Trican Reports Third Quarter Results for 2026 and Declares Quarterly Dividend

Higher quarterly earnings contrasted with lower nine-month profit as Trican continued fleet investment and shareholder returns.

Rhea-AI Summary

Trican Well Service (TOLWF) reported third-quarter 2026 revenue of $338.3 million, with higher profit and cash generation than a year earlier. Revenue compared with $300.6 million, while profit rose to $48.0 million from $28.9 million and basic and diluted earnings per share increased to $0.23 from $0.15. Adjusted EBITDA, a non-GAAP earnings measure, reached $87.7 million versus $59.5 million. Trican attributed improvement to higher activity, utilization and a full quarter of Iron Horse contributions.

Nine-month profit fell to $76.0 million from $80.3 million despite higher revenue. Quarter-end net debt was $50.3 million. Trican approved a $0.055 quarterly dividend, payable December 31, 2026. Its 2026 capital budget is $122 million, with initial deployment of its natural gas-fueled fracturing fleet expected in the fourth quarter. A technology modernization initiative is expected to add approximately $10 million of expense in 2026.

26 points · 0 major

PositiveiHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 13 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointThird-quarter revenue increased to $338.3 million from $300.6 million a year earlier.
• Moderate pointThird-quarter profit rose to $48.0 million from $28.9 million a year earlier.
• Moderate pointThird-quarter gross profit increased to $74.5 million from $60.3 million a year earlier.
• Moderate pointThird-quarter adjusted EBITDA rose to $87.7 million from $59.5 million a year earlier.
• Moderate pointThird-quarter free cash flow increased to $66.0 million from $35.4 million a year earlier.
• Moderate pointThird-quarter operating cash flow reached $19.7 million versus $32.1 million used a year earlier.
• Moderate pointNine-month revenue increased to $883.2 million from $773.5 million a year earlier.
• Moderate pointNine-month adjusted EBITDA increased to $180.4 million from $165.7 million a year earlier.
• Moderate pointNine-month free cash flow rose to $128.5 million from $102.8 million a year earlier.
• Moderate pointNine-month operating cash flow increased to $196.8 million from $79.0 million a year earlier.
• Moderate pointLong-term debt declined to $72.0 million at September 30, 2026, from $92.4 million at December 31, 2025.
• Moderate pointThird-quarter repurchases canceled 6,866,100 shares at a weighted average $6.09 per share, returning $41.8 million. 4.2% of market cap
• Moderate point. Forward-looking: it has not happened yet and may not happen.Renewed buyback authorization permits up to 18,057,151 shares for cancellation from October 5, 2026, before October 4, 2027.
• Moderate point. Forward-looking: it has not happened yet and may not happen.2026 capital budget of $122 million supports equipment maintenance and fleet modernization.

12 minor points

• Minor pointThird-quarter basic and diluted earnings per share increased to $0.23 from $0.15 a year earlier.
• Minor pointThird-quarter adjusted EBITDAS, a non-GAAP earnings measure, increased to $87.1 million from $66.9 million.
• Minor pointThird-quarter free cash flow per share reached $0.32 basic and diluted versus $0.19 basic and $0.18 diluted.
• Minor pointNine-month adjusted EBITDAS increased to $190.1 million from $176.5 million a year earlier.
• Minor pointNine-month free cash flow per share reached $0.61 basic and diluted versus $0.55 basic and $0.54 diluted.
• Minor pointCash increased to $22.4 million at September 30, 2026, from $12.5 million at December 31, 2025.
• Minor pointRemaining accessible liquidity was $127.3 million at September 30, 2026.
• Minor pointNine-month dividends per share increased to $0.165 from $0.155 a year earlier.
• Minor pointIron Horse acquisition contributed for the full quarter and expanded fracturing and completion service capabilities.
• Minor point. Forward-looking: it has not happened yet and may not happen.Natural gas-fueled fracturing fleet initial deployment is expected in fourth-quarter 2026; full field readiness is expected in 2027.
• Minor point. Forward-looking: it has not happened yet and may not happen.Three natural gas-powered tractors are expected to enter service in fourth-quarter 2026.
• Minor point. Forward-looking: it has not happened yet and may not happen.Integrated enterprise resource planning platform is planned to improve operational efficiency and decision-making.

Negative

• Moderate pointNine-month profit declined to $76.0 million from $80.3 million a year earlier.
• Moderate pointWorking capital excluding cash fell to $139.7 million at September 30, 2026, from $179.2 million at December 31, 2025.
• Moderate pointNet debt of $50.3 million included $72.7 million drawn on the revolving credit facility at quarter-end.
• Moderate pointCurrent liabilities excluding leases rose to $171.9 million from $122.8 million at December 31, 2025.
• Moderate pointNine-month capital expenditures increased to $65.8 million from $47.7 million a year earlier.

