{"id":2713,"date":"2026-05-08T02:01:00","date_gmt":"2026-05-08T00:01:00","guid":{"rendered":"http:\/\/stocks-future.com\/?guid=41c2bc391bba6496c70c2ade8536e512"},"modified":"2026-05-08T02:01:00","modified_gmt":"2026-05-08T00:01:00","slug":"ces-energy-solutions-corp-announces-strong-q1-2026-results-with-record-revenue-and-declares-cash-dividend","status":"publish","type":"post","link":"https:\/\/stocks-future.com\/?p=2713","title":{"rendered":"CES Energy Solutions Corp. Announces Strong Q1 2026 Results With Record Revenue and Declares Cash Dividend"},"content":{"rendered":"<p>CALGARY, Alberta--(BUSINESS WIRE)--<b>CES Energy Solutions Corp.<\/b> (\"CES\" or the \"Company\")<b> (TSX: CEU) (OTC: CESDF)<\/b> is pleased to announce strong financial results for the three months ended March 31, 2026. The Company\u2019s Board of Directors also approved a quarterly dividend of $0.055 per share, which will be paid on July 15, 2026, to the shareholders of record at the close of business on June 30, 2026.<\/p><br\/><a href=\"https:\/\/mms.businesswire.com\/media\/20260507139066\/en\/2798928\/5\/CanadianEnergySolutions-Logo_-_JPEG.jpg\"><img src=\"https:\/\/mms.businesswire.com\/media\/20260507139066\/en\/2798928\/22\/CanadianEnergySolutions-Logo_-_JPEG.jpg\" \/><\/a><br\/><a href=\"https:\/\/mms.businesswire.com\/media\/20260507139066\/en\/2798928\/5\/CanadianEnergySolutions-Logo_-_JPEG.jpg\"><img src=\"https:\/\/mms.businesswire.com\/media\/20260507139066\/en\/2798928\/21\/CanadianEnergySolutions-Logo_-_JPEG.jpg\" \/><\/a><ul class=\"bwlistdisc\">\n<li>\nRecord quarterly revenue of $681.5 million, increased 8% year over year<\/li>\n<li>\nQuarterly Adjusted EBITDAC of $111.7 million at a 16.4% margin, increased 12% year over year<\/li>\n<li>\nQuarterly Cash Flow from Operations of $69.1 million and Free Cash Flow of $33.1 million<\/li>\n<li>\nConservative leverage of 1.18x Total Debt\/Adjusted EBITDAC, on a trailing twelve month basis<\/li>\n<li>\nReturned $25.7 million to shareholders in the quarter through $9.0 million in dividends and $16.7 million for the repurchase of 1.3 million shares at an average price of $13.01 per share<\/li>\n<\/ul><p>\nCES' first quarter results continue to demonstrate the significant merits of its unique business model. CES continued to provide mission critical chemical solutions enabling our customers to succeed in an era of high service intensity levels, and increasingly complex drilling fluids and production chemical technological requirements.<\/p><p>\nThese unique characteristics continued to produce strong financial results and notable customer recognition during the first quarter. Record quarterly revenue and record first quarter Adjusted EBITDAC resulted primarily from new business wins, contributions from recent acquisitions, and growing demand for our products to support elevated service intensity levels.<\/p><p>\nCES remains confident in its ability to continue generating strong surplus free cash flow, supported by its unique business model, financial performance, outlook, and capital structure. On May 7, 2026, the Company's Board of Directors approved a quarterly dividend of $0.055 per share, which will be paid on July 15, 2026, to the shareholders of record at the close of business on June 30, 2026.<\/p><p>\n<b>First Quarter Results\n<br\/><\/b>Revenue in the first quarter set a new quarterly record at $681.5 million, representing a sequential increase of $17.0 million or 3% compared to $664.5 million in Q4 2025, and an increase of $49.1 million or 8% compared to $632.4 million in Q1 2025. The increase was driven by strong market share positions and continued strength in service intensity, resulting in an overall uptick in revenue despite softening industry rig counts in both the US and Canada compared to prior year.<\/p><p>\nRevenue generated in the US during Q1 2026 set a new quarterly record at $437.8 million, representing a sequential increase of $2.9 million or 1% compared to Q4 2025, and an increase of $35.3 million or 9% compared to Q1 2025. US revenues for the three month period benefited from contributions from recent acquisitions and customer awards, higher production levels, and strengthened market positioning. The resulting US Drilling Fluids Market Share of 26% for the three months ended March 31, 2026, compared to 23% and 25% for the three months ended March 31, 2025, and December 31, 2025, respectively.<\/p><p>\nRevenue generated in Canada during Q1 2026 set a new quarterly record at $243.7 million, representing a sequential increase of $14.1 million or 6% compared to Q4 2025, and an increase of $13.8 million or 6% compared to Q1 2025. Canadian revenues for the three month period benefited from continued strong market share, higher service intensity, and an attractive sales mix year over year. Canadian Drilling Fluids Market Share of 42% for the three months ended March 31, 2026, compared to 42% for both the three months ended March 31, 2025, and December 31, 2025, respectively.<\/p><p>\nAdjusted EBITDAC set a first quarter record at $111.7 million, representing an increase of 12% compared to Q1 2025, and compared to $113.2M in Q4 2025. Adjusted EBITDAC as a percentage of revenue of 16.4% improved from 15.8% in Q1 2025, and compares to 17.0% in Q4 2025. The improvement to Adjusted EBITDAC for the three months ended March 31, 2026, when compared to the prior year, was driven by record quarter revenue levels combined with strong margins, continued increased service intensity, and a favorable comparison to prior year which saw negative impacts from input cost fluctuations. The decrease to Adjusted EBITDAC percentage for the three months ended March 31, 2026, when compared to the record prior period, was driven by a seasonally less favorable product mix and some input cost increases, partially offset by record quarter revenue levels.<\/p><p>\nNet income for the three months ended March 31, 2026, increased 14% to $50.3 million relative to the comparable prior year period. The increase in the three month period was driven by record revenue and strong margins, partially offset by higher foreign exchange losses resulting from an appreciation of the US dollar during the quarter.