Enerflex Ltd. · TSX:EFX
Enerflex — Investor Day (May 2026)
48 slides from Enerflex's investor day presentation, May 26, 2026
Slide 1: Investor Update
OOF Tomorrow starts today eae Eneri Investor Update 26 May 2026
Slide 2: A Strategy Designed to Deliver
A Strategy Designed to Deliver Enerflex and Our Strategy Compete Intentionally. Improve Relentlessly. Our Financial and Capital Allocation Framework Shareholder Value Creation Paul Mahoney Preet Dhindsa President & Chief Senior Vice President & Executive Officer Chief Financial Officer Appendix Our
Slide 3: Enerflex and Our Strategy
Enerflex and Our Strategy Compete Intentionally. Improve Relentlessly. 3
Slide 4: 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 5: Enerflex Delivers
Enerflex Delivers $2.6B 2025 Revenue $511M 2025 Adjusted EBITDA(2) US$3.8B Enterprise Value(1,2) 7Core Operating $230M 19.9% 2025 FCF(2) 2025 Adjusted EBITDA Countries(3) Margin %(2) 100+ 4,400+ 65% 0.9x Years of Operating History % of GM before D&A from Net Debt / Adjusted Employees Recurring Sourc
Slide 6: The Building Blocks for a Sustainable Future
The Building Blocks for a Sustainable Future To build the energy future by driving progress PURPOSE and empowering lives Leading Modular Gas, Power, and ECONOMIC Water Technology Solutions ENGINE Exceptional Operational Team Excellence COMPANY CHARACTERISTICS Continuous Customer Improvement Focus IN
Slide 7: 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 8: Delivering Modular Gas, Power, and Water Technology Solutions
Delivering Modular Gas, Power, and Water Technology Solutions Design Engineer Manufacture Operate Service Enerflex competes in targeted markets North Middle Latin with high-quality, fast-to-deploy America East America solutions and custom-at-scale design and lifecycle services that deliver #1 #1 nat
Slide 9: Our roots run deep.
Our roots run deep. 9
Slide 10: 100+ Years of Technical and Operating Depth
100+ Years of Technical and Operating Depth 100+ Years of Technical and Operating Depth Today’s Enerflex reflects more than a century of industrial roots, targeted expansion, and strategic integration Century-plus Proven ability to technical roots integrate and scale Enerflex traces back to 1913 Bui
Slide 11: Proven Performance at a Global Scale
Proven Performance at a Global Scale 60M+ hp of gas compression ~30% of the world’s reciprocating gas 600+ gas processing plants completed installed since 1913 compression is built by Enerflex and its across 30 countries predecessors 139 cryogenic gas processing 100+ power generation units 400+ engi
Slide 12: Our next phase is about sharpening the business and unlocking additional value.
Our next phase is about sharpening the business and unlocking additional value. 12
Slide 13: CEO Reflections
CEO Reflections Strengths • Team commitment and capabilities • Leadership position and operational capabilities in core business lines • Exposure to secular trends and strong growth markets • Complementary business lines that fit together • Cash engine and financial flexibility Opportunities • Take
Slide 14: 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 15: 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 16: 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 17: 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 18: Our next stage of value creation focused on long-term secular growth trends.
Our next stage of value creation focused on long - term 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) >18 Bcf/d additional North America LNG export 150 80 capacity through 2030(2) U.S. & Canada Gas Production (bcf/d) 75
Slide 22: 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 23: Growth Drivers: NAM Power Generation
Growth Drivers: NAM Power Generation Market Opportunities Enerflex’s Role and Successes • Focused on providing modular power generation solutions for behind $300B+/year the meter (“BTM”) power generation projects Capital spending on data centers through 2030(1) • Capabilities delivered through Engin
Slide 24: Growth Drivers: Latin America
Growth Drivers: Latin America LATAM Compression Market Size by Country ($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 $400 Mexico Argentin
Slide 25: Growth Drivers: Developing Opportunities in Argentina
Growth Drivers: Developing Opportunities in Argentina Vaca Muerta Investment (US$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 $2
Slide 26: Middle East: Iran Conflict Considerations
Middle East: Iran Conflict Considerations Middle East: Iran Conflict Considerations Assessing Value Creation Opportunities for Enerflex Energy security, diversification of supply, and emphasis on domestic Engineered After-Market resources expected to be enduring Systems Services Modular solutions en
Slide 27: Growth Drivers: MEA
Growth Drivers: MEA Core Priorities MEA Natural Gas Market Size($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 28: Our Financial and Capital Allocation Framework
Our Financial and Capital Allocation Framework Shareholder Value Creation 28
Slide 29: 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 from $562M since beginning of 2023(2) Attractive Risk Adjusted
Slide 30: Financial Flexibility and Record Returns
Financial Flexibility and Record Returns • Corporate credit rating upgrades by each of S&P, Moody’s and 0.9x $500M+ Liquidity Fitch: currently BB/Ba2/BB (stable outlooks)(2) With debt maturities extending • ROCE has increased to record levels, reflective of strong Leverage ratio at the end of Q1/26(
Slide 31: 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 Allocatio
Slide 32: 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 Q1/26 at 0.9x • Increase organic growth capital spending o Compete where Enerflex can generate strong lifecycle economics • Deploy capital toward s
Slide 33: 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 34: Positioned for Growth and Value Creation
Positioned for Growth and Value Creation Enerflex is positioned to translate growing market demand, operational improvement, and disciplined capital allocation into shareholder value creation. Leader in growing markets Resilient business focused Clear strategy to create Disciplined capital aligned w
Slide 35: Our Business
Appendix Our Business Strengths and Operating Priorities 35
Slide 36: 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 37: 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 38: Engineered Systems: Book-to-Bill Ratio
Engineered Systems Overview $1.2B $344M 1.1x Average backlog since Average quarterly Book-to-Bill ratio since Q1/23(1) bookings since Q1/23(2) Q1/23(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 4Q23 1Q24
Slide 39: 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% 59% Build in - demand fleet Capitalize on leading Leverage position, expand $400 focused on high - position focused on further in GCC countries r
Slide 40: Energy Infrastructure: LATAM
Energy Infrastructure: LATAM Horsepower by Country/Basin (000’s)(1) Revenue/HP/Month $40 300 Horsepower (000s) 225 $35 150 $30 75 0 $25 Vaca Muerta Mexico Argentina Brazil Andean 2023 2024 2025 Q1/26 TTM (exl. Vaca Rental Proceeds from Fleet Optimization Muerta) Argentina Mexico Brazil Andean Colomb
Slide 41: 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 ~$0.8B Well established markets for generation market with strong modular BOOM projects secular growth trends UAE Weighted Aver
Slide 42: 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 43: Disclosures
Disclosures 43
Slide 44: Specified Financial Measures
Specified Financial Measures Adjusted EBITDA Free Cash Flow Three months ended March 31, Three months ended March 31, $ millions, except percentages 2026 2025 $ millions, except percentages 2026 2025 Funds from operations ("FFO") 95 62 EBIT 73 66 Net change in working capital and other (63) 34 Depre
Slide 45: Specified Financial Measures Continued
Specified Financial Measures Continued Gross margin before depreciation and amortization ROCE Three months ended March 31, 2026 Three months ended March 31, $ millions EI AMS Recurring ES Total $ millions 2026 2025 Product Lines Gross Margin 65 20 85 60 145 Trailing 12-months EBIT 290 66 Depreciatio
Slide 46: 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 47: 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 48: 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