Enerflex Q2 2025 Earnings Report

Enerflex EPS Results

• Actual EPS: $0.49
• Consensus EPS: $0.07
• Beat/Miss: Beat by +$0.42
• One Year Ago EPS: N/A

Enerflex Revenue Results

• Actual Revenue: $615.00 million
• Expected Revenue: $555.24 million
• Beat/Miss: Beat by +$59.76 million
• YoY Revenue Growth: N/A

Enerflex Announcement Details

• Quarter: Q2 2025
• Date: 8/7/2025
• Time: Before Market Opens
• Conference Call Date: Thursday, August 7, 2025
• Conference Call Time: 10:00AM ET

Enerflex (NYSE:EFXT) offers energy infrastructure and energy transition solutions to natural gas markets in North America, Latin America, and the Eastern Hemisphere. The company provides natural gas compression infrastructure, processing, and treated water infrastructure under contract to oil and natural gas customers; power generation rental solutions; custom and standard compression packages for reciprocating and screw compressor applications; re-engineering, re-configuration, and re-packaging of compressors for various field applications; integrated turnkey power generation, gas compression, processing facilities, natural gas compression, processing, and electric power solutions; after-market mechanical services and parts distribution, as well as maintenance solutions to the oil and natural gas industry, operations, and overhaul services; and equipment supply, parts supply, and general asset management. It also designs, engineers, manufactures, constructs, and installs modular natural gas processing equipment, low-carbon solutions, cryogenic systems, electric power solutions, and treated water solutions; and engages in the engineering, design, procurement, project management, and construction services for compression, process, treated water, and power generation equipment, as well as after-market service, parts, and operations and maintenance services for gas compression, processing, and treated water facilities in the region. The company was formerly known as Enerflex Systems Income Fund and changed its name to Enerflex Ltd. in January 2010. Enerflex Ltd. was founded in 1980 and is headquartered in Calgary, Canada.

Enerflex Q2 2025 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: Enerflex reported a record quarterly adjusted EBITDA of $130 million, with Energy Infrastructure and Aftermarket Services generating 65% of gross margin before depreciation and amortization.
• Positive Sentiment: Utilization in the U.S. Contract Compression fleet remained above 90% for the 14th consecutive quarter, and the fleet is expected to surpass 475,000 horsepower by year-end under multiyear contracts.
• Neutral Sentiment: Engineered Systems maintained a backlog of $1.2 billion with Q2 bookings of $365 million (1.1× book-to-bill), though gross margins are anticipated to normalize amid tariff and commodity price risks.
• Negative Sentiment: Free cash flow was a use of cash of $39 million in Q2 2025, driven by growth CapEx, strategic inventory investments, working capital build-up, and executive transition costs.
• Positive Sentiment: Enerflex extended its $800 million revolving credit facility to July 11, 2028, preserving $630 million of liquidity and achieving a net debt/EBITDA ratio of 1.3×, underscoring financial strength.

Presentation

[Operator]

Good day, and thank you for standing by. Welcome to the Enerflex Second Quarter twenty twenty five Earnings Conference Call. At this time, all participants are in listen only mode. After the speakers' presentation, there will be a question and answer session. To ask a question during the session, you will need to press 11 on your telephone.

[Operator]

You'll then hear automated message advising your hand is raised. To withdraw your question, please press 11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Jeff Satterly, Vice President, Corporate Development and Capital Markets. Please go ahead.

[Jeff Fetterly, VP-Corporate Development and IR at Enerflex]

Thank you, Marvin, and good morning, everyone. With me today are Preet Dinza, Interim President and CEO Joe Leddeser, Interim CFO and Ben Park, Enerflex's Controller. During today's call, our prepared remarks will focus on four key areas. One, the continued strong performance of Enerflex's business two, our outlook and Enerflex's strategic positioning three, capital allocation, including our refined capital spending program for 2025 and direct returns to shareholders and four, our progress on near and long term strategic priorities. Before I turn it over to Preet, I'll remind everyone that today's discussion will include non IFRS and other financial measures, as well as forward looking statements regarding Enerflex's expectations for future performance and business prospects.

