7. DEBT

Debt is comprised of the following:

Senior Secured Notes Due 2029

In December 2023, ProFrac Holdings II, LLC completed an offering of $520 million of senior secured floating rate notes due in December 2029 in a private offering to qualified institutional buyers (“2029 Senior Notes”). The Company primarily used these proceeds to repay outstanding principal amounts of other existing debt. The 2029 Senior Notes were issued at a

discount of $5.2 million for aggregate consideration of $514.8 million and resulted in net proceeds to the Company of $498.8 million after debt issuance costs of $16.0 million.

In June 2024, ProFrac Holdings II, LLC issued an additional $120 million aggregate principal amount of its 2029 Senior Notes at par to Beal Bank and Beal Bank USA in connection with our acquisition of AST. In 2025, ProFrac Holdings II, LLC issued an additional $60 million aggregate principal amount of its 2029 Senior Notes at par to Beal Bank USA and Wilks Brothers, LLC, which is a Wilks Party, in a private placement to fund capital expenditures with any remaining proceeds used for general corporate purposes. These notes were issued as additional notes pursuant to the original indenture as amended. These new notes and the notes previously issued under the indenture are treated as a single series of securities under the indenture and the new notes have substantially identical terms, other than the issue date, issue price and first payment date, as the existing notes and are secured by a security interest in the same collateral.

We made principal payments on our 2029 Senior Notes of $73.9 million and $55.8 million in 2025 and 2024, respectively.

The 2029 Senior Notes bear interest at an adjusted Secured Overnight Financing Rate (“Adjusted SOFR”) plus a margin of 7.25% per annum with a 2.00% Adjusted SOFR floor. The Adjusted SOFR rate is equal to the applicable Secured Overnight Financing Rate plus 0.26161% per annum. Interest is payable quarterly, in arrears, on March 31, June 30, September 30 and December 31. The effective interest rate was 12.4% as of December 31, 2025.

The 2029 Senior Notes require minimum quarterly payments including principal payments of $11.9 million on June 30, 2024, September 30, 2024, and December 31, 2024; $17.9 million on March 31, 2025 and June 30, 2025; $18.5 million on September 30, 2025; $19.6 million on December 31, 2025; and $19.6 million at the end of each calendar quarter thereafter. The 2029 Senior Notes are redeemable, at our option, beginning on January 15, 2025, at a premium of 5% through January 14, 2026. This premium declines to 2.0% through January 14, 2027, and 1.0% through January 14, 2028, after which we may redeem the 2029 Senior Notes at par value.

The obligation to pay principal and interest on the 2029 Senior Notes is jointly and severally guaranteed on a full and unconditional basis by ProFrac LLC, and subject to certain exceptions, our domestic subsidiaries other than the Alpine subsidiaries. The 2029 Senior Notes are secured on a first priority basis by substantially all of the assets of ProFrac Corp. and ProFrac LLC, and subject to certain exceptions, our domestic subsidiaries other than the Alpine subsidiaries.

The 2029 Senior Notes contain a covenant requiring us to maintain a minimum loan to value (“LTV”) ratio of 0.77 to 1.00 in 2026, and 0.75 to 1.00 thereafter. This ratio is the aggregate unpaid principal amount of the 2029 Senior Notes divided by the orderly liquidation value of our applicable assets. The 2029 Senior Notes contain covenants that could, in certain circumstances, limit our ability to issue additional debt, repurchase or pay dividends on our common or preferred stock, sell our assets, or enter into certain other transactions. We were in compliance with all of the covenants in the indenture governing our 2029 Senior Notes at December 31, 2025.

Alpine 2023 Term Loan

In December 2023, our Alpine subsidiary entered into a senior secured term loan credit agreement (the “Alpine Term Loan Credit Agreement”) that matures in January 2029, with CLMG Corp. as administrative agent and collateral agent, and the lenders party thereto, providing for a term loan of $365.0 million (the “Alpine 2023 Term Loan”). The Company primarily used these proceeds to repay outstanding principal amounts of other existing debt.

Borrowings under the Alpine 2023 Term Loan accrue interest at either an Adjusted SOFR rate or a base rate, plus an applicable margin of 7.25% per annum with a 3.00% Adjusted SOFR floor. The Adjusted SOFR rate is equal to the applicable Secured Overnight Financing Rate plus 0.11448% per annum. The effective interest rate was 12.6% as of December 31, 2025.

