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Ensign Energy Services (ESI) investor relations material

Ensign Energy Services Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary7 Nov, 2025

Executive summary

  • Q3 2025 revenue was $411.2 million, down 5% year-over-year; nine-month revenue was $1.22 billion, down 3%.

  • Adjusted EBITDA for Q3 2025 was $98.6 million, 17% lower year-over-year; nine-month adjusted EBITDA was $282.3 million, down 16%.

  • Net loss attributable to common shareholders was $3.3 million, compared to net income of $5.3 million in Q3 2024.

  • Generated strong cash flow, enabling further debt reduction and progress toward a $600 million debt reduction target by Q1 2026.

  • Expanded technology suite with successful beta testing and commercialization of Edge Autodriller Max and Edge Auto Two-Phase Control.

Financial highlights

  • Adjusted EBITDA per share (basic) was $0.53 in Q3 2025, down from $0.65 in Q3 2024.

  • Net loss per share (basic and diluted) was $(0.02) in Q3 2025, compared to $0.03 in Q3 2024.

  • Cash provided by operating activities was $100.6 million in Q3 2025, down 3% year-over-year.

  • Interest expense decreased 23% to $18.4 million due to lower debt and effective rates.

  • General and administrative expenses fell 5% in Q3, driven by prior year non-recurring costs and cost controls.

Outlook and guidance

  • Debt reduction target of $600 million, originally set for end of 2025, now expected to be achieved in first half of 2026 due to industry conditions.

  • Maintenance CapEx for 2025 set at $154 million, with selective upgrade CapEx of $35.5 million, $19 million of which is customer funded.

  • Anticipate Canadian rig count peaking at 55 in Q1 2026, with continued contract lengthening and rate increases in high-spec categories.

  • U.S. and international markets expected to see steady or mildly increasing activity, with focus on high-spec rigs and technology adoption.

  • Canadian activity expected to remain steady in Q4 2025; international activity expected to improve exiting the year, especially in Latin America.

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Frequently asked questions

Ensign Energy Services Inc provides oilfield services including drilling, well servicing, and equipment rentals. The company operates a fleet of land-based drilling rigs and provides services to energy producers across North America, Latin America, and the Middle East. The company is headquartered in Calgary, Canada, and its shares are listed on the TSX.

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