Ces Energy Solutions Corp · TSX:CEU
Ces Energy Solutions — Investor Presentation (May 2026)
24 slides from Ces Energy Solutions's investor presentation, May 7, 2026
Slide 1: Leading Provider of Consumable Chemical Solutions
Leading Provider of Consumable Chemical Solutions May 2026
Slide 2: Forward Looking Information and Statements
Forward Looking Information and Statements Certain statements in this presentation may constitute forward-looking information or forward-looking statements (collectively referred to as “forward-looking information”) which involves known and unknown risks, uncertainties and other factors, which may c
Slide 3: Investment Highlights
Investment Highlights North American Vertically Decentralized Low capital provider of operations in Resilient & integrated countercyclical intensity & molecular level consumables key attractive strong free cash chemical markets balance sheet business model flow generation solutions Share Price (TSX:
Slide 4: Leading Provider of Consumable Chemical Solutions
Leading Provider of Consumable Chemical Solutions TTM Q1 2026 Revenue By Geography 13 lab facilities 115 reactors & blend tanks 66% US C$2.5 Billion 34% Canada 100+ 258 scientists, patents & engineers, trademarks(1) chemists & technicians ~2,800 US operations • Permian Canadian operations • Montney
Slide 5: Solving Problems and Adding Value through Technology & Customer Service
Solving Problems and Adding Value through Technology & Customer Service Analyze & Solve Evolving Client Needs Study Data & Identify, Samples in Recommend & Laboratories Produce Chemical Treatments DEMULSIFIERS | VISCOCIFIERS Optimize Chemical EMULSIFIERS | LUBRICANTS CORROSION INHIBITORS Solutions t
Slide 6: Improving Trends & Stable End Markets
Improving Trends & Stable End Markets Drilling Fluid Chemical Requirements Increasing North American Crude Oil Production by Basin1 20 $120 $100 15 Avg. WTI ($US/bbl) Vertical Horizontal $80 Well Well MMbbl/d Drilling Fluids: Drilling Fluids: 10 $60 2–5% 5 – 10 % $40 of total well cost of total well
Slide 7: Strong Competitive Positioning
Strong Competitive Positioning Worldwide Drilling & Completion Fluids Market Size(1) Worldwide Production Chemicals Market Size(1) $12,000 $9,000 $9,000 $6,000 Revenue USD ($M) Revenue USD ($M) $6,000 $3,000 $3,000 $0 $0 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 Schlumberger Hallib
Slide 8: Well Positioned for Growth with Decentralized Model
Well Positioned for Growth with Decentralized Model DRILLING FLUIDS COMPLETION CHEMICALS PRODUCTION CHEMICALS PIPELINES & MIDSTREAM INDUSTRIAL/ COSMETICS/OTHER Allocation of capital dedicated to the most attractive basins and markets while leveraging decentralized entrepreneurial model and basic che
Slide 9: Quality Customer Base
Quality Customer Base Top 50 Customer Breakdown – Q1 2026 (TTM Revenue)1 74% Public Companies 26% Private Companies 90% of top 50 public company revenue was from customers with Market Top 50 Public Customers – By Market Capitalization2 Capitalizations of $10Bn to $900Bn $10Bn to $900Bn $CBn $1Bn to
Slide 10: Low Capital Intensity
Low Capital Intensity CES – Historical Capital Spend 450 14% 400 350 12% Adjusted EBITDAC(1) 300 10% $MM 250 8% Net Capex(2) 200 Net Capex as a % of 150 6% Significant expansion Revenue(3) 100 4% capex largely complete 50 2% 2026 capex estimated to be - 0% Expansion Projects(4) 2021 2022 2023 2024 2
Slide 11: Resilient & Countercyclical Balance Sheet
Resilient & Countercyclical Balance Sheet Historical Leverage & Working Capital Working Capital Surplus Exceeds Total Debt 800 700 Total Debt primarily 600 comprised of working capital 500 Monetization of working capital 400 returns cash to the Company during low points in the business cycle 300 Imp
Slide 12: Strong Financial Momentum
