Slide 1: Investor Update
Investor Update October 2026
Slide 2: Enerflex and Our Strategy
Enerflex and Our Strategy Compete Intentionally. Improve Relentlessly. 2
Slide 3: Enerflex Delivers
Enerflex Delivers $2.6B Q2/26 TTM Revenue $533M Q2/26 TTM Adjusted EBITDA(2) US$3.5B Enterprise Value(1,2) 7Core Operating $231M 20.7% Q2/26 TTM FCF(2) Q2/26 TTM Adjusted Countries(3) EBITDA Margin %(2) 100+ 4,400+ 65% 0.8x Years of Operating History % of GM before D&A from Net Debt / Adjusted Emplo
Slide 4: Premier Customer Base
Premier Customer Base Diversified customer base with long-standing relationships 100% 15+ years ~35% ~5% Top 10 customers that are NOC or Average relationship with top 10 Low revenue concentration risk Total Revenue from top customer Investment Grade(1) customers(1) top 10 customers account for(1) a
Slide 5: Market Leadership Anchored in Strategic and Financial Discipline
Market Leadership Anchored in Strategic and Financial Discipline Leader in growing markets aligned with long-term secular growth trends Resilient business focused on modular natural gas, Compelling investment power, and water technology solutions opportunity capable of Clear value-creation strategy
Slide 6: Leveraging Technology: Meeting Customers Where They Are
Leveraging Technology: Meeting Customers Where They Are Engineered Modular Natural Gas Natural Gas Electric Power Water Technology Technology Generation Compression Processing Solutions Enerflex’s Equipment Sale Rental and Operations Go-to-Market (Engineered Systems) (Energy Infrastructure) Approach
Slide 7: Enerflex's Disciplined Strategy
Enerflex’s Disciplined Strategy Our Growth Theme and Be the Leading Provider of Modular Gas, Power, and Winning Aspiration Water Technology Solutions The Strategy Guiding our Growth “Compete Intentionally. Improve Relentlessly.” Allocate capital to Key Strategy Focus on highest value Drive productiv
Slide 8: Clear Strategic Direction Across Regions and Business Lines
Clear Strategic Direction Across Regions and Business Lines Build a best-in class, cost focused, culture that delivers on CI/Lean, strong human capital and Productivity scale utilization EI Continue to expand fleet and improve market positioning by focusing on Permian North America ES Expand market
Slide 9: Operational Excellence: Margin Enhancement and Productivity
Operational Excellence: Margin Enhancement and Productivity Opportunity to create capacity, enable growth, and improve earnings health Historical Adjusted EBITDA %(1) Objective (2026 – 2030) 24% Improve Adjusted EBITDA Margin 22% by 200+ bps Through efficiency & productivity improvement (full cycle)
Slide 10: Modernize IT / Automation Systems
Modernize IT / Automation Systems Leverage data and insights for productivity improvements Smarter Operations Multiple digital platforms connecting assets, intelligence, people, and performance in real time Value Creation Piloted solutions are bringing speed, greater visibility, stronger reliability
Slide 11: Our Financial and Capital Allocation Framework
Our Financial and Capital Allocation Framework Shareholder Value Creation 11
Slide 12: Strong Financial Foundation To Enable Value Creation
Strong Financial Foundation To Enable Value Creation: Enerflex has positioned its business for long-term value creation Resilient Strong FCF Disciplined Capital Business Model Generation Allocation Framework ~65% of Adjusted Gross Margin ~$594M since beginning of 2023(2) Attractive Risk Adjusted Ret
Slide 13: Financial Flexibility and Record Returns
Financial Flexibility and Record Returns • Corporate credit rating upgrades by each of S&P, Moody’s and 0.8x $600M+ Liquidity Fitch: currently BB/Ba2/BB (stable outlooks)(2) With debt maturities extending Leverage ratio at the end of Q2/26(1) • ROCE has increased, reflective of strong operating thro
Slide 14: Strong FCF and Increasing Growth Capex
Strong FCF and Increasing Growth Capex Capital Growth Capex Middle East LATAM Allocation 2026 focused on U.S. contract compression expansion Continue to evaluate opportunities to organically expand in the region Investments in LATAM fleet are included in maintenance capex Shifting to growth Allocati
Slide 15: Enerflex's Capital Structure and Capital Allocation Framework
Enerflex’s Capital Structure and Capital Allocation Framework • Strong financial position provides flexibility throughout cycles o Leverage ratio exited Q2/26 at 0.8x • Increase organic growth capital spending o Compete where Enerflex can generate strong lifecycle economics • Deploy capital toward s
Slide 16: Enerflex: Driving Value Creation
Enerflex: Driving Value Creation Positioning Focus 2026 – 2030 Objective • Adjusted EBITDA margin: 200+ bps • Productivity and a relentless approach to cost improvement (full cycle) Profitability • Further efficiencies related to financing costs and income • Cash conversion ratio: 200+ bps (FFO / ta
Slide 17: Recent Highlights Focus on Execution & Power
Recent Highlights Focus on Execution & Power >1.75 GW of BTM low emission natural gas-fired power generation backlog, including contracts for >1.0 GW and ~450 MW data center projects in North America Strong customer demand drove ES bookings of $488M in Q2/26 Q2/26 ES backlog of $1.5B provides solid
Slide 18: Secular Growth Trends
Supporting Materials Secular Growth Trends 18
Slide 19: Growth Focus: Aligned with Long-term Secular Growth Trends
Growth Focus: Aligned with Long-term Secular Growth Trends Global Market Size ($B)(1) $35 ~6% Natural gas, power generation and water $30 CAGR $20B+ technology market with strong secular Market Dynamics(1) ~$28B growth trends $25 After-Market CAGR (2025-2030) with the strongest $20 ~$21B Services ~6
Slide 20: Growth Drivers: North America
Growth Drivers: North America North America Market Size ($B)(1) • Grow modular processing market share $24 • Leverage scale for cost and execution ~6% Engineered advantage CAGR ~$20B $20 Systems (ES) • Institutionalize continuous improvement and modernize technology AMS • Capitalize on data center o
Slide 21: Growth Drivers: North American Gas Production and Demand Growth
Growth Drivers: North American Gas Production and Demand Growth Growth Drivers: North American Gas Production and Demand Growth U.S. and Canada Gas Supply and Compression Outlook(1) ~20 Bcf/d additional North America LNG export 150 80 capacity through 2031(2) U.S. & Canada Gas Production (bcf/d) 75
Slide 22: Growth Drivers: NAM Power Generation
Growth Drivers: NAM Power Generation Enerflex’s Role and Successes Market Opportunity • Focused on modular power generation solutions for BTM power generation • Capabilities delivered through Engineered Systems (design, $300B+/year manufacturing) and AMS (installation, operations, maintenance, and C
Slide 23: Growth Drivers: Latin America
Growth Drivers: Latin America LATAM Compression Market Size by Country ($M)(1) $1,000 Core Priorities ~4% CAGR Capitalize on Leading Position ~$800 M Especially in Argentina, through accretive opportunities with $800 Andean core customers ~$650 M Brazil $600 Andean Brazil Mexico $400 Mexico Argentin
Slide 24: Growth Drivers: Developing Opportunities in Argentina
Growth Drivers: Developing Opportunities in Argentina Vaca Muerta Investment (US$B)(1) Estimated Gas Recovery (mmcf)(1) $30 Montney $25 $20 Eagle Ford $15 Haynesville $10 $5 Vaca Muerta $0 2021 2022 2023 2024 2025 2026E 2027E 2028E 2029E 2030E - 2,000 4,000 6,000 8,000 10,000 12,000 14,000 Record $2
Slide 25: Middle East: Iran Conflict Considerations
Middle East: Iran Conflict Considerations Middle East: Iran Conflict Considerations Assessing Value Creation Opportunities for Enerflex Energy security, diversification of supply, and emphasis on domestic Engineered After-Market resources expected to be enduring Systems Services Modular solutions en
Slide 26: Growth Drivers: MEA
Growth Drivers: MEA Core Priorities MEA Natural Gas Market Size($B)(1,2) $20 Compete where our technology $18 differentiates and lowers costs ~$16B $16 ~8% CAGR BOOM Model Assess Opportunity $14 Explore value creating to expand EI presence in the opportunities with increasing GCC while optimizing ri
Slide 27: Our Business: Strengths and Operating Priorities
Supporting Materials Our Business Strengths and Operating Priorities 27
Slide 28: Recurring Sources Provide Gross Margin Stability
Recurring Sources Provide Gross Margin Stability Gross Margin Before GasD&A by Business Line (1) Compression Gross Margin before D&A(1) by Business Line (%) $786 $800 $719 $720 $700 AMS ~65% Q2/26 TTM $642 14% $609 $300 ES 36% Gross Margin $600 $255 $252 before D&A(1) $199 EI 50% from recurring $500
Slide 29: Engineered Systems Overview
Engineered Systems Overview Gas Compression Gas Processing Power Generation Current Global Market Size $4B+(1) $4B+(1) $5B+(1) 2025-30 CAGR ~6%(1) ~6%(1) 8%+(1) Leading packager for upstream and midstream Well-positioned to grow by leveraging Respected provider of modular solutions gas applications
Slide 30: Engineered Systems Overview: Book-to-Bill Ratio
Engineered Systems Overview $1.2B $363M 1.1x Average backlog since Average quarterly Book-to-Bill ratio since Q3/24(1) bookings since Q3/24(2) Q3/24(2) Texas: 350,000 ft2 $2,000 2.0x $1,500 1.5x Bookings & Backlog ($000) Book-to-Bill Ratio $1,000 1.0x Oklahoma:145,000 ft2 $500 0.5x $- 0.0x 3Q24 4Q24
Slide 31: Energy Infrastructure Overview
Energy Infrastructure Overview Core Priorities – EI Strong Gross Margin and Steady Cash Generation North Latin MEA America America Margin % 56% 50%(1) 57% 60% Build in - demand fleet Capitalize on leading Leverage position, expand $400 focused on high - position focused on further in GCC countries r
Slide 32: Energy Infrastructure: U.S. Contract Compression
Energy Infrastructure: U.S. Contract Compression ~15% ~1.5 Years 94% ~45% weighted average contract term CAGR of marketed fleet (2017 – 2025) average fleet utilization(2) of fleet large HP gas drive (>1,000 HP)(1) remaining(1) U.S Contract Compression Fleet Growth Enerflex U.S Contract Compression F
Slide 33: 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 ~20% total fleet is electric drive(1) Fleet utilization >90% over the past two years and demonstrated resilience throughout p
Slide 34: U.S. Contract Compression: Overview
U.S. Contract Compression: Overview Enerflex has a competitive advantage versus competitors on cost and timing given vertical integration afforded by ES segment U.S. Contract Compression Fleet Margins(1) U.S. Contract Compression Revenue/HP/Month(1) EFX Revenue EFX Competitor 1 GM % Competitor 2 GM
Slide 35: Energy Infrastructure: LATAM
Energy Infrastructure: LATAM Horsepower by Country/Basin (000’s)(1) Revenue/HP/Month 300 $40 Horsepower (000s) 225 $35 150 $30 75 0 $25 Vaca Muerta Mexico Argentina Brazil Andean 2023 2024 2025 Q2/26 TTM (exl. Vaca Rental Proceeds from Fleet Optimization Muerta) Argentina Mexico Brazil Andean Colomb
Slide 36: Growth Drivers: Middle East Energy Infrastructure
Growth Drivers: Middle East Energy Infrastructure Eastern Current Operations Revenue and Payments Under $10B+ Oman & Bahrain Contract (1) Natural gas and power Saudi Arabia ~$0.7B Well established markets for generation market with strong modular BOOM projects secular growth trends UAE Weighted Aver
Slide 37: After-Market Services: Stable Profitability with Power Optionality
After-Market Services: Stable Profitability with Power Optionality • AMS presence focused in countries that complement Enerflex’s ES and EI solutions • Broad scope of value-add services: installation, commissioning, operations and maintenance, and parts • Operations in 11 countries; market leader in
Slide 38: Disclosures
Disclosures 38
Slide 39: Specified Financial Measures
Specified Financial Measures Adjusted EBITDA Free Cash Flow Three months ended June 30, Three months ended June 30, $ millions 2026 2025 $ millions 2026 2025 Funds from operations ("FFO") 87 89 EBIT 57 92 Net change in working capital and other 2 (93) Depreciation and amortization 37 42 Cash provide
Slide 40: Specified Financial Measures Continued
Specified Financial Measures Continued Gross margin before depreciation and amortization ROCE Three months ended June 30, 2026 June 30, $ millions EI AMS Recurring ES Total $ millions 2026 2025 Product Lines Gross Margin 59 28 87 52 139 Trailing 12-months EBIT 255 279 Depreciation and Amortization 3
Slide 41: Advisory Statements
Advisory Statements Advisory Regarding Forward-looking Information and Statements This presentation contains “forward-looking information” within the meaning of applicable Canadian securities laws and “forward-looking statements” (and together with forward-looking information, “FLI”) within the mean
Slide 42: Advisory Statements
Advisory Statements Advisory Regarding Forward-looking Information and Statements All FLI in this presentation are subject to important risks, uncertainties, and assumptions, which may affect Enerflex's operations, including, without limitation: continued strong demand across North America, Latin Am
Slide 43: Advisory Statements
Advisory Statements 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 currently av