[Jeff Fetterly, VP-Corporate Development and IR at Enerflex]

Forward looking information involves risks and uncertainties and the stated expectations could differ materially from actual results or performance. For more information, to the advisory statements within our news release, MD and A and other regulatory filings all available on our website and under our SEDAR plus and EDGAR profiles. As part of our prepared remarks, we will be referring to slides in our updated investor presentation, which is available through a link on this webcast and on our website under the Investor Relations section. I'll turn it over to Preet.

[Preet Dhindsa, Interim President & CEO at Enerflex]

Thanks, Jeff, and thank you all for joining us on this morning's call. We are pleased to report another strong quarter of financial and operating results that translated into a quarterly record for adjusted EBITDA. These results reflect solid performance across our geographies of business lines as well as our ongoing efforts to optimize and streamline our business. Our energy infrastructure and aftermarket services business lines continue to deliver steady performance and reinforce Enerflex's ability to generate sustainable returns across our global platform. Energy infrastructure and aftermarket services contributed 65% of gross margin before depreciation and amortization in the 2025, and we expect these business lines will continue to represent the core of Enerflex' profitability.

[Preet Dhindsa, Interim President & CEO at Enerflex]

We also maintained solid visibility on our Engineered Systems business, supported by a healthy $1,200,000,000 backlog at the end of the second quarter. And now a few highlights from each of our business lines. The energy infrastructure business continues to perform well, supported by approximately $1,500,000,000 of revenue under contract. Our U. S.

[Preet Dhindsa, Interim President & CEO at Enerflex]

Contract compression fleet is an important part of our energy infrastructure asset base, and the fundamentals for this business remain strong, led by increasing natural gas production in The U. S. We're also pleased with the operational performance of our U. S. Contract compression business, reflective of utilization remaining above 90% for the past fourteen quarters and solid revenue per horsepower per month and profitability.

[Preet Dhindsa, Interim President & CEO at Enerflex]

These KPIs are highlighted in Slides eighteen and nineteen of our investor presentation. Demand for new contract compression equipment in The U. S. Remains strong. We exited the quarter with 456,000 horsepower and expect to be over 475,000 horsepower by the end of this year.

[Preet Dhindsa, Interim President & CEO at Enerflex]

New units are being deployed under multiyear contracts in core operating regions with a focus on larger horsepower natural gas and electric drive applications. Slide sixteen and seventeen highlighted international energy infrastructure business, which includes approximately 1,100,000 horsepower of operated compression and 23 build, own, operate and maintain or BOOM projects in Bahrain, Oman and Latin America. Our two produced water projects in Oman continue to perform very well and we commissioned an expansion of one project in early Q3, which is highlighted on Slide 20. Our international energy infrastructure business is supported by approximately $1,300,000,000 of contracted revenue and an average contract term for approximately five years. Turning to aftermarket services, This business line benefited from increased activity levels and customer maintenance activities during the quarter.

[Preet Dhindsa, Interim President & CEO at Enerflex]

We expect these trends to continue throughout the remainder of 2025. On the Engineered Systems side, we maintained our backlog at $1,200,000,000 at the end of the quarter, consistent with the August average ES backlog of approximately $1,200,000,000 This sustained level of backlog over a two year period reflects stable demand for Enerflex ES solutions across global energy infrastructure markets. Enerflex recorded ES bookings of $365,000,000 during the three months ended 06/30/2025, compared to $331,000,000 during the same period of 2024, and the August average of $329,000,000 DS product line maintained a book to bill ratio, calculated as bookings divided by revenue of 1.1 times during the 2025, indicating that new bookings are generally keeping pace with revenue recognition. The current balance between bookings and revenue supports near term revenue visibility and reflects a stable demand environment. We expect ES revenue to remain steady in the near term and for gross margin from this business to align more closely with historical averages, reflective of a shift in product mix.

[Preet Dhindsa, Interim President & CEO at Enerflex]

Demand across the product line remains constructive as we continue to actively monitor near term risks and uncertainties, including the impact of tariffs and commodity price volatility. We believe the medium term outlook for ES products and services is attractive, supported by anticipated growth in natural gas and produced water volumes across Enerflex's global footprint. Enerflex's priorities in 2025 include enhancing the profitability of core operations, leveraging the company's leading position in core operating countries to capitalize on expected increases in natural gas and produced water volumes, and maximizing free cash flow to strengthen Enerflex's financial position, provide direct shareholder returns and invest in selective customer supported growth opportunities. Before I turn the call over to Joe, I'd like to comment briefly on our leadership transition. On March 19, Enerflex announced that Mark Rothscher stepped down as President, CEO, and Director.

