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Leading Provider of Consumable Chemical Solutions November 2025
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Certain statements in this presentation may constitute forward-looking information or forward-looking statements (collectively referred to as “forward-looking information”) which involves known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of CES Energy Solutions Corp (“CES”), or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. When used in this presentation, such information uses such words as “may”, “would”, “could”, “will”, “intend”, “expect”, “believe”, “plan”, “anticipate”, “estimate”, and other similar terminology. This information reflects CES’ current expectations regarding future events and operating performance and speaks only as of the date of this presentation or as of the date otherwise specified. Forward-looking information involves significant risks and uncertainties, should not be read as a guarantee of future performance or results, and will not necessarily be an accurate indication of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking information, including, but not limited to, the factors discussed below. Management of CES believes the material factors, expectations and assumptions reflected in the forward- looking information are reasonable but no assurance can be given that these factors, expectations and assumptions will prove to be correct. The forward-looking information contained in this document speaks only as of the date of the document, or as of the date otherwise specified and CES assumes no obligation to update or revise such information to reflect new events or circumstances, except as may be required pursuant to applicable securities laws or regulations. In particular, this presentation contains forward-looking information pertaining to the following: expectations regarding growth for drilling fluids as a result of increasing well complexity and longer lateral lengths; expectations regarding chemical demand and growth related to increased oil production and produced water; potential for continued growth in drilling fluids and production chemical markets; expectations regarding the performance of CES’ business model and counter cyclical balance sheet during downturns; expectations regarding the ability for CES to continue to grow revenue, market share and margins; expectations regarding improving results, increasing activity & market share, and the ability to obtain price increases from customers; ability for CES to make strategic inventory purchase in the future; impact of vertical integration and new technologies on future results; allocation of capital with respect to dividends, debt repayment, and the NCIB; expectations regarding cost reductions going forward; certainty and predictability of future cash flows and earnings, including during low points in the business cycle; expectations regarding the ability to implement price increases for customers; estimated timing and expectations regarding future capital expenditures and expansion projects; ability for CES’ business to generate significant free cash flow going forward; and expectations regarding CES’ ability to collect accounts receivable in light of historical performance and current circumstances. CES' actual results could differ materially from those anticipated in the forward-looking information as a result of the following factors: general economic conditions in the US, Canada, and internationally; geopolitical risk; fluctuations in demand for consumable fluids and chemical oilfield services, downturn in oilfield activity; oilfield activity in the Permian, the WCSB, and other basins in which the Company operates; a decline in frac related chemical sales; a decline in operator usage of chemicals on wells; decreased service intensity levels; an increase in the number of customer well shut-ins; a shift in types of wells drilled; volatility in market prices for oil, natural gas, and natural gas liquids and the effect of this volatility on the demand for oilfield services generally; declines in prices for natural gas, natural gas liquids, and oil, and pricing differentials between world pricing, pricing in North America, and pricing in Canada; decisions by OPEC regarding production quotas; the impact of the removal of sanctions on Russia and the potential for additional oil and gas supply to global markets; competition, and pricing pressures from customers in the current commodity environment; conflict, war and political and societal unrest that may impact CES' operations, supply chains as well as impact the market for oil and natural gas generally; currency risk as a result of fluctuations in value of the US or Canadian dollar; liabilities and risks, including environmental liabilities and risks inherent in oil and natural gas operations; sourcing, pricing and availability of raw materials, consumables, component