Inferra AI / Company / EFXT / Slides
Enerflex — 2026 Investor Day Presentation (company IR deck)
Enerflex (EFXT) · 48 slides · Filed Oct 29, 2026
Every slide of this earnings presentation, with the text as published. Open the original deck ↗ · All EFXT deck slides
Slide 1 — Investor Update
Investor Update May 2026
Slide 2 — A Strategy Designed to Deliver
A Strategy Designed to Deliver Enerflex and Our Strategy Compete Intentionally. Improve Relentlessly. Shareholder Value Creation Our Financial and Capital Allocation Framework Preet Dhindsa Senior Vice President & Chief Financial Officer Paul Mahoney President & Chief Executive Officer Our Business: Strengths and Operating Priorities Appendix
Slide 3 — Enerflex and Our Strategy
Enerflex and Our Strategy 3 Compete Intentionally. Improve Relentlessly.
Slide 4 — Financial Discipline
4 Market Leadership Anchored in Strategic and Financial Discipline Compelling investment opportunity capable of creating value across the full-cycle Leader in growing markets aligned with long-term secular growth trends Resilient business focused on modular natural gas, power, and water technology solutions Clear value-creation strategy driven by operational excellence and profitable growth Disciplined capital allocation framework focused on value creation for shareholders
Slide 5 — US$3.8B
Enterprise Value(1,2) US$3.8B 2025 Revenue Core Operating Countries(3) Enerflex Delivers % of GM before D&A from Recurring Sources(2) $2.6B 7 65% 2025 Adjusted EBITDA(2) $511M 2025 FCF(2) Employees Years of Operating History $230M 4,400+ 100+ Net Debt / Adjusted EBITDA (Q1/26 TTM)(2) 0.9x 2025 Adjusted EBITDA Margin %(2) 19.9% 1) Based on Q1/26 net debt and EFXT closing share price of $26.69 as of May 11, 2026 2) Refer to Specified Financial Measures 3) Core countries: United States, Canada, Oman, Bahrain, Argentina, Mexico, and Brazil Return on Capital Employed (Q1/26 TTM)(2) 17.3% 5
Slide 6 — The Building Blocks for a
The Building Blocks for a Sustainable Future To build the energy future by driving progress and empowering lives Leading Modular Gas, Power, and Water Technology Solutions Operational Excellence Customer Focus Continuous Improvement Exceptional Team INTEGRITY COMMITMENT CREATIVITY SUCCESS SAFETY PURPOSE ECONOMIC ENGINE COMPANY CHARACTERISTICS FOUNDATION
Slide 7 — Leveraging Technology:
Leveraging Technology: Meeting Customers Where They Are Engineered Modular Technology Solutions Equipment Sale (Engineered Systems) Rental and Operations (Energy Infrastructure) Enerflex’s Go-to-Market Approach Growing Base of Installed Equipment (Owned by Client Partners) Product Support (After-Market Services) Capitalize on Asset Lifecycle Recurring Revenue Natural Gas Compression Natural Gas Processing Electric Power Generation Water Technology
Slide 8 — and Water Technology Solutions
Delivering Modular Gas, Power, and Water Technology Solutions Enerflex competes in targeted markets with high-quality, fast-to-deploy solutions and custom-at-scale design and lifecycle services that deliver superior long-term economics Premier diversified customer base focused on high quality counterparties • 100% of Top 10 are IOC / NOC(1) • 15+ years with top 10 customers(1) • Top customer accounts for ~5% of revenue(1) 1) As at December 31, 2025 2) Gas Compressor Association, Spears: The Upstream Gas Compression Market (April 2026), Enerflex estimate North America #1 natural gas compression (Engineered Systems)(2) #1 cryogenic gas processing (Engineered Systems)(2) #6 U.S. contract compression (Energy Infrastructure)(2) Latin America #1 contract compression in Argentina and Mexico (Energy Infrastructure) (2) #1 After-Market Services in Argentina, Brazil, and Mexico(2) Middle East #1 BOOM projects in Bahrain and Oman (Energy Infrastructure) (2) #1 After-Market Services in Bahrain and Oman(2) 35% of produced water treated through Enerflex facilities in Oman (Energy Infrastructure) (2) Design Engineer Manufacture Operate Service 8
Slide 9 — run deep.
