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Enerflex — October 2026 Investor Presentation (company IR deck)
Enerflex (EFXT) · 43 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 October 2026
Slide 2 — Enerflex and Our Strategy
Enerflex and Our Strategy 2 Compete Intentionally. Improve Relentlessly.
Slide 3 — US$3.4B
Enterprise Value(1,2) US$3.4B Q3/26 TTM Revenue Core Operating Countries(3) Enerflex Delivers of GM before D&A from Recurring Sources (Q3/26 TTM)(2) $2.4B 7 ~67% Q3/26 TTM Adjusted EBITDA(2) $517M Q3/26 TTM FCF(2) Employees Years of Operating History $290M 4,500+ 100+ Net Debt / Adjusted EBITDA (Q3/26 TTM)(2) 0.6x Q3/26 TTM Adjusted EBITDA Margin %(2) 21.4% 1) Based on Q3/26 net debt and EFXT closing share price of $25.00 as of October 28, 2026 2) Refer to Specified Financial Measures 3) Core countries: United States, Canada, Oman, Bahrain, Argentina, Mexico, and Brazil Return on Capital Employed (Q3/26 TTM)(2) 15.8% 3 Cash Conversion Ratio (Q3/26 TTM)(2) 14.0%
Slide 4 — 100%
Premier Customer Base 4 1) Year ended December 31, 2025 100% Top 10 customers that are NOC or Investment Grade(1) 15+ years Average relationship with top 10 customers(1) ~5% Total Revenue from top customer accounts for(1) ~35% Low revenue concentration risk top 10 customers account for(1) Diversified customer base with long-standing relationships
Slide 5 — Financial Discipline
5 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 6 — 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 7 — Enerflex’s Disciplined Strategy
7 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 8 — Clear Strategic Direction Across Regions and Business Lines
Clear Strategic Direction Across Regions and Business Lines 8 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 lean / continuous improvement , strong human capital and scale utilization
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) 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 9 1) Refer to Specified Financial Measures 16.1% 17.9% 19.9% 20.6% 20.7% 21.4% 14% 16% 18% 20% 22% 24% 2023 2024 2025 Q1/26 TTM Q2/26 TTM Q3/26 TTM Adjusted EBITDA %
Slide 10 — 900+
The Power to Turn Insight into Action Enerflex’s digital ecosystem for critical energy infrastructure: moving from reactive operations to proactive performance management 900+ Assets connected to one telemetry system in Houston 5 Countries with Remote Operations Control Centers (ROC) Multiple Customer-site pilots underway Highlights Connected: 900+ assets on one telemetry system in Houston, feeding AI-enabled predictive intelligence and improving asset performance Growing: ROC centers established in the USA, Mexico, Argentina, Oman, Bahrain; smart wearable technology pilot completed and being implemented Field Enablement: AI-enabled Smart Databooks deployed; intelligent callout and smart dispatch in progress Why it Matters Our Edge: An extensive installed base backed by equipment expertise, parts, and a global service network creates a differentiated ability to turn insight into action The Opportunity: Expand our role across the asset lifecycle and create recurring revenue opportunities Next: Demonstrate measurable customer outcomes and scale proven use cases
Slide 11 — Our Financial and Capital Allocation
Our Financial and Capital Allocation Framework 11 Shareholder Value Creation
Slide 12 — Strong Financial Foundation To Enable Value Creation:
12 Resilient Business Model Strong FCF Generation Disciplined Capital Allocation Framework ~67% of Adjusted Gross Margin from Recurring Sources (1) ~$700M since beginning of 2023(2) Financial Flexibility Leverage Ratio of 0.6x and $800M+ of Liquidity(3) Attractive Returns ROCE(4) of 15.8% Strong Financial Foundation To Enable Value Creation: Enerflex has positioned its business for long-term value creation Attractive Risk Adjusted Returns 1) Q3/26 TTM 2) Q1/23 through Q3/26 3) Leverage Ratio refers to Bank-adjusted net debt to EBITDA ratio as at September 30, 2026, refer to Specified Financial Measures 4) ROCE is a measure used to analyze operating performance and efficiency of the Company’s capital allocation process. The ratio is calculated by taking trailing twelve months ("TTM") EBIT divided by capital employed. Capital employed is average debt and shareholders’ equity less average cash for the trailing four quarters.