parts, equipment, suppliers, facilities, shipping containers, and skilled management, technical and field personnel; the collectability of accounts receivable; ability to integrate technological advances and match advances of competitors; ability to protect the Company's proprietary technologies; availability of capital; uncertainties in weather and temperature affecting the duration of the oilfield service periods and the activities that can be completed; the ability to successfully integrate and achieve synergies from the Company's acquisitions; changes in legislation and the regulatory environment, including uncertainties with respect to oil and gas royalty regimes, programs to reduce greenhouse gas and other emissions and regulations restricting the use of hydraulic fracturing; pipeline capacity and other transportation infrastructure constraints; changes to government mandated production curtailments; reassessment and audit risk and other tax filing matters; changes and proposed changes to US policies including tax policies, policies relating to the oil and gas industry, or trade policies; impact of tariffs on the global economy, the energy industry, and the Company; international and domestic trade disputes, including restrictions on the transportation of oil and natural gas and regulations governing the sale and export of oil, natural gas and refined petroleum products; the impact of climate change policies in the regions which CES operates; the impact and speed of adoption of low carbon technologies; potential changes to the crude by rail industry; changes to the fiscal regimes applicable to entities operating in the US and WCSB; access to capital and the liquidity of debt markets; fluctuations in foreign exchange and interest rates, including the impact of changing interest rates on the broader economy; CES' ability to maintain adequate insurance at rates it considers reasonable and commercially justifiable; and the other factors considered under “Risk Factors” in CES’ Annual Information Form for the year ended December 31, 2024, dated March 6, 2025, and “Risks and Uncertainties” in CES’ MD&A for the three and nine months ended September 30, 2025, dated November 13, 2025. Forward Looking Information and Statements 2
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3 Share Price (TSX:CEU) 1 $9.53 52-week Share Price Range1 $5.59 - $10.20 Market Capitalization1 $2.0 billion Enterprise Value1,2 $2.5 billion Annualized Dividend (per share)1 $0.17 (~1.8% Yield) Credit Rating (DBRS, S&P) BB Low (Stable); B+ (Stable) Senior Secured Credit Facility Net Draw1 $125 million Senior Unsecured 5-Year 6.875% Notes (Due May 2029)1 $275 million Working Capital Surplus3,4 $714 million Net Debt3,4 ($204 million) 1. As at November 13, 2025. 2. Using estimated Total Debt as at November 13, 2025. 3. As at September 30, 2025. 4. Non-GAAP measures that do not have any standardized meaning under IFRS and therefore may not be comparable to similar measures p resented by other entities. Refer to the section entitled “Non -GAAP Measures and Other Financial Measures” in CES’ MD&A for the three and nine months ended September 30, 2025, which is incorporated by refer ence into this presentation and is available on SEDAR+ at www.sedarplus.com. Financial Highlights Low capital intensity & strong free cash flow generation Resilient & countercyclical balance sheet Vertically integrated consumables business model North American provider of molecular level chemical solutions Decentralized operations in key attractive markets (All Figures in Canadian Dollars) Investment Highlights
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Fully integrated world class basic chemical manufacturing capability combined with customer-centric problem solving culture for technology oriented customers US operations • Permian • Eagle Ford • Bakken • Marcellus • Scoop/Stack ~2,700 employees ~1,900 US ~800 Canada TTM Q3 2025 Revenue By Geography C$2.4 Billion Canadian operations • Montney • Duvernay • Deep Basin • Oil Sands 13 lab facilities 108 reactors & blend tanks 265 scientists, engineers, chemists & technicians 100+ patents & trademarks(1) 66% US 34% Canada Leading Provider of Consumable Chemical Solutions 41. Includes patents, patents pending, and trademark registrations in multiple jurisdictions.
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Use chemistry, polymers and minerals to solve our customers’ problems and optimize their production and drilling related needs to maximize their returns on investments through decentralized sales, service & problem solving approach 5 Analyze & Solve Evolving Client Needs Deliver Solution to Well Site Monitor Effectiveness Study Data & Samples in Laboratories Identify, Recommend & Produce Chemical Treatments Optimize Chemical Solutions to Maximize ROI DEMULSIFIERS | VISCOCIFIERS EMULSIFIERS | LUBRICANTS CORROSION INHIBITORS PARAFIN MITIGATION SCALE INHIBITORS BIOCIDES H2S SCAVENGERS OXYGEN SCAVENGERS Solving Problems and Adding Value through Technology & Customer Service
