Trican Well Service Q2 Earnings Call Highlights

Trican Well Service TSE: TCW reported second-quarter revenue that was broadly flat from a year earlier, while profitability declined amid seasonal breakup conditions, record June rainfall in central Alberta, lower equipment utilization and continued pricing pressure.

Revenue for the quarter totaled C$214.6 million, compared with C$213.8 million in the second quarter of 2025.

Chief Financial Officer Scott Matson said lower activity and utilization during spring breakup, along with wet weather in certain operating regions during June, were largely offset by the contribution from Iron Horse, which Trican acquired in August 2025.

Adjusted EBITDA was C$22.6 million, or 11% of revenue, compared with C$44.9 million, or 21% of revenue, a year earlier.

Matson also cited C$25.2 million of adjusted EBITDA after adding back the effect of cash-settled share-based compensation. He said lower activity, utilization and pricing pressure across service lines affected results, while the company continued to face challenges recovering increases in freight, fuel and other operating costs.

Trican posted a net loss of C$2.3 million, or C$0.01 per share, compared with net income of C$19.5 million, or C$0.11 per share, in the prior-year period.

Higher depreciation and amortization related to Iron Horse, technology initiative expenses and increased share-based compensation also affected earnings.

President and Chief Executive Officer Brad Fedora said the second quarter should not be viewed as representative of the rest of the year. He noted that June was the wettest June on record and the second-wettest month ever recorded in central Alberta, disrupting operations.

“We don’t get too fussed by Q2 results,” Fedora said, adding that the quarter was affected by seasonal breakup conditions and weather-related delays. The comparison with 2025 was also difficult, he said, because activity last year had been pulled forward into the second quarter amid concerns about water availability and wildfire-related access constraints later in the year.

Fedora said some deferred work, particularly in the Iron Horse business, may shift into the third quarter, although not all delayed work is necessarily recoverable because customers may not wait when equipment availability is constrained. He said Trican expects the third and fourth quarters to be strong, while cautioning against forecasting an “outsized” third quarter.

Iron Horse follows a traditional breakup profile and is not expected to contribute materially to EBITDA during the second quarter, Fedora said. He expects the oil-focused division to perform better during the second half, with customers signaling higher activity as long as oil prices remain supportive.