Slides
Page 1
Enerflex Ltd. Corporate Presentation All amounts presented in US Dollars unless otherwise stated November 2025
Page 2
2 North America Latin America Eastern Hemisphere Transforming Energy for a Sustainable FutureEnerflex at a Glance TSX / NYSE EFX / EFXT Annual dividend CAD$0.17/sh Market Cap (1) US$1.5 B Dividend Yield (1) 1.0% Operating Years 45 Employees ~4,400 Core Countries (2) 7 BOOM Projects (3) 24 1) Based on an EFXT closing share price of $ 12.65 as of November 5, 2025. 2) Core countries are: United States, Canada, Oman, Bahrain, Argentina, Mexico, and Brazil. 3) Build-Own-Operate-Maintain solutions. Enerflex Geographies Enerflex Key Offices Enerflex Manufacturing Facility
Page 3
Where EFX is Today | Market Leader in Modular Energy Solutions 3 Energy Infrastructure Critical energy infrastructure that Enerflex owns, operates, and maintains under contract to enable its customers' operations BOOM – Natural Gas Contract Compression BOOM – Water Treatment Full after-market installation, commissioning, operations and maintenance, and parts with operations in 16 countries After-Market Services Global sales of customized modular natural gas- handling, low-carbon, and carbon capture solutions, built from three North American facilities Engineered Systems Field Services Operations and Maintenance Retrofits Compression Processing and Treating Power Energy Transition
Page 4
Premier Diversified Customer Base 4 Top 10 customers that are NOC or Investment Grade(1) Average relationship with top 10 customers(1) 1) Year ended December 31, 2024. Diversified customer base with long-standing relationships Strong creditworthy counterparties 100% 15+ years Low revenue concentration risk top 10 customers account for(1) ~35% ~5% Total Revenue from top customer accounts for(1)
Page 5
Investment Highlights 5 Leading Position in Growing Markets Stable Infrastructure Platform Engineered Systems is a Strategic Differentiator Financial Strength and Discipline
Page 6
Investment Highlights | Leading Position in Growing Markets 6 Capturing Emerging Trends in Electric Power and Energy Transition • Electric Power: Modular gas fired power generation • Energy Transition: Electrification, CCUS, and RNG Growth DriversPositioning North American Natural Gas • #1 in ES and AMS • #7 in contract compression • Permian and Montney, electric power generation, LNG and LPG exports Eastern Hemisphere Produced Water • Increasing water cuts, regional expansion • Leading market share in produced water treating in Oman Eastern Hemisphere / LATAM Natural Gas • #1 in EI and AMS in Argentina, Brazil, Mexico, Bahrain, and Oman • Gas to power, growing power demand, LNG exports
Page 7
Investment Highlights | Demand for Enerflex’s Services in North America will Continue to Grow 7 U.S. and Canada Gas Supply and Compression Outlook(1) >20 Bcf/d growth in U.S. and Canada gas supply (2024 – 2030)(1) >10 MM HP of additional compression required to meet gas supply growth(1) 1) Peters & Co. Limited (September 2025), Spears: The Upstream Gas Compression Market (October 2025). 2) Spears: The Upstream Gas Compression Market (October 2025). Incremental Demand for Compression and Processing = Majority of Larger HP Compression in U.S. is Purchased(2) 50 55 60 65 70 75 80 50 70 90 110 130 150 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Installed HP (MM) U.S. & Canada Gas Production (Bcf/d) U.S. Canada Total Installed Compression HP 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 0.0 5.0 10.0 15.0 20.0 25.0 30.0 Wellhead Gas-Lift Gathering Processing % Rented Installed Compression (HP MM) Type of Compression % of Fleet Rented
Page 8
ES 36% EI 49% AMS 15% ES 58% EI 24% AMS 18% Investment Highlights | Stable Infrastructure Platform 8 Enerflex’s business is growing from predominantly equipment only supply to an Energy Infrastructure owner 2019 Q3/25 TTM Exterran Acquisition 1) Gross margin before D&A. Refer to Enerflex’s management discussion and analysis for the year ended December 31, 2024 available under the electronic profile of the Company on SEDAR+. Adjusted Gross Margin(1) by Business Line Adjusted Gross Margin(1) by Business Line (%) Adjusted Gross Margin(1) from recurring sources accounts for ~65% of the total 64% 42% $91 $126 $168 $175 $309 $334 $344 $346 $65 $55 $58 $62 $100 $109 $108 $109 $218 $90 $36 $91 $200 $199 $223 $195 $373 $272 $262 $328 $609 $642 $675 $650 $ - $100 $200 $300 $400 $500 $600 $700 2019 2020 2021 2022 2023 2024 2025E Analyst Estimates 2026E Analyst EstimatesEnergy Infrastructure After-Market Services Engineered Systems
