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CES Energy Solutions (CEU) investor relations material
CES Energy Solutions Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary14 Nov, 2025
Executive summary
Achieved record Q3 2025 revenue of CAD 623 million (US$623.2 million), with a 16.6% EBITDA/EBITDAC margin, driven by strong U.S. and Canadian performance, market share gains, and service intensity despite lower rig counts and market volatility.
U.S. revenue reached $409.4 million, Canadian revenue hit a third-quarter record of CAD 213.8 million, with 66% of revenue from the U.S. and 34% from Canada.
Returned $45.4 million to shareholders in Q3 through dividends and share repurchases, with a quarterly dividend of $0.0425 per share declared.
Continued strong performance in production chemicals, with PureChem and JCABM Catalyst expanding market share and profitability.
Over 2,700 employees, 13 lab facilities, and more than 100 patents and trademarks.
Financial highlights
LTM Q3 2025 revenue reached $2.44 billion, with Q3 revenue of CAD 623 million, and adjusted gross margin at 27.1%.
Adjusted EBITDA/EBITDAC was CAD 103.3 million (16.6% margin) in Q3, and $394.6 million for LTM Q3 2025.
Cash flow from operations was CAD 52 million in Q3; free cash flow at CAD 27 million.
Working capital surplus at September 30, 2025, was $713.9 million, exceeding total debt by $203.6 million.
Dividend payout ratio at 13%-15%, with $356 million in share buybacks since July 2018.
Outlook and guidance
Expects continued revenue, market share, and margin expansion, with stable free cash flow and constructive end markets due to global energy demand and increased service intensity.
2025 capex estimated at ~$80 million, rising to $85–90 million in 2026, focused on expansion in high-growth plays.
Revenue from recent RFP wins and new US production chemical business to accelerate in 2026.
U.S. upstream activity expected to accelerate in the second half of 2026; 2025 seen as a year of growth and positioning.
Prioritize capital allocation given valuation
Can 2026 margins exceed 16.5% target?
Long-term value of SAGD and GOM market entry
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Next CES Energy Solutions earnings date
Q4 202510 Mar, 2026
Next CES Energy Solutions earnings date
Q4 202510 Mar, 2026
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Frequently asked questions
The company operates through four segments: Production Chemicals, Well Support Services, CRM/Automation, and Technology. It offers a range of products and services that are used for oilfield production; repair damaged production wells; flow assurance in oil and gas pipelines; prevent corrosion of oilfield equipment; control bacteria in shales, sands, and other reservoir types; enhance hydrocarbon recovery from the wells; oilfield chemicals for the preparation of drilling muds for the drill bits to travel down hole efficiently; and chemical formulas to refine crude oil into more useful forms of energy. It also provides chemicals for enhanced oil recovery processes such as steam-assisted gravity drainage/cyclic steam stimulation and gas injection processes. In addition, the company develops customized software applications to manage asset maintenance operations, labor resources, inventory procurement program management, work order management, reporting and analysis tools, contract programs management system, business process integration tools and offline applications.
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