Trican Well Service Ltd (PK)【TOLWF】株式ニュース

Trican Reports First Quarter Results for 2026 and Declares Quarterly DividendMay 11, 2026 7:50 PM
NewsfileCalgary, Alberta--(Newsfile Corp. - May 11, 2026) - Trican Well Service Ltd. (TSX: TCW) ("Trican" or the "Company") is pleased to announce its first quarter results for 2026. The following news release should be read in conjunction with Management's Discussion and Analysis ("MD&A"), the unaudited interim condensed consolidated financial statements and related notes for the three months ended March 31, 2026, as well as the Annual Information Form ("AIF") for the year ended December 31, 2025. All of these documents are available on SEDAR+ at www.sedarplus.ca.FIRST QUARTER HIGHLIGHTSTrican's results for the first quarter compared to the prior year period were higher due to an increase in operating activity, including the contribution from the Iron Horse acquisition: Revenue was $330.3 million for the three months ended March 31, 2026 compared to $259.1 million for the three months ended March 31, 2025.Adjusted EBITDAS1 and adjusted EBITDA1 for the three months ended March 31, 2026 were $77.7 million and $70.1 million, compared to $62.3 million and $61.3 million, respectively, for the three months ended March 31, 2025.Free cash flow1 and free cash flow per share1 for the three months ended March 31, 2026 were $49.6 million, $0.24 per share basic and $0.23 per share diluted compared to $43.0 million, $0.23 per share basic and diluted for the three months ended March 31, 2025. During the three months ended March 31, 2026, the Company returned an aggregate of $16.5 million to shareholders, consisting of $11.6 million from quarterly dividends and $4.9 million from the Company's Normal Course Issuer Bid ("NCIB") program.Profit and profit per share for the three months ended March 31, 2026 were $30.3 million, $0.14 per share basic and diluted compared to $31.9 million, $0.17 per share basic and diluted for the three months ended March 31, 2025. Profit and profit per share were impacted primarily by higher share-based compensation, increased technology initiative expenses and higher depreciation expense related to the Iron Horse acquisition.The Company's statement of financial position remains solid with positive working capital1, excluding cash, of $142.7 million at March 31, 2026 compared to $179.2 million at December 31, 2025. As at March 31, 2026, the Company had net debt of $29.8 million, comprised of loans and borrowings of $31.2 million, offset by cash of $1.4 million compared to a net debt position of $79.9 million at December 31, 2025. The decrease in net debt primarily reflects repayments of loans and borrowings during the quarter. RETURN OF CAPITALThe Company continues to be active in its NCIB program as a key component of its return of capital strategy:During the three months ended March 31, 2026, Trican purchased and cancelled 756,900 common shares under its NCIB program at a weighted average price of $6.46 per share, or approximately 0.4% of the Company's outstanding shares at December 31, 2025. Subsequent to March 31, 2026 and as of May 11, 2026, the Company purchased an additional 289,000 common sharesSince the initiation of our NCIB programs in 2017, Trican has purchased 179,924,065 common shares, equating to approximately 52% of total shares outstanding at the start of the NCIB programs at a weighted average price of $2.91 per share. All common shares purchased under the NCIB program are returned to treasury for cancellation. The Company also continues to execute on its return of capital strategy through its quarterly dividend program:During the three months ended March 31, 2026, the Company paid a cash dividend of $0.055 per share, or approximately $11.6 million in aggregate to shareholders. On May 11, 2026, the Company's board of directors approved a quarterly dividend of $0.055 per share, reflecting a 10% increase from the $0.050 per share dividend declared in the comparable quarter of the prior year. The dividend is scheduled to be paid on June 30, 2026 to shareholders of record as of the close of business on June 15, 2026.The dividends are designated as eligible dividends for Canadian income tax purposes. FINANCIAL REVIEW ($ millions, except $ per share amounts. Weighted average shares is stated in thousands)Three months ended (Unaudited)March 31,
2026March 31,
2025December 31,
2025 Revenue 330.3 259.1 322.7 Gross profit 65.4 53.7 63.2 Adjusted EBITDAS1 77.7 62.3 75.3 Adjusted EBITDA1 70.1 61.3 73.4 Free cash flow1 49.6 43.0 46.6 Per share - basic1 0.24 0.23 0.22 Per share - diluted1 0.23 0.23 0.22 Cash flow from / (used in) operations 92.2 (4.6) 88.6 Profit for the period 30.3 31.9 31.9 Per share - basic and diluted 0.14 0.17 0.15 Dividends paid 11.6 9.3 11.6 Per share 0.055 0.050 0.055 Shares outstanding, end of period 210,199 186,499 210,792 Weighted average shares outstanding - basic 210,541 188,165 211,931 Weighted average shares outstanding - diluted 212,197 190,907 213,696 1 Refer to the Non-GAAP disclosure section of this news release for further details.  ($ millions)As at March 31, 2026As at December 31, 2025 Cash and cash equivalents 1.4 12.5 Current assets - other 260.3 308.2 Current portion of lease liabilities 6.0 6.1 Current liabilities - other 111.5 122.8 Lease liabilities - non-current portion 16.3 17.8 Non-current loans and borrowings 31.2 92.4 Total assets 944.9 1,013.7
Three months ended (Unaudited)March 31,
2026December 31,
2025September 30,
2025June 30,
2025March 31,
2025 WTI - Average price (US$/bbl) $72.67 $59.14 $64.97 $63.68 $71.42 AECO-C - Spot average price (C$/mcf) $1.89 $2.14 $0.57 $1.66 $2.01 WCS - Average price (C$/bbl) $78.41 $65.17 $72.29 $73.58 $83.62 Average exchange rate (US$/C$) $0.73 $0.72 $0.73 $0.72 $0.70 Canadian average drilling rig count 225 196 184 139 231 Source: Bloomberg, Bank of Canada, and Rig Locator  HIGHLIGHTSCapital expenditures1 and technology modernization Capital expenditures1 for the three months ended March 31, 2026 totaled $18.5 million ($12.5 million for the three months ended March 31, 2025), primarily related to maintenance capital expenditures1 and the purchase of electric ancillary fracturing equipment. The Company has approved a capital budget for 2026 of $122 million, underscoring the Company's commitment to disciplined investment and long-term growth. The approved capital budget reflects the Company's continued focus on maintenance capital to ensure reliability and efficiency across Trican's four divisions, while allocating targeted growth capital to advance modernization initiatives and position the Company for future opportunities. Growth capital includes approximately $40 million for Canada's first 100% natural gas fueled, continuous, heavy-duty hydraulic fracturing fleet, which is expected to be field ready in the second half of 2026.The Company is undertaking a significant technology modernization initiative starting with our base financial system and implementing an integrated enterprise resource planning ("ERP") platform. Trican anticipates ongoing technology enhancements including advanced data analytics to enhance operational efficiency, reliability and competitiveness over the years. The investment for 2026 is anticipated to be $13 million which will be presented as G&A expense in accordance with IFRS.The Company will fund these expenditures with available cash resources, free cash flow1 and our revolving credit facility. Hydraulic fracturing fleetWe continue to advance the modernization of our fracturing fleet through targeted investments in lower-emission and next-generation technologies, including the addition of a 100% natural gas fueled, continuous, heavy-duty hydraulic fracturing fleet. This approach builds on our modernization strategy over recent years, including prior investments in upgrading existing equipment with Tier 4 Dynamic Gas Blending ("Tier 4 DGB") engine technology alongside the construction of new fully electric ancillary equipment. The combination of Tier 4 DGB engines and fully electric ancillary equipment can displace up to 90% of the diesel used in a conventional fracturing operation with natural gas resulting in lower overall fuel costs and reduced carbon dioxide and particulate matter