Secure Energy Services reported strong 2025 results with pro forma adjusted EBITDA up 5% to CAD 501 million. They returned CAD 373 million to shareholders, raised dividends, and finished with a solid balance sheet. Growth projects for 2026 include CAD 75 million in capex, with adjusted EBITDA guidance of CAD 520-550 million.

Despite challenging conditions in 2025, Secure Energy Services delivered higher profitability and growth. The company invested in organic growth projects, returned capital to shareholders, and advanced infrastructure projects. The company’s leadership highlighted the resilience of its waste management and energy infrastructure platform.

For the fourth quarter, Secure Energy Services saw revenue of CAD 372 million, up 10% year-over-year, and adjusted EBITDA of CAD 135 million, up 15% year-over-year. Full-year funds flow from operations was CAD 378 million, with discretionary free cash flow of CAD 273 million. The company maintained strong operational performance across its network.

Looking ahead to 2026, Secure Energy Services plans to increase its dividend by 5% and continue share buybacks. The company invested more than planned in 2025, focusing on growth projects in produced water infrastructure, industrial waste processing, and metal recycling optimization. They also commissioned two new produced water disposal facilities in the Montney region.

Management highlighted the impact of weaker oil prices on certain service lines in 2025. Despite stable produced water volumes, waste processing, oil recovery, and landfill volumes declined due to reduced exploration activity. Metal recycling faced challenges due to tariffs, with efforts to reposition scrap volumes and resolve logistical constraints.

Secure Energy Services provided adjusted EBITDA guidance of CAD 520-550 million for 2026. The company expects the first quarter to be consistent with Q4 2025, with improvement later in the year from project contributions and better metal recycling performance. They also discussed specialty chemicals business performance and ongoing legal matters.

Secure Energy Services is a leading waste management and energy infrastructure company based in Calgary. Their network includes facilities for waste processing, metal recycling, and crude oil gathering and storage. The company focuses on waste collection, processing, and disposal, as well as crude oil and natural gas liquids gathering and storage.

Read more at Yahoo Finance: Secure Energy Services Q4 Earnings Call Highlights