[Preet Dhindsa, Interim President & CEO at Enerflex]

Concurrently, I assume the role as Interim President and CEO and Joe as Interim CFO. The Board is undertaking a comprehensive search to identify the company's permanent CEO and has retained a leading global search firm to assist with this process. The search process is making good progress and we will not be commenting further. With that, I'll turn it over to Joe to speak to the financial side.

[Joe Ladouceur, Interim CFO at Enerflex]

Thank you, Preet, and good morning, everyone. I'll start with highlights from the second quarter. We reported consolidated revenues of $615,000,000 compared to $614,000,000 in Q2 'twenty four and $552,000,000 in Q1 twenty twenty five. Gross margin before depreciation and amortization was $175,000,000 or 29% of revenue compared to 170 three million twenty eight percent of revenue in Q2 twenty twenty four and $161,000,000 or 29% of revenue during Q1 twenty twenty five. As Preet referenced, the EI and AMS product lines generated 65% of consolidated gross margin before depreciation and amortization during Q2 twenty twenty five, and we continue to expect similar results for the remainder of the year.

[Joe Ladouceur, Interim CFO at Enerflex]

Energy infrastructure performance continued to be strong with gross margin before D and A of $86,000,000 compared to $77,000,000 in Q2 twenty twenty four and eighty six million dollars in Q1 twenty twenty five. Aftermarket services gross margin before D and A was 23% in the quarter, benefiting from strong customer maintenance programs. SG and A was $61,000,000 for the three months ended 06/30/2025, down $14,000,000 from the prior year period. This is driven by cost saving initiatives, improved operational efficiencies and the absence of one time integration costs that were occurred in 2024. Adjusted EBITDA was $130,000,000 which represents a new quarterly record for Enerflex.

[Joe Ladouceur, Interim CFO at Enerflex]

This compares to $122,000,000 in Q2 twenty twenty four and $113,000,000 during the 2025. Cash provided by operating activities before changes in working capital or FFO increased to $89,000,000 in Q2 twenty twenty five compared to $63,000,000 in Q2 twenty twenty four and $62,000,000 in the 2025. This is a function of higher adjusted EBITDA, lower net finance costs and lower current tax expense. Free cash flow was a use of cash of $39,000,000 in Q2 twenty twenty five compared to a use of cash of $4,000,000 during Q2 twenty twenty four and a source of cash of $85,000,000 during Q1 twenty twenty five. Compared to the second quarter of twenty twenty four, an increase in FFO was more than offset by an increased growth capital spending and a build in net working capital.

[Joe Ladouceur, Interim CFO at Enerflex]

Notably, strategic inventory investments to support future projects, including work in progress related to EI assets and purchases of select major components with increasing lead times, income taxes payable, and finally executive transition costs. Compared to the 2025, net working capital was also impacted by an increase in accounts receivable, which related to strong revenue recognition during the latter part of the quarter, which we expect to normalize. Now I'd like to touch on our financial position. We exited the quarter with net debt of $6.00 $8,000,000 which included $71,000,000 of cash and available liquidity of $630,000,000 compared to $672,000,000 in the first quarter. Enerflex's bank adjusted net debt to EBITDA ratio was approximately 1.3 times at the end of Q2 twenty twenty five, that is down from 2.2 times at the end of Q2 twenty twenty four and consistent with Q1 twenty twenty five.

[Joe Ladouceur, Interim CFO at Enerflex]

Further details are included on slide 13 of our investor presentation. In early Q3, Enerflex entered into an amended and restated credit agreement with respect to its syndicated secured revolving credit facility, the RCF. The maturity date of the RCF has been extended by three years to 07/11/2028 and availability is unchanged at $800,000,000 Now let me shift to capital allocation. First on our CapEx plans. We invested $71,000,000 in the business consisting of $34,000,000 in capital expenditures, 23,000,000 of which was for growth and $37,000,000 for expansion of an EI project in our Eastern Hemisphere region that was commissioned in Q3 twenty twenty five and is now accounted for as a finance lease.