emissions. Our ongoing fleet modernization also includes the deployment of industry leading continuous heavy duty pumps (3,000 HHP) and idle reduction technology packages which enable longer pumping times and improved operating efficiencies. Trican's fracturing fleet includes five active Tier 4 DGB fleets with a total Tier 4 DGB capacity of 210,000 HHP. Trican has three sets of electric ancillary equipment with the construction of a fourth set of electric ancillary equipment underway and expected to be field ready by Q3 2026.In addition to these fleet modernization initiatives, Trican expanded its fracturing and completion service capabilities through the acquisition of Iron Horse Coiled Tubing Inc. ("Iron Horse"), which enhances Trican's position as a leading energy services provider by adding over four fracturing spreads and expanding its operational expertise in coiled tubing-integrated fracturing operations in Alberta and Saskatchewan. These assets augment Trican's services offering across the WCSB, supporting customers throughout the drilling, completion, and production lifecycles.Tier 4 upgrades, electric ancillary equipment, the development of a 100% natural gas fueled, continuous, heavy-duty hydraulic fracturing fleet, and the expansion of coiled tubing-integrated fracturing operations through the acquisition of Iron Horse are key components of Trican's operating strategy. Our ongoing initiatives, including fleet upgrades, are intended to improve operating performance, cost efficiency, and reduce our emissions profile, thereby improving the sustainability of our operations while supporting our customers in achieving their goals.Financial positionWe continue to focus on maintaining a conservative statement of financial position with significant positive working capital1 including cash. Our ability to generate strong free cash flow1 and financial flexibility will allow us to execute our strategic plans including ongoing investment in our industry leading fleet, continued execution of our NCIB program and the payment of a quarterly dividend as a part of our disciplined capital allocation strategy which includes a consistent return of capital to our shareholders. OUTLOOK Market ConditionsTrican's outlook for the next several years remains constructive, supported by structural improvements in Canadian energy infrastructure and expanding LNG export capacity. These factors are expected to support sustained drilling and completions activity across the WCSB through 2026 and beyond.Natural gas related completion activity remains resilient despite a challenging natural gas pricing environment in Canada. Customers continue to mitigate commodity price volatility through diversified marketing strategies across North America, and the high liquids content of major Canadian gas plays continues to enhance project economics.During the first quarter of 2026, global oil markets experienced elevated and volatile commodity prices driven by escalating geopolitical tensions in the Middle East, including the military conflict involving the United States, Israel and Iran, disruptions to global energy supply routes, and evolving OPEC+ production policy. In this environment, customer capital programs remained disciplined as a result of uncertainty, but we expect activity programs to respond positively if oil prices remain elevated and responsive to commodity price movements and uncertainty.As a result of ongoing commodity price volatility and competitive market conditions, Trican experienced significant pricing pressure for completion services in the first quarter of 2026. This pressure reflected a balanced operating environment for fracturing equipment and continued competition across the market. Trican believes that tightening supply and demand in the second half of 2026 may contribute to more supportive market conditions and pricing. Industry and Infrastructure DevelopmentsThe commencement of LNG exports from the LNG Canada facility in mid-2025 represents a structural shift for the Canadian natural gas market by enabling access to global markets and reducing reliance on US pricing. LNG Canada is expected to reach approximately 2.0 bcf/day of capacity in mid-2026, supporting improved long-term natural gas pricing, with a potential Phase 2 expansion further strengthening market access.Additional LNG projects, including Woodfibre LNG and Cedar LNG, are expected to add approximately 0.7 bcf/day of export capacity, while Ksi Lisims LNG continues to advance through regulatory and permitting stages and is expected to add approximately 1.6 bcf/day upon completion. Completion of the Trans Mountain Pipeline expansion has helped narrow crude oil price differentials, improving the competitiveness of Canadian oil production.Core Resource PlaysThe Montney and Duvernay continue to represent among the most attractive resource plays in North America. The Montney benefits from strong well economics, large drilling inventories and increasing LNG driven demand, while the Duvernay continues to attract capital focused on liquids-rich, high-rate wells with attractive returns. Shell plc's acquisition of ARC Resources Ltd. further highlights the desirability of the Montney as a resource play.Both reservoirs are technically complex and highly pressure-pumping-intensive, requiring advanced completion technologies, increased proppant intensity, large-scale coiled tubing units and significant cement volumes to support extended lateral designs. These characteristics are expected to drive continued demand for pressure pumping and related services provided by Trican.Strategic PositioningTrican continues to focus on expanding its logistics capabilities in response to anticipated increases in sand volumes to be pumped in the basin over the coming years. As certain customers increasingly procure and supply their own sand, Trican has adapted its operating model by redeploying equipment and personnel toward logistics, handling, and complementary service offerings that support customer activity and optimize execution across larger completion programs.The acquisition of Iron Horse in the third quarter of 2025 expanded Trican's coil-integrated fracturing capabilities, increased scale and geographic diversity, and strengthened its ability to deliver integrated services across the drilling, completion and production lifecycles.As part of our differentiation strategy, Trican continues to invest in its equipment fleet and technology platform, including the development of a high-rate, 100% natural gas-fueled fracturing design targeted for deployment in the second half of 2026 to augment our investments in Tier 4 DGB technology and electrified ancillary equipment.Beyond field operations, Trican is implementing an integrated ERP platform as part of a broader technology modernization initiative. Trican anticipates ongoing technology enhancements including advanced data analytics to enhance operational efficiency, reliability and competitiveness over the coming years.Capital AllocationTrican remains focused on generating attractive returns and returning capital to our shareholders both through our quarterly dividend and our NCIB program. We expect to allocate a significant portion of our Free Cash Flow1 to shareholder returns. Trican increased its quarterly dividend per share by 11% effective in Q1 2025. Following the completion of the Iron Horse acquisition, the board of directors approved and implemented a further 10% dividend increase, effective Q3 2025, reflecting the accretive nature of the transaction.On September 30, 2025, Trican renewed its NCIB program, which is scheduled to run from October 5, 2025 through October 4, 2026. As of May 11 2026, the Company has repurchased and cancelled approximately 2.5 million shares, representing approximately 14% of the current NCIB program. We will continue to be active with our NCIB program when market conditions present an attractive investment opportunity relative to other investment opportunities available to the Company. We believe our ability to deliver a multi-layered return of capital strategy while maintaining a strong balance sheet will lead to long-term value creation for our shareholders. COMPARATIVE QUARTERLY INCOME STATEMENTS($ thousands, except crews1; unaudited)

