Slide 1: Enerflex Ltd. Corporate Presentation
February 2026 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$2.4 B ~0.6% North America Operating Years Employees 45 ~4,400 Latin Core Countries (2) BOOM Projects (3) America 7 24 Enerflex G
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 • #6 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 Gross Margin Before Depreciation & Amortization (D&A)(1) by Business Line Gross Margin before D&A(1) by Business Line (%) $800 Exterran Acq
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 Power After-Market Infrastructure Generation Services Engineered Systems ✓ ✓ ✓ Deeper Understanding of Enhanced Technical Customer Needs and Uniq
Slide 10: Investment Highlights | Financial Strength and Discipline
Investment Highlights | Financial Strength and Discipline Bank-Adjusted Net Debt-to-EBITDA Ratio(1,2) Conservative bank-adjusted net debt-to-EBITDA(2) 6.0x ratio of 1.0x 5.0x Credit Facility Covenant: <4.0x Contract Compression • Underpinned by the highly utilized U.S. contract compression fleet, 4.
Slide 11: Financial Strength and Discipline: Free Cash Flow
Investment Highlights | Financial Strength and Discipline Dividends Debt Reduction • Paying a sustainable base dividend is foundational to Enerflex’s • Repaid $520 MM of long-term debt since beginning of 2023 and total return proposition reduced leverage ratio to 1.0x at the end of 2025 from 3.3x at
Slide 12: Q4/25 Highlights and 2026 Priorities
Q4/25 Highlights Focus on Execution 2026 Priorities Enhancing the profitability of core operations • Steady customer demand drove Engineered Systems bookings of • Recurring sources expected to contribute ~65% of gross margin before depreciation and amortization $377 MM • Adj. EBITDA(1) of $123 MM &
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 363,000 bb
Slide 19: Strong Leadership Team Committed to Value Creation
Strong Leadership Executive Management Team Team Committed to Value Creation Our management team lives Paul Mahoney Preet S. Dhindsa Carina Gillenwater the values that unite us: President & Chief Senior Vice President & Senior Vice President & Chief Executive Officer Chief Financial Officer Human Re
Slide 20: Experienced and Engaged Board of Directors
Experienced and Engaged Board of Directors Oversees the management of Enerflex’s business to ensure long-term success, with a view to maximize shareholder value Fernando Assing Ben Cherniavsky Joanne Cox Céline Gerson James C. Gouin Director Director Director and ensure corporate conduct Director Di
Slide 21: 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 22: Appendix
Appendix Secti 000 °° OOO scr today
Slide 23: 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 24: 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 25: U.S Data Center Demand Forecast
Investment Highlights | U.S Data Center Demand Forecast U.S Data Center Load Growth by Independent System Operator (ISO)(1) 9 2025 – 2035 Growth = ~7 Bcf/d 8 7 ~4 Bcf/d 6 Data Center Power Demand by 2030 2025 – 2030 Growth = ~4 Bcf/d 5 Bcf/d 4 3 2 1 ~7 Bcf/d 0 Data Center Power Demand by 2035 2025 2
Slide 26: 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% 2023 2019 2019 2020 2021 2022 2024 2025 2020 2021 20
Slide 27: Gross Margin by Product Line (table)
Gross Margin by Product Line(1) Three Months Ended December 31, 2025 Energy After-market Engineered Total $ millions, except percentages Infrastructure Services Systems Revenue 627 157 132 338 Cost of goods sold Operating expenses 450 68 103 279 Depreciation and amortization 34 30 2 2 Gross margin 1
Slide 28: 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 29: 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 30: Advisory Statements
ra ~~ Advisory Statements a OOD Tomorrow starts today ‘ @ 30
Slide 31: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Adjusted EBITDA Free Cash Flow Three months ended Twelve months Three months ended Twelve months ended December 31, ended December 31, December 31, December 31, $ millions, except percentages 2025 2024 2025 2024 $ millions, except percentages 2025 2024 2
Slide 32: 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 33: 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 34: Enerflex Ltd. Contact Information
February 2026 Enerflex Ltd. Suite 904, 1331 Macleod Trail SE Calgary, AB, Canada T2G 0K3 403-387-6377 IR@enerflex.com www.enerflex.com