<\/p><p>\nDuring the quarter, CES returned $25.7 million to shareholders (Q1 2025 - $28.1 million), through $16.7 million in shares repurchased under its NCIB and its quarterly dividend of $9.0 million (Q1 2025 - $21.3 million and $6.8 million, respectively).<\/p><p>\nCES generated $62.4 million in Funds Flow from Operations in Q1 2026, compared to $77.8 million generated in Q1 2025. Funds Flow from Operations excludes the impact of working capital, and is reflective of the continued strong surplus free cash flow generated in Q1 2026.<\/p><p>\nFor Q1 2026, net cash provided by operating activities totaled $69.1 million compared to $60.1 million in Q1 2025. The improvement to Cash Flow From Operations for the three months ended March 31, 2026, was driven by strong financial performance combined with lower working capital investments when compared to the prior year period.<\/p><p>\nCES generated $33.1 million in Free Cash Flow in Q1 2026, compared to $25.6 million generated in Q1 2025. The improvement to Free Cash Flow for the three months ended March 31, 2026, was driven by strong financial performance combined with lower working capital investments when compared to the prior year period. Free Cash Flow includes the impact of quarterly working capital variations, net of capital expenditures, and lease repayments.<\/p><p>\nAs at March 31, 2026, CES had a Working Capital Surplus of $717.8 million, which increased from $693.4 million at December 31, 2025. The increase in Working Capital Surplus during the quarter was driven by record revenue levels resulting in an increase in accounts receivable and inventory, partly offset by higher accounts payable and accrued liabilities. The Company continues to focus on working capital optimization benefiting from the high quality of its customers, diligent internal credit monitoring processes, and strategic procurement initiatives.<\/p><p>\nAs at March 31, 2026, CES had Total Debt of $492.2 million compared to $496.6 million at December 31, 2025. Included in Total Debt at March 31, 2026, is the Senior Facility of $102.5 million (December 31, 2025 - $109.3 million), $275.0 million of Senior Notes (December 31, 2025 - $275.0 million), and lease obligations of $94.3 million (December 31, 2025 - $99.2 million). The decrease in Total Debt compared to December 31, 2025, was driven by strong financial performance, partially offset by increased investments in working capital compared to the prior quarter.<\/p><p>\nWorking Capital Surplus exceeded Total Debt at March 31, 2026, by $225.6 million (December 31, 2025 - $196.8 million). As of the date of this press release, the Company had total long-term debt of approximately $355.0 million, comprised of a net draw on its Senior Facility of approximately $80.0 million and its outstanding $275.0 million Senior Notes due May 24, 2029.<\/p><p>\n<b>Outlook\n<br\/><\/b>The resilient demand drivers from developing countries, growing LNG and AI related power requirements, and increasing importance of energy security, combined with depletion of existing resources, reduced investment in the upstream oil and gas sector over recent years, and diminished available high-quality inventory, has necessitated increased service intensity and advanced chemical treatment for available resources. The result is a continuation of constructive end markets for CES' products and services which enhance drilling and production performance.<\/p><p>\nIn light of economic uncertainty and global tensions, including, most recently, significant supply disruptions arising from the ongoing conflict in Iran and the broader Middle East, energy supply-demand dynamics have remained resilient and these conditions have underscored the importance of energy security and maximization of production from existing available resources. While the ultimate duration and resolution of these developments remain uncertain, the reduction in global oil supply has contributed to higher spot and forecasted energy prices. Industry fundamentals continue to support critical drilling and production activity for oil and natural gas as depressed global exploration activity, diminishing high-quality drilling locations, and the ongoing underinvestment in new supply provide cautious optimism for higher pricing and increased activity levels over the mid to longer term. In the meantime, customers continue to closely monitor short term and forecasted oil and gas price levels in the context of their production economics and potential increases in activity levels. While the current political landscape and impact of recently imposed tariffs in both the US and Canada continue to generate potential near term uncertainty, including within the energy sector, CES' business model provides relative insulation due to its significant proportion of revenue derived in the US versus Canada, its vertically integrated business models in both countries, and flexible supply chain capabilities.<\/p><p>\nCES expects to benefit from secular trends in upstream activity, increased service intensity levels, and adoption of advanced critical chemical solutions by capitalizing on its established infrastructure, industry leading positioning, vertically integrated business model, and strategic procurement practices.<\/p><p>\nCommensurate with current record revenue levels, CES expects 2026 capital expenditures, net of proceeds on disposals of assets, to be approximately $95.0 million, weighted equally between maintenance and expansion capital to support sustained activity levels and business development opportunities. CES plans to continue its disciplined and prudent approach to capital expenditures and will adjust its plans as required to support prudent growth initiatives throughout divisions.