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Enerflex (EFX) investor relations material
Enerflex Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved record adjusted EBITDA of $130 million in Q2 2025, reflecting strong operational and financial performance across all business lines and geographies.
Energy infrastructure and aftermarket services contributed 65% of gross margin before depreciation and amortization, reinforcing their role as core profitability drivers.
Maintained a $1.2 billion backlog in Engineered Systems and a $1.5 billion Energy Infrastructure contract backlog, supporting revenue visibility and stable demand.
Leadership transition underway, with interim CEO and CFO in place and a global search for a permanent CEO progressing.
Market leader in modular energy solutions with a diversified customer base across 7 core countries and 45 years of operations.
Financial highlights
Consolidated revenue was $615 million, up from $614 million in Q2 2024 and $552 million in Q1 2025.
Gross margin before depreciation and amortization reached $175 million (29% of revenue), up from $173 million (28%) in Q2 2024.
Adjusted EBITDA set a new quarterly record at $130 million, compared to $122 million in Q2 2024.
Cash provided by operating activities before working capital changes rose to $89 million, up from $63 million in Q2 2024.
Free cash flow was a use of $39 million, primarily due to increased growth capital spending and working capital build.
Outlook and guidance
Recurring sources expected to contribute 65% of gross margin before depreciation and amortization.
Full-year 2025 capital spending forecast at $120 million, with $60 million for growth initiatives, mainly in U.S. contract compression.
Engineered Systems and Energy Infrastructure backlogs provide strong revenue visibility; ES revenue anticipated to remain steady with gross margin aligning to historical averages.
North American contract compression fleet expected to exceed 475,000 horsepower by year-end 2025.
Monitoring risks from tariffs, commodity price volatility, and market conditions, but medium-term outlook remains attractive.
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