Exhibit 99.2

 

Creating a Premier Energy and Industrial Solutions Provider

DisclaimersForward-Looking StatementsThis presentation includes “forward-looking statements” as defined under the federal securities laws. All statements other than statements of historical fact included or incorporated by reference in this presentation, including, among other things, statements regarding the proposed business combination transaction between DNOW Inc. (“DNOW”) and MRC Global Inc. (“MRC”), future events, plans and anticipated results of operations, business strategies, the anticipated benefits of the proposed transaction, the anticipated impact of the proposed transaction on the combined company’s business and future financial and operating results, the expected amount and timing of synergies from the proposed transaction, the anticipated closing date for the proposed transaction and other aspects of DNOW’s or MRC’s operations or operating results are forward-looking statements. Words and phrases such as “ambition,” “anticipate,” “estimate,” “believe,” “budget,” “continue,” “could,” “intend,” “may,” “plan,” “potential,” “predict,” “seek,” “should,” “will,” “would,” “expect,” “objective,” “projection,” “forecast,” “goal,” “guidance,” “outlook,” “effort,” “target,” the negative of such terms or other variations thereof and words and terms of similar substance used in connection with any discussion of future plans, actions or events can be used to identify forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. Where, in any forward-looking statement, DNOW or MRC expresses an expectation or belief as to future results, such expectation or belief is expressed in good faith and believed to be reasonable at the time such forward-looking statement is made. However, these statements are not guarantees of future performance and involve certain risks, uncertainties and other factors beyond DNOW’s or MRC’s control. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in the forward-looking statements. The following important factors and uncertainties, among others, could cause actual results or events to differ materially from those described in forward-looking statements: DNOW’s ability to successfully integrate MRC’s businesses and technologies, which may result in the combined company not operating as effectively and efficiently as expected; the risk that the expected benefits and synergies of the proposed transaction may not be fully achieved in a timely manner, or at all; the risk that DNOW or MRC will be unable to retain and hire key personnel; the risk associated with each party’s ability to obtain the approval of its shareholders required to consummate the proposed transaction and the timing of the closing of the proposed transaction, including the risk that the conditions to the transaction are not satisfied on a timely basis or at all or the failure of the transaction to close for any other reason or to close on the anticipated terms, including the anticipated tax treatment; the risk that any regulatory approval, consent or authorization that may be required for the proposed transaction is not obtained or is obtained subject to conditions that are not anticipated; the occurrence of any event, change or other circumstance that could give rise to the termination of the proposed transaction; unanticipated difficulties, liabilities or expenditures relating to the transaction; the effect of the announcement, pendency or completion of the proposed transaction on the parties’ business relationships and business operations generally; the effect of the announcement or pendency of the proposed transaction on the parties’ common stock prices and uncertainty as to the long-term value of DNOW’s or MRC’s common stock; risks that the proposed transaction disrupts current plans and operations of DNOW or MRC and their respective management teams and potential difficulties in hiring or retaining employees as a result of the proposed transaction; rating agency actions and DNOW’s and MRC’s ability to access short- and long-term debt markets on a timely and affordable basis; changes in commodity prices, including a prolonged decline in these prices relative to historical or future expected levels; global and regional changes in the demand, supply, prices, differentials or other market conditions affecting oil and gas, including changes resulting from any ongoing military conflict, including the conflicts in Ukraine and the Middle East, and the global response to such conflict, security threats on facilities and infrastructure, or from a public health crisis or from the imposition or lifting of crude oil production quotas or other actions that might be imposed by Organization of Petroleum Exporting Countries and other producing countries and the resulting company or third-party actions in response to such changes; legislative and regulatory initiatives addressing global climate change or other environmental concerns; public health crises, including pandemics and epidemics and any impacts or related company or government policies or actions; investment in and development of competing or alternative energy sources; international monetary conditions and exchange rate fluctuations; changes in international trade relationships or governmental policies, including the imposition of price caps, or the imposition of trade restrictions or tariffs on any materials or products used in the operation of DNOW’s or MRC’s business, including any sanctions imposed as a result of any ongoing military conflict, including the conflicts in Ukraine and the Middle East; DNOW’s or MRC’s ability to collect payments when due; DNOW’s or MRC’s ability to complete any dispositions or acquisitions on time, if at all; the possibility that regulatory approvals for any dispositions or acquisitions will not be received on a timely basis, if at all, or that such approvals may require modification to the terms of those transactions or DNOW’s or MRC’s remaining businesses; business disruptions following any dispositions or acquisitions, including the diversion of management time and attention; potential liability for remedial actions under existing or future environmental regulations; potential liability resulting from pending or future litigation; the impact of competition and consolidation in the oil and natural gas industry; limited access to capital or insurance or significantly higher cost of capital or insurance related to illiquidity or uncertainty in the domestic or international financial markets or investor sentiment; general domestic and international economic and political conditions or developments, including as a result of any ongoing military conflict, including the conflicts in Ukraine and the Middle East; changes in fiscal regime or tax, environmental and other laws applicable to DNOW’s or MRC’s businesses; disruptions resulting from accidents, extraordinary weather events, civil unrest, political events, war, terrorism, cybersecurity threats or information technology failures, constraints or disruptions; and other economic, business, competitive and/or regulatory factors affecting DNOW’s or MRC’s businesses generally as set forth in their filings with the Securities and Exchange Commission (the “SEC”). The registration statement on Form S-4 and joint proxy statement/prospectus that will be filed with the SEC will describe additional risks in connection with the proposed transaction. While the list of factors presented here is, and the list of factors to be presented in the registration statement on Form S-4 and joint proxy statement/prospectus are considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. For additional information about other factors that could cause actual results to differ materially from those described in the forward-looking statements, please refer to DNOW’s and MRC’s respective periodic reports and other filings with the SEC, including the risk factors contained in DNOW’s and MRC’s most recent Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K. Forward-looking statements represent current expectations and are inherently uncertain and are made only as of the date hereof (or, if applicable, the dates indicated in such statement). Except as required by law, neither DNOW nor MRC undertakes or assumes any obligation to update any forward-looking statements, whether as a result of new information or to reflect subsequent events or circumstances or otherwise. No Offer or SolicitationThis presentation is not intended to and shall not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made, except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.

