Calfrac Announces Normal Course Issuer Bid

• Calfrac Well Services Ltd. received TSX approval to commence a Normal Course Issuer Bid (NCIB).
• The company intends to repurchase up to 5% of outstanding common shares, totaling approximately 5,023,580 shares.
• Program duration is set from June 1, 2026, to May 31, 2027.
• Daily purchase limit is capped at 29,947 shares excluding block exceptions per TSX rules.
• An Automatic Securities Purchase Plan (ASPP) was established with a designated broker to facilitate purchases during regulatory blackout periods.
• All shares purchased under the NCIB will be cancelled immediately upon repurchase.
• This announcement follows Q1 2026 earnings released on May 12, 2026, which showed significant net income growth and positive operating cash flow.

• The NCIB signals management confidence in the company's valuation following a period of deleveraging and improved profitability.
• While positive, this is considered Routine - Positive as buyback programs are standard capital allocation tools for companies with strong free cash flow rather than transformative events like M&A or new asset discovery.
• The timing coincides with a price correction from April highs ($6.73) to current levels (~$6.10), suggesting the bid may provide support but does not fundamentally alter revenue drivers.
• No strategic investors (e.g., Sprott, Lundin) are mentioned as new entrants in this specific release; insider participation was noted in the prior rights offering.
• The move reinforces the balance sheet strength demonstrated in Q1 2026 where net debt fell to $157.1 million and operating cash flow reached $47.5 million.

• Calfrac Well Services Ltd. provides pressure pumping services primarily in North America and Argentina.
• Flagship Project: Operations in the Vaca Muerta shale play in Argentina, supported by multi-year contracts providing stable cash flow despite regional volatility.
• North American operations face headwinds with a ~30% decline in onshore rig count over the last year but have maintained highest first-quarter margins in three years.
• The company has shifted focus from growth-at-all-costs to balance sheet repair and debt reduction following the 2025 rights offering.