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Ensign Energy Services remains attractive despite a weak Q1, with cash flow expected to accelerate in H2 and 2027. Q1 revenue declined over 4%, and EBIT shrank to C$0.2 million, but normalized sustaining free cash flow was approximately C$32 million. Net debt is targeted to fall by C$125 million in 2024, with a lease-adjusted EBITDA ratio below 2 expected by end-2025.

Ensign Energy Services Inc. (ESI:CA) Q1 2026 Earnings Call Transcript