Trican Well Service Q4 Earnings Call Highlights

Trican Well Service (TSE:TCW) reported stronger fourth-quarter 2025 results than a twelvemonth earlier, supported by somewhat higher wide enactment levels and the inclusion of a afloat 4th of results from the Iron Horse acquisition, executives said connected the company’s Q4 2025 net call.

Chief Financial Officer Scott Stauth said gross successful Q4 2025 roseate to CAD 322.7 million, up from CAD 275.5 million successful Q4 2024. Adjusted EBITDA accrued to CAD 73.4 million, oregon 23% of revenue, versus CAD 55.6 million, oregon 20%, successful the prior-year quarter.

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The institution besides reported adjusted EBITDAS of CAD 75.3 million (23% of revenue), compared with CAD 58.6 million (21% of revenue) a twelvemonth earlier. Stauth said EBITDAS adds backmost cash-settled share-based compensation to trim the market-to-market interaction of stock terms changes betwixt reporting dates.

Trican posted nett net of CAD 31.9 million, oregon CAD 0.15 per share connected some a basal and afloat diluted basis. Free currency travel totaled CAD 46.6 million, which absorption defined arsenic EBITDAS little non-discretionary currency expenditures including attraction capital, interest, existent taxes, and cash-settled stock-based compensation.

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Capital spending successful the 4th was CAD 15.1 million, including astir CAD 12.8 million of attraction superior and CAD 2.8 million of upgrade capital. Stauth said upgrade spending was chiefly dedicated to electrifying the company’s 4th acceptable of ancillary frac enactment equipment.

Trican ended the 4th with affirmative non-cash moving superior of CAD 179.2 million. As of Dec. 31, the institution reported CAD 79.9 million of nett debt, consisting of CAD 92.4 million of loans and borrowings offset by CAD 12.5 million of cash. Management said the indebtedness level was chiefly related to the Iron Horse acquisition and mean moving superior and investing activity, and represented conscionable nether a 3rd of a crook of leverage based connected trailing twelve-month EBITDAS. Stauth added that a information of this had already been “unwound” and the institution expects nett indebtedness to inclination downward done 2026.

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Under its mean people issuer bid, Trican repurchased and canceled 1.4 cardinal shares successful Q4. For full-year 2025, the institution repurchased and canceled 12.1 cardinal shares astatine a weighted-average terms of astir CAD 4.4435, representing 6.4% of shares outstanding astatine the opening of the year. After year-end, Trican repurchased and canceled an further 300,000 shares, and absorption said it expects to stay progressive erstwhile marketplace prices connection a favorable concern opportunity.