Planning a Smooth Move to Portugal: Visa, Law, and Liveability Insights
Relocating to Portugal isn't merely a change of address—it's a calculated life shift grounded in strategy, security, and lifestyle enhancement. For high-net-worth individuals, Portugal represents more than European residency. It offers a bridge to geopolitical stability, investment diversification, and a superior quality of life in a nation that blends old-world elegance with modern sophistication.
But to move successfully—both logistically and legally—requires foresight. From the Golden Visa framework to legal safeguards and lifestyle integration, this article outlines essential factors that will help you navigate the process with clarity and confidence.
Why Portugal Continues to Climb the Global Liveability Ranks
In a world where cosmopolitan cities wrestle with pollution, inflation, and unrest, Portugal offers a rare equilibrium. Lisbon and Porto consistently score high on the Liveability Index, particularly for political stability, healthcare, education, and infrastructure. According to The Economist Intelligence Unit, Lisbon ranks among the top ten cities globally for lifestyle factors crucial to global citizens: safety, climate, affordability, and cultural richness.
For international families and retirees alike, Portugal delivers in ways that many other European hubs cannot—without the bureaucratic sprawl of larger nations or the financial opacity found elsewhere.
Legal Residency Through Portugal's Golden Visa
One of the most attractive routes to residency remains Portugal's Golden Visa program. Established in 2012, the program allows non-EU investors to gain residency by making qualifying investments in the country. The most common routes include regulated investment funds, commercial real estate, and cultural or research contributions.
Notably, the eligibility requirements for Portugal Golden Visa are designed with investor protection in mind. Applicants must be non-EU citizens, maintain the investment for at least five years, and fulfill minimal stay requirements—just seven days annually, making it one of the most flexible residency pathways in Europe.
The Legal Backbone of a Successful Relocation
Your legal partner will be your single most important advisor throughout this process. A reputable law firm should guide you through fund vetting, property due diligence, and compliance with local tax frameworks. Their role goes beyond documentation—they protect your assets, ensure regulatory alignment, and serve as strategic advisors in coordinating family applications and succession planning.
Avoid firms that offer templated services or delegate responsibilities to intermediaries. A truly elite experience will offer bespoke legal counsel, multilingual support, and integrated tax structuring capabilities.
Investment Strategy Aligned With Residency Goals
Today's sophisticated applicants are increasingly selecting regulated private equity and venture capital funds over traditional property routes. These vehicles not only meet Golden Visa criteria but offer targeted exposure to high-growth sectors like renewable energy, fintech, and biotech—often with built-in ESG principles and government oversight.
Portugal's fund route has become especially appealing to American and Middle Eastern investors seeking both security and upside, with nearly 40% of Golden Visa applications in 2024 attributed to fund-based investments.
Financial and Tax Considerations
Portugal offers a Non-Habitual Resident (NHR) regime that grants significant tax advantages to eligible newcomers. Though recently refined, the regime still allows for reduced or exempt tax on foreign income streams for a period of up to ten years—depending on the applicant's global financial structure.
Before relocating assets or triggering tax residency, it's crucial to consult with advisors who understand the intricacies of international tax treaties, CRS reporting, and multi-jurisdictional compliance. Especially for US citizens, FATCA and global estate tax exposure should be carefully mapped out.
Lifestyle Integration and International Infrastructure
Beyond legality and logistics lies the question of integration: What kind of life will you build here?
Portugal offers robust private healthcare, global-standard education (with institutions like St. Julian's and Oeiras International School), and a property market that still reflects long-term value. Whether it's a modern penthouse in Lisbon's Avenida da Liberdade or a heritage villa in Comporta, Portugal's real estate inventory caters to the refined tastes of global elites.
Moreover, the nation boasts over 80 golf courses, an elite sailing circuit, and Michelin-star dining—all factors that enhance long-term residency appeal.
Travel Freedom and European Mobility
Portugal's Golden Visa doesn't just open doors within its borders—it unlocks the entirety of the Schengen Zone. This includes seamless travel to countries like France, Germany, and Switzerland. For many investors, especially those from emerging markets, this visa becomes a conduit for global business, education access, and lifestyle mobility.
Understanding the subtleties of Schengen travel—duration limits, re-entry conditions, and the upcoming ETIAS system—is best done early with your legal counsel, particularly as these rules evolve in 2025 and beyond.
Comparing Global Options: Why Portugal Stands Apart
When assessing the best Golden Visas, Portugal consistently outperforms others in transparency, accessibility, and long-term opportunity. Programs in countries like Greece or Malta may offer similar frameworks, but Portugal's edge lies in its balance of lifestyle, investment integrity, and future citizenship potential.
Moreover, Portugal permits dual citizenship and offers naturalization after just five years of residency—without requiring full-time physical presence. This positions it as a powerful second passport strategy for families seeking mobility insurance or wealth security amid uncertain times.
Planning with Purpose, Not Pressure
Moving to Portugal under the Golden Visa program is a deliberate choice—it's not driven by urgency but by clarity of vision. The individuals who benefit most are those who view the process not just as a legal step, but as a transformation of their global identity.
From the moment you begin your application to the years that follow, the right legal, financial, and relocation strategies will ensure you're not simply moving—but elevating.
