Trican Well Service Ltd.

Trican reported Q4 2025 revenue of $322.7 million versus $275.5 million in Q4 2024. Adjusted EBITDA was $73.4 million, or 23% of revenue, compared with $55.6 million, or 20%, a year earlier. Adjusted EBITDAS was $75.3 million, or 23% of revenue, versus $58.6 million, or 21% in Q4 2024. Net earnings were $31.9 million, or $0.15 per share on both a basic and diluted basis, and free cash flow was $46.6 million. Capex totaled $15.1 million, including $12.8 million of maintenance capital and $2.8 million of upgrade capital. The company exited the quarter with $179.2 million of positive noncash working capital, $79.9 million of debt and $12.5 million of cash. For capital returns, the board approved a $0.055 per share dividend, or about $11.5 million in aggregate, payable March 31, 2026. On guidance, management said Q1 should be very much in line with consensus, 2026 capex is about $120 million, roughly half expansion and about $40 million tied to the natural gas fleet, and the company expects net debt to trend down through 2026.

Brad Fedora framed the quarter as solid and consistent, saying the company has built a more level-loaded business that is easier to staff and allocate equipment across the year. He emphasized Trican’s technology-led positioning, especially electric and natural-gas-powered equipment, and said customers increasingly value lower-cost, lower-emission solutions. He was constructive on Western Canada, LNG-related gas demand, and the Iron Horse acquisition, while also noting pricing pressure and weather-related choppiness.

Scott Matson highlighted the year-over-year improvement in revenue, adjusted EBITDA, adjusted EBITDAS, earnings, and free cash flow, and explained that Q4 results included a full quarter of Iron Horse. He pointed to $15.1 million of quarterly capex, $179.2 million of positive noncash working capital, and $79.9 million of net debt at year-end, saying leverage was just under one-third of a turn on trailing EBITDAS and should decline through 2026. He also detailed shareholder returns: 1.4 million shares repurchased and canceled in Q4, 12.1 million shares repurchased in 2025 at an average of about $4.35, and a $0.055 per share dividend.

Analysts asked about ARC removing Attachie Phase 2, wet sand adoption, pricing trends, the additive nature of the new natural-gas fleet, basin pumping capacity constraints, LNG’s impact on demand, Iron Horse’s earnings potential, and the capital required for new low-emission equipment. Management said the ARC project change was not a concern and did not directly affect Trican, called wet sand early-stage and limited, and said pricing should stay fairly level with an upside bias as commodity prices improve. On Iron Horse, management said the business is highly sensitive to oil prices and could still get back to the originally contemplated level if oil holds near current levels; on capex, Scott said 2026 capex is about $120 million with roughly $60 million for expansion and about $40 million for the natural-gas fleet, but not a major rebuild cycle.