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Drilling Fluids: 5 – 10 % of total well cost Drilling Fluid Chemical Requirements Increasing Significant exposure to rising North American oil and gas and related water production stabilizes free cash flow generation through the cycles, while increasing well complexity and longer lateral lengths drives drilling fluid chemical growth Vertical Well Horizontal Well Drilling Fluids: 2 – 5 % of total well cost North American Crude Oil Production by Basin1 North American Water Production2 1. Source: CER, EIA & Bloomberg, information up to June 30, 2025. 2. Source: Enervus, information up to April 30, 2025. $- $20 $40 $60 $80 $100 $120 0 5 10 15 20 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD Avg. WTI ($US/bbl) MMbbl/d Canada Permian Eagle Ford Bakken Anadarko Niobrara GoM Alaska Other US Avg. WTI $- $20 $40 $60 $80 $100 $120 0 10 20 30 40 50 60 70 80 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD Avg. WTI ($US/bbl) MMbbl/d United States Canada Avg. WTI Improving Trends & Stable End Markets 6
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7 Worldwide Production Chemicals Market Size(1) CES’ Historical Treatment Points (2) (3) Top-tier chemical solutions provider with continued growth potential Revenue USD ($M) Worldwide Drilling & Completion Fluids Market Size(1) CES’ Historical Market Share Growth(2) (4) Revenue USD ($M) Note 1: Source: Internally prepared charts based on underlying data provided by Spears & Associates Inc., information as at October 31, 2025. Note 2: Includes data up to September 30, 2025. Note 3: CES Treatment Points represents the average estimated number of unique wells or oilfield sites serviced monthly by CES in the referenced period with production and specialty chemicals. Note 4: Internally prepared based on underlying published weekly data provided by Canadian Association of Energy Contractors for Western Canada and Baker Hughes North American Rotary Rig Count for the US. Strong Competitive Positioning 6% 6% 7% 8% 10% 11% 11% 12% 13% 16% 19% 18% 21% 22% 25% 28% 30% 31% 34% 34% 36% 39% 36% 36% 38% 35% 36% 34% 34% 40% 0% 10% 20% 30% 40% 50% Market Share (%) US Canada 2,000 4,000 6,000 8,000 10,000 12,000 4,000 8,000 12,000 16,000 20,000 24,000 28,000 32,000 36,000 40,000 US Treatment Points Canadian Treatment Points US Treatment Points Canadian Treatment Points $0 $3,000 $6,000 $9,000 $12,000 2020 2021 2022 2023 2024 2025 Schlumberger Halliburton CES Energy Solutions China Oilfield Services, Ltd. Baker Hughes Newpark Tetra Technologies, Inc. NOV Weatherford International Others $0 $3,000 $6,000 $9,000 2020 2021 2022 2023 2024 2025 SLB/ChampionX Baker Hughes Clariant Lubrizol Specialty Products CES Energy Solutions Innospec Others
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8 Allocation of capital dedicated to the most attractive basins and markets while leveraging decentralized entrepreneurial model and basic chemical manufacturing product suite PRODUCTION CHEMICALS PIPELINES & MIDSTREAM COMPLETION CHEMICALS INDUSTRIAL/ COSMETICS/OTHER DRILLING FLUIDS Well Positioned for Growth with Decentralized Model
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9 Top 50 Customer Breakdown – 2025 (YTD Revenue)1 9 Top 50 Public Customers – By Market Capitalization2 1. As at September 30, 2025 2. Source: FactSet – as at October 28, 2025 Quality Customer Base of top 50 public company revenue was from customers with Market Capitalizations of 82% $10Bn to $700Bn 77% Public Companies 23% Private Companies 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% $0 to $1Bn $1Bn to $10Bn $10Bn to $700Bn$CBn
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0% 2% 4% 6% 8% 10% 12% 14% - 50 100 150 200 250 300 350 400 450$MM Adjusted EBITDAC(1) Net Capex(2) Net Capex as a % of Revenue(3) 10 CES – Historical Capital Spend 10 1. Non-GAAP measure that does not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other entities. Refer to the section entitled “Non -GAAP Measures and Other Financial Measures” in CES’ MD&A for the three and nine months ended September 30, 2025, which is incorporated by refer ence into this presentation and is available on SEDAR+ at www.sedarplus.com. 2. Represents total investment in property and equipment less proceeds on disposal of assets, excluding $8.1M in proceeds on the sale of a building recorded in 2021. 3. Supplementary Financial Measure. Supplementary financial measures are provided in this presentation where management believes they assist the reader in understanding CES’ results. Refer to section entitled “Non -GAAP Measures and Other Financial Measures” in this presentation. 4. Harvey balls denote status of the expansion projects with the dark grey representing percentage complete. 5. As at September 30, 2025. Significant expansion capex largely complete 2025 capex estimated to be ~C$80million Weighted towards expansion to support increased revenue levels Growth capital targeted towards the most economic and high growth plays Expansion Projects(4) 2020 2021 2022 2023 2024 2025 YTD(5) Permian Infrastructure Permian Debottlenecking Canadian Chemical Infrastructure US Drilling Fluids Vertical Integration New Markets Low Capital Intensity
