Trican Reports Second Quarter Results for 2026 and Declares Quarterly Dividend

STRATEGIC COMBINATION

On August 27, 2025, the Company closed on its agreement to acquire all the issued and outstanding shares of Iron Horse Coiled Tubing Inc. or Iron Horse Energy Services ("Iron Horse") in exchange for $77.25 million in cash consideration, and 33.76 million common shares of Trican. Iron Horse was a privately owned fracturing and coiled tubing services provider operating primarily in the Cardium, Charlie Lake, Mannville Stack, Viking, Montney and Shaunavon plays in the Western Canadian Sedimentary Basin ("WCSB").

RETURN OF CAPITAL

• The Company continues to be active in its NCIB program as a key component of its return of capital strategy:

  • During the three and six months ended June 30, 2026, Trican purchased and cancelled 885,300 common shares and 1,642,200 common shares, respectively, under its NCIB program at a weighted average price of $7.28 per share and $6.90 per share, or approximately 0.4% and 0.8% of the Company's outstanding shares at December 31, 2025. Subsequent to June 30, 2026 and as of July 28, 2026, the Company purchased an additional 305,500 common shares, representing 1.7% of the 18,405,613 common shares eligible for purchase under the NCIB program.

  • Since the initiation of our NCIB programs in 2017, Trican has purchased 180,833,565 common shares, equating to approximately 52% of total shares outstanding at the start of the NCIB programs at a weighted average price of $2.93 per share. All common shares purchased under the NCIB program are returned to treasury for cancellation.

• The Company also continues to execute on its return of capital strategy through its quarterly dividend program:

  • During the three and six months ended June 30, 2026, the Company paid quarterly cash dividends of $0.055 per share, totaling $11.5 million and $23.1 million, respectively, in aggregate to shareholders.

  • On July 28, 2026, the Company's board of directors approved a quarterly dividend of $0.055 per share, reflecting a 10% increase from the $0.050 per share dividend declared in the comparable quarter of the prior year. The dividend is scheduled to be paid on September 30, 2026 to shareholders of record as of the close of business on September 15, 2026.

  • The dividends are designated as eligible dividends for Canadian income tax purposes.

FINANCIAL REVIEW

HIGHLIGHTS

Capital expenditures 1 and technology modernization

Capital expenditures1 for the three and six months ended June 30, 2026 totaled $20.8 million and $39.3 million, respectively ($16.2 million and $28.7 million for the three and six months ended June 30, 2025). Capital expenditures¹ during the period primarily related to maintenance capital to support the reliability and efficiency of the Company's equipment fleet, as well as growth capital associated with the construction of Canada's first 100% natural gas fueled, continuous, heavy-duty hydraulic fracturing fleet and the purchase of electric ancillary fracturing equipment.

The Company has approved a capital budget for 2026 of $122 million, underscoring Trican's commitment to disciplined investment and long-term growth. The approved capital budget reflects the Company's continued focus on maintenance capital to ensure reliability and efficiency across its operations, while allocating targeted growth capital to advance modernization initiatives and position the Company for future opportunities. Growth capital includes Canada's first 100% natural gas fueled, continuous, heavy-duty hydraulic fracturing fleet, which is expected to be field ready in the fourth quarter of 2026.

The Company is undertaking a significant technology modernization initiative starting with our base financial system and implementing an integrated enterprise resource planning ("ERP") platform. Trican anticipates ongoing technology enhancements including advanced data analytics to enhance operational efficiency, reliability and competitiveness over the years. The investment for 2026 is anticipated to be $13 million which will be presented as general and administrative ("G&A") expense in accordance with IFRS.

The Company will fund these expenditures with available cash resources, free cash flow1 and our revolving credit facility.

Hydraulic fracturing fleet

We continue to advance the modernization of our fracturing fleet through targeted investments in lower-emission and next-generation technologies, including the addition of a 100% natural gas fueled, continuous, heavy-duty hydraulic fracturing fleet. This approach builds on our modernization strategy over recent years, including prior investments in upgrading existing equipment with Tier 4 Dynamic Gas Blending ("Tier 4 DGB") engine technology alongside the construction of new fully electric ancillary equipment. The combination of Tier 4 DGB engines and fully electric ancillary equipment can displace up to 90% of the diesel used in a conventional fracturing operation with natural gas resulting in lower overall fuel costs and reduced emissions. Our ongoing fleet modernization also includes the deployment of industry leading continuous heavy duty pumps and idle reduction technology packages which enable longer pumping times and improved operating efficiencies.

Trican's fracturing fleet includes five active Tier 4 DGB fleets with a total Tier 4 DGB capacity of 210,000 HHP. Trican has three sets of electric ancillary equipment with the construction of a fourth set of electric ancillary equipment underway and expected to be field ready by Q3 2026.

