Q1/26 Stronger Than We Had Reined in; Iron Horse Building to a Gallop in H2

Research evidence excerpt

Q1/26 Stronger Than We Had Reined in; Iron Horse Building to a Gallop in H2

Energy Services

Trican Well Service Ltd.

TD SECURITIES INC. - CANADA EARNINGS UPDATE

May 12, 2026

Price: C$7.58 (05/12/2026) Q1/26 Stronger Than We Had Reined in; Iron

Price Target: C$8.00 (Prior C$7.00) Horse Building to a Gallop in H2

HOLD (2)

ESG SCORE: 67/100

Aaron MacNeil, CA^ THE TD COWEN INSIGHT

403 292 1222

Recent changes in commodity prices are net positive for Trican (despite its exposure to

aaron.macneil@tdsecurities.com

Tourmaline which is dry gas focused), with momentum likely building this year and into next.

Ben Fullarton^ As such, we are increasing our 2027 EBITDAS estimate by 3% while leaving 2026 relatively

416 308 8209 unchanged. Maintain HOLD, PT increases to $8.00 (from $7.00).

ben.fullarton@tdsecurities.com

Mark Newson, CFA^ Event: Trican reported Q1/26 results.

403 299 3207

Impact: NEUTRALmark.newson@tdsecurities.com

Key Data Q1/26 Results: Trican reported Q1/26 EBITDAS of $77.7 million, 5.7%/6.2% above our previously

Symbol TSX: TCW-T reduced estimate of $73.5 million and consensus of $73.2 million, respectively. Notably,

12-Month Div (Est.): C$0.22 we reduced our prior estimate of $78.3 million with our Q1/26 preview (link) to reflect a

Beta: 0.51 competitive pricing environment and a slow start to 2026 for Iron Horse, which proved to be

12-Month Total conservative. To this end, the key differences between our estimates and actual results were

8.4%

Return: strong-than-anticipated operational activity levels and margins; proppant pumped was 9%

52-Week Range: C$7.83-C$4.24 above our estimate, and gross margins of 27.7% exceeded our estimate of 26.8%. Details on

Market Cap: C$1.6B page 3.

Net Debt (MM): C$52.2

Outlook Commentary:

Dil. Shares Out (MM): 210.2