Trican Reports Third Quarter Results for 2026 and Declares Quarterly Dividend

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 nine months ended September 30, 2026, Trican purchased and cancelled 6,866,100 common shares and 8,508,300 common shares, respectively, under its NCIB program at a weighted average price of $6.09 per share and $6.25 per share, or approximately 3.3% and 4.0% of the Company's outstanding shares at December 31, 2025. Subsequent to September 30, 2026 and prior to the expiration of the 2025-2026 NCIB program, the Company purchased an additional 81,300 common shares.

  • On September 30, 2026, the Company announced the renewal of its NCIB program, commencing October 5, 2026, to purchase up to 18,057,151 common shares for cancellation before October 4, 2027, subject to the TSX's NCIB rules. Subsequent to September 30, 2026 and as of October 27, 2026, the company purchased 517,900 common shares.

  • Since the initiation of our NCIB programs in 2017, Trican has purchased 188,056,365 common shares, equating to approximately 54% of total shares outstanding at the start of the NCIB programs at a weighted average price of $3.05 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 nine months ended September 30, 2026, the Company paid quarterly cash dividends of $0.055 per share, totaling $11.2 million and $34.3 million, respectively, in aggregate to shareholders.

  • On October 27, 2026, the Company's board of directors approved a quarterly dividend of $0.055 per share. The dividend is scheduled to be paid on December 31, 2026 to shareholders of record as of the close of business on December 15, 2026.

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

FINANCIAL REVIEW

HIGHLIGHTS

Capital expenditures 1

Capital expenditures1 for the three and nine months ended September 30, 2026 totaled $26.5 million and $65.8 million, respectively ($18.9 million and $47.7 million for the three and nine months ended September 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. The 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.

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

Strategic Positioning

As customer completion programs continue to increase in scale and complexity, Trican remains focused on operational execution, technology leadership and disciplined investment in its equipment fleet.

The Company is developing Canada's first 100% natural gas-fueled, continuous, heavy-duty hydraulic fracturing fleet. Initial deployment is expected during the fourth quarter of 2026, with the full fleet expected to be field-ready in 2027. The fleet is expected to enhance Trican's technology leadership and support the efficient execution of larger and increasingly complex customer completion programs, while improving operating efficiency and lowering fuel costs and emissions.

This investment builds on Trican's broader fleet modernization strategy, which includes five active Tier 4 Dynamic Gas Blending ("Tier 4 DGB") fleets representing approximately 210,000 HHP, four sets of electric ancillary fracturing equipment and the deployment of industry-leading continuous-duty pumps and idle-reduction technology. The combination of Tier 4 DGB engines and electric ancillary equipment can displace up to 90% of the diesel used in a conventional fracturing operation with natural gas, reducing fuel costs and emissions.

Trican continues to invest in its logistics capabilities to support higher-intensity completion activity and evolving customer procurement strategies. This includes three natural gas-powered tractors expected to enter service during the fourth quarter of 2026. These investments complement the Company's broader fleet modernization initiatives and support its focus on operational efficiency and lower-emission technologies.

In addition to these fleet modernization initiatives, Trican expanded its fracturing and completion service capabilities through the acquisition of Iron Horse. The acquisition increased operating scale and strengthened Trican's expertise in coil-integrated fracturing operations in Alberta and Saskatchewan. These assets augment Trican's service offering across the WCSB and expand the Company's ability to provide integrated solutions to customers throughout the drilling, completion and production lifecycles.

Beyond field operations, Trican is undertaking a broader technology modernization initiative, beginning with the modernization of its core financial systems and the implementation of an integrated enterprise resource planning ("ERP") platform. The initiative is designed to improve operational efficiency, scalability and decision-making capabilities across the organization. It is also expected to support future technology enhancements, including advanced data analytics and decision-support capabilities. The investment for 2026 is anticipated to be approximately $10 million and will be recognized as general and administrative ("G&A") expense in accordance with IFRS.