8 minor points

• Minor pointNine-month earnings per share fell to $0.36 basic and diluted from $0.43 basic and $0.42 diluted.
• Minor pointNine-month gross profit decreased to $153.4 million from $153.9 million a year earlier.
• Minor pointCurrent lease liabilities increased to $7.4 million from $6.1 million at December 31, 2025.
• Minor pointNon-current lease liabilities increased to $21.6 million from $17.8 million at December 31, 2025.
• Minor pointThird-quarter capital expenditures increased to $26.5 million from $18.9 million a year earlier.
• Minor point. Forward-looking: it has not happened yet and may not happen.Technology modernization expense is anticipated to be approximately $10 million in 2026, recognized as general and administrative expense.
• Minor pointPricing pressure and inflationary costs persisted during the third quarter.
• Minor point. Forward-looking: it has not happened yet and may not happen.Competitive conditions may create near-term variability in activity, equipment utilization and pricing, Trican expects.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Calgary, Alberta--(Newsfile Corp. - October 27, 2026) - Trican Well Service Ltd. (TSX: TCW) ("Trican" or the "Company") is pleased to announce its third quarter results for 2026. The following news release should be read in conjunction with Management's Discussion and Analysis ("MD&A"), the unaudited condensed consolidated interim financial statements and related notes for the three and nine months ended September 30, 2026, as well as the Annual Information Form ("AIF") for the year ended December 31, 2025. All of these documents are available on SEDAR+ at www.sedarplus.ca.

THIRD QUARTER HIGHLIGHTS

• Trican's third quarter results were higher compared to the prior year period due to increased operating activity and utilization levels, together with the contribution from the acquisition of Iron Horse Energy Services ("Iron Horse") for the full quarter. Commodity prices remained supportive of customer activity during the quarter, particularly for oil and liquids-focused producers. While pricing pressure and inflationary costs persisted during the quarter, higher activity levels, improved utilization and stronger operating leverage contributed to improved financial results relative to the prior year period.

  • Revenue was $338.3 million for the three months ended September 30, 2026 compared to $300.6 million for the three months ended September 30, 2025.

  • Adjusted EBITDAS¹ and adjusted EBITDA¹ for the three months ended September 30, 2026 were $87.1 million and $87.7 million, compared to $66.9 million and $59.5 million, respectively, for the three months ended September 30, 2025.

  • Free cash flow¹ and free cash flow per share¹ for the three months ended September 30, 2026 were $66.0 million, $0.32 per share basic and diluted compared to $35.4 million, $0.19 per share basic and $0.18 per share diluted for the three months ended September 30, 2025.

  • During the three months ended September 30, 2026, the Company returned an aggregate of $53.0 million to shareholders, consisting of $11.2 million from quarterly dividends and $41.8 million from the Company's Normal Course Issuer Bid ("NCIB") program.

  • Profit and profit per share for the three months ended September 30, 2026 were $48.0 million, and $0.23 per share basic and diluted, respectively, compared to profit and profit per share of $28.9 million and $0.15 per share basic and diluted for the three months ended September 30, 2025.

• The Company's statement of financial position remains solid with positive working capital¹, excluding cash, of $139.7 million at September 30, 2026 compared to $179.2 million at December 31, 2025. Strong cash flow generation from operations was partially offset by a seasonal build in working capital following spring break-up. As at September 30, 2026, the Company had net debt¹ of $50.3 million, consisting of $72.7 million drawn on its revolving credit facility and $22.4 million of cash on hand, while maintaining $127.3 million of remaining accessible liquidity.

RETURN OF CAPITAL

• The Company continues to be active in its NCIB program as a key component of its return of capital strategy:

  • During the three and nine months ended September 30, 2026, Trican purchased and cancelled 6,866,100 common shares and 8,508,300 common shares, respectively, under its NCIB program at a weighted average price of $6.09 per share and $6.25 per share, or approximately 3.3% and 4.0% of the Company's outstanding shares at December 31, 2025. Subsequent to September 30, 2026 and prior to the expiration of the 2025-2026 NCIB program, the Company purchased an additional 81,300 common shares.

  • On September 30, 2026, the Company announced the renewal of its NCIB program, commencing October 5, 2026, to purchase up to 18,057,151 common shares for cancellation before October 4, 2027, subject to the TSX's NCIB rules. Subsequent to September 30, 2026 and as of October 27, 2026, the company purchased 517,900 common shares.

  • Since the initiation of our NCIB programs in 2017, Trican has purchased 188,056,365 common shares, equating to approximately 54% of total shares outstanding at the start of the NCIB programs at a weighted average price of $3.05 per share. All common shares purchased under the NCIB program are returned to treasury for cancellation.