Slide 13 — Financial Flexibility and Record Returns
2018 2019 2020 2021 2023 2024 2025 Q3/26 TTM $1,000 $1,200 $1,400 $1,600 $1,800 $2,000 $2,200 0.0% 5.0% 10.0% 15.0% 20.0% Capital Employed ($M) ROCE Financial Flexibility and Record Returns 13 • Corporate credit rating upgrades by each of S&P, Moody’s and Fitch: currently BB/Ba2/BB (stable outlooks)(2) • ROCE has increased, reflective of strong operating performance and deleveraging Consistent improvement in ROCE Positioning the balance sheet for value creation Net debt and Leverage Ratio(1) ROCE(3) 0.6x Leverage ratio at the end of Q3/26(1) $800M+ Liquidity With debt maturities extending through January 2031(2) 1) Leverage Ratio refers to Bank-adjusted net debt to EBITDA ratio as at September 30, 2026, refer to Specified Financial Measures 2) As at September 30, 2026. Revolving credit facility maturity is June 2029 and HY Notes mature in January 2031 3) Q3/26 is based on trailing 12-month EBIT. Compared to Q3/25, ROCE reflects lower trailing 12-month EBIT as the prior period benefitted from the recognition of the Bisat C Expansion as well as lower share-based compensation 0.0x 1.0x 2.0x 3.0x $250 $500 $750 $1,000 2023 2024 2025 Q3/26 TTM Leverage Ratio Net Debt ($M) Net debt Leverage ratio
Slide 14 — Strong FCF and Increasing Growth Capex
Strong FCF and Increasing Growth Capex 14 Allocation of Free Cash Flow by Year(1) 1) 2026 Free Cash Flow based on 2026 consensus estimates, current quarterly dividend of US$0.035/share and midpoint of 2026 capital spending guidance (Oct. 29, 2026, Q3/26 press release) Growth Capex ($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 $- $25 $50 $75 $100 2023 2024 2025 2026 Guidance 0% 25% 50% 75% 100% 2023 2024 2025 2026 Dividend Growth + Maintenance Capital Share repurchases Debt Reduction
Slide 15 — Enerflex’s Capital Structure and Capital Allocation Framework
• Strong financial position provides flexibility throughout cycles o Leverage ratio exited Q3/26 at 0.6x • 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 15
Slide 16 — 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 16 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 17 — Recent Highlights Focus on Execution & Power
Recent Highlights Focus on Execution & Power >1.75 GW of BTM 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 $1.0B and backlog of $2.1B in Q3/26, reflecting BTM natural gas-fired power generation and continued strength across compression and processing applications Leverage ratio(1) exited Q3/26 at 0.6x compared to 1.0x at the end of 2025 Increased the quarterly dividend by ~17% to US$0.035 per common share, effective with the dividend payable in November 2026 Enerflex completed the previously announced divestiture of the majority of its operations in the Asia Pacific region to INNIO Group for $62M Strategic Priorities • Growth capital targeted at ~$100M in 2026 • Authorized investments in its ES facilities and capabilities, including $30 to $40 million in 2026 and ~$85 million in 2027 • Quarterly dividend of US$0.035/share • Recurring sources expected to contribute ~65% of gross margin before D&A • ES backlog of $2.1B at the end of Q3/26, providing strong visibility into future revenue • Growth capital will focus on customer supported opportunities in the U.S. • Continue to evaluate opportunities to organically expand in the Middle East 1) Leverage Ratio refers to Bank-adjusted net debt to EBITDA ratio as at September 30, 2026, refer to Specified Financial Measures 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 17
Slide 18 — Secular Growth Trends
Secular Growth Trends 18 Supporting Materials
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 (July 2026), Peters & Co. Limited 2) Source: EIA, TD Cowen 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) ~20 Bcf/d additional North America LNG export capacity through 2031(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 — Growth Drivers: NAM Power Generation
Growth Drivers: NAM Power Generation • Focused on modular power generation solutions for BTM power generation • Capabilities delivered through Engineered Systems (design, manufacturing) and AMS (installation, operations, maintenance, and ReliaCore digital solutions) • >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 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 Opportunity >1.75 GW backlog of BTM natural gas-fired power generation backlog >40 Years Experience developing power generation solutions 100+ Power generation units installed
Slide 23 — 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 23 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 24 — Growth Drivers: Developing Opportunities in Argentina