Disclaimers (cont.) Additional Information about the Merger and Where to Find ItIn connection with the proposed transaction, DNOW intends to file with the SEC a registration statement on Form S-4 that will include a joint proxy statement of DNOW and MRC that also constitutes a prospectus of DNOW common shares to be offered in the proposed transaction. Each of DNOW and MRC may also file other relevant documents with the SEC regarding the proposed transaction. This presentation is not a substitute for the joint proxy statement/prospectus or registration statement or any other document that DNOW or MRC may file with the SEC. The definitive joint proxy statement/prospectus (if and when available) will be mailed to shareholders of DNOW and MRC. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT, JOINT PROXYSTATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS THAT MAY BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders will be able to obtain free copies of the registration statement and joint proxy statement/prospectus (if and when available) and other documents containing important information about DNOW, MRC and the proposed transaction, once such documents are filed with the SEC through the website maintained by the SEC at https://www.sec.gov/. Copies of the documents filed with the SEC by DNOW will be available free of charge on DNOW’s website at https://ir.dnow.com/ or by contacting DNOW’s Investor Relations Department by email at [email protected] or by phone at (281) 823-4006. Copies of the documents filed with the SEC by MRC will be available free of charge on MRC’s website at https://investor.mrcglobal.com/ or by contacting MRC’s Investor Relations Department by email at [email protected] or by phone at (832) 308-2847. Participants in the SolicitationDNOW, MRC and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information about the directors and executive officers of DNOW, including a description of their direct or indirect interests, by security holdings or otherwise, is set forth in (i) DNOW’s proxy statement for its 2025 annual meeting of shareholders, which was filed with the SEC on April 4, 2025, (ii) DNOW’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which was filed with the SEC on February 18, 2025 and (iii) to the extent holdings of DNOW securities by its directors or executive officers have changed since the amounts set forth in DNOW’s proxy statement for its 2025 annual meeting of shareholders, such changes have been or will be reflected on Initial Statement of Beneficial Ownership of Securities on Form 3, Statement of Changes in Beneficial Ownership on Form 4 or Annual Statement of Changes in Beneficial Ownership of Securities on Form 5, filed with the SEC. Information about the directors and executive officers of MRC, including a description of their direct or indirect interests, by security holdings or otherwise, is set forth in (i) MRC’s proxy statement for its 2025 annual meeting of shareholders, which was filed with the SEC on April 17, 2025, (ii) MRC’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which was filed with the SEC on March 14, 2025 and (iii) to the extent holdings of MRC securities by its directors or executive officers have changed since the amounts set forth in MRC’s proxy statement for its 2025 annual meeting of shareholders, such changes have been or will be reflected on Initial Statement of Beneficial Ownership of Securities on Form 3, Statement of Changes in Beneficial Ownership on Form 4, or Annual Statement of Changes in Beneficial Ownership of Securities on Form 5, filed with the SEC. Other information regarding the participants in the proxy solicitations and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the joint proxy statement/prospectus and other relevant materials to be filed with the SEC regarding the proposed transaction when such materials become available. Investors should read the joint proxy statement/prospectus carefully when it becomes available before making any voting or investment decisions. Copies of the documents filed with the SEC by DNOW and MRC will be available free of charge through the website maintained by the SEC at www.sec.gov. Additionally, copies of documents filed with the SEC by DNOW will be available free of charge on DNOW’s website at https://ir.dnow.com/ and those filed by MRC will be available free of charge on MRC’s website at https://investor.mrcglobal.com/.Use of Non-GAAP Financial Information and Other Terms This presentation contains certain financial measures that are not prepared in accordance with GAAP, including Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EPS and net debt, as well as certain forward-looking projections that are not reconcilable with GAAP measures due to their inherent uncertainty. Due to the forward-looking nature of such measures used herein, management cannot reliably predict certain of the necessary components of the most directly comparable forward-looking GAAP measures. Accordingly, the Company is unable to present a quantitative reconciliation of such forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures without unreasonable effort. Amounts excluded from these non-GAAP measures in future periods could be significant. Non-GAAP financial measures are not measurements of financial performance under GAAP and should not be alternatives to amounts presented in accordance with GAAP. DNOW and MRC view these non-GAAP financial measures as supplemental and they are not intended to be a substitute for, or superior to, the information provided by GAAP financial results. See Appendix for additional information.