• The Company also continues to execute on its return of capital strategy through its quarterly dividend program:

  • During the three and nine months ended September 30, 2026, the Company paid quarterly cash dividends of $0.055 per share, totaling $11.2 million and $34.3 million, respectively, in aggregate to shareholders.

  • On October 27, 2026, the Company's board of directors approved a quarterly dividend of $0.055 per share. The dividend is scheduled to be paid on December 31, 2026 to shareholders of record as of the close of business on December 15, 2026.

  • The dividends are designated as eligible dividends for Canadian income tax purposes.

FINANCIAL REVIEW

($ millions, except $ per share amounts. Weighted average shares is stated in thousands)	Three months ended		Nine months ended
(Unaudited)	September 30, 2026	September 30, 2025	September 30, 2026	September 30, 2025
Revenue	338.3	300.6	883.2	773.5
Gross profit	74.5	60.3	153.4	153.9
Adjusted EBITDAS1	87.1	66.9	190.1	176.5
Adjusted EBITDA1	87.7	59.5	180.4	165.7
Free cash flow1	66.0	35.4	128.5	102.8
Per share - basic1	0.32	0.19	0.61	0.55
Per share - diluted1	0.32	0.18	0.61	0.54
Cash flow from / (used in) operations	19.7	(32.1)	196.8	79.0
Profit for the period	48.0	28.9	76.0	80.3
Per share - basic	0.23	0.15	0.36	0.43
Per share - diluted	0.23	0.15	0.36	0.42
Dividends paid	11.2	11.7	34.3	30.0
Per share	0.055	0.055	0.165	0.155
Shares outstanding, end of period	202,468	212,231	202,468	212,231
Weighted average shares outstanding - basic	207,083	190,971	209,170	187,039
Weighted average shares outstanding - diluted	208,074	193,662	210,403	189,729
1 Refer to the Non-GAAP disclosure section of this news release for further details.

 

($ millions)	As at September 30, 2026	As at December 31, 2025
Assets
Cash and cash equivalents	22.4	12.5
Current assets - other	319.1	308.2
Total assets	1,025.5	1,013.7
Liabilities
Current liabilities - other	171.9	122.8
Lease liabilities - current portion	7.4	6.1
Lease liabilities - non-current portion	21.6	17.8
Long term debt	72.0	92.4
Total non-current financial liabilities	96.9	115.8

 

	Three months ended
(Unaudited)	September 30, 2025	December 31, 2025	March 31, 2026	June 30, 2026	September 30, 2026
WTI - Average price (US$/bbl)	$64.97	$59.14	$72.67	$92.99	$85.68
AECO-C - Spot average price (C$/mcf)	$0.57	$2.14	$1.89	$1.51	$1.48
WCS - Average price (C$/bbl)	$72.29	$65.17	$78.41	$100.89	$92.34
Average exchange rate (US$/C$)	$0.73	$0.72	$0.73	$0.72	$0.71
Canadian average drilling rig count	184	196	225	160	220
Source: Bloomberg, Bank of Canada, and Rig Locator

 

HIGHLIGHTS

Capital expenditures¹

Capital expenditures¹ for the three and nine months ended September 30, 2026 totaled $26.5 million and $65.8 million, respectively ($18.9 million and $47.7 million for the three and nine months ended September 30, 2025). Capital expenditures¹ during the period primarily related to maintenance capital to support the reliability and efficiency of the Company's equipment fleet, as well as growth capital associated with the construction of Canada's first 100% natural gas fueled, continuous, heavy-duty hydraulic fracturing fleet and the purchase of electric ancillary fracturing equipment.

The Company has approved a capital budget for 2026 of $122 million. The budget reflects the Company's continued focus on maintenance capital to ensure reliability and efficiency across its operations, while allocating targeted growth capital to advance modernization initiatives and position the Company for future opportunities.

The Company will fund these expenditures with available cash resources, free cash flow¹ and our revolving credit facility.

Strategic Positioning

As customer completion programs continue to increase in scale and complexity, Trican remains focused on operational execution, technology leadership and disciplined investment in its equipment fleet.

The Company is developing Canada's first 100% natural gas-fueled, continuous, heavy-duty hydraulic fracturing fleet. Initial deployment is expected during the fourth quarter of 2026, with the full fleet expected to be field-ready in 2027. The fleet is expected to enhance Trican's technology leadership and support the efficient execution of larger and increasingly complex customer completion programs, while improving operating efficiency and lowering fuel costs and emissions.