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About AppLovin AppLovin makes technologies that help businesses of every size connect to their ideal customers. The company provides end-to-end software and AI solutions for businesses to reach, monetize and grow their global audiences. For more information about AppLovin, visit: Source: AppLovin Corp. Forward Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as 'may,' 'will,' 'should,' 'expect,' 'plan,' 'anticipate,' 'going to,' 'could,' 'intend,' 'target,' 'project,' 'contemplate,' 'believe,' 'estimate,' 'predict,' 'potential,' or 'continue,' or the negative of these words or other similar terms or expressions that concern our expectations, strategy, priorities, plans, or intentions. Forward-looking statements in this press release include our expected financial results and guidance. Our expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties, including changes in our plans or assumptions, which could cause actual results to differ materially from those projected. 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Non-GAAP Financial Measures To supplement our financial information presented in accordance with generally accepted accounting principles in the United States ('GAAP'), this shareholder letter includes certain financial measures that are not prepared in accordance with GAAP, including Adjusted EBITDA, Adjusted EBITDA margin, and Free Cash Flow. A reconciliation of each such non-GAAP financial measure to the most directly comparable GAAP measure can be found below. We define Adjusted EBITDA for a particular period as net income adjusted for loss (income) from discontinued operations, net of income taxes, interest expense, other (income) expense, net (excluding certain recurring items), provision for income taxes, amortization, depreciation and write-offs and as further adjusted for non-operating foreign exchange (gain) loss, stock-based compensation, transaction-related expense, restructuring costs, as well as certain other items that we believe are not reflective of our core operating performance. We define Adjusted EBITDA margin as Adjusted EBITDA divided by revenue for the same period. We define Free Cash Flow as net cash provided by operating activities less purchases of property and equipment and principal payments on finance leases. We subtract both purchases of property and equipment and payment of finance leases in our calculation of Free Cash Flow because we believe these items represent our ongoing requirements for property and equipment to support our business, regardless of whether we utilize a finance lease to obtain such property or equipment. We believe that the presentation of these non-GAAP financial measures provides useful information to investors regarding our results of operations and operating performance, as they are similar to measures reported by our public competitors and are regularly used by securities analysts, institutional investors, and other interested parties in analyzing operating performance and prospects. Adjusted EBITDA and Adjusted EBITDA margin are key measures we use to assess our financial performance and are also used for internal planning and forecasting purposes. We believe Adjusted EBITDA and Adjusted EBITDA margin are helpful to investors, analysts, and other interested parties because they can assist in providing a more consistent and comparable overview of our operations across our historical financial periods. We use Adjusted EBITDA and Adjusted EBITDA margin in conjunction with GAAP measures as part of our overall assessment of our performance, including the preparation of our annual operating budget and quarterly forecasts, to evaluate the effectiveness of our business strategies, and to communicate with our board of directors concerning our financial performance. We use Free Cash Flow in addition to GAAP measures to help manage our business and prepare budgets and annual planning, and we believe Free Cash Flow provides useful supplemental information to help investors understand underlying trends in our business and our liquidity. These measures have certain limitations in that they do not include the impact of certain expenses that are reflected in our consolidated statement of operations that are necessary to run our business. Free Cash Flow reflects cash flows from both of continuing and discontinued operations. Our definitions may differ from the definitions used by other companies and therefore comparability may be limited. In addition, other companies may not publish these or similar metrics. Thus, our non-GAAP financial measures should be considered in addition to, not as substitutes for, or in isolation from, measures prepared in accordance with GAAP. 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32 minutes ago
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LandBridge Company LLC Announces Second Quarter 2025 Results
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This agreement reflects our commitment to provide sustainable, differentiated pore space solutions. Executed a lease option agreement with a leading independent power producer for the development, construction, and operation of a grid-connected, natural gas-fired combined cycle gas turbine (CCGT) plant to service future potential co-located data center load. We anticipate providing further details on the project's anticipated nameplate capacity, project timeline, and key milestones in a forthcoming joint press release. Entered into a strategic partnership with a vertically integrated generation and power solutions provider to accelerate the deployment of scalable energy infrastructure in West Texas. We believe this partnership strengthens our platform by aligning our land position with a proven energy partner capable of delivering low-cost, long-term power under power purchase agreements. The collaboration is expected to support energy-intensive customers, including data centers, and enhance the value of our assets. Jason Long, Chief Executive Officer of LandBridge, stated, 'We are proud of our performance over the first half of this year, and look forward to carrying this momentum throughout the rest of 2025. Over the past year since our July 2024 IPO, we have realized strong growth, established and deepened relationships with our customers, and grown our fee-based revenue mix. LandBridge is well positioned to continue delivering compelling results for our shareholders across our 277,000 surface acres in the heart of the Permian Basin. Specifically, LandBridge's differentiated pore space solution enhances long-term asset value by enabling scalable, distributed water management solutions that align with the Delaware Basin's evolving regulatory framework.' Scott McNeely, Chief Financial Officer of LandBridge, said, 'LandBridge is executing on a highly diversified and low capex business model, resulting in high EBITDA and cash flow margins. We have only just begun to capitalize on the potential of our surface acreage and we continue to evaluate highly attractive opportunities to increase revenue across industrial uses.' Second Quarter 2025 Consolidated Financial Information Revenue for the second quarter of 2025 was $47.5 million as compared to $44.0 million in the first quarter of 2025 and $26.0 million in the second quarter of 2024. The sequential increase was attributable to an increase in easements and other surface-related revenue of $8.7 million, partially offset by sequential decreases of $1.7 million in resource sales, $2.1 million in resource royalties, $0.7 million in surface use royalties and $0.7 million in oil and gas royalties. 