Page 9
Investment Highlights | Engineered Systems is a Strategic Differentiator 9 Engineered Systems Business Gives Enerflex Unique Advantages in EI and AMS Enhanced Technical Expertise ✓ Deeper Understanding of Customer Needs and Project Requirements ✓ Unique Cost Advantages ✓ Energy Transition After-Market Services Energy Infrastructure Engineered Systems
Page 10
1.0x 2.0x 3.0x 4.0x 5.0x Year-end 2022 Q3/25 TTM Peer Range Conservative bank-adjusted net debt-to-EBITDA ratio of 1.2x • Underpinned by the highly utilized U.S. contract compression fleet, contracted international Energy Infrastructure assets, and the recurring nature of our After-Market Services business • Repaid $431 MM of long-term debt since beginning of 2023 and reduced leverage ratio to 1.2x at the end of Q3/25 from 3.3x at year-end 2022 Investment Highlights | Financial Strength and Discipline 10 Bank-Adjusted Net Debt-to-EBITDA Ratio(1) Liquidity ($MM) Credit Facility Covenant: <4.0x S&P Moody’s Fitch Corporate Credit Rating BB (stable outlook) Ba3 (positive outlook) BB- (positive outlook) 9.00% Notes BB+ (stable outlook) B1 (positive outlook) BB (positive outlook) Credit Ratings 1) Source: Company Financials, Capital IQ. 2) Contract Compression & Energy Infrastructure Peers: include: Archrock, Gibson Energy, Keyera, Kinetik Holdings, Kodiak Gas Se rvices, USA Compression Partners, all on a TTM EBITDA basis as at Q2/25. 3) OFS & Manufacturing Peers include: CES Energy Solutions, Dexterra Group, Ensign Energy Services, Expro Group Holdings, Helix Energy Solutions, Hammond Power Solutions, Matrix Service, Mattr, Nabors Industries, Oceaneering International, Powell Industries, Precision Drilling, RPC, Select Water Solutions, Toromont Industries, Total Energy Services, all on a TTM EBITDA basis as at Q2/25. Contract Compression and Energy Infrastructure Peers (2) 3.0x – 4.0x OFS and Manufacturing Peers (3) 0.0x – 2.5x 3.3x 1.2x $0 $200 $400 $600 $800 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Revolver Availability Cash & ST Investments
Page 11
Investment Highlights | Financial Strength and Discipline 11 Debt Reduction • Repaid $431 MM of long-term debt since beginning of 2023 and reduced leverage ratio to 1.2x at the end of Q3/25 from 3.3x at year- end 2022 Share Repurchases • Enerflex believes that the repurchase of common shares is an effective use of its cash resources • Enerflex is currently authorized to acquire up to a maximum of ~6.2 million common shares through March 31, 2026 (5% of float). Automatic share purchase plan in place with a designated broker • Since the beginning of April, Enerflex repurchased ~2.7 million Common Shares (~2.2% of shares outstanding (2)) at an average price of CAD$10.93 per share(2) Dividends • Paying a sustainable base dividend is foundational to Enerflex’s total return proposition • Increased the quarterly dividend concurrent with Q3/25 results to CAD$0.0425/share Growth Capex • Capital spending for 2025 targeted at ~$120 MM, including growth capital of approximately $60 MM • Focus on investing in opportunities that have contractual visibility, support existing customers, and leverage our geographic platform • Enerflex expects its North American contract compression fleet will grow to ~485,000 horsepower by the end of 2025 Free Cash Flow (1) Allocation 1) Discretionary FCF = CFO – Lease Liabilities – Capex (Maintenance + Growth) – Proceeds from Dispositions 2) As of September 30, 2025
Page 12
Q3/25 Highlights Focus on Execution 12 • Successfully completed the construction and start-up of the Block 60 Bisat-C Expansion Facility for its client partner, OQ Exploration and Production • U.S. Contract Compression business continues to perform well, seeing strong fleet utilization and stable pricing • Steady customer demand drove Engineered Systems bookings of $339 million • Record adjusted EBITDA of $149 MM • ES backlog of $1.1 B provides solid visibility and EI contract backlog remains strong at $1.4 B • Leverage ratio(1)(2) exited Q3/25 at 1.2x compared to 1.5x at the end of 2024 Leveraging Enerflex’s leading position in core operating countries to capitalize on increases in natural gas and treated water volumes • Growth capital will focus on customer supported opportunities in the U.S. and Middle East Enhancing the profitability of core operations • Recurring sources expected