Our roots run deep. 9
Slide 10 — 100+ Years of Technical and
Selected businesses that helped shape Enerflex’s industrial lineage Proven ability to integrate and scale Built through phases of targeted expansion and integration, proving an ability to absorb, scale, and operate more complex businesses Century-plus technical roots Enerflex traces back to 1913 and reflects deep industrial, compression, and process expertise Technical and operating depth More than a century of accumulated technical knowledge, operating experience, and execution capability Installed base and lifecycle relevance Supports customers across more of the lifecycle through broader capabilities Today’s Enerflex reflects more than a century of industrial roots, targeted expansion, and strategic integration 100+ Years of Technical and Operating Depth 100+ Years of Technical and Operating Depth 10
Slide 11 — 60M+
Proven Performance at a Global Scale hp of gas compression installed since 1913 60M+ of the world’s reciprocating gas compression is built by Enerflex and its predecessors ~30% cryogenic gas processing facilities moving over 19 bcf/d 139 power generation units installed 100+ engineering experts driving innovative energy solutions 400+ gas processing plants completed across 30 countries 600+ 11
Slide 12 — Our next phase is about
Our next phase is about sharpening the business and unlocking additional value. 12
Slide 13 — CEO Reflections
13 Opportunities • Take advantage of Enerflex’s size, capabilities, and market position • Drive meaningful productivity and operational improvement • Build distinctive digital and data capabilities • Optimize business and select portfolio simplification • Capture the emerging power generation opportunity 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 CEO Reflections 13
Slide 14 — Enerflex’s Disciplined Strategy
14 The Strategy Guiding our Growth Key Strategy Actions Our Growth Theme and Winning Aspiration Be the Leading Provider of Modular Gas, Power, and Water Technology Solutions Drive productivity improvement through operational excellence Focus on highest value growth opportunities and markets where we can win Allocate capital to drive value creation through disciplined growth and shareholder returns “Compete Intentionally. Improve Relentlessly.” Enerflex’s Disciplined Strategy
Slide 15 — Clear Strategic Direction Across Regions and Business Lines
Clear Strategic Direction Across Regions and Business Lines 15 LATAM EI and AMS Capitalize on strong demand in Argentina (Vaca Muerta) and optimize regional fleet ES Expand market leadership through cost optimization and growth in gas and power EI Continue to expand fleet and improve market positioning by focusing on Permian AMS Focus on digital growth to increase profit generation and pursue opportunities in Power AMS Middle East EI and AMS Capitalize on strong demand for gas and water technology solutions where we can generate attractive risk adjusted returns North America International Productivity Build a best-in class, cost focused, culture that delivers on CI/Lean, strong human capital and scale utilization
Slide 16 — Operational Excellence: Margin Enhancement and Productivity
Operational Excellence: Margin Enhancement and Productivity Opportunity to create capacity, enable growth, and improve earnings health 16.1% 17.9% 19.9% 20.6% 14% 16% 18% 20% 22% 24% 2023 2024 2025 Q1/26 TTM Adjusted EBITDA % Historical Adjusted EBITDA %(1) Objective (2026 – 2030) Improve Adjusted EBITDA Margin by 200+ bps Through efficiency & productivity improvement (full cycle) Leverage Scale and Optimize Footprint North America integration underway Lean / Continuous Improvement Energized workforce on waste reduction and key projects Modernize IT / Automation Systems to leverage data and insight for productivity improvements Supply Chain Professionalize $1.9B enterprise- wide spending Core Priorities 16 1) Refer to Specified Financial Measures
Slide 17 — Modernize IT / Automation Systems
Modernize IT / Automation Systems 17 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, and improved uptime to critical energy infrastructure 17
Slide 18 — Our next stage of value
18 Our next stage of value creation focused on long - term secular growth trends.
Slide 19 — $20B+
Engineered Systems Engineered Systems Energy Infrastructure Energy Infrastructure After-Market Services After-Market Services ~$21B ~$28B $- $5 $10 $15 $20 $25 $30 $35 2025 2030F Growth Focus: Aligned with Long-term Secular Growth Trends Global Market Size ($B)(1) 19 1) Spears: The Upstream Gas Compression Market (April 2026), Enverus Intelligence Research, Enerflex Estimate, GCA, Global Data, EPA, L.E.K & Rystad Market Dynamics(1) $20B+ Natural gas, power generation and water technology market with strong secular growth trends ~6% CAGR (2025-2030) with the strongest growth in North America and the Middle East ~6% CAGR $15B+ Data center development is a significant opportunity within Enerflex’s core markets and business lines
Slide 20 — Systems (ES)