This investment builds on Trican's broader fleet modernization strategy, which includes five active Tier 4 Dynamic Gas Blending ("Tier 4 DGB") fleets representing approximately 210,000 HHP, four sets of electric ancillary fracturing equipment and the deployment of industry-leading continuous-duty pumps and idle-reduction technology. The combination of Tier 4 DGB engines and electric ancillary equipment can displace up to 90% of the diesel used in a conventional fracturing operation with natural gas, reducing fuel costs and emissions.

Trican continues to invest in its logistics capabilities to support higher-intensity completion activity and evolving customer procurement strategies. This includes three natural gas-powered tractors expected to enter service during the fourth quarter of 2026. These investments complement the Company's broader fleet modernization initiatives and support its focus on operational efficiency and lower-emission technologies.

In addition to these fleet modernization initiatives, Trican expanded its fracturing and completion service capabilities through the acquisition of Iron Horse. The acquisition increased operating scale and strengthened Trican's expertise in coil-integrated fracturing operations in Alberta and Saskatchewan. These assets augment Trican's service offering across the WCSB and expand the Company's ability to provide integrated solutions to customers throughout the drilling, completion and production lifecycles.

Beyond field operations, Trican is undertaking a broader technology modernization initiative, beginning with the modernization of its core financial systems and the implementation of an integrated enterprise resource planning ("ERP") platform. The initiative is designed to improve operational efficiency, scalability and decision-making capabilities across the organization. It is also expected to support future technology enhancements, including advanced data analytics and decision-support capabilities. The investment for 2026 is anticipated to be approximately $10 million and will be recognized as general and administrative ("G&A") expense in accordance with IFRS.

Financial position

We remain committed to maintaining a strong statement of financial position with significant positive working capital¹, including cash, while investing in high-return opportunities and returning capital to shareholders. Our strong liquidity position, ability to generate free cash flow¹ and access to credit facilities provide the financial flexibility to execute our strategic plans, including ongoing investment in our fleet and strategic growth initiatives. As part of our capital allocation strategy, we remain focused on continued execution of our NCIB program and payment of quarterly dividend, while maintaining financial flexibility, generating disciplined returns on invested capital and creating long-term shareholder value.

OUTLOOK

Market Conditions

Customer activity levels were generally strong through the third quarter of 2026 and are expected to remain supported over the near term by the attractive economics of Canada's leading resource plays, particularly the Montney and Duvernay, and growing demand for Canadian natural gas. While competitive market conditions across Trican's service lines may create near-term variability in activity, equipment utilization and pricing, underlying industry fundamentals remain constructive.

Expanding LNG export capacity, improved market access for Canadian energy production and continued investment in the WCSB are expected to support measured growth in drilling and completion activity through 2027 and beyond.

Industry Fundamentals

The commencement and ramp-up of Canadian LNG exports represents an important structural change for the Canadian natural gas industry. Incremental LNG demand provides Western Canadian producers with improved access to global markets and greater visibility for multi-year development programs. Additional LNG export projects currently under construction or advancing toward development, including Cedar LNG and Woodfibre LNG, are expected to further strengthen long-term demand fundamentals for Canadian natural gas and support future drilling and completion activity.

The Montney and Duvernay continue to attract a significant portion of industry capital given their large resource bases, attractive well economics and liquids-rich production. These resource plays are also characterized by increasingly complex and service-intensive completion programs. Longer lateral lengths, higher proppant loading and more intensive completion designs continue to increase the scale of individual well completions, supporting demand for Trican's pressure pumping, coiled tubing and cementing services.

Improving market access is also supporting the outlook for Canadian oil production. The additional export capacity provided by the Trans Mountain Expansion has reduced near-term takeaway constraints and improved access to non-U.S. markets. Continued optimization and brownfield investment in the oil sands, together with development of low-cost heavy-oil resource plays, are expected to support further Canadian oil production growth. Growth in heavy-oil and bitumen production also increases demand for condensate used as diluent for pipeline transportation, providing an additional demand driver for liquids-rich development in the Montney and Duvernay.

Canadian producers generally have stronger balance sheets and greater capital discipline than in prior commodity cycles. The ability to fund development programs from internally generated cash flow provides greater resilience through periods of commodity-price volatility and supports sustained investment in drilling and completion activity. While recent industry sentiment indicates a measured shift toward growth spending, customer capital allocation is expected to remain balanced among production growth, balance-sheet strength and shareholder returns.

Industry consolidation has also resulted in development activity becoming increasingly concentrated among larger, well-capitalized producers with significant multi-year drilling inventories. For Trican, this reinforces the importance of maintaining a differentiated service offering through technology leadership, operating scale, integrated completion capabilities and disciplined fleet modernization.

Additionally, the level of oilfield service activity is increasingly influenced by the scale and intensity of completions rather than well count alone. Longer horizontal wells and more intensive completion designs require increased service requirements per well, even as improvements in drilling and completion efficiency moderate growth in the number of wells drilled. Accordingly, total lateral metres completed, stage counts, proppant intensity and pumping hours are increasingly relevant indicators of underlying completion activity.

