Trican Well Service (TCW) Corporate presentation summary

Company overview and market position

• Operates as the largest pressure pumping services provider in Canada, specializing in hydraulic fracturing, cementing, and coiled tubing, with all operations in the Western Canadian Sedimentary Basin.

• Maintains long-term relationships with operators across both conventional and unconventional plays, delivering industry-leading returns and operational excellence.

• Holds a leading market share in high-intensity plays such as Montney and Duvernay, supported by a large, advanced equipment fleet and proprietary R&D capabilities.

• Benefits from a constructive Canadian energy outlook, with robust resource bases, competitive break-even prices, and supportive infrastructure and policy developments.

• Rising well complexity and intensity are driving structurally higher demand for pressure pumping and related services, with active rig counts at their highest since 2014.

Financial performance and capital allocation

• Demonstrates a strong balance sheet with a conservative leverage profile (net debt/LTM EBITDA: 0.2x) and over $160 million in liquidity.

• Returned approximately $650 million to shareholders since 2017 through share repurchases and dividends, with a flexible, sustainable payout strategy.

• Achieved stable revenue growth, top-tier EBITDA margins (22–24%), and high free cash flow conversion (66–75%) from 2023 to 2026E.

• Delivered industry-leading ROIC (19%) and direct return yield (8%) in 2025, ranking highest among North American energy services peers across key metrics.

• Capital allocation prioritizes base returns, high-ROIC investments, and opportunistic share repurchases and M&A, supported by disciplined management.

Strategic priorities and sustainability

• Focuses on maximizing shareholder returns, strengthening its position in key operating areas, and executing with operational excellence.

• Maintains full-cycle resilience through conservative leverage and flexibility to act during market dislocations.

• Committed to being the lowest emitting pressure pumper in Canada, advancing natural gas-fueled fleets and electric ancillary equipment to displace up to 90% of diesel use.

• Invests in R&D for next-generation equipment, waste reduction, and water stewardship, collaborating with customers for sustainable solutions.

• Demonstrated execution in 2025 includes expanding market share, deploying electric fleets, and maintaining financial flexibility.