Trican Reports Third Quarter Results for 2025 and Declares Quarterly Dividend

Executive Summary

• Trican reported Q3 2025 revenue of $300.6 M (↑ 36% YoY) and adjusted EBITDA of $59.5 M, both materially above the prior‑year period.
• Completed the acquisition of Iron Horse Coiled Tubing Inc. for $77.25 M cash plus 33.76 M shares, expanding fracturing and coiled‑tubing capacity across key Western Canadian plays.
• Declared a quarterly dividend of $0.055 per share (↑ 22.2% YoY) and continued an aggressive NCIB program, repurchasing ~13.2 M shares in Q3 2025.

Key Details

• Financial Performance
• Revenue: $300.6 M vs. $221.6 M YoY.
• Adjusted EBITDAS: $66.9 M (↑ 26% YoY).
• Adjusted EBITDA: $59.5 M (↑ 19% YoY).
• Free cash flow: $35.4 M ($0.19 per share basic).

• Net debt increased to $130.6 M due largely to the Iron Horse acquisition.

• Acquisition – Iron Horse Coiled Tubing Inc.

• Purchase price: $77.25 M cash + 33.76 M Trican common shares.

• Added four fracturing spreads and ten coiled‑tubing units; expanded presence in Cardium, Charlie Lake, Mannville Stack, Viking, Montney, Shaunavon.

• Return of Capital

• NCIB program (2024‑2025) completed Oct 4 2025: repurchased 13,187,215 shares at $4.27 average price (~69% of eligible pool).
• New NCIB program launched Oct 5 2025 – up to 18,405,613 shares purchasable before Oct 4 2026.

• Quarterly dividend approved: $0.055 per share (payable Dec 31 2025).

• Capital Expenditures & Technology Modernization

• CapEx Q3 2025: $18.9 M (maintenance) vs. $15.2 M YoY.

• $10 M ERP/AI modernization budget for 2025, recorded as G&A expense.

• Fleet Upgrades

• Tier 4 DGB engines and fully electric ancillary equipment deployed; five active Tier 4 DGB fleets delivering 210,000 HHP total.

• Electric ancillary equipment fourth group under construction – expected field deployment by year‑end.

• Outlook & Market Conditions

• Anticipates lower Q4 2025 results for Iron Horse division due to deferred customer capital programs; expects rebound in Q1 2026.

• Positive long‑term outlook driven by LNG Canada exports, additional LNG projects, NGTL/West Coast pipeline restorations, and Trans Mountain expansion.

• Liquidity & Debt

• Cash & equivalents: $8.5 M (down from $26.3 M Dec 2024).
• Revolving credit facility remains available; debt funded primarily by acquisition cash outflow.

Notable Quotes

“The strategic acquisition of Iron Horse significantly expands our service footprint and reinforces Trican’s position as a leading energy‑services provider in the Western Canadian Sedimentary Basin.” – Bradley P.D. Fedora, President & CEO

All non‑material boilerplate, forward‑looking disclaimer text, and contact information have been omitted for brevity.