Contract Compression • Build in-demand fleet focused on high- return asset classes • Leverage scale across AMS and CC • Pursue disciplined inorganic growth focused on high-quality assets Engineered Systems (ES) • Grow modular processing market share • Leverage scale for cost and execution advantage • Institutionalize continuous improvement and modernize technology • Capitalize on data center opportunities After-Market Service (AMS) • Grow profitable services • Utilize scale and talent breadth • Pursue opportunities to capture power generation installation and O&M services ES ES Contract Compression Contract Compression AMS AMS $4 $8 $12 $16 $20 $24 2025 2030F ~$15B ~$20B North America Market Size ($B)(1) 20 ~6% CAGR Growth Drivers: North America 1) Spears: The Upstream Gas Compression Market (April 2026), Enverus Intelligence Research, Enerflex estimate, GCA, Global Data, EPA, L.E.K & Rystad Enerflex’s strong market position in Engineered Systems and Contract Compression provides visibility into >20% of North America market activity Core Priorities
Slide 21 — >8 Bcf/d
Growth Drivers: North American Gas Production and Demand Growth Growth Drivers: North American Gas Production and Demand Growth 1) Spears: The Upstream Gas Compression Market (April 2026), Peters & Co. Limited 2) Source: EIA and company disclosures 3) Enverus Energy Intelligence 4) RBC Capital Markets, EIA, Enverus Energy Intelligence, Wood Mackenzie, S&P Global, Power Magazine, Williams and Enerflex Estimate 50 55 60 65 70 75 80 50 70 90 110 130 150 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Installed HP (M) U.S. & Canada Gas Production (bcf/d) U.S. Canada Total Installed Compression HP U.S. and Canada Gas Supply and Compression Outlook(1) >18 Bcf/d additional North America LNG export capacity through 2030(2) >8 Bcf/d U.S. gas power demand growth through 2030 including data center build out(4) >15 Bcf/d incremental gas takeaway capacity in the Permian through 2030(3) 21
Slide 22 — Energy Infrastructure: U.S. Contract Compression
100 200 300 400 500 600 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026F Horsepower (000s) Energy Infrastructure: U.S. Contract Compression 22 13% Similar Pace of Growth in 2026 MT NM CO WY SD ND MN WI IA NE KS OK TX LA AR MO ~5% Bakken & Northern U.S ~15% Midcon ~75% Permian ~5% Eagle Ford 486,000 HP Enerflex U.S Contract Compression Fleet Growth U.S Contract Compression Fleet Growth ~15% CAGR of marketed fleet (2017 – 2025) ~1.5 Years weighted average contract term remaining(1) ~45% of fleet large HP gas drive (>1,000 HP)(1) 94% average fleet utilization(2) 1) As at March 31, 2026 2) Q1/23 to Q1/26
Slide 23 — Growth Drivers: NAM Power Generation
Growth Drivers: NAM Power Generation Enclosure components ISO container modules Fuel tanks Emission controls & silencers Structural bases Post / panel & standing seam enclosures Gensets Electrical switchgear & controls • Focused on providing modular power generation solutions for behind the meter (“BTM”) power generation projects • Capabilities delivered through Engineered Systems (design, manufacturing) and AMS (installation, operations, maintenance) • During Q1/26, received an order to supply power generation units for a large data center project in the U.S. Enerflex’s Role and Successes 1) Raymond James, Jefferies, Enverus Intelligence Research, RBC and Enerflex estimate 2) Bloom Energy 2026 Data Center Power Report, RBC, Enerflex estimate 3) Based on 15 GW+ of installed capacity. Source: Enverus Intelligence Research and Enerflex estimate $300B+/year Capital spending on data centers through 2030(1) 25%+ of data centers that will require BTM power generation(1) up to 35% of BTM power to be generated using reciprocating engines(2) $15B+ potential market opportunity for BTM power generation using reciprocating engines(3) Market Opportunities 5 GW+ Current opportunities under evaluation >30 Years Experience developing power generation solutions 100+ Power generation units installed
Slide 24 — Growth Drivers: Latin America
Vaca Muerta Vaca Muerta Argentina (ex. Vaca Muerta) Argentina (ex. Vaca Muerta) Mexico Mexico Brazil Brazil Andean Andean ~$650 M ~$800 M $0 $200 $400 $600 $800 $1,000 2025 2030F Growth Drivers: Latin America Vaca Muerta ~70% of Argentina market ~4% CAGR 1) Rystad; Spears; L.E.K. research and analysis, Oxford Economics’ PPI, Enerflex estimate LATAM Compression Market Size by Country ($M)(1) ~5 – 7% CAGR in Argentina (2025 – 2030)(1) ~50 – 60% Argentina market share of LATAM market(1) Capitalize on Leading Position Especially in Argentina, through accretive opportunities with core customers 24 Focused Investment Re-deploy and optimize existing assets to generate attractive risk adjusted returns Maintain Flexibility Lead in strong markets while monitoring local political realities and risks Core Priorities
Slide 25 — Growth Drivers: Developing Opportunities in Argentina
Growth Drivers: Developing Opportunities in Argentina 25 Vaca Muerta Investment (US$B)(1) Estimated Gas Recovery (mmcf)(1) Vaca Muerta Haynesville Eagle Ford Montney - 2,000 4,000 6,000 8,000 10,000 12,000 14,000 1) YPF Investor relations material, Enverus Intelligence Research Record Production Argentina saw record oil and gas production in 2025 $25B / year by 2028 (1) Vaca Muerta investment continues to increase Lowest inflation rate since 2017 With a continued focus on deregulation LNG Developments Supported by commitments from YPF, Eni, and XRG (ADNOC) $0 $5 $10 $15 $20 $25 $30 2021 2022 2023 2024 2025 2026E 2027E 2028E 2029E 2030E
Slide 26 — Middle East:
Middle East: Iran Conflict Considerations Middle East: Iran Conflict Considerations Energy security, diversification of supply, and emphasis on domestic resources expected to be enduring themes for our client partners The conflict has the potential to increase the value of secure, resilient, and geographically diversified natural gas infrastructure Engineered Systems Modular solutions enable rapid replacement, debottlenecking, and temporary capacity Assessing Value Creation Opportunities for Enerflex After-Market Services Repair, replacement, restart support, and service as assets return to operation Energy Infrastructure Provides customer flexibility to deploy capital toward rebuilding North America and LATAM Increase in short-cycle energy investments, especially if oil prices settle above pre- conflict levels 26