to contribute ~65% of gross margin before depreciation and amortization • Engineered Systems backlog of $1.1 B at the end of Q3/25, providing strong visibility into future revenue Maximizing FCF to strengthen Enerflex’s financial position, provide direct shareholder returns, and invest in selective customer supported growth opportunities • Capital spending for 2025 targeted at approximately $120 MM, including growth capital of approximately $60 MM in 2025 • Enerflex is currently authorized to acquire up to a maximum of ~6.2 million common shares through March 31, 2026 (5% of float) • Increased the quarterly dividend to CAD$0.0425/share 2025 Priorities 1) Non-IFRS measure that is not a standardized financial measure under IFRS and may not be comparable to similar non -IFRS measures disclosed by other issuers. Refer to Enerflex’s management discussion and analysis for the year ended December 31, 2024, avai lable under the electronic profile of the company on SEDAR+. 2) Calculated in accordance with the Company’s debt covenants, which permit a maximum of 4.0:1.
Page 13
Operations Overview
Page 14
Energy Infrastructure | Overview 14 LATAM Contract CompressionU.S. Contract CompressionEastern Hemisphere BOOM Enerflex’s Energy Infrastructure consists of EH BOOM, and U.S. and Latin American Contract Compression businesses Core Geography • Oman and Bahrain • Permian and MidCon basins • Argentina, Brazil, Mexico, and the Andean region (Colombia, Peru, and Bolivia) Infra. Highlights • ~280,000 HP of compression • ~60,000 HP of power generation • 15 natural gas BOOM projects • 2 water BOOM projects • 470,000 HP of compression • ~760,000 HP of compression • ~15,000 HP of power generation • 7 natural gas BOOM projects
Page 15
U.S. Contract Compression | Overview 15 U.S. rental business benefitting from favorable positioning and strong market fundamentals • ~75% of fleet operating in the Permian(1) and over 20% total fleet is electric drive(1) Fleet utilization >90% over the past two years and demonstrated resilience throughout periods of commodity volatility • Utilization supported by weighted average contract term of ~1.5 years(1) 1) As at September 30, 2025. U.S. Rental Fleet Profile(1)Fleet Utilization & Revenue/HP/Month Gas Drive: >1,000 HP Gas Drive: <500 HP Electric Drive: 150 – 1,500 HP Gas Drive: 500 – 1,000 HP 50% 60% 70% 80% 90% 100% $18 $21 $24 $27 $30 $33 Q1/18 Q3/18 Q1/19 Q3/19 Q1/20 Q3/20 Q1/21 Q3/21 Q1/22 Q3/22 Q1/23 Q3/23 Q1/24 Q3/24 Q1/25 Q3/25 Fleet Utilization Revenue/HP/Month Revenue/HP/Month Utilization %
Page 16
U.S. Contract Compression | Operational Metrics 16 Enerflex has a competitive advantage versus competitors on cost and timing given vertical integration afforded by ES segment Source: Public filings 1) Competitors include AROC, KGS, NGS, and USAC. 2) Competitor 2 has yet to report Q3/25 results Enerflex U.S. fleet margins are at the top end of our competitor group(1,2) Enerflex has consistently achieved the highest revenue/HP/month among competitors(1,2) 30% 35% 40% 45% 50% 55% 60% 65% 70% 75% $0 $20 $40 $60 $80 $100 $120 $140 $160 $180 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 GM % - TTM (Excluding D&A) EFX U.S. ECC Revenue - TTM ($ MM) EFX Revenue EFX Competitor 1 GM % Competitor 2 GM % Competitor 3 GM % Competitor 4 GM % $16 $18 $20 $22 $24 $26 $28 $30 $32 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Revenue/HP/Month - TTM EFX Competitor 1 Competitor 2 Competitor 3 Competitor 4
Page 17
Revenue Under Contract(1) ~$1.2 B Weighted Average Contract Term(2) ~5 years Current contracts extend to(1) 2033 Countries with EI Projects(1) 9 17 Growing International Energy Infrastructure Business 1) As at September 30, 2025. Based on revenue over the remaining term of existing contracts. 2) As at March 31, 2025. 3) Enerflex GCC operations include Oman and Bahrain. • Product range is leased and/or run on a BOOM (Build, Own, Operate, and Maintain) model across the world • >50% of EI revenue and payments are generated in Gulf Cooperation Council (GCC) countries(2) International Energy Infrastructure Highlights ~1.1 MM horsepower of compression operated Internationally 22 BOOM gas plants 2 BOOM produced water treatment facilities
Page 18