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2020 2021 2022 2023 2024 2025 YTD(3) $(18) $110 $209 $141 $149 $204 Senior Debt (Cash) 11 Historical Leverage & Working Capital 11 1. Non-GAAP measures that do not have any standardized meaning under IFRS and therefore may not be comparable to similar measures p resented by other entities. Refer to the section entitled “Non -GAAP Measures and Other Financial Measures” in CES’ MD&A for the three and nine months ended September 30, 2025, which is incorporated by reference i nto this presentation and is available on SEDAR+ at www.sedarplus.com. 2. Non-GAAP ratios that do not have any standardized meaning under IFRS and therefore may not be comparable to similar measures pre sented by other entities. Refer to the section entitled “Non -GAAP Measures and Other Financial Measures” found within this presentation. 3. As at September 30, 2025. Total Debt primarily comprised of working capital Monetization of working capital returns cash to the Company during low points in the business cycle Impressive AR collection record C$15.3 million in bad debt write-offs on C$18.2 billion in revenue since 2009 1.29x Total Debt / LTM Adjusted EBITDAC 2 -0.52x Net Debt / LTM Adjusted EBITDAC 2 Resilient & Countercyclical Balance Sheet Working Capital Surplus Exceeds Total Debt - 100 200 300 400 500 600 700 800 Total Debt(1), net of cash Working Capital Surplus(1)
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1212 Solid financial momentum in recent quarters underpinned by accelerating revenue growth and strong margins 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% - 20 40 60 80 100 120 140 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 $MM Adjusted EBITDAC(1) Adjusted EBITDAC Margin(1) ▪ Increased activity & market share ▪ Increased service intensity ▪ Adoption of price increases ▪ Prudent cost structure ▪ Strategic inventory purchases ▪ Vertical Integration ▪ Deployment of new technologies 1. Non-GAAP measures or non-GAAP ratios that do not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other entities. Refer to the section entitled “Non -GAAP Measures and Other Financial Measures” in CES’ MD&A for the three and nine months ended September 30, 2025, which is incorpor ated by reference into this presentation and is available on SEDAR+ at www.sedarplus.com. Strong Financial Momentum Drivers of Improving Results:
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13 Free Cash Flow3 13 Asset light business model and counter cyclical balance sheet designed to generate significant Free Cash Flow through all points of the cycle, while growth in recurring production chemical revenue stream underpins increased stability in financial profile 1. PP&E base is inclusive of Right of Use (“ROU”) assets, as at September 30, 2025. 2. As at November 13, 2025 3. Non-GAAP measure or Non-GAAP ratio that does not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other entities. Refer to the section entitled “Non - GAAP Measures and Other Financial Measures” found within this presentation. 4. As at September 30, 2025. Since 2006 IPO, ~C$443 million4 in dividends paid to shareholders and grew PP&E1 base to ~C$487 million Since July 2018, ~C$356.0 million2 in share buybacks representing 31.3% of shares outstanding since inception of the NCIB program Quarterly dividend2 of $0.0425/share representing an implied 1.8% yield Dividend Payout ratio of 13%4 Strong Free Cash Flow Generation - 10 20 30 40 50 60 70 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 $MM Free Cash Flow (excluding change in non-cash working capital)(3)
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Current Capitalization 1. As at November 13, 2025. 2. As at November 13, 2025. CAD equivalent using USDCAD of $1.35 (CES’ Senior Facility is comprised of a $400MM Canadian facility and a US$110MM US facility), due November 2028. 3. The Senior Notes are rated BB (Low) (DBRS - May 2025) / B+ (S&P - May 2025). 4. As at September 30, 2025. 5. Non-GAAP measures or non-GAAP ratios that do not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other entities. Refer to the section entitled “Non -GAAP Measures and Other Financial Measures” in CES’ MD&A for the three and nine months ended September 30, 2025, which is incorpor ated by reference into this presentation and is available on SEDAR+ at www.sedarplus.com. 6. Non-GAAP ratio that does not have any standardized meaning under IFRS and therefore may not be comparable to similar measures pr esented by other entities. Refer to the section entitled “Non -GAAP Measures and Other Financial Measures” found within this presentation. 