GlobeNewswire – Page 539

FTAI Aviation Ltd. Reports Strong Third Quarter 2026 Performance and Announces $500.0 Million Accelerated Share Repurchase

Posted on October 29, 2026 by Ravi Shankar

Third Quarter 2026 Highlights

Net income attributable to shareholders up 26.8% from Q2 2026 to $149.1 million
Adjusted EBITDA up 14.8% from Q2 2026 to $348.3 million
Announced a $500 million accelerated share repurchase, doubled authorization to $1.0 billion and repurchased $80 million of shares since authorization in September
Reaffirmed 2026 and 2027 Adjusted EBITDA guidance across all business lines
Declared a $0.50 quarterly dividend per ordinary share

NEW YORK, Oct. 29, 2026 (GLOBE NEWSWIRE) — FTAI Aviation Ltd. (Nasdaq: FTAI) (the “Company” or “FTAI”) today reported financial results for the third quarter 2026. The Company’s consolidated comparative financial statements and key performance measures are attached as an exhibit to this press release.

“FTAI delivered another strong quarter. Aerospace Products delivered outstanding growth with margins in line with our guidance, SCI’s new vehicle is now investing, and the Mod-1 has cleared its critical testing milestones ahead of first deliveries next year,” said Joe Adams, Chairman and CEO. “We have momentum across every part of the business and clear visibility into 2027, which is why our Board doubled our share repurchase authorization to $1.0 billion and why we announced an accelerated share repurchase alongside our regular quarterly dividend.”

Aerospace Products

Generated Aerospace Products revenue of $910.0 million and Adjusted EBITDA of $282.4 million in Q3 2026, increases of 76% and 57%, respectively, compared to Q3 2025⁽¹⁾
Delivered an Adjusted EBITDA margin of 31%, in line with the Company’s 30% margin guidance⁽¹⁾⁽²⁾
Produced 311 CFM56 modules across the global MRE network in Q3 2026, up 50% compared to Q3 2025
Year-to-date production now totals 877 modules toward the 2026 outlook of 1,200 modules⁽²⁾

Aviation Leasing (and Strategic Capital)

Strategic Capital now represents more than 50% of Aviation Leasing, reflecting the success of the Company’s planned transition to an asset-light model⁽²⁾
SCI I (“2025 SPV”) has closed 212 of 301 committed aircraft through September 30, 2026 and is expected to close substantially all committed aircraft by year end; paid a 5.0% distribution in Q3 2026, bringing year to date distributions to 17.5% of commitments⁽²⁾
SCI II (“2026 SPV”) started investing in September 2026 and ended the quarter with 109 aircraft committed; closed on its $2.0 billion committed warehouse facility in August⁽²⁾

Power

More than 100 units under contract for delivery in 2027 and 2028 to customers in the U.S. and Canada⁽²⁾
Completed the Mod-1’s critical testing milestones, meeting its targets of 25MW for peak power and 23MW for continuous baseload power on both natural gas and liquid fuel⁽²⁾
Entered into a joint venture to develop a mobile combined cycle add-on that increases Mod-1 output by 9MW and raises efficiency to above 50% with no additional fuel, emissions or water; first test units expected in the second half of 2027⁽²⁾

Third Quarter 2026 Dividends

The Company’s Board of Directors (the “Board”) declared a cash dividend on its ordinary shares of $0.50 per share for the quarter ended September 30, 2026, payable on November 23, 2026 to the holders of record on November 10, 2026.

Additionally, the Board declared cash dividends on its Fixed-Rate Reset Series D Cumulative Perpetual Redeemable Preferred Shares (“Series D Preferred Shares”) of $0.59375 per share for the quarter ended September 30, 2026, payable on December 15, 2026 to the holders of record on December 1, 2026.

Share Repurchase Program and Accelerated Share Repurchase

On October 27, 2026, the Board approved a $500.0 million increase to the Company’s share repurchase program, bringing the total authorization to $1.0 billion. Under the program, which was initially authorized on September 15, 2026, the Company has repurchased approximately $80.0 million of its ordinary shares to date at a weighted average price of $178.73 per share, including $50.0 million during the third quarter of 2026.

In connection with the increased authorization, the Company intends to enter into an accelerated share repurchase agreement (the “ASR”) with Royal Bank of Canada to repurchase $500.0 million of its ordinary shares. The Company expects to complete the transaction during the fourth quarter of 2026. Following completion of the ASR, approximately $420.0 million will remain available under the share repurchase program which will expire in 2027.

Financial Results

(in millions, except per share data)
Selected Financial Results	Q3 2026			Q3 2025
Net Income Attributable to Shareholders	$	149.1		$	114.0
Aerospace Products Adjusted EBITDA⁽¹⁾	$	282.4		$	180.4
Aviation Leasing Adjusted EBITDA⁽¹⁾	$	104.0		$	134.4
Corporate & Other Adjusted EBITDA^{(1) (3)}	$	(38.1	)	$	(17.4	)
Consolidated Adjusted EBITDA⁽¹⁾	$	348.3		$	297.4
Basic Earnings per Ordinary Share	$	1.45		$	1.11
Diluted Earnings per Ordinary Share	$	1.43		$	1.10

For definitions and reconciliations of non-GAAP measures, please refer to the exhibit to this press release.
This is a forward-looking statement. Please see Cautionary Note Regarding Forward-Looking Statements below.
Includes Eliminations of $(5.1) million and $(3.9) million for the three months ended September 30, 2026 and 2025, respectively.

Additional Information

For additional information that management believes to be useful for investors, please refer to the presentation posted on the Investor Center section of the Company’s website, https://www.ftaiaviation.com, and the Company’s Annual Report on Form 10-K and Quarterly Report on Form 10-Q, when available on the Company’s website. Nothing on the Company’s website is included or incorporated by reference herein.

Conference Call
In addition, management will host a conference call on Thursday, October 29, 2026 at 8:00 A.M. Eastern Time. The conference call may be accessed by registering via the following link https://edge.media-server.com/mmc/p/fjygn2vk/. Once registered, participants will receive a dial-in and unique pin to access the call.

A simultaneous webcast of the conference call will be available to the public on a listen-only basis at https://www.ftaiaviation.com. Please allow extra time prior to the call to visit the site and download the necessary software required to listen to the internet broadcast.

A replay of the conference call will be available after 11:30 A.M. on Thursday, October 29, 2026 through 11:30 A.M. on Thursday, November 5, 2026 on https://ir.ftaiaviation.com/news-events/event-calendar.

The information contained on, or accessible through, any websites included in this press release is not incorporated by reference into, and should not be considered a part of, this press release.

About FTAI Aviation Ltd.

FTAI combines advanced turbine technology and asset ownership to power the world’s most essential markets. Additional information is available at https://www.ftaiaviation.com.

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, whether FTAI will be able to expand market share, annual module production outlooks, FTAI Power’s ability to meet Mod-1 delivery targets and the expected timing of combined cycle test units, the ability to convert Mod-1s under contract to actual sales, the ability of the 2025 SPV to close on committed aircraft and of the 2026 SPV to deploy capital, the timing and completion of the accelerated share repurchase and any further repurchases under the share repurchase program, 2026 or 2027 Adjusted EBITDA guidance and the ability to deliver sustained growth and long-term value for our shareholders. These statements are based on management’s current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, many of which are beyond the Company’s control. The Company can give no assurance that its expectations will be attained and such differences may be material. Accordingly, you should not place undue reliance on any forward-looking statements contained in this press release. For a discussion of some of the risks and important factors that could affect such forward-looking statements, see the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which are available on the Company’s website (www.ftaiaviation.com). In addition, new risks and uncertainties emerge from time to time, and it is not possible for the Company to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements. Such forward-looking statements speak only as of the date of this press release. The Company expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with regard thereto or change in events, conditions, or circumstances on which any statement is based. This release shall not constitute an offer to sell or the solicitation of an offer to buy any securities.

For further information, please contact:
Charlie Arestia
Investor Relations
FTAI Aviation Ltd.
(646) 276-4418
ir@ftaiaviation.com

Media:
Tim Lynch / Kelly Sullivan
Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449


FTAI AVIATION LTD. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Dollar amounts in thousands, except share and per share data)

	Three Months Ended September 30,						Nine Months Ended September 30,
		2026			2025			2026			2025
Revenues
Aerospace products revenue	$	780,598		$	459,206		$	1,995,412		$	1,144,317
MRE Contract revenue – affiliate		129,408			58,663			533,437			228,886
Lease income		25,281			55,072			92,938			185,951
Maintenance revenue		27,292			52,370			83,684			175,081
Asset sales revenue		5,886			38,461			32,995			105,315
Other revenue⁽¹⁾		9,192			3,292			22,973			5,831
Total revenues		977,657			667,064			2,761,439			1,845,381

Expenses
Cost of sales		623,821			362,922			1,783,871			980,894
Operating expenses		62,327			39,092			175,434			105,858
Research and development		22,014			—			41,461			—
General and administrative		2,305			1,829			6,963			7,387
Acquisition and transaction expenses		5,030			7,066			27,090			18,847
Depreciation and amortization		43,295			55,278			142,570			170,076
Total expenses		758,792			466,187			2,177,389			1,283,062

Other (expense) income
Interest expense		(65,119	)		(60,784	)		(190,628	)		(186,789	)
Equity in earnings (losses) of unconsolidated entities⁽²⁾		16,933			(4,224	)		24,540			(16,841	)
Gain on sale to the 2025 Partnership – affiliate		—			4,609			17,633			50,083
Other income		2,168			3,570			57,324			63,797
Total other expense		(46,018	)		(56,829	)		(91,131	)		(89,750	)
Income before income taxes		172,847			144,048			492,919			472,569
Provision for income taxes		22,239			26,330			79,318			87,067
Net income		150,608			117,718			413,601			385,502
Less: Dividends on preferred shares		1,544			3,709			8,962			13,533
Less: Loss on redemption of preferred shares		—			—			3,800			6,327
Net income attributable to shareholders	$	149,064		$	114,009		$	400,839		$	365,642

Earnings per share:
Basic	$	1.45		$	1.11		$	3.91		$	3.57
Diluted	$	1.43		$	1.10		$	3.85		$	3.52

Weighted average shares outstanding:
Basic		102,667,105			102,569,415			102,613,229			102,560,285
Diluted		104,106,460			103,966,650			104,059,963			103,951,713

Includes servicing fees of $4,704 and $17,553 for the three and nine months ended September 30, 2026, respectively (2025 – $3,035 and $5,635, respectively), from the SCI Partnerships.
Includes the profit elimination of $(5,055) and $(21,652) for the three and nine months ended September 30, 2026, respectively (2025 – $(3,908) and $(15,793), respectively), for sales to the SCI Partnerships.


FTAI AVIATION LTD. CONSOLIDATED BALANCE SHEETS (Dollar amounts in thousands, except share and per share data)

	(Unaudited)
	September 30, 2026		December 31, 2025
Assets
Current Assets
Cash and cash equivalents	$	385,624	$	300,476
Accounts receivable, net⁽¹⁾		155,638		209,907
Inventory, net		1,932,298		1,193,773
Other current assets⁽²⁾		470,130		408,364
Total current assets		2,943,690		2,112,520
Leasing equipment, net		1,035,039		1,545,804
Property, plant, and equipment, net		180,771		120,068
Investments		400,883		314,156
Intangible assets, net		12,478		19,929
Goodwill		94,221		94,221
Other non-current assets		139,249		167,060
Total assets	$	4,806,331	$	4,373,758

Liabilities
Current Liabilities
Accounts payable	$	179,867	$	208,224
Accrued liabilities		225,379		90,009
Current maintenance deposits		18,254		25,439
Current security deposits		10,094		14,001
Contract liabilities – affiliate		234,000		—
Other current liabilities		103,431		62,202
Total current liabilities		771,025		399,875
Long-term debt, net		3,455,515		3,448,891
Non-current maintenance deposits		16,777		46,237
Non-current security deposits		6,989		15,211
Other non-current liabilities		122,669		129,370
Total liabilities	$	4,372,975	$	4,039,584

Commitments and contingencies

Equity
Ordinary shares ($0.01 par value per share; 2,000,000,000 shares authorized; 102,448,764 and 102,573,283 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively)	$	1,024	$	1,026
Preferred shares ($0.01 par value per share; 200,000,000 shares authorized; 2,600,000 and 6,800,000 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively)		26		68
Additional paid in capital		—		50,567
Retained earnings		432,306		282,513
Shareholders’ equity		433,356		334,174
Total liabilities and equity	$	4,806,331	$	4,373,758

Includes accounts receivable from the SCI Partnerships of $10,951 as of September 30, 2026 (December 31, 2025 – $47,294).
Includes receivables from the SCI Partnerships of $3,086 as of September 30, 2026 (December 31, 2025 – $20,681).

Key Performance Measures

In addition to net income (loss), the Chief Operating Decision Maker (“CODM”), who is the Company’s Chief Executive Officer, utilizes Adjusted EBITDA as a key performance measure. Adjusted EBITDA is not a financial measure in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). This performance measure provides the CODM with the information necessary to assess operational performance and make resource and allocation decisions. We believe Adjusted EBITDA is a useful metric for investors and analysts for similar purposes of assessing our operational performance.

Adjusted EBITDA is defined as net income (loss) attributable to shareholders, adjusted (a) to exclude the impact of provision for (benefit from) income taxes, equity-based compensation expense, acquisition and transaction expenses, losses on the modification or extinguishment of debt and preferred shares and capital lease obligations, asset impairment charges, incentive allocations, depreciation and amortization expense, interest expense and dividends on preferred shares, internalization fee to affiliate, FTAI Power pre-commercial research and development (b) to include the impact of our pro-rata share of Adjusted EBITDA from unconsolidated entities and (c) to exclude the impact of equity in earnings (losses) of unconsolidated entities, if any.

Reconciliations of forward-looking non-GAAP financial measures to their most directly comparable GAAP financial measures are not included in this press release because the most directly comparable GAAP financial measures are not available on a forward-looking basis without unreasonable effort.

The following table sets forth a reconciliation of net income attributable to shareholders to Adjusted EBITDA for the three and nine months ended September 30, 2026 and 2025:

	Three Months Ended September 30,					Change			Nine Months Ended September 30,					Change
(in thousands)		2026			2025	Change				2026			2025	Change
Net income attributable to shareholders	$	149,064		$	114,009	$	35,055		$	400,839		$	365,642	$	35,197
Add: Provision for income taxes		22,239			26,330		(4,091	)		79,318			87,067		(7,749	)
Add: Equity-based compensation expense		7,767			5,655		2,112			21,446			16,059		5,387
Add: Acquisition and transaction expenses		5,030			7,066		(2,036	)		27,090			18,847		8,243
Add: Losses on the modification or extinguishment of debt and preferred shares and capital lease obligations		—			—		—			3,800			6,327		(2,527	)
Add: Asset impairment charges		—			—		—			—			—		—
Add: Incentive allocations		—			—		—			—			—		—
Add: Depreciation and amortization expense⁽¹⁾		49,183			67,855		(18,672	)		160,814			201,919		(41,105	)
Add: Interest expense and dividends on preferred shares		66,663			64,493		2,170			199,591			200,322		(731	)
Add: Internalization fee to affiliate		—			—		—			—			—		—
Add: FTAI Power pre-commercial research and development⁽²⁾		22,014			—		22,014			41,461			—		41,461
Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities⁽³⁾		48,323			11,657		36,666			96,596			16,513		80,083
Less: Equity in (earnings) losses of unconsolidated entities⁽⁴⁾		(21,988	)		316		(22,304	)		(46,192	)		1,048		(47,240	)
Adjusted EBITDA (non-GAAP)	$	348,295		$	297,381	$	50,914		$	984,763		$	913,744	$	71,019

Includes the following items for the three months ended September 30, 2026: (i) depreciation and amortization expense of $43,295 (2025 – $55,278), (ii) lease intangible amortization of $(242) (2025 – $534) and (iii) amortization for lease incentives of $6,130 (2025 – $12,043).
Includes the following items for the nine months ended September 30, 2026: (i) depreciation and amortization expense of $142,570 (2025 – $170,076), (ii) lease intangible amortization of $6 (2025 – $5,893) and (iii) amortization for lease incentives of $18,238 (2025 – $25,950).
Represents non-recurring research and development costs incurred for the design and testing related to the development of FTAI Power’s aeroderivative turbine that has not yet been commercially launched and has not generated revenue.
Includes the following items for the three months ended September 30, 2026: (i) net income of $21,988 (2025 – net loss of $316), (ii) interest expense of $7,359 (2025 – $2,629), (iii) depreciation and amortization expense of $18,969 (2025 – $9,449), and (iv) tax expense of $7 (2025 – benefit of $105).
Includes the following items for the nine months ended September 30, 2026: (i) net income of $46,192 (2025 – net loss of $1,048), (ii) interest expense of $16,626 (2025 – $4,119), (iii) depreciation and amortization expense of $33,716 (2025 – $13,077), (iv) acquisition and transaction expenses of $0 (2025 – $470), and (v) tax expense of $62 (2025 – benefit of $105).
Excludes the profit elimination of $5,055 and $21,652 for the three and nine months ended September 30, 2026, respectively (2025 – $3,908 and $15,793, respectively ), for sales to the SCI Partnerships.

The following table sets forth a reconciliation of net income attributable to shareholders to Adjusted EBITDA for Aerospace Products for the three and nine months ended September 30, 2026 and 2025:

	Three Months Ended September 30,						Change			Nine Months Ended September 30,						Change
(in thousands)		2026			2025		Change				2026			2025		Change
Net income attributable to shareholders	$	225,514		$	148,594		$	76,920		$	603,493		$	388,819		$	214,674
Add: Provision for income taxes		50,883			26,815			24,068			134,550			72,017			62,533
Add: Equity-based compensation expense		238			168			70			488			491			(3	)
Add: Acquisition and transaction expenses		124			599			(475	)		253			3,145			(2,892	)
Add: Losses on the modification or extinguishment of debt and preferred shares and capital lease obligations		—			—			—			—			—			—
Add: Asset impairment charges		—			—			—			—			—			—
Add: Incentive allocations		—			—			—			—			—			—
Add: Depreciation and amortization expense		4,942			3,930			1,012			14,523			11,218			3,305
Add: Interest expense and dividends on preferred shares		—			—			—			—			—			—
Add: Internalization fee to affiliate		—			—			—			—			—			—
Add: FTAI Power pre-commercial research and development		—			—			—			—			—			—
Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities⁽¹⁾		2,109			1,082			1,027			2,573			2,134			439
Less: Equity in losses (earnings) of unconsolidated entities		(1,431	)		(767	)		(664	)		(1,209	)		(1,594	)		385
Adjusted EBITDA (non-GAAP)	$	282,379		$	180,421		$	101,958		$	754,671		$	476,230		$	278,441

Includes the following items for the three months ended September 30, 2026: (i) net income of $1,431 (2025 – $767), (ii) depreciation and amortization expense of $671 (2025 – $420), and (iii) tax expense of $7 (2025 – benefit of $105).
Includes the following items for the nine months ended September 30, 2026: (i) net income of $1,209 (2025 – $1,594), (ii) depreciation and amortization expense of $1,302 (2025 – $645), and (iii) tax expense of $62 (2025 – benefit of $105).

The following table sets forth a reconciliation of net income attributable to shareholders to Adjusted EBITDA for Aviation Leasing for the three and nine months ended September 30, 2026 and 2025:

	Three Months Ended September 30,					Change			Nine Months Ended September 30,					Change
(in thousands)		2026			2025	Change				2026			2025	Change
Net income attributable to shareholders	$	25,148		$	41,612	$	(16,464	)	$	110,452		$	225,069	$	(114,617	)
Add: Provision for income taxes		8,373			14,500		(6,127	)		34,470			58,301		(23,831	)
Add: Equity-based compensation expense		361			264		97			886			703		183
Add: Acquisition and transaction expenses		1,374			3,571		(2,197	)		7,408			7,053		355
Add: Losses on the modification or extinguishment of debt and preferred shares and capital lease obligations		—			—		—			—			—		—
Add: Asset impairment charges		—			—		—			—			—		—
Add: Incentive allocations		—			—		—			—			—		—
Add: Depreciation and amortization expense⁽¹⁾		43,130			62,803		(19,673	)		142,956			187,553		(44,597	)
Add: Interest expense and dividends on preferred shares		—			—		—			—			—		—
Add: Internalization fee to affiliate		—			—		—			—			—		—
Add: FTAI Power pre-commercial research and development		—			—		—			—			—		—
Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities⁽²⁾		46,214			10,575		35,639			94,023			14,379		79,644
Less: Equity in (earnings) losses of unconsolidated entities		(20,557	)		1,083		(21,640	)		(44,983	)		2,642		(47,625	)
Adjusted EBITDA (non-GAAP)	$	104,043		$	134,408	$	(30,365	)	$	345,212		$	495,700	$	(150,488	)

Includes the following items for the three months ended September 30, 2026: (i) depreciation expense of $37,242 (2025 – $50,226), (ii) lease intangible amortization of $(242) (2025 – $534) and (iii) amortization for lease incentives of $6,130 (2025 – $12,043).
Includes the following items for the nine months ended September 30, 2026: (i) depreciation expense of $124,712 (2025 – $155,710), (ii) lease intangible amortization of $6 (2025 – $5,893) and (iii) amortization for lease incentives of $18,238 (2025 – $25,950).
Includes the following items for the three months ended September 30, 2026: (i) net income of $20,557 (2025 – net loss of $1,083), (ii) interest expense of $7,359 (2025 – $2,629), and (iii) depreciation and amortization of $18,298 (2025 – $9,029).
Includes the following items for the nine months ended September 30, 2026: (i) net income of $44,983 (2025 – net loss of $2,642), (ii) interest expense of $16,626 (2025 – $4,119), (iii) depreciation and amortization of $32,414 (2025 – $12,432) and (iv) acquisition and transactions expenses of $0 (2025 – $470).

The following table sets forth a reconciliation of net loss attributable to shareholders to Adjusted EBITDA for Corporate and Other for the three and nine months ended September 30, 2026 and 2025:

	Three Months Ended September 30,						Change			Nine Months Ended September 30,						Change
(in thousands)		2026			2025		Change				2026			2025		Change
Net loss attributable to shareholders	$	(96,543	)	$	(72,289	)	$	(24,254	)	$	(291,454	)	$	(232,453	)	$	(59,001	)
Add: Benefit from income taxes		(37,017	)		(14,985	)		(22,032	)		(89,702	)		(43,251	)		(46,451	)
Add: Equity-based compensation expense		7,168			5,223			1,945			20,072			14,865			5,207
Add: Acquisition and transaction expenses		3,532			2,896			636			19,429			8,649			10,780
Add: Losses on the modification or extinguishment of debt and preferred shares and capital lease obligations		—			—			—			3,800			6,327			(2,527	)
Add: Asset impairment charges		—			—			—			—			—			—
Add: Incentive allocations		—			—			—			—			—			—
Add: Depreciation and amortization expense		1,111			1,122			(11	)		3,335			3,148			187
Add: Interest expense and dividends on preferred shares		66,663			64,493			2,170			199,591			200,322			(731	)
Add: Internalization fee to affiliate		—			—			—			—			—			—
Add: FTAI Power pre-commercial research and development⁽¹⁾		22,014			—			22,014			41,461			—			41,461
Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities		—			—			—			—			—			—
Less: Equity in losses (earnings) of unconsolidated entities		—			—			—			—			—			—
Adjusted EBITDA (non-GAAP)	$	(33,072	)	$	(13,540	)	$	(19,532	)	$	(93,468	)	$	(42,393	)	$	(51,075	)

Represents non-recurring research and development costs incurred for the design and testing related to the development of FTAI Power’s aeroderivative turbine that has not yet been commercially launched and has not generated revenue.

Posted in UncategorizedTagged GlobeNewswire

Enerflex Ltd. Announces Third Quarter 2026 Financial and Operational Results and Increased Dividend

Posted on October 29, 2026 by Ravi Shankar

ADJUSTED EBITDA OF $129 MILLION, FREE CASH FLOW OF $102 MILLION AND RETURN ON CAPITAL EMPLOYED OF 15.8%

RECORD ES BOOKINGS AND BACKLOG OF $1.0 BILLION AND $2.1 BILLION, RESPECTIVELY

QUARTERLY DIVIDEND INCREASED BY ~17% TO US$0.035 PER SHARE; SUPPORTS DIRECT SHAREHOLDER RETURNS

CALGARY, Alberta, Oct. 29, 2026 (GLOBE NEWSWIRE) — Enerflex Ltd. (TSX: EFX) (NYSE: EFXT) (“Enerflex” or the “Company”) today reported its financial and operational results for the three and nine months ended September 30, 2026.

All amounts presented are in U.S. Dollars unless otherwise stated.

MANAGEMENT COMMENTARY

Paul Mahoney, Enerflex’s President and Chief Executive Officer stated: “Enerflex delivered a solid third quarter, highlighted by healthy cash generation, record bookings and backlog, notable commercial wins for behind-the-meter natural gas-fired power generation, and continued progress towards the strategic objectives highlighted during our May investor update. We are very pleased with the progress to date and adoption of operational and efficiency initiatives across our integrated company.

Enerflex’s focus is on competing intentionally in the markets where we can win and improving relentlessly through operational excellence. We remain confident in our ability to improve profitability, cash conversion, and returns through operational excellence, grow revenue ahead of our underlying markets, and deliver disciplined value adding growth for our shareholders. The momentum we are seeing in behind-the-meter natural gas-fired power generation, combined with investments to expand our Engineered Systems capacity and capabilities, reinforces our confidence in achieving our value creation objectives.

Behind-the-meter natural gas-fired power generation is becoming an increasingly important growth platform for Enerflex and complements the strength we continue to see in Enerflex’s core natural gas markets. Including awards secured in early Q4, our backlog of behind-the-meter natural gas-fired power generation now exceeds 1.75 gigawatts. We are uniquely positioned to support customers throughout the lifecycle of these assets, from design, engineering, manufacturing and assembly through commissioning, after-market services, operations, maintenance, and digital optimization enabled by ReliaCore™.”

Preet Dhindsa, Enerflex’s Senior Vice President and Chief Financial Officer, added: “Strong cash generation during the third quarter strengthened Enerflex’s financial position and provides significant flexibility as we continue to progress towards our strategic objectives. During the quarter, we completed the divestiture of the majority of our Asia Pacific operations, further sharpening our focus on core operating regions. Reflecting confidence in our business and outlook, the Board has approved an increase of approximately 17% to Enerflex’s quarterly dividend, aligning with our objective of providing meaningful direct shareholder returns. We remain focused on maintaining balance sheet strength and disciplined capital allocation, including investing in organic growth and evaluating selective value-enhancing tuck-in acquisition opportunities.”

SUMMARY RESULTS

	Three months ended September 30,						Nine months ended September 30,
($ millions, except per share amounts, percentages and ratios)	2026			2025			2026			2025
Revenue	$	623		$	777		$	1,789		$	1,944
Gross margin (“GM”)		142			172			426			439
GM as a percentage of revenue (“GM %”)		22.8	%		22.1	%		23.8	%		22.6	%
Selling, general and administrative expenses (“SG&A”)		64			71			224			189
Operating income		77			102			203			249
EBITDA¹		117			122			321			361
EBIT¹		79			82			209			240
Net earnings		55			37			128			121
Earnings per share – basic		0.45			0.30			1.05			0.98
Long-term debt		539			648			539			648
Net debt²		312			584			312			584
Cash provided by operating activities		147			74			268			166

Key Financial Performance Indicators (“KPIs”)
ES backlog³	$	2,136		$	1,071		$	2,136		$	1,071
ES bookings³		1,024			339			1,995			909
EI contract backlog⁴		1,182			1,370			1,182			1,370
GM before depreciation and amortization (“GM before D&A”)⁵		176			206			528			542
GM before D&A as a percentage of revenue (“GM before D&A %”)⁵		28.3	%		26.5	%		29.5	%		27.9	%
Adjusted EBITDA⁶		129			145			394			388
Free cash flow⁷		102			43			149			89
Bank-adjusted net debt to EBITDA ratio^7,8		0.6	x	1.2x				0.6	x	1.2x
Return on capital employed (“ROCE”)^7,8		15.8	%		16.9	%		15.8	%		16.9	%

¹EBITDA is defined as earnings before net finance costs, income taxes, depreciation and amortization. EBIT is defined as earnings before net finance costs and income taxes.
²Net debt is defined as total long-term debt less cash and cash equivalents, as presented in the Financial Statements.
³Refer to the “ES Backlog and Bookings” section of the MD&A for further details.
⁴Refer to the “EI Contract Backlog” section of the MD&A for further details.
⁵Refer to the “Gross Margin before D&A by Product Line and Recurring Gross Margin before D&A” section of the MD&A for further details.
⁶Refer to the “Adjusted EBITDA” section of the MD&A for further details.
⁷Refer to the “Non-IFRS Measures” section of the MD&A for further details.
⁸Determined by using the trailing 12-month period.

Enerflex’s consolidated financial statements and notes (the “Financial Statements”) and Management’s Discussion and Analysis (“MD&A”) as at September 30, 2026, can be accessed on the Company’s website at www.enerflex.com and under the electronic profile of the Company on SEDAR+ and EDGAR at www.sedarplus.ca and www.sec.gov/edgar, respectively.

Q3/26 FINANCIAL OVERVIEW

Generated revenue of $623 million compared to $777 million in Q3/25 and $582 million in Q2/26. The decrease in revenue year-over-year was primarily attributable to the revenue recognized on the commencement of the Block 60 Bisat C Expansion Facility (“Bisat C Expansion”) in the Eastern Hemisphere (“EH”) in Q3/25, as well as the achievement of certain Engineered Systems (“ES”) project milestones in the prior-year period
Recorded gross margin before depreciation and amortization of $176 million, or 28% of revenue, compared to $206 million, or 27% of revenue in Q3/25 and $173 million, or 30% of revenue during Q2/26. Compared to the second quarter, margins reflected a shift in revenue mix and project sequencing, with ES revenue improving sequentially, and margins consistent with the historical average for the ES product line
- Energy Infrastructure (“EI”) and After Market Services (“AMS”) product lines generated 68% of consolidated gross margin before depreciation and amortization during Q3/26
- ES gross margin before depreciation and amortization was 17% in Q3/26, compared to 17% in Q3/25 and 18% in Q2/26
SG&A was $64 million for the three months ended September 30, 2026, down $7 million from Q3/25 primarily due to lower share-based compensation. Core SG&A⁽¹⁾ increased to $58 million from $53 million in Q3/25, reflecting costs to support growth and operational optimization in the business
Adjusted earnings before finance costs, income taxes, depreciation, and amortization (“adjusted EBITDA”) of $129 million compared to $145 million in Q3/25 and $128 million in Q2/26. Compared to the prior year, results reflect the timing of project milestones and a higher level of operational activity in ES during the prior-year period.
Cash provided by operating activities before changes in working capital (“FFO”) of $96 million in Q3/26 compared to $115 million in Q3/25 and $87 million in Q2/26. Prior year FFO benefited from the recognition of the Bisat C expansion partially offset by higher finance and income tax expense, while the sequential increase benefitted from higher net income
Cash provided by operating activities (“CFO”) was $147 million, which included net working capital recovery of $51 million. This compares to cash provided by operating activities of $74 million in Q3/25 and cash provided by operating activities of $89 million in Q2/26
Free cash flow (“FCF”) increased to $102 million in Q3/26 compared to $43 million during Q3/25 and $32 million during Q2/26. The increase in FCF compared to prior year and prior period reflected higher CFO, including net working capital recovery of $51 million, being partially offset by higher capital spending
Return on capital employed (“ROCE”)² was 15.8% in Q3/26, compared to 16.9% in Q3/25 and 15.4% in Q2/26. The sequential increase benefitted from lower average capital employed, predominantly due to a reduction in net debt. Compared to Q3/25, ROCE reflects lower trailing 12-month EBIT as the prior period benefitted from the upfront gain related to the Bisat C Expansion as well as lower share-based compensation
Net earnings of $55 million or $0.45 per share in Q3/26 compared to $37 million or $0.30 per share in Q3/25 and $30 million or $0.25 per share in Q2/26. Compared to Q3/25, profitability benefited from the gain on the Asia Pacific disposition, lower net finance costs and tax expense, and a lower unrealized loss related to the redemption options of the Company’s senior secured notes, partially offset by the prior-year recognition of the Bisat C Expansion
Invested $42 million in the business, comprised of $26 million for growth, primarily allocated to expand the Company’s contract compression fleet in the U.S., and $16 million for maintenance and PP&E

STRATEGIC AND OPERATIONAL HIGHLIGHTS

Record ES backlog of $2.1 billion as at September 30, 2026 provides strong visibility into future revenue generation and business activity levels. Bookings of $1.0 billion during Q3/26 compared to $339 million in Q3/25, $488 million in Q2/26 and a trailing eight quarter average of $448 million. Bookings include a behind-the-meter (“BTM”) natural gas-fired power generation award of approximately 450 megawatts, as well as continued strength across compression and processing applications, reflecting broad-based demand across Enerflex’s core markets
ES book-to-bill ratio (calculated as bookings divided by revenue) was 3.0x during Q3/26 and 1.3x on a trailing eight-quarter average
Subsequent to quarter-end, Enerflex secured an award to supply over 1.0 gigawatt of low emission BTM natural gas-fired power generation for a North American data center development. Combined with additional project awards, Enerflex’s backlog of BTM natural gas-fired power generation now exceeds 1.75 gigawatts, with deliveries extending through 2028.
Enerflex’s U.S. contract compression business continues to perform well, led by increasing natural gas production in the Permian. Utilization remained consistent at 94% during Q3/26, with Enerflex’s fleet size increasing to 521,000 horsepower as at September 30, 2026. Enerflex continues to target customer supported contract compression fleet growth of 10% to 15% during 2026. Enerflex also continues to secure long-lead time components to support further growth into 2030
On September 30, 2026, Enerflex completed the previously announced divestiture of the majority of its operations in the Asia Pacific (“APAC”) region to INNIO Group for cash consideration of $62 million. The divested business was primarily focused on the Company’s After-Market Services (“AMS”) product line. The transaction supports Enerflex’s disciplined portfolio management strategy and further focuses the Company on its core operating regions
Enerflex commercially launched its Reliacore™ digital platform during the quarter, including the integration of more than 900 assets, connecting equipment data with subject-matter experts to support lifecycle services management, and expanding the platform’s geographic reach to support assets in Argentina and Mexico. Several pilot installations were added across gas-production and gas-to-power conversion applications and the team implemented an intelligent callout system to improve customer support by optimizing resource deployment based on real-time asset health, technician availability, proximity, and technical expertise, thereby improving service efficiency and operational effectiveness.
To support the execution of the Company’s BTM natural gas-fired power generation backlog and expected growth across Enerflex’s core markets, the Company is investing in expanding the capacity and capabilities of its ES business line. These investments, combined with on-going initiatives to enhance collaboration, leverage scale, improve operational efficiency, and solidify capabilities, are expected to significantly increase revenue capacity of Enerflex’s ES business line

SHAREHOLDER RETURNS

Enerflex’s Board of Directors has elected to declare the Company’s quarterly dividend in U.S. Dollars and approved an increase of approximately 17% to $0.035 per common share, effective with the dividend payable in November 2026. The increase reflects confidence in Enerflex’s business, strong financial position and long-term growth outlook, supported by record ES backlog and the highly contracted EI product line. The dividend increase is aligned with the Company’s commitment to disciplined capital allocation and providing meaningful direct shareholder returns

BALANCE SHEET AND LIQUIDITY

Enerflex exited Q3/26 with net debt of $312 million, which included $227 million of cash and cash equivalents. The increase in cash reflects proceeds of $62 million from the APAC divestiture on September 30^th, as well as strong free cash flow generation, including collections and customer deposits at the end of the quarter. Net debt was reduced by $272 million compared to Q3/25. Enerflex’s bank-adjusted net debt-to-EBITDA ratio was approximately 0.6x at the end of Q3/26, down from 1.2x at the end of Q3/25 and 0.8x at the end of Q2/26

OUTLOOK

Enerflex’s strategic priorities include:

	(1)	driving productivity improvements across the Company’s global operations through operational excellence;

	(2)	focusing on the highest-value growth opportunities and markets where the Company can win, including advancing opportunities in distributed power generation alongside its core natural gas infrastructure markets; and

	(3)	allocating capital to drive long-term value creation through disciplined growth, maximizing free cash flow, and providing direct shareholder returns.

We continue to see favorable multi-year fundamentals across our core markets, supported by increasing natural gas production and growing demand for reliable power and energy infrastructure. Operating results are expected to remain underpinned by the highly contracted EI product line and recurring nature of AMS, which generated 67% of consolidated gross margin before depreciation and amortization during the first three quarters of 2026.

Performance for Enerflex’s ES product line continues to benefit from healthy demand across compression, processing, and power generation applications. ES backlog increased to a record level during the third quarter, providing strong visibility into future revenue generation and business activity levels into 2028. Enerflex continues to experience growing demand for BTM power generation solutions, particularly related to data center development, and is leveraging its integrated design, engineering, manufacturing, project execution, commissioning, after-market services, operations, maintenance, and digital capabilities to capitalize on these opportunities. Including awards secured in early Q4, our backlog of BTM natural gas-fired power generation now exceeds 1.75 gigawatts.

In addition to the initial equipment scope, these projects provide opportunities for future commissioning, installation, operations, maintenance, and digital service offerings through Enerflex’s ReliaCore^TM Asset Performance Management ecosystem, aligning with Enerflex’s commercial initiatives to support the full lifecycle requirements of BTM power generation development.

Capital Allocation

Enerflex is refining its organic capital expenditure guidance for 2026. The Company continues to target spending of $185 million to $195 million during 2026, which includes: (1) organic growth capital expenditures of approximately $100 million (unchanged from prior guidance); (2) maintenance capital expenditures of approximately $55 million (prior guidance of $70 million to $80 million); and (3) PP&E and infrastructure investments of $30 million to $40 million to support the Company’s ES business line and activity in adjacent markets, including electric power generation (prior guidance of approximately $15 million).

Organic growth capital spending will continue to focus on customer-supported opportunities and is primarily allocated to expand the Company’s contract compression fleet in the U.S. We continue to target customer-supported fleet growth of 10% to 15% during 2026 and are also securing long-lead time components to support fleet growth into 2030.

The reduction in forecasted maintenance capital reflects efficiencies as well as a shift of some spending into 2027.

As previously announced, Enerflex has authorized investments in its ES facilities and capabilities, including $30 million to $40 million included in Enerflex’s 2026 capital expenditure guidance and approximately $85 million expected to be incurred during 2027. These investments, combined with on-going initiatives to enhance collaboration, leverage scale, improve operational efficiency, and solidify capabilities, are expected to significantly increase revenue capacity of Enerflex’s ES business line.

Enerflex continues to evaluate selective, disciplined tuck-in acquisition opportunities. Inorganic growth will remain focused on enhancing capabilities and accelerating scale in the Company’s core North American markets. All opportunities will be balanced with Enerflex’s focus on maintaining a strong financial position and providing direct shareholder returns.

DIVIDEND DECLARATION

Enerflex is committed to paying a sustainable quarterly cash dividend to shareholders. The Board of Directors has elected to declare the Company’s quarterly dividend in U.S. Dollars and declared a quarterly dividend of $0.035 per share, payable on November 25, 2026 to shareholders of record on November 12, 2026.

CONFERENCE CALL AND WEBCAST DETAILS

Investors, analysts, members of the media, and other interested parties, are invited to participate in a conference call and audio webcast on Thursday, October 29, 2026 at 8:00 a.m. (MDT), where members of senior management will discuss the Company’s results. A question-and-answer period will follow.

To participate, register at https://register-conf.media-server.com/register/BIc017268162ca46e3bdf6f40bb35765ce. Once registered, participants will receive the dial-in numbers and a unique PIN to enter the call. The audio webcast of the conference call will be available on the Enerflex website at www.enerflex.com under the Investors section or can be accessed directly at https://edge.media-server.com/mmc/p/u9hjajn4/.

NON-IFRS MEASURES

Throughout this news release and other materials disclosed by the Company, Enerflex employs certain measures to analyze its financial performance, financial position, and cash flows, including net debt-to-EBITDA ratio, ES backlog and bookings, EI contract backlog, free cash flow, GM before depreciation and amortization, and bank-adjusted net debt-to-EBITDA ratio. These non-IFRS measures are not standardized financial measures under IFRS and may not be comparable to similar financial measures disclosed by other issuers. Non-IFRS measures should not be considered more meaningful than generally accepted accounting principles measures as indicators of Enerflex’s performance. For information which is incorporated by reference into this news release, refer to “Non-IFRS Measures” in Enerflex’s MD&A for the three and nine months ended September 30, 2026, which can be accessed on Enerflex’s website at www.enerflex.com and under the electronic profile of the Company on SEDAR+ and EDGAR at www.sedarplus.ca and www.sec.gov/edgar, respectively.

Adjusted EBITDA

	Three months ended September 30, 2026
($ millions)		NAM			LATAM		EH				Total
Net earnings¹										$	55
Income taxes¹											16
Net finance costs^1,2											8
EBIT³		$	61		$	15	$	6		$	79
Depreciation and amortization			17			10		11			38
EBITDA		$	78		$	25	$	17		$	117
Restructuring and transaction costs			–			–		2			2
Gain on APAC disposition			–			–		(5	)		(5	)
Share-based compensation			(1	)		1		2			2
Impact of finance leases
Principal payments received			–			–		10			10
Unrealized loss on redemption options³											3
Adjusted EBITDA		$	77		$	26	$	26		$	129

¹The Company included net earnings, income taxes, and net finance costs on a consolidated basis to reconcile to EBIT.
²Net finance costs are considered corporate expenditure and have therefore not been allocated to reporting segments.
³EBIT includes $3 million unrealized loss on redemption options associated with the USD denominated senior unsecured notes (the “2031 Notes”). Debt is managed within Corporate and is not allocated to reporting segments.

	Three months ended September 30, 2025
($ millions)		NAM		LATAM		EH			Total
Net earnings ¹									$	37
Income taxes¹										25
Net finance costs^1,2										20
EBIT³		$	57	$	11	$	30		$	82
Depreciation and amortization			17		10		13			40
EBITDA		$	74	$	21	$	43		$	122
Share-based compensation			7		2		2			11
Impact of finance leases
Upfront gain			–		–		(14	)		(14	)
Principal payments received			–		–		10			10
Unrealized loss on redemption options³										16
Adjusted EBITDA		$	81	$	23	$	41		$	145

¹The Company included net earnings, income taxes, and net finance costs on a consolidated basis to reconcile to EBIT.
²Net finance costs are considered corporate expenditure and have therefore not been allocated to reporting segments.
³EBIT includes $16 million unrealized loss on redemption options associated with the 9.0% senior secured notes (the “2027 Notes”). Debt is managed within Corporate and is not allocated to reporting segments.

FREE CASH FLOW

The Company defines free cash flow as cash provided by (used in) operating activities, less total capital expenditures (growth and maintenance) for EI assets – operating leases and PP&E, mandatory debt repayments, and lease payments, while proceeds on disposals of PP&E and EI assets – operating leases are added back. Free cash flow may not be comparable to similar measures presented by other companies as it does not have a standardized meaning under IFRS. Management uses this non-IFRS measure to assess the level of free cash generated to fund other non-operating activities. These activities could include dividend payments, share repurchases, and non-mandatory debt repayments. Free cash flow is also used in calculating the dividend payout ratio.

	Three months ended September 30,						Nine months ended September 30,
($ millions)	2026			2025			2026			2025
Funds from operations (“FFO”)¹	$	96		$	115		$	278		$	266
Net change in working capital and other		51			(41	)		(10	)		(100	)
Cash provided by operating activities (“CFO”)²	$	147		$	74		$	268		$	166
Less:
CAPEX – Maintenance and PP&E		(16	)		(18	)		(43	)		(37	)
CAPEX – Growth		(26	)		(15	)		(68	)		(44	)
Lease payments		(5	)		(5	)		(17	)		(16	)
Add:
Proceeds on disposals of PP&E and EI assets – operating leases		2			7			9			20
Free cash flow	$	102		$	43		$	149		$	89

¹Enerflex also refers to cash provided by operating activities before net change in working capital and other as “Funds from Operations” or “FFO”.
²Enerflex also refers to cash provided by (used in) operating activities as “Cash flow from Operations” or “CFO”.

BANK-ADJUSTED NET DEBT-TO-EBITDA RATIO

Enerflex defines bank-adjusted net debt to EBITDA as borrowings under the RCF and senior notes less cash and cash equivalents, divided by EBITDA for the trailing 12-months, as defined by the Company’s lenders. In assessing the Company’s compliance with financial covenants related to its debt, certain adjustments are made to EBITDA to determine Enerflex’s bank-adjusted net debt to EBITDA ratio. These adjustments, and Enerflex’s bank-adjusted net debt to EBITDA ratio, are calculated in accordance with, and derived from, the Company’s financing agreements.

ADVISORY REGARDING FORWARD-LOOKING INFORMATION
This news release contains “forward-looking information” within the meaning of applicable Canadian securities laws and “forward-looking statements” (and together with “forward-looking information”, “FLI”) within the meaning of the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are FLI. The use of any of the words “anticipate”, “believe”, “could”, “expect”, “future”, “may”, “potential”, “should”, “will” and similar expressions, (including negatives thereof) are intended to identify FLI.

In particular, this news release includes (without limitation) FLI pertaining to:

the Company’s backlog and the project awards that make up the backlog;
the ES backlog and expectations as to future revenue generation and business activity levels;
the Company’s backlog of BTM natural gas-fired power generation and the ability for the Company to execute on the projects and complete deliveries extending through 2028;
the Company continuing to target customer supported contract compression fleet growth of 10% to 15% during 2026;
Enerflex’s ability to secure long-lead time components to support further growth into 2030, and the timing associated therewith, if at all;
expected growth across Enerflex’s core markets;
expectations pertaining to increases in revenue capacity of Enerflex’s ES business and the timing associated therewith, if at all;
Enerflex’s ability to capitalize on growing demand for BTM power generation solutions, particularly related to data center development, and the timing associated therewith, if at all;
disclosures under the heading “Outlook” including:
- favorable multi-year fundamentals across Enerflex’s core markets, supported by increasing natural gas production and growing demand for reliable power and energy infrastructure;
- operating results will continue to be underpinned by the highly contracted EI product line and recurring nature of AMS;
- the Company’s ES backlog providing strong visibility into future revenue generation and business activity levels extending into 2028;
- Enerflex’s ability to capitalize on growing demand for BTM power generation solutions, both in the initial equipment scope and in future commissioning, installation, operations, maintenance, and digital service offerings through Enerflex’s ReliaCore™ Asset Performance Management ecosystem, and the timing associated therewith, if at all;
- expectations in respect of organic capital expenditure during 2026 of $185 million to $195 million, including (1) organic growth capital expenditures of approximately $100 million; (2) maintenance capital expenditures of approximately $55 million; and (3) PP&E and infrastructure investments of $30 million to $40 million;
- targeted customer-supported fleet growth of 10% to 15% during 2026;
- the shift of some forecasted maintenance capital expenditures from 2026 into 2027;
- expectations that approximately $85 million will be invested in Enerflex’s ES facilities and capabilities during 2027 and that those investments, combined with ongoing initiatives to enhance collaboration, leverage scale, improve operational efficiency, and solidify capabilities, will significantly increase the revenue capacity of Enerflex’s ES business line, and the timing associated therewith, if at all; and
- the ability for Enerflex to identify and successfully execute selective, disciplined tuck-in acquisitions and the timing associated therewith, if at all;
the ability of Enerflex to continue to pay a sustainable quarterly cash dividend; and
the availability of free cash generated and that such cash may be used to fund non-operating activities including dividend payments, share repurchases, and other non-mandatory debt repayments, if any.

FLI reflect Management’s current beliefs and assumptions with respect to such things as the impact of general economic conditions; commodity prices; the markets in which Enerflex’s products and services are used; general industry conditions, forecasts, and trends; changes to, and introduction of new, governmental regulations, laws, and income taxes; increased competition; availability of qualified personnel; political unrest and geopolitical conditions; and other factors, many of which are beyond the control of Enerflex. More specifically, Enerflex’s expectations in respect of its FLI are based on a number of assumptions, estimates and projections developed based on past experience and anticipated trends, including but not limited to:

expectations that acquisition opportunities will be available to the Company, the Company can evaluate and execute on such opportunities, and that adequate financial capacity and liquidity will remain available, all required regulatory, contractual and third-party approvals will be received, received in a timely manner, and on conditions acceptable to the Company, if any, and any acquisitions can be successfully integrated;
the ability of the Company to proactively manage the ES business line in response to near-term risks and uncertainties, including tariffs and commodity price volatility;
natural gas and associated liquids and produced water volumes across Enerflex’s global footprint will increase in line with expectations;
market conditions, customer activity, and industry fundamentals will support stable demand across Enerflex’s product lines and geographic regions throughout 2026;
the high level of contractual commitments within the EI product line and the predictable, recurring revenue from AMS will continue;
existing and strong commercial relationships with customers will continue;
existing customer contracts within the EI product line will remain in effect and with no material cancellations or renegotiations over their remaining terms;
risks related to lawsuits, arbitrations or other legal proceedings;
the execution of projects within the ES product line will proceed as scheduled, supported by the timely availability of required equipment, long-lead components, manufacturing capacity, and third-party supply chain support, and the conversion to revenue will proceed without significant delays or cancellations;
the Company’s backlog providing strong visibility into future revenue generation and business activity levels;
no significant unforeseen cost overruns or project delays;
the fulfillment by our customers of the terms of their contracts;
the Company will successfully execute operational excellence initiatives and realize anticipated productivity improvements across its global operations;
Enerflex will maintain sufficient cash flow, profitability, and financial flexibility to support the ongoing payment of a sustainable quarterly cash dividend, subject to market conditions, operational performance, and board approval;
Enerflex will maintain sufficient financial flexibility to execute on its capital allocation priorities; and
other factors, many of which are beyond the control of Enerflex.

As a result of the foregoing, actual results, performance, or achievements of Enerflex could differ and such differences could be material from those expressed in, or implied by, the FLI. The principal risks, uncertainties and other factors affecting Enerflex and its business are identified under the heading “Risk Factors” in: (i) Enerflex’s Annual Information Form for the year ended December 31, 2025, dated February 25, 2026; (ii) the Company’s MD&A as at September 30, 2026; and (iii) in other filings with Canadian securities regulators and the SEC, copies of which are available under the electronic profile of the Company on SEDAR+ and EDGAR at www.sedarplus.ca and www.sec.gov/edgar, respectively. Other unpredictable or unknown factors not discussed in this news release could have material adverse effects on the actual results, performance, or achievements of Enerflex expressed in, or implied by, the FLI.

The FLI included in this news release are made as of the date of this news release and are based on the information available to the Company at such time and, other than as required by law, Enerflex disclaims any intention or obligation to update or revise any FLI, whether as a result of new information, future events, or otherwise. This news release and its contents should not be construed, under any circumstances, as investment, tax, or legal advice.

The outlook provided in this news release is based on assumptions about future events, including economic conditions and proposed courses of action, based on Management’s assessment of the relevant information currently available. The outlook is based on the same assumptions and risk factors set forth above and is based on the Company’s historical results of operations. The outlook set forth in this news release was approved by Management and the Board of Directors. Management believes that the prospective financial information set forth in this news release has been prepared on a reasonable basis, reflecting Management’s best estimates and judgments, and represents the Company’s expected course of action in developing and executing its business strategy relating to its business operations. The prospective financial information set forth in this news release should not be relied on as necessarily indicative of future results. Actual results may vary, and such variance may be material.

ABOUT ENERFLEX
Enerflex is a leading provider of modular natural gas, power, and treated water technology solutions, delivering value through disciplined execution and a deliberate approach to where we compete. Our customer-focused delivery model supports operational excellence, innovation, and scalability across our global footprint with a focus on creating long-term shareholder value.

With approximately 4,500 engineers, manufacturers, technicians, professionals, and innovators, Enerflex is bound together by a shared vision: Transforming Energy for a Sustainable Future. The Company remains committed to the future of natural gas and the critical role it plays, while focused on sustainability offerings to support the world’s energy needs.

Enerflex’s common shares trade on the Toronto Stock Exchange under the symbol “EFX” and on the New York Stock Exchange under the symbol “EFXT”. For more information about Enerflex, visit www.enerflex.com.

For investor and media enquiries, contact:

Paul Mahoney
President and Chief Executive Officer
E-mail: PMahoney@enerflex.com

Preet S. Dhindsa
Senior Vice President and Chief Financial Officer
E-mail: PDhindsa@enerflex.com

Jeff Fetterly
Vice President, Corporate Development and Capital Markets
E-mail: JFetterly@enerflex.com

_________________________________________
^{1) Core SG&A is primarily comprised of compensation, third-party services, and information technology expenses}
^{2) ROCE is calculated by taking EBIT for the 12-month trailing period divided by capital employed. Capital employed is average debt and Shareholders’ equity less average cash for the trailing four quarters.}

Posted in UncategorizedTagged GlobeNewswire

Borregaard ASA: Reporting of transactions in Borregaard ASA’s shares made by person discharging managerial responsibilities

Posted on October 29, 2026 by Ravi Shankar

Magnus Krogh Ankarstrand, member of the board of Borregaard ASA, has on 29 October 2026 purchased 500 shares in Borregaard ASA at a price of NOK 154.70 per share. Following this transaction, Magnus Krogh Ankarstrand owns 500 shares in Borregaard ASA. The shares are purchased at Oslo Stock Exchange.

Shareholder-elected board members shall use 20% of their gross remuneration to purchase shares in the company until they own shares equal in value to one year’s gross board remuneration. The shares shall be retained for as long as the board member serves on the board.

Please see attached notifications for persons discharging managerial responsibilities in Borregaard in accordance with Regulation EU 596/2014 (MAR) article 19.

Borregaard ASA
Sarpsborg, 29 October 2026

Contact:
Lotte Kvinlaug, Investor Relations Officer, +47 922 86 909

This information is subject to the disclosure requirements pursuant to Section 3-1 of the Norwegian Securities Trading Act, cf. Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) Article 19.

Attachment

Borregaard ASA – Notification Magnus Ankarstrand

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Oculis to Feature Privosegtor’s Neuroprotective Potential and Ongoing PIONEER Program at APOIS Congress and CNS Summit

Posted on October 29, 2026 by Ravi Shankar

Positive Phase 2 ACUITY trial findings support Privosegtor’s potential to deliver a first-in-class neuroprotective treatment for patients with optic neuritis and beyond

ZUG, Switzerland, October 29^th, 2026 — Oculis Holding AG (Nasdaq: OCS; XICE: OCS) (“Oculis”), a global biopharmaceutical company focused on breakthrough innovations to address significant unmet medical needs in neuro-ophthalmology and ophthalmology, today announced upcoming presentations highlighting Privosegtor’s neuroprotective potential and its ongoing development in optic neuritis at the 6th Asia-Pacific Ophthalmic Innovation Society Congress and the CNS Summit.

Oculis will sponsor the 6^th Asia-Pacific Ophthalmic Innovation Society Congress, where Riad Sherif, M.D., Chief Executive Officer, will present an overview of Privosegtor and the PIONEER registrational program.

Privosegtor is a novel peptoid small-molecule candidate that crosses the blood-brain and retinal barriers and could become the first neuroprotective therapy for optic neuritis. It is currently being evaluated in PIONEER-1, a registrational trial enrolling patients with acute-onset optic neuritis, including patients with and without multiple sclerosis.

Aaron Tansy, M.D., Vice President, Development Franchise Head, Neurology at Oculis, on behalf of the authors, will present Phase 2 ACUITY data at the CNS Summit on November 2^nd and 3^rd. The ACUITY trial evaluated Privosegtor in patients with acute optic neuritis and showed improvements in visual function, supported by anatomical preservation of the retina and reductions in blood neurofilament levels.

The positive ACUITY findings supported the granting of Breakthrough Therapy designation by the U.S. Food and Drug Administration and PRIority Medicines (PRIME) designation by the European Medicines Agency for Privosegtor in optic neuritis. Oculis is advancing Privosegtor through the PIONEER registrational program in optic neuropathies and, building on the ACUITY dataset and constructive pre-IND feedback from the FDA’s Neurology division, is also anticipating clearance of an IND for the treatment of acute multiple sclerosis relapses in Q4 2026.

Details of Oculis’ presentations are as follows:

6^th Asia-Pacific Ophthalmic Innovation Society (APOIS) 2026 Congress, October 30^th – November 1^st :

Session: Next Waves Technologies II

Presenter: Riad Sherif, M.D., Chief Executive Officer at Oculis

Date/Time: November 1^st, 2026; 10:30 AM -12:30 PM KST

Location: Grand Walkerhill, Seoul, South Korea

CNS Summit, November 1^st to 4^th:

Abstract title: Improved Low Contrast Visual Acuity, Reduction in Retinal Ganglion Cell Loss, and Neurofilaments-light with Privosegtor in Acute Optic Neuritis: Results from a Multicenter, Randomized, Placebo-Controlled, Double-Masked Trial

Presenter: Aaron Tansy, M.D., Vice President, Development Franchise Head, Neurology at Oculis, on behalf of authors

Date/Time: November 2^nd and 3^rd, from 5:00 to 7:00 PM EDT

Location: Encore Boston Harbor, Everett, MA, USA

– Ends –

About Privosegtor

Privosegtor, a novel peptoid small-molecule candidate that crosses the blood-brain and retinal barriers, has the potential to become the first neuroprotective therapy for optic neuritis (ON) and other neuro-ophthalmic and neuro-axonal diseases. Positive results from the ACUITY Phase 2 trial showed Privosegtor’s neuroprotective potential, as evidenced by improved visual function, corroborated by anatomical preservation of the retina, including the GCIPL and RNFL layers, and reduced neurofilament levels in the blood after an acute episode of optic neuritis. Consistent results were observed in animal models of glaucoma, optic neuritis and multiple sclerosis, where Privosegtor preserved retinal ganglion cells and was associated with improvements in mobility in the multiple sclerosis model.

Privosegtor has received Breakthrough Therapy designation from the U.S. Food and Drug Administration and Priority Medicines (PRIME) designation from the European Medicines Agency, as well as Orphan Drug designation from both agencies for ON. Privosegtor is currently being evaluated in Oculis’ PIONEER (Privosegtor Investigation in Optic Neuropathies Efficacy Evaluation Research) program, which includes two registrational trials in ON and one registrational trial in non-arteritic anterior ischemic optic neuropathy.

Privosegtor is an investigational drug and has not received regulatory approval for commercial use in any country.

About Oculis

Oculis is a global biopharmaceutical company (Nasdaq: OCS; XICE: OCS) focused on breakthrough innovations to address significant unmet medical needs in neuro-ophthalmology and ophthalmology. Oculis’ highly differentiated late-stage clinical pipeline focuses on two core product candidates. Privosegtor is a breakthrough neuroprotective candidate in the PIONEER program, which consists of studies intended to support registration plans for treatment of optic neuropathies, including optic neuritis and non-arteritic anterior ischemic optic neuropathy. Privosegtor also has potential to be developed for additional indications in other neuro-ophthalmic and neuro-axonal diseases. Licaminlimab is a novel, topical anti-TNFα in a registrational trial and is being developed with a genotype-based approach for treating patients with dry eye disease. Headquartered in Switzerland with operations in the U.S., Iceland and Switzerland, Oculis is led by an experienced management team with a successful track record and supported by leading international healthcare investors.

For more information, please visit: www.oculis.com

Contacts

Oculis Contact
Ms. Sylvia Cheung, CFO
sylvia.cheung@oculis.com

Investor Relations
LifeSci Advisors
Corey Davis, Ph.D.
cdavis@lifesciadvisors.com

Media Relations
ICR Healthcare
Amber Fennell / David Daley / Sean Leous
oculis@icrhealthcare.com

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements and information. For example, statements regarding the potential benefits of the Company’s product candidates, including the potential for Privosegtor to become the first neuroprotective therapy for optic neuritis and other neuro-ophthalmic and neuro-axonal diseases; the initiation, enrollment, timing, progress and results of current and future clinical trials; Oculis’ research and development programs, regulatory and business strategy; Oculis’ future development plans; and the timing or likelihood of regulatory filings and approvals, are forward-looking. All forward-looking statements are based on estimates and assumptions that, while considered reasonable by Oculis and its management, are inherently uncertain and subject to risks, variability and contingencies, many of which are beyond Oculis’ control. Results from prior clinical trials may not be replicated in later clinical trials. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by an investor as, a guarantee, assurance, prediction or definitive statement of a fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. All forward-looking statements are subject to risks, uncertainties and other factors that may cause actual results to differ materially from those expected and/or expressed or implied by such forward-looking statements, including those set forth in the Risk Factors section of Oculis’ annual report on Form 20-F and any other documents filed with the U.S. Securities and Exchange Commission. Oculis undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Posted in UncategorizedTagged GlobeNewswire

Oculis to Feature Privosegtor’s Neuroprotective Potential and Ongoing PIONEER Program at APOIS Congress and CNS Summit

Posted on October 29, 2026 by Ravi Shankar

Positive Phase 2 ACUITY trial findings support Privosegtor’s potential to deliver a first-in-class neuroprotective treatment for patients with optic neuritis and beyond

Details of Oculis’ presentations are as follows:

6^th Asia-Pacific Ophthalmic Innovation Society (APOIS) 2026 Congress, October 30^th – November 1^st :

Session: Next Waves Technologies II

Presenter: Riad Sherif, M.D., Chief Executive Officer at Oculis

Date/Time: November 1^st, 2026; 10:30 AM -12:30 PM KST

Location: Grand Walkerhill, Seoul, South Korea

CNS Summit, November 1^st to 4^th:

Abstract title: Improved Low Contrast Visual Acuity, Reduction in Retinal Ganglion Cell Loss, and Neurofilaments-light with Privosegtor in Acute Optic Neuritis: Results from a Multicenter, Randomized, Placebo-Controlled, Double-Masked Trial

Presenter: Aaron Tansy, M.D., Vice President, Development Franchise Head, Neurology at Oculis, on behalf of authors

Date/Time: November 2^nd and 3^rd, from 5:00 to 7:00 PM EDT

Location: Encore Boston Harbor, Everett, MA, USA

– Ends –

About Privosegtor

Privosegtor is an investigational drug and has not received regulatory approval for commercial use in any country.

About Oculis

For more information, please visit: www.oculis.com

Contacts

Oculis Contact
Ms. Sylvia Cheung, CFO
sylvia.cheung@oculis.com

Investor Relations
LifeSci Advisors
Corey Davis, Ph.D.
cdavis@lifesciadvisors.com

Media Relations
ICR Healthcare
Amber Fennell / David Daley / Sean Leous
oculis@icrhealthcare.com

Cautionary Statement Regarding Forward-Looking Statements

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Borregaard ASA: Statkraft and Borregaard enter into 10-year power supply agreement

Posted on October 29, 2026 by Ravi Shankar

Statkraft and Borregaard have entered into a new long-term power supply agreement. Deliveries will start on 1 November 2026 and continue until the end of 2036. The total volume is 445 GWh, covering around 5% of Borregaard’s power consumption.

“This agreement will form part of our long-term power supply and is expected to contribute to a lower average power price by reducing our exposure to the spot market. At the same time, the agreement is important to our strategy for electrification and reducing greenhouse gas emissions,” says Tom Erik Foss-Jacobsen, CEO of Borregaard.

“We are currently seeing strong interest in various types of power agreements that provide industry and businesses with greater predictability in future electricity costs. At the same time, we are particularly pleased that an innovative and forward-looking company such as Borregaard has renewed its confidence in us,” says Hallvard Granheim, Executive Vice President Markets at Statkraft.

The new agreement supplements the long-term power supply agreement entered into by the two companies in 2019.

Media contacts:

Lars Magnus Günther, Press Contact, Statkraft AS
+47 912 41 636
lars.gunther@statkraft.com

Tone Horvei Bredal, Communications Director, Borregaard
+47 924 67 711
tone.horvei.bredal@borregaard.com

About Statkraft
Statkraft is a leading international hydropower company and Europe’s largest generator of renewable energy. The Group produces hydropower, wind power, solar power and gas-fired power. Statkraft is a global company in energy market operations. Statkraft has around 6,200 employees in 20 countries.

About Borregaard
Borregaard operates one of the world’s most advanced and sustainable biorefineries. By using natural and renewable raw materials, the company produces advanced and environmentally friendly biochemicals that can replace oil-based products. With 1,150 full-time equivalents at production sites and sales offices in 13 countries across Europe, Asia and the Americas, the company serves customers worldwide. 96% of sales are generated outside Norway.

This information is subject to the disclosure requirements pursuant to Section 5 -12 of the Norwegian Securities Trading Act and requirements under the EU Market Abuse Regulation.

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Borregaard ASA: Statkraft and Borregaard enter into 10-year power supply agreement

Posted on October 29, 2026 by Ravi Shankar

The new agreement supplements the long-term power supply agreement entered into by the two companies in 2019.

Media contacts:

Lars Magnus Günther, Press Contact, Statkraft AS
+47 912 41 636
lars.gunther@statkraft.com

Tone Horvei Bredal, Communications Director, Borregaard
+47 924 67 711
tone.horvei.bredal@borregaard.com

This information is subject to the disclosure requirements pursuant to Section 5 -12 of the Norwegian Securities Trading Act and requirements under the EU Market Abuse Regulation.

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Statkraft and Borregaard sign 10-year power purchase agreement

Posted on October 29, 2026 by Ravi Shankar

(Oslo, Norway, 29 October 2026) – Statkraft and Borregaard have entered into a new long-term power purchase agreement. Power deliveries will commence on 1 November 2026 and continue through 2036. The total contracted volume is 445 GWh, covering around 5 per cent of Borregaard’s electricity consumption.

“This agreement will form part of our long-term power supply and is also important to our strategy for electrification and reducing greenhouse gas emissions,” says Tom Erik Foss-Jacobsen, President and CEO of Borregaard.

“We are currently seeing strong interest in different types of power agreements that provide industry and businesses with predictable electricity costs going forward. At the same time, we are particularly pleased to have Borregaard, an innovative and forward-looking company, renew its confidence in us,” says Hallvard Granheim, Executive Vice President Markets at Statkraft.

The new agreement adds to the long-term power purchase agreement the parties entered into in 2019.

So far this year, Statkraft has entered into seven long-term industrial power agreements in Norway, with a total contracted volume of close to 28 TWh until 2040.

For further information:

Lars Magnus Günther, pressetalsperson Statkraft AS
tlf: +47 912 41 636
e-post: lars.gunther@statkraft.com

Tone Horvei Bredal, kommunikasjonsdirektør Borregaard
tlf:+47 924 67 711
e-post: tone.horvei.bredal@borregaard.com

or www.statkraft.com

About Statkraft
Statkraft is a leading company in hydropower internationally and Europe’s largest generator of renewable energy. The Group produces hydropower, wind power, solar power, and gas-fired power. Statkraft is a global company in energy market operations. Statkraft has around 6,000 employees in 20 countries.

About Borregaard
Borregaard operates one of the world’s most advanced and sustainable biorefineries. By using natural, renewable raw materials, we produce advanced and environmentally friendly biochemicals that can replace oil-based products. We employ 1180 man-years in plants and sales offices in 13 countries throughout Europe, Asia and the Americas and serve customers all over the world. 96 per cent of sales are generated outside Norway.

Posted in UncategorizedTagged GlobeNewswire

Statkraft and Borregaard sign 10-year power purchase agreement

Posted on October 29, 2026 by Ravi Shankar

The new agreement adds to the long-term power purchase agreement the parties entered into in 2019.

So far this year, Statkraft has entered into seven long-term industrial power agreements in Norway, with a total contracted volume of close to 28 TWh until 2040.

For further information:

Lars Magnus Günther, pressetalsperson Statkraft AS
tlf: +47 912 41 636
e-post: lars.gunther@statkraft.com

Tone Horvei Bredal, kommunikasjonsdirektør Borregaard
tlf:+47 924 67 711
e-post: tone.horvei.bredal@borregaard.com

or www.statkraft.com

Posted in UncategorizedTagged GlobeNewswire

Form 8.5 (EPT/RI)-SThree plc

Posted on October 29, 2026 by Ravi Shankar

Stem.l
FORM 8.5 (EPT/RI)

PUBLIC DEALING DISCLOSURE BY AN EXEMPT PRINCIPAL TRADER WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITY
Rule 8.5 of the Takeover Code (the “Code”)

1. KEY INFORMATION

(a) Name of exempt principal trader:	Investec Bank Plc
(b) Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offeree	SThree Plc
(c) Name of the party to the offer with which exempt principal trader is connected:	Investec is Joint Broker to SThree Plc
(d) Date dealing undertaken:	28^th October 2026
(e) In addition to the company in 1(b) above, is the exempt principal trader making disclosures in respect of any other party to this offer? If it is a cash offer or possible cash offer, state “N/A”	N/A

2. DEALINGS BY THE EXEMPT PRINCIPAL TRADER

Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(b), copy table 2(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

The currency of all prices and other monetary amounts should be stated.

(a) Purchases and sales

Class of relevant security	Purchases/ sales	Total number of securities	Highest price per unit paid/received	Lowest price per unit paid/received
Ordinary shares	Purchase	30,886	310	305
Ordinary shares	Sales	30,886	310	305

(b) Cash-settled derivative transactions

Class of relevant security	Product description e.g. CFD	Nature of dealing e.g. opening/closing a long/short position, increasing/reducing a long/short position	Number of reference securities	Price per unit
N/A	N/A	N/A	N/A	N/A

(c) Stock-settled derivative transactions (including options)

(i) Writing, selling, purchasing or varying

Class of relevant security	Product description e.g. call option	Writing, purchasing, selling, varying etc.	Number of securities to which option relates	Exercise price per unit	Type e.g. American, European etc.	Expiry date	Option money paid/ received per unit
N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

(ii) Exercise

Class of relevant security	Product description e.g. call option	Exercising/ exercised against	Number of securities	Exercise price per unit
N/A	N/A	N/A	N/A	N/A

(d) Other dealings (including subscribing for new securities)

Class of relevant security	Nature of dealing e.g. subscription, conversion	Details	Price per unit (if applicable)
N/A	N/A	N/A	N/A

3. OTHER INFORMATION

(a) Indemnity and other dealing arrangements

Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the exempt principal trader making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”

None

(b) Agreements, arrangements or understandings relating to options or derivatives

Details of any agreement, arrangement or understanding, formal or informal, between the exempt principal trader making the disclosure and any other person relating to:
(i) the voting rights of any relevant securities under any option; or
(ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
If there are no such agreements, arrangements or understandings, state “none”

None

Date of disclosure:	29^th October 2026
Contact name:	Priyali Bhattacharjee
Telephone number:	+91-9768034903

Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s dealing disclosure requirements on +44 (0)20 7638 0129.

The Code can be viewed on the Panel’s website at ssssssswwww.thetakeoverpanel.org.uk.

Posted in UncategorizedTagged GlobeNewswire