Three months endedMarch 31,
2026Percentage
of revenueMarch 31,
2025Percentage
of revenueDecember 31,
2025Percentage
of revenue

Revenue 330,269 100% 259,073 100% 322,732 100% Cost of sales 238,834 72% 187,217 72% 233,082 72% Cost of sales - depreciation and amortization 26,071 8% 18,189 7% 26,426 8% Gross profit 65,364 20% 53,667 21% 63,224 20% Administrative expenses 21,309 6% 10,580 4% 16,247 5% Administrative expenses - depreciation 1,260 —% 956 —% 1,370 —% Other loss / (income) 1,342 —% (568)—% 287 —% Results from operating activities 41,453 13% 42,699 16% 45,320 14% Finance costs 1,288 —% 590 —% 2,596 1% Foreign exchange loss / (gain) 157 —% 74 —% (204)—% Profit before income tax 40,008 12% 42,035 16% 42,928 13% Current income tax expense 10,490 3% 8,762 3% 12,145 4% Deferred income tax (recovery) / expense (764)—% 1,397 1% (1,158)—% Profit for the period 30,282 9% 31,876 12% 31,941 10% Adjusted EBITDAS1 77,716 24% 62,337 24% 75,252 23% Adjusted EBITDA1 70,126 21% 61,276 24% 73,403 23% Total proppant pumped (tonnes)1 625,000
457,000
567,000
Hydraulic pumping capacity (HHP)1 621,000
504,000
621,000
Hydraulic fracturing - active crews1 11
7
11
Hydraulic fracturing - parked crews1 4
4
4
1 Refer to the Non-GAAP disclosure section of this news release for further details.  Sales mix - % of total revenueThree months ended (unaudited)March 31, 2026March 31, 2025December 31, 2025Fracturing 76% 71% 76% Cementing 17% 20% 17% Coiled tubing 7% 9% 7% Total 100% 100% 100% NON-GAAP MEASURESCertain terms in this News Release, including adjusted EBITDA, adjusted EBITDAS, adjusted EBITDA percentage, adjusted EBITDAS percentage, free cash flow and free cash flow per share, do not have any standardized meaning as prescribed by IFRS and therefore are considered non-GAAP measures and may not be comparable to similar measures presented by other issuers.Adjusted EBITDA and adjusted EBITDASAdjusted EBITDA (earnings before interest, taxes, depreciation and amortization) is a non-GAAP financial measure and has been reconciled to profit / (loss) for the applicable financial periods, being the most directly comparable measure calculated in accordance with IFRS. Management utilizes adjusted EBITDA to translate historical variability in the Company's principal business activities into future financial expectations. By isolating incremental items from net income, including income / expense items related to how the Company chooses to manage financing elements of the business, taxation strategy and non-cash charges, management can better predict future financial results from our principal business activities. Adjusted EBITDAS (earnings before interest, taxes, depreciation, amortization and share-based compensation) is a non-GAAP financial measure and has been reconciled to profit / (loss) for the applicable financial periods, being the most directly comparable measure calculated in accordance with IFRS. Management utilizes adjusted EBITDAS as a useful measure of operating performance, cash flow to complement profit / (loss) and to provide meaningful comparisons of operating results.The items included in this calculation of adjusted EBITDA have been specifically identified as they are non-cash in nature, subject to significant volatility between periods, and / or not relevant to our principal business activities. Items adjusted in the non-GAAP calculation of adjusted EBITDA, are as follows: Non-cash expenditures, including depreciation, amortization, impairment of non-financial assets, and equity-settled share-based compensation; Consideration as to how the Company chose to generate financial income and incur financial expenses, including foreign exchange expenses and finance costs; Taxation in various jurisdictions; and Other income / expense which generally results from the disposition of equipment, as these transactions generally do not reflect quarterly operational field activity. The item adjusted in the non-GAAP calculation of adjusted EBITDAS from adjusted EBITDA, is as follows:Cash-settled share-based compensation.($ thousands, unaudited)Three months ended
March 31,
2026March 31,
2025December 31,
2025 Profit for the period (IFRS financial measure) 30,282 31,876 31,941 Adjustments:

Cost of sales - depreciation and amortization 26,071 18,189 26,426 Administrative expenses - depreciation 1,260 956 1,370 Current income tax expense 10,490 8,762 12,145 Deferred income tax (recovery) / expense (764) 1,397 (1,158) Finance costs and amortization of debt issuance costs 1,288 590 2,596 Foreign exchange loss / (gain) 157 74 (204) Other loss / (income) 1,342 (568) 287 Adjusted EBITDA 70,126 61,276 73,403 Administrative expenses - cash-settled share-based compensation 7,590 1,061 1,849 Adjusted EBITDAS 77,716 62,337 75,252 Certain financial measures in this news release - namely adjusted EBITDA, adjusted EBITDAS, adjusted EBITDA percentage, adjusted EBITDAS percentage and free cash flow are not prescribed by IFRS and are considered non-GAAP measures. These measures may not be comparable to similar measures presented by other issuers and should not be viewed as a substitute for measures reported under IFRS. These financial measures are reconciled to IFRS measures in the Non-GAAP disclosure section of this news release. Other non-standard measures are described in the Non-Standard Measures section of this news release.   Adjusted EBITDA % and adjusted EBITDAS %Adjusted EBITDA percentage and adjusted EBITDAS percentage are non-GAAP financial ratios that are determined by dividing adjusted EBITDA and adjusted EBITDAS, respectively, by revenue. The components of the calculations are presented below:($ thousands, unaudited)Three months ended
March 31,
2026March 31,
2025December 31,
2025 Adjusted EBITDA70,12661,27673,403 Revenue330,269259,073322,732 Adjusted EBITDA % 21% 24% 23%
  ($ thousands, unaudited)Three months ended
March 31,
2026March 31,
2025December 31,
2025 Adjusted EBITDAS77,71662,33775,252 Revenue330,269259,073322,732 Adjusted EBITDAS % 24% 24% 23%   Free cash flow and free cash flow per shareFree cash flow and free cash flow per share are non-GAAP financial measures which Management believes to be key measures of capital management as they demonstrate the Company's ability to generate cash flow available to fund future growth through capital investments and return capital to our shareholders.Free cash flow has been reconciled to cash flow from operations for the applicable financial periods, being the most directly comparable measure calculated in accordance with IFRS. Management adjusts for other (income) / loss, realized (gain) / loss, current income tax, income taxes paid, maintenance capital expenditures1 included within purchase of property and equipment from the statement of cash flows, net changes in other liabilities and change in non-cash operating working capital1.Management reconciles free cash flow from adjusted EBITDA for the applicable financial periods by adjusting for interest paid, current income tax expense, and maintenance capital expenditures1 included within the purchase of property and equipment from the statement of cash flows as they are considered non-discretionary.Free cash flow per share is calculated by dividing free cash flow by the Company's basic or diluted weighted average common shares outstanding.Free cash flow and free cash flow per share are not standardized measures and therefore may not be comparable with the calculation of similar measures by other entities.($ thousands, unaudited)Three months ended
March 31,
2026March 31,
2025December 31,
2025 Cash flow from / (used in) operations (IFRS financial measure) 92,238 (4,612) 88,561 Adjustments:

Other loss / (income) 108 (203) 229 Realized foreign exchange loss / (gain) 342 (66) (340) Current income tax expense (10,490) (8,762) (12,145) Maintenance capital expenditures1 (8,864) (8,834) (12,296) Net changes in other liabilities 3,398 4,125 (770) Change in non-cash operating working capital1 (38,483) 54,758 (28,832) Income taxes paid 11,301 6,55812,186 Free cash flow 49,550 42,964 46,593     ($ thousands, unaudited)Three months ended
March 31,
2026March 31,
2025December 31,
2025 Adjusted EBITDA70,12661,27673,403 Interest paid(1,222)(716)(2,369) Current income tax expense(10,490)(8,762)(12,145) Maintenance capital expenditures1(8,864)(8,834)(12,296) Free cash flow 49,550 42,964 46,593     ($ thousands, unaudited)Three months ended
March 31,
2026March 31,
2025December 31,
2025 Purchase of property and equipment 18,508 12,506 15,216 Growth capital expenditures1 9,644 3,672 2,920 Maintenance capital expenditures1 8,864 8,834 12,296     ($ thousands, except $ per share amounts. Weighted average shares is stated in thousands; unaudited)Three months ended
March 31,
2026March 31,
2025December 31,
2025 Free cash flow49,55042,96446,593 Weighted average shares outstanding - basic210,541188,165211,931 Free cash flow per share - basic 0.24 0.23 0.22
  ($ thousands, except $ per share amounts. Weighted average shares is stated in thousands; unaudited)Three months ended
March 31,
2026March 31,
2025December 31,
2025 Free cash flow49,55042,96446,593 Weighted average shares outstanding - diluted212,197190,907213,696 Free cash flow per share - diluted 0.23 0.23 0.22   OTHER NON-STANDARD FINANCIAL TERMS In addition to the above non-GAAP financial measures and ratios, this News Release makes reference to the following non-standard financial terms. These terms may differ and may not be comparable to similar terms used by other companies. Working capitalTerm that refers to the difference between the Company's current assets and current liabilities.Capital expenditures Term that refers to the Company's capital additions.Maintenance and growth capital expendituresTerm that refers to capital additions as maintenance or growth capital. Maintenance capital are expenditures in respect of capital additions, replacements or improvements required to maintain ongoing business operations. Growth capital refers to expenditures primarily for new items and/or equipment that will expand our revenue and/or reduce our expenditures through operating efficiencies. The determination of what constitutes maintenance capital expenditures versus growth capital involves judgment by management. FORWARD-LOOKING STATEMENTSCertain statements contained in this document constitute forward-looking information and statements (collectively "forward-looking statements"). These statements relate to future events or our future performance. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "achieve", "believe", "budget", "can", "continue", "could", "estimate", "expect", "forecast", "intend", "may", "might", "plan", "planned", "potential", "predict", "project", "seek", "should", "targeting", "will", "would" and other similar terms and phrases. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. We believe the expectations reflected in these forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this document should not be unduly relied upon. These statements speak only as of the date of this document. In particular, this document contains forward-looking statements pertaining to, but not limited to, the following: our business plans and prospects; statements under the Outlook section of this News Release;that we have sufficient liquidity to support operations, meet our commitments, invest in new opportunities, improve our competitive position and drive profitable growth;the impact of escalated geopolitical tensions, including military conflict involving the US, Israel and Iran, conflicts in the Middle East, the Russian invasion of Ukraine, evolving US and Venezuela oil market policies, OPEC+ policy changes, and the associated effect on worldwide demand for oil and natural gas;the impact of geopolitical events and trade developments in North America, including recent or potential tariffs between Canada and the US, continue to generate considerable uncertainty, and the associated effect on North American demand and activity for oil and natural gas;the anticipated benefits of the acquisition of Iron Horse, including enhanced scale, increased organic growth opportunities, enhanced liquidity and the accretion to cash flow of Trican;the anticipated employment levels and opportunities of the pro forma company;certain pro forma operational, financial and other information and projections;anticipated industry activity levels, rig counts and outlook as well as expectations regarding our customers' work and capital programs and the associated impact on the Company's equipment utilization levels and demand for our services in 2026;the impact of inflation and existence of inflationary pressures;expectations as to the type of pressure pumping equipment required and which operating regions the equipment is appropriate to operate in;expectations regarding supply and demand fundamentals and commodity pricing levels;expectations that we are adequately staffed for current industry activity levels, that we will be able to retain and attract staff; expectations regarding the trends and factors affecting the pricing environment for the Company's services;expectations regarding the Company's financial results, working capital1 levels, liquidity and profits;expectations regarding Trican's capital spending plans and sources/availability of capital;expectations regarding Trican's technology modernization initiative, equipment upgrades and the environmental, performance and competitive impacts thereof;expectations regarding Trican's utilization of its NCIB program; expectations regarding Trican's ability to pay dividends;expectations that adjusted EBITDA will help predict future earnings;expectations regarding customer performance and financial flexibility;anticipated compliance with debt and other covenants under our revolving credit facilities;expectations that the Company can maintain its strong position in the fracturing and cementing service lines and strengthen ancillary services;expectations regarding the nature and focus of our share-based compensation programs;the intended completion of the design of disclosure controls and procedures and internal control over financial reporting of Iron Horse by September 30, 2026; expectations regarding Trican's policy of adjusting its capital budget on a quarterly basis; andexpectations surrounding weather and seasonal slowdowns.Our actual results could differ materially from those anticipated in these forward-looking statements as a result of the risk factors set forth herein and in the Risk Factors section of our AIF for the year ended December 31, 2025, available on SEDAR+ (www.sedarplus.ca). Readers are cautioned that the foregoing lists of factors are not exhaustive. Forward-looking statements are based on a number of factors and assumptions, which have been used to develop such statements and information, but which may prove to be incorrect. Although management of Trican believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because Trican can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified in this document, assumptions have been made regarding, among other things: crude oil and natural gas prices; the impact of increasing competition; the general stability of the economic and political environment; the timely receipt of any required regulatory approvals; industry activity levels; Trican's policies with respect to acquisitions; the ability of Trican to obtain qualified staff, equipment and services in a timely and cost efficient manner; the ability to operate our business in a safe, efficient and effective manner; the ability of Trican to obtain capital resources and adequate sources of liquidity; the performance and characteristics of various business segments; the regulatory framework; the timing and effect of pipeline, storage and facility construction and expansion; and future commodity, currency, exchange and interest rates. The forward-looking statements contained in this document are expressly qualified by this cautionary statement. We do not undertake any obligation to publicly update or revise any forward-looking statements except as required by applicable law. Additional information regarding Trican including Trican's most recent AIF, is available under Trican's profile on SEDAR+ (www.sedarplus.ca). CONFERENCE CALL AND WEBCAST DETAILSThe Company will host a conference call on Tuesday, May 12, 2026 at 10:00 a.m. MT (12:00 p.m. ET) to discuss its results for the First Quarter 2026. To listen to the webcast of the conference call, please enter the following URL in your web browser: http://www.gowebcasting.com/14621. You can also visit the "Investors" section of our website at www.tricanwellservice.com/investors and click on "Reports".To participate in the Q&A session, please call the conference call operator at 1-800-715-9871 (Canada and US) or 1-647-932-3411 (international) 10 minutes prior to the call's start time and ask for the "Trican Well Service Ltd. First Quarter 2026 Earnings Results Conference Call" or reference ID 7426571.The conference call will be archived on Trican's website at www.tricanwellservice.com/investors.ABOUT TRICANHeadquartered in Calgary, Alberta, Trican supplies oil and natural gas well servicing equipment and solutions to our customers through the drilling, completion and production cycles. Our team of technical experts provide state-of-the-art equipment, engineering support, reservoir expertise and laboratory services through the delivery of hydraulic fracturing, cementing, coiled tubing, nitrogen services and chemical sales for the oil and gas industry in Western Canada.Requests for further information should be directed to:Bradley P.D. Fedora
President and Chief Executive OfficerScott E. Matson
Chief Financial OfficerPhone: (403) 266-0202
2900, 645 - 7th Avenue S.W.
Calgary, Alberta T2P 4G8 Please visit our website at www.tricanwellservice.com.To view the source version of this press release, please visit https://www.newsfilecorp.com/release/297061 Original: Trican Reports First Quarter Results for 2026 and Declares Quarterly Dividend

