GlobeNewswire·May 7, 2026, 6:00 AM ET

Enerflex Ltd. Announces First Quarter 2026 Financial and Operational Results

EFXT

Enerflex reported Q1/26 revenue of $584 million, up from $552 million in Q1/25 but down from $627 million in Q4/25 due to strong Engineered Systems execution & lower After-Market Services sales.
Adjusted EBITDA reached a record $137 million in Q1/26, compared to $113 million in Q1/25 & $123 million in Q4/25.
Return on capital employed hit a new record of 17.3% in Q1/26, driven by higher EBIT & lower average capital employed.
Engineered Systems backlog stood at $1.3 billion with a book-to-bill ratio of 1.5x & bookings of $483 million during the quarter.
Energy Infrastructure & After-Market Services product lines generated 65% of consolidated gross margin before depreciation & amortization.
Net earnings were $43 million ($0.35 per share) in Q1/26, compared to $24 million in Q1/25 & a loss of $57 million in Q4/25.
Free cash flow decreased to $15 million in Q1/26 as higher funds from operations were offset by net working capital investments.
Bank-adjusted net debt-to-EBITDA ratio improved to 0.9x at the end of Q1/26, down from 1.3x in Q1/25.
Net debt reduced to $505 million, including $47 million in cash, representing a $59 million decrease from Q1/25.
The U.S. contract compression fleet maintained 94% utilization across 486,000 horsepower while securing long-lead components for 2027 growth.
Operations in the Middle East (Bahrain & Oman) remained uninterrupted despite regional conflicts, managing 17 projects & 350,000 horsepower.
Enerflex declared a quarterly cash dividend of CAD $0.0425 per share, payable June 3, 2026 to shareholders of record on May 20, 2026.
The company targets 2026 organic capital expenditures between $175 million & $195 million, including $90 million to $100 million for growth.
Enerflex expects ES backlog to convert into revenue over the next 12 months & anticipates steady demand supported by natural gas production increases.