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(2) Diversified Revenue Streams Surface Use Royalties and Revenue: Generated revenues of $34.2 million in the second quarter of 2025 as compared to $26.2 million in the first quarter of 2025 and $14.4 million in the second quarter of 2024. Surface Use Royalties and Revenue increased 31% sequentially, primarily driven by a significant increase in Easements and Other Surface-Related revenues of $8.7 million due to several large renewal payments, multiple new projects from WaterBridge, Desert Environmental, and third parties, and an overall increase in commercial activity on our lands. Resources Sales and Royalties: Generated revenues of $10.6 million in the second quarter of 2025 as compared to $14.4 million in the first quarter of 2025 and $7.0 million in the second quarter of 2024. Revenue from Resource Sales and Royalties decreased 26% sequentially, primarily driven by lower brackish water sales and royalty volumes. Oil and Gas Royalties: Generated revenues of $2.7 million in the second quarter of 2025 as compared to $3.4 million in the first quarter of 2025 and $4.5 million in the second quarter of 2024. Revenue from Oil and Gas Royalties decreased 19% sequentially, primarily driven by net royalty production decreasing from 923 boe/d in the first quarter of 2025 to 814 boe/d in the second quarter of 2025. Free Cash Flow Generation Cash flow from operations for the second quarter of 2025 was $37.3 million as compared to $15.9 million in the first quarter of 2025 and $16.0 million in the second quarter of 2024. Free Cash Flow for the second quarter of 2025 was $36.1 million as compared to $15.8 million in the first quarter of 2025 and $15.7 million in the second quarter of 2024. (2) In the first quarter 2025 we experienced short-term Free Cash Flow compression driven by higher accounts receivable and related party accounts receivable working capital balances. By the end of the second quarter 2025, the temporary margin compression had reversed, driving a sequential Free Cash Flow Margin increase from 36% in the first quarter of 2025 to 76% in the second quarter of 2025. (2) Capital expenditures for the second quarter of 2025 were $1.2 million and net cash used in investing activities during the second quarter of 2025 was $2.1 million. Net cash used in financing activities during the second quarter of 2025 consisted of approximately $24.4 million of dividends and distributions paid and $5.0 million of debt repayments. Strong Balance Sheet with Ample Liquidity Total liquidity was $95.3 million as of June 30, 2025. As of June 30, 2025, the Company had approximately $75.0 million of available borrowing capacity under its revolving credit facility. Total cash and cash equivalents were $20.3 million as of June 30, 2025, as compared to $14.9 million as of March 31, 2025. The Company had $374.3 million of borrowings outstanding under its term loan and revolving credit facility as of June 30, 2025, versus $379.3 million outstanding as of March 31, 2025. Second Quarter 2025 Dividend The LandBridge Board of Directors declared a dividend on our Class A shares of $0.10 per share, payable on September 18, 2025 to shareholders of record as of September 4, 2025, and a corresponding required cash distribution to DBR Land Holdings LLC unitholders. Outlook The Company provides the following updated financial outlook for fiscal year 2025: In anticipation of the execution of the DBR Solar opportunity with a large public renewable energy developer and operator, we are adjusting our guidance for fiscal year 2025 to an Adjusted EBITDA range between $160 million and $180 million. This adjustment is primarily driven by an expectation that the majority of revenue associated with the DBR Solar opportunity will be recognized following this year. Reconciliations of forward-looking non-GAAP financial measures to comparable GAAP measures are not available due to the challenges and impracticability of estimating certain items, particularly non-recurring gains or losses, unusual or non-recurring items, income tax benefit or expense, or one-time transaction costs and cost of revenue. We are unable to reasonably predict these because they are uncertain and depend on various factors not yet known, which could have a material impact on GAAP results for the guidance period. Because of those challenges, a reconciliation of forward-looking non-GAAP financial measures is not available without unreasonable effort. Quarterly Report on Form 10-Q Our financial statements and related footnotes are available in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, which was filed with the U.S. Securities and Exchange Commission ('SEC') on August 4, 2025. Conference Call and Webcast Information The Company will hold a conference call on Thursday, August 7, 2025, at 8:00 a.m. Central Time to discuss second quarter results. A live webcast of the conference call will be available on the Events and Presentations section of the LandBridge Investor Relations website at To listen to the live broadcast, go to the site at least 10-15 minutes prior to the scheduled start time to register and install any necessary audio software. To access the live conference call, participants must pre-register online at to receive unique dial-in information. Pre-registration may be completed at any time up to the call start time. An audio replay will be available following the conclusion of the call and remain available through August 21, 2025. The replay can be accessed by registering online at About LandBridge LandBridge owns approximately 277,000 surface acres across Texas and New Mexico, located primarily in the heart of the Delaware sub-region in the Permian Basin, the most active region for oil and gas exploration and development in the United States. LandBridge actively manages its land and resources to support and encourage energy and infrastructure development and other land uses, including digital infrastructure. LandBridge was formed by Five Point Infrastructure LLC, a private equity firm with a track record of investing in and developing energy, environmental water management and sustainable infrastructure companies within the Permian Basin. For more information, please visit: Cautionary Statement Regarding Forward-Looking Statements This news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are based on LandBridge's beliefs, as well as assumptions made by, and information currently available to, LandBridge, and therefore involve risks and uncertainties that are difficult to predict. Generally, future or conditional verbs such as 'will,' 'would,' 'should,' 'could,' or 'may' and the words 'believe,' 'anticipate,' 'continue,' 'intend,' 'expect' and similar expressions identify forward-looking statements. Forward-looking statements include, but are not limited to, strategies, plans, objectives, expectations, intentions, assumptions, future operations and prospects and other statements that are not historical facts, including our estimated future financial performance. You should not place undue reliance on forward-looking statements. Although LandBridge believes that plans, intentions and expectations reflected in or suggested by any forward-looking statements made herein are reasonable, LandBridge may be unable to achieve such plans, intentions or expectations and actual results, and performance or achievements may vary materially and adversely from those envisaged in this news release due to a number of factors including, but not limited to: our customers' demand for and use of our land and resources; the success of our affiliates, including WaterBridge, in executing their business strategies, including their ability to construct infrastructure, attract customers and operate successfully on our land; our customers' ability to develop our land or any potential acquired acreage to accommodate any future surface use developments, such as the sites under contract or negotiation for the CCGT Plant, the data center lease development agreement and the DBR Solar opportunity; our ability to continue the payment of dividends; the domestic and foreign supply of, and demand for, energy sources, including the impact of political instability or armed conflict in oil and natural gas producing regions, including the Russia-Ukraine war, as well as the Israel-Hamas conflict and heightened tensions in the Middle East, including with Iran, actions relating to oil price and production controls by the members of the Organization of Petroleum Exporting Countries, Russia and other allied producing countries, such as announcements of potential changes to oil production levels; our reliance on a limited number of customers and a particular region for substantially all of our revenues, including the potential consolidation of such customers within such region; our ability to enter into favorable contracts regarding surface uses, access agreements and fee arrangements, including the prices we are able to charge and the margins we are able to realize; our business strategies and our ability to execute thereon, including our ability to attract non-traditional energy customers to use our land and resources and to successfully implement our growth plans and manage any resultant growth; our level of indebtedness and our ability to service our indebtedness; and any changes in general economic and/or industry specific conditions. These risks, as well as other risks associated with LandBridge are also more fully discussed in LandBridge's filings with the SEC, including