<\/p><p>\nCES has proactively managed both the duration and the flexibility of its debt. In April 2025, CES amended, extended, and upsized its Senior Facility, with improved terms and a maturity extension until November 2028, and in October 2025, CES successfully issued an additional $75.0 million of Senior Notes due May 24, 2029, on favourable terms. The combination of the Senior Notes and the Senior Facility further strengthens the Company's capital structure, reduces the cost of capital, and effectively addresses CES' near-term and foreseeable longer-term requirements. CES routinely considers its capital structure, including increasing or decreasing the capacity of its Senior Facility, issuance or redemption of Senior Notes, and other potential financing options.<\/p><p>\nCES' underlying business model is capex light and asset light, enabling the generation of significant surplus free cash flow. As our customers endeavor to maintain or grow production in the current environment, CES will leverage its established infrastructure, business model, and nimble customer-oriented culture to deliver superior products and services to the industry. CES sees the consumable chemical market increasing its share of the oilfield spend as operators continue to: drill longer reach laterals and drill them faster; expand and optimize the utilization of pad drilling; increase the intensity and size of their fracs; and require increasingly technical and specialized chemical treatments to effectively maintain existing cash flow generating wells and treat growing production volumes and water cuts from new wells.<\/p><p>\n<b>Conference Call Details\n<br\/><\/b>With respect to the first quarter results, CES will host a conference call \/ webcast at 9:00 am MT (11:00 am ET) on Friday, May 8, 2026. The link to webcast and dial-in information can be found at <a  href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.cesenergysolutions.com&amp;esheet=54531684&amp;newsitemid=20260507139066&amp;lan=en-US&amp;anchor=www.cesenergysolutions.com&amp;index=1&amp;md5=ebbe7c76b1516cac5df9346e4dd2c7d2\" rel=\"nofollow\" shape=\"rect\"><b>www.cesenergysolutions.com<\/b><\/a>. A recording of the live audio webcast of the conference call will also be available on our website at <a  href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.cesenergysolutions.com&amp;esheet=54531684&amp;newsitemid=20260507139066&amp;lan=en-US&amp;anchor=www.cesenergysolutions.com&amp;index=2&amp;md5=1b80af807d64a26c9ce0b93e09e04e3a\" rel=\"nofollow\" shape=\"rect\">www.cesenergysolutions.com<\/a>. The webcast will be archived for approximately 90 days.<\/p><p>\n<b>Financial Highlights<\/b><\/p><table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth37\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0\" colspan=\"6\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\nThree Months Ended March 31,<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth37\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>2026<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n2025<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n% Change<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth37\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nRevenue<\/p><\/td><td class=\"bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl3 bwwidth37\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nUnited States<sup>(1)<\/sup><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>437,777<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n402,461<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n9<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n%<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl3 bwwidth37\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nCanada<sup>(1)<\/sup><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>243,729<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n229,970<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n6<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n%<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth37\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nTotal Revenue<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>681,506<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n632,431<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n8<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n%<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth37\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nNet income<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>50,262<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n44,102<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n14<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n%<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl3 bwwidth37\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<i>per share - basic<\/i><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b><i>0.24<\/i><\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<i>0.20<\/i><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n20<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n%<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl3 bwwidth37\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<i>per share - diluted<\/i><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b><i>0.24<\/i><\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<i>0.19<\/i><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n26<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n%<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth37\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nAdjusted EBITDAC<sup>(2)<\/sup><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>111,714<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n99,898<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n12<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n%<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth37\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nAdjusted EBITDAC<sup>(2)<\/sup> % of Revenue<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b><i>16.4<\/i><\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n<b><i>%<\/i><\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<i>15.8<\/i><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n<i>%<\/i><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n0.6<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n%<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth37\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nFunds