Enerflex : June 2024 Investors Presentation

June 2024

Enerflex Ltd. Corporate Presentation

All amounts presented in US Dollars 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

Differentiated global platform strategically positioned to harness robust global natural gas and

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

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 Enerflex's management discussion and
	analysis for the year ended December 31, 2023 available under the electronic profile of the company on SEDAR+.	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 Growing Demand for Natural Gas

• Global demand for natural gas is forecasted to grow by 15% over the next decade(1)
• U.S. and Canadian supply will need to grow by ~25% to meet this demand(2)

Global Natural Gas Demand by Region (Bcf/d)(1)

U.S. and Canada Gas Production (Bcf/d)(2)

500
400					Europe
					Asia Pacific
300
					Africa & Caspian
200					Latin America (3)
					Middle East (4)
100
					North America
0
2023	2025	2027	2029	2031	2033

1)	Wood Mackenzie (May 2024).
2)	Wood Mackenzie (May 2024), Peters & Co. Limited (May 2024), RBCCM Canadian Natural Gas: Going Global Imagining the Montney in 2030, CER Energy Future 2023, Spears: The Upstream Gas Compression Market (April 2024) & Enerflex Estimates.
3)	Includes Caribbean.	5
4)	Includes Africa and Caspian.

Demand for Enerflex's Services in North America will Continue to Grow

U.S. and Canada Gas Supply & Compression Outlook(1)

	160					75
			U.S.		Canada		Total Installed Compression HP
(Bcf/d)Production	140					70
120					65	(MM)HP
Canada Gas	100					60	Installed
80					55
&
U.S.
	60					50

40		45

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033

Incremental Demand for Compression & Processing

>25 Bcf/d	=	>10 MM HP
growth in U.S. and Canada	of additional compression
gas supply (2023 - 2033)(1)	required to meet gas supply

growth(1)

Majority of Larger HP Compression in U.S. is Purchased(2)

Type of Compression		% of Fleet Rented

MM)	25.0			80%
			70%
20.0
(HP			60%
Compression	15.0			50%	% Rented
			40%
10.0			30%
5.0			20%
Installed
			10%
-			0%
Wellhead	Gas-Lift	Gathering	Processing

1. Wood Mackenzie (May 2024), Peters & Co. Limited (May 2024), RBCCM Canadian Natural Gas: Going Global Imagining the Montney in 20230, CER Energy Future 2023, Spears: The Upstream Gas Compression Market (April 2024) & Enerflex Estimates.
2. Spears: The Upstream Gas Compression Market (April 2024).

6

LNG Developments Support Growth in Gas Supply from U.S. and Canada

U.S. and Canada LNG Export Capacity by Project (Bcf/d) (2018 - 2028)(1)

30

	Fast LNG
	Cedar LNG
	Woodfibre
25	LNG Canada
	Rio Grande
	Corpus Christi
20	Port Arthur
	Plaquemines
15	Golden Pass
	Calcasieu Pass
10	Freeport
	Cameron
	Corpus Christi
5	Elba Island
	Cove Point
	Sabine Pass

LNG export capacity from U.S. and Canada

is expected to double

14 Bcf/d

expected to be added to North America LNG export capacity by 2028(1)

14 Bcf/d

Existing LNG export capacity, all

of which is in the U.S. (1)

-
2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026	2027	2028+

1. Source: EIA and company press releases.

7

Electrical Power Provides Optionality for U.S. Gas Demand

Data Center Power Demand (TWh)(1)

Potential Incremental Demand from Data Centers (Bcf/d)(2)

1,200					Actual				Forecast					6.0
1,000																5.0
800																4.0
600																3.0
400																2.0
200																1.0
-																0.0
2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026	2027	2028	2029	2030	2024	2025	2026	2027	2028	2029	2030
				US Ex-AI	US AI		RoW ex-AI		RoW AI									Base Case	Bull Base

13%		36 Bcf/d
CAGR in Data Center Power Demand (2023 - 2030)(1)		Consumed for Electric Power in the U.S. (40% of Total Demand)(3)

1. Masanet et al. (2020), Cisco, IEA, Goldman Sachs Global Investment Research.
2. Source: Goldman Sachs Global Investment Research; Wood Mackenzie (May 2024).

3) EIA.	8

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

9

Premier Diversified Customer Base

Top 10 customers that are NOC or	Average relationship with top 10
Investment Grade(1)	customers(1)
80%	15+ years

Strong creditworthy counterparties

Low revenue concentration risk	Total Revenue from top customer
top 10 customers account for(1)	accounts for(1)
~30%	~5%

Diversified customer base with long-standing

relationships

1) Year ended December 31, 2023.

10