Trican Reports Third Quarter Results for 2026 and Declares Quarterly Dividend

Calgary, Alberta--(Newsfile Corp. - October 27, 2026) - Trican Well Service Ltd. (TSX: TCW) ("Trican" or the "Company") is pleased to announce its third quarter results for 2026. The following news release should be read in conjunction with Management's Discussion and Analysis ("MD&A"), the unaudited condensed consolidated interim financial statements and related notes for the three and nine months ended September 30, 2026, as well as the Annual Information Form ("AIF") for the year ended December 31, 2025. All of these documents are available on SEDAR+ at www.sedarplus.ca.

THIRD QUARTER HIGHLIGHTS * Trican's third quarter results were higher compared to the prior year period due to increased operating activity and utilization levels, together with the contribution from the acquisition of Iron Horse Energy Services ("Iron Horse") for the full quarter. Commodity prices remained supportive of customer activity during the quarter, particularly for oil and liquids-focused producers. While pricing pressure and inflationary costs persisted during the quarter, higher activity levels, improved utilization and stronger operating leverage contributed to improved financial results relative to the prior year period. * Revenue was $338.3 million for the three months ended September 30, 2026 compared to $300.6 million for the three months ended September 30, 2025. * Adjusted EBITDAS(1) and adjusted EBITDA(1) for the three months ended September 30, 2026 were $87.1 million and $87.7 million, compared to $66.9 million and $59.5 million, respectively, for the three months ended September 30, 2025. * Free cash flow(1) and free cash flow per share(1) for the three months ended September 30, 2026 were $66.0 million, $0.32 per share basic and diluted compared to $35.4 million, $0.19 per share basic and $0.18 per share diluted for the three months ended September 30, 2025. * During the three months ended September 30, 2026, the Company returned an aggregate of $53.0 million to shareholders, consisting of $11.2 million from quarterly dividends and $41.8 million from the Company's Normal Course Issuer Bid ("NCIB") program. * Profit and profit per share for the three months ended September 30, 2026 were $48.0 million, and $0.23 per share basic and diluted, respectively, compared to profit and profit per share of $28.9 million and $0.15 per share basic and diluted for the three months ended September 30, 2025. * The Company's statement of financial position remains solid with positive working capital(1), excluding cash, of $139.7 million at September 30, 2026 compared to $179.2 million at December 31, 2025. Strong cash flow generation from operations was partially offset by a seasonal build in working capital following spring break-up. As at September 30, 2026, the Company had net debt(1) of $50.3 million, consisting of $72.7 million drawn on its revolving credit facility and $22.4 million of cash on hand, while maintaining $127.3 million of remaining accessible liquidity.