Flow from Operations<sup>(2)<\/sup><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>62,397<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n77,819<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(20<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n)%<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth37\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nChange in non-cash working capital<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>6,692<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(17,728<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n)<\/p><\/td><td class=\"bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\nnmf<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth37\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nCash provided by (used in) operating activities<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>69,089<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n60,091<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n15<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n%<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth37\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nFree Cash Flow<sup>(2)<\/sup><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>33,083<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n25,600<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n29<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n%<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth37\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nCapital expenditures<\/p><\/td><td class=\"bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl3 bwwidth37\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nExpansion Capital<sup>(1)<\/sup><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>20,414<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n16,137<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n27<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n%<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl3 bwwidth37\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nMaintenance Capital<sup>(1)<\/sup><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>7,692<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n13,292<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(42<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n)%<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth37\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nTotal capital expenditures<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>28,106<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n29,429<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(4<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n)%<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth37\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nDividends declared<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>11,604<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n9,535<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n22<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n%<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl3 bwwidth37\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<i>per share<\/i><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b><i>0.0550<\/i><\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<i>0.0425<\/i><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n29<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n%<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth37\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nCommon Shares Outstanding<\/p><\/td><td class=\"bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl3 bwwidth37\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nEnd of period - basic<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>210,984,617<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n224,363,433<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl3 bwwidth37\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nEnd of period - fully diluted<sup>(2)<\/sup><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>212,741,385<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n227,403,807<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl3 bwwidth37\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nWeighted average - basic<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>210,209,468<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n225,058,610<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl3 bwwidth37\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nWeighted average - diluted<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>212,415,830<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n228,354,820<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<\/table><table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth37\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0\" colspan=\"6\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\nAs at<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth37\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<i>Financial Position<\/i><\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwvertalignb bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n<b>March 31, 2026<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwvertalignb bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\nDecember 31, 2025<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n% Change<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth37\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nTotal assets<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>1,694,100<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n1,617,858<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n5<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n%<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth37\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nLong-term