Enerflex : 2024 Q1 Investors Presentation

MAY 2024

Enerflex Ltd. Corporate Presentation

All amounts presented in $USD unless otherwise stated

Enerflex at a Glance

Transforming Energy for a Sustainable Future

TSX	NYSE
EFX	EFXT
Common shares	Annual dividend
CAD$0.10
outstanding(2)
124 MM	/share
Percentage of gross margin before	Engineered Systems backlog (2)(4)
D&A from recurring sources(3) (4)
$1.3B
55-65%

1. Source: Wood Mackenzie (April 2024).
2. As at March 31, 2024.
3. Guidance for 2024.
4. Non-IFRSmeasure that is not a standardized financial measure under IFRS and may not be comparable to similar non-IFRS measures disclosed by other issuers. Refer to "Advisory Statements" of this presentation.

Committed to delivering the fuel of the future creating shareholder value as

we meet demand

Eastern Hemisphere

North

America

Latin

America

Enerflex Geographies	Relative Natural Gas Production
	Growth Forecast (2020 to 2050) (1)

2

Compelling

Shareholder

Value Proposition

Global Market Leader in

Natural Gas and Energy

Transition Solutions

Strategically located where the resource is, with all product lines designed to deliver on the world's energy needs, including energy transition expertise

Differentiated global platform strategically positioned to harness robust global natural gas and energy transition fundamentals

Differentiated global platform features

Vertically Integrated synergistic product lines across the energy value chain

Financial Strength and Discipline

Deleveraging plan de-risked through recurring business lines, large Engineered Systems backlog, and robust market fundamentals

Disciplined investments focused

Returns-focusedon profitability, financial strength, and generating strong returns

3

Executing Strategic Priorities to Drive Shareholder Value

STRATEGIC PRIORITIES

1

Maximize free cash flow to reduce leverage.

Bank-adjusted net debt-to- EBITDA ratio of 2.2x (1)(2) at the end of Q1/24.

2

Complete the integration of Exterran and optimize business across product lines and capabilities.

3

Pay sustainable base dividend and generate strong cash flow to drive medium to long-term shareholder returns.

1)	Non-IFRS measure that is not a standardized financial measure under IFRS and may not be comparable to similar non-IFRS measures disclosed by other issuers. Refer to "Forward Looking Statements" of this MD&A.	4
2)	Calculated in accordance with the Company's debt covenants, which permit: (a) the inclusion of Exterran's bank-adjusted EBITDA for the trailing 12 months ended for the respective period; and (b) a maximum of 4.0:1.

Positioned to Capitalize on Favorable Macro Trends

As the demand for natural gas grows in the Company's key operating regions, Enerflex is poised to enable the energy transition

Total Energy Supply (1)

(exajoule)

800

600

400

200

Global Natural Gas Demand by Region (2)

(BCM)

5,000

3,750

2,500

1,250

Middle East (3)

Latin America (4)

North America Europe

Asia Pacific

0

2020

2030

2040

2050

0
2020	2030	2040	2050

		Oil	Natural Gas	Traditional Use of Biomass	Coal	Nuclear	Renewables
			1)	Source: International Energy Agency (2023) World Energy Outlook 2023. Stated Policies Scenario presented.
			2)	Source: Wood Mackenzie (December 2023).
			3)	Includes Africa, Russia, and Caspian.			5
			4)	Includes Caribbean.

Market Leader in Modular Energy Solutions

Serving the growing need for natural gas and energy transition solutions through a differentiated and vertically integrated suite of products and services

Energy Infrastructure

After-market Services

Engineered Systems

Critical energy infrastructure that Enerflex owns, operates, and maintains under contract to enable its customers' upstream operations

Full after-market installation, commissioning, operations and maintenance, and parts

Sale of customized modular natural gas-handling,low-carbon, and carbon capture solutions

6

Solid Performance of U.S. Contract Compression Business

U.S. rental business benefitting from favorable positioning and strong market fundamentals

• ~75% of fleet operating in the Permian(2) and ~20% total fleet is electric drive(2)

Fleet utilization >90% over the past two years and demonstrated resilience throughout periods

• Utilization supported by weighted average contract term of ~1.5 years(2)

of commodity volatility

Fleet Performance

HP, % utilization, 2018-Q1/24

450

400

350

300

250

200

150

100

Q1/18

Q2/18

Q3/18

Q4/18

Q1/19

Q2/19

Q3/19

Q4/19

Q1/20

Q2/20

Q3/20

Q4/20

Q1/21

Q2/21

Q3/21

Q4/21

Q1/22

Q2/22

Q3/22

Q4/22

Q1/23

Q2/23

Q3/23

Q4/23

Q1/24

Owned HP (000s) (lhs)

Utilization % (rhs)

100%

90%

80%

70%

60%

50%

1. CAGR references 2018-2023.
2. As at March 31, 2024.

7

	Growing International	International Energy Infrastructure Highlights
	Energy Infrastructure
	Business	~1.5 MM	25+	2
Revenue and Payments Under Contract(1)
~$1.5 B	horsepower of	gas plants	produced water treatment
		compression installed		facilities worldwide

Weighted Average Contract Term(1)

>5 years

Current contracts extend to(1)

2033

• Product range is leased and/or run on a BOOM (Build, Own, Operate, and Maintain) model across the world
• >50% of EI revenue and payments are generated in Gulf Cooperation Council (GCC) countries(2)

Countries with EI Projects(1)

7

1. As at March 31, 2024. Based on minimum payments over the remaining term of existing contracts.

2)

Enerflex GCC operations include Oman and Bahrain.

8

A Full Range of Water Solutions for a Better Tomorrow

Quickly and cost-efficiently treats produced water to increase oil recovery and reduce disposal costs

25+ years of experience designing, engineering, manufacturing, and delivering treated waters solutions worldwide.

	13	8B+	30+
	Patents Issued or Pending	Total Barrels of Water	Customer Projects
	in 26 Countries	Treated	Executed (Pilot &
			Commercial
		Global Produced Water Volumes

300

2508% YOY Production

200

150

100

50

0

2022 2023 2024 2025 2026 2027 2028 2029 2030

Water Oil

Innovative Design

Expansion Opportunities

Resulted in a 40% reduction in facility footprint	Technology and operating platform have
and lower capital and operating costs for a project	broad application across oil & gas and
in the Middle East	into other industry verticals
9

Strategically Positioned to Enable the Energy Transition

40+ years of experience designing, engineering, manufacturing, and delivering energy transition solutions worldwide, facilitating global decarbonization efforts

Successful portfolio of simple to complex low-carbon solutions covering, four proven solutions:

CCUS	Electrification	Bioenergy	Hydrogen
Capturing excess	The creation of new	Exploring the	Replacing
carbon dioxide	e-compression	potential of	traditional fuels
produced during	equipment powered	renewable natural	with clean-
energy creation	by renewable	gases generated	burning
and either storing	sources to integrate	from organic	hydrogen
it or recycling it for	with new and	sources such as	derived from
other use.	existing	landfill gas,	electrolysis and
	installations.	biogas,	other methods.
		wastewater, and
		wood gas.

CO2 Emissions Reductions in the Energy Sector (1)

(GtCO2 / year)

0	Avoided Demand

Hydrogen

Bioenergy

(8)

Other Renewables

(16)	Electrification
	Other Fuel Shifts
	Technology Performance

(24)

CCUS

(32)
2020	2030	2040	2050

1) Source: IEA CCUS in Clean Energy Transitions (2020). Sustainable Development Scenario presented relative to the Stated Policies Scenario.

10