Overall, Trican believes the long-term fundamentals supporting Canadian energy development remain constructive. Expanding LNG export capacity, improved oil market access, growing demand for condensate, financially strong producers and increasing completion intensity provide a supportive backdrop for drilling and completion activity across the WCSB and opportunities for disciplined growth and strategic investment.

COMPARATIVE QUARTERLY INCOME STATEMENTS

($ thousands, except crews1; unaudited)
Three months ended	September 30, 2026	Percentage of revenue	September 30, 2025	Percentage of revenue
Revenue	338,304	100%	300,586	100%
Cost of sales	238,651	71%	219,501	73%
Cost of sales - depreciation and amortization	25,139	7%	20,769	7%
Gross profit	74,514	22%	60,316	20%
Administrative expenses	11,984	4%	21,611	7%
Administrative expenses - depreciation	1,208	-%	963	-%
Other loss / (income)	81	-%	(916)	-%
Results from operating activities	61,241	18%	38,658	13%
Finance costs	793	-%	546	-%
Foreign exchange (gain) / loss	(33)	-%	499	-%
Profit before income tax	60,481	18%	37,613	13%
Current income tax expense	13,333	4%	9,927	3%
Deferred income tax recovery	(864)	-%	(1,212)	-%
Profit for the period	48,012	14%	28,898	10%
Adjusted EBITDAS1	87,114	26%	66,867	22%
Adjusted EBITDA1	87,669	26%	59,474	20%
Total proppant pumped (tonnes)1	684,000		525,000
Hydraulic pumping capacity (HHP)1	625,000		620,000
Hydraulic fracturing - active crews1	11		11
Hydraulic fracturing - parked crews1	3		4
1 Refer to the Non-GAAP disclosure section of this news release for further details.

 

Sales mix - % of total revenue

Three months ended (unaudited)	September 30, 2026	September 30, 2025
Fracturing	76%	74%
Cementing	17%	18%
Coiled tubing	7%	8%
Total	100%	100%

 

COMPARATIVE YEAR-TO-DATE INCOME STATEMENTS

($ thousands, except crews1)
Nine months ended	September 30, 2026	Percentage of revenue	September 30, 2025	Percentage of revenue	Year-over  year change	Percentage change
Revenue	883,170	100%	773,457	100%	109,713	14%
Cost of sales	654,273	74%	562,200	73%	92,073	16%
Cost of sales - depreciation and amortization	75,512	9%	57,367	7%	18,145	32%
Gross profit	153,385	17%	153,890	20%	(505)	-%
Administrative expenses	48,469	5%	45,594	6%	2,875	6%
Administrative expenses - depreciation	3,635	-%	2,887	-%	748	26%
Other loss / (income)	1,837	-%	(1,802)	-%	3,639	202%
Results from operating activities	99,444	11%	107,211	14%	(7,767)	(7%)
Finance costs	2,798	-%	1,800	-%	998	55%
Foreign exchange loss	133	-%	482	-%	(349)	(72%)
Profit before income tax	96,513	11%	104,929	14%	(8,416)	(8%)
Current income tax expense	23,417	3%	24,446	3%	(1,029)	(4%)
Deferred income tax (recovery) / expense	(2,857)	-%	230	-%	(3,087)	(1,342%)
Profit for the period	75,953	9%	80,253	10%	(4,300)	(5%)
Adjusted EBITDAS1	190,063	22%	176,466	23%	13,597	8%
Adjusted EBITDA1	180,428	20%	165,663	21%	14,765	9%
Total proppant pumped (tonnes)1	1,686,000		1,405,000
Hydraulic pumping capacity (HHP)1	625,000		620,000
Hydraulic fracturing - active crews1	11		11
Hydraulic fracturing - parked crews1	3		4
1 Refer to the Non-GAAP disclosure section of this news release for further details.

 

Sales mix - % of total revenue

Nine months ended	September 30, 2026	September 30, 2025
Fracturing	74%	73%
Cementing	19%	19%
Coiled tubing	7%	8%
Total	100%	100%

 

NON-GAAP MEASURES

Certain terms in this News Release, including adjusted EBITDA, adjusted EBITDAS, adjusted EBITDA percentage, adjusted EBITDAS percentage, free cash flow, free cash flow per share and net debt, do not have any standardized meaning as prescribed by IFRS and therefore are considered non-GAAP measures and may not be comparable to similar measures presented by other issuers.