7. Covenant as defined under CES’ Senior Facility agreement. 8. Available Liquidity is reduced by outstanding letters of credit in aggregate of $9.9 million as at September 30, 2025. Maturity Schedule8 Well-positioned with a strong balance sheet, conservative maturity schedule, and counter cyclical business model Share Price1 $9.53 Shares Outstanding1 212,656,011 MARKET CAPITALIZATION $2,027MM Dividend Yield1 1.8% Senior Facility Net Draw 1,2 $125MM 6.875% Senior Notes due May 20291,3 $275MM Lease Obligations4 $98MM TOTAL DEBT5, net of cash $498MM Working Capital Surplus4,5 $714MM TOTAL NET DEBT 5 ($216MM) Senior Facility Size2 $550MM Senior Facility Net Draw 1 $125MM AVAILABLE LIQUIDITY8 $425MM Prudent Capital Structure & Liquidity Profile 14 125 275 425 - 100 200 300 400 500 600 700 2025 2026 2027 2028 2029 $MM Senior Facility Capacity Senior Notes Draw/Cash under Senior Facility(1) Net Senior Debt / EBITDA4,7 0.729x Covenant Max 3.0x Total Net Debt / EBITDA,4,7 1.331 Covenant Max 4.0x Credit Rating (DBRS, S&P) BB Low (Stable); B+ (Stable) Share Price Performance: TSX:CEU $2.00 $3.00 $4.00 $5.00 $6.00 $7.00 $8.00 $9.00 $10.00 $11.00 $12.00 Nov-23 May-24 Nov-24 May-25 Nov-25
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15 Low capital intensity & strong free cash flow generation Resilient & countercyclical balance sheet Vertically integrated consumables business model North American provider of molecular level chemical solutions Decentralized operations in key attractive markets Investment Highlights
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APPENDIX 16
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Senior management has approximately 130 years combined experience and broad in-depth knowledge of CES’ products and end markets Management and insiders currently own approximately 3%1 of outstanding common shares and are aligned with shareholders in creating long-term sustainable value 17 Individual Position Biography Kenneth Zinger President & Chief Executive Officer • Co-founder of CES Energy Solutions and COO from 2006 to 2021 • President and one of the principals of Impact Fluid Systems Inc. • Worked as a Technical Sales Representative for Newpark Canada for three years • Worked in the field in various drilling related capacities for nine years before joining Protec Mud Services as a Drilling Fluids Technician • Over 37 years of experience in the Canadian oilfield services industry Anthony Aulicino Executive Vice President and Chief Financial Officer • Over 20 years of experience in corporate finance, capital markets, mergers & acquisitions, and North American energy services industry coverage • Led Energy Services Investment Banking at Scotiabank Global Banking and Markets, where he most recently held the title of Managing Director • Practiced as a Professional Engineer in the manufacturing sector for five years earning two patents • MBA (Finance Specialization) from Rotman School of Management, University of Toronto; B.A.Sc. in Mechanical Engineering from University of Toronto Vern Disney President, US Production Chemicals • Co-founder of Catalyst Oilfield Services LLC • Obtained a Petroleum Engineering degree from Texas A&M University • Over 20 years of experience in the production and specialty chemicals business, originally with Baker Hughes Inc. • Recognized expert in the specialty chemicals business James Strickland President, US Drilling Fluids • Progressively senior roles at MI-SWACO drilling fluids business from 2001 to 2009 including experience on deepwater drilling rigs in the Gulf of Mexico and project engineer role in Houston for key deepwater accounts • Joined AES Drilling Fluids in 2011 as an Account Manager in the Northeast region • Served as Division Manager of the Northeast region from 2014 to 2016 • Served as Vice-President under former President, Richard Baxter, from 2016 to 2024 including three year President transition role from 2021 to 2024 David Horton Chief Technology Officer • Obtained degrees in chemistry and mathematics, with a dozen patents in fracturing, drilling fluids & production chemicals • Joined CES in 2014; prior thereto, served as Vice-President of Technology for Engenium Chemicals Corp. • Over 30 years of experience in international and domestic production treating, drilling fluids, and fracturing fluids 1. As at April 21, 2025. Management Team