debt<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>375,577<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n382,299<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(2<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n)%<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth37\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nLong-term financial liabilities<sup>(3)<\/sup><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>449,355<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n453,753<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(1<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n)%<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth37\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nTotal Debt<sup>(2)<\/sup><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>492,200<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n496,636<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(1<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n)%<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth37\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nWorking Capital Surplus<sup>(2)<\/sup><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>717,805<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n693,407<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n4<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n%<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth37\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nNet Debt<sup>(2)<\/sup><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>(225,605<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n<b>)<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(196,771<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n)<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n15<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n%<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth37\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nShareholders' equity<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>843,561<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n801,524<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n5<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n%<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwpadl0\" colspan=\"7\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<i><sup>1<\/sup>Supplementary Financial Measure. Supplementary Financial Measures are provided herein because Management believes they assist the reader in understanding CES' results. Refer to \"Non-GAAP Measures and Other Financial Measures\" contained herein.\n<br\/><sup>2<\/sup>Non-GAAP measure that does not have any standardized meaning under IFRS<sup>\u00ae<\/sup> Accounting Standards as issued by the International Accounting Standards Board (\"IASB\") and therefore may not be comparable to similar measures presented by other entities. The most directly comparable GAAP measure for Adjusted EBITDAC is Net income, for Funds Flow from Operations and Free Cash flow is Cash provided by (used in) operating activities, for Shares Outstanding, End of period - fully diluted is Common Shares outstanding, and for Total Debt, Net Debt, and Working Capital Surplus is Long-term financial liabilities. Refer to the section entitled \"Non-GAAP Measures and Other Financial Measures\" contained herein.\n<br\/><sup>3<\/sup>Includes long-term portions of the Senior Facility, the Senior Notes, lease obligations, deferred acquisition consideration, and cash settled incentive obligations.<\/i><\/p><\/td><\/tr>\n<\/table><p>\n<b>Business of CES\n<br\/><\/b>CES is a leading provider of technically advanced consumable chemical solutions throughout the life-cycle of the oilfield. This includes total solutions at the drill-bit, at the point of completion and stimulation, at the wellhead and pump-jack, and finally through to the pipeline and midstream market. Key solutions include corrosion inhibitors, demulsifiers, H2S scavengers, paraffin control products, surfactants, scale inhibitors, biocides and other specialty products. Further, specialty chemicals are used throughout the pipeline and midstream industry to aid in hydrocarbon movement and manage transportation and processing challenges including corrosion, wax build-up and H2S.<\/p><p>\nCES operates in all major basins throughout the United States (\"US\"), including the Permian, Eagleford, Haynesville, Bakken, Marcellus and Scoop\/Stack, as well as in the Western Canadian Sedimentary Basin (\"WCSB\") with an emphasis on servicing the ongoing major resource plays in the Montney, Duvernay, Deep Basin and SAGD. In the US, CES operates under the trade names AES Drilling Fluids (\"AES\"), AES Completion Services, Jacam Catalyst LLC (\"Jacam Catalyst\"), and Superior Weighting Products (\"Superior Weighting\"). In Canada, CES operates under the trade names Canadian Energy Services, CES Completion Services, PureChem Services (\"PureChem\"), StimWrx Energy (\"StimWrx\"), Sialco Materials (\"Sialco\"), and Clear Environmental Solutions (\"Clear\").<\/p><p>\n<b>Non-GAAP Measures and Other Financial Measures\n<br\/><\/b>CES uses certain supplementary information and measures not recognized under IFRS where management believes they assist the reader in understanding CES' results. These measures are calculated by CES on a consistent basis unless otherwise specifically explained. These measures do not have a standardized meaning under IFRS and may therefore not be comparable to similar measures used by other issuers.