Trican Reports Annual Results for 2025 and Declares Quarterly DividendFebruary 18, 2026 6:11 PM
NewsfileCalgary, Alberta--(Newsfile Corp. - February 18, 2026) - Trican Well Service Ltd. (TSX: TCW) ("Trican" or the "Company") is pleased to announce its annual results for 2025. The following news release should be read in conjunction with Management's Discussion and Analysis ("MD&A"), the consolidated financial statements and related notes for the year ended December 31, 2025, as well as the Annual Information Form ("AIF") for the year ended December 31, 2025. All of these documents are available on SEDAR+ at www.sedarplus.ca.2025 HIGHLIGHTSTrican's results for the year compared to the prior year were higher due to the Acquisition (as defined below) combined with an increase in operating activity.Revenue was $1,096.2 million for the year ended December 31, 2025, a 12% increase compared to $980.8 million for the year ended December 31, 2024.Adjusted EBITDAS1 and adjusted EBITDA1 for the year ended December 31, 2025 were $251.7 million and $239.1 million, compared to $231.2 million and $219.2 million, respectively, for the year ended December 31, 2024.Free cash flow1 and free cash flow per share1 for the year ended December 31, 2025 were $149.4 million, $0.77 per share basic and $0.76 diluted compared to $137.1 million, $0.69 per share basic and $0.67 diluted for the year ended December 31, 2024. Profit and profit per share for the year ended December 31, 2025 were $112.2 million, $0.58 per share basic and $0.57 per share diluted compared to $109.5 million, $0.55 per share basic and $0.54 per share diluted for the year ended December 31, 2024.During the year ended December 31, 2025, the Company returned an aggregate of $96.3 million to shareholders, consisting of $41.6 million from quarterly dividends and $54.7 million from the Company's Normal Course Issuer Bid ("NCIB") programs.The Company's board of directors has approved a quarterly dividend of $0.055 per share, representing an increase of 10% over the Q1 2025 quarterly dividend.The Company's statement of financial position remains solid with positive working capital1, excluding cash, of $179.2 million at December 31, 2025 compared to $101.7 million at December 31, 2024. As at December 31, 2025, the Company had net debt of $79.9 million, comprised of loans and borrowings of $92.4 million, offset by cash of $12.5 million compared to a net cash position of $26.3 million at December 31, 2024. The increase in debt is primarily due to the Acquisition combined with normal working capital and investing activities. STRATEGIC COMBINATIONOn August 27, 2025, the Company closed on its agreement to acquire all the issued and outstanding shares of Iron Horse Coiled Tubing Inc. or Iron Horse Energy Services ("Iron Horse") in exchange for $77.25 million in cash consideration, and 33.76 million common shares of Trican (the "Acquisition"). Iron Horse was a privately owned fracturing and coiled tubing services provider operating primarily in the Cardium, Charlie Lake, Mannville Stack, Viking, Montney and Shaunavon plays in the Western Canadian Sedimentary Basin ("WCSB"). RETURN OF CAPITALThe Company continues to be active in its NCIB program as a key component of its return of capital strategy:During the year ended December 31, 2025, Trican purchased and cancelled 12,149,664 common shares under its NCIB programs at a weighted average price of $4.35 per share, or approximately 6.4% of the Company's outstanding shares at December 31, 2024. Subsequent to December 31, 2025 and as of February 18, 2026, the Company purchased an additional 300,200 common shares. The 2024-2025 NCIB program was completed on October 4, 2025, Trican purchased 13,187,215 common shares in total under the 2024-2025 NCIB program at a weighted average price of $4.27 per share, representing approximately 69% of the 19,010,793 common shares eligible for purchase under the program.On September 30, 2025, the Company announced the renewal of its NCIB program, commencing October 5, 2025, to purchase up to 18,405,613 common shares for cancellation before October 4, 2026, subject to the TSX's NCIB rules.Since the initiation of our NCIB programs in 2017, Trican has purchased 179,196,565 common shares, equating to approximately 52% of total shares outstanding at the start of the NCIB programs at a weighted average price of $2.89 per share. All common shares purchased under the NCIB program are returned to treasury for cancellation. The Company also continues to execute on its return of capital strategy through its quarterly dividend program:During the year ended December 31, 2025, the Company paid an annualized cash dividend of $0.21 per share, totaling $41.6 million in aggregate to shareholders. On February 18, 2026, the Company's board of directors approved a dividend of $0.055 per share reflecting an increase of 10% from the Q1 2025 quarterly dividend payment of $0.050 per share. The distribution is scheduled to be made on March 31, 2026 to shareholders of record as of the close of business on March 13, 2026.The dividends are designated as eligible dividends for Canadian income tax purposes.FINANCIAL REVIEW ($ millions, except $ per share amounts.
Weighted average shares is stated in thousands)
Three months ended

Year ended
(Unaudited)
December
31, 2025

December
31, 2024

September
30, 2025

December
31, 2025

December
31, 2024

December
31, 2023
Revenue
322.7

275.5

300.6

1,096.2

980.8

972.7
Gross profit
63.2

49.6

60.3

217.1

190.0

201.2
Adjusted EBITDAS1
75.3

58.6

66.9

251.7

231.2

243.1
Adjusted EBITDA1
73.4

55.6

59.5

239.1

219.2

235.6
Free cash flow1
46.6

33.9

35.4

149.4

137.1

161.6
Per share - basic1
0.22

0.18

0.19

0.77

0.69

0.74
Per share - diluted1
0.22

0.18

0.18

0.76

0.67

0.73
Cash flow from / (used in) operations
88.6

82.1

(32.1)
167.6

154.8

248.5
Profit for the period
31.9

27.6

28.9

112.2

109.5

121.0
Per share - basic
0.15

0.14

0.15

0.58

0.55

0.56
Per share - diluted
0.15

0.14

0.15

0.57

0.54

0.55
Dividends paid
11.6

8.5

11.7

41.6

35.6

34.3
Per share
0.055

0.045

0.055

0.210

0.180

0.160
Shares outstanding, end of period
210,792

188,924

212,231

210,792

188,924

209,133
Weighted average shares outstanding - basic
211,931

190,695

190,971

193,314

199,814

216,910
Weighted average shares outstanding - diluted
213,696

193,589

193,662

195,783

203,157

221,451
1 Refer to the Non-GAAP disclosure section of this news release for further details.
($ millions)
As at December 31, 2025