Disposal into Deep Aquifers Sustainable Surface Water Management Enhanced Oil Recovery (EOR) Eastern Hemisphere BOOM Water Treatment Oman market is growing, and market dynamics favor Enerflex’s technology Commercialized technology is suitable for applications ranging from 5,000 bbl/d to 1 MM+ bbl/d Technology and operating platform have broad application across oil and gas and into other industry verticals 18 Capacity Contract Term Counterparty BOOM Projects(1) 330,000 bbl/d 8 years Investment Grade Oman Project #1 Project #2 Existing Projects and Asset Sales Operating Projects Asset Sales Project #1 Project #2 Project #1 Expansion End Uses 13 Patents Issued or Pending in 26 Countries 170,000 bbl/d 10 years 447,000 bbl/d 4 years 8B+ Total Barrels of Water Treated 25+ Years Treating Produced Water 1) Build-Own-Operate-Maintain.
Page 19
U.S Contract Compression | Valuation in Perspective 19 Relative Valuation – EFX vs. U.S Contract Compression Peers(4) Enerflex Enterprise Value (EV) 1) Market capitalization as at November 5, 2025. 2) As at September 30, 2025. 3) Peer group includes AROC, KGS, NGS, and USAC. 4) Figures may not add due to rounding. 5) Based on consensus estimates. Source: Capital IQ. Enerflex Gross Margin (TTM)(2) Gross Margin generated by U.S Contract Compression business Gross Margin generated by ES, AMS and non-U.S EI businesses Implied Value of Enerflex’s U.S Contract Compression Business Enerflex currently trades at a material discount to its contract compression peers Implied Value of U.S Contract Compression business @ 6.9x EV/ TTM Gross Margin) Residual Enterprise Value(1)(2) Implies 2.2x EV/Gross Margin for ES, AMS and non-U.S EI Peer Group Average EV/Gross Margin multiple implies a valuation of >$700 MM for U.S Contract Compression Peer Group Average(3) Enerflex Market Capitalization ($B)(1) $2.6 $1.5 Net Debt ($B)(2) $2.0 $0.6 Enterprise Value ($B) $4.6 $2.1 2025E Net Debt/EBITDA(4) 3.3x 1.2x 2025E EV/Gross Margin(4) 6.9x 3.0x Enerflex U.S. Contract Compression Gross Margin - TTM(2) ($MM) $113 Peer Group Average EV/Gross Margin(1) 6.9x Implied Enterprise Value ($MM) $777 Enerflex Average Horsepower - TTM(2) 450,500 Enerflex Horsepower Guidance (YE25) ~485,000
Page 20
20 Strong Leadership Team Committed to Value Creation 20 Preet S. Dhindsa Senior Vice President & Chief Financial Officer David H. Izett Senior Vice President, General Counsel Robert Mitchell Senior Vice President & Chief Administrative Officer Greg Stewart President, USA region Philip Pyle President, Eastern Hemisphere Mauricio Meineri President, Latin America Helmuth Witulski President, Canadian region Our management team lives the values that unite us: integrity, commitment, creativity, and success. Together we are building a transformative energy business for all stakeholders Executive Management Team Paul Mahoney President & Chief Executive Officer
Page 21
Enerflex has added six new directors since 2020 and is committed to ensuring directors have the skills and experiences that fit Enerflex’s business and strategy. Experienced and Engaged Board of Directors 21 Fernando Assing Director James C. Gouin Director Mona Hale Director Kevin Reinhart Chairman Juan Carlos Villegas Director Oversees the management of Enerflex’s business to ensure long-term success, with a view to maximize shareholder value and ensure corporate conduct in an ethical and legal manner Thomas B. Tyree, Jr. Director Ben Cherniavsky Director Joanne Cox Director Paul Mahoney Director, President & CEO
Page 22
Enerflex is Well Positioned for Long-Term Success 22 Tomorrow Starts Today 1) Non-IFRS measure that is not a standardized financial measure under IFRS and may not be comparable to similar non -IFRS measures disclosed by other issuers. Refer to Enerflex’s management discussion and analysis for the year ended December 31, 2024 available under the electronic profile of the company on SEDAR+. 2) Calculated in accordance with the Company’s debt covenants, which permit: (a) the inclusion of Exterran’s bank -adjusted EBITDA for the trailing 12 months ended for the respective period; and (b) a maximum of 4.5:1. Engineered Systems, a Strategic Differentiator Stable Infrastructure Platform Financial Strength and Discipline Leading Position in Growing Markets
Page 23
Appendix
Page 24
