Here are a few brief analogies to describe Enerflex (EFXT):

• Enerflex is like Caterpillar, but specializing in providing the heavy equipment and infrastructure (like compressors and processing units) for the global natural gas industry.
• Think of Enerflex as Trane Technologies, but instead of HVAC systems for buildings, they engineer, manufacture, and service large-scale natural gas compression and processing plants for the energy sector.

• Integrated Systems: Enerflex provides engineered, fabricated, and installed modular solutions for natural gas compression, processing, and power generation.
• Aftermarket Support: The company offers comprehensive maintenance, repairs, parts, and operational services for energy infrastructure equipment.
• Energy Transition Technologies: Enerflex delivers specialized equipment and solutions for emerging energy applications, including carbon capture and hydrogen compression.

Enerflex Ltd. (symbol: EFXT) sells primarily to other companies (Business-to-Business, or B2B) within the global natural gas, power generation, and energy transition markets.

Due to the project-based nature and diversified global customer base of Enerflex's operations, the company typically does not disclose specific major customers by name in its public financial filings, as no single customer is usually material enough (e.g., accounting for more than 10% of total revenue) to warrant such disclosure. Instead, Enerflex serves a broad range of clients across the energy value chain.

The categories of companies that constitute Enerflex's major customers include:

• International and National Oil & Gas Companies: These include supermajors, national oil companies, and independent producers involved in the exploration, production, and processing of natural gas and other hydrocarbons. They utilize Enerflex's equipment and services for upstream, midstream, and downstream operations.
• Midstream Operators: Companies focused on the processing, transportation, and storage of natural gas. This includes pipeline operators and gas processing plant owners who require compression, processing, and treatment solutions.
• Power Generation Companies and Utilities: Entities that generate electricity, including independent power producers (IPPs) and public utilities, often using natural gas as a fuel source. Enerflex provides power generation packages and related infrastructure.
• Engineering, Procurement, and Construction (EPC) Firms: Enerflex frequently works as a key supplier and contractor to large EPC firms that manage and execute complex energy infrastructure projects for ultimate end-clients. While the EPC firm is the direct customer, the ultimate beneficiary is one of the types of companies listed above.

Paul Mahoney President and CEO
Paul Mahoney was appointed President and CEO of Enerflex, effective September 29, 2025. He brings over 30 years of experience in the industrial and energy sectors. Prior to joining Enerflex, Mr. Mahoney served as Group President, Production and Automation Technologies at ChampionX Corp. Since 2018, he held the role of Group President, Production and Automation Technologies at ChampionX Corp. Before his tenure at ChampionX, he was the President of Artificial Lift at Dover Corp.

Preet S. Dhindsa Senior Vice President & CFO
Preet S. Dhindsa is the Senior Vice President and CFO. He served as Enerflex's Interim President and CEO from March 2025 until September 2025. Mr. Dhindsa joined Enerflex in October 2023. Prior to Enerflex, he served as Executive Vice President and Chief Financial Officer at ENMAX Corporation, a regulated utility with energy generation and retail lines of business. Before that, Mr. Dhindsa was Senior Vice President and Chief Financial Officer, Global Banking & Markets (GBM), at Scotiabank, where he led international finance teams. He began his career as a professional accountant with KPMG.

David H. Izett Senior Vice President, General Counsel
David H. Izett serves as the Senior Vice President and General Counsel for Enerflex.

Robert Mitchell Senior Vice President and Chief Administrative Officer
Robert Mitchell is Enerflex's Senior Vice President and Chief Administrative Officer. In this role, he is accountable for Enterprise Performance Management, leading M&A integration, company-wide strategy, asset management, Human Resources, Information Technology, risk management, and the Project Management Office functions.

Greg Stewart President, United States of America Region
Greg Stewart holds the position of President for the United States of America Region at Enerflex.

The key risks to Enerflex's business include:

1. Commodity Price Volatility and Market Conditions: Enerflex's revenue and demand for its services, particularly within its Engineered Systems product line, are significantly influenced by fluctuations in global oil and gas market trends and natural gas prices. A downturn in commodity prices can lead to reduced demand for Enerflex's offerings and increased uncertainty for capital-intensive projects.
2. Political and Regulatory Risks: Operating internationally, Enerflex is exposed to the impact of fluctuating political climates and evolving regulatory frameworks, including governmental regulations, laws, and income taxes in various countries. Political unrest, for example, has the potential to disrupt energy projects and negatively affect the company's revenues.
3. Contract-Related Risks and Customer Dependence: The nature of Enerflex's contract compression business and its reliance on the financial health of its clients pose significant risks. Many contracts, particularly in North American Energy Infrastructure, have short initial terms and are cancelable with limited notice after the initial period. If clients face decreased cash flow or limitations on their ability to secure financing, they may seek price concessions, cancel, or not renew contracts, which can materially reduce Enerflex's revenue and net income.

The accelerating global energy transition and decarbonization efforts, which threaten the long-term demand for natural gas infrastructure and services that constitute Enerflex's core business.

Enerflex (EFXT) operates in several key markets, with the following addressable market sizes:

• Natural Gas Compression: The global natural gas compressor market size was valued at approximately USD 7.8 billion in 2025 and is expected to reach USD 11.2 billion by 2034, growing at a Compound Annual Growth Rate (CAGR) of about 4.1% during this period. North America is a significant region, leading the market with approximately 35% to 40% market share.
• Gas Processing: The global gas processing market size was calculated at USD 228.66 billion in 2024 and is projected to surpass around USD 430.84 billion by 2034, growing at a CAGR of 6.54%. North America accounted for the largest revenue share in the global gas processing market in 2023. A sub-segment, the global modular gas processing plant market, was valued at USD 1.34 billion in 2023 and is expected to reach USD 2.57 billion by 2033.
• Carbon Capture, Utilization, and Storage (CCUS): The global carbon capture and storage market size is calculated at USD 8.92 billion in 2025 and is forecasted to reach approximately USD 50.70 billion by 2034, accelerating at a CAGR of 21.37%. North America holds a significant share, with the North America carbon capture and storage market size surpassing USD 2.70 billion in 2024.
• Power Generation Solutions: The global power generation market size was valued at USD 1,062.27 billion in 2024 and is projected to grow from USD 1,185.11 billion in 2025 to USD 2,022.56 billion by 2032, exhibiting a CAGR of 7.94%. Asia Pacific dominated the market with a valuation of USD 538.16 billion in 2024. The U.S. market is projected to reach an estimated value of USD 307.89 billion by 2032.

Enerflex (EFXT) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

1. Capitalizing on Natural Gas and Produced Water Volume Growth: Enerflex aims to leverage its strong position in core operating countries to benefit from anticipated increases in natural gas and produced water volumes globally. This includes growth in its U.S. contract compression business, where fundamentals remain strong due to expected rises in natural gas production, particularly in the Permian basin.
2. Conversion of Engineered Systems (ES) Backlog: The company holds a substantial backlog in its Engineered Systems product line, which was approximately $1.3 billion as of December 31, 2024, and $1.1 billion in Q3 2025. The majority of this backlog is expected to convert into revenue over the next 12 months, providing a clear driver for near-term revenue.
3. Expansion of Energy Infrastructure (EI) Contracted Revenue: Enerflex's Energy Infrastructure product line is underpinned by highly contracted customer agreements, which are projected to generate approximately $1.5 billion in revenue during their current terms. This focus on long-term contracts contributes to more stable and recurring revenue streams.
4. Strategic Investments in Customer-Supported Growth Opportunities: Enerflex is committed to disciplined capital spending focused on customer-supported opportunities, particularly in the U.S. contract compression business and the Middle East. These targeted investments are aimed at enhancing core operations and expanding its presence in lucrative markets.
5. Exploration of Modular Power Generation: The company is actively exploring opportunities in modular power generation, indicating a potential expansion into new services and markets that could contribute to future revenue diversification and growth.

Share Repurchases

• Enerflex received approval for a Normal Course Issuer Bid (NCIB) to repurchase up to 6,159,695 common shares, representing approximately 5% of its public float, between April 1, 2025, and March 31, 2026.
• As of September 30, 2025, the company had repurchased 2,676,200 common shares at an average price of CAD$10.93 since the NCIB began.
• During the third quarter of 2025, Enerflex repurchased 777,000 common shares at an average price of CAD$12.98 per share.

Share Issuance

• Enerflex had 122.25 million shares outstanding, which increased by 0.15% in one year.

Capital Expenditures

• Enerflex is targeting total capital expenditures of approximately $120 million for 2025.
• This includes approximately $60 million allocated to growth opportunities and $60 million for maintenance and property, plant, and equipment (PP&E) expenditures in 2025.
• The primary focus of disciplined capital spending for 2025 is on customer-supported opportunities, mainly within the U.S. contract compression business and the Middle East.