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Individual Position Biography Kyle Kitagawa Director and Chairman of Board of Directors • Managing Director of North River Capital Corp. • Former President and Chief Executive Officer of Enron Canada Corp. • Former Director for various energy companies • Over 30 years of experience Ian Hardacre Director and Audit Committee Chair • Head of Publicly Traded Equities at Bridgeport Asset Management Inc. • Formerly Chief Investment Officer and Senior Vice President at Empire Life Investment Management Inc. • Over 25 years of experience Joe Wright Director and Health, Safety & Environment Committee Chair • Former Director, Executive Vice-President and COO of Concho Resources Inc. • Over 25 years of experience John Hooks Director and Compensation Committee Chair • Chief Executive Officer and Director of PHX Energy Services Corp., and its predecessor, Phoenix Technology Services Inc. • Over 30 years of experience • Director at Crew Energy Inc. Spencer D. Armour, III Director • Director of ProPetro Holding Corp. and Director of Viper Energy, Inc. • Partner at Geneses Investments LLC • Former President of PT Petroleum LLC • Over 30 years of experience Stella Cosby Director and Corporate Governance and Nominating Committee • Former Vice President, People for Cervus Equipment Corporation • Former Director of Savanna Energy Services • Over 30 years of experience Kenneth Zinger Director, President and Chief Executive Officer • See Management Biographies 18 Board of Directors
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19 1. Non-GAAP measures or non-GAAP ratios that do not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other entities. Refer to the section entitled “Non -GAAP Measures and Other Financial Measures” in CES’ MD&A for the three and nine months ended September 30, 2025, which is incorporated by refer ence into this presentation and is available on SEDAR+ at www.sedarplus.com. 2. Supplementary financial measures are provided in this presentation where management believes they assist the reader in unders tanding CES’ results. Refer to section entitled “Non -GAAP Measures and Other Financial Measures” in CES’ MD&A for the three and nine months ended September 30, 2025, which is incorporated by reference into this presentation and is available on SEDAR+ at www.sedarplus.com. 3. Includes current and non-current portions of deferred acquisition consideration, lease obligations, long -term portion of PSU liabilities, and deferre d financing costs. 4. Non-GAAP ratios that do not have any standardized meaning under IFRS and therefore may not be comparable to similar measures pre sented by other entities. Refer to the section entitled “Non -GAAP Measures and Other Financial Measures” found within this presentation. Historical Financial Information 2021 2022 2023 2024 LTM Q3 2025 Revenue $1,196,420 $1,922,319 $2,163,512 $2,353,677 $2,435,027 Adjusted Gross Margin 1 $302,557 $447,650 $538,188 $650,924 $659,444 Adjusted Gross Margin % of Revenue 1 25.3% 23.3% 24.9% 27.7% 27.1% Adjusted EBITDAC1 $156,156 $257,022 $315,821 $403,190 $394,645 Adjusted EBITDAC % of Revenue 1 13.1% 13.4% 14.6% 17.1% 16.2% Cash provided by operating activities ($74,405) ($2,738) $301,779 $304,664 $239,959 Adjust for: Change in non-cash operating working capital ($191,659) ($197,758) $50,128 $11,655 ($69,038) Less: Maintenance Capital 2 $11,466 $21,112 $17,575 $22,918 $31,565 Less: Repayment of lease obligations $19,361 $20,381 $27,944 $34,271 $41,467 Distributable Earnings1 $86,428 $153,527 $206,132 $235,820 $235,965 Dividends declared $8,139 $17,359 $23,337 $27,738 $34,811 Common shares repurchased through NCIB excluding taxes $16,169 $5,242 $70,941 $101,492 $125,009 Total Shareholder Returns $24,308 $22,601 $94,278 $129,230 $159,820 Total Debt, net of cash 1: Senior Facility $110,725 $209,276 $142,458 $149,826 $205,418 Senior Notes $287,954 $287,954 $0 $200,000 $200,000 Canadian Term Loan Facility $0 $0 $250,000 $0 $0 Other Long-Term debt & leases 3 $40,713 $60,301 $77,161 $102,762 104,862 Total Debt, net of cash1 $439,392 $557,531 $469,619 $452,588 510,280 Working Capital Surplus 1 $459,754 $691,096 $632,764 $681,085 $713,928 Net Debt 1 ($20,362) ($133,565) ($163,145) ($228,497) (203,648) Total Debt, net of cash / Adjusted EBITDAC4 2.8x 2.2x 1.5x 1.1x 1.3x Net Debt / Adjusted EBITDAC 4 n.m.f. n.m.f. n.m.f. n.m.f. n.m.f. Adjusted EBITDAC / Interest on Debt 4 7.4x 8.8x 8.3x 11.8x 11.9x Dividend Payout Ratio1 9% 11% 11% 12% 15%
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20 This presentation uses certain financial measures and ratios that are not recognized under IFRS, where management believes they assist the reader in understanding CES’ results. These measures and ratios do not have a standardized meaning under IFRS and therefore may not be comparable to similar measures used by other issuers. The non-GAAP measures and non-GAAP ratios used in this presentation are described in CES’ MD&A for the three and nine months ended September 30, 2025, which is incorporated by reference into this presentation, or as follows: Free Cash Flow – is a non-GAAP measure that has been reconciled to cash provided by operating activities, being the most directly comparable measure calculated in accordance with IFRS. Free Cash Flow is defined as cash flow from operations after capital expenditures