its most recent Annual Report on Form 10-K and any subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. You can access LandBridge's filings with the SEC through the SEC's website at Except as required by applicable law, LandBridge undertakes no obligation to update any forward-looking statements or other statements herein for revisions or changes after this communication is made. The historical financial information presented below reflects only our historical financial results and the historical financial results of our predecessor, DBR Land Holdings LLC, as applicable. CONSOLIDATED BALANCE SHEETS (in thousands) (unaudited) June 30, December 31, 2025 2024 Current assets: Cash and cash equivalents $ 20,345 $ 37,032 Accounts receivable, net 17,881 12,544 Related party accounts receivable 2,702 2,111 Prepaid expenses and other current assets 3,212 1,628 Total current assets 44,140 53,315 Non-current assets: Property, plant and equipment, net 918,312 902,742 Intangible assets, net 42,985 45,265 Deferred tax assets 58,548 29,416 Other assets 2,395 1,741 Total non-current assets 1,022,240 979,164 Total assets $ 1,066,380 $ 1,032,479 Liabilities and equity Current liabilities: Accounts payable $ 510 $ 489 Taxes payable 455 2,286 Related party accounts payable 782 686 Accrued liabilities 6,280 7,185 Current portion of long-term debt 171 424 Deferred revenue 1,059 1,221 Other current liabilities 1,104 2,119 Total current liabilities 10,361 14,410 Non-current liabilities: Long-term debt, net of debt issuance costs 370,872 380,815 Other long-term liabilities 182 183 Total non-current liabilities 371,054 380,998 Total liabilities 381,415 395,408 Class A shares, unlimited shares authorized and 25,155,419 shares issued and outstanding as of June 30, 2025. Unlimited shares authorized and 23,255,419 shares issued and outstanding as of December 31, 2024 254,022 208,427 Class B shares, unlimited shares authorized and 51,213,492 shares issued and outstanding as of June 30, 2025. Unlimited shares authorized and 53,227,852 shares issued and outstanding as of December 31, 2024 - - Retained earnings 12,426 3,349 Total shareholders' equity attributable to LandBridge Company LLC 266,448 211,776 Noncontrolling interest 418,517 425,295 Total shareholders' equity 684,965 637,071 Total liabilities and equity $ 1,066,380 $ 1,032,479 Expand Comparison of Non-GAAP Financial Measures Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow and Free Cash Flow Margin are supplemental non-GAAP measures that we use to evaluate current, past and expected future performance. Although these non-GAAP financial measures are important factors in assessing our operating results and cash flows, they should not be considered in isolation or as a substitute for net income, gross margin or any other measures presented under GAAP. Adjusted EBITDA and Adjusted EBITDA Margin are used to assess the financial performance of our assets over the long term to generate sufficient cash to return capital to equity holders or service indebtedness. We define Adjusted EBITDA as net income (loss) before interest; taxes; depreciation, amortization, depletion and accretion; share-based compensation; non-recurring transaction-related expenses and other non-cash or non-recurring expenses. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by total revenues. We believe Adjusted EBITDA and Adjusted EBITDA Margin are useful because they allow us to more effectively evaluate our operating performance and compare the results of our operations from period to period, and against our peers, without regard to our financing methods or capital structure. We exclude the items listed above from net income (loss) in arriving at Adjusted EBITDA and Adjusted EBITDA Margin because these amounts can vary substantially from company to company within our industry depending upon accounting methods, book values of assets, capital structures and the method by which the assets were acquired. The following table sets forth a reconciliation of net income as determined in accordance with GAAP to Adjusted EBITDA and Adjusted EBITDA Margin for the periods indicated. (1) Share-based compensation – Incentive Units for the three months ended June 30, 2025, and March 31, 2025, consist only of Incentive Units. Share-based compensation – Incentive Units for the three months ended June 30, 2024, consists only of the NDB Incentive Units. NDB Incentive Units were liability awards resulting in periodic fair value remeasurement prior to the Division. Subsequent to the IPO, any actual cash expense associated with such Incentive Units is borne solely by LandBridge Holdings LLC and not the Company. Distributions attributable to Incentive Units are based on returns received by investors of LandBridge Holdings LLC once certain return thresholds have been met and are neither an obligation of the Company nor taken into consideration for distributions to investors in the Company. (2) Transaction-related expenses consist of non-capitalizable transaction costs associated with both completed or attempted acquisitions, debt amendments and entity structuring charges. Expand Free Cash Flow and Free Cash Flow Margin are used to assess our ability to repay our indebtedness, return capital to our shareholders and fund potential acquisitions without access to external sources of financing for such purposes. We define Free Cash Flow as cash flow from operating activities less investment in capital expenditures. We define Free Cash Flow Margin as Free Cash Flow divided by total revenues. We believe Free Cash Flow and Free Cash Flow Margin are useful because they allow for an effective evaluation of both our operating and financial performance, as well as the capital intensity of our business, and subsequently the ability of our operations to generate cash flow that is available to distribute to our shareholders, reduce leverage or support acquisition activities. The following table sets forth a reconciliation of cash flows from operating activities determined in accordance with GAAP to Free Cash Flow and Free Cash Flow Margin, respectively, for the periods indicated. (1) Operating cash flow margin is calculated by dividing net cash provided by operating activities by total revenue. Expand
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STEP Energy Services Ltd. Reports Second Quarter 2025 Results
CALGARY, Alberta--(BUSINESS WIRE)--STEP Energy Services Ltd. (the 'Company' or 'STEP') (TSX: STEP) is pleased to announce its financial and operating results for the three and six months ended June 30, 2025. The following Press Release should be read in conjunction with the management's discussion and analysis ('MD&A') and the unaudited condensed consolidated financial statements and notes thereto as at June 30, 2025 (the 'Financial Statements'). Readers should also refer to the 'Forward-looking information & statements' legal advisory and the section regarding 'Non-IFRS Measures and Ratios' at the end of this Press Release. All financial amounts and measures are expressed in Canadian dollars unless otherwise indicated. Additional information about STEP is available on the SEDAR+ website at including the Company's Annual Information Form for the year ended December 31, 2024 dated March 11, 2025 (the 'AIF'). CONSOLIDATED HIGHLIGHTS FINANCIAL REVIEW ($000s except percentages and per share amounts) Three months ended Six months ended June 30, June 30, June 30, June 30, 2025 2024 2025 2024 Consolidated revenue $ 228,003 $ 231,375 $ 535,744 $ 551,521 Net income $ 5,853 $ 10,469 $ 30,004 $ 51,826 Per share-basic $ 0.08 $ 0.15 $ 0.42 $ 0.72 Per share-diluted $ 0.08 $ 0.14 $ 0.41 $ 0.70 Adjusted EBITDA (1) $ 34,769 $ 41,692 $ 93,729 $ 112,827 Adjusted EBITDA % (1) 15% 18% 17% 20% Free Cash Flow (1) $ 17,327 $ 20,460 $ 49,499 $ 73,943 Per share-basic (1) $ 0.24 $ 0.29 $ 0.69 $ 1.03 Per share-diluted (1) $ 0.24 $ 0.28 $ 0.67 $ 1.00 (1) Adjusted EBITDA, Free Cash Flow, Free Cash Flow per share-basic and Free Cash Flow per share-diluted are non-IFRS financial measures, Adjusted EBITDA % is a non-IFRS financial ratio. These metrics are not defined and have no standardized meaning under IFRS. See Non-IFRS Measures and Ratios. Expand ($000s except shares) June 30, December 31 2025 2024 Cash and cash equivalents $ 3,230 $ 4,362 Working capital (including cash and cash equivalents) (2) $ 76,992 $ 35,355 Total assets $ 613,516 $ 580,635 Total long-term financial liabilities (2) $ 69,713 $ 83,394 Net Debt (2) $ 43,912 $ 52,668 Shares outstanding 72,873,113 72,037,391 (2) Working Capital, Total long-term financial liabilities and