Trican Well Service (TCW) investor relations material

Executive summary

• Q3 activity and utilization improved YoY, with a full-quarter Iron Horse contribution; wet weather caused downtime, while pricing pressure and inflationary costs persisted.

• Profit rose to $48.0 million from $28.9 million; $53.0 million was returned to shareholders through dividends and share repurchases.

Financial highlights

• Q3 revenue was $338.3 million vs. $300.6 million; gross profit was $74.5 million vs. $60.3 million.

• Adjusted EBITDA was $87.7 million vs. $59.5 million; adjusted EBITDAS was $87.1 million vs. $66.9 million.

• Q3 profit was $48.0 million, or $0.23 per basic and diluted share, vs. $28.9 million and $0.15 per share.

• Free cash flow was $66.66 million; CapEx was $26.5 million, including $7.7 million maintenance and $18.8 million upgrades.

• 9M revenue was $883.2 million vs. $773.5 million; profit was $76.0 million vs. $80.3 million, while adjusted EBITDA was $180.4 million vs. $165.7 million.

Outlook and guidance

• Q4 began strongly, with October expected to be a record month, but results are expected below Q3 due to seasonal slowdowns and customers exhausting annual budgets.

• Q1 2027 is almost fully booked; customers expect to be busier next year, with measured activity growth expected through 2027 and beyond.

• Basin activity and pricing are each expected to increase ~5% annually, a conservative view pending a more constructive natural gas market.

• Management expects EBITDA margins to moderate from Q3’s 26% high; mid-20% margins are a reasonable forward indicator, with Q3 partly benefiting from lower G&A.

• 2027 CapEx is expected at the current-year level; the 2026 capital budget is $122 million, and natural gas pump orders face long lead times, with current orders arriving in 2028.