SCHEDULE 13G/A: Kodiak Gas Services: EQT Affiliates Maintain 11.4% Stake

EQT-affiliated entities, including Frontier TopCo Partnership, L.P., Frontier TopCo GP, LLC, and EQT Fund Management S.a r.l., collectively report a beneficial ownership of 11.4% in Kodiak Gas Services, Inc.

Summary

• Frontier TopCo Partnership, L.P., Frontier TopCo GP, LLC, and EQT Fund Management S.a r.l. (collectively, the "Reporting Persons") beneficially own 9,762,573 shares of Kodiak Gas Services, Inc. common stock.
• This ownership represents 11.4% of the company's outstanding common stock.
• The percentage is calculated based on 85,683,860 shares outstanding, which accounts for a prior offering and concurrent share repurchase completed as of November 12, 2025.
• Frontier TopCo GP, LLC is the general partner of Frontier TopCo Partnership, L.P., and EQT Fund Management S.a r.l. controls investment vehicles that indirectly own Frontier TopCo GP, LLC, thereby exercising control over the voting and investment decisions.

Sentiment

Score: 7

Explanation: The filing indicates a significant, stable institutional ownership stake by EQT-affiliated entities, which is generally a positive signal of investor confidence. The disclaimers are standard for complex ownership structures and do not inherently suggest negative sentiment.

Positives

• Continued significant institutional ownership by EQT-affiliated entities, suggesting ongoing confidence in Kodiak Gas Services, Inc.
• The 11.4% stake represents a substantial, long-term investment by a major private equity firm.

Risks

• The Reporting Persons (Frontier TopCo GP, LLC and EQT Fund Management S.a r.l.) disclaim beneficial ownership of the shares, stating that the filing should not be construed as an admission of beneficial ownership for Section 13(d) purposes or that they are members of a "group." This could imply potential future changes in their relationship or control structure, or a legal distinction they wish to maintain.

Future Outlook

This filing does not provide forward-looking statements regarding the company's operational or financial performance. It primarily details current beneficial ownership.

Management Comments

• Frontier TopCo GP, LLC is the general partner of Kodiak Holdings.
• EQT Fund Management S.a r.l. has exclusive responsibility for the management and control of the business and affairs of investment vehicles which constitute the majority of the total commitments to EQT Infrastructure III.
• Each of Frontier GP and EFMS may be deemed to beneficially own the shares of Common Stock beneficially owned by Kodiak Holdings, but neither the filing of this Schedule 13G nor any of its contents shall be deemed to constitute an admission that any Reporting Person (other than Kodiak Holdings) is the beneficial owner of the Common Stock referred to herein for purposes of Section 13(d) of the Act, or for any other purpose and each of Frontier GP and EFMS expressly disclaim beneficial ownership of such shares.
• The filing of this statement should not be construed to be an admission that any of the Reporting Persons are members of a "group" for the purposes of Sections 13(d) and 13(g) of the Act.

Industry Context

NA

Related Party Transactions

• The Reporting Persons, being EQT-affiliated entities, hold a significant ownership stake (11.4%) in Kodiak Gas Services, Inc., establishing a related party relationship through their investment.
• EQT Infrastructure III fund's investment vehicles, including 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 indirectly receive dividends or proceeds from the sale of 5.0% or more of Kodiak Gas Services' outstanding Common Stock.

Stakeholder Impact

• Shareholders: The continued significant ownership by a major institutional investor like EQT may provide a sense of stability and confidence. It also means a substantial portion of the company's voting power is concentrated.
• Management: Management will need to consider the interests of this large institutional shareholder in strategic decisions.

Next Steps

• The Reporting Persons will continue to monitor their investment in Kodiak Gas Services, Inc.
• Further Schedule 13G amendments would be filed if there are significant changes (e.g., a decrease below 10% or a change in the nature of beneficial ownership).

Key Dates

Recommendation

This Schedule 13G filing primarily discloses a significant, stable institutional ownership stake by EQT-affiliated entities. It does not contain new operational or financial performance data that would warrant a change in investment thesis. The 11.4% stake indicates continued institutional confidence, which is a neutral to slightly positive signal, but without further information on company performance or strategic shifts, a "hold" recommendation is appropriate for existing investors. New investors would need to conduct further due diligence beyond this ownership disclosure.

Keywords

Kodiak Gas Services, KGS, EQT, Frontier TopCo, beneficial ownership, Schedule 13G, institutional investor, common stock, equity stake, SEC filing