Finning International Inc.: Start Your Engines: Path to Double EPS Emerges

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Finning International Inc.: Start Your Engines: Path to Double EPS Emerges

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Finning International Inc.

Start Your Engines: Path to Double EPS

Emerges

Reiterate Rating: BUY | PO: 122.00 CAD | Price: 105.38 CAD

Evidence builds that FTT can double EPS in coming years 29 May 2026

We are observing more evidence that that FTT’s EPS can double since our deep dive Equity

(data center boom moves up north). FTT is CAT’s largest dealer in W. Canada & supplies

energy infrastructure assets (engines for gas compression, engines for prime & back up

Key Changespower, pipelaying equip’t). This places FTT in a ‘sweet spot’: i) Canada is a likely winner

as global energy markets reshape post Iran: Canada recently announced landmark LNG (C$) Previous Current

deal with Germany, ii) West Coast oil pipeline deal shows political alignment, iii) 3,350 Price Obj. 110.00 122.00

miles of new gas transmission pipelines and 1.1mn HP of compression required by 2052

(source: INGAA), and iv) DC customer discussions are ‘incrementally more active’ QoQ. Sherif El-Sabbahy Research Analyst

BofAS

+1 646 855 0294Energy: W. Canada catalysts emerge - pipelines, LNG deal sherif.el-sabbahy@bofa.com

In the past few weeks there have been several notable developments in Canadian

Michael Feniger

energy. On May 15th, the Prime Minister and Premier of Alberta announced an agreement Research Analyst

to move forward development of the West Coast pipeline (1mn bl/day Bitumen) with BofAS michael.feniger@bofa.com

construction beginning as early as Sept 2027. Additionally, with the wars in Ukraine and Matthew Palay

Iran disrupting global energy markets, Canada announced a landmark deal with Germany Research Analyst