Net Debt are non-IFRS financial measures. They are not defined and have no standardized meaning under IFRS. See Non-IFRS Measures and Ratios. Expand OPERATIONAL REVIEW ($000s except days, proppant, pumped, horsepower and units) Three months ended Six months ended June 30, June 30, June 30, June 30, 2025 2024 2025 2024 Fracturing services Fracturing operating days (1)(2) 312 377 799 944 Proppant pumped (tonnes) (3) 533,000 638,000 1,319,000 1,470,000 Fracturing crews 6 8 6 8 Dual fuel horsepower ('HP'), end of period 369,550 349,800 369,550 349,800 Total HP, end of period 478,400 490,000 478,400 490,000 Coiled tubing services Coiled tubing operating days (1) 1,227 1,368 2,611 2,720 Active coiled tubing units, end of period 21 23 21 23 Total coiled tubing units, end of period 35 35 35 35 (1) An operating day is defined as any coiled tubing or fracturing work that is performed in a 24-hour period, exclusive of support equipment. (2) Includes operational results from terminated operations of the U.S. fracturing cash generating unit ('CGU') of nil and 54 days for the three and six months ended June 30, 2025 (72 and 189 days for three and six months ended June 30, 2024). (3) Includes proppant pumped (tonnes) from terminated operations of the U.S. fracturing cash generating unit ('CGU') of nil and 155,330 for the three and six months ended June 30, 2025 (137,000 and 409,000 for three and six months ended June 30, 2024). Expand SECOND QUARTER 2025 HIGHLIGHTS Consolidated revenue for the three months ended June 30, 2025 of $228.0 million, was in line with revenue of $231.4 million for the three months ended June 30, 2024 and down 26% from $307.7 million for the three months ended March 31, 2025, which is typically the busiest quarter for the Company and the industry. Net income for the three months ended June 30, 2025 was $5.9 million ($0.08 per diluted share) compared to $10.5 million ($0.14 per diluted share) in the same period of 2024 and $24.2 million ($0.33 per diluted share) for the three months ended March 31, 2025. Included in net income for three months ended June 30, 2025 was share based compensation expense of $1.7 million, compared to $1.3 million during the three months ended March 31, 2025 and $2.1 million during the three months ended June 30, 2024. For the three months ended June 30, 2025, Adjusted EBITDA was $34.8 million (15% of revenue) compared to $41.7 million (18% of revenue) in Q2 2024 and $59.0 million (19% of revenue) in Q1 2025. Free Cash Flow for the three months ended June 30, 2025 was $17.3 million compared to $20.5 million in Q2 2024 and $32.2 million in Q1 2025. During the second quarter of 2025, STEP repurchased and cancelled 166,100 shares at an average price of $3.90 per share under its Normal Course Issuer Bid ('NCIB'). STEP continues to strengthen its balance sheet while investing into the long-term sustainability of the business: The Company had Net Debt of $43.9 million at June 30, 2025, compared to $52.7 million at December 31, 2024 and $84.7 million at March 31, 2025. The Company invested $13.5 million for the three months ended June 30, 2025 into sustaining and optimization capital budget expenditures, ensuring that the fleet maintains a high level of operational readiness while also selectively investing into technology to further STEP's strategy of displacing diesel with natural gas. Working Capital as at June 30, 2025 of $77.0 million was $41.6 million higher than the $35.4 million at December 31, 2024 and $26.5 million lower than the $103.5 million as at March 31, 2025. Working capital fluctuations are typical and are influenced by activity levels and timing of client receipts. SECOND QUARTER 2025 OVERVIEW Commodity prices were volatile throughout the second quarter of 2025, with both oil and natural gas prices down approximately 10% quarter over quarter. The decline in gas prices is partially attributable to the shoulder season, when the reduced demand from winter heating has yet to be replaced by power demand for summer cooling. In addition to the ongoing turmoil created by the U.S. tariffs, oil prices were also impacted by the supply announcements from the Organization of the Petroleum Exporting Countries ('OPEC') and allied non-OPEC nations ('OPEC+') and the eruption of open hostilities between Israel and Iran. Oil prices traded in a wide range from $57 to $75 (USD) per barrel, with the benchmark West Texas Intermediate ('WTI') crude price averaging $63.72 (USD) per barrel in Q2 2025, down from $71.42 (USD) per barrel in Q1 2025. Henry Hub averaged $3.52 (USD) per million cubic feet ('Mcf') in Q2 2025, down from $3.87 (USD) per Mcf in Q1 2025, while AECO-C Daily averaged $1.75 (CAD) per Mcf in Q2 2025, down from $2.12 (CAD) per Mcf in Q1 2025. Natural gas prices typically benefit from the winter heating season, with colder weather driving higher demand. Oilfield service levels are primarily reflected in drilling rig counts publicly reported by Baker Hughes and estimates made by Primary Vision for fracturing crews in the U.S. Land based drilling rigs in the U.S. averaged 556 rigs in the second quarter, down from 572 rigs in the first quarter. Canadian rig counts were down due to spring break up, averaging 127 during the second quarter, compared to 214 in the first quarter, which is typically the busiest drilling season in Canada. U.S. fracturing fleets declined in the second quarter to an average of 192, down from 202 in the first quarter of 2025. STEP's consolidated revenue in the second quarter was $228.0 million, down from $307.7 million in the first quarter of 2025 and in line with the $231.4 million recorded in the same period from the prior year despite the termination of the U.S. fracturing business. Despite the spring break up conditions, the fracturing service line had good utilization through the quarter, with 312 operating days across six crews, pumping 533 thousand tons of sand. Coiled tubing services were also well utilized, operating 1,227 days across 21 units. Adjusted EBITDA of $34.8 million (15% Adjusted EBITDA %) was down from the $59.0 million (19% Adjusted EBITDA %) in the first quarter of 2025 and down from $41.7 million (18% Adjusted EBITDA %) in the same period last year. The Company's margins continue to be impacted by the cumulative effect of several years of high inflation which increase the cost profile, oversupply of fracturing capacity in the market causing pricing pressure, and increased sand volumes which are generally at lower margins. Net income was $5.9 million in Q2 2025 ($0.08 diluted income per share), lower than the $24.2 million in Q1 2025 ($0.33 diluted income per share) and the $10.5 million net income in Q2 2024 ($0.14 diluted income per share). Net income included $1.7 million in share‐based compensation expense (Q1 2025 ‐ $1.3 million, Q2 2024 ‐ $2.1 million expense) and $1.7 million in finance costs (Q1 2025 ‐ $2.0 million, Q2 2024 ‐ $2.8 million). Free Cash Flow was $17.3 million in Q2 2025 ($0.24 diluted Free Cash Flow per share), sequentially lower than the $32.2 million ($0.43 diluted Free Cash Flow per share) in Q1 2025 and lower than the $20.5 million ($0.28 diluted Free Cash Flow per share) in Q2 2024. While working capital decreased by $26.5 million from the first quarter of 2025 to land at $77.0 million at the end of the second quarter, this was still significantly higher than the $35.4 million at the end of the fourth quarter of 2024. While the build in working capital is typical for the first half of the year, which follows a slower Q4 that realizes a sizable working capital recovery, the increase in the current year was inflated by the inclusion of $11.4 million in assets held for sale reclassified from property and equipment related to the terminated U.S. fracturing operations. Net Debt decreased to $43.9 million from $52.7 million at the close of 2024. The decrease in Net Debt and improvement in Adjusted EBITDA resulted in a 12-month trailing Funded Debt to Adjusted Bank EBITDA of 0.42:1.00, well under the limit of 3.00:1 in the Company's Credit Facilities (as defined in Capital Management – Debt below). The Company continued its Normal Course Issuer Bid in the second quarter and acquired 166,100 shares at a weighted average price of $3.90 per share in the quarter. Late in the first quarter of 2025, management committed to a plan to terminate the Company's U.S. fracturing operations. Active operations were terminated and equipment has been marshalled to STEP's yards for sale or transfer to Canada. Certain costs associated with legacy fracturing operations and decommissioning were incurred