[Joe Ladouceur, Interim CFO at Enerflex]

Full year 2025 capital spending is now expected to approximate $120,000,000 compared to our previous guidance of 110,000,000 to 130,000,000 This includes approximately $60,000,000 earmarked for growth initiatives compared to the previous guidance of 40,000,000 to $60,000,000 Growth investment will focus on customer supported opportunities, primarily in The U. S. Contract compression business line where the fundamentals remain strong. Maintenance and PPE capital expenditures are now expected to be approximately $60,000,000 compared to our prior guidance of $70,000,000 and this is reflective of our continued efforts to realize efficiencies across our operations. And now I'll turn to direct shareholder returns.

[Joe Ladouceur, Interim CFO at Enerflex]

Enerflex returned $18,000,000 to shareholders in Q2 through dividends and share repurchases. Our NCIB commenced on April 1 and authorizes the company to repurchase up to approximately 6,200,000.0 shares through the March 2026. Enerflex repurchased 1,899,200 common shares at an average price of CAD10.08 per share during the second quarter. Going forward, capital allocation decisions will be based on delivering value to Enerflex shareholders and measured against Enerflex's ability to maintain balance sheet strength. In addition to disciplined growth capital spending, share repurchases and dividends, Enerflex will also consider further debt reduction to strengthen its balance sheet and lower net finance costs.

[Joe Ladouceur, Interim CFO at Enerflex]

Unlocking greater financial flexibility positions the company to respond to evolving market conditions and capitalize on opportunities to optimize its debt stack. I want to thank Enerflex employees for their efforts in delivering strong operational and financial results. We continue to prioritize profitability and operational resilience to ensure Enerflex delivers strong and reliable returns for our shareholders. With that, I will turn the call back to Preet for closing remarks.

[Preet Dhindsa, Interim President & CEO at Enerflex]

Thanks, Joe. We've made significant operational, financial and strategic strides in recent quarters. I want to thank the Enerflex team across our global operations for their efforts delivering these results. We believe the long term fundamentals driving our growth, including global energy security and the continued increase in demand for natural gas remain firmly in place. We believe Enerflex is well positioned for those fundamentals, and we are focused on taking advantage of opportunities across our global platform.

[Preet Dhindsa, Interim President & CEO at Enerflex]

I look forward to building on our progress. And with that, we will now turn the call to the operator for questions.

[Operator]

Thank you. At this time, we'll conduct a question and answer session. And our first question comes from the line of Keith Mackey of RBC Capital Markets. Your line is now open.

[Keith Mackey, Director, Global Equity Research, Oil & Gas Services at RBC Capital Markets]

Hi, good morning. Just curious if you can comment a little bit more on what's driving the tightness in utilization in U. S. Contract compression? How sustainable do you think that is? And ultimately, what underpins your confidence in increasing your investment in that division now?

[Jeff Fetterly, VP-Corporate Development and IR at Enerflex]

Morning Keith, it's Jeff. As we've talked about in prior quarters, we're seeing a favorable supply demand balance across The US contract compression market and the supply side is very much a function of the discipline we're seeing from the three largest competitors. Underlying that is the market continues to grow nicely in line with the supply growth from a natural gas standpoint in The U. S. As well.

[Jeff Fetterly, VP-Corporate Development and IR at Enerflex]

As we've talked about in previous quarters, the contract durations that we're signing for both new equipment and on renewals of existing equipment have continued to lengthen over the last year. And our expectation is that we'll continue to see those fundamentals in place. So the increase in our guidance from a growth capital standpoint to the top end of the range is to support the continued demand that we're seeing from customers and opportunities across The U. S, especially in the Permian. And we believe those investments are de risked by the longer duration contracts that have been put in place to support those assets.

[Keith Mackey, Director, Global Equity Research, Oil & Gas Services at RBC Capital Markets]

Understood. Can you just comment also a little bit more on the type of growth you expect to see out of that division over the next two, four plus quarters to the extent that you can kind of map the investment the market into your financial results?

[Jeff Fetterly, VP-Corporate Development and IR at Enerflex]

So, from a fleet side, we exited Q1 at just under 450,000 horsepower. We're at 456,000 coming out of the end, the June. As we've talked about in guidance, the expectation is that the fleet will be over 475,000 horsepower by the end of the year. We do expect those additions to be more weighted to the fourth quarter than the third quarter, but those assets as they're deployed go on contract and go on rent. So we'd expect the financial performance of the business to move concurrently as the fleet continues to grow.