<\/p><p>\nNon-GAAP financial measures and non-GAAP ratios have the definition set out in National Instrument 52-112 \"Non-GAAP and Other Financial Measures Disclosure\". The non-GAAP measures, non-GAAP ratios and supplementary financial measures used herein, with IFRS measures, are the most appropriate measures for reviewing and understanding the Company's financial results. The non-GAAP measures and non-GAAP ratios are further defined as follows:<\/p><p>\n<i>EBITDAC<\/i> - is a non-GAAP measure that has been reconciled to net income for the financial periods, being the most directly comparable measure calculated in accordance with IFRS. EBITDAC is defined as net income before interest, taxes, depreciation and amortization, finance costs, other income (loss), stock-based compensation, and impairment of goodwill, which are not reflective of underlying operations. EBITDAC is a metric used to assess the financial performance of an entity's operations. Management believes that this metric provides an indication of the results generated by the Company's business activities prior to how these activities are financed, how the Company is taxed in various jurisdictions, and how the results are impacted by foreign exchange and non-cash charges. This non-GAAP financial measure is also used by Management as a key performance metric supporting decision making and assessing divisional results.<\/p><p>\n<i>Adjusted EBITDAC<\/i> - is a non-GAAP measure that is defined as EBITDAC noted above, adjusted for specific items that are considered to be non-recurring in nature. Management believes that this metric is relevant when assessing normalized operating performance.<\/p><p>\n<i>Adjusted EBITDAC % of Revenue<\/i> - is a non-GAAP ratio calculated as Adjusted EBITDAC divided by revenue. Management believes that this metric is a useful measure of the Company's normalized operating performance relative to its top line revenue generation and a key industry performance measure.<\/p><p>\nReaders are cautioned that EBITDAC and Adjusted EBITDAC should not be considered to be more meaningful than net income determined in accordance with IFRS.<\/p><p>\nEBITDAC, Adjusted EBITDAC, and Adjusted EBITDAC % of Revenue are calculated as follows:<\/p><table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth68\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0\" colspan=\"4\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\nThree Months Ended March 31,<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth68\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>2026<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n2025<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth68\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nNet income<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>50,262<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n44,102<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth68\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nAdjust for:<\/p><\/td><td class=\"bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwwidth68 bwpadl3\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nDepreciation and amortization<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>27,829<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n24,766<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwwidth68 bwpadl3\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nCurrent income tax expense<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>12,630<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n12,144<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwwidth68 bwpadl3\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nDeferred income tax expense<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>1,190<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n522<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwwidth68 bwpadl3\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nStock-based compensation<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>27,610<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n973<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwwidth68 bwpadl3\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nFinance (income) costs<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>(7,788<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n<b>)<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n17,529<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwwidth68 bwpadl3\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nOther (income)<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>(19<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n<b>)<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(138<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n)<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwwidth68\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nEBITDAC<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>111,714<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n99,898<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth68\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nAdjusted EBITDAC<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>111,714<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n99,898<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth68\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<i>Adjusted EBITDAC % of Revenue<\/i><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b><i>16.4<\/i><\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n<b><i>%<\/i><\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<i>15.8<\/i><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n<i>%<\/i><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth68\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<i>Adjusted EBITDAC per share - basic<\/i><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b><i>0.53<\/i><\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<i>0.44<\/i><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth68\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<i>Adjusted EBITDAC per share - diluted<\/i><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b><i>0.53<\/i><\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<i>0.44<\/i><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><\/tr>\n<\/table><p>\n<i>Distributable Earnings<\/i> - is a non-GAAP measure that is defined as cash provided by operating activities, adjusted for change in non-cash operating working capital less Maintenance Capital and repayment of lease obligations. Distributable Earnings is a measure used by Management and investors to analyze the amount of funds available to distribute to shareholders as dividends or through the NCIB program before consideration of funds required for growth purposes.