The Alpine 2023 Term Loan originally required minimum quarterly payments including principal payments of $5.0 million on June 30, 2024, September 30, 2024, and December 31, 2024, and $15.0 million on the last day of each calendar quarter thereafter. In June 2025, we amended the Alpine 2023 Term Loan. Under the terms of the amendment, the amortization payments required to be made on June 30, 2025, September 30, 2025 and December 31, 2025 were reduced from $15.0 million to $5.0 million and we will pay an exit fee of $3.4 million when the term loan is repaid. In December 2025, we amended the Alpine 2023 Term Loan. Under the terms of the amendment, the amortization payments required to be made on March 31, 2026 and June 30, 2026 were reduced from $15.0 million to $7.5 million.

In connection with any voluntary prepayment of the Alpine 2023 Term Loan made after December 31, 2025 through December 27, 2026, Alpine will incur a premium of 2%. This premium declines to 1.0% for voluntary prepayments made after December 27, 2026 through December 27, 2027. The Alpine 2023 Term Loan may be prepaid at par after December 27, 2027.

The Alpine 2023 Term Loan is guaranteed by ProFrac Holding Corp. and all of Alpine’s subsidiaries. The Alpine 2023 Term Loan is secured by a lien on, and security interest in, substantially all of Alpine’s assets.

The Alpine 2023 Term Loan originally contained a covenant commencing with the fiscal quarter ending September 30, 2024, requiring Alpine not to exceed a maximum Total Net Leverage Ratio (as defined in the Alpine Term Loan Credit Agreement) of 2.00 to 1.00. This ratio is generally the consolidated total debt of Alpine divided by an adjusted EBITDA calculation. This covenant has been amended to commence testing compliance with the Total Net Leverage Ratio with the fiscal quarter ending on March 31, 2028. The Alpine 2023 Term Loan contains covenants that limit Alpine’s ability to issue additional debt, pay dividends or distributions, sell its assets, or enter into certain other transactions.

As a result of Alpine’s lower operating results in 2025 and 2024, Alpine is closely monitoring its forthcoming compliance obligations with the Total Net Leverage Ratio covenant. While there can be no assurance, Alpine believes that it will be able to meet, modify, or further defer this debt covenant.

Alpine was in compliance with all other covenants, and there were no existing defaults or events of default related to the Alpine 2023 Term Loan as of December 31, 2025.

2022 ABL Credit Facility

In March 2022, ProFrac LLC, ProFrac II, LLC, as borrower, and certain of the Company’s wholly owned subsidiaries as obligors, entered into a senior secured asset-based revolving credit agreement that was scheduled to expire on March 4, 2027 (as amended, the “2022 ABL Credit Facility”), with a group of lenders with JPMorgan Chase Bank N.A., as administrative agent and collateral agent. On March 3, 2026, we entered into an amendment to the 2022 ABL Credit Facility pursuant to which, among other changes, the scheduled maturity date of the facility was extended six months to September 3, 2027. See “Note 18. Subsequent Events” for additional information. The below disclosures are as of December 31, 2025, and before the March 3, 2026 amendment.

The 2022 ABL Credit Facility, as amended, provides for a maximum availability of $325.0 million. The maximum availability of credit under the 2022 ABL Credit Facility is limited at any time to the lesser of the lenders’ committed amounts or a borrowing base. The borrowing base is based on percentages of eligible accounts receivable and eligible inventory, which serve as collateral for the ABL Credit Facility, and is subject to certain reserves. Assets of our Alpine subsidiary are excluded from the borrowing base. If at any time borrowings and letters of credit issued under the credit facility exceed the borrowing base, we will be required to repay an amount equal to such excess. As of December 31, 2025, the maximum availability under the ABL credit facility was limited to our eligible borrowing base of $220.4 million with $69.2 million of borrowings outstanding and $15.8 million of letters of credit outstanding, resulting in approximately $135.4 million of remaining availability.