[Jeff Fetterly, VP-Corporate Development and IR at Enerflex]

As Preet talked about in his prepared remarks, our expectation and visibility is for utilization and pricing to remain stable and attractive across that business. So we don't expect any significant impact from that side in terms of the financial performance for our contract compression business.

[Keith Mackey, Director, Global Equity Research, Oil & Gas Services at RBC Capital Markets]

Understood. That's it for me. Thanks very much.

[Operator]

Thank you. One moment for our next question.

[Operator]

And our next question comes from the line of Tim Managello of ATB Capital Markets. Your line is now open.

[Tim Monachello, MD - Equity Research at ATB Capital Markets]

Hey, good morning, everyone. Can you hear me?

[Joe Ladouceur, Interim CFO at Enerflex]

Yeah. Good morning, Tim.

[Tim Monachello, MD - Equity Research at ATB Capital Markets]

Okay, cool. I'm just curious, press release mentioned expanding the North American manufacturing facility. Can you elaborate on what you're doing there?

[Preet Dhindsa, Interim President & CEO at Enerflex]

Can you just repeat the last part of that, Tim?

[Tim Monachello, MD - Equity Research at ATB Capital Markets]

Right. I'm just wondering if you can elaborate on what you're doing with that expansion.

[Preet Dhindsa, Interim President & CEO at Enerflex]

Yes. So we took on a little bit more land adjacent to our U. S. Facility in Houston. We had the option to take it.

[Preet Dhindsa, Interim President & CEO at Enerflex]

Our view is that given the constructive natural gas macro, we've got great production out of that facility And just want to keep optionality for future growth as and when appropriate. We've got a significant facility there as well as Broken Arrow and the opportunity came up to take the land, we did it. And once again, it just positions us well for taking advantage of any further follow on activity that we can execute on through that plant.

[Tim Monachello, MD - Equity Research at ATB Capital Markets]

Okay. But are you running anywhere close to capacity in your current manufacturing facilities in North America?

[Preet Dhindsa, Interim President & CEO at Enerflex]

We still have a fair bit of capacity and we've got a great talent pool and we can flex up and down as necessary with that talent pool in Houston as we're talking about primarily. But overall, we've got sufficient capacity and that additional land creates optionality for future growth of the business, the ES side of business.

[Tim Monachello, MD - Equity Research at ATB Capital Markets]

Okay, got it. Wondering if you can perhaps talk a little bit about what CapEx might look like in 2026 and beyond and I guess your longer term expectations as they stand for growth of The U. S. Compression fleet?

[Preet Dhindsa, Interim President & CEO at Enerflex]

I'll start with it, maybe Jeff will lead into that. So this recently we just announced $60,000,000 growth primarily earmarked for The U. S. Contract compression fleet that we do feel good about the depth of the market and the constructive natural gas macro as we mentioned. And continue to build to the end of this year in The U.

[Preet Dhindsa, Interim President & CEO at Enerflex]

S. Fleet up around 475,000 horsepower from 428,000 at the end of last year. But overall, growth is a very important lever that we can deploy free cash flow. And we do feel the market in The U. S.

[Preet Dhindsa, Interim President & CEO at Enerflex]

Fleet highly constructive, good economics, meaning utilization and revenue per horsepower per month. So we feel good about what we've invested and plan to invest this year and we'll follow on in 2026.

[Jeff Fetterly, VP-Corporate Development and IR at Enerflex]

As Tim, as Joe mentioned in his prepared remarks around the working capital side, we've been making strategic investments on the inventory side reflective of increasing lead times on equipment, especially the engine side. And so we're starting to make commitments for CapEx and growth for 2026 to reflect the realities of the supply chain and also trying to align ourselves with the customers planning cycle and our strategic partnerships that we have in that business. And so we're still formulating our formal plans for 2026, but we are certainly progressing quicker than in prior years associated with mapping out our growth and growth intentions going into next year.

[Tim Monachello, MD - Equity Research at ATB Capital Markets]

Okay, got it. I guess given that you're a vertically integrated player in The US rental compression space, what do you think your time to market is for new compression versus what it might be for some of your competitors that use third party manufacturer?