0 20 40 60 80 100 120 140 160 180 2024 2035 2024 2035 2024 2035 2024 2035 2024 2035 2024 2035 2024 2035 North America Latin America Africa Europe Russia/Caspian Middle East Asia Pacific Bcf/d Conventional Unconventional Demand 122 21 (2) 4 145 2024 Supply Shale Other Canada 2030 Supply 110 115 120 125 130 135 140 145 150 Investment Highlights | Positioned to Capitalize on Growing Demand for Natural Gas 24 • Global demand for natural gas is forecasted to grow by 20% over the next decade(1) • U.S. and Canadian supply will need to grow by ~20% to meet this demand(2) 1) ExxonMobil Global Outlook: Our view to 2050, Aug 28, 2025. 2) Peters & Co. Limited (September 2025). 3) Shale includes: Appalachia, Permian, Haynesville/Bossier & Eagle Ford. U.S. and Canada Gas Production (Bcf/d)(2,3)Global Natural Gas Supply by Region (Bcf/d)(1) Net exports Net Imports
Page 25
Investment Highlights | LNG Developments Support Growth in Gas Supply from North America 25 U.S. and Canada LNG Export Capacity by Project (Bcf/d) (2022 – 2030)(1) ~17 Bcf/d expected to be added to North America LNG export capacity by 2030(1) LNG Canada Plaquemines Calcasieu Pass Freeport Cameron Corpus Christi Elba Island Cove Point Sabine Pass NFE Mexico Corpus Christi Rio Grande Port Arthur + Phase 2 CP2 Corpus Christi 8 & 9 Cedar LNG ~19 Bcf/d Existing LNG export capacity LNG export capacity from North America is expected to nearly double 1) Source: EIA and company disclosures. 25 Costa Azul Golden Pass Woodfibre LNG Louisiana LNG 10.0 15.0 20.0 25.0 30.0 35.0 2022 2023 2024 2025 2026 2027 2028 2029 2030
Page 26
Investment Highlights | Electric Power Provides Optionality for U.S. Gas Demand 26 Data Center Power Demand (Twh)(1) 1) Source: IEA, Barron’s company sources, RBC Capital Markets estimates. ~700 Twh Data Center Power Demand by 2035 Potential Demand from Data Centers (Bcf/d)(1) - 1.0 2.0 3.0 4.0 5.0 6.0 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 ~5.0 Bcf/d Data Center Power Demand by 2035 100 300 500 700 900 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035
Page 27
0% 6% 12% 18% 24% 0 60 120 180 240 2019 2020 2021 2022 2023 2024 Q3/25 TTM Engineered Systems ($ millions, %) Gross Margin by Product Line 27 Gross Margin Gross Margin % Gross Margin before Depreciation and Amortization % (1) 1) Non-IFRS measure that is not a standardized financial measure under IFRS and may not be comparable to similar non -IFRS measures disclosed by other issuers. Refer to Enerflex’s management discussion and analysis for the year ended December 31, 2024 available under the electronic profile of the company on SEDAR+. 0% 20% 40% 60% 80% 0 60 120 180 240 2019 2020 2021 2022 2023 2024 Q3/25 TTM Energy Infrastructure ($ millions, %) 0% 5% 10% 15% 20% 25% 0 30 60 90 120 2019 2020 2021 2022 2023 2024 Q3/25 TTM After-market Services ($ millions, %)
Page 28
Gross Margin by Product Line(1) 28 Three Months Ended September 30, 2025 $ millions, except percentages Total Energy Infrastructure After-market Services Engineered Systems Revenue 777 163 118 496 Cost of goods sold Operating expenses 571 68 93 410 Depreciation and amortization 34 30 2 2 Gross margin 172 65 23 84 Gross margin % 22.1% 39.9% 19.5% 16.9% Gross margin before depreciation and amortization % (2) 26.5% 58.3% 21.2% 17.3% Three Months Ended September 30, 2024 $ millions, except percentages Total Energy Infrastructure After-market Services Engineered Systems Revenue 601 149 123 329 Cost of goods sold Operating expenses 425 58 100 267 Depreciation and amortization 35 33 1 1 Gross margin 141 58 22 61 Gross margin % 23.5% 38.9% 17.9% 18.5% Gross margin before depreciation and amortization % (2) 29.3% 61.1% 18.7% 18.8% 1) Amounts may not add due to rounding. 2) Non-IFRS measure that is not a standardized financial measure under IFRS and may not be comparable to similar non -IFRS measures disclosed by other issuers. Refer to Enerflex’s management discussion and analysis for the year ended December 31, 2024 available under the electronic profile of the company on SEDAR+.
Page 29
Energy Infrastructure Project Model 29 Contract RenewalEngineer and Design Project Scope Contract Award Build, Install, Commission Production Start-up Fee-based Operations Operate and Maintain Project Phase Recurring Gross Margin Profile Bolstered upon Contract Renewal Upfront Capital Investment Long-term Commercial Take-or-pay Contracts Protected from Commodity Price Fluctuations No Volumetric Risk Cash Flows Majority of Contracts Are Extended Ranges from 6 Months to 10+ Years Depending on Scope of Project North America 1 to 3 Years Latin America and Eastern Hemisphere 3 to 10+ Years Timeline
Page 30
