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Enerflex Ltd. Announces Third Quarter 2025 Financial and Operational Results and Increased Dividend

EFXT
  • Enerflex reported Q3 2025 revenue of $777 million, up from $601 million in Q3 2024, driven by the commencement of the Block 60 Bisat-C Expansion facility.
  • The company achieved a record adjusted EBITDA of $145 million for the quarter, with a return on capital employed (ROCE) of 16.9%.
  • Free cash flow for the quarter was $43 million, down from $78 million in the prior year period due to working capital investments.
  • The Engineered Systems (ES) backlog stood at $1.1 billion, while the Energy Infrastructure (EI) backlog was $1.4 billion, providing strong operational visibility.
  • Net earnings were $37 million ($0.30 per share) for Q3 2025, compared to $30 million ($0.24 per share) in Q3 2024.
  • SG&A expenses decreased to $71 million, down $11 million year-over-year, driven by cost-saving initiatives.
  • Paul E. Mahoney joined as President, CEO, and Director on September 29, 2025.
  • The Board increased the quarterly dividend by 13% to CAD$0.0425 per share, payable in December 2025.
  • Enerflex repurchased 777,000 common shares during Q3 2025, with total repurchases since April 1, 2025, reaching 2,676,200 shares.
  • Net debt decreased to $584 million, resulting in a bank-adjusted net debt-to-EBITDA ratio of 1.2x.
  • The Bisat-C Expansion in Oman was completed ahead of schedule, contributing $116 million in revenue to the ES product line.
  • Enerflex secured a new contract in the U.S. Permian basin for a 200 mmscf/d cryogenic gas processing facility scheduled for 2026 delivery.
  • The company received the EXIM "Deal of the Year" award for a gas-to-energy project in Guyana.
  • U.S. contract compression fleet utilization remained stable at 94% across approximately 470,000 horsepower.
  • Total capital expenditures for 2025 are targeted at approximately $120 million, split evenly between maintenance and growth.
  • Revenue for the nine months ended September 30, 2025, totaled $1,944 million, with gross margin before depreciation and amortization at $542 million.