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Enerflex (EFX) investor relations material
Enerflex Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Achieved record adjusted EBITDA in Q3 2025, with figures reported at $145 million and $149 million, driven by strong project execution, robust U.S. Contract Compression, and Engineered Systems bookings of $339 million.
Revenue reached $777 million, up from $601 million in Q3 2024, with significant contributions from the Bisat-C Expansion and strong activity across business lines.
Engineered Systems backlog reached $1.1 billion, and Energy Infrastructure contract backlog was $1.4 billion, providing strong revenue visibility into 2026.
U.S. contract compression business maintained utilization above 90% for two years, with plans to expand fleet to 485,000 horsepower by year-end 2025.
Strategic priorities include enhancing profitability, maximizing free cash flow, disciplined investment, and leveraging core markets.
Financial highlights
Q3 2025 revenue was $777 million, with gross margin before depreciation and amortization at $206 million (27% of revenue), and adjusted EBITDA at $145–$149 million, both up year-over-year.
Net earnings were $37 million ($0.30/share), up from $30 million ($0.24/share) in Q3 2024, but down from $60 million ($0.49/share) in Q2 2025.
Free cash flow was $43 million, down from $78 million in Q3 2024, due to working capital investments and higher capital spend.
SG&A expenses decreased by $11 million year-over-year due to cost-saving initiatives.
Recurring sources contributed approximately 65% of gross margin before depreciation and amortization.
Outlook and guidance
Engineered Systems backlog at $1.1 billion and Energy Infrastructure contract backlog at $1.4 billion provide strong revenue visibility into 2026.
Bookings in Q3 were $339 million, with a book-to-bill ratio of 0.9 times.
Total 2025 capital expenditures targeted at $120 million, split evenly between maintenance and growth.
U.S. contract compression fleet expected to grow to 485,000 horsepower by end of 2025.
Monitoring risks such as tariffs, commodity price volatility, and supply chain lead times.
How will ES margins normalize post-Bisat-C?
How will FCF be managed with project investments?
Prioritize debt reduction vs. shareholder returns?
How to capitalize on 500MW+ power gen market
Why ES margins expected to align with historical?
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Frequently asked questions
Enerflex Ltd provides integrated energy infrastructure and service solutions for natural gas, energy transition, and oil and gas markets. The company's services include compression, processing, and electric power generation equipment, along with field maintenance and operations support. Enerflex serves customers globally across upstream, midstream, and energy transition projects. The company is headquartered in Calgary, Canada, and its shares are listed on the TSX.
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