Slide 27 — Growth Drivers: MEA
Saudi Arabia & UAE ~$4B Saudi Arabia & UAE ~$5B Rest of Market ~$6B Rest of Market ~$10B $0 $2 $4 $6 $8 $10 $12 $14 $16 $18 $20 2025 2030F Growth Drivers: MEA MEA Natural Gas Market Size($B)(1,2) Current addressable (outsourced) Rest of market 1) Spears & Associates, Global Data, L.E.K, Rystad, Enerflex estimate 2) Forecast market growth assumes that BOOM projects are economic enough to be selected over self-operation 3) EIA Compete where our technology differentiates and lowers costs Core Priorities BOOM Model Explore value creating opportunities with increasing adoption of the model Assess Opportunity to expand EI presence in the GCC while optimizing risk- return profile Saudi Arabia 300 Tcf of Gas Reserves #5 Global Rank UAE 215 Tcf of Gas Reserves #7 Global Rank Oman 23 Tcf of Gas Reserves #29 Global Rank Bahrain 3 Tcf of Gas Reserves #52 Global Rank Key Markets(3) 27 Addressable 2025: ~$0.5B 2030F: ~$1.5B ~8% CAGR ~$10B ~$16B
Slide 28 — Our Financial and Capital Allocation
Our Financial and Capital Allocation Framework 28 Shareholder Value Creation
Slide 29 — Strong Financial Foundation To Enable Value Creation:
29 Resilient Business Model Strong FCF Generation Disciplined Capital Allocation Framework 65% of Adjusted Gross Margin from Recurring Sources (1) $562M since beginning of 2023(2) Financial Flexibility Leverage Ratio of 0.9x and $500M+ of Liquidity(3) Attractive Returns Record ROCE of 17.3%(1) Strong Financial Foundation To Enable Value Creation: Enerflex has positioned its business for long-term value creation Attractive Risk Adjusted Returns 1) Q1/26 TTM 2) Q1/23 through Q1/26 3) Leverage Ratio refers to Bank-adjusted net debt to EBITDA ratio as at March 31, 2026, refer to Specified Financial Measures
Slide 30 — Financial Flexibility and Record Returns
2018 2019 2020 2021 2023 2024 2025 Q1/26 TTM $1,000 $1,200 $1,400 $1,600 $1,800 $2,000 $2,200 0% 5% 10% 15% 20% Capital Employed ($M) ROCE 0.0x 0.5x 1.0x 1.5x 2.0x 2.5x $400 $500 $600 $700 $800 $900 2023 2024 2025 Q1/26 TTM Leverage Ratio Net Debt ($M) Net Debt Leverage Ratio Financial Flexibility and Record Returns 30 • Corporate credit rating upgrades by each of S&P, Moody’s and Fitch: currently BB/Ba2/BB (stable outlooks)(2) • ROCE has increased to record levels, reflective of strong operating performance and deleveraging Consistent improvement in ROCE to reach record levels Positioning the balance sheet for value creation Net debt and Leverage Ratio(1) ROCE 0.9x Leverage ratio at the end of Q1/26(1) $500M+ Liquidity With debt maturities extending through January 2031(2) 1) Leverage Ratio refers to Bank-adjusted net debt to EBITDA ratio as at March 31, 2026, refer to Specified Financial Measures 2) As at March 31, 2026. Revolving credit facility maturity is July 2028 and HY Notes mature in January 2031
Slide 31 — Strong FCF and Increasing Growth Capex
0% 25% 50% 75% 100% 2023 2024 2025 2026 Dividend Growth + Maintenance Capital Share repurchases Debt Reduction Strong FCF and Increasing Growth Capex 31 $- $25 $50 $75 $100 2023 2024 2025 2026 Guidance Midpoint Allocation of Free Cash Flow by Year(1) 1) 2026 Free Cash Flow based on 2026 consensus estimates, current quarterly dividend of C$0.0425/share and midpoint of 2026 capital spending guidance (May 7, 2026, Q1/2026 press release) Growth Capex ($M) Capital Allocation Shifting to growth Growth Capex 2026 focused on U.S contract compression expansion LATAM Investments in LATAM fleet are included in maintenance capex Middle East Continue to evaluate opportunities to organically expand in the region
Slide 32 — 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 selective bolt-on acquisitions to accelerate scale and enhance capabilities o Strategic focus on expansion of North American business (ES, Contract Compression, and AMS) • Sustainable dividend increases o Providing a sustainable and growing dividend is core to Enerflex’s total return proposition for shareholders • Opportunistically repurchase common shares o When they are undervalued, Enerflex’s balance sheet is strong, and repurchases are accretive vs. other uses for capital Enerflex’s Capital Structure and Capital Allocation Framework 32
Slide 33 — Enerflex: Driving Value Creation
Positioning Focus 2026 – 2030 Objective Profitability • Productivity and a relentless approach to cost improvement • Further efficiencies related to financing costs and income taxes • Adjusted EBITDA margin: 200+ bps (full cycle) • Cash conversion ratio: 200+ bps (FFO / Revenue; full cycle)(1) Targeted Growth • $20B+(1) natural gas, power, and water market • Compete where Enerflex can generate strong lifecycle economics • Disciplined organic growth in core businesses + selective bolt-on acquisitions to accelerate scale and enhance capabilities • Growth Above Market • Market CAGR = ~6%(2) Capital Allocation • Strong financial position provides flexibility throughout cycles • Disciplined and returns focused • ROCE: 200+ bps (full cycle) • Sustainable dividend increases • Opportunistically repurchase common shares Enerflex: Driving Value Creation 33 1) Refer to Specified Financial Measures 2) Spears: The Upstream Gas Compression Market (April 2026), Enerflex Estimate, GCA, Global Data, EPA, L.E.K & Rystad
