Trican Reports Annual Results for 2025 and Declares Quarterly Dividend

Executive Summary

• Trican reported FY 2025 revenue of $1.096 billion (+12% YoY) and adjusted EBITDA of $239 million (+22% YoY), driven by the Iron Horse acquisition and higher operating activity.
• Net profit for 2025 was $112.2 million ($0.58 per share), free cash flow $149.4 million, and net debt increased to $79.9 million after the $77.25 million cash component of the acquisition.
• The board approved a quarterly dividend of $0.055 per share (10% increase) and continued its NCIB program, repurchasing ~12.15 million shares in FY 2025 and an additional 300,200 shares as of Feb‑18‑2026.

Key Details

• Financial Highlights – FY 2025 vs. FY 2024
• Revenue: $1,096.2 M (↑12%)
• Adjusted EBITDAS: $251.7 M (↑9%); Adjusted EBITDA: $239.1 M (↑9%)
• Free cash flow: $149.4 M ($0.77 per share basic) vs. $137.1 M FY‑24
• Net profit: $112.2 M ($0.58 per share basic) vs. $109.5 M FY‑24
• Working capital (ex‑cash): $179.2 M; Cash & cash equivalents $12.5 M (down from $26.3 M FY‑24)

• Net debt: $79.9 M (loans & borrowings $92.4 M, offset by cash $12.5 M)

• Acquisition – Iron Horse Coiled Tubing Inc.

• Closed Aug 27 2025; purchase price $77.25 M cash + 33.76 M Trican common shares.

• Added fracturing and coiled‑tubing capabilities across Cardium, Charlie Lake, Mannville Stack, Viking, Montney, Shaunavon plays.

• Return of Capital

• FY 2025 NCIB purchases: 12,149,664 shares at $4.35 average price (≈6.4% of outstanding shares).
• Additional repurchase of 300,200 shares as of Feb 18 2026.
• Total NCIB program (2024‑2025) completed Oct 4 2025: 13,187,215 shares at $4.27 average price (≈69% of eligible pool).

• Quarterly dividend for Q1 2026 approved: $0.055 per share (↑10%); payable Mar 31 2026 to shareholders of record Mar 13 2026.

• Capital Expenditures & Technology Modernization

• FY 2025 capex: $62.9 M (primarily maintenance and electric ancillary fracturing equipment).
• Approved 2026 capital budget: $122 M (≈$40 M for Canada’s first 100% natural‑gas‑fueled continuous heavy‑duty hydraulic fracturing fleet, field‑ready H2 2026).

• ERP implementation and AI/data analytics initiatives slated for 2026 ($10 M G&A expense).

• Hydraulic Fracturing Fleet Modernization

• Ongoing deployment of Tier 4 Dynamic Gas Blending engines and electric ancillary equipment; third group deployed Q2 2025, fourth group under construction (completion Q2 2026).
• Targeting up to 90% diesel displacement via natural‑gas fuel and electrification.

• Fleet now includes five Tier 4 DGB fleets with total capacity 210,000 HHP; continuous heavy‑duty pumps (3,000 HHP) added.

• Outlook & Market Conditions

• Anticipates sustained drilling/completion activity in Western Canadian Sedimentary Basin through 2026, supported by LNG Canada and other export projects.
• Oil price weakness in late 2025 depressed Iron Horse division Q4 activity; modest recovery expected Q1 2026.

• Pricing pressure on completion services continues into early 2026 due to competitive market environment.

• Financial Position & Liquidity

• Positive working capital (ex‑cash) of $179.2 M at year‑end.
• Revolving credit facility available; capex and dividend funding to be sourced from cash, free cash flow, and the credit line.

Notable Quotes

• “Our FY 2025 results reflect the successful integration of Iron Horse and disciplined capital allocation that delivers growth, strong cash generation, and meaningful returns to shareholders,” – Bradley P.D. Fedora, President & CEO.
• “The continued modernization of our fleet and technology platform positions Trican to meet evolving customer needs while enhancing operational efficiency and sustainability,” – Scott E. Matson, CFO.