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Ensign Energy Services (ESI) investor relations material
Ensign Energy Services Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Fourth quarter and full year 2025 results exceeded analyst estimates, with notable debt reduction of $80 million in 2025.
Revenue for 2025 was $1,638.9 million, down 3% year-over-year, with declines in international operations offset by positive USD translation effects.
Adjusted EBITDA fell 13% to $389.8 million, and net loss attributable to common shareholders increased to $38.8 million from $20.8 million in 2024.
Canadian business unit led EBITDA gains year-over-year, while U.S. operations faced headwinds but maintained strong performance metrics.
60% of the fleet is contracted forward, with CAD 1.2 billion in forward contract coverage.
Financial highlights
Q4 2025 revenue was CAD 418.8 million, down 2% year-over-year; full year revenue was CAD 1.64 billion, down 3%.
Adjusted EBITDA for Q4 2025 was $107.5 million, down 5% year-over-year; full year Adjusted EBITDA was $389.8 million, down 13%.
Net loss: $38.8 million ($0.21 per share), up from $20.8 million loss in 2024.
Interest expense decreased 23% year-over-year to $74.8 million due to lower debt and reduced rates.
Depreciation expense decreased 3% to $345.4 million for 2025.
Outlook and guidance
Industry conditions remain volatile but constructive, with steady demand for oilfield services.
Maintenance capital expenditures for 2026 are budgeted at $161.4 million, with $32.8 million in selective upgrade capital (mostly customer funded).
Debt reduction target of $600 million expected to be achieved in the first half of 2026, subject to industry and market conditions.
Canadian activity expected steady, supported by LNG Canada and Trans Mountain Pipeline; US and international activity to remain stable.
Global oil demand stable but supply keeps prices capped.
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