and repayment of lease obligations, net of proceeds on disposal of assets, and represents the Company’s core operating results in excess of required capital expenditures. Average Market Capitalization – is a non-GAAP measure that is calculated as the Weighted average – basic share count multiplied by the average share price in the relevant period. Free Cash Flow yield – is a non-GAAP ratio that is calculated as Annualized Free Cash Flow, excluding changes in working capital, divided by the Average Market Capitalization, and represents the Company’s core operating results in excess of required capital expenditures, and demonstrates the yield available to the equity holders from the respective operating periods. Free Cash Flow excluding change in non-cash working capital and Free Cash Flow yield are reconciled to cash (from) provided by operating activities as follows: Non-GAAP Measures & Non-GAAP Ratios 1. Supplementary Financial Measure. Supplementary financial measures are provided in this presentation where management believes they assist the reader in understanding CES’ results. Refer to section entitled “Non-GAAP Measures and Other Financial Measures” in this presentation. 2. Average share price for the respective period obtained from www.money.tmx.com. Non-GAAP & Other Financial Measures
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21 A supplementary financial measure: (a) is, or is intended to be, disclosed on a periodic basis to depict the historical or expected future financial performance, financial position or cash flow of the Company; (b) is not presented in the financial statements of the Company; (c) is not a non-GAAP financial measure; and (d) is not a non- GAAP ratio. Supplementary financial measures found within this presentation are described in CES’ MD&A for the three and nine months ended September 30, 2025, which is incorporated by reference into this presentation, or as follows: Net Capex as a % of Revenue – calculated as total investment in property and equipment less proceeds on disposal of assets, divided by revenue for the period as determined in accordance with IFRS. Expansion Capital - comprises a component of total investment in property and equipment as determined in accordance with IFRS, and represents the amount of capital expenditure that has been or will be incurred to grow or expand the business or would otherwise improve the productive capacity of the operations of the business. Maintenance Capital - comprises a component of total investment in property and equipment as determined in accordance with IFRS, and represents the amount of capital expenditure that has been or will be incurred to sustain the current level of operations. Supplementary Financial Measures Total Debt / Adjusted EBITDAC – is a non-GAAP ratio that Management believes is a useful measure of the Company’s liquidity and leverage levels, and is calculated as Total Debt divided by Adjusted EBITDAC. Total Debt and Adjusted EBITDAC are non-GAAP measures that do not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other entities. Refer to the section entitled “Non-GAAP Measures and Other Financial Measures” in CES’ MD&A for the three and nine months ended September 30, 2025, which is incorporated by reference into this presentation and is available on SEDAR+ at www.sedarplus.ca. Net Debt / Adjusted EBITDAC - is a non-GAAP ratio that Management believes is a useful measure of the Company’s liquidity and leverage levels after removing working capital, and is calculated as Total Debt less Working Capital Surplus divided by Adjusted EBITDAC. Total Debt, Working Capital Surplus and Adjusted EBITDAC are non-GAAP measures that do not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other entities. Refer to the section entitled “Non-GAAP Measures and Other Financial Measures” in CES’ MD&A for the three and nine months ended September 30, 2025, which is incorporated by reference into this presentation and is available on SEDAR+ at www.sedarplus.ca. Adjusted EBITDAC / Interest on Debt – is a non-GAAP ratio that Management believes is a useful measure of the Company’s ability to service its debt requirements, and is calculated as Adjusted EBITDAC divided by interest on debt calculated in accordance with IFRS. Adjusted EBITDAC is a non-GAAP measure that does not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other entities. Refer to the section entitled “Non-GAAP Measures and Other Financial Measures” in CES’ MD&A for the three and nine months ended September 30, 2025, which is incorporated by reference into this presentation and is available on SEDAR+ at www.sedarplus.ca. Non-GAAP & Other Financial Measures (cont.)
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Contact information 22 CES Energy Solutions Suite 1400, 332 – 6th Avenue SW Calgary, Alberta Canada T2P 0B2 T 403.269.2800 F 403.266.5708 Toll Free 1.888.785.6695 TSX | CEU WWW.CESENERGYSOLUTIONS.COM/IR