Growth Drivers: Developing Opportunities in Argentina 24 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 25 — 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 25
Slide 26 — 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) 26 Addressable 2025: ~$0.5B 2030F: ~$1.5B ~8% CAGR ~$10B ~$16B
Slide 27 — Our Business
Our Business 27 Supporting Materials Strengths and Operating Priorities
Slide 28 — Recurring Sources Provide Gross Margin Stability
Recurring Sources Provide Gross Margin Stability 28 Gas Compression ~65% Gross Margin before D&A(1) from recurring sources 1) The Company uses 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. Gross Margin Before D&A(1) by Business Line Gross Margin before D&A by Business Line (%) Q3/26 TTM 2019 ES 58% EI 24% AMS 18% ~42% Gross Margin before D&A(1) from recurring sources ES 33% EI 52% AMS 15% $91 $126 $168 $175 $321 $334 $356 $372 $382 $65 $55 $58 $62 $100 $109 $108 $98 $105 $218 $90 $36 $91 $189 $199 $255 $253 $300 $373 $272 $262 $328 $610 $642 $719 $723 $787 $ - $100 $200 $300 $400 $500 $600 $700 $800 2019 2020 2021 2022 2023 2024 2025 2026E Analyst Estimates 2027E Analyst Estimates Energy Infrastructure After-Market Services Engineered Systems
Slide 29 — Engineered Systems Overview
Engineered Systems Overview Current Global Market Size(1) $4B+ $4B+ $5B+ 2025-30 CAGR(1) ~6% ~6% 8%+ 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 and extraction • Fractionation • Cryo and refrigeration systems • Separators • Amine sweetening • Dehydration • Gas engine equipment packages • Modular electrical power solutions 29 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 (July 2026), Enverus Intelligence Research, S&P Global, Enerflex Estimate, GCA, Global Data, EPA, L.E.K & Rystad Core Priorities
Slide 30 — Engineered Systems Overview
$448M Average quarterly bookings since Q4/24(1) 30 Texas: 350,000 ft2 Oklahoma:145,000 ft2 Alberta: 250,000 ft2 1) Refer to Specified Financial Measures Engineered Systems Overview 0.0x 0.5x 1.0x 1.5x 2.0x $500 $1,000 $1,500 $2,000 $2,500 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Book-to-Bill Ratio Bookings & Backlog ($000) Bookings - TTM ES Backlog ES Book-to-Bill (TTM)
Slide 31 — 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 September 30, 2026, based on revenue over the remaining term of existing contracts 4) Refer to Specified Financial Measures 56% 50%(1) 57% 60% Strong Gross Margin and Steady Cash Generation Margin % 31 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) $1.2B(3) 31 Core Priorities – EI Enerflex provides client partners with operational and manufacturing expertise $- $50 $100 $150 $200 $250 $300 $350 $400 2023 2024 2025 Q3/26 TTM Adjusted Gross Margin ($M)(4) North America Latin America Eastern Hemisphere
Slide 32 — 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 32 13% 10-15% during 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 521,000 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 September 30, 2026 2) Q3/24 to Q3/26
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 periods of commodity volatility • Utilization supported by weighted average contract term of ~1.5 years(1) U.S. Rental Fleet Profile(2) Fleet Utilization & Revenue/HP/Month(1) Gas Drive: >1,000 HP Gas Drive: <500 HP Electric Drive: 150 – 1,500 HP Gas Drive: 500 – 1,000 HP 1) Q3/22, Q3/25 & Q4/25 have been normalized for one-time events 2) As at September 30, 2026 33 50% 60% 70% 80% 90% 100% $15 $20 $25 $30 Q1/18 Q3/18 Q1/19 Q3/19 Q1/20 Q3/20 Q1/21 Q3/21 Q1/22 Q3/22 Q1/23 Q3/23 Q1/24 Q3/24 Q1/25 Q3/25 Q1/26 Q3/26 Fleet Utilization Revenue/HP/Month Revenue/HP/Month Utilization %
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 Revenue/HP/Month(1) U.S. Contract Compression Fleet Margins(1) 34 1) Competitors include AROC, KGS, NGS, and USAC 30% 35% 40% 45% 50% 55% 60% 65% 70% 75% 80% $0 $20 $40 $60 $80 $100 $120 $140 $160 $180 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 GM % - TTM (Excluding D&A) EFX U.S. ECC Revenue - TTM ($ MM) EFX Revenue EFX Competitor 1 GM % Competitor 2 GM % Competitor 3 GM % Competitor 4 GM % $16 $18 $20 $22 $24 $26 $28 $30 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 Revenue/HP/Month - TTM EFX Competitor 1 Competitor 2 Competitor 3 Competitor 4
Slide 35 — Energy Infrastructure: LATAM
Energy Infrastructure: LATAM 35 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 September 30, 2026 $25 $30 $35 $40 2023 2024 2025 Q3/26 TTM Rental Proceeds from Fleet Optimization
Slide 36 — ~$0.7B
36 Eastern 1) Eastern Hemisphere EI Contract Backlog as at September 30, 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) ~$0.7B Weighted Average Contract Term (2) ~5 years Current contracts extend to (2) 2033
Slide 37 — After-Market Services: Stable Profitability with Power Optionality