Tier 4 upgrades, electric ancillary equipment, the development of a 100% natural gas fueled, continuous, heavy-duty hydraulic fracturing fleet, and the expansion of coiled tubing-integrated fracturing operations through the acquisition of Iron Horse are key components of Trican's operating strategy. Our ongoing initiatives, including fleet upgrades, are intended to improve operating performance, cost efficiency, and reduce our emissions profile, thereby improving the sustainability of our operations while supporting our customers in achieving their goals.

Financial position

We continue to focus on maintaining a conservative statement of financial position with significant positive working capital1 including cash. Our ability to generate strong free cash flow1 and financial flexibility will allow us to execute our strategic plans including ongoing investment in our industry leading fleet, continued execution of our NCIB program and the payment of a quarterly dividend as a part of our disciplined capital allocation strategy which includes a consistent return of capital to our shareholders.

OUTLOOK

Market Conditions

Trican's outlook for the next several years remains constructive, supported by expanding LNG export capacity, improved market access for Canadian energy production, and continued development of the Montney and Duvernay resource plays. These factors are expected to support drilling and completion activity across the Western Canadian Sedimentary Basin ("WCSB") through 2026 and beyond.

Increasing completion intensity within these resource plays, including longer lateral lengths and higher proppant loading per well, continues to support demand for pressure pumping, coiled tubing, and cementing services. While commodity prices remain volatile and pricing pressure persisted through the first half of 2026, customer activity levels continue to be supported by the attractive economics of Canada's leading resource plays.

Competitive market conditions are expected to continue across several service lines and may result in fluctuations in both activity levels and service pricing in the near term. However, Trican believes the long-term fundamentals supporting Canadian energy development remain intact and continue to provide opportunities for disciplined growth and strategic investment.

Industry Fundamentals

The commencement and continued ramp-up of LNG Canada represents a structural shift for the Canadian natural gas market by providing producers with improved access to global LNG markets and reducing reliance on US natural gas pricing. Additional LNG export projects currently under construction or in development are expected to further strengthen long-term demand fundamentals for Canadian natural gas and support future drilling and completions activity.

The Montney and Duvernay continue to attract a significant portion of industry capital given their large resource bases, attractive well economics and high liquids content. Both plays require increasingly complex completion designs and elevated service intensity, supporting demand for Trican's integrated service offering.

Strategic Positioning

Trican continues to focus on operational execution, technology leadership and disciplined investment in its equipment fleet. The Company is investing in Canada's first 100% natural gas fueled, continuous, heavy-duty hydraulic fracturing fleet, which is expected to be field ready in the fourth quarter of 2026. This investment complements Trican's existing Tier 4 DGB fleet, electrified ancillary equipment and broader emissions reduction initiatives.

The acquisition of Iron Horse has strengthened Trican's coil-integrated fracturing capabilities, increased operating scale and expanded the Company's ability to provide integrated solutions across customer operations. Trican also continues to invest in logistics capabilities to support increasingly complex completion programs and evolving customer procurement strategies.

Beyond field operations, Trican is implementing an integrated ERP platform as part of a broader technology modernization initiative designed to improve operational efficiency, scalability and decision-making capabilities across the organization.

Trican's strong balance sheet, differentiated equipment fleet and integrated service offering position the Company to support customers across increasingly complex drilling and completion programs while maintaining a disciplined approach to operational execution and capital allocation.

Capital Allocation

Trican remains committed to maintaining a strong balance sheet while investing in high-return opportunities and returning capital to shareholders through its quarterly dividend and NCIB program. The Company will continue to evaluate capital allocation opportunities with a focus on maintaining financial flexibility, generating disciplined returns on invested capital and creating long-term shareholder value.

COMPARATIVE QUARTERLY INCOME STATEMENTS

Sales mix - % of total revenue

COMPARATIVE YEAR-TO-DATE INCOME STATEMENTS

Sales mix - % of total revenue

NON-GAAP MEASURES

Certain terms in this News Release, including adjusted EBITDA, adjusted EBITDAS, adjusted EBITDA percentage, adjusted EBITDAS percentage, free cash flow and free cash flow per share, do not have any standardized meaning as prescribed by IFRS and therefore are considered non-GAAP measures and may not be comparable to similar measures presented by other issuers.

Adjusted EBITDA and adjusted EBITDAS

Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) is a non-GAAP financial measure and has been reconciled to profit / (loss) for the applicable financial periods, being the most directly comparable measure calculated in accordance with IFRS. Management utilizes adjusted EBITDA to translate historical variability in the Company's principal business activities into future financial expectations. By isolating incremental items from net income, including income / expense items related to how the Company chooses to manage financing elements of the business, taxation strategy and non-cash charges, management can better predict future financial results from our principal business activities.

