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CES Energy Solutions (CEU) investor relations material
CES Energy Solutions Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved record Q2 2025 revenue of $574M, up 4% year-over-year, with all-time high U.S. and Canadian divisional revenues despite lower rig counts.
Maintained industry-leading North American market share, with 71% of revenue from the U.S. and 29% from Canada.
Net income for Q2 2025 rose 8% to $51.8M; EPS (basic) increased 15% to $0.23.
Resilient, countercyclical balance sheet and low capital intensity support strong free cash flow generation.
Over 2,700 employees, 13 lab facilities, and 108 reactors/blend tanks; 100+ patents and trademarks.
Financial highlights
Q2 2025 revenue reached $574M, a 4% increase over Q2 2024; U.S. revenue set a new record at $406M, up 4% year-over-year.
Adjusted EBITDAC was $88.3M (15.4% margin), down from $95.4M (17.3%) in Q2 2024, reflecting investments in personnel and supply chain restructuring.
Free cash flow was $35M, down from $55M in Q2 2024, due to higher working capital needs supporting record revenue.
Working capital surplus at June 30, 2025, was $672M, exceeding total debt by $181M.
Net debt stood at $(181M), reflecting a strong liquidity position.
Outlook and guidance
Expects continued growth in 2025 and stronger performance in 2026 as oil markets improve and natural gas demand rises.
Anticipates financial impact from new tender wins in late Q3 and Q4, with updates to be provided in November.
2025 CapEx expected at $80M, split evenly between maintenance and expansion.
Plans to maintain disciplined capital allocation and adjust expenditures as needed for growth.
Capital allocation focused on dividends, debt repayment, and share buybacks.
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