$EFXT

Enerflex Ltd.

CIK:0001904856|SEC Filings

Consolidated Statements of Earnings and Comprehensive Income (Loss) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Profit or loss [abstract]
Revenue	$ 2,571	$ 2,414
Cost of goods sold ("COGS")	1,989	1,910
Gross margin	582	504
Selling, general and administrative expenses ("SG&A")	272	327
Foreign exchange ("FX") loss	4	4
Operating income	306	173
Gain on disposal of PP&E	1	0
Loss on financial instruments	(4)	(11)
Derecognition and unrealized (loss) gain on redemption options	(17)	17
Equity earnings from associates and joint ventures	(3)	0
Earnings before finance costs and income taxes ("EBIT")	283	179
Net finance costs	120	98
Earnings (loss) before income taxes ("EBT")	163	81
Current income taxes	92	72
Deferred income taxes	7	(23)
Income taxes	99	49
Net earnings (loss)	64	32
Items that may be reclassified to profit or loss in subsequent periods
Change in fair value of derivatives designated as cash-flow hedges, net of income tax recovery	(1)	0
Gain on derivatives designated as cash flow hedges transferred to net earnings (loss), net of income tax expense	0	1
Unrealized gain (loss) on translation of foreign-denominated debt	28	(51)
Unrealized gain (loss) on translation of financial statements of foreign operations	(12)	22
Other comprehensive income (loss)	15	(28)
Total comprehensive income (loss)	$ 79	$ 4
Earnings (loss) per share - basic	$ 0.52	$ 0.26
Earnings (loss) per share - diluted	$ 0.52	$ 0.26
Weighted average number of shares – basic	122,866,038	124,023,920
Weighted average number of shares – diluted	123,056,223	124,164,271

Consolidated Statements Of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Operating Activities
Net earnings	$ 64	$ 32
Adjustments for:
Depreciation and amortization	161	185
Equity earnings and impairment of associates and joint ventures	3	0
Deferred income taxes	7	(23)
Share-based compensation expense	26	29
Loss on financial instruments	4	11
Derecognition and unrealized loss (gain) on redemption options	17	(17)
(Gain) on sale of PP&E	(1)	0
Impairment of EI assets	3	1
Debt extinguishment costs of the 2027 Notes	42	0
Adjustments to reconcile profit (loss) other than changes in working capital	326	218
Net change in working capital and other	19	106
Cash provided by operating activities	345	324
Additions to:
PP&E	(19)	(16)
EI assets - operating leases	(96)	(59)
Intangible assets	0	(2)
Proceeds on disposal of:
PP&E	1	0
EI assets - operating leases	22	3
Net (purchases) of financial instruments	(4)	0
Net change in working capital associated with investing activities	(7)	15
Cash used in investing activities	(103)	(59)
Financing Activities
Repayment of the Revolving Credit Facility	(3)	(41)
Repayment of the 2027 Notes	(576)	(62)
Issuance of the 2031 Notes	400	0
Repayment of the Term Loan	0	(130)
Lease liability principal repayment	(23)	(20)
Dividends	(17)	(9)
Stock option exercises	2	1
Shares repurchased - NCIB	(23)	0
Deferred transaction costs	(10)	(2)
Cash used in financing activities	(250)	(263)
Effect of exchange rate changes on cash and cash equivalents denominated in foreign currencies	(3)	(5)
Decrease in cash and cash equivalents	(11)	(3)
Cash and cash equivalents, beginning of period	92	95
Cash and cash equivalents, end of period	$ 81	$ 92

Consolidated Statements of Financial Position - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 81	$ 92
Accounts receivable	345	398
Unbilled revenue	164	157
Inventories	280	258
Inventories - work-in-progress ("WIP") related to EI assets - finance leases receivable		35
Energy infrastructure ("EI") assets - finance leases receivable	58	49
Income taxes receivable	11	3
Derivative financial instruments	1	0
Prepayments	52	49
Total current assets	992	1,041
Unbilled revenue	1	2
Property, plant and equipment ("PP&E")	102	96
EI assets - operating leases	686	713
EI assets - finance leases receivable	180	189
Lease right-of-use assets	61	58
Deferred tax assets	21	24
Intangible assets	29	37
Goodwill	430	422
Other assets	192	209
Total assets	2,694	2,791
Current liabilities
Accounts payable and accrued liabilities	396	413
Provisions	25	22
Income taxes payable	80	79
Deferred revenue	355	375
Lease liabilities	22	22
Derivative financial instruments	1	0
Total current liabilities	879	911
Deferred revenue	13	11
Long-term debt	582	708
Lease liabilities	50	47
Deferred tax liabilities	51	48
Other liabilities	26	17
Total liabilities	1,601	1,742
Shareholders' equity
Share capital	498	505
Contributed surplus	664	678
Retained earnings	130	80
Accumulated other comprehensive loss	(199)	(214)
Total shareholders' equity	1,093	1,049
Total liabilities and shareholders' equity	$ 2,694	$ 2,791