Trican Well Service Q4 Earnings Call Highlights

Core Viewpoint - Trican Well Service reported stronger Q4 2025 results compared to the previous year, driven by increased activity levels and the full quarter contribution from the Iron Horse acquisition [1] Financial Results and Cash Flow - Revenue in Q4 2025 increased to CAD 322.7 million, up from CAD 275.5 million in Q4 2024 - Adjusted EBITDA rose to CAD 73.4 million, representing 23% of revenue, compared to CAD 55.6 million or 20% in the prior-year quarter - Adjusted EBITDAS was CAD 75.3 million (23% of revenue), up from CAD 58.6 million (21% of revenue) a year earlier [2] Earnings and Cash Flow - Net earnings were CAD 31.9 million, equating to CAD 0.15 per share on both a basic and fully diluted basis - Free cash flow totaled CAD 46.6 million, defined as EBITDAS less non-discretionary cash expenditures - Capital spending for the quarter was CAD 15.1 million, including CAD 12.8 million for maintenance capital and CAD 2.8 million for upgrade capital [3] Balance Sheet and Shareholder Returns - The company ended the quarter with positive non-cash working capital of CAD 179.2 million - As of December 31, net debt was CAD 79.9 million, primarily related to the Iron Horse acquisition, representing just under a third of a turn of leverage based on trailing twelve-month EBITDAS - Trican repurchased and canceled 1.4 million shares in Q4, totaling 12.1 million shares for the full year at a weighted-average price of approximately CAD 4.4435, representing 6.4% of shares outstanding at the beginning of the year [4][5]