Borrowings under the 2022 ABL Credit Facility accrue interest at either a SOFR rate or a base rate, plus an applicable margin. The applicable margin for SOFR rate loans ranges from 1.5% to 2.0% and for base rate loans ranges from 0.5% to 1.0%. The 2022 ABL Credit Facility bears an unused line fee ranging from 0.250% to 0.375%. The effective interest rate was 7.5% as of December 31, 2025.

We are required by the 2022 ABL Credit Facility to maintain minimum liquidity of $15.0 million at all times. If the amount available under the 2022 ABL Credit Facility is less than the greater of 12.5% of our maximum availability or $30.0 million, we will be required to maintain a minimum fixed charge coverage ratio of 1.0 to 1.0, to the extent such conditions continue for at least five consecutive business days, and we will be subject to the cash dominion provisions under the agreement.

The 2022 ABL Credit Facility contains certain customary representations and warranties and affirmative and negative covenants. The negative covenants include, subject to customary exceptions, limitations on indebtedness, dividends, distributions and certain other payments, investments, acquisitions, prepayments of specified junior indebtedness, amendments of specified junior indebtedness, transactions with affiliates, dispositions, mergers and consolidations, liens, restrictive agreements, sale and leaseback transactions, changes in fiscal periods and changes in line of business. The Company was in compliance with all covenants, and there were no existing defaults or events of default related to the 2022 ABL Credit Facility as of December 31, 2025.

Equify Notes

In connection with an acquisition in 2022, we assumed two equipment financing notes with Equify Financial, LLC, a related party to the Company controlled by the Wilks Parties. At acquisition, these notes had principal balances of $11.9 million and $12.3 million, have terms through August 2027 and October 2027, and bear interest at an annual rate of 14.8% and 15.5%, respectively. The Equify Notes were initially measured at fair value in connection with the acquisition, resulting in recording a debt premium of $3.6 million. We amortize such premium as an adjustment to interest expense using the effective interest

method over the term of the Equify Notes. As of December 31, 2025, the effective interest rates on the Equify Notes were 3.4% and 4.2%. These notes are collateralized by certain equipment in our Stimulation Services segment.

Flotek PWRtek Note

In April 2025, Flotek acquired certain gas conditioning equipment from our Stimulation Services segment for total consideration of $107.5 million and our Stimulation Services segment leased these assets back from Flotek for a six year term. The effects of this sale-leaseback transaction have been eliminated from our consolidated financial statements. Part of the $107.5 million consideration was a $40.0 million intercompany note payable from Flotek to our Stimulation Services segment (“Flotek PWRtek Note”). In November 2025, the Stimulation Services segment agreed to assign this note receivable to PC Energy Credit I, LLC, a related party to the Company controlled by the Wilks Parties, in exchange for cash consideration of $40.4 million, which represented the sum of the unpaid principal amount of the note and all accrued and unpaid interest on the note through the closing date.

The Flotek PWRtek Note matures on April 28, 2030, and bears interest at an annual rate of 10%. Interest is payable quarterly, in arrears, on January 1, April 1, July 1 and October 1. Interest payments may be paid in cash or in-kind and added to the principal amount outstanding of the note. The effective interest rate was 10.2% as of December 31, 2025.

The Flotek PWRtek Note may be prepaid, at our option, at a premium. This premium is determined by calculating the net present value of the interest that would be owed on the prepayment principal amount through the maturity date. This premium no longer applies if Flotek declares a certain level of dividend.

The obligation to pay principal and interest on the Flotek PWRtek Note is jointly and severally guaranteed on a full and unconditional basis by Flotek. The Flotek PWRtek Note is secured by certain assets of Flotek.

The Flotek PWRtek Note contains covenants that could, in certain circumstances, limit Flotek’s ability to issue additional debt, repurchase or pay dividends on its common stock, sell its assets, or enter into certain other transactions. Flotek was in compliance with all of the covenants in the Flotek PWRtek Note at December 31, 2025.

Restricted Assets

Our Alpine 2023 Term Loan requires us to segregate collateral associated with Alpine and limits our ability to use Alpine's cash or assets to satisfy our obligations or the obligations of our other subsidiaries. We also have limited ability to provide Alpine with liquidity to satisfy its obligations. See “Note 16. Business Segments” for certain financial information for Alpine, which is our Proppant Production segment.

Maturities of Debt