Adjusted EBITDA and adjusted EBITDAS

Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) is a non-GAAP financial measure and has been reconciled to profit / (loss) for the applicable financial periods, being the most directly comparable measure calculated in accordance with IFRS. Management utilizes adjusted EBITDA to translate historical variability in the Company's principal business activities into future financial expectations. By isolating incremental items from net income, including income / expense items related to how the Company chooses to manage financing elements of the business, taxation strategy and non-cash charges, management can better predict future financial results from our principal business activities.

Adjusted EBITDAS (earnings before interest, taxes, depreciation, amortization and share-based compensation) is a non-GAAP financial measure and has been reconciled to profit / (loss) for the applicable financial periods, being the most directly comparable measure calculated in accordance with IFRS. Management utilizes adjusted EBITDAS as a useful measure of operating performance, cash flow to complement profit / (loss) and to provide meaningful comparisons of operating results.

The items included in this calculation of adjusted EBITDA have been specifically identified as they are non-cash in nature, subject to significant volatility between periods, and / or not relevant to our principal business activities. Items adjusted in the non-GAAP calculation of adjusted EBITDA, are as follows:

• Non-cash expenditures, including depreciation, amortization, impairment of non-financial assets, and equity-settled share-based compensation;

• Consideration as to how the Company chose to generate financial income and incur financial expenses, including foreign exchange expenses and finance costs;

• Taxation in various jurisdictions; and

• Other income / expense which generally results from the disposition of equipment, as these transactions generally do not reflect quarterly operational field activity.

The item adjusted in the non-GAAP calculation of adjusted EBITDAS from adjusted EBITDA, is as follows:

• Cash-settled share-based compensation.

($ thousands, unaudited)		Three months ended		Nine months ended
		September 30, 2026	September 30, 2025	September 30, 2026	September 30, 2025
Profit for the period (IFRS financial measure)		48,012	28,898	75,953	80,253
Adjustments:
Cost of sales - depreciation and amortization		25,139	20,769	75,512	57,367
Administrative expenses - depreciation		1,208	963	3,635	2,887
Current income tax expense		13,333	9,927	23,417	24,446
Deferred income tax (recovery) / expense		(864)	(1,212)	(2,857)	230
Finance costs and amortization of debt issuance costs		793	546	2,798	1,800
Foreign exchange (gain) / loss		(33)	499	133	482
Other loss / (income)		81	(916)	1,837	(1,802)
Adjusted EBITDA		87,669	59,474	180,428	165,663
Administrative expenses - cash-settled share-based compensation		(555)	7,393	9,635	10,803
Adjusted EBITDAS		87,114	66,867	190,063	176,466
Certain financial measures in this news release - namely adjusted EBITDA, adjusted EBITDAS, adjusted EBITDA percentage, adjusted EBITDAS percentage and free cash flow are not prescribed by IFRS and are considered non-GAAP measures. These measures may not be comparable to similar measures presented by other issuers and should not be viewed as a substitute for measures reported under IFRS. These financial measures are reconciled to IFRS measures in the Non-GAAP disclosure section of this news release. Other non-standard measures are described in the Non-Standard Measures section of this news release.

 

Adjusted EBITDA % and adjusted EBITDAS %

Adjusted EBITDA percentage and adjusted EBITDAS percentage are non-GAAP financial ratios that are determined by dividing adjusted EBITDA and adjusted EBITDAS, respectively, by revenue. The components of the calculations are presented below:

($ thousands, unaudited)	Three months ended		Nine months ended
	September 30, 2026	September 30, 2025	September 30, 2026	September 30, 2025
Adjusted EBITDA	87,669	59,474	180,428	165,663
Revenue	338,304	300,586	883,170	773,457
Adjusted EBITDA %	26%	20%	20%	21%
($ thousands, unaudited)	Three months ended		Nine months ended
	September 30,  2026	September 30,  2025	September 30,  2026	September 30,  2025
Adjusted EBITDAS	87,114	66,867	190,063	176,466
Revenue	338,304	300,586	883,170	773,457
Adjusted EBITDAS %	26%	22%	22%	23%

 

Free cash flow and free cash flow per share

Free cash flow and free cash flow per share are non-GAAP financial measures which Management believes to be key measures of capital management as they demonstrate the Company's ability to generate cash flow available to fund future growth through capital investments and return capital to our shareholders.

Free cash flow has been reconciled to cash flow from operations for the applicable financial periods, being the most directly comparable measure calculated in accordance with IFRS. Management adjusts for other (income) / loss, realized (gain) / loss, current income tax, income taxes paid, maintenance capital expenditures¹ included within purchase of property and equipment from the statement of cash flows, net changes in other liabilities and change in non-cash operating working capital¹.

Free cash flow per share is calculated by dividing free cash flow by the Company's basic or diluted weighted average common shares outstanding.

Free cash flow and free cash flow per share are not standardized measures and therefore may not be comparable with the calculation of similar measures by other entities.

