Enerflex Ltd.

mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1 1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1 1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Jeff Federley, Vice President, Corporate Development and Capital Markets. Please go ahead.

Thank you, Gigi, and good morning, everyone. With me today are Paul Mahoney, Interflex's President and CEO, Preet Dhinza, our CFO, and Ben Park, Interflex's Controller. During today's call, our prepared remarks will focus on four key areas. One, the continued strong performance of Interflex's business. Two, our outlook going into 2026. Three, capital allocation, including an increase in Interflex's dividend. And four, some initial commentary from Paul on strategic priorities. Before I turn it over to Paul, I'll remind everyone that today's discussion will include non-IFRS and other financial measures, as well as forward-looking statements regarding Interflex's expectations for future performance and business prospects. Forward-looking information involves risks and uncertainties, and the stated expectations could differ materially from actual results or performance. For more information, refer to the advisory statements within our news release, MD&A, and other regulatory filings, all available on our website and under our CDAR Plus and EDGAR profiles. As part of our prepared remarks, we will be referring to slides in our investor presentations which is available through a link on this webcast and our website under the investor relations section. I'll now turn it over to Paul.

Thanks, Jeff, and thank you all for joining us on this morning's call. I'm pleased to join Interflex at a very exciting time for the company. The Interflex team has made significant operational, financial, and strategic strides in recent quarters, and I want to start off and thank the team across our global operations, their energy their commitment and all of their efforts we are pleased to report another strong quarter of financial and operating results the energy infrastructure and aftermarket services business lines continue to be the foundation of our results contributing 58 percent of gross margin before depreciation and amortization during the third quarter the engineered systems business line benefited from a favorable project sequencing and strong execution to generate the highest quarterly operating revenue in its history. First, I'll start with a few strategic and operational highlights. Enerflex's U.S. contract compression business continues to perform well, led by increasing natural gas production in the Permian. Utilization remains stable at 94% during Q3 across a fleet size of approximately 470,000 horsepower. Enerflex remains on track to grow its North American contract compression fleet to approximately 485,000 horsepower at the end of 2025. We expect to continue expanding this business in 2026 and will provide more specifics early in the new year. In the U.S., Enerflex was awarded a contract to construct a 200 million cubic standard feet per day cryogenic gas processing facility and associated natural gas compression. The project will be executed by the engineered systems business line and scheduled for delivery during 2026 with a strategic client partner in the Permian Basin. The company continues to broaden and strengthen relationships within the midstream client partner base in the US, which includes strategic alliances and further developing relationships established through the acquisition of Exterin. During Q3, this resulted in Enerflex securing multiple orders for large compression equipment. In Oman, Enerflex successfully completed the construction and startup of the Block 60 BSAT-C expansion facility for its client partner, OQ Exploration and Production. The project was delivered ahead of schedule and achieved first crude oil in less than 18 months. Enerflex's investment is supported by a long-term contract and reported as a finance lease. In Argentina, Enerflex delivered a state-of-the-art all-electric gas compression station for a long-standing client's partner in the Vakamorta shale play. Lastly, Enerflex received the prestigious Export-Import Bank of the U.S. Deal of the Year Award for its collaboration on a gas-to-energy project in Guyana. A first of its kind in Guyana, Enerflex provided the natural gas conditioning and cryogenic infrastructure for this project. We will generate 300 megawatts of power, reduce the country's dependence on imported fuels, and expand access to power in underserved communities. And now, a few comments on each of our business lines. Engineered systems backlog, as at September 30, of $1.1 billion provides strong visibility into future revenue generation and business activity levels. Bookings of $339 million during Q3 compared to a trailing eight-quarter average of approximately $320 million. The book-to-bill ratio calculated as bookings divided by revenue and normalized for accounting treatment associated with the BSAT-C expansion project was 0.9 times during Q3 and one times on a trailing eight-quarter average, highlighting that the company is consistently replenishing its backlog in line with project execution. The outlook for engineered systems is supported by healthy bidding activity and backlog visibility that extends into the second half of 2026. Notwithstanding, Enerflex continues to closely monitor near-term risks, including tariffs and commodity price volatility, and will proactively manage this business line. Activity levels for the ES product line during Q4 of 25 are expected to reflect a pull forward of certain projects into the third quarter. Enerflex continues to expect gross margin for the ES business line in coming quarters to align more closely with historical averages reflective of a shift in project mix. We believe the medium-term outlook for ES products and services is attractive, supported by anticipated growth in natural gas and produced water volumes across Enerflex's global footprint. Results for the aftermarket services business line benefited from increased activity levels and customer maintenance activities during the quarter. We expect these trends to continue into 2026. The energy infrastructure business continues to perform well, supported by approximately 1.4 billion of revenue under contract. Our U.S. contract compression fleet is an important part of our energy infrastructure asset base, and the fundamentals for this business remain strong. Operational KPIs for this business are highlighted on slides 15 and 16 of our investor presentation. Slides 17 and 18 highlight our international energy infrastructure business. which includes approximately 1.1 million horsepower of operated compression and 24 build, own, operate, and maintain or boom projects in Bahrain, Oman, and Latin America. The international energy infrastructure business has a strong contract position with a weighted average term of approximately five years and is expected to provide a steady foundation to Enerflex's financial performance in the coming years. I would like to comment briefly on strategic priorities. Since joining Enerflex at the end of September, I've had the wonderful opportunity to visit the key parts of Enerflex's North American operation and interact across all levels of the company. The strength of Enerflex's people, culture, and position as a global leader have been evident. We expect to provide further insight into strategic priorities, including capital allocation, in coming months following continued strategic clarity and discussion with our board of directors. I would like to emphasize that our go-forward approach will, one, focus on Enerflex's strengths and areas of excellence, Two, stay true to the values that have guided the company for decades. And three, continue to emphasize discipline, providing meaningful direct shareholder returns and making investments that support long-term shareholder value creation. In the near term, Enerflex's priorities are unchanged and include, one, enhancing the profitability of core operations, Two, leveraging the company's leading position in core operating countries to capitalize on expected increases in natural gas and produced water volumes. And three, maximizing free cash flow to strengthen Enerflex's financial position, provide direct shareholder returns, and invest in selective customer supported growth opportunities. Before I turn it over to Preet, I would like to briefly touch on emerging opportunities we are seeing in the electrical power generation part of our business, including opportunities associated with data centers. The delivery of modularized power generation solutions is a core competency of Enerflex. The engineered systems business line has been delivering these types of solutions for over 30 years. and our international energy infrastructure asset base includes upwards of 100,000 horsepower of modularized power generation assets. The microgrid power generation market in North America is very much in formation stage, but recent announcements from OEM suppliers and industry participants provide an indication of the potential opportunities. Although power generation represents a modest portion of Enerflex's current engineered systems backlog and overall business, we are developing solutions that we believe can address a range of applications and are excited about opportunities in 2026 and beyond. For context, we are currently executing feed studies for existing and potential client partners and evaluating over 500 megawatts of opportunities across our engineered systems and energy infrastructure business lines. We look forward to providing updates as Enerflex continues to develop this market opportunity. With that, I'll turn it over to Preet to speak to the financial side. Thanks, Paul, and good morning, everyone.