in the second quarter, resulting in Adjusted EBITDA from terminated operations of negative $2.9 million, which is not included in the Q2 reported Adjusted EBITDA of $34.8 million. These costs are expected to reduce to more modest levels for the balance of the year. Market Outlook The initial uncertainty stemming from the decisions made by the U.S. administration has lessened as markets discover that the tactical nature of these decisions means that they are likely to change through the course of negotiations. Similarly, the geopolitical tensions created by the conflict in the Middle East have also eased as the primary actors have backed away from deeper confrontation. Commodity prices continue to look for direction, drifting sideways until a clear catalyst for growth or recession becomes apparent. North American gas prices are shifting from the shoulder season in Q2 to the more pronounced summer power demand season, although high storage levels will limit upside to price until the anticipated draw from new LNG offtake facilities begins to be felt in the markets. Canada's first shipment of liquified natural gas ('LNG') departed the LNG Canada facility on June 30, 2025, marking the successful start of operations for Canada's first large scale LNG export facility. The multiyear outlook for natural gas continues to show promise, with approximately 10 billion cubic feet ('BCF') per day of demand from additional LNG facilities in Canada and the U.S. expected by 2030, in addition to the demand for more power generation. Oil prices have retreated from the second quarter spikes back to the mid $60s (USD) per barrel. Demand has remained relatively resilient, absorbing the additional OPEC+ supply that has been added to the market this year. Global crude oil and related product inventory levels are near the bottom of their five-year range, providing some buffer in the event that demand from the summer driving season isn't enough to consume supply. Oil demand is expected to grow modestly, but catalysts for increased oil production in North America are limited, given the global market dynamics. STEP's revenue is largely driven by natural gas and natural gas liquids ('NGLs'), which should shield STEP's schedule from the worst of the commodity price volatility. However, if the volatility continues and commodity prices weaken it is likely that clients could defer work into later quarters or trim their core capital programs. STEP maintains close contact with its clients and will adjust its operations if activity slows. The third quarter fracturing schedule is expected to see a modest uptick in activity, although more client supplied sand, along with shifting client schedules and competitive pressures will likely result in flat to down sequential revenue. Margins on work with client supplied sand are typically higher relative to margins on work with STEP supplied sand, given the high volumes of sand pumped by many STEP clients. Offsetting this higher margin work is inflation on input costs, driven in many instances by the escalating tariff actions taken by governments around the world. The remission of tariffs on proppant imported from the U.S. provides some relief, but the ongoing tariffs on many products entering the U.S. and Canada are resulting in cost inflation that can be difficult to pass through to clients. STEP's trial of the NGx, Canada's first 100% natural gas powered fracturing pump is expected to see steady utilization as clients respond positively to the increased diesel displacement that this pump offers. Coiled tubing activity is expected to stay relatively steady across all regions, with a slight increase in activity relative to the second quarter. Increased market penetration with STEP's Coil+ split string technology is expected to offset the lower industry demand associated with a slowing rig count. Similar to fracturing, tariffs continue to impact the industry, particularly on the cost of coiled tubing strings, which is tariffed when it enters the U.S. as raw steel and then again when it enters Canada and is tariffed by the Canadian government. STEP has submitted a request for remission of the Canadian tariffs and is optimistic that it will be successful given the recent reversal of tariffs on proppant entering Canada. Expectations for the fourth quarter remain modest. This quarter is typically characterized by slower activity as clients exhaust their annual capital budgets, resulting in margin compression for service providers as increased competition and lower fixed cost leverage weigh on results. The slower than expected ramp in demand coming from newly commissioned LNG facilities in Canada and the U.S. is limiting drawdown of natural gas inventories and is not expected to create sufficient market incentive for producers to add to their capital budgets for the year. Further clarity on this is likely to be forthcoming late in the third quarter or early in the fourth quarter. Views on 2026 are beginning to clarify, with activity in the first quarter expected to be in line with the first quarter of 2025. Activity levels through the year will likely be affected by the ramp in production at LNG Canada, which will process approximately 2 BCF per day when fully operational. On balance, pricing is largely in line with what was expected in 2025. Increased oilfield service capacity and limited producer growth has put downward pressure on margins relative to 2024. Cost control remains a focus for STEP as it navigates the current economic uncertainty. Free Cash Flow will be committed towards additional fleet investments required for sustaining and optimization needs, as well as additional debt repayment. The increase in STEP's share price and the cautious outlook meant that the NCIB was used only sparingly in the second quarter. The Company will retain the flexibility to engage opportunistically on the NCIB if conditions change. FINANCIAL REVIEW Revenue For the three and six months ended June 30, 2025, revenue decreased 1% to $228.0 million and 3% to $535.7 million compared to $231.4 million and $551.5 million for the three and six months ended June 30, 2024. Alignment with large scale operators continues to provide a strong baseline of utilization for fracturing and coiled tubing operations in both the quarter and for the year to date. STEP operated six fracturing crews during the quarter, down from eight for the same period of the prior year. Fracturing operating days for the quarter were down 17% and have decreased by 15% for the year to date. The reduction in fracturing crews and operating days is all associated with the termination of U.S. fracturing operations during 2025. Despite the declines in operating days and active fleets, fracturing revenue was up 4% for the quarter and only declined by 2% for the year to date reflecting the increased proppant pumped for the Canadian Frac CGU as a result of higher pumping intensity. STEP deactivated one coiled tubing spread during the quarter bringing the total active spreads back down to 21 which is down two spreads from the prior year. Coiled tubing operating days for the quarter were down 10% and have decreased by 4% for the year to date. New technology offerings and strategic client alignment in all operating basins have allowed the Company to maintain utilization levels per active spread despite the decrease in activity in the market as whole. Operating expenses Operating expenses includes employee costs, direct operating expenses such as repairs, transportation and facility costs, material and inventory costs, depreciation of equipment and share-based compensation for operational employees. The following table provides a summary of operating expenses: Employee costs and general operating expenses decreased slightly compared to the prior year for both the quarter and year to date as the wind down of U.S. fracturing operations was partially offset by inflationary impacts. Material and inventory costs increased significantly compared to the prior year for both the quarter and year to date as changes in sand mix, increases in STEP supplied sand and currency fluctuations increased the cost of materials. Selling, general and administrative expenses The following table provides a summary of selling, general and administrative expenses: Selling, general and administrative expenses were in line with the prior year for both the quarter and year to date. Share-based compensation expense was slightly lower in the second quarter of 2025 compared to the same period of 2024 as the share price was lower, however this was largely offset by higher employee