Company Overview - Enerflex has a market capitalization of CAD$1.4 billion and offers an annual dividend of CAD$0.15 per share, resulting in a dividend yield of 1.3%[3] - The top 10 customers account for approximately 35% of Enerflex's total revenue, while the largest single customer contributes about 5%[7] - Enerflex has repaid $396 million of long-term debt since the beginning of 2023, reducing the leverage ratio from 3.3x at year-end 2022 to 1.3x at the end of Q2/25[39, 42] Market Position and Growth - Global demand for natural gas is forecasted to grow by 15% over the next decade, requiring U S and Canadian supply to increase by approximately 25%[15] - Approximately 20 Bcf/d is expected to be added to North American LNG export capacity by 2030, more than doubling the existing capacity of 14 Bcf/d[22] - Data center power demand is projected to reach approximately 700 Twh by 2035, potentially creating a demand of approximately 5 0 Bcf/d[24, 25] Financial Performance and Strategy - Energy Infrastructure and After-Market Services generated 66% of consolidated gross margin before depreciation and amortization[74] - The Engineered Systems backlog remains strong at $1.2 billion, while the Energy Infrastructure contract backlog is at $1.5 billion[74, 75] - Capital spending for 2025 is targeted at approximately $120 million, including approximately $60 million for growth capital[44, 76]

Company Overview and Strategy - CECO Environmental aims to be the leading global sustainable industrial environmental solutions company[7] - The company focuses on organic growth, programmatic M&A, debt management, and stock buybacks[8, 14] - CECO's capital allocation strategy includes investments in sales teams, engineers, project managers, and cybersecurity[17] - CECO provides 100% environmental solutions for industrial end-markets, with a diversified revenue model[18, 19] Financial Performance and Outlook - The company's backlog at the end of 2024 was greater than $540 million, with a 3-year Compound Annual Growth Rate (CAGR) of +36%[28] - CECO's sales pipeline is greater than $5 billion, up from $1.5 billion in 2021[23] - Q1 2025 orders reached a record $228 million, a 57% year-over-year increase[31, 33] - Q1 2025 revenue was $177 million, a 40% year-over-year increase[31, 33] - The company is maintaining its FY2025 revenue outlook of $700-$750 million, with a midpoint year-over-year growth of 30%, including 15% organic growth and 15% inorganic growth[47]