Here are 1-3 brief analogies for Enerflex:

• Enerflex is like Caterpillar for natural gas infrastructure, providing heavy-duty equipment and services for processing and moving natural gas.
• Enerflex is like a specialized Siemens for natural gas systems, offering engineering, manufacturing, and servicing for critical gas processing and compression technologies.
• Enerflex is like the Baker Hughes of natural gas processing and compression, providing essential equipment and services for that specific segment of the energy industry.

• Gas Compression Packages: Enerflex designs, manufactures, and services natural gas compression equipment used across the oil and gas value chain.
• Gas Processing Facilities: The company provides modular gas processing plants for hydrocarbon separation, treatment, and conditioning.
• Power Generation Systems: Enerflex offers custom-engineered power generation solutions, primarily utilizing reciprocating engines, for various industrial and remote applications.
• Aftermarket and Lifecycle Services: They provide comprehensive support including parts, maintenance, overhauls, and technical assistance for their equipment and other energy infrastructure assets.

Enerflex (symbol: EFXT) primarily sells its products and services to other companies, rather than individuals. These customers are typically involved in the energy sector.

Enerflex does not publicly disclose the names of its specific major customer companies. This is common for companies in the project-based energy services sector due to competitive reasons and the diverse nature of their customer base across various projects and regions. Instead, Enerflex describes its customer base by industry categories:

• National and international oil and natural gas companies (upstream exploration and production, and midstream operators)
• Independent power producers
• Integrated utilities
• Other industrial clients globally requiring energy infrastructure and power generation solutions

Enerflex Management Team

Paul Mahoney President and CEO

Paul Mahoney was appointed President and CEO of Enerflex in September 2025. He is recognized as a seasoned executive with a distinguished history of leading global organizations across the industrial and energy sectors. Before joining Enerflex, Mahoney served as Group President, Production and Automation Technologies at ChampionX Corp., which was subsequently acquired by SLB in July 2025. Earlier in his career, he led the artificial lift division at Dover Corp. He also currently serves as a Director of Chart Industries Inc.

Preet S Dhindsa Senior Vice President & CFO

Preet S Dhindsa returned to his role as Senior Vice President and CFO in September 2025, having previously served as Interim President and CEO of Enerflex from March 2025 to September 2025. He joined Enerflex in October 2023 and brings over 25 years of experience primarily in the energy and financial services industries. Prior to his time at Enerflex, Dhindsa was Executive Vice President and Chief Financial Officer at ENMAX Corporation, a regulated utility. Before ENMAX, he held the position of Senior Vice President and Chief Financial Officer, Global Banking & Markets (GBM), at Scotiabank, where he managed international finance teams.

Marc Rossiter Former President, CEO & Director

Marc Rossiter stepped down as President, CEO, and Director of Enerflex in March 2025, after serving six years as CEO. He dedicated over 25 years to Enerflex in various capacities. Prior to becoming CEO, Rossiter held the position of Executive Vice President and Chief Operating Officer (COO) starting in April 2018. His earlier roles at Enerflex included President of the USA region, and he held several project engineering and sales management roles after joining the company as a Project Engineer. Rossiter also previously served as President of Exterran Corp. His career began as a process engineer with SNC-Lavalin Group, and he also served as an officer in the Canadian Army.

Carina Lovato Gillenwater Senior Vice President, Chief Human Resources Officer

Carina Lovato Gillenwater leads Enerflex’s global Human Resources function, focusing on leadership development and improving HR processes. She possesses over 25 years of global HR leadership experience within the energy sector, having held senior HR roles at companies such as Southwestern Energy, Nabors, SLB, and Weatherford.

Robert Mitchell Senior Vice President, Strategy & Productivity

Robert Mitchell serves as Enerflex's Senior Vice President, Strategy & Productivity, and is a member of the company's Global Leadership Team.

The key risks to Enerflex's business operations are primarily linked to its exposure to the natural gas market, geopolitical factors and tariffs, and execution-related challenges.

1. Natural Gas Market Volatility

Enerflex's business is heavily exposed to the natural gas market, making it vulnerable to fluctuations in natural gas prices and demand. This market exposure directly impacts the company's revenue and gross margins, particularly within its Engineered Systems (ES) segment. Lower domestic natural gas prices can lead to a shift in project composition and influence the profitability of the ES product line.

2. Geopolitical Tensions and Tariffs

Geopolitical tensions and the imposition of tariffs pose significant risks to Enerflex's operations and financial performance. Specifically, potential tariffs on Canadian imports could impact Enerflex's Canadian business. While Canadian operations represent a smaller portion of total revenue, such measures can lead to market fluctuations and require the company to adapt its strategies to mitigate these impacts.

3. Execution Risk and Leadership Stability

Enerflex faces execution risk related to converting its substantial backlog in Engineered Systems into revenue. Challenges in project execution can disrupt operations and affect financial outcomes. Additionally, an unsettled leadership team has been identified as a factor that could potentially disrupt execution and impact the company's strategic initiatives.

Enerflex operates primarily in the natural gas infrastructure sector, providing equipment and services for gas compression, processing, and power generation. Given this context, two clear emerging threats are identifiable:

• Global Energy Transition and Decarbonization: The accelerating global shift towards renewable energy sources (solar, wind, battery storage) and away from fossil fuels, driven by climate change concerns, government policies, and corporate ESG initiatives, poses a direct threat. This transition is leading to reduced long-term investment in new natural gas exploration, production, and infrastructure projects, thereby diminishing the core market for Enerflex's equipment and services.

• Emergence and Scaling of the Hydrogen Economy: Significant investment and technological advancements are occurring in the development of a hydrogen economy, particularly green hydrogen. As hydrogen production, storage, and distribution infrastructure mature, it threatens to displace natural gas in various applications such as industrial processes, heating, and power generation. This shift could fundamentally reduce future demand for natural gas and, consequently, the compression and processing equipment that Enerflex supplies.

1. Growth in North American Demand for Compression and Processing: Enerflex anticipates continued growth in demand for its services in North America, particularly within the U.S. and Canada gas supply and compression markets. This includes incremental demand for compression and processing through 2030, requiring additional compression to meet gas supply growth. The company's U.S. contract compression business has demonstrated strong performance, maintaining stable utilization.
2. Expansion of Contract Compression Fleet: The company plans to expand its contract compression fleet, especially in the U.S., with approved growth capital expenditures for 2026 expected to deliver growth at a similar or greater pace than the 13% increase in its marketed fleet during 2025. Enerflex is also securing long lead-time components to support growth in 2027.
3. Robust Engineered Systems Backlog and New Opportunities: Enerflex has a significant Engineered Systems project backlog of $1.1 billion, providing strong visibility for future revenue. This backlog, combined with promising bidding opportunities driven by strong U.S. demand and emerging power-generation and data-center projects, is expected to contribute to revenue growth.
4. Leveraging Leading Position in Core Operating Countries: Enerflex aims to capitalize on increased demand for its solutions by leveraging its strong market position in key operating countries, including the United States, Canada, Oman, Bahrain, Argentina, Mexico, and Brazil. This strategy focuses on expanding market share and responding to overall market growth in these regions.
5. Growth in After-Market Services (AMS) and Energy Infrastructure (EI): After-Market Services and Energy Infrastructure are crucial segments, having contributed 65% to the gross margin before depreciation and amortization in 2025. Enerflex's 2026 priorities include enhancing the profitability of its core operations, with recurring sources, likely encompassing AMS and EI, projected to contribute approximately 65% of gross margin before depreciation and amortization. This indicates a strategic focus on expanding these higher-margin, recurring revenue streams.

Share Repurchases

• Enerflex repurchased 2,779,000 common shares at an average price of CAD$11.08 during 2025, amounting to $23 million returned to shareholders through repurchases.
• During Q4 2025, the company repurchased 102,800 common shares at an average price of CAD$15.10 per share.
• Under a Normal Course Issuer Bid (NCIB) effective from April 1, 2025, to March 31, 2026, Enerflex is authorized to repurchase up to 6,159,695 common shares, representing 5% of its public float.

Share Issuance

• In October 2022, Enerflex completed its acquisition of Exterran Corporation, issuing 1.021 common shares of Enerflex for each share of Exterran common stock as merger consideration.

Outbound Investments

• Enerflex completed the acquisition of Exterran Corporation on October 13, 2022, to create a premier integrated global provider of energy infrastructure and energy transition solutions.
• Enerflex signed an agreement to divest most of its Asia Pacific (APAC) aftermarket business operations to INNIO Group, with the transaction expected to close in the second half of 2026, to simplify its portfolio and focus on core regions.

Capital Expenditures

• Total capital expenditures for 2025 were $115 million.
• For 2026, Enerflex is targeting organic capital expenditures between $175 million and $195 million.
• A primary focus of the 2026 capital expenditures is $90 million to $100 million for organic growth, largely dedicated to expanding the company's contract compression fleet in the U.S.