As at December 31, 2024

As at December 31, 2023
Cash and cash equivalents
12.5

26.3

88.8
Current assets - other
308.2

237.2

208.9
Current portion of lease liabilities
6.1

5.1

4.4
Current liabilities - other
122.8

130.4

140.0
Lease liabilities - non-current portion
17.8

14.9

13.7
Non-current loans and borrowings
92.4

-

-
Total assets
1,013.7

683.1

710.4

Three months ended
(Unaudited)
December
31, 2025
September
30, 2025

June
30, 2025

March
31, 2025

December
31, 2024
WTI - Average price (US$/bbl)
$59.14

$64.97

$63.68

$71.42

$70.32
AECO-C - Spot average price (C$/mcf)
$2.14

$0.57

$1.66

$2.01

$1.41
WCS - Average price (C$/bbl)
$65.17

$72.29

$73.58

$83.62

$80.32
Average exchange rate (US$/C$)
$0.72

$0.73

$0.72

$0.70

$0.72
Canadian average drilling rig count
196

184

139

231

214
Source: Bloomberg, Bank of Canada, and Rig Locator HIGHLIGHTSCapital expenditures1 and technology modernization Capital expenditures1 for the year ended December 31, 2025 totaled $62.9 million ($75.1 million for the year ended December 31, 2024) related primarily to maintenance capital expenditures1 and electric ancillary fracturing equipment. The Company has approved a capital budget for 2026 of $122 million, underscoring the Company's commitment to disciplined investment and long-term growth. The approved capital budget reflects the Company's continued focus on maintenance capital to ensure reliability and efficiency across Trican's four divisions, while allocating targeted growth capital to advance modernization initiatives and position the Company for future opportunities. Growth capital includes approximately $40 million for Canada's first 100% natural gas fueled, continuous, heavy-duty hydraulic fracturing fleet, which is expected to be field ready in the second half of 2026.The Company is undertaking a significant technology modernization initiative starting with our base financial system and implementing an integrated enterprise resource planning ("ERP") platform. Trican anticipates ongoing technology enhancements over the next few years including the incorporation of artificial intelligence and enhanced data analytics capabilities to remain competitive in an evolving digital landscape. The investment for 2026 is anticipated to be $10 million which will be presented as G&A expense in accordance with IFRS.The Company will fund these expenditures with available cash resources, free cash flow1 and our revolving credit facility. Hydraulic fracturing fleetWe continue to advance the modernization of our fracturing fleet through targeted investments in lower-emission and next-generation technologies, including the progression toward a 100% natural gas fueled, continuous, heavy-duty hydraulic fracturing fleet. This approach builds on our modernization strategy over recent years, including prior investments in upgrading existing equipment with Tier 4 Dynamic Gas Blending ("Tier 4 DGB") engine technology alongside the construction of new fully electric ancillary equipment. The combination of Tier 4 DGB engines and fully electric ancillary equipment can displace up to 90% of the diesel used in a conventional fracturing operation with natural gas resulting in lower overall fuel costs and reduced carbon dioxide and particulate matter emissions. Our ongoing fleet modernization also includes the deployment of industry leading continuous heavy duty pumps (3,000 HHP) and idle reduction technology packages which enable longer pumping times and improved operating efficiencies. Trican's fracturing fleet includes five active Tier 4 DGB fleets with a total Tier 4 DGB capacity of 210,000 HHP. During the second quarter of 2025, the third group of electric ancillary equipment was deployed in the field. Construction of a fourth group of electric ancillary equipment is underway and is expected to be completed by Q2 2026.In addition to these fleet modernization initiatives, Trican expanded its fracturing and completion service capabilities through the Acquisition, which enhances Trican's position as a leading energy services provider by adding over four fracturing spreads and expanding its operational expertise in coiled tubing-integrated fracturing operations in Alberta and Saskatchewan. These assets augment Trican's services offering across the WCSB, supporting customers throughout the drilling, completion, and production lifecycles.Tier 4 upgrades, electric ancillary equipment, the development of a 100% natural gas fueled, continuous, heavy-duty hydraulic fracturing fleet, and the expansion of coiled tubing-integrated fracturing operations through the Acquisition are key components of Trican's operating strategy. Our ongoing initiatives, including fleet upgrades, are intended to improve operating performance, cost efficiency, and reduce our emissions profile, thereby improving the sustainability of our operations while supporting our customers in achieving their goals.Financial positionWe continue to focus on maintaining a strong statement of financial position with significant positive working capital1 including cash. Our ability to generate strong free cash flow1 and financial flexibility will allow us to execute our strategic plans including ongoing investment in our industry leading fleet, continued execution of our NCIB program and the payment of a quarterly dividend as a part of our disciplined capital allocation strategy which includes a consistent return of capital to our shareholders.OUTLOOK Market ConditionsTrican's outlook for the next several years remains constructive, supported by structural improvements in Canadian energy infrastructure and expanding LNG export capacity. These factors are expected to support sustained drilling and completions activity across the WCSB through 2026 and beyond.Natural gas related completion activity has remained resilient despite a challenging pricing environment in Canada. Customers continue to mitigate commodity price volatility through diversified marketing strategies across North America, and the high liquids content of major Canadian gas plays continues to enhance project economics.Oil prices declined sharply during the second half of 2025, resulting in certain customers deferring or cancelling portions of their capital programs and lower-than-expected activity in the Iron Horse division in the fourth quarter of 2025. More recently, oil prices have stabilized and modestly recovered, and based on current customer schedules, activity levels are expected to improve in the first quarter of 2026. As a result of lower commodity prices experienced in 2025, pricing pressure for completion services during the second half of the year continued into the first quarter of 2026. This pressure was driven by ongoing competitive market conditions and a balanced operating environment for fracturing equipment.Industry and Infrastructure DevelopmentsThe commencement of LNG exports from the LNG Canada facility in mid-2025 represents a structural shift for the Canadian natural gas market by enabling access to global markets and reducing reliance on US pricing. LNG Canada is expected to reach approximately 2.0 bcf/day of capacity in mid-2026, supporting improved long-term natural gas pricing, with a potential Phase 2 expansion further strengthening market access.Additional LNG projects, including Woodfibre LNG and Cedar LNG, are expected to add approximately 0.7 bcf/day of export capacity, while Ksi Lisims LNG continues to advance through regulatory and permitting stages and is expected to add approximately 1.6 bcf/day upon completion. The Trans Mountain Pipeline expansion helped narrow crude oil price differentials, improving the competitiveness of Canadian oil production.Core Resource PlaysThe Montney and Duvernay continue to represent the most active and attractive resource plays in the WCSB. The Montney benefits from strong well economics, large drilling inventories and increasing LNG driven demand, while the Duvernay continues to attract capital focused on liquids-rich, high-rate wells with attractive returns.Both reservoirs are technically complex and highly pressure-pumping-intensive, requiring advanced completion technologies, increased proppant intensity, large-scale coiled tubing units and significant cement volumes to support extended lateral designs. These characteristics are expected to drive continued demand for pressure pumping and related services provided by Trican.Strategic PositioningTrican continues to focus on expanding its logistics capabilities in response to anticipated increases in sand volumes to be pumped in the basin over the coming years. As certain customers transition to procuring and supplying their own sand, Trican is expanding its logistics and complementary service offerings to support customer activity and optimize execution.The acquisition of Iron Horse in the third quarter of 2025 expanded Trican's coil-integrated fracturing capabilities, increased scale and geographic diversity, and strengthened its ability to deliver integrated services across the drilling, completion and production lifecycles.As part of our differentiation strategy, Trican continues to invest in its equipment fleet and technology platform, including the development of a high-rate, 100% natural gas-fueled fracturing design targeted for deployment in the second half of 2026 to augment our investments in Tier 4 DGB technology and electrified ancillary equipment.Beyond field operations, Trican is implementing an integrated ERP platform as part of a broader technology modernization initiative. Trican anticipates ongoing technology enhancements over the coming years including the incorporation of artificial intelligence and enhanced data analytics capabilities to enhance efficiency and competitiveness. These investments are expected to enhance operational efficiency, reliability and emissions performance over the coming years.Capital AllocationTrican remains focused on generating attractive returns and returning capital to our shareholders both through our quarterly dividend and our NCIB program. We expect to allocate a significant portion of our Free Cash Flow1 to shareholder returns. Trican increased its quarterly dividend per share by 11% effective in Q1 2025. Following the completion of the Acquisition, the board of directors approved and implemented a further 10% dividend increase, reflecting the accretive nature of the transaction.On September 30, 2025, Trican renewed its NCIB program, which is scheduled to run from October 5, 2025 through October 4, 2026. As of February 18, 2026, the Company has repurchased and cancelled approximately 1.8 million shares, representing approximately 10% of the current NCIB program. We will continue to be active with our NCIB program when market conditions present an attractive investment opportunity relative to other investment opportunities available to the Company. We believe our ability to deliver a multi-layered return of capital strategy while maintaining a strong balance sheet will lead to long-term value creation for our shareholders. COMPARATIVE QUARTERLY INCOME STATEMENTS($ thousands, except crews1; unaudited)

Three months endedDecember
31, 2025
Percentage
of revenue
December
31, 2024
Percentage
of revenue
September
30, 2025
Percentage
of revenue

Revenue
322,732

100%

275,516

100%

300,586

100%
Cost of sales
233,082

72%

208,039

76%

219,501

73%
Cost of sales - depreciation and amortization
26,426

8%

17,868

6%

20,769

7%
Gross profit
63,224

20%

49,609

18%

60,316

20%
Administrative expenses
16,247

5%

11,927

4%

21,611

7%
Administrative expenses - depreciation
1,370

-%

939

-%

963

-%
Other income / (loss)
287

-%

(670)
-%

(916)
-%
Results from operating activities
45,320

14%

37,413

14%

38,658

13%
Finance costs
2,596

1%

655

-%

546

-%
Foreign exchange (gain) / loss
(204)
-%

402

-%

499

-%
Profit before income tax
42,928

13%

36,356

13%

37,613

13%
Current income tax expense
12,145

4%

6,847

2%

9,927

3%
Deferred income tax (recovery) / expense
(1,158)
-%

1,910

1%

(1,212)
-%
Profit for the period
31,941

10%

27,599

10%

28,898

10%
Adjusted EBITDAS1
75,252

23%

58,555

21%

66,867

22%
Adjusted EBITDA1
73,403

23%

55,550

20%

59,474

20%
Total proppant pumped (tonnes)1
567,000

532,000

525,000

Hydraulic pumping capacity (HHP)1
621,000

504,000

620,000

Hydraulic fracturing - active crews1
11

7

11

Hydraulic fracturing - parked crews1
4

4

4

1 Refer to the Non-GAAP disclosure section of this news release for further details.
Sales mix - % of total revenueThree months ended (unaudited)December 31, 2025December 31, 2024September 30, 2025Fracturing 76% 78% 74% Cementing 17% 15% 18% Coiled tubing 7% 7% 8% Total 100% 100% 100% COMPARATIVE YEAR-TO-DATE INCOME STATEMENTS($ thousands, except crews1)

Year endedDecember
31, 2025
Percentage
of revenue
December
31, 2024
Percentage
of revenue
Year-over year change
Percentage change

Revenue
1,096,189

100%

980,839

100%

115,350

12%
Cost of sales
795,282

73%

717,164

73%

78,118

11%
Cost of sales - depreciation and amortization
83,793

8%

73,673

8%

10,120

14%
Gross profit
217,114

20%

190,002

19%

27,112

14%
Administrative expenses
61,841

6%

44,527

5%

17,314

39%
Administrative expenses - depreciation
4,257

-%

3,869

-%

388

10%
Other income
(1,515)
-%

(6,907)
(1%)