<\/p><p>\n<i>Dividend Payout Ratio<\/i> - is a non-GAAP ratio that is defined as dividends declared as a percentage of Distributable Earnings. Management believes it is a useful measure of the proportion of available funds committed to being returned to shareholders in the form of a dividend relative to the Company's total Distributable Earnings.<\/p><p>\nReaders are cautioned that Distributable Earnings should not be considered to be more meaningful than cash provided by operating activities determined in accordance with IFRS. Distributable Earnings and Dividend Payout Ratio are calculated as follows:<\/p><table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth68\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0\" colspan=\"4\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\nThree Months Ended March 31,<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwsinglebottom bwpadl0 bwwidth68\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>2026<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n2025<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth68\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nCash provided by (used in) operating activities<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>69,089<\/b><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n60,091<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth68\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nAdjust for:<\/p><\/td><td class=\"bwvertalignt bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignt bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwwidth68 bwpadl3\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nChange in non-cash operating working capital<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>(6,692<\/b><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n<b>)<\/b><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n17,728<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwwidth68 bwpadl3\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nMaintenance Capital<sup>(1)<\/sup><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>(7,692<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n<b>)<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(13,292<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n)<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwwidth68 bwpadl3\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nRepayment of lease obligations<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>(10,495<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n<b>)<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(9,538<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n)<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth68\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nDistributable Earnings<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>44,210<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n54,989<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth68\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nDividends declared<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>11,604<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n9,535<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth68\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nDividend Payout Ratio<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>26<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n<b>%<\/b><\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n17<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n%<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwpadl0\" colspan=\"5\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<i><sup>1<\/sup>Supplementary Financial Measure. Supplementary Financial Measures are provided herein because Management believes they assist the reader in understanding CES' results.<\/i><\/p><\/td><\/tr>\n<\/table><p>\n<i>Funds Flow From Operations<\/i> - is a non-GAAP measure that has been reconciled to Cash provided by (used in) operating activities for the financial periods, being the most directly comparable measure calculated in accordance with IFRS. Funds Flow from Operations is defined as cash flow from operations before changes in non-cash operating working capital and represents the Company's after-tax operating cash flows. Readers are cautioned that this measure is not intended to be considered more meaningful than cash provided by operating activities, or other measures of financial performance calculated in accordance with IFRS.<\/p><p>\nFunds Flow from Operations is used by Management to assess operating performance and leverage, and is calculated as follows:<\/p><table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth68\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0\" colspan=\"3\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\nThree Months Ended March 31,<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth68\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>2026<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth16\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n2025<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth68\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nCash provided by (used in) operating activities<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>69,089<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth16\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n60,091<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth68\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nAdjust for:<\/p><\/td><td class=\"bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth16\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwwidth68 bwpadl3\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nChange in non-cash operating working