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- **Revenue Growth**: Q3 revenue up 29% YoY to $777M, driven by ES project execution and BSAT C expansion.\n- **Profitability**: Adj EBIT $145M (new record), ROC 16.9%, FFO $115M.\n- **Power Gen Expansion**: 500+ MW pipeline with modular solutions for data centers, supported by 30+ years of power expertise.\n- **Dividend Increase**: 13% hike to CAD 0.0425/share, reflecting strong financial position.\n- **Risks**: Supply chain lead times (2027-2028 engine deliveries), margin normalization in ES (mid-teens).

**【CEO Summary Section】**
- **Strong Q3 Performance**: Revenue of $777M, up 29% YoY, driven by the BSAT C expansion project ($116M revenue) and strong ES execution. Gross margin before D&A was $206M (27% of revenue).\n- **Business Line Highlights**:\n  - **Engineered Systems (ES)**: Backlog of $1.1B, bookings of $339M (vs. 8Q avg $320M). Q3 book-to-bill ratio 0.9x.\n  - **Energy Infrastructure (EI)**: 94% fleet utilization (470k hp), on track to 485k hp by end-2025.\n  - **Aftermarket Services (AMS)**: 21% gross margin, benefiting from maintenance programs.\n- **Strategic Priorities**:\n  - Enhance core op profitability, leverage North American growth, and maximize free cash flow.\n  - Exploring 500+ MW power gen opportunities (e.g., modularized solutions for data centers).\n  - $12M invested in BSAT C expansion, with first crude oil in <18 months.\n- **2026 Outlook**: ES activity expected to pull forward into Q3, with margins aligning with historical averages (mid-teens).\n
**【CFO Financial Commentary】**\n- **Revenue & Profitability**:\n  - Q3 revenue $777M (vs. $601M YoY), adj EBIT $145M (new record).\n  - GAAP net income $37M ($0.30/share), Non-GAAP EPS $0.49.\n  - ROC 16.9% (vs. 4.5% YoY), FFO $115M.\n- **Cash Flow & Capital Allocation**:\n  - Free cash flow $43M (vs. $78M YoY), net debt $584M (down 17% YoY).\n  - Dividend increased 13% to CAD 0.0425/share.\n  - $11M returned to shareholders (Q3), $35M YTD.\n  - NCIB allows repurchasing up to 5% of shares.\n- **Balance Sheet**:\n  - Bank-adjusted net debt/EBITDA 1.2x (vs. 1.9x YoY).\n  - $800M credit facility extended to 2028.\n
**【Q&A Highlights】**\n- **Power Gen Opportunities**:\n  - 500+ MW pipeline across ES and EI.\n  - Speed critical due to 2027-2028 engine lead times.\n  - Potential for AMS follow-on contracts.\n- **Supply Chain Risks**:\n  - Strategic inventory investments for long-lead components.\n  - CAT engine deliveries extending into 2027-2028.\n- **Margins & Execution**:\n  - ES margins expected to normalize to mid-teens due to project mix.\n  - Q3 revenue pull-forward from Q4 (~$100M+).\n  - Working capital build of $41M (AR, growth, inventory).

Enerflex Ltd. (EFXT) Q3 2025 Earnings Call Transcript

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EFXT

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