ESG Principles Align with our Strategy to Deliver Shareholder Value 30 Enerflex is committed to environmental stewardship, social responsibility, and high standards of safety and corporate governance Smaller Footprint, Bigger Impact Experience in delivering modular energy solutions for global decarbonization efforts Global Safety Starts Locally Policies, procedures, and systems are designed to protect our employees, customers, and the community 2024 was Enerflex's best annual TRIR since 2003, with a rate of 0.39 Certain Enerflex facilities adhere to internationally recognized best practices including some ISO 9001 and ISO 45001 Commitment to Diversity, Inclusion, and Well-Being Global Respectful Workplace Policy that reiterates Enerflex’s commitment for a work environment that is free from harassment, discrimination, and violence. Diversity Policy applies to the Board and management team to maintain an optimum mix of qualified, diverse individuals, and to increase gender diversity. Strong Corporate Governance Profile Eight of nine directors are independent Effective oversight and engagement process of ESG and climate risks and opportunities Board consists of a diverse set of skills, backgrounds, and leadership experience
Page 31
Commitment to Health, Safety, and the Environment Regionally-focused teams embedded in the operations and supported by a Corporate HSE Manager 31 2024 Leading Indicators (per month) 2,600 Safety Observations 4,200 Safety Training Hours 1,260 Drivers Monitored 1) Source: Gas Compression Association: Health and Safety Report as of June 2024. 2024 Safety Results 0.15 0.300.40 12.4 MM manhours worked 1000 vehicles / 30.4 MM km driven (North America 2023 peer average ~1.00) (1) LTIR TRIR MVIR 5-year average (2019A to 2023) 0.14 7.3 MM manhours worked per year 5-year average (2019A to 2023) 0.51 7.3 MM manhours worked per year 5-year average (2019A to 2023) 0.27 579 vehicles / 19.3 MM km driven
Page 32
Advisory Statements 32
Page 33
Advisory Statements Advisory Regarding Forward-looking Information This presentation contains “forward-looking information” within the meaning of applicable Canadian securities laws and “forward-looking statements” (and together with forward-looking information, “forward-looking information and statements”) within the meaning of the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. These statements relate to Management's expectations about future events, results of operations, the future performance (both financial and operational) and business prospects of Enerflex, and other matters that may occur in the future. All forward-looking information and statements other than statements of historical fact are forward-looking information and statements. The use of any of the words "anticipate", "future", "plan", "contemplate", "create", "continue", "estimate", "expect", "intend", "propose", "might", "may", "will", "shall", "project", "should", "could", "would", "believe", "predict", "forecast", “target”, "pursue", "potential", "objective", "capable", and similar expressions, are intended to identify forward-looking information and statements. In particular, this presentation includes (without limitation) forward-looking information pertaining to: expectations in respect of the growth drivers in the markets in which the Company operates in; expectations that the global demand for natural gas will grow by 15% over the next decade and that U.S. and Canadian supply will need to grow by approximately 25% to meet this demand; expectations that demand for the Company’s services in North America will continue to grow;the outlook for U.S. and Canada gas supply and compression along with the incremental demand for compression and processing out to 2030; expectations for U.S. and Canada LNG export capacity by projects out to 2030;expectations that LNG export capacity from the U.S. and Canada will nearly double with 15 Bcf/d to be added by 2030; expectations that data center power demands will grow year-over-year through 2035; analyst expectations in respect of adjusted gross margin by business line for 2025 and 2026; expectations that contractual counterparties will continue to honor the terms of their contracts over the remaining life of their contracts; disclosures in respect of free cash flow allocation including share repurchases under the NCIB and the ability of the Company to acquire the authorized maximum, if at all, and the timing associated therewithin; expectations that the Company will make application to the TSX to amend the terms of its NCIB to allow for up to 10% of the public float to be purchased for cancellation over a period of twelve months and, if such