RobSaltielPresident &Chief Executive OfficerKellyYoungbloodExecutive Vice President& Chief Financial OfficerDavidCherechinskyPresident &Chief Executive OfficerMarkJohnsonSenior Vice President &Chief Financial Officer

HighlyCompellingStrategicRationaleValue-CreatingTransaction forDNOW and MRCShareholdersCreates a PremierEnergy and IndustrialSolutions ProviderJoins HighlyComplementaryFootprints Across KeyEnergy and IndustrialHubs in the U.S. Strengthens GlobalReach in AttractiveGrowth SectorsGreatly IncreasesScale and ScopeAcross DiverseIndustries and GlobalOpportunitiesCombines andEnhancesComplementaryProduct PortfolioCreates Valuethrough CostSynergiesStrong Cash FlowGeneration Capabilitiesand Robust Balance SheetProvide Liquidity and CapitalAllocation Flexibility

© 2025 DNOW. All Rights Reserved. Value-Creating Transaction for DNOW and MRC Shareholders (1) Prices as of 06/25/2025. (2) Balance sheet items as of 03/31/2025. Net debt calculated as total debt less cash. Net leverage calculated as net debt divided by LTM Adjusted EBITDA. LTM Adjusted EBITDA is reflectedas of 03/31/2025. Adjusted EBITDA and net debt are each a non-GAAP measure. See appendix. DNOW to acquire MRC in an all-stock merger transactionCombined enterprise value of ~$3.0B1, inclusive of MRC’s net debtMRC shareholders will receive 0.9489 shares of DNOW for each MRC sharePro forma ownership at close: ~56.5% DNOW / ~43.5% MRCPresident and Chief Executive Officer: David CherechinskySenior Vice President and Chief Financial Officer: Mark JohnsonChairman of the Board: Dick AlarioCombined board of ten directors: eight from DNOW Board and two from MRC BoardExpected to realize $70M of annual cost synergies within three years following closingExpected Adjusted EPS accretion in the double digits in first year following closingExpected pro forma net leverage of <0.5x2 at close and net cash position by the first year post closingIn addition to over $200M of cash and a $500M revolving credit facility, DNOW has secured commitments toexpand its existing credit facility by $250M at the close of the mergerMaintains current capital allocation strategy including M&A, organic investments and share repurchase programAnticipated to close in the fourth quarter of 2025, is subject to obtaining DNOW and MRC Global shareholderapproval and regulatory clearances and satisfaction of other customary closing conditions75113-001-Part-2 26Jun25 13:11 Page 12