5,392

78%
Results from operating activities
152,531

14%

148,513

15%

4,018

3%
Finance costs
4,396

-%

2,481

-%

1,915

77%
Foreign exchange loss
278

-%

518

-%

(240)
(46%)
Profit before income tax
147,857

13%

145,514

15%

2,343

2%
Current income tax expense
36,591

3%

29,766

3%

6,825

23%
Deferred income tax (recovery) / expense
(928)
-%

6,268

1%

(7,196)
(115%)
Profit for the period
112,194

10%

109,480

11%

2,714

2%
Adjusted EBITDAS1
251,718

23%

231,178

24%

20,540

9%
Adjusted EBITDA1
239,066

22%

219,217

22%

19,849

9%
Total proppant pumped (tonnes)1
1,972,000

1,631,000

Hydraulic pumping capacity (HHP)1
621,000

504,000

Hydraulic fracturing - active crews1
11

7

Hydraulic fracturing - parked crews1
4

4

1 Refer to the Non-GAAP disclosure section of this news release for further details.
Sales mix - % of total revenueYear endedDecember 31, 2025December 31, 2024Fracturing 74% 73% Cementing 18% 19% Coiled tubing 8% 8% Total 100% 100% NON-GAAP MEASURESCertain terms in this News Release, including adjusted EBITDA, adjusted EBITDAS, adjusted EBITDA percentage, adjusted EBITDAS percentage, free cash flow and free cash flow per share, do not have any standardized meaning as prescribed by IFRS and therefore are considered non-GAAP measures and may not be comparable to similar measures presented by other issuers.Adjusted EBITDA and adjusted EBITDASAdjusted EBITDA (earnings before interest, taxes, depreciation and amortization) is a non-GAAP financial measure and has been reconciled to profit / (loss) for the applicable financial periods, being the most directly comparable measure calculated in accordance with IFRS. Management utilizes adjusted EBITDA to translate historical variability in the Company's principal business activities into future financial expectations. By isolating incremental items from net income, including income / expense items related to how the Company chooses to manage financing elements of the business, taxation strategy and non-cash charges, management can better predict future financial results from our principal business activities. Adjusted EBITDAS (earnings before interest, taxes, depreciation, amortization and share-based compensation) is a non-GAAP financial measure and has been reconciled to profit / (loss) for the applicable financial periods, being the most directly comparable measure calculated in accordance with IFRS. Management utilizes adjusted EBITDAS as a useful measure of operating performance, cash flow to complement profit / (loss) and to provide meaningful comparisons of operating results.The items included in this calculation of adjusted EBITDA have been specifically identified as they are non-cash in nature, subject to significant volatility between periods, and / or not relevant to our principal business activities. Items adjusted in the non-GAAP calculation of adjusted EBITDA, are as follows: Non-cash expenditures, including depreciation, amortization, impairment of non-financial assets, and equity-settled share-based compensation; Consideration as to how the Company chose to generate financial income and incur financial expenses, including foreign exchange expenses and finance costs; Taxation in various jurisdictions; and Other income / expense which generally results from the disposition of equipment, as these transactions generally do not reflect quarterly operational field activity. The item adjusted in the non-GAAP calculation of adjusted EBITDAS from adjusted EBITDA, is as follows:Cash-settled share-based compensation.($ thousands)
Three months ended

Year ended

December 31, 2025
December 31, 2024
September 30, 2025
December 31, 2025
December 31, 2024
Profit for the period (IFRS financial measure)
31,941

27,599

28,898

112,194

109,480
Adjustments:

Cost of sales - depreciation and amortization
26,426

17,868

20,769

83,793

73,673
Administrative expenses - depreciation
1,370

939

963

4,257

3,869
Current income tax expense
12,145

6,847

9,927

36,591

29,766
Deferred income tax (recovery) / expense
(1,158)
1,910

(1,212)
(928)
6,268
Finance costs and amortization of debt issuance costs
2,596

655

546

4,396

2,481
Foreign exchange (gain) / loss
(204)
402

499

278

518
Other loss / (income)
287

(670)
(916)
(1,515)
(6,907)Administrative expenses - equity-settled share-based compensation
-

-

-

-

69
Adjusted EBITDA
73,403

55,550

59,474

239,066

219,217
Administrative expenses - cash-settled share-based compensation
1,849

3,005

7,393

12,652

11,961
Adjusted EBITDAS
75,252

58,555

66,867

251,718

231,178
Certain financial measures in this news release - namely adjusted EBITDA, adjusted EBITDAS, adjusted EBITDA percentage, adjusted EBITDAS percentage and free cash flow are not prescribed by IFRS and are considered non-GAAP measures. These measures may not be comparable to similar measures presented by other issuers and should not be viewed as a substitute for measures reported under IFRS. These financial measures are reconciled to IFRS measures in the Non-GAAP disclosure section of this news release. Other non-standard measures are described in the Non-Standard Measures section of this news release.
Adjusted EBITDA % and adjusted EBITDAS %Adjusted EBITDA percentage and adjusted EBITDAS percentage are non-GAAP financial ratios that are determined by dividing adjusted EBITDA and adjusted EBITDAS, respectively, by revenue. The components of the calculations are presented below:($ thousands)
Three months ended

Year ended

December
31, 2025

December
31, 2024

September
30, 2025

December
31, 2025

December
31, 2024
Adjusted EBITDA
73,403

55,550

59,474

239,066

219,217
Revenue
322,732

275,516

300,586

1,096,189

980,839
Adjusted EBITDA %
23%

20%

20%

22%

22%

($ thousands)
Three months ended

Year ended

December
31, 2025

December
31, 2024

September
30, 2025

December
31, 2025

December
31, 2024
Adjusted EBITDAS
75,252

58,555

66,867

251,718

231,178
Revenue
322,732

275,516

300,586

1,096,189

980,839
Adjusted EBITDAS %
23%

21%

22%

23%

24%
Free cash flow and free cash flow per shareFree cash flow and free cash flow per share are non-GAAP financial measures which Management believes to be key measures of capital management as they demonstrate the Company's ability to generate cash flow available to fund future growth through capital investments and return capital to our shareholders.Free cash flow has been reconciled to cash flow from operations for the applicable financial periods, being the most directly comparable measure calculated in accordance with IFRS. Management adjusts for other (income) / loss, realized (gain) / loss, current income tax, income taxes paid, maintenance capital expenditures1 included within purchase of property and equipment from the statement of cash flows, net changes in other liabilities and change in non-cash operating working capital1.Management reconciles free cash flow from adjusted EBITDA for the applicable financial periods by adjusting for interest paid, current income tax expense, and maintenance capital expenditures1 included within the purchase of property and equipment from the statement of cash flows as they are considered non-discretionary.Free cash flow per share is calculated by dividing free cash flow by the Company's basic or diluted weighted average common shares outstanding.Free cash flow and free cash flow per share are not standardized measures and therefore may not be comparable with the calculation of similar measures by other entities.($ thousands)
Three months ended

Year ended

December
31, 2025

December
31, 2024

September
30, 2025

December
31, 2025

December
31, 2024
Cash flow from / (used in) operations (IFRS financial measure)
88,561

82,137

(32,140)
167,577

154,841
Adjustments:

Other loss / (income)
229

(549)
(405)
(621)
(2,791)Realized foreign exchange (gain) / loss
(340)
356

445

100

696
Current income tax expense
(12,145)
(6,847)
(9,927)
(36,591)
(29,766)Maintenance capital expenditures1
(12,296)
(14,167)
(13,524)
(48,920)
(50,092)Net changes in other liabilities
(770)
(1,393)
(2,091)
625

(2,791)Change in non-cash operating working capital1
(28,832)
(31,107)
83,007

26,461

5,255
Income taxes paid
12,186

5,499

9,986

40,724

61,716
Free cash flow
46,593

33,929

35,351

149,355

137,068
($ thousands)
Three months ended

Year ended

December
31, 2025

December
31, 2024

September
30, 2025

December
31, 2025

December
31, 2024
Adjusted EBITDA
73,403

55,550

59,474

239,066

219,217
Interest paid
(2,369)
(607)
(672)
(4,200)
(2,291)Current income tax expense
(12,145)
(6,847)
(9,927)
(36,591)
(29,766)Maintenance capital expenditures1
(12,296)
(14,167)
(13,524)
(48,920)
(50,092)Free cash flow
46,593

