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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.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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