Trican Well Service Ltd.

Good morning, and welcome to Trican Well Services' fourth quarter . All participants are in a listen-only mode. After the speaker's remarks, we will conduct a question and answer session. To ask a question at this time, you'll need to press star followed by the number one on your telephone keypad. As a reminder, this conference call is being recorded. I would now like to turn the call over to Brad Fedora, President and Chief Executive Officer. Thank you. Please go ahead.

Thanks for, thank you everybody for joining us and good morning. First, Scott, our CFO will give an overview with quarterly results and then I'll provide some comments with respect to the quarter, current operating conditions and the outlook over the next few quarters and then we'll take some calls. There's a few members of our executive team in the room today so we should be able to answer any questions that come up and I'll now turn the call over to Scott.

Thanks, Brad. So before we begin, I'd like to remind everyone that this conference call may contain forward-looking statements and other information based on current expectations or results for the company. Certain material factors or assumptions that were applied in drawing conclusions or making projections are reflected in the forward-looking information section of our MD&A for Q4 of 2025. A number of business risks and uncertainties could cause actual results to differ materially from these forward-looking statements and our financial outlook. Please refer to our 2025 Annual Information Form for the year ended December 31st, 2025 for a more complete description of business risks and uncertainties facing Trican. This document is available both on our website and on CDAR. During this call, we will refer to several common industry terms and use certain non-GAAP measures which are more fully described in our Q4 2025 MD&A. Our quarterly results were released after the close of market on Wednesday evening and are available both on CDAR and our website. So with that, a brief summary of our quarterly results. My comments will draw comparisons to the fourth quarter of last year and I'll provide some commentary about our current activity levels and expectations going forward. Trican's results for the quarter compared to last year's Q4 were generally stronger as overall operating activity came in a bit higher despite a challenging commodity price environment exiting the year. Our results for Q4 of 2025 also incorporate a full quarter of Iron Horse results following the closing of the acquisition in Q3 of 2025. Oil pricing was challenged as we came through the second half of 2025 and had a significant impact on Q4. Oil focused customers delayed and in some case shelved projects in response to deteriorating economics, significantly impacting the Iron Horse division during the quarter. But overall, our revenues for the quarter were $322.7 million compared to the $275.5 million we generated in Q4 of 2024. Adjusted EBITDA for the quarter was 73.4 million or 23% of revenues compared to adjusted EBITDA 55.6 million or 20% of revenues generated in Q4 of 2024. Adjusted EBITDAs for the quarter came in at 75.3 million or 23% of revenues up from the 58.6 million or 21% of revenues in Q4 of last year. To arrive at EBITDAs, we add back the effects of cash settled share-based compensation to recognize recognizing the quarter to more clearly show the results of our operations and remove some of the market-to-market impact of the movements in our share price between reporting dates. On a consolidated basis, we generate positive earnings, $31.9 million in the quarter, which translates to $0.15 per share, both on a basic and a fully diluted basis. We generated free cash flow of $46.6 million during the quarter. Our definition of free cash flow is essentially EBITDAs, less non-discretionary cash expenditures. which includes maintenance capital, interest, current taxes, and cash settled stock-based compensation. You can see more details on this in the non-GAAP measures section of our MD&A. CapEx for the quarter totaled $15.1 million, split between maintenance capital of about $12.8 million and upgrade capital of $2.8. Our upgrade capital was dedicated mainly to the electrification of our fourth set of ancillary frac support equipment and ongoing investments to maintain the productive capability of our active equipment. From a balance sheet perspective, we exited the quarter with positive non-cash working capital of $179.2 million. On December 31st, we had debt of $79.9 million, net debt of $79.9 million, comprised of loans and borrowings of $92.4 million, which was offset by cash of $12.5 million. Our debt at December 31st was primarily related to the acquisition of Iron Horse and our normal working capital and investing activities during the quarter. This translates into just under a third of a turn of leverage using our trailing 12-month EBITDA figure, and a portion of this is already unwound, and we expect our net debt position to trend downward as we move through 2026. With respect to our return of capital strategy, we repurchased and canceled 1.4 million shares under our NCIB program in the fourth quarter. On an annual basis in 2025, we repurchased and canceled 12.1 million shares at a weighted average of about $4.35 per share. representing 6.4% of the shares outstanding at the beginning of the year. Subsequent to Q4 of 2025, we've repurchased and canceled about 300,000 shares, and we continue to be active in our buyback program when market prices are at levels that provide for a favorable investment opportunity. As noted in our press release, the Board of Directors approved a dividend of 0.55 cents per share, reflecting approximately 11.5 million in aggregate to shareholders. The distribution is scheduled to be made on March 31, 2026 to shareholders of record as of the close of business on March 13, 2026. And I would note that these dividends are designated as eligible dividends for Canadian tax purposes. So with that, I'll turn things back to Brad. Okay, thanks.