Expro Announces Third Quarter 2026 Results

Expro Ltd (NYSE: XPRO) (the “Company” or “Expro”) today reported financial and operational results for the three months ended September 30, 2026.

Third Quarter 2026 Highlights

• Revenue was $440 million
• Net loss of $5 million and net loss margin of 1.2%
• Adjusted EBITDA(1) of $91 million with an Adjusted EBITDA margin(1) of 20.7%
• Cash flow from operations of $65 million, or 15% of revenue
• Adjusted free cash flow(2) of $52 million
• The Company increases its 2026 annual Adjusted free cash flow guidance
• Share repurchases of approximately $9 million (0.6 million shares at an average of $16.14 per share)
• Liquidity at the end of the quarter stood at $260 million
• On October 26, 2026, the Board of Directors of the Company authorized a new $100 million share repurchase plan effective immediately and valid through December 31, 2027 

Michael Jardon, Chief Executive Officer, commented, “As expected, our third quarter results reflect a sizeable sequential increase from the second quarter. Going forward, we expect another sizeable increase with our fourth quarter results. 

“The Company continues to execute across its capital allocation strategy. During the quarter we invested approximately $31 million of capex in high-return projects, maintained a strong balance sheet, closed on the Enhanced Drilling acquisition, and returned cash to shareholders. With regard to the latter, the Company has repurchased approximately $12 million or 720 thousand shares since June 30, 2026, bringing the year-to-date repurchases to approximately 3.2 million shares. Most significantly this represents over $50 million of cash returned to shareholders in 2026, exceeding the Company’s goal of returning at least one-third of free cash flow to shareholders.

“During the quarter, the Company also made a decision to combine its MENA and APAC geographic regions. The new region now covers Asia, Middle East and North Africa, and has the abbreviation of ‘AMENA’. We are continually looking for ways to optimize and enhance the efficiency of our organization. