New York, Feb 27, 2026, 08:43 EST — Premarket
- Enerflex shares slip about 1% premarket after a 17% jump on Thursday
- Company plans to sell most Asia-Pacific aftermarket operations to INNIO, expects H2 2026 close
- Q4 free cash flow hit a record; quarterly dividend set to pay March 25
Enerflex Ltd shares were down about 1% at $23.00 in premarket trading on Friday, after closing up nearly 17% a day earlier. The stock ended Thursday at $23.23. 1
The Calgary-based energy infrastructure provider said it agreed to divest the majority of its Asia-Pacific operations and paired the move with a cash-heavy quarter that cut leverage. Enerflex reported adjusted EBITDA — a measure of operating profit that strips out interest, taxes and other items — of $123 million and record free cash flow of $141 million for the quarter, while ending with net debt of $501 million, about 1.0 times trailing adjusted EBITDA. It also declared a quarterly dividend of C$0.0425 a share, payable March 25 to shareholders of record March 11, and set 2026 capital spending at $175 million to $195 million. 2
INNIO Group said it signed a definitive agreement to buy Enerflex’s aftermarket business operations in Australia, Thailand and Indonesia, spanning eight locations and a service base tied to major oil and gas customers. “By integrating Enerflex’s expertise in the APAC region, we strengthen our service portfolio,” INNIO CFO Dennis Schulze said. 3
Enerflex posted a fourth-quarter loss of $57 million, or 47 cents per share, the Associated Press reported, while adjusted earnings were 20 cents per share. Revenue was $627 million. 4
The loss headline masked what investors latched onto on Thursday: cash generation and a balance sheet that is a lot less stretched than it was a year ago. Enerflex said note-redemption costs weighed on profit, and management has been leaning on free cash flow — cash left after capital spending — as it pushes debt lower and keeps dividends in play.
Operationally, Enerflex has been pointing to steady demand in U.S. contract compression and a backlog that supports near-term project work. It has also been pitching electric power generation opportunities tied to big industrial loads, including data centers, as a longer-dated growth lane.
The immediate “but” is timing and execution. The APAC sale still needs closing conditions and regulatory approvals, and management has been fielding questions on equipment availability and lead times — a pinch point when engine deliveries stretch out. On the earnings call, CEO Paul Mahoney described about “120 weeks” for some higher-horsepower equipment and said the company is already positioning for 2027. 5
Investors now watch for updates on the divestiture process, the March 11 record date for the next dividend, and whether the 2026 spending plan translates into fleet growth without squeezing cash flow. The next scheduled catalyst is Enerflex’s first-quarter update, which management said it expects to deliver in early May.