($ thousands, unaudited)	Three months ended		Nine months ended
	September 30, 2026	September 30, 2025	September 30, 2026	September 30, 2025
Cash flow from / (used in) operations (IFRS financial measure)	19,675	(32,140)	196,760	79,016
Adjustments:
Other loss / (income)	189	(405)	(145)	(850)
Realized foreign exchange (gain) / loss	(33)	445	319	440
Current income tax expense	(13,333)	(9,927)	(23,417)	(24,446)
Maintenance capital expenditures1	(7,668)	(13,524)	(26,068)	(36,624)
Net changes in other liabilities	(420)	(2,091)	2,225	1,395
Change in non-cash operating working capital1	60,614	83,007	(49,224)	55,293
Income taxes paid	6,982	9,986	28,088	28,538
Free cash flow	66,006	35,351	128,538	102,762

 

($ thousands, unaudited)	Three months ended		Nine months ended
	September 30, 2026	September 30, 2025	September 30, 2026	September 30, 2025
Purchase of property and equipment	26,485	18,926	65,822	47,671
Growth capital expenditures1	18,817	5,402	39,754	11,047
Maintenance capital expenditures1	7,668	13,524	26,068	36,624

 

($ thousands, except $ per share amounts. Weighted average shares is stated in thousands; unaudited)	Three months ended		Nine months ended
	September 30, 2026	September 30, 2025	September 30, 2026	September 30, 2025
Free cash flow	66,006	35,351	128,538	102,762
Weighted average shares outstanding - basic	207,083	190,971	209,170	187,039
Free cash flow per share - basic	0.32	0.19	0.61	0.55
($ thousands, except $ per share amounts. Weighted average shares is stated in thousands; unaudited)	Three months ended		Nine months ended
	September 30, 2026	September 30, 2025	September 30, 2026	September 30, 2025
Free cash flow	66,006	35,351	128,538	102,762
Weighted average shares outstanding - diluted	208,074	193,662	210,403	189,729
Free cash flow per share - diluted	0.32	0.18	0.61	0.54

 

Net debt

Net debt is calculated as loans and borrowings, excluding deferred financing costs less cash and cash equivalents. Management believes net debt is a useful measure of the Company's financial position and liquidity.

($ millions)	As at September 30, 2026	As at December 31, 2025
Loans and borrowings	72.7	93.3
Less: Cash and cash equivalents	(22.4)	(12.5)
Net debt	50.3	80.8

 

OTHER NON-STANDARD FINANCIAL TERMS
In addition to the above non-GAAP financial measures and ratios, this News Release makes reference to the following non-standard financial terms. These terms may differ and may not be comparable to similar terms used by other companies.

Working capital

Term that refers to the difference between the Company's current assets and current liabilities.

Capital expenditures

Term that refers to the Company's capital additions.

Maintenance and growth capital expenditures

Term that refers to capital additions as maintenance or growth capital. Maintenance capital are expenditures in respect of capital additions, replacements or improvements required to maintain ongoing business operations. Growth capital refers to expenditures primarily for new items and/or equipment that will expand our revenue and/or reduce our expenditures through operating efficiencies. The determination of what constitutes maintenance capital expenditures versus growth capital involves judgment by management.

FORWARD-LOOKING STATEMENTS
Certain statements contained in this document constitute forward-looking information and statements (collectively "forward-looking statements"). These statements relate to future events or our future performance. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "achieve", "believe", "budget", "can", "continue", "could", "estimate", "expect", "forecast", "intend", "may", "might", "plan", "planned", "potential", "predict", "project", "seek", "should", "targeting", "will", "would" and other similar terms and phrases. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. We believe the expectations reflected in these forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this document should not be unduly relied upon. These statements speak only as of the date of this document.

In particular, this document contains forward-looking statements pertaining to, but not limited to, the following:

• our business plans and prospects;

• statements under the Outlook section of this News Release;

• that we have sufficient liquidity to support operations, meet our commitments, invest in new opportunities, improve our competitive position and drive profitable growth;

• the impact of escalated geopolitical conflicts, events and trade developments on worldwide demand for oil and natural gas;

• anticipated industry activity levels, rig counts and outlook as well as expectations regarding our customers' work and capital programs and the associated impact on the Company's equipment utilization levels and demand for our services in 2026;

• the impact of inflation and existence of inflationary pressures;

• expectations as to the type of pressure pumping equipment required and which operating regions the equipment is appropriate to operate in;

• expectations regarding supply and demand fundamentals and commodity pricing levels;

• expectations regarding expanding LNG export capacity, improving market access for Canadian energy production and ongoing development of the Montney and Duvernay resource plays and the impact on demand for the Company's services;

• expectations that we are adequately staffed for current industry activity levels and that we will be able to retain and attract staff;