Adjusted EBITDAS (earnings before interest, taxes, depreciation, amortization and share-based compensation) is a non-GAAP financial measure and has been reconciled to profit / (loss) for the applicable financial periods, being the most directly comparable measure calculated in accordance with IFRS. Management utilizes adjusted EBITDAS as a useful measure of operating performance, cash flow to complement profit / (loss) and to provide meaningful comparisons of operating results.

The items included in this calculation of adjusted EBITDA have been specifically identified as they are non-cash in nature, subject to significant volatility between periods, and / or not relevant to our principal business activities. Items adjusted in the non-GAAP calculation of adjusted EBITDA, are as follows:

• Non-cash expenditures, including depreciation, amortization, impairment of non-financial assets, and equity-settled share-based compensation;

• Consideration as to how the Company chose to generate financial income and incur financial expenses, including foreign exchange expenses and finance costs;

• Taxation in various jurisdictions; and

• Other income / expense which generally results from the disposition of equipment, as these transactions generally do not reflect quarterly operational field activity.

The item adjusted in the non-GAAP calculation of adjusted EBITDAS from adjusted EBITDA, is as follows:

• Cash-settled share-based compensation.

Adjusted EBITDA % and adjusted EBITDAS %

Adjusted EBITDA percentage and adjusted EBITDAS percentage are non-GAAP financial ratios that are determined by dividing adjusted EBITDA and adjusted EBITDAS, respectively, by revenue. The components of the calculations are presented below:

Free cash flow and free cash flow per share

Free cash flow and free cash flow per share are non-GAAP financial measures which Management believes to be key measures of capital management as they demonstrate the Company's ability to generate cash flow available to fund future growth through capital investments and return capital to our shareholders.

Free cash flow has been reconciled to cash flow from operations for the applicable financial periods, being the most directly comparable measure calculated in accordance with IFRS. Management adjusts for other (income) / loss, realized (gain) / loss, current income tax, income taxes paid, maintenance capital expenditures1 included within purchase of property and equipment from the statement of cash flows, net changes in other liabilities and change in non-cash operating working capital1.

Free cash flow per share is calculated by dividing free cash flow by the Company's basic or diluted weighted average common shares outstanding.

Free cash flow and free cash flow per share are not standardized measures and therefore may not be comparable with the calculation of similar measures by other entities.

OTHER NON-STANDARD FINANCIAL TERMS

In addition to the above non-GAAP financial measures and ratios, this News Release makes reference to the following non-standard financial terms. These terms may differ and may not be comparable to similar terms used by other companies.

Working capital

Term that refers to the difference between the Company's current assets and current liabilities.

Capital expenditures

Term that refers to the Company's capital additions.

Maintenance and growth capital expenditures

Term that refers to capital additions as maintenance or growth capital. Maintenance capital are expenditures in respect of capital additions, replacements or improvements required to maintain ongoing business operations. Growth capital refers to expenditures primarily for new items and/or equipment that will expand our revenue and/or reduce our expenditures through operating efficiencies. The determination of what constitutes maintenance capital expenditures versus growth capital involves judgment by management.

FORWARD-LOOKING STATEMENTS

Certain statements contained in this document constitute forward-looking information and statements (collectively "forward-looking statements"). These statements relate to future events or our future performance. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "achieve", "believe", "budget", "can", "continue", "could", "estimate", "expect", "forecast", "intend", "may", "might", "plan", "planned", "potential", "predict", "project", "seek", "should", "targeting", "will", "would" and other similar terms and phrases. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. We believe the expectations reflected in these forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this document should not be unduly relied upon. These statements speak only as of the date of this document.

In particular, this document contains forward-looking statements pertaining to, but not limited to, the following:

• our business plans and prospects;

• statements under the Outlook section of this News Release;

• that we have sufficient liquidity to support operations, meet our commitments, invest in new opportunities, improve our competitive position and drive profitable growth;

• the impact of escalated geopolitical tensions, including military conflict involving the US, Israel and Iran, conflicts in the Middle East, the Russian invasion of Ukraine, evolving US and Venezuela oil market policies, OPEC+ policy changes, and the associated effect on worldwide demand for oil and natural gas;

• the impact of geopolitical events and trade developments in North America, including recent or potential tariffs between Canada and the US, which continue to generate considerable uncertainty, and the associated effect on North American demand and activity for oil and natural gas;

• the anticipated benefits of the acquisition of Iron Horse, including enhanced scale, increased coil-integrated fracturing capabilities, and the ability to provide integrated solutions across customer operations;

• anticipated industry activity levels, rig counts and outlook as well as expectations regarding our customers' work and capital programs and the associated impact on the Company's equipment utilization levels and demand for our services in 2026;

