Slide 1: Enerflex Ltd. Corporate Presentation
November 2025 Enerflex Ltd. Corporate Presentation All amounts presented in US Dollars unless otherwise stated
Slide 2: Enerflex at a Glance
Enerflex at a Glance Transforming Energy for a Sustainable Future TSX / NYSE Annual dividend Eastern Hemisphere EFX / EFXT CAD$0.17/sh Market Cap (1) Dividend Yield (1) US$1.5 B 1.0% North America Operating Years Employees 45 ~4,400 Latin Core Countries (2) BOOM Projects (3) America 7 24 Enerflex Ge
Slide 3: Where EFX is Today | Market Leader in Modular Energy Solutions
Where EFX is Today | Market Leader in Modular Energy Solutions Critical energy infrastructure that Enerflex owns, Energy BOOM – BOOM – Contract operates, and maintains under contract to enable its Compression Infrastructure customers' operations Natural Gas Water Treatment Engineered Global sales of
Slide 4: Premier Diversified Customer Base
Premier Diversified Customer Base Top 10 customers that are NOC or Average relationship with top 10 Investment Grade(1) customers(1) 100% 15+ years Strong creditworthy counterparties Low revenue concentration risk Total Revenue from top customer top 10 customers account for(1) accounts for(1) ~35% ~
Slide 5: Investment Highlights
Investment Highlights Leading Position in Growing Markets Stable Infrastructure Platform Engineered Systems is a Strategic Differentiator Financial Strength and Discipline 5
Slide 6: Investment Highlights | Leading Position in Growing Markets
Investment Highlights | Leading Position in Growing Markets Positioning Growth Drivers • #1 in ES and AMS • Permian and Montney, electric North American Natural Gas • #7 in contract compression power generation, LNG and LPG exports Eastern Hemisphere Produced • Increasing water cuts, regional • Lead
Slide 7: Demand for Enerflex's Services in North America will Continue to Grow
Investment Highlights | Demand for Enerflex’s Services in North America will Continue to Grow U.S. and Canada Gas Supply and Compression Outlook(1) Incremental Demand for Compression and Processing >20 Bcf/d >10 MM HP 150 80 U.S. Canada Total Installed Compression HP 130 75 growth in U.S. and Canada
Slide 8: Investment Highlights | Stable Infrastructure Platform
Investment Highlights | Stable Infrastructure Platform Enerflex’s business is growing from predominantly equipment only supply to an Energy Infrastructure owner Adjusted Gross Margin(1) by Business Line Adjusted Gross Margin(1) by Business Line (%) $700 Exterran $675 Acquisition $642 $650 Adjusted G
Slide 9: Engineered Systems is a Strategic Differentiator
Investment Highlights | Engineered Systems is a Strategic Differentiator Engineered Systems Business Gives Enerflex Unique Advantages in EI and AMS Energy Energy After-Market Infrastructure Transition Services Engineered Systems ✓ ✓ ✓ Deeper Understanding of Enhanced Technical Customer Needs and Uni
Slide 10: Investment Highlights | Financial Strength and Discipline
Investment Highlights | Financial Strength and Discipline Bank-Adjusted Net Debt-to-EBITDA Ratio(1) Conservative bank-adjusted net debt-to-EBITDA 5.0x ratio of 1.2x Contract Credit Facility Covenant: <4.0x Compression • Underpinned by the highly utilized U.S. contract compression fleet, 4.0x and Ene
Slide 11: Investment Highlights | Financial Strength and Discipline
Investment Highlights | Financial Strength and Discipline Dividends Debt Reduction • Paying a sustainable base dividend is foundational to Enerflex’s • Repaid $431 MM of long-term debt since beginning of 2023 and total return proposition reduced leverage ratio to 1.2x at the end of Q3/25 from 3.3x a
Slide 12: 2025 Priorities | Q3/25 Highlights
2025 Priorities Q3/25 Highlights Focus on Execution Enhancing the profitability of core operations • Recurring sources expected to contribute ~65% of gross margin before depreciation and amortization • Engineered Systems backlog of $1.1 B at the end of Q3/25, providing strong visibility into future
Slide 13: Operations Overview
Operations Overview Secti 000 °° OOO scr today
Slide 14: Energy Infrastructure | Overview
Energy Infrastructure | Overview Enerflex’s Energy Infrastructure consists of EH BOOM, and U.S. and Latin American Contract Compression businesses LATAM Eastern Hemisphere BOOM U.S. Contract Compression Contract Compression • Argentina, Brazil, Mexico, and the Core • Oman and Bahrain • Permian and M
Slide 15: U.S. Contract Compression | Overview
U.S. Contract Compression | Overview U.S. rental business benefitting from favorable positioning and strong market fundamentals • ~75% of fleet operating in the Permian(1) and over 20% total fleet is electric drive(1) Fleet utilization >90% over the past two years and demonstrated resilience through
Slide 16: U.S. Contract Compression | Operational Metrics
U.S. Contract Compression | Operational Metrics Enerflex has a competitive advantage versus competitors on cost and timing given vertical integration afforded by ES segment Enerflex U.S. fleet margins are at the top end Enerflex has consistently achieved the highest of our competitor group(1,2) reve
Slide 17: Growing International Energy Infrastructure Business
Growing International Energy Infrastructure International Energy Infrastructure Highlights Business Revenue Under Contract(1) ~1.1 MM 22 2 ~$1.2 B horsepower of compression operated BOOM gas plants BOOM produced water Internationally treatment facilities Weighted Average Contract Term(2) ~5 years •
Slide 18: Eastern Hemisphere BOOM Water Treatment
BOOM Projects(1) Eastern Hemisphere BOOM Water Treatment Project #1 Project #2 Project #1 Expansion Oman market is growing, and market dynamics favor Enerflex’s technology Commercialized technology is suitable for applications ranging from 5,000 bbl/d to 1 MM+ bbl/d Capacity 330,000 bbl/d 170,000 bb
Slide 19: U.S Contract Compression | Valuation in Perspective
U.S Contract Compression | Valuation in Perspective Relative Valuation – EFX vs. U.S Contract Compression Peers(4) Enerflex Gross Margin (TTM)(2) (3) Peer Group Average Enerflex Gross Margin generated (1) Market Capitalization ($B) $2.6 $1.5 by U.S Contract Compression business Net Debt ($B)(2) $2.0
Slide 20: Strong Leadership Team Committed to Value Creation
Strong Leadership Team Committed to Value Creation Executive Management Team Our management team lives the values that unite us: integrity, commitment, creativity, and success. Paul Mahoney Preet S. Dhindsa David H. Izett Robert Mitchell Together we are building a President & Chief Senior Vice Senio
Slide 21: Experienced and Engaged Board of Directors
Experienced and Engaged Board of Directors Oversees the management of Fernando Assing Ben Cherniavsky Joanne Cox Enerflex’s business to ensure Director Director Director long-term success, with a view to maximize shareholder value and ensure corporate conduct in an ethical and legal manner James C.