costs. For the year to date, the higher employee costs in 2025 compared to the prior year have been largely offset by reduced general expenses. Terminated Operations Results from consolidated operations include the results from the terminated operations presented below. In the first quarter of 2025, the U.S. fracturing CGU was subject to changes in business conditions that materially impacted its expected economic performance. As a result, STEP decided to exit this market and terminated all further work related to these operations. The results of the terminated operations are as follows: ($000's) Three months ended Six months ended June 30, June 30, June 30, June 30, 2025 2024 2025 2024 U.S. Fracturing services terminated operations Fracturing operating days (1) - 72 54 189 Proppant pumped (tonnes) - 137,000 155,330 409,000 Fracturing crews - 2 - 2 (1) An operating day is defined as any coiled tubing or fracturing work that is performed in a 24-hour period, exclusive of support equipment. Expand NON-IFRS MEASURES AND RATIOS This Press Release includes terms and performance measures commonly used in the oilfield services industry that are not defined under IFRS. The terms presented are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These non-IFRS measures have no standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. The non-IFRS measures should be read in conjunction with the Company's quarterly financial statements and Annual Financial Statements and the accompanying notes thereto. 'Adjusted EBITDA' is a financial measure not presented in accordance with IFRS and is equal to net (loss) income before finance costs, depreciation and amortization, (gain) loss on disposal of property and equipment, current and deferred income tax provisions and recoveries, equity and cash settled share-based compensation, transaction costs, unrealized (gain) loss on derivatives, foreign exchange (gain) loss, impairment losses and Adjusted EBITDA from terminated operations (1). 'Adjusted EBITDA %' is a non-IFRS ratio and is calculated as Adjusted EBITDA divided by revenue. Adjusted EBITDA and Adjusted EBITDA % are presented because they are widely used by the investment community as they provide an indication of the results generated by the Company's normal course business activities prior to considering how the activities are financed and the results are taxed. The Company uses Adjusted EBITDA and Adjusted EBITDA % internally to evaluate operating and segment performance, because management believes they provide better comparability between periods. (1) STEP has expanded the definition of Adjusted EBITDA to exclude the Adjusted EBITDA from terminated operations in order to provide clarity on the Company's normal course business activities to users of these documents. As a reminder, in Q1 2025, the U.S. fracturing CGU was subject to changes in business conditions that materially impacted its expected future economic performance. As a result, STEP began an orderly process to terminate operations of this CGU following completion of the work scope in Q1 2025. The Company expects to transfer the U.S. fracturing CGU's recently refurbished Tier 4 dual fuel equipment to Canada and will dispose of the remaining equipment over the next several quarters. As not all the equipment is being disposed of, the accounting presentation does not meet the test for the IFRS standard for discontinued operations. The following table presents a reconciliation of the non-IFRS financial measure of Adjusted EBITDA to the IFRS financial measure of net income: (1) Adjusted EBITDA from terminated operations is calculated in the same manner as the calculation of Adjusted EBITDA but does not include non-applicable items, such as unrealized (gain) loss on derivatives nor foreign exchange losses (gain) amounts. The calculation of Adjusted EBITDA from terminated operations is as follows: 'Free Cash Flow' is a financial measure not presented in accordance with IFRS and is equal to net cash provided by operating activities adjusted for changes in non-cash Working Capital from operating activities, sustaining capital expenditures, term loan principal repayments and lease payments (net of sublease receipts). The Company may deduct or include additional items in its calculation of Free Cash Flow that are unusual, non-recurring or non-operating in nature. Free Cash Flow is presented as this measure is widely used in the investment community as an indication of the level of cash flow generated by ongoing operations. Management uses Free Cash Flow to evaluate the adequacy of internally generated cash flows to manage debt levels, invest in the growth of the business or return capital to shareholders. The following table presents a reconciliation of the non-IFRS financial measure of Free Cash Flow to the IFRS financial measure of net cash provided by operating activities. 'Free Cash Flow per share-basic' is a financial measure not presented in accordance with IFRS and is equal to Free Cash Flow divided by the weighted average number of shares outstanding – basic. Management uses Free Cash Flow per share-basic to evaluate the adequacy of internally generated cash flows to manage debt levels, invest in the growth of the business or return capital to shareholders on a normalized per basic share basis. The following table presents a reconciliation of the non-IFRS financial measure of Free Cash Flow per share-basic to the IFRS financial measure of net cash provided by operating activities. 'Free Cash Flow per share-diluted' is a financial measure not presented in accordance with IFRS and is equal to Free Cash Flow divided by the weighted average number of shares outstanding – diluted. Management uses Free Cash Flow per share-basic to evaluate the adequacy of internally generated cash flows to manage debt levels, invest in the growth of the business or return capital to shareholders on a normalized per diluted share basis. The following table presents a reconciliation of the non-IFRS financial measure of Free Cash Flow per share-basic to the IFRS financial measure of net cash provided by operating activities. 'Working Capital', 'Total long-term financial liabilities' and 'Net Debt' are financial measures not presented in accordance with IFRS. 'Working Capital' is equal to total current assets less total current liabilities. 'Total long-term financial liabilities' is comprised of loans and borrowings, long-term lease obligations and other liabilities. 'Net Debt' is equal to loans and borrowings before deferred financing charges less cash and cash equivalents and CCS derivatives. The data presented is intended to provide additional information about items on the statement of financial position and should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. The following table represents the composition of the non-IFRS financial measure of Working Capital (including cash and cash equivalents). The following table presents the composition of the non-IFRS financial measure of Total long-term financial liabilities. The following table presents the composition of the non-IFRS financial measure of Net Debt. The oilfield services industry involves many risks, which may influence the ultimate success of the Company. The risks and uncertainties set out in the AIF and Annual MD&A are not the only ones the Company is facing. There are additional risks and uncertainties that the Company does not currently know about or that the Company currently considers immaterial which may also impair the Company's business operations and can cause the price of the Common Shares to decline. Readers should review and carefully consider the disclosure provided under the heading ' Risk Factors ' in the AIF and ' Risk Factors and Risk Management ' in the Annual MD&A, both of which are available on and the disclosure provided in the MD&A under the headings ' Market Outlook '. In addition, global and national risks associated with market uncertainty due to changing tariffs and other trade barriers may adversely affect the Company by, among other things, reducing economic activity resulting in lower demand, and pricing, for crude oil and natural gas products, and thereby the demand and pricing for the Company's services. Other than as supplemented in this Press Release, the Company's risk factors, and management thereof has not changed substantially from those disclosed in the AIF and Annual MD&A. FORWARD-LOOKING INFORMATION & STATEMENTS Certain statements contained in this Press Release constitute 'forward-looking statements' or 'forward-looking information' within the meaning of