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Ensign Energy Services (ESI) investor relations material
Ensign Energy Services Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Revenue for Q2 2025 was $372.4M, down 5% year-over-year; six-month revenue was $808.9M, down 2% from 2024.
Adjusted EBITDA for Q2 2025 was $81.4M, a 19% decrease year-over-year, mainly due to lower rates and one-time rig expenses; net loss attributable to shareholders widened to $26.4M from $4.5M.
Debt reduction remains a priority, with $42.9M repaid YTD and $119.8M left to reach the $600M target by year-end; total debt net of cash decreased by $68.5M in H1 2025.
Market share in Canada grew by 3% despite a 9% industry decline; US market share held steady as industry activity dropped 4%.
Forward contract book increased by $250M, now totaling close to $1B in forward revenue.
Financial highlights
Adjusted EBITDA per share (basic) was $0.44 in Q2 2025, down from $0.54; diluted was $0.45.
Net loss per share (basic and diluted) was $(0.14) in Q2 2025, compared to $(0.02) in Q2 2024.
Interest expense decreased 27% to $18.6M due to lower debt and rates.
Depreciation expense for the first six months was $164.7M, down 4% year-over-year.
Working capital deficit improved to $96.0M at June 30, 2025, from $100.9M at December 31, 2024.
Outlook and guidance
Expecting rig count to reach 105 drill rigs and 55 well service rigs by year-end.
Margins anticipated to recover to 23–24% in Q3 as activity picks up.
Maintenance CapEx budget for 2025 is $154M, with selective upgrades of $30.5M, $19M of which is customer funded.
Debt reduction focus to continue beyond $600M target, with net debt/EBITDA expected to be below 2x in 2026.
International operations to remain steady, with Oman contract expected to boost activity in 2026.
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