[Jeff Fetterly, VP-Corporate Development and IR at Enerflex]

A little bit of a subjective question because it depends on application, equipment, scheduling, but we still believe that our time to market is a competitive advantage relative to other players in the market and those especially that are not vertically integrated.

[Tim Monachello, MD - Equity Research at ATB Capital Markets]

And you'd have a cost advantage as well, imagine?

[Jeff Fetterly, VP-Corporate Development and IR at Enerflex]

We believe so, yes.

[Tim Monachello, MD - Equity Research at ATB Capital Markets]

Bookings numbers really strong in the quarter. Was there anything lumpy in that? And can you provide any commentary on what you're seeing on the leading edge in the first sort of month or so of Q3?

[Jeff Fetterly, VP-Corporate Development and IR at Enerflex]

As Preet talked about in his prepared remarks, we saw a much more normalized reflective order structure during the second quarter. As we talked about back in May, first quarter bookings for us were partly impacted by a pull forward into the fourth quarter, but then also some selective pauses on the customer side. We saw a much more normalized cadence for order flow in the second quarter. To your specific question, there's nothing significant and lumpy in the second quarter bookings that we don't expect to be normal course. As we look forward into the third and fourth quarters, we continue to see good depth and good opportunities within the market.

[Jeff Fetterly, VP-Corporate Development and IR at Enerflex]

They touch on both the compression and the gas processing or deep cut side, and we expect as we've talked about sort of when you look at the eight quarter average for bookings at about $330,000,000, We continue to target a book to bill ratio of around one times in coming quarters.

[Tim Monachello, MD - Equity Research at ATB Capital Markets]

And you have been calling for a normalization in margins in the ES segment for a number of quarters now, hasn't really come to fruition. How much, I guess, can you talk about when you expect that normalization to start to hit financials?

[Jeff Fetterly, VP-Corporate Development and IR at Enerflex]

You've seen some indications of it, but the team has done a fantastic job of executing and delivering margins that are higher than we've seen on historical basis. The guidance that we're providing, we believe is reflective of embedded margin, but also the mix that we're seeing in the shift more towards compression based work relative to gas processing work. So we're still comfortable with margins trending towards the long term average, but also very much reflective of the strong operational execution our teams have been doing as well.

[Tim Monachello, MD - Equity Research at ATB Capital Markets]

So do you think it's possible that if your teams continue to execute, you can continue to maintain margins at or above the level that you've seen over the last two quarters?

[Jeff Fetterly, VP-Corporate Development and IR at Enerflex]

We continue to challenge them to deliver strong margins, but our guidance is reflective of what we believe a good base case is today.

[Tim Monachello, MD - Equity Research at ATB Capital Markets]

Okay. And then last one for me, promise. G and A was a strong number in Q2, down from Q1. Where do you see G and A trending as we go forward in 2025 and into the out years?

[Preet Dhindsa, Interim President & CEO at Enerflex]

Tim, as we've been mentioning over several quarters, integration was done last year. We've got some synergies out of integration. Full run rate synergies are going to be achieved this year and next year. So we feel good about the level of G and A and that's a high focus of ours as we continue to simplify our business, get up legal entities that are somewhat dormant and just look at our geographic footprint. So consciously looking at ways to simplify and optimize our business and G and A is a key metric that we continually focus on.

[Tim Monachello, MD - Equity Research at ATB Capital Markets]

Okay, appreciate it. I'll turn it back. Congrats on a great quarter.

[Joe Ladouceur, Interim CFO at Enerflex]

Thanks, Jim. Thank you.

[Operator]

Thank you. I'm showing no further questions at this time. I'll now turn it back to Preet Densda for closing remarks.

[Preet Dhindsa, Interim President & CEO at Enerflex]

Since there are no further questions, thank you for joining today's call. We look forward to providing you with our third quarter financial results in November.

[Operator]

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

Participants

Executives

• Jeff Fetterly, VP-Corporate Development and IR
• Preet Dhindsa, Interim President & CEO
• Joe Ladouceur, Interim CFO

Analysts

• Keith Mackey, Director, Global Equity Research, Oil & Gas Services at RBC Capital Markets
• Tim Monachello, MD - Equity Research at ATB Capital Markets