© 2025 DNOW. All Rights Reserved.
7Creates a Premier Energy and Industrial Solutions ProviderAccelerating New Opportunities in Alternative Energy, Artificial IntelligenceInfrastructure, Electrification, Mining and Other Industrial Sectors (1) As of 03/31/2025Leader in Upstream & Midstream Leader in Downstream & Gas UtilitiesPipe, Valves, Fittings & Flanges, Pumps & Production, Electrical, MRO, Safety & OtherPipe, Valves, Fittings & Flanges, Gas Products, Mill Tool, MRO, Safety & OtherU.S., Canada, North Sea, Middle East, Australia U.S., Europe, Middle East, Asia, Australia, New Zealand165 Locations1 197 Locations12,600 Employees1 2,500 Employees1

© 2025 DNOW. All Rights Reserved. 8Energy and Industrial Solutions Leader Delivering Enhanced Value (1) As of 06/25/2025. (2) Financial metrics LTM as of 03/31/2025. Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP measures. See appendix. (3) Expected to generate approximately $70M of annual cost synergies within three years following close. Pro Forma Adjusted EBITDA includes pre-tax run-rate synergies. Cash Flow From Operations includes run-ratesynergies adjusted for taxes. (4) Pre-tax run-rate synergies of $70M expected to be realized. $17M expected to be realized in year 1, $42M expected to be realized in year 2 and $70M expected to be realized by year 3 post-close. Pro FormaEnterprise Value1Cash Flow From Operations2, 3Adjusted EBITDA Margin2, 3~$1.5B6.1%$253M~$1.5B7.6%$201MRevenues2 ~$2.4B ~$2.9B~$3.0B~8.0%~$500M~$5.3B$70MAdjusted EBITDA2, 3 $183M $181M ~$430M

© 2025 DNOW. All Rights Reserved. 9Joins Highly Complementary Footprint AcrossKey Energy and Industrial Hubs in the U.S. 235S E R V ICE LOCA T ION S10D I S T R I B U T ION A N DS U P E R CE N T E R SDNOW LocationsMRC HeadquartersDNOW HeadquartersMRC Locations ~5,000Emp l o y e e s (1) As of 03/31/2025. 111

© 2025 DNOW. All Rights Reserved. 10Strengthens Global Reach in Attractive Growth Markets (1) As of 03/31/2025. (2) LTM Combined Revenue as of 03/31/2025. Expands and further strengthens two well-known international brandsExtends network of locations diversifying exposure to more sectorsImproves customer retention by facilitating integrated global supplysolutionsCanada EMEA APACCombinedRevenue2UnitedStatesCanadaInternational$5. 35T O T A L L O C A T I O N S45T O T A L L O C A T I O N S40T O T A L L O C A T I O N >20COUNT R I E SIN E X P ANDEDGLOB A LFOOT P R INTDNOW Existing LocationsMRC Existing Locations1 1 1

© 2025 DNOW. All Rights Reserved. 11Greatly Increases Scale and Scope Across DiverseIndustries and Global MarketsAnticipated Benefits Include: Diversified Product & Solutions Portfolio: A broaderrange of high-quality products, services and supplychain solutions creates revenue streams across multipleindustries, reducing reliance on any single sectorExpanded Customer Base: Combined company willserve broader mix of customers in the construction andmaintenance of essential energy process, productionand transmission infrastructureStrategic Diversification: Accelerating diversification intonon-oil and gas sectors like gas utilities, downstream &industrial, enhancing opportunities in alternative energy, artificial intelligence infrastructure, electrification, miningand other industrial marketsCompelling Growth Opportunities: Reduces earningsvolatility and enhances resilience of business cyclicalityin the energy sectorBalanced Portfolio Across Attractive Industries Provides DiversificationUpstream Midstream Downstream & Industrials Gas UtilitiesCombined Revenue by End Market1$2.4B $2.9B $5.3B~$5.3BCOMBINED REVENUES (1) Financial metrics LTM as of 03/31/2025.

© 2025 DNOW. All Rights Reserved. Upstream &Midstream Oil & GasService upstream producers meetingdemand for processing infrastructuresuch as maintenance, repair, operating, equipment, pumppackages, process, production andmeasurement equipmentExpanding midstream exposure ingathering, transmission, gasprocessing and liquefied natural gas (LNG) Favorable customer mix – largerproducers less sensitive to commoditycyclesNatural gas demand growth drivingmidstream infrastructure investmentwith multiple midstream projectsPositive Outlook Backed by a Diversified PortfolioServing Multiple Strategic SectorsGasUtilitiesDestocking has concluded, signaling areturn to normal buying patternsSignificant investments are required inreliability and safety, driving increasedspendingExpect 4-6% annual growth rates ingas utility customer spendingIMTEC JV – unlocks opportunities for asmart meter solution for Gas UtilitiesDownstream &IndustrialAccess to numerous industrialadjacent sectors in the U.S., Canada, and InternationalDemand for pump packages acrossmining and minerals, water andwastewater, chemical processing, food & beverage and agriculturalprocessing unlocks opportunities foradditional products, aftermarket, andfield serviceResumption of export permitapplications of liquefied natural gas (LNG) facilities in the U.S. andregasification terminals in EuropeEnergy Evolution &New EnergiesProviding a range of solutions acrossthe energy evolution and new energysectorsTargeting revenue from customerinvestments in decarbonization, directair capture (DAC) and carbon captureutilization and storage (CCUS) projectsExpanding opportunities in renewablenatural gas (RNG), bio andsustainable fuels, hydrogenproduction and data centersGlobal energy transition projects ascarbon reduction targets areprioritized12