After-Market Services: Stable Profitability with Power Optionality 37 After-Market Services – Adjusted Gross Margin ($M) Core Priorities • 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 $- $20 $40 $60 $80 $100 $120 2023 2024 2025 Q3/26 TTM North America Latin America Eastern Hemisphere
Slide 38 — Disclosures
Disclosures 38
Slide 39 — Specified Financial Measures
Specified Financial Measures 39 Three months ended September 30, $ millions 2026 2025 EBIT 79 82 Depreciation and amortization 38 40 EBITDA 117 122 Restructuring, transaction and integration costs 2 - Gain (loss) on APAC disposition (5) - Share-based compensation 2 11 Impact of finance leases Upfront gain - (14) Principal payments received 10 10 Unrealized loss on redemption options 3 16 Adjusted EBITDA 129 145 Three months ended September 30, $ millions 2026 2025 Funds from operations ("FFO") 96 115 Net change in working capital and other 51 (41) Cash provided by operating activities ("CFO") 147 74 Less: Capital expenditures - Maintenance and PP&E (16) (18) Capital expenditures - Growth (26) (15) Lease payments (5) (5) Add: Proceeds on disposals of PP&E and EI assets - operating leases 2 7 Free cash flow 102 43 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. 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 and nine months ended September 30, 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” 8) Cash Conversion Ratio is a supplementary financial measure defined as trailing twelve-month ("TTM") FFO divided by TTM revenue and is used to assess the Company’s ability to convert revenue into operating cash flow. As this measure does not have a standardized meaning under IFRS, it may not be comparable to similarly titled measures used by other issuers
Slide 40 — Specified Financial Measures Continued
40 Gross margin before depreciation and amortization ROCE Three months ended September 30, 2026 $ millions EI AMS Recurring Product Lines ES Total Gross Margin 63 24 87 55 142 Depreciation and Amortization 30 2 32 2 34 Gross margin before depreciation and amortization 93 26 119 57 176 September 30, $ millions 2026 2025 Trailing 12-months EBIT 252 287 Average capital employed Average net debt 443 593 Average shareholders equity 1,156 1,102 Average Capital employed 1,599 1,695 ROCE 15.8% 16.9% Three months September 30, 2025 $ millions EI AMS Recurring Product Lines ES Total Gross Margin 65 23 88 84 172 Depreciation and Amortization 30 2 32 2 34 Gross margin before depreciation and amortization 95 25 120 86 206 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. Specified Financial Measures Continued
Slide 41 — Advisory Statements
Advisory Statements 41 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 achieve its 2026 – 2030 objectives, including an 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; Enerflex’s ability to capitalize on opportunities to expand its role across the asset lifecycle and create recurring revenue opportunities via the ReliaCore Asset Performance Management ecosystem, as well as to demonstrate measurable customer outcomes and scale proven use cases, and the timing associated therewith, if at all; expectations that recurring sources will contribute approximately 65% of gross margin before depreciation and amortization; the Engineered Systems backlog as at the end of Q3 2026 providing strong visibility into future revenue; the ability for Enerflex to identify and successfully execute on opportunities to organically expand in the Middle East, and the timing associated therewith, if at all; expectations that growth capital will be approximately $100 million in 2026, that $30 million to $40 million will be invested in ES facilities and capabilities in 2026, and that $85 million will be invested in ES facilities and capabilities during 2027; 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 ES and that Enerflex will see strong growth in each of these product lines through 2030, if at all; opportunities within the electric power generation and 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 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 gas 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; analyst expectations in respect of gross margin before depreciation & amortization by business line for 2026 and 2027; 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 42 — Advisory Statements
Advisory Statements 42 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 43 — Advisory Statements
Advisory Statements 43 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”); 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. In addition to non-IFRS measures, Enerflex uses other financial measures including ES bookings and ES book-to-bill ratio, which do not have a directly comparable IFRS measure.