Strong Financial Momentum 160 20% 18% 140 16% 120 14% 100 Drivers of Improving Results: 12% ▪ Increased activity & market share $MM 80 10% ▪ Increased service intensity 8% ▪ Adoption of price increases 60 6% ▪ Prudent cost structure 40 ▪ Strategic inventory purchases 4% ▪ Vertical Integration 20 2%
Slide 13: Strong Free Cash Flow Generation
Strong Free Cash Flow Generation Free Cash Flow3 70 Since 2006 IPO, ~C$463 million4 60 in dividends paid to shareholders and grew PP&E1 base to ~C$499 million 50 Since July 2018, ~C$397 million2 in share buybacks representing 32.5% of 40 shares outstanding since inception of the NCIB program $MM 30
Slide 14: Prudent Capital Structure & Liquidity Profile
Prudent Capital Structure & Liquidity Profile Current Capitalization Share Price Performance: TSX:CEU Share Price1 $18.00 $20.00 Shares Outstanding1 210,984,617 $18.00 MARKET CAPITALIZATION $3,798MM $16.00 Dividend Yield1 1.2% $14.00 $12.00 1,2 $10.00 Senior Facility Net Draw $80MM $8.00 6.875% Seni
Slide 15: Investment Highlights
Investment Highlights North American Vertically Decentralized Low capital provider of operations in key Resilient & integrated countercyclical intensity & molecular level consumables attractive strong free cash chemical markets balance sheet business model flow generation solutions 15
Slide 16: Appendix
wh Cate APPENDIX
Slide 17: Management Team
Management Team Senior management has approximately 130 years combined experience and broad in-depth knowledge of CES’ products and end markets Management and insiders currently own approximately 5%1 of outstanding common shares and are aligned with shareholders in creating long-term sustainable val
Slide 18: Board of Directors
Board of Directors Individual Position Biography • Managing Director of North River Capital Corp. Director and Chairman of Board of • Former President and Chief Executive Officer of Enron Canada Corp. Kyle Kitagawa Directors • Former Director for various energy companies • Finance executive with CPA
Slide 19: Historical Financial Information
Historical Financial Information 2022 2023 2024 2025 TTM Q1 2026 Revenue $1,922,319 $2,163,512 $2,353,677 $2,494,152 $2,543,227 Adjusted Gross Margin 1 $447,650 $538,188 $650,924 $677,699 $695,962 Adjusted Gross Margin % of Revenue 1 23.3% 24.9% 27.7% 27.2% 27.4% 1 Adjusted EBITDAC $257,022 $315,821
Slide 20: Non-GAAP & Other Financial Measures
Non-GAAP & Other Financial Measures Non-GAAP Measures, Ratios, and Supplementary Financial Measures This presentation uses certain financial measures and ratios that are not recognized under IFRS, where management believes they assist the reader in understanding CES’ results. These measures and rati
Slide 21: Non-GAAP & Other Financial Measures (cont.)
Non-GAAP & Other Financial Measures (cont.) Non-GAAP Measures, Ratios, and Supplementary Financial Measures Free Cash Flow / Adjusted EBITDAC - is a Non-GAAP ratio that management believes is a useful measure of the quality and convertibility of the Company's earnings, demonstrating the proportion o
Slide 22: Non-GAAP & Other Financial Measures (cont.)
Non-GAAP & Other Financial Measures (cont.) Non-GAAP Measures, Ratios, and Supplementary Financial Measures Trailing Twelve-Month Return on Invested Capital – is a Non-GAAP ratio that management believes is a useful measure of the returns generated by the Company on the capital actively invested in
Slide 23: Non-GAAP & Other Financial Measures (cont.)
Non-GAAP & Other Financial Measures (cont.) Non-GAAP Measures, Ratios, and Supplementary Financial Measures Total Debt / Adjusted EBITDAC – is a non-GAAP ratio that Management believes is a useful measure of the Company’s liquidity and leverage levels, and is calculated as Total Debt divided by Adju
Slide 24: Contact information
Contact information CES Energy Solutions Suite 1400, 332 – 6th Avenue SW Calgary, Alberta Canada T2P 0B2 T 403.269.2800 F 403.266.5708 Toll Free 1.888.785.6695 TSX | CEU WWW.CESENERGYSOLUTIONS.COM/IR 24
CES Energy Solutions — Investor Presentation (May 2026) on 6ix