application is made, that the TSX will approve such application on the terms applied for and the timing associated therewith, if at all; expectations that Enerflex’s North American contracted compression fleet will grow to approximately 485,000 horsepower by the end of 2025; the growth of the water treatment market in Oman and related market dynamics whichfavor Enerflex's technology; expectations that the Company is strategically positioned to enable the energy transition; disclosures under the slide “2025 Priorities” including: (i) the ability of Enerflex to enhance the profitability of its core operations over 2025 based on expectations that recurring sources will contribute approximately 65% of gross margin before depreciation and amortization and that the Engineered Systems backlog as at the end of the second quarter of 2025 provides strong visibility into future revenue; (ii) the ability of the Company to leverage its leading position in core operating countries to capitalize on increases in natural gas and treated water volumes; (iii) the ability of the Company to maximize free cash flow to strengthen its financial position, provide direct shareholder returns, and invest in selective customer supported growth opportunities; (iv) expectations that total capital expenditures in 2025 will be approximately $120 million, including approximately $60 million allocated to growth opportunities and $60 million for maintenance and PP&E expenditures; and (v) the ability of the Company to continue to return capital to shareholders, including payment of a sustainable dividend. All forward-looking information and statements in this presentation are subject to important risks, uncertainties, and assumptions, which may affect Enerflex's operations, including, without limitation: the impact of economic conditions; the markets in which Enerflex's products and services are used; those assumptions under the heading “Growth Drivers”; general industry conditions; changes to, and introduction of new, governmental regulations, laws, and income taxes; increased competition; insufficient funds to support capital investments; availability of qualified personnel or management; political unrest and geopolitical conditions; and other factors, many of which are beyond the control of Enerflex. As a result of the foregoing, actual results, performance, or achievements of Enerflex could differ and such differences could be material from those expressed in, or implied by, these statements, including but not limited to: the interpretation and treatment of the transaction to acquire Exterran by applicable tax authorities; the ability to maintain desirable financial ratios; the ability to access various sources of debt and equity capital, generally, and on acceptable terms, if at all; the ability to utilize tax losses in the future; the ability to maintain relationships with partners and to successfully manage and operate the business; risks associated with technology and equipment, including potential cyberattacks; the occurrence and continuation of unexpected events such as pandemics, severe weather events, war, terrorist threats, and the instability resulting therefrom; risks associated with existing and potential future lawsuits, shareholder proposals, and regulatory actions; and those factors referred to under the heading "Risk Factors" in: (i) Enerflex's Annual Information Form for the year ended December 31, 2024, (ii) Enerflex's management’s discussion and analysis for the year ended December 31, 2024, and (iii) Enerflex's Management Information Circular dated March 21, 2025, each of the foregoing documents being accessible under the electronic profile of the Company on SEDAR+ and EDGAR at www.sedarplus.ca and www.sec.gov/edgar, respectively. Readers are cautioned that the foregoing list of assumptions and risk factors should not be construed as exhaustive. The forward-looking information and statements included in this presentation are made as of the date of this presentation and are based on the information available to the Company at such time and, other than as required by law, Enerflex disclaims any intention or obligation to update or revise any forward-looking information and statements, whether as a result of new information, future events, or otherwise. This presentation and its contents should not be construed, under any circumstances, as investment, tax, or legal advice. 33
Page 34