© 2025 DNOW. All Rights Reserved.
13Combines and Enhances ComplementaryProduct PortfolioEnhanced Product Offering to Better Serve CustomersCombined Revenue by Product1Anticipated Benefits Include: Enhanced Servicing Capabilities: Expandedservices, support and solutions tailored forcomplex customer requirementsIndustry-Specific Expertise: Leveragingcombined expertise to provide specializedsolutions to customers across the energy andindustrial sectorsStrengthened Partnerships: Fosters, more strategic partnerships with key customersacross various industries, ensuring long-termrevenue stabilityAddressing Customer Consolidation: Betterpositioned to meet the evolving needs of larger, consolidating customers~$5.3BCOMBINED REVENUES (1) Financial metrics LTM as of 03/31/2025. Pipe, Fittings &FlangesPumps &ProductionValves Gas Products$2.4B$2.9B$5.3BMill Tool, MRO, Safety & Other

© 2025 DNOW. All Rights Reserved.
14Creates Value through Cost Synergies (1) Includes expected pre-tax run-rate synergies of $17M in 2026. Breakdown of Synergy Opportunity Estimated Run-Rate CostSavings of $70MMeaningful 2026E EPS Accretion¹Expected to generate approximately $70M of annual costsynergies within three years following closing~23% of the three-year synergies is expected to come frompublic company costs, with ~50% from corporate and ITsystems – balance of the synergies are expected to beachieved through operational and supply chain efficienciesExperienced team with proven track-record of successfulintegrations, having completed 24 acquisitions since 2014+25%2026EOperationaland SupplyChainCorporateand ITSystemsPublicCompany$70M$17M$$70M2026 2027 2028 Pro Forma

© 2025 DNOW. All Rights Reserved. 15Strong Cash Flow Generation Capabilities and Robust Balance SheetProvide Liquidity and Capital Allocation Flexibility (1) Pro forma liquidity calculated as DNOW’s ABL availability equal to the borrowing base, giving effect to the contemplated credit facility expansion, plus cash, minus existing borrowings and letters of credit. (2) Net debt calculated as total debt less cash. Pro forma net debt is inclusive of expected transaction expenses. Net debt is a non-GAAP measure. See appendix. (3) Pro Forma net leverage calculated as pro forma net debt divided by pro forma Adjusted EBITDA. Robust Balance Sheet with Ample Liquidity Estimated Pro Forma Net Leverage³Combined Profile Underpins Rapid Deleveraging<0.5 x<0.0 x<(0.5) YE 2025 YE 2026 YE 2027<0.5x<0.0x<(0.5)xSubstantial Cash Flow Generation and Robust CapitalStructurePotential path to deleveraging and return to a net cash positionby end of the first year post closingSecured commitments to expand current $500M credit facility by$250M at the close of the mergerRobust balance sheet provides greater flexibility to pursueorganic and inorganic investments and return of capitalPro Forma Liquidity1Pro Forma Net Debt2YE 2025 Pro Forma Net Leverage3~$550M~$200M<0.5x

Aligned Missions and SharedPurpose to Serve Customersand CommunitiesPreferred Partnerfor Customers &SuppliersSafe, Inclusive &Skilled WorkforceEnvironmentalStewardship &InnovationCommunityEngagement &Corporate ResponsibilityCombined Commitment to Responsible BusinessPractices and SustainabilityEnergy & Emissions ReductionWaste Reduction & RecyclingEthical & Sustainable ChainHealth, Safety & Employee TrainingFleet Optimization & Fuel EfficiencyCommunity Involvement & SocialImpact© 2025 DNOW. All Rights Reserved.

