Mr. Preet Dhindsa reports

ENERFLEX LTD. ANNOUNCES APPROVAL OF NORMAL COURSE ISSUER BID

The Toronto Stock Exchange (TSX) has approved Enerflex Ltd.'s application to implement a normal course issuer bid (NCIB) for a portion of its common shares. All amounts presented are in United States dollars, unless otherwise stated.

Enerflex believes that: (i) the repurchase of common shares would be an effective use of its cash resources and in the best interests of Enerflex and its shareholders; (ii) the current market price of its common shares does not fully reflect their underlying value; and (iii) current market conditions provide opportunities for the company to acquire common shares at attractive prices.

Pursuant to the NCIB notice filed with and accepted by the TSX, the company has been authorized to acquire up to a maximum of 6,159,695 common shares, or approximately 5 per cent of the public float as of March 18, 2025, for cancellation. As of March 18, 2025, Enerflex had 124,150,067 common shares issued and outstanding and a public float of 123,193,902 common shares.

The NCIB will commence on April 1, 2025, and will terminate no later than March 31, 2026. Purchases under the NCIB will be made in accordance with applicable regulatory requirements through the facilities of the TSX, the New York Stock Exchange (NYSE), other designated exchanges and/or alternative trading systems in Canada or the United States, or by such other means as may be permitted by the applicable securities regulator, at a price per common share representative of the market price at the time of acquisition.

The number of common shares that can be purchased pursuant to the NCIB is subject to a current daily maximum of 109,475 common shares (which is equal to 25 per cent of the average daily trading volume on the TSX of 437,902 common shares for the six full calendar months ended Jan. 31, 2025), subject to the company's ability to make one block purchase of common shares per calendar week that exceeds such limits. The price per common share will be based on the market price of such shares at the time of purchase, in accordance with regulatory requirements, and all common shares purchased under the NCIB will be cancelled upon their purchase. The company intends to finance the purchases out of its available resources.

The company has entered into an automatic share purchase plan (ASPP) with its designated broker. Such purchases will be determined by the broker at its sole discretion, based on the purchasing parameters set out by the company in accordance with the rules of the TSX, applicable securities laws and the terms of the ASPP.

The ASPP will terminate on the earliest of the date on which: (i) the NCIB expires; (ii) the maximum number of common shares have been purchased under the NCIB; or (iii) the company terminates the ASPP in accordance with its terms. Concurrent with the establishment of the ASPP, the company has confirmed to the broker that it was then not aware of any material undisclosed or non-public information with respect to the company or any securities of the company. During the term of the ASPP, the company will not communicate any material undisclosed or non-public information to the trading staff of the broker; accordingly, the broker may make purchases regardless of whether a trading blackout period is in effect or whether there is material undisclosed or non-public information about the company at the time that purchases are made under the ASPP. If the ASPP is materially varied, suspended or terminated, the company will issue a news release advising of such variation, suspension or termination, as applicable.

About Enerflex Ltd.

Enerflex is a premier, integrated, global provider of energy infrastructure and energy transition solutions, deploying natural gas, low-carbon and treated water solutions -- from individual, modularized products and services to integrated custom solutions. With over 4,600 engineers, manufacturers, technicians and innovators, Enerflex is bound together by a shared vision: transforming energy for a sustainable future. The company remains committed to the future of natural gas and the critical role it plays, while focused on sustainability offerings to support the energy transition and growing decarbonization efforts.

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