33,929

35,351

149,355

137,068
($ thousands)
Three months ended

Year ended

December
31, 2025

December
31, 2024

September
30, 2025

December
31, 2025

December
31, 2024
Purchase of property and equipment
15,216

18,655

18,926

62,887

75,066
Growth capital expenditures1
2,920

4,488

5,402

13,967

24,974
Maintenance capital expenditures1
12,296

14,167

13,524

48,920

50,092
($ thousands, except $ per share amounts. Weighted average shares is stated in thousands; unaudited)
Three months ended

Year ended

December
31, 2025

December
31, 2024

September
30, 2025

December
31, 2025

December
31, 2024
Free cash flow
46,593

33,929

35,351

149,355

137,068
Weighted average shares outstanding - basic
211,931

190,695

190,971

193,314

199,814
Free cash flow per share - basic
0.22

0.18

0.19

0.77

0.69

($ thousands, except $ per share amounts. Weighted average shares is stated in thousands; unaudited)
Three months ended

Year ended

December
31, 2025

December
31, 2024

September
30, 2025

December
31, 2025

December
31, 2024
Free cash flow
46,593

33,929

35,351

149,355

137,068
Weighted average shares outstanding - diluted
213,696

193,589

193,662

195,783

203,157
Free cash flow per share - diluted
0.22

0.18

0.18

0.76

0.67
OTHER NON-STANDARD FINANCIAL TERMS In addition to the above non-GAAP financial measures and ratios, this News Release makes reference to the following non-standard financial terms. These terms may differ and may not be comparable to similar terms used by other companies. Working capitalTerm that refers to the difference between the Company's current assets and current liabilities.Capital expenditures Term that refers to the Company's capital additions.Maintenance and growth capital expendituresTerm that refers to capital additions as maintenance or growth capital. Maintenance capital are expenditures in respect of capital additions, replacements or improvements required to maintain ongoing business operations. Growth capital refers to expenditures primarily for new items and/or equipment that will expand our revenue and/or reduce our expenditures through operating efficiencies. The determination of what constitutes maintenance capital expenditures versus growth capital involves judgment by management.FORWARD-LOOKING STATEMENTSCertain statements contained in this document constitute forward-looking information and statements (collectively "forward-looking statements"). These statements relate to future events or our future performance. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "achieve", "believe", "budget", "can", "continue", "could", "estimate", "expect", "forecast", "intend", "may", "might", "plan", "planned", "potential", "predict", "project", "seek", "should", "targeting", "will", "would" and other similar terms and phrases. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. We believe the expectations reflected in these forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this document should not be unduly relied upon. These statements speak only as of the date of this document. In particular, this document contains forward-looking statements pertaining to, but not limited to, the following:our business plans and prospects; statements under the Outlook section of this News Release;that we have sufficient liquidity to support operations, meet our commitments, invest in new opportunities, improve our competitive position and drive profitable growth;the impact of escalated geopolitical tensions, including the conflicts in the Middle East, the Russian invasion of Ukraine, evolving US and Venezuela oil market policies, OPEC+ policy changes, and the associated effect on worldwide demand for oil and natural gas;the impact of geopolitical events and trade developments in North America, including recent or potential tariffs between Canada and the US, continue to generate considerable uncertainty, and the associated effect on North American demand and activity for oil and natural gas;the anticipated benefits of the Acquisition, including enhanced scale, increased organic growth opportunities, enhanced liquidity and the accretion to cash flow of Trican;the anticipated employment levels and opportunities of the pro forma company;certain pro forma operational, financial and other information and projections;anticipated industry activity levels, rig counts and outlook as well as expectations regarding our customers' work and capital programs and the associated impact on the Company's equipment utilization levels and demand for our services in 2026; the impact of inflation and existence of inflationary pressures;expectations as to the type of pressure pumping equipment required and which operating regions the equipment is appropriate to operate in;expectations regarding supply and demand fundamentals and commodity pricing levels;expectations that we are adequately staffed for current industry activity levels, that we will be able to retain and attract staff; expectations regarding the trends and factors affecting the pricing environment for the Company's services;expectations regarding the Company's financial results, working capital1 levels, liquidity and profits; expectations regarding Trican's capital spending plans and sources/availability of capital;expectations regarding Trican's technology modernization initiative, equipment upgrades and the environmental, performance and competitive impacts thereof;expectations regarding Trican's utilization of its NCIB program; expectations regarding Trican's ability to pay dividends;expectations that adjusted EBITDA will help predict future earnings;expectations regarding customer performance and financial flexibility;anticipated compliance with debt and other covenants under our revolving credit facilities; expectations that the Company can maintain its strong position in the fracturing and cementing service lines and strengthen ancillary services; expectations regarding the nature and focus of our share-based compensation programs;the intended completion of the design of disclosure controls and procedures and internal control over financial reporting of Iron Horse by September 30, 2026; expectations regarding Trican's policy of adjusting its capital budget on a quarterly basis; andexpectations surrounding weather and seasonal slowdowns.Our actual results could differ materially from those anticipated in these forward-looking statements as a result of the risk factors set forth herein and in the Risk Factors section of our AIF for the year ended December 31, 2024, available on SEDAR+ (www.sedarplus.ca). Readers are cautioned that the foregoing lists of factors are not exhaustive. Forward-looking statements are based on a number of factors and assumptions, which have been used to develop such statements and information, but which may prove to be incorrect. Although management of Trican believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because Trican can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified in this document, assumptions have been made regarding, among other things: crude oil and natural gas prices; the impact of increasing competition; the general stability of the economic and political environment; the timely receipt of any required regulatory approvals; industry activity levels; Trican's policies with respect to acquisitions; the ability of Trican to obtain qualified staff, equipment and services in a timely and cost efficient manner; the ability to operate our business in a safe, efficient and effective manner; the ability of Trican to obtain capital resources and adequate sources of liquidity; the performance and characteristics of various business segments; the regulatory framework; the timing and effect of pipeline, storage and facility construction and expansion; and future commodity, currency, exchange and interest rates. The forward-looking statements contained in this document are expressly qualified by this cautionary statement. We do not undertake any obligation to publicly update or revise any forward-looking statements except as required by applicable law. Additional information regarding Trican including Trican's most recent AIF, is available under Trican's profile on SEDAR+ (www.sedarplus.ca). CONFERENCE CALL AND WEBCAST DETAILSThe Company will host a conference call on Thursday, February 19, 2026 at 10:00 a.m. MT (12:00 p.m. ET) to discuss its results for the Fourth Quarter 2025. To listen to the webcast of the conference call, please enter the following URL in your web browser: http://www.gowebcasting.com/14524. You can also visit the "Investors" section of our website at www.tricanwellservice.com/investors and click on "Reports".To participate in the Q&A session, please call the conference call operator at 1-800-770-2030 (Canada and US) or 1-647-362-9199 (international) 10 minutes prior to the call's start time and ask for the "Trican Well Service Ltd. Fourth Quarter 2025 Earnings Results Conference Call."The conference call will be archived on Trican's website at www.tricanwellservice.com/investors.ABOUT TRICANHeadquartered in Calgary, Alberta, Trican supplies oil and natural gas well servicing equipment and solutions to our customers through the drilling, completion and production cycles. Our team of technical experts provide state-of-the-art equipment, engineering support, reservoir expertise and laboratory services through the delivery of hydraulic fracturing, cementing, coiled tubing, nitrogen services and chemical sales for the oil and gas industry in Western Canada.Requests for further information should be directed to:Bradley P.D. Fedora
President and Chief Executive OfficerScott E. Matson
Chief Financial OfficerPhone: (403) 266-0202
2900, 645 - 7th Avenue S.W.
Calgary, Alberta T2P 4G8 Please visit our website at www.tricanwellservice.com.To view the source version of this press release, please visit https://www.newsfilecorp.com/release/284402
Original: Trican Reports Annual Results for 2025 and Declares Quarterly Dividend