Slide 34 — Positioned for Growth and Value Creation
Enerflex is positioned to translate growing market demand, operational improvement, and disciplined capital allocation into shareholder value creation. Clear strategy to create value through growth and operational improvements Disciplined capital allocation framework focused on value creation for shareholders Leader in growing markets aligned with secular growth trends Resilient business focused on core natural gas and power generation platforms 34 Positioned for Growth and Value Creation
Slide 35 — Our Business
Our Business 35 Appendix Strengths and Operating Priorities
Slide 36 — Leveraging Technology:
Leveraging Technology: Meeting Customers Where They Are 36 Engineered Modular Technology Solutions Equipment Sale (Engineered Systems) Rental and Operations (Energy Infrastructure) Enerflex’s Go-to-Market Approach Growing Base of Installed Equipment (Owned by Client Partners) Product Support (After-Market Services) Capitalize on Asset Lifecycle Recurring Revenue Natural Gas Compression Natural Gas Processing Electric Power Generation Water Technology
Slide 37 — Engineered Systems Overview
Engineered Systems Overview Current Global Market Size $4B+(1) $4B+(1) $5B+(1) 2025-30 CAGR ~6%(1) ~6%(1) 8%+(1) Enerflex Positioning Leading packager for upstream and midstream gas applications (particularly in high HP); well-regarded for quality and reliability Respected provider of modular solutions with strength in cryogenic gas processing and integrated systems Well-positioned to grow by leveraging existing capabilities, supplier relationships, and expanding services Enerflex Offerings • Reciprocating compressor packages • Rotary compression packages • Separators • Dewpoint control & extraction • Fractionation • Cryo & refrigeration systems • Separators • Amine sweetening • Dehydration • Gas engine equipment packages • Modular electrical power solutions 37 Gas Compression Gas Processing Power Generation Optimize Manufacturing footprint to improve margins and throughput Execution Through integrated engineering capabilities Expand Offerings Integrated capabilities that complement our leading position Increase Margins With disciplined continuous improvement and productivity 1) Spears: The Upstream Gas Compression Market (April 2026), Enverus Intelligence Research, S&P Global, Enerflex Estimate GCA, Global Data, EPA, L.E.K & Rystad Core Priorities
Slide 38 — Engineered Systems Overview
0.0x 0.5x 1.0x 1.5x 2.0x $- $500 $1,000 $1,500 $2,000 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 Book-to-Bill Ratio Bookings & Backlog ($000) Bookings - TTM ES Backlog ES Book-to-Bill (TTM) Engineered Systems Overview $344M Average quarterly bookings since Q1/23(2) 1.1x Book-to-Bill ratio since Q1/23(2) $1.2B Average backlog since Q1/23(1) 38 Texas: 350,000 ft2 Oklahoma:145,000 ft2 Alberta: 250,000 ft2 1) ES backlog represents unsatisfied performance obligations related to the ES product line 2) Refer to Specified Financial Measures
Slide 39 — Energy Infrastructure Overview
Energy Infrastructure Overview 1) Bisat-C was converted to a finance lease in 2024 resulting in a $93 MM increase in revenue and a $3 MM increase in gross margin 2) BOOM projects as at December 31, 2025 3) As at March 31, 2026, based on revenue over the remaining term of existing contracts 4) Refer to Specified Financial Measures $- $50 $100 $150 $200 $250 $300 $350 $400 2023 2024 2025 Q1/26 TTM Adjusted Gross Margin ($M)(4) North America Latin America Eastern Hemisphere 56% 50%(1) 57% 59% Strong Gross Margin and Steady Cash Generation Margin % 39 North America Latin America MEA Build in - demand fleet focused on high - return asset classes Capitalize on leading position focused on Argentina Leverage position, expand further in GCC countries ~5 Years(2) current contracts extend to with strong expected renewal rates revenue and payments under contract distinct gas and water technology BOOM projects in MEA weighted average contract term 17 2033(3) $1.3B(3) 39 Core Priorities – EI Enerflex provides client partners with operational and manufacturing expertise
Slide 40 — Energy Infrastructure: LATAM
Energy Infrastructure: LATAM 40 Revenue/HP/Month Argentina Mexico Brazil Andean Bolivia Peru Colombia 0 75 150 225 300 Vaca Muerta Mexico Argentina (exl. Vaca Muerta) Brazil Andean Horsepower (000s) Horsepower by Country/Basin (000’s)(1) 1) As at March 31, 2026 $25 $30 $35 $40 2023 2024 2025 Q1/26 TTM Rental Proceeds from Fleet Optimization
Slide 41 — ~$0.8B
41 Eastern 1) Eastern Hemisphere EI Contract Backlog as at March 31, 2026, represents unsatisfied performance obligations related to the EI product line 2) As at December 31, 2025 Enerflex BOOM Projects Saudi Arabia UAE Emerging Opportunities Current Operations Middle East Energy Infrastructure $10B+ Natural gas and power generation market with strong secular growth trends Oman & Bahrain Well established markets for modular BOOM projects Saudi Arabia Evaluating modular BOOM approach for new project developments UAE Opening for modular BOOM projects with several opportunities Growth Drivers: Revenue and Payments Under Contract (1) ~$0.8B Weighted Average Contract Term (2) ~5 years Current contracts extend to (2) 2033
Slide 42 — After-Market Services: Stable Profitability with Power Optionality
