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).
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Net debt increased to $130.6 M due largely to the Iron Horse acquisition.
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Acquisition – Iron Horse Coiled Tubing Inc.
- Purchase price: $77.25 M cash + 33.76 M Trican common shares.
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Added four fracturing spreads and ten coiled‑tubing units; expanded presence in Cardium, Charlie Lake, Mannville Stack, Viking, Montney, Shaunavon.
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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.
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Quarterly dividend approved: $0.055 per share (payable Dec 31 2025).
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Capital Expenditures & Technology Modernization
- CapEx Q3 2025: $18.9 M (maintenance) vs. $15.2 M YoY.
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$10 M ERP/AI modernization budget for 2025, recorded as G&A expense.
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Fleet Upgrades
- Tier 4 DGB engines and fully electric ancillary equipment deployed; five active Tier 4 DGB fleets delivering 210,000 HHP total.
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Electric ancillary equipment fourth group under construction – expected field deployment by year‑end.
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Outlook & Market Conditions
- Anticipates lower Q4 2025 results for Iron Horse division due to deferred customer capital programs; expects rebound in Q1 2026.
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Positive long‑term outlook driven by LNG Canada exports, additional LNG projects, NGTL/West Coast pipeline restorations, and Trans Mountain expansion.
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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.