• the impact of inflation and existence of inflationary pressures;

• expectations as to the type of pressure pumping equipment required and which operating regions the equipment is appropriate to operate in;

• expectations regarding supply and demand fundamentals and commodity pricing levels;

• expectations regarding expanding LNG export capacity, improving market access for Canadian energy production and ongoing development of the Montney and Duvernay resource plays and the impact on demand for the Company's services;

• expectations that we are adequately staffed for current industry activity levels and that we will be able to retain and attract staff;

• expectations regarding the trends and factors affecting the pricing environment for the Company's services;

• expectations regarding the Company's financial results, working capital1 levels, liquidity and profits;

• expectations regarding Trican's capital spending plans and sources/availability of capital;

• expectations regarding Trican's technology modernization initiative, equipment upgrades and the environmental, performance and competitive impacts thereof;

• expectations regarding the construction and deployment of Canada's first 100% natural gas fueled, continuous, heavy-duty hydraulic fracturing fleet and the anticipated timing thereof;

• expectations regarding the Company's technology modernization initiatives, including the implementation of an integrated ERP platform and anticipated investment therein;

• expectations regarding Trican's utilization of its NCIB program;

• expectations regarding Trican's ability to pay dividends;

• expectations that adjusted EBITDA will help predict future earnings;

• expectations regarding customer performance and financial flexibility;

• anticipated compliance with debt and other covenants under our revolving credit facilities;

• expectations that the Company can maintain its strong position in the fracturing, cementing and coiled tubing service lines;

• expectations regarding the nature and focus of our share-based compensation programs;

• the intended completion of the design of disclosure controls and procedures and internal control over financial reporting of Iron Horse by September 30, 2026;

• expectations regarding Trican's policy of adjusting its capital budget on a quarterly basis; and

• expectations surrounding weather and seasonal slowdowns.

Our actual results could differ materially from those anticipated in these forward-looking statements as a result of the risk factors set forth herein and in the Risk Factors section of our AIF for the year ended December 31, 2025, available on SEDAR+ ( www.sedarplus.ca ).

Readers are cautioned that the foregoing lists of factors are not exhaustive. Forward-looking statements are based on a number of factors and assumptions, which have been used to develop such statements and information, but which may prove to be incorrect. Although management of Trican believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because Trican can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified in this document, assumptions have been made regarding, among other things: crude oil and natural gas prices; the impact of increasing competition; the general stability of the economic and political environment; the timely receipt of any required regulatory approvals; industry activity levels; Trican's policies with respect to acquisitions; the ability of Trican to obtain qualified staff, equipment and services in a timely and cost efficient manner; the ability to operate our business in a safe, efficient and effective manner; the ability of Trican to obtain capital resources and adequate sources of liquidity; the performance and characteristics of various business segments; the regulatory framework; the timing and effect of pipeline, storage and facility construction and expansion; and future commodity, currency, exchange and interest rates.

The forward-looking statements contained in this document are expressly qualified by this cautionary statement. We do not undertake any obligation to publicly update or revise any forward-looking statements except as required by applicable law.

Additional information regarding Trican including Trican's most recent AIF, is available under Trican's profile on SEDAR+ ( www.sedarplus.ca ).

CONFERENCE CALL AND WEBCAST DETAILS

The Company will host a conference call on Wednesday, July 29, 2026at 10:00 a.m. MT (12:00 p.m. ET) to discuss its results for the Second Quarter 2026.

To listen to the webcast of the conference call, please enter the following URL in your web browser: http://www.gowebcasting.com/14723 .

You can also visit the "Investors" section of our website at www.tricanwellservice.com/investors and click on "Reports".

To participate in the Q&A session, please call the conference call operator at 1-800-715-9871 (Canada and US) or 1-647-932-3411 (international) 10 minutes prior to the call's start time and ask for the "Trican Well Service Ltd. Second Quarter 2026 Earnings Results Conference Call" or reference ID 7426571.

The conference call will be archived on Trican's website at www.tricanwellservice.com/investors .

ABOUT TRICAN

Headquartered in Calgary, Alberta, Trican supplies oil and natural gas well servicing equipment and solutions to our customers through the drilling, completion and production cycles. Our team of technical experts provide state-of-the-art equipment, engineering support, reservoir expertise and laboratory services through the delivery of hydraulic fracturing, cementing, coiled tubing, nitrogen services and chemical sales for the oil and gas industry in Western Canada.

Requests for further information should be directed to:

Bradley P.D. Fedora
President and Chief Executive Officer

Scott E. Matson
Chief Financial Officer

Phone: (403) 266-0202
2900, 645 - 7th Avenue S.W.
Calgary, Alberta T2P 4G8

Please visit our website at www.tricanwellservice.com .

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/306979