• expectations regarding the trends and factors affecting the pricing environment for the Company's services;

• expectations regarding the Company's financial results, working capital¹ levels, liquidity and profits;

• expectations regarding Trican's capital spending plans and sources/availability of capital;

• expectations regarding the Company's technology modernization initiatives, including the implementation of an integrated ERP platform and anticipated investment therein;

• expectations regarding Trican's utilization of its NCIB program;

• expectations regarding Trican's ability to pay dividends;

• expectations that adjusted EBITDA will help predict future earnings;

• expectations regarding customer performance and financial flexibility;

• anticipated compliance with debt and other covenants under our revolving credit facilities;

• expectations that the Company can maintain its strong position in the fracturing, cementing and coiled tubing service lines;

• expectations regarding the nature and focus of our share-based compensation programs;

• expectations regarding Trican's policy of adjusting its capital budget on a quarterly basis; and

• expectations surrounding weather and seasonal slowdowns.

Our actual results could differ materially from those anticipated in these forward-looking statements as a result of the risk factors set forth herein and in the Risk Factors section of our AIF for the year ended December 31, 2025, available on SEDAR+ (www.sedarplus.ca).

Readers are cautioned that the foregoing lists of factors are not exhaustive. Forward-looking statements are based on a number of factors and assumptions, which have been used to develop such statements and information, but which may prove to be incorrect. Although management of Trican believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because Trican can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified in this document, assumptions have been made regarding, among other things: crude oil and natural gas prices; the impact of increasing competition; the general stability of the economic and political environment; the timely receipt of any required regulatory approvals; industry activity levels; Trican's policies with respect to acquisitions; the ability of Trican to obtain qualified staff, equipment and services in a timely and cost efficient manner; the ability to operate our business in a safe, efficient and effective manner; the ability of Trican to obtain capital resources and adequate sources of liquidity; the performance and characteristics of various business segments; the regulatory framework; the timing and effect of pipeline, storage and facility construction and expansion; and future commodity, currency, exchange and interest rates.

The forward-looking statements contained in this document are expressly qualified by this cautionary statement. We do not undertake any obligation to publicly update or revise any forward-looking statements except as required by applicable law.

Additional information regarding Trican including Trican's most recent AIF, is available under Trican's profile on SEDAR+ (www.sedarplus.ca).

CONFERENCE CALL AND WEBCAST DETAILS
The Company will host a conference call on Wednesday, October 28, 2026 at 10:00 a.m. MT (12:00 p.m. ET) to discuss its results for the Third Quarter 2026.

To listen to the webcast of the conference call, please enter the following URL in your web browser: http://www.gowebcasting.com/14778.

You can also visit the "Investors" section of our website at www.tricanwellservice.com/investors and click on "Reports".

To participate in the Q&A session, please call the conference call operator at 1-800-715-9871 (Canada and US) or 1-647-932-3411 (international) 10 minutes prior to the call's start time and ask for the "Trican Well Service Ltd. Third Quarter 2026 Earnings Results Conference Call" or reference ID 7426571.

The conference call will be archived on Trican's website at www.tricanwellservice.com/investors.

ABOUT TRICAN
Headquartered in Calgary, Alberta, Trican supplies oil and natural gas well servicing equipment and solutions to our customers through the drilling, completion and production cycles. Our team of technical experts provides state-of-the-art equipment, engineering support, reservoir expertise and laboratory services through the delivery of hydraulic fracturing, cementing, coiled tubing, nitrogen services and chemical sales for the oil and gas industry in Western Canada.

Requests for further information should be directed to:

Bradley P.D. Fedora
President and Chief Executive Officer

Scott E. Matson
Chief Financial Officer

Phone: (403) 266-0202
2900, 645 - 7th Avenue S.W.
Calgary, Alberta T2P 4G8

Please visit our website at www.tricanwellservice.com.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/321297

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

When will Trican pay its third-quarter 2026 dividend announcement's quarterly dividend?

Trican's $0.055 per-share quarterly dividend is scheduled for payment on December 31, 2026, to shareholders of record at the close of business on December 15, 2026. The dividend is designated as eligible for Canadian income tax purposes.

How much did Trican's revenue and profit increase in the third quarter of 2026?

Trican reported revenue of $338.3 million and profit of $48.0 million, compared with $300.6 million and $28.9 million, respectively, in the third quarter of 2025. Basic and diluted earnings per share rose to $0.23 from $0.15.

How will Trican fund its 2026 capital expenditures?

Trican plans to fund capital expenditures using available cash resources, free cash flow and its revolving credit facility. Spending primarily covers equipment maintenance, construction of a natural gas-fueled hydraulic fracturing fleet and purchases of electric ancillary fracturing equipment.