Enerflex Reports Record $141M Free Cash Flow and $123M EBITDA
Enerflex posted Q4 2025 adjusted EBITDA of $123 million, record free cash flow of $141 million and reduced net debt to $501 million (1.0x TTM EBITDA). The company secured $1.1 billion ES backlog and $1.3 billion EI backlog, and agreed to divest APAC non-core operations closing H2 2026.
1. Q4 2025 Financial Results
Enerflex generated $627 million in Q4 2025 revenue, producing adjusted EBITDA of $123 million and record free cash flow of $141 million. The company reduced net debt to $501 million, equivalent to 1.0x trailing twelve-month EBITDA, and delivered normalized net income of $24 million.
2. Operational Backlog and Bookings
Engineered Systems backlog closed at $1.1 billion at year-end, while Energy Infrastructure backlog reached $1.3 billion, driven by $377 million in Q4 ES bookings. The ES book-to-bill ratio stood at 1.1x, with ES gross margin before depreciation at 18%, reflecting improved sequential performance.
3. Divestiture of APAC Non-Core Business
Enerflex signed an agreement to sell its majority APAC operations focused on After-Market Services to INNIO Group, covering Australia, Indonesia and Thailand. The transaction is expected to close in the second half of 2026 after regulatory approvals, streamlining the company’s portfolio.
4. 2026 Capital Expenditure Outlook
The company plans total capital expenditures of $175 million to $195 million for 2026, allocating $90 million to $100 million for growth initiatives, including expansion of its U.S. contract compression fleet. Maintenance and PP&E spending will comprise the remainder of the capex budget.