Financial position

We remain committed to maintaining a strong statement of financial position with significant positive working capital¹, including cash, while investing in high-return opportunities and returning capital to shareholders. Our strong liquidity position, ability to generate free cash flow¹ and access to credit facilities provide the financial flexibility to execute our strategic plans, including ongoing investment in our fleet and strategic growth initiatives. As part of our capital allocation strategy, we remain focused on continued execution of our NCIB program and payment of quarterly dividend, while maintaining financial flexibility, generating disciplined returns on invested capital and creating long-term shareholder value.

OUTLOOK

Market Conditions

Customer activity levels were generally strong through the third quarter of 2026 and are expected to remain supported over the near term by the attractive economics of Canada's leading resource plays, particularly the Montney and Duvernay, and growing demand for Canadian natural gas. While competitive market conditions across Trican's service lines may create near-term variability in activity, equipment utilization and pricing, underlying industry fundamentals remain constructive.

Expanding LNG export capacity, improved market access for Canadian energy production and continued investment in the WCSB are expected to support measured growth in drilling and completion activity through 2027 and beyond.

Industry Fundamentals

The commencement and ramp-up of Canadian LNG exports represents an important structural change for the Canadian natural gas industry. Incremental LNG demand provides Western Canadian producers with improved access to global markets and greater visibility for multi-year development programs. Additional LNG export projects currently under construction or advancing toward development, including Cedar LNG and Woodfibre LNG, are expected to further strengthen long-term demand fundamentals for Canadian natural gas and support future drilling and completion activity.

The Montney and Duvernay continue to attract a significant portion of industry capital given their large resource bases, attractive well economics and liquids-rich production. These resource plays are also characterized by increasingly complex and service-intensive completion programs. Longer lateral lengths, higher proppant loading and more intensive completion designs continue to increase the scale of individual well completions, supporting demand for Trican's pressure pumping, coiled tubing and cementing services.

Improving market access is also supporting the outlook for Canadian oil production. The additional export capacity provided by the Trans Mountain Expansion has reduced near-term takeaway constraints and improved access to non-U.S. markets. Continued optimization and brownfield investment in the oil sands, together with development of low-cost heavy-oil resource plays, are expected to support further Canadian oil production growth. Growth in heavy-oil and bitumen production also increases demand for condensate used as diluent for pipeline transportation, providing an additional demand driver for liquids-rich development in the Montney and Duvernay.

Canadian producers generally have stronger balance sheets and greater capital discipline than in prior commodity cycles. The ability to fund development programs from internally generated cash flow provides greater resilience through periods of commodity-price volatility and supports sustained investment in drilling and completion activity. While recent industry sentiment indicates a measured shift toward growth spending, customer capital allocation is expected to remain balanced among production growth, balance-sheet strength and shareholder returns.

Industry consolidation has also resulted in development activity becoming increasingly concentrated among larger, well-capitalized producers with significant multi-year drilling inventories. For Trican, this reinforces the importance of maintaining a differentiated service offering through technology leadership, operating scale, integrated completion capabilities and disciplined fleet modernization.

Additionally, the level of oilfield service activity is increasingly influenced by the scale and intensity of completions rather than well count alone. Longer horizontal wells and more intensive completion designs require increased service requirements per well, even as improvements in drilling and completion efficiency moderate growth in the number of wells drilled. Accordingly, total lateral metres completed, stage counts, proppant intensity and pumping hours are increasingly relevant indicators of underlying completion activity.

Overall, Trican believes the long-term fundamentals supporting Canadian energy development remain constructive. Expanding LNG export capacity, improved oil market access, growing demand for condensate, financially strong producers and increasing completion intensity provide a supportive backdrop for drilling and completion activity across the WCSB and opportunities for disciplined growth and strategic investment.

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, free cash flow per share and net debt, 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.

Net debt

Net debt is calculated as loans and borrowings, excluding deferred financing costs less cash and cash equivalents. Management believes net debt is a useful measure of the Company's financial position and liquidity.

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 conflicts, events and trade developments on worldwide demand for oil and natural gas;

• 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 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;

• 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, October 28, 2026at 10:00 a.m. MT (12:00 p.m. ET) to discuss its results for the Third Quarter 2026.

To listen to the webcast of the conference call, please enter the following URL in your web browser: http://www.gowebcasting.com/14778 .

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. Third 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 provides 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/321297