capital<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>(6,692<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n<b>)<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth16\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n17,728<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth68\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nFunds Flow from Operations<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>62,397<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth16\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n77,819<\/p><\/td><\/tr>\n<\/table><p>\n<i>Free Cash Flow <\/i><b>-<\/b><i> <\/i>is a non-GAAP measure that has been reconciled to Cash provided by (used in) operating activities for the financial periods, being the most directly comparable measure calculated in accordance with IFRS. Free Cash Flow is defined as cash flow from operations adjusted for capital expenditures and repayment of lease obligations, net of proceeds on disposal of assets, and represents the Company's core operating results in excess of required capital expenditures. Readers are cautioned that this measure is not intended to be considered more meaningful than cash provided by operating activities, or other measures of financial performance calculated in accordance with IFRS. Free Cash Flow is used by Management to assess operating performance and leverage, and is calculated as follows:<\/p><table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth68\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0\" colspan=\"4\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\nThree Months Ended March 31,<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth68\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>2026<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n2025<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth68\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nCash provided by (used in) operating activities<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>69,089<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n60,091<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth68\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nAdjust for:<\/p><\/td><td class=\"bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl3 bwwidth68\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nExpansion Capital<sup>(1)<\/sup><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>(20,414<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n<b>)<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(16,137<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n)<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl3 bwwidth68\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nMaintenance Capital<sup>(1)<\/sup><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>(7,692<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n<b>)<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(13,292<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n)<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl3 bwwidth68\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nRepayment of lease obligations<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>(10,495<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n<b>)<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(9,538<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n)<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl3 bwwidth68\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nProceeds on disposal of assets<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>2,595<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n4,476<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth68\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nFree Cash Flow<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>33,083<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n25,600<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwpadl0\" colspan=\"5\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<i><sup>1<\/sup>Supplementary Financial Measure. Supplementary Financial Measures are provided herein because Management believes they assist the reader in understanding CES' results.<\/i><\/p><\/td><\/tr>\n<\/table><br\/> <b>Contacts<\/b> <br\/><p>\n<span class=\"bwuline\">For further information, please contact:\n<br\/>\n<\/span><br\/>Ken Zinger\n<br\/>President and Chief Executive Officer\n<br\/><i>CES Energy Solutions Corp.<\/i><br\/>(403) 269-2800\n<br\/>\n<br\/>Anthony Aulicino\n<br\/>Executive Vice President and Chief Financial Officer\n<br\/><i>CES Energy Solutions Corp.<\/i><br\/>(403) 269-2800\n<br\/>\n<br\/>Or by email at: <a  href=\"mailto:info@ceslp.ca\" rel=\"nofollow\" shape=\"rect\">info@ceslp.ca<\/a><\/p><br\/> <a href=\"http:\/\/www.businesswire.com\/news\/home\/20260507139066\/en\/CES-Energy-Solutions-Corp.-Announces-Strong-Q1-2026-Results-With-Record-Revenue-and-Declares-Cash-Dividend\/?feedref=Zd8jjkgYuzBwDixoAdXmJgT1albrG1Eq4mAeVP39212bri8lIe-zl5tWvCOnRHW3evRMp3sIgu8q3wq1OF24lT93qbEzrwa15HGbLqMObxY5fjCLYi_If30KxIsYuhwbuLAuCkn8FS6sh-I3dfDZEg==\"> Read full story here <\/a>","protected":false},"excerpt":{"rendered":"<p>CALGARY, Alberta&#8211;(BUSINESS WIRE)&#8211;CES Energy Solutions Corp. (\u00ab\u00a0CES\u00a0\u00bb or the \u00ab\u00a0Company\u00a0\u00bb) (TSX: CEU) (OTC: CESDF) is pleased to announce strong financial results for the three months ended March 31, 2026. The Company\u2019s Board of Directors also approved a q&#8230;<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2713","post","type-post","status-publish","format-standard","hentry","category-infos-businesswire"],"_links":{"self":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts\/2713","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2713"}],"version-history":[{"count":1,"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts\/2713\/revisions"}],"predecessor-version":[{"id":2714,"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts\/2713\/revisions\/2714"}],"wp:attachment":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2713"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2713"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2713"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}