Advisory Statements (continued) Future-Oriented Financial Information Guidance regarding the Company's future financial performance is based on assumptions about future events, including economic conditions and proposed courses of action, based on Management's assessment of the relevant information currently available. The guidance is based on the same assumptions and risk factors set forth above and is based on the Company's historical results of operations. The financial outlook, or potential financial outlook, set forth in this presentation was approved by Management to provide investors with an estimation of the outlook for the Company, and readers are cautioned that any such financial outlook contained herein should not be used for purposes other than those for which it is disclosed herein. The prospective financial information set forth in this presentation has been prepared by Management. Management believes that the prospective financial information has been prepared on a reasonable basis, reflecting Management's best estimates and judgments, and represents, to the best of Management's knowledge and opinion, the Company's expected course of action in developing and executing its business strategy relating to its business operations. Actual results may vary from the prospective financial information set forth in this presentation. See above for a discussion of the risks that could cause actual results to vary. The prospective financial information set forth in this presentation should not be relied on as necessarily indicative of future results. Basis of Preparation All financial figures and information have been prepared in United States dollars (which includes references to "dollars" and "$"), except where another currency has been indicated, and in accordance with IFRS as issued by the IASB. Third-party Information This presentation includes market, industry, and economic data, including historical data and consensus estimates related to the Company’s peer group, which was obtained from various publicly available sources and other sources believed by Enerflex to be true. Although Enerflex believes it to be reliable, it has not independently verified any of the data from third-party sources referred to in this presentation or analyzed or verified the underlying reports relied upon or referred to by such sources or ascertained the underlying economic and other assumptions relied upon by such sources. Enerflex believes that its market, industry, and economic data is accurate and that its estimates and assumptions are reasonable, but there can be no assurance as to the accuracy or completeness thereof. The accuracy and completeness of the market, industry, and economic data used throughout this presentation are not guaranteed and Enerflex makes no representation as to the accuracy of such information. This presentation also includes a relative valuation of Enerflex versus certain industry peers. Relative valuation involves comparing financial metrics across companies within an identified peer group and relies on both historical data and forward-looking estimates which may not fully reflect differences in business models, risk profiles, accounting policies, or future developments and such differences, may be material. Non-IFRS and Other Financial Measures Throughout this presentation and other materials disclosed by the Company, Enerflex employs certain measures to analyze its financial performance, financial position, and cash flows, including adjusted EBITDA, free cash flow, bank-adjusted EBITDA, bank-adjusted net debt-to-EBITDA ratio, gross margin before depreciation and amortization, net debt, and Engineered Systems bookings and backlog. These non-IFRS measures are not standardized financial measures under IFRS and may not be comparable to similar financial measures disclosed by other issuers. Accordingly, the non-IFRS measures should not be considered more meaningful than generally accepted accounting principles measures, such as net earnings or any other measure of performance determined in accordance with IFRS, as indicators of Enerflex's performance. Refer to Enerflex’s management discussion and analysis for the year ended December 31, 2024, available under the electronic profile of the Company on SEDAR+ and EDGAR at www.sedarplus.ca and www.sec.gov/edgar, respectively. 34
Page 35
November 2025 Enerflex Ltd. Suite 904, 1331 Macleod Trail SE Calgary, AB, Canada T2G 0K3 403-387-6377 IR@enerflex.com www.enerflex.com