately USD 335.5 million.

NEW YORK, Dec. 2, 2025 (PRNewswire) — Frontier TopCo Partnership, L.P., a vehicle of EQT Infrastructure III and EQT Infrastructure IV, announced the successful completion of an underwritten public offering of 9,762,573 shares of common stock of Kodiak Gas Services, Inc. (NYSE: KGS). The transaction was underwritten by Goldman Sachs & Co. LLC and closed on December 2, 2025. Kodiak Gas Services did not sell any shares itself and did not receive proceeds from the sale; the funds were raised entirely by the selling shareholder.

The capital infusion of USD 335.5 million strengthens Kodiak’s balance sheet, providing liquidity to pursue strategic initiatives across its natural gas processing and distribution network. Industry analysts anticipate that the additional funding will enable the company to accelerate investments in high‑efficiency gas compression technology, expand pipeline infrastructure in key growth markets, and enhance its digital asset‑management platform, which leverages advanced analytics and IoT sensors to optimize throughput and reduce emissions.

From a market perspective, the offering reflects renewed investor confidence in the midstream energy sector, which is benefitting from higher gas volumes driven by the ongoing energy transition and demand for lower‑carbon fuels. EQT’s involvement underscores the growing appetite of private‑equity infrastructure funds to back assets that combine stable cash flows with the potential for technology‑driven operational improvements.

Goldman Sachs’ participation as lead underwriter signals broad institutional support for Kodiak’s growth trajectory. The firm’s syndicate pricing, which provided a modest premium to the recent trading range, suggests that the market views the company’s capital structure as robust and its future earnings outlook as favorable.

Looking ahead, Kodiak Gas Services is poised to deploy the proceeds in several key areas: upgrading legacy compression stations with next‑generation turbine‑driven units, expanding gas gathering systems in the Permian Basin, and scaling its cloud‑based monitoring solution that offers real‑time performance metrics to customers. These initiatives are expected to improve operational efficiency, lower carbon intensity, and create new revenue streams through ancillary services.

Overall, the successful public offering not only bolsters Kodiak’s financial position but also positions the company to capture growth opportunities in a rapidly evolving energy landscape, where digitalization and sustainability are becoming core differentiators.