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Calfrac Well Services (CFW) investor relations material

Calfrac Well Services Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary7 Aug, 2025

Executive summary

  • Achieved Adjusted EBITDA of $77.0 million in Q2 2025, up 39% sequentially, driven by improved North American utilization and strong Argentina performance.

  • Revenue for Q2 2025 was $402.3 million, down 6% year-over-year due to lower North American activity and pricing, partially offset by growth in Argentina.

  • Net income from continuing operations was $15.3 million ($0.18 per share diluted), down from $24.5 million in Q2 2024, mainly due to higher taxes in Argentina.

  • Cash flow from operating activities surged to $73.5 million from $9.0 million year-over-year, reflecting improved working capital management.

  • Completed North American fleet modernization and reduced operating footprint to 10 fleets in anticipation of softer H2 activity.

Financial highlights

  • Q2 2025 revenue: $402.3 million (down 6% YoY); Adjusted EBITDA: $77.0 million (up 18% YoY); Net income: $15.3 million (down 38% YoY).

  • Six-month revenue: $772.3 million (up 2% YoY); Adjusted EBITDA: $132.3 million (up 45% YoY); Net income: $23.1 million (up 7% YoY).

  • Cash and cash equivalents at quarter-end: $51.8 million, with over half held in Argentina and subsequently repatriated.

  • Capital expenditures in Q2: $40.8 million, including $24.6 million for Argentina expansion and North American fleet upgrades.

Outlook and guidance

  • North American oil-weighted completion activity expected to be lower YoY but more resilient than past cycles; natural gas completions to rise slightly.

  • Argentina expected to deliver strong full-year results, though H2 activity will decline due to budget exhaustion in Vaca Muerta.

  • Capital expenditures for 2025 revised down to $145 million due to reduced North American maintenance needs.

  • Anticipates robust cash flow for the remainder of 2025, focused on debt reduction.

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Frequently asked questions

Calfrac Well Services Ltd. is a Canada-based company that provides specialized oilfield services, including hydraulic fracturing, coiled tubing, cementing, and other well stimulation services. The company supports exploration and production companies in optimizing oil and natural gas recovery from reservoirs. Calfrac operates in multiple regions, including Canada, the United States, and Latin America, serving a range of energy sector clients. The company is headquartered in Calgary, Canada, and its shares are listed on the TSX.

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