New York, Feb 27, 2026, 08:43 EST — Premarket
- Enerflex shares drifted down roughly 1% in premarket trading, following Thursday’s 17% surge.
- The company is looking to unload the bulk of its Asia-Pacific aftermarket business to INNIO, targeting a closing in the second half of 2026.
- Fourth-quarter free cash flow reached an all-time high, with the quarterly dividend scheduled for payment on March 25.
Enerflex Ltd slipped roughly 1% to $23.00 ahead of the open Friday. That move followed a surge of almost 17% during the previous session, with shares finishing Thursday at $23.23. 1
Enerflex, based in Calgary, reached a deal to offload most of its Asia-Pacific business, a move that comes alongside a $141 million record for free cash flow in the quarter and a sharp drop in leverage. The company posted adjusted EBITDA of $123 million—excluding items like interest and taxes—and wrapped up the period with $501 million in net debt, landing at about 1.0 times trailing adjusted EBITDA. Directors declared a quarterly dividend of C$0.0425 per share, payable March 25 to shareholders on record as of March 11. For 2026, Enerflex is planning capital spending between $175 million and $195 million. 2
INNIO Group has reached a deal to acquire Enerflex’s aftermarket operations across Australia, Thailand, and Indonesia. The agreement covers eight locations and includes a service base supporting significant oil and gas clients. “By integrating Enerflex’s expertise in the APAC region, we strengthen our service portfolio,” said INNIO CFO Dennis Schulze. 3
Enerflex swung to a fourth-quarter net loss of $57 million, or 47 cents a share, according to the Associated Press. On an adjusted basis, earnings landed at 20 cents per share. Revenue totaled $627 million. 4
The headline loss didn’t keep investors from zeroing in on Thursday’s real story: stronger cash flow and a much healthier balance sheet compared to last year. Enerflex blamed profit pressure on note-redemption costs, but management is focused on free cash flow — what’s left after capex — to chip away at debt and maintain its dividend.
Enerflex reports solid demand in U.S. contract compression, with its project backlog covering work in the near term. The company is also promoting electric power generation projects linked to larger industrial customers like data centers—framing this as a longer-term growth play.
There’s an immediate catch: timing, plus execution hurdles. The APAC sale isn’t a done deal yet—it still needs to clear closing conditions and get the green light from regulators. Management keeps getting hit with questions around equipment supply and those nagging lead times, especially as engine deliveries drag on. On the earnings call, CEO Paul Mahoney put the wait for some higher-horsepower gear at “about 120 weeks” and said Enerflex is already making moves aimed at 2027. 5
Investors are eyeing the divestiture process, the March 11 record date for the upcoming dividend, and any signs the 2026 spending plan might drive fleet growth without putting cash flow under pressure. The closest catalyst on the calendar: Enerflex’s first-quarter update, which management has targeted for early May.
