SCHEDULE: EQT Affiliates Maintain 22.8% Stake in Kodiak Gas Services

EQT-affiliated entities, including Frontier TopCo Partnership, L.P., reported a continued beneficial ownership of 22.8% of Kodiak Gas Services, Inc. common stock.

Summary

• Reporting Persons: Frontier TopCo Partnership, L.P. ("Kodiak Holdings"), Frontier TopCo GP, LLC ("Frontier GP"), and EQT Fund Management S.a r.l. ("EFMS").
• Issuer: Kodiak Gas Services, Inc., with principal executive offices at 9950 Woodloch Forest Drive, 19th Floor, The Woodlands, TX 77380.
• Securities: Common Stock, par value $0.01 per share, CUSIP No. 50012A108.
• Beneficial Ownership: The Reporting Persons collectively beneficially own 19,762,573 shares of Kodiak Gas Services, Inc. common stock.
• Percentage of Class: This represents 22.8% of the outstanding common stock.
• Calculation Basis: The percentage is calculated based on 86,683,860 shares of common stock outstanding as of September 3, 2025, as disclosed in the Issuer's prospectus supplement dated September 8, 2025.
• Ownership Structure: Frontier GP is the general partner of Kodiak Holdings. EQT Infrastructure III SCSp indirectly owns 100% of Frontier GP. EFMS has exclusive responsibility for the management and control of investment vehicles that constitute the majority of total commitments to EQT Infrastructure III, thereby controlling Frontier GP's voting and investment decisions.
• Other Significant Holders: EQT IV Co-Invest SCSP (No. 1) Limited Partnership, EQT Infra IV Funds (No. 2) Limited Partnership, and EQT Infra III Funds (No. 3) Limited Partnership may each be deemed to have the indirect right to receive or direct proceeds from 5.0% or more of the Issuer's outstanding Common Stock.

Sentiment

Score: 7

Explanation: The continued significant beneficial ownership by a major institutional investor like EQT provides a degree of stability and confidence, indicating a long-term strategic interest in Kodiak Gas Services. While not a new investment, the maintenance of such a substantial stake is generally a positive signal for the company's governance and strategic direction.

Positives

• Significant institutional backing: EQT-affiliated entities collectively hold a substantial 22.8% stake, indicating strong institutional confidence in Kodiak Gas Services.
• Stability in ownership: The filing is an amendment, suggesting a continued, stable ownership position by a major investment group, which can be a positive signal for long-term strategic alignment.

Negatives

• No new investment: The filing reports a current ownership stake rather than a new, significant investment, which might otherwise signal fresh capital inflow or increased confidence.

Future Outlook

Not applicable as this filing is a beneficial ownership report and does not contain forward-looking statements or guidance from the issuer.

Industry Context

The continued significant ownership by EQT-affiliated entities in Kodiak Gas Services, a provider of natural gas contract compression services, underscores the ongoing institutional interest in the energy infrastructure and services sector. Such substantial stakes by private equity-backed funds are common in industries requiring significant capital investment and offering long-term asset-based returns, reflecting a strategic commitment to the company's market position within the broader energy landscape.

Comparison to Industry Standards

• A 22.8% beneficial ownership stake by a major investment group like EQT is a substantial holding, often seen in companies where private equity has played a significant role in their development or public listing.
• While direct comparisons to specific competitor ownership structures are not provided, this level of institutional backing is generally viewed positively, suggesting a long-term strategic interest in Kodiak Gas Services' performance and market position within the contract compression industry, similar to how large funds hold significant stakes in other energy service providers like Archrock or USA Compression Partners.

Stakeholder Impact

• Shareholders: The continued significant institutional ownership by EQT-affiliated entities may provide a sense of stability and long-term strategic alignment, potentially reducing volatility and signaling confidence in the company's future.
• Management: The substantial stake held by EQT implies a strong oversight presence and potential influence on strategic decisions, which could lead to more disciplined management practices.

Key Dates

Recommendation

The filing is an amendment to a Schedule 13G, confirming a significant, but not new, beneficial ownership stake by EQT-affiliated entities. While the substantial institutional backing is a positive indicator of long-term confidence, there is no new information within this specific filing to warrant a change in an existing investment thesis or a 'buy' or 'sell' recommendation. Investors should 'hold' their position and await further operational or financial updates from Kodiak Gas Services.

Keywords

Kodiak Gas Services, EQT, Frontier TopCo, Beneficial Ownership, Schedule 13G, Common Stock, Institutional Investor, Energy Services, Compressor Services