Trican Well Service (TCW) Investor presentation summary

Company overview and market position

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

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

• Well-positioned to benefit from Canada's growing energy infrastructure and favorable policy environment, with strong demand for pressure pumping services.

• Service offerings span the well lifecycle, including Canada's first 100% natural gas-fueled frac fleet launching in H2 2026.

• Strategic priorities focus on maximizing shareholder returns, operational excellence, and sustainability leadership.

Financial performance and capital allocation

• Maintains a conservative leverage profile with net debt/LTM EBITDA at 0.2x and over $160 million in liquidity.

• Returned ~$650 million to shareholders since 2017 through dividends and share repurchases, with a flexible NCIB program and sustainable payout ratio.

• Demonstrates stable revenue growth, top-tier EBITDA margins (22–24%), and high free cash flow conversion (66–75%).

• Achieved industry-leading ROIC (~21% 3-year avg) and direct return yield (~8%) with >10% management and director ownership.

• Outperformed North American peers in 2025 across EBITDA margin, FCF conversion, ROIC, and direct return yield.

Sustainability and operational initiatives

• Committed to being the lowest emitting pressure pumper in Canada, advancing natural gas-fueled and electric equipment to displace diesel.

• Focuses on water stewardship, waste reduction, and supporting customers with sustainable chemical solutions.

• Embeds ESG principles in operations, including employee well-being, Indigenous partnerships, and transparent governance.

• Dedicated R&D and systematic maintenance programs drive efficiency, reliability, and uptime.

• Ongoing technology advancements to maintain leadership in sustainable resource development.