applicable securities laws (collectively, 'forward-looking statements'). These statements relate to the expectations of management about future events, results of operations and the Company's future performance (both operational and financial) and business prospects. All statements other than statements of historical fact are forward-looking statements. The use of any of the words 'anticipate', 'plan', 'contemplate', 'continue', 'estimate', 'expect', 'intend', 'propose', 'might', 'may', 'will', 'shall', 'project', 'should', 'could', 'would', 'believe', 'predict', 'forecast', 'pursue', 'potential', 'objective' and 'capable' and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. While the Company believes the expectations reflected in the forward-looking statements included in this Press Release are reasonable, such statements are not guarantees of future performance or outcomes and may prove to be incorrect and should not be unduly relied upon. In particular, but without limitation, this Press Release contains forward-looking statements pertaining to: 2025 and 2026 industry conditions and outlook, including commodity pricing and demand for oil and gas; the effect of LNG facilities on export capacity, natural gas storage, and industry activity levels; anticipated utilization and activity levels, revenue, pricing, and schedule; capabilities of the NGx, including fuel savings, and the Company's intent to invest in the technology; the oil and gas industry's ability to withstand volatility; the Company's ability to transfer assets where economic returns are most favorable; the Company's ability to test and evaluate next generation technologies; the effect large clients and their programs may have on the Company's activity levels; the Company's intention to invest in the development of next generation coiled tubing and fracturing technologies; the effect of tariffs and other trade barriers, inflation and cost increases on the Company and its margins; the Company's view that the NCIB is an effective means to provide value to shareholders; the impact of weather and break up on the Company's operations; the Company's ability to meet all financial commitments including interest payments over the next twelve months; the Company's plans regarding equipment; the Company's ability to manage its capital structure and adjust the Company's budget in light of market conditions; expected debt repayment and Funded Debt to Adjusted Bank EBITDA ratios; expected income tax and derivative liabilities; adequacy of resources to funds operations, financial obligations and planned capital expenditures; the Company's ability to retain its existing clients; the monitoring of impairment, amount and age of balances owing, and the Company's financial assets and liabilities denominated in U.S. dollars, and exchange rates; the Company's expected compliance with covenants under its Credit Facilities and its ability to satisfy its financial commitments thereunder. The forward-looking information and statements contained in this Press Release reflect several material factors and expectations and assumptions of the Company including, without limitation: the effect of macroeconomic factors, including global energy security concerns and levels of oil and gas inventories; 2025 and 2026 activity levels; the effect of tariffs, trade barriers, and related market concerns; levels of oil and gas production and LNG demand and export capacity on the market for the Company's services; that the Company will continue to conduct its operations in a manner consistent with past operations; the Company will continue as a going concern; the general continuance of current or, where applicable, assumed industry conditions; pricing of the Company's services; the Company's ability to market successfully to current and new clients; actual performance and availability of the NGx; predictable effect of seasonal weather and break up on the Company's operations; the Company's ability to utilize its equipment; the Company's ability to collect on trade and other receivables; Client demand for dual fuel fleets and emissions reduction technologies; the Company's ability to obtain and retain qualified staff and equipment in a timely and cost effective manner; levels of deployable equipment; future capital expenditures to be made by the Company; future funding sources for the Company's capital program; the Company's future debt levels; the expected receipt of tax amounts previously paid by the Company; the availability of unused credit capacity on the Company's credit lines; the impact of competition on the Company; the Company's ability to obtain financing on acceptable terms; the Company's continued compliance with financial covenants; the amount of available equipment in the marketplace; and client activity levels and spending. The Company believes the material factors, expectations and assumptions reflected in the forward-looking information and statements are reasonable, but no assurance can be given that these factors, expectations and assumptions will prove correct. Actual results could also differ materially from those anticipated in these forward‐looking statements due to the risk factors set forth under the heading 'Risk Factors' in the AIF and under the heading Risk Factors and Risk Management in this Press Release. Any financial outlook or future orientated financial information contained in this Press Release regarding prospective financial performance, financial position or cash flows is based on the assumptions about future events, including economic conditions and proposed courses of action based on management's assessment of the relevant information that is currently available. Projected operational information, including the Company's capital program, contains forward looking information and is based on a number of material assumptions and factors, as are set out above. These projections may also be considered to contain future oriented financial information or a financial outlook. The actual results of the Company's operations will likely vary from the amounts set forth in these projections and such variations may be material. Readers are cautioned that any such financial outlook and future oriented financial information contains herein should not be used for purposes other than those for which it is disclosed herein. The forward-looking information and statements contained in this Press Release speak only as of the date of the document, and none of the Company or its subsidiaries assumes any obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable laws. The reader is cautioned not to place undue reliance on forward-looking information. CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS STEP will host a conference call on Thursday, August 7, 2025 at 9:00 a.m. MT to discuss the results for the second quarter. To listen to the webcast of the conference call, please click on the following URL: You can also visit the Investors section of our website at and click on 'Reports, Presentations & Key Dates'. To participate in the Q&A session, please call the conference call operator at: 1-800-717-1738 (toll free) 15 minutes prior to the call's start time and ask for 'STEP Energy Services Second Quarter 2025 Earnings Results Conference Call' The conference call will be archived on STEP's website at About Step STEP is an energy services company that provides coiled tubing, fluid and nitrogen pumping and hydraulic fracturing solutions. Our combination of modern equipment along with our commitment to safety and quality execution has differentiated STEP in plays where wells are deeper, have longer laterals and higher pressures. STEP has a high-performance, safety-focused culture and its experienced technical office and field professionals are committed to providing innovative, reliable and cost-effective solutions to its clients. Founded in 2011 as a specialized deep capacity coiled tubing company, STEP has grown into a North American service provider delivering completion and stimulation services to exploration and production ('E&P') companies in Canada and the U.S. Our Canadian services are focused in the Western Canadian Sedimentary Basin ('WCSB'), while in the U.S., our coiled tubing services are concentrated in the Permian and Eagle Ford in Texas, the Uinta-Piceance, and Niobrara-DJ basins in Colorado and the Bakken in North Dakota. Our four core values; Safety, Trust, Execution and Possibilities inspire our team of professionals to provide differentiated levels of service, with a goal of flawless execution and an unwavering focus on safety.