17HighlyCompellingStrategicRationaleValue-CreatingTransaction forDNOW and MRCShareholdersCreates a PremierEnergy and IndustrialSolutions ProviderJoins HighlyComplementaryFootprints Across KeyEnergy and IndustrialHubs in the U.S. Expands GlobalReach in AttractiveGrowth SectorsGreatly IncreasesScale and ScopeAcross DiverseIndustries and GlobalOpportunitiesCombines andEnhancesComplementaryProduct PortfolioCreates Valuethrough CostSynergiesStrong Cash FlowGeneration Capabilitiesand Robust Balance SheetProvide Liquidity and CapitalAllocation Flexibility

Appendix

© 2025 DNOW. All Rights Reserved. 19Reconciliation of Non-GAAP Financial MeasuresDNOW Inc. Adjusted EBITDATwelve Months Ended Three Months Ended ($ in millions) March 31, March 31, December 31, September 30, June 30, Reconciliation to Adjusted EBITDA 2025 2025 2024 2024 2024GAAP net income attributable to DNOW Inc. $ 82 $ 22 $ 23 $ 13 $ 24Net income attributable to noncontrolling interest1 2 1 — 1Interest expense (income), net (5) (1) (2) (1) (1) Income tax provision 31 7 7 9 8Depreciation and amortization 38 11 10 8 9Other costs: Stock-based compensation2 14 3 4 3 4Other3 21 3 3 10 5Adjusted EBITDA $ 183 $ 46 $ 45 $ 42 $ 50Adusted EBITDA Margin 4 7.6 % 7.7 % 7.9 % 6.9 % 7.9 %Net Income Margin 5 3.4 % 3.7 % 4.0 % 2.1 % 3.8 %NOTE: Sum may not total due to rounding. (1) Net income attributable to noncontrolling interest represents the income retained by the noncontrolling party of a joint venture in DNOW’s international segment which DNOW consolidates into DNOW’s financials asDNOW is the primary beneficiary and controlling member. (2) Stock-based compensation excludes less than $1M for the three months ended 03/31/2025 as such amounts were reported in Other. (3) Other includes certain income and expenses not included in stock-based compensation. (4) Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by revenue. (5) Net Income Margin is defined as Net Income divided by revenue.

© 2025 DNOW. All Rights Reserved. 20Reconciliation of Non-GAAP Financial MeasuresMRC Global Adjusted EBITDANOTE: Sum may not total due to rounding. (1) Charges (pre-tax) for facility closure and asset disposal in International segment. (2) Employee severance and restructuring charges (pre-tax) in both U.S. and International segments. (3) Charges (pre-tax) recorded in SG&A. (4) Charges (pre-tax) for personnel expenses and professional fees related to the company’s internal control remediation efforts. (5) Charge (pre-tax) for a customer settlement in U.S. segment. (6) Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by revenue.(7) Net Income Margin is defined as Net Income divided by revenue. Twelve Months Ended Three Months Ended ($ in millions) March 31, March 31, December 31, September 30, June 30, Reconciliation to Adjusted EBITDA 2025 2025 2024 2024 2024Net (loss) income $ 14 $(22) $(23) $ 29 $ 30Loss from discontinued operations, net of tax 53 30 22 —Net income from continuing operations $ 67 $ 8 $(1) $ 29 $ 30Income tax expense 20 1 4 3 12Interest expense 27 9 7 4 7Depreciation and amortization 21 5 5 6 5Amortization of intangibles 19 5 4 5 5Transaction costs 1—1 —Facility closures1 1 ——1Severance and restructuring2 2—2—-Non-recurring IT related professional fees 1—1 —Increase (decrease) in LIFO reserve (2) 1 1 (5) 1Equity-based compensation expense3 16 4 5 4 3Internal control remediation4 2 2 — -Non-recurring other legal and consulting costs 2 1 1 —Activism response legal and consulting costs 1 ——1Write off of debt issuance costs — — -Customer Settlement5 — — -Asset disposal1 — — -Foreign currency losses (gains) 3—2 2 -Adjusted EBITDA $ 181 $ 36 $ 32 $ 48 $ 65Adjusted EBITDA Margin 6 6.1 % 5.1 % 4.8 % 6.2 % 8.1 %Net Income Margin 7 7.7 % (61.1)% (71.9)% 60.4 % 46.2 %

© 2025 DNOW. All Rights Reserved. 21Reconciliation of Non-GAAP Financial MeasuresNet Debt ($ in millions) As of March 31, 2025Balance Sheet DNOW MRCBorrowings—$ 27Term Loan—$ 350Total debt - $ 377Cash $ 219 $ 63Net Debt $(219) $ 314