Slide 22: Enerflex is Well Positioned for Long-Term Success
Enerflex is Well Positioned for Long-Term Success Tomorrow Starts Today Leading Position in Stable Infrastructure Engineered Systems, a Financial Strength Growing Markets Platform Strategic Differentiator and Discipline 1) Non-IFRS measure that is not a standardized financial measure under IFRS and
Slide 23: Appendix
Appendix Secti 000 °° OOO scr today
Slide 24: Positioned to Capitalize on Growing Demand for Natural Gas
Investment Highlights | Positioned to Capitalize on Growing Demand for Natural Gas • Global demand for natural gas is forecasted to grow by 20% over the next decade(1) • U.S. and Canadian supply will need to grow by ~20% to meet this demand(2) Global Natural Gas Supply by Region (Bcf/d)(1) U.S. and
Slide 25: LNG Developments Support Growth in Gas Supply from North America
Investment Highlights | LNG Developments Support Growth in Gas Supply from North America U.S. and Canada LNG Export Capacity by Project (Bcf/d) (2022 – 2030)(1) LNG export capacity from North America is 35.0 CP2 expected to nearly double Corpus Christi 8 & 9 Cedar LNG 30.0 Woodfibre LNG Louisiana LN
Slide 26: Electric Power Provides Optionality for U.S. Gas Demand
Investment Highlights | Electric Power Provides Optionality for U.S. Gas Demand Data Center Power Demand (Twh)(1) Potential Demand from Data Centers (Bcf/d)(1) 900 6.0 5.0 700 4.0 500 3.0 2.0 300 1.0 100 - 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2025 2026 2027 2028 2029 2030 2031 2032
Slide 27: Gross Margin by Product Line
Gross Margin by Product Line Energy Infrastructure Engineered Systems After-market Services ($ millions, %) ($ millions, %) ($ millions, %) 240 80% 24% 120 240 25% 180 60% 18% 90 180 20% 15% 120 40% 12% 60 120 10% 60 20% 60 6% 30 5% 0 0% 0 0% 0 0% 2020 2019 2021 2022 2023 2024 Q3/25 TTM Q3/25 TTM 20
Slide 28: Gross Margin by Product Line
Gross Margin by Product Line(1) Three Months Ended September 30, 2025 Energy After-market Engineered Total $ millions, except percentages Infrastructure Services Systems Revenue 777 163 118 496 Cost of goods sold Operating expenses 571 68 93 410 Depreciation and amortization 34 30 2 2 Gross margin 1
Slide 29: Energy Infrastructure Project Model
Energy Infrastructure Project Model Project Phase Engineer and Design Production Start-up Contract Renewal Project Scope Fee-based Operations Contract Award Operate and Maintain Build, Install, Commission Timeline Ranges from 6 Months to North America Majority of Contracts 10+ Years Depending on 1 t
Slide 30: ESG Principles Align with our Strategy to Deliver Shareholder Value
ESG Principles Align with our Strategy to Deliver Shareholder Value Enerflex is committed to environmental stewardship, social responsibility, and high standards of safety and corporate governance Smaller Footprint, Bigger Global Safety Starts Locally Commitment to Diversity, Strong Corporate Impact
Slide 31: Commitment to Health, Safety, and the Environment
Commitment to Health, Safety, 2024 Safety Results and the Environment LTIR TRIR MVIR Regionally-focused teams embedded in the operations and supported by a Corporate HSE Manager 0.15 12.4 MM manhours 0.40 (North America 2023 peer 0.30 1000 vehicles / worked average ~1.00) (1) 30.4 MM km driven 5-yea
Slide 32: Advisory Statements
ra ~~ Advisory Statements a OOD Tomorrow starts today ‘ 32
Slide 33: Advisory Statements
Advisory Statements Advisory Regarding Forward-looking Information This presentation contains “forward-looking information” within the meaning of applicable Canadian securities laws and “forward-looking statements” (and together with forward-looking information, “forward-looking information and stat
Slide 34: Advisory Statements (continued)
Advisory Statements (continued) Future-Oriented Financial Information Guidance regarding the Company's future financial performance is based on assumptions about future events, including economic conditions and proposed courses of action, based on Management's assessment of the relevant information
Slide 35: Enerflex Ltd. contact details
November 2025 Enerflex Ltd. Suite 904, 1331 Macleod Trail SE Calgary, AB, Canada T2G 0K3 403-387-6377 IR@enerflex.com www.enerflex.com