Q4 2025 Trican Well Service Ltd Earnings Call Transcript

Feb 20, 2026 / 05:00 PM GMT

Release Date Price: $4.77 (-6.10%)

Transcript

Key Points

Positve

Trican Well Service Ltd (TOLWF) reported a significant increase in revenues for Q4 2025, reaching $322.7 million compared to $275.5 million in Q4 2024.
Adjusted EBITDA improved to $73.4 million, representing 23% of revenues, up from $55.6 million or 20% of revenues in the previous year.
The company successfully integrated the Iron Horse acquisition, contributing positively to the quarterly results.
Trican Well Service Ltd (TOLWF) is leading the industry with its electric and natural gas pumping assets, reducing emissions and fuel costs.
The company has a strong focus on logistics, enhancing efficiency and profitability, and is recognized as a leader in logistics in Western Canada.

Negative

Challenging oil pricing in the second half of 2025 led to project delays and cancellations, impacting the Iron Horse division.
Pricing pressure was experienced in Q4 due to competitors being less busy, affecting overall profitability.
The integration of wet sand, which is cheaper but of lower quality, poses potential challenges for logistics and sand infrastructure.
Weather conditions in Q1 2026 were challenging, affecting operations, particularly for the Iron Horse division.
The company faces constraints in expanding its logistics fleet due to the availability of drivers and long lead times for equipment.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

TCW.TO - Trican Well Service Ltd
Q4 2025 Trican Well Service Ltd Earnings Call
Feb 20, 2026 / 05:00PM GMT

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Presentation
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Unidentified_1 [1]
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Good morning and welcome to Trican Well Services 4th quarter 2025 conference call.

All participants are in a listen-only mode. After the speaker's remarks, we will conduct a question-and-answer session.

To ask a question at this time, you'll need to press star followed by the number one on your telephone keypad.

As a reminder, this conference call is being recorded.

I would now like to turn the call over to Brad Fedora, President and Chief Executive Officer.

Thank you. Please go ahead.

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Unidentified_2 [2]
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