Overview

* Calfrac Q3 revenue slightly missed analyst expectations, declining 25% year-over-year

* Company reports Q3 net income of C$4.3 mln, reversing a loss from last year

* Calfrac announces C$35 mln rights offering to support debt reduction

Outlook

* Calfrac expects North American activity to decline due to budget exhaustion and macroeconomic headwinds

* Company anticipates moderate increase in oil-directed activity in 2026

* Calfrac sees positive 2026 outlook for Vaca Muerta with second fracturing fleet addition

Result Drivers

* NORTH AMERICA ADJUSTMENTS - Improved margins due to reduced operating footprint and personnel cuts in North America

* ARGENTINA FUND REPATRIATION - Successful fund repatriation from Argentina contributed to debt reduction

* RIGHTS OFFERING - C$35 mln rights offering announced to support debt reduction efforts

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Slight C$323.41 C$326

Revenue Miss* mln mln (1

Analyst)

Q3 EPS C$0.05

Q3 Net C$4.30

Income mln

Q3 C$48.47

Adjusted mln

EBITDA

Q3 Capex C$32.82

mln

*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the oil related services and equipment peer group is "buy"

* Wall Street's median 12-month price target for Calfrac Well Services Ltd ( CFWFF ) is C$4.00, about 19.8% above its November 13 closing price of C$3.21

* The stock recently traded at 12 times the next 12-month earnings vs. a P/E of 18 three months ago

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)