After-Market Services: Stable Profitability with Power Optionality 42 After-Market Services – Adjusted Gross Margin ($M) Core Priorities $- $20 $40 $60 $80 $100 $120 2023 2024 2025 Q1/26 TTM North America Latin America Eastern Hemisphere • 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 North America, Argentina, Brazil, Mexico, Bahrain and Oman Grow Profitable Services Expand retrofit work for higher margins with tight supply outlook Utilize Scale and Breadth of Talent Optimize costs through basin focus and pooling of resources across AMS and contract compression lines Power Capture the Power O&M tail for installation and O&M services
Slide 43 — Disclosures
Disclosures 43
Slide 44 — Specified Financial Measures
Specified Financial Measures 44 Three months ended March 31, $ millions, except percentages 2026 2025 EBIT 73 66 Depreciation and amortization 37 39 EBITDA 110 105 Share-based compensation 22 (3) Impact of finance leases Principal payments received 10 8 Unrealized loss on redemption options (5) 3 Adjusted EBITDA 137 113 Three months ended March 31, $ millions, except percentages 2026 2025 Funds from operations ("FFO") 95 62 Net change in working capital and other (63) 34 Cash provided by operating activities ("CFO") 32 96 Less: Capital expenditures - Maintenance and PP&E (9) (8) Capital expenditures - Growth (7) (6) Lease payments (6) (6) Add: Proceeds on disposals of PP&E and EI assets - operating leases 5 9 Free cash flow 15 85 Adjusted EBITDA Free Cash Flow 1) Adjusted EBITDA is a non-IFRS measure that excludes unique, non-recurring, or non-cash items—such as restructuring, transaction and integration costs, share-based compensation volatility, certain lease accounting impacts, note redemption option gains or losses, and goodwill impairments—to better reflect ongoing operating performance, and may not be comparable to similarly titled measures used by other issuers. Refer to reconciliation of Non-IFRS financial measures in the advisory statements. Adjust EBITDA % is calculated as adjusted EBITDA as a percentage of revenue 2) The Company defines free cash flow ("FCF") as cash provided by (used in) operating activities, less total capital expenditures (growth and maintenance) for EI assets - operating leases and PP&E, mandatory debt repayments, and lease payments, while proceeds on disposals of EI assets - operating leases and PP&E are added back. Refer to the reconciliation of Non-IFRS financial measures in the advisory statements 3) Enterprise Value is a supplementary measure intended to measure the Company’s total value, calculated as market capitalization plus Net Debt 4) The company defines Liquidity as cash and cash equivalents and amounts not drawn on the revolving credit facility 5) The Bank adjusted net debt to EBITDA ratio is used in assessing the company’s compliance with financial covenants related to its debt, certain adjustments are made to EBITDA to determine Enerflex's bank-adjusted net debt to EBITDA ratio. These adjustments, and Enerflex's bank-adjusted net debt to EBITDA ratio, are calculated in accordance with, and derived from, the Company's financing agreements 6) ES Bookings, ES Book-to-Bill ratio (calculated as ES bookings divided by ES revenue) and various supplementary or “non-IFRS” financial measures are defined in the Company’s Management’s Discussion and Analysis for the year ended December 31, 2025 and Management’s Discussion and Analysis for the three months ended March 31, 2026 7) Enerflex also refers to cash provided by operating activities before net change in working capital and other as “Funds from Operations” or “FFO”
Slide 45 — Specified Financial Measures Continued
Specified Financial Measures Continued 45 Gross margin before depreciation and amortization ROCE Three months ended March 31, 2026 $ millions EI AMS Recurring Product Lines ES Total Gross Margin 65 20 85 60 145 Depreciation and Amortization 30 2 32 2 34 Gross margin before depreciation and amortization 95 22 117 62 179 Three months ended March 31, $ millions 2026 2025 Trailing 12-months EBIT 290 66 Average capital employed Average net debt (TTM) 550 659 Average shareholders equity (TTM) 1,129 1,051 Average Capital employed 1,679 1,710 ROCE 17.3% 14.2% Three months ended March 31, 2025 $ millions EI AMS Recurring Product Lines ES Total Gross Margin 57 24 81 47 128 Depreciation and Amortization 29 2 31 2 33 Gross margin before depreciation and amortization 86 26 112 49 161 1) The Company uses adjusted gross margin also referred to as gross margin before depreciation and amortization ("GM before D&A") to assess operational performance of each product line. GM before D&A is defined as gross margin excluding depreciation and amortization, which can vary based on the nature and origin of assets. The presentation of GM before D&A should not be considered in isolation from gross margin or as a replacement for measures prepared as determined under IFRS. Adjusted gross margin from recurring sources also referred to as recurring GM before D&A, is used to evaluate Enerflex’s recurring business, and it is defined as GM before D&A from the EI and AMS product lines 2) Enerflex defines bank-adjusted net debt to EBITDA as borrowings under the Revolving Credit Facility (“RCF”) and Notes less cash and cash equivalents, divided by EBITDA for the trailing 12-months, as defined by the Company’s lenders. 3) ROCE is a measure used to analyze operating performance and efficiency of the Company’s capital allocation process. The ratio is calculated by taking TTM EBIT divided by capital employed. Capital employed is average debt and shareholders’ equity less average cash for the trailing four quarters.
Slide 46 — Advisory Statements
Advisory Statements 46 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 meaning of the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. These statements relate to Management's expectations about future events, results of operations, the future performance (both financial and operational) and business prospects of Enerflex, and other matters that may occur in the future. All information and statements other than information and statements of historical fact, are forward- looking information and statements. The use of any of the words "anticipate", "future", "plan", "contemplate", "create", "continue", "estimate", "expect", "intend", "propose", "might", "may", "will", "shall", "project", "should", "could", "would", "believe", "predict", "forecast", “target”, "pursue", "potential", "objective", "capable", and similar expressions, are intended to identify FLI. In particular, this presentation includes (without limitation) forward-looking information pertaining to: the ability of the Company to increase each of adjusted EBITDA margin, cash conversion ratio and ROCE by 200+ bps and the timing associated therewith, if at all; the ability of Enerflex to capitalize on opportunities to create capacity, enable growth, and improve earnings, the associated objectives through 2030, and the timing associated therewith, if at all; the ability of Enerflex to drive value creation and the related objectives through 2030, the timing associated therewith, if at all; expectations as to the anticipated global market size of After-Market Services (“AMS”), Energy Infrastructure (“EI”), and Engineered Systems (“ES”) and that Enerflex will see strong growth in each of these product lines through 2030, if at all; opportunities within the data center development space and that such opportunities will be available to Enerflex, available within Enerflex’s core markets and business lines, and the timing associated with such opportunities, if at all; in North America: (a) expectations as to the market size of AMS, ES, and Contract Compression and the ability of Enerflex to execute on its core priorities within each business line and the timing associated therewith, if at all; (b) expectations as to gas production and compression outlook through 2030 and the associated increases in LNG export capacity, U.S. gas power demand growth including data center build out, and incremental gas takeaway capacity in the Permian; (c) expected increases in the U.S. contract compression fleet and the regions in which such increases are projected for; (d) the market opportunities including capital spending on data centers, BTM power generation requirements, BTM power to be generated using reciprocating engines, and potential market opportunity for BTM power generation using reciprocating engines, and the ability of Enerflex to capitalize on such opportunities; and (e) the ability of Enerflex to convert opportunities into bookings and to complete the booking on the terms negotiated and the timing associated therewith, if at all; in Latin America: (a) expectations as to the compression market size by country; (b) expectations as to the CAGR in Argentina through 2030; (c) the ability of Enerflex to execute on identified market opportunities and the timing associated therewith, if at all; (d) the estimated gas recovery within various formations including Vaca Muerta; and (e) expectations as to continued strong investment in Vaca Meurta; in the Eastern Hemisphere: (a) expectations of enduring themes for our client partners due to the Iran conflict, the potential opportunities for Enerflex and the ability of Enerflex to capitalize on such opportunities, if at all; (b) the potential increase in value of secure, resilient, and geographically diversified natural gas infrastructure as a result of the conflict and the quantum and timing of such increase, if at all; (c) the natural gas market size in identified key markets; and (d) the ability of Enerflex to execute on its core priorities within the region and the timing associated therewith, if at all; the ability for Enerflex to identify and successfully execute on targeted growth activities including bolt-on acquisitions and the timing associated therewith, if at all; Enerflex’s capital structure and capital allocation framework, expectations in respect of such structure and framework, opportunities in connection therewith, and the timing thereof, if at all; the global market size of the ES business through 2030 and related CAGR for compression, gas processing, and power generation; the ability of Enerflex to meet the identified objectives to drive value creation and the timing associated therewith, if at all; and expectations that contracts will continued to be honored and remain unamended and in full force and effect for the duration of their remaining terms.
Slide 47 — Advisory Statements
Advisory Statements 47 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 America, and the Middle East; continued growth opportunities in power generation and digital services; continued growth in global natural gas, power generation, and water infrastructure markets through 2030; continued growth in related infrastructure to support additional demand; continued growth in North American compression, processing, and power generation markets; continued demand for modular processing and contract compression solutions; increasing compression demand associated with gas production growth; continued growth in U.S. contract compression demand; continued high fleet utilization and demand for large horsepower compression units; continued customer activity in the Permian, Midcon, and other core basins; continued growth in behind-the-meter (“BTM”) power generation demand; increasing power demand associated with data center development; a portion of BTM power demand will be met using reciprocating engines; continued development of Vaca Muerta and associated infrastructure demand; continued LNG development activity in Argentina; continued support from key industry participants including YPF, Eni, and XRG; continued macroeconomic stabilization and deregulation in Argentina; continued growth in Argentine oil and gas production; energy security, supply diversification, and domestic resource development remain priorities for customers; geopolitical instability may increase investment in secure and diversified natural gas infrastructure; increasing adoption of outsourced and BOOM-style infrastructure projects; Enerflex successfully expands operations and project opportunities within Saudi Arabia and the UAE; BOOM projects remain economically competitive relative to customer-owned alternatives; continued demand for after-market services, retrofit work, and maintenance activity; continued profitability improvements through operational scale and resource optimization; continued strong free cash flow generation and liquidity; Enerflex maintains targeted leverage levels and financial flexibility; continued access to debt and capital markets; continued disciplined capital allocation and growth investment opportunities; contractual counterparties continuing to honor the terms of their contracts over the remaining life of their contracts; changes to, and introduction of new, governmental regulations, laws, and income taxes; availability of qualified personnel or management; and other factors, many of which are beyond the control of Enerflex. As a result of the foregoing, actual results, performance, or achievements of Enerflex could differ and such differences could be material from those expressed in, or implied by, these statements, including but not limited to: the ability to maintain desirable financial ratios and ratings; the ability to access various sources of debt and equity capital, generally, and on acceptable terms, if at all; the ability to utilize tax losses in the future; the ability to maintain relationships with partners and to successfully manage and operate the business; risks associated with technology and equipment, including potential cyberattacks; the occurrence and continuation of unexpected events such as pandemics, severe weather events, war, terrorist threats, and the instability resulting therefrom; risks associated with existing and potential future lawsuits, shareholder proposals, and regulatory actions; and those factors referred to under the heading "Risk Factors" in: (i) Enerflex's Annual Information Form for the year ended December 31, 2025, (ii) Enerflex's management’s discussion and analysis for the year ended December 31, 2025, each of the foregoing documents being accessible under the electronic profile of the Company on SEDAR+ and EDGAR at www.sedarplus.ca and www.sec.gov/edgar, respectively. Readers are cautioned that the foregoing list of assumptions and risk factors should not be construed as exhaustive. The FLI included in this presentation are made as of the date of this presentation and are based on the information available to the Company at such time and, other than as required by law, Enerflex disclaims any intention or obligation to update or revise any FLI, whether as a result of new information, future events, or otherwise. This presentation and its contents should not be construed, under any circumstances, as investment, tax, or legal advice.
Slide 48 — Advisory Statements
Advisory Statements 48 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 available. The guidance is based on the same assumptions and risk factors set forth above and is based on the Company's historical results of operations. The financial outlook, or potential financial outlook, set forth in this presentation was approved by Management to provide investors with an estimation of the outlook for the Company, and readers are cautioned that any such financial outlook contained herein should not be used for purposes other than those for which it is disclosed herein. The prospective financial information set forth in this presentation has been prepared by Management. Management believes that the prospective financial information has been prepared on a reasonable basis, reflecting Management's best estimates and judgments, and represents, to the best of Management's knowledge and opinion, the Company's expected course of action in developing and executing its business strategy relating to its business operations. Actual results may vary from the prospective financial information set forth in this presentation. See above for a discussion of the risks that could cause actual results to vary. The prospective financial information set forth in this presentation should not be relied on as necessarily indicative of future results. Basis of Preparation All financial figures and information have been prepared in United States dollars (which includes references to "dollars" and "$"), except where another currency has been indicated, and in accordance with IFRS as issued by the IASB. Third-party Information This presentation includes market, industry, and economic data, including historical data and consensus estimates related to the Company’s peer group, which was obtained from various publicly available sources and other sources believed by Enerflex to be true. Although Enerflex believes it to be reliable, it has not independently verified any of the data from third-party sources referred to in this presentation or analyzed or verified the underlying reports relied upon or referred to by such sources or ascertained the underlying economic and other assumptions relied upon by such sources. Enerflex believes that its market, industry, and economic data is accurate and that its estimates and assumptions are reasonable, but there can be no assurance as to the accuracy or completeness thereof. The accuracy and completeness of the market, industry, and economic data used throughout this presentation are not guaranteed and Enerflex makes no representation as to the accuracy of such information. This presentation also includes a relative valuation of Enerflex versus certain industry peers. Relative valuation involves comparing financial metrics across companies within an identified peer group and relies on both historical data and forward-looking estimates which may not fully reflect differences in business models, risk profiles, accounting policies, or future developments and such differences, may be material. Non-IFRS and Other Financial Measures Throughout this presentation and other materials disclosed by the Company, Enerflex employs certain measures to analyze its financial performance, financial position, and cash flows, including adjusted earnings before net finance costs, income taxes, depreciation and amortization (“EBITDA”); ES bookings; ES book-to-bill ratio; gross margin before depreciation and amortization; recurring gross margin before depreciation and amortization; free cash flow; dividend payout ratio; bank-adjusted net debt to EBITDA ratio; and return on capital employed. These measures should not be considered as alternatives to net earnings or any other measure of performance under IFRS. Reconciliation of these non-IFRS measures to the most directly comparable IFRS measure is provided in Enerflex’s management discussion and analysis for the year ended December 31, 2025, available under the electronic profile of the Company on SEDAR+ and EDGAR at www.sedarplus.ca and www.sec.gov/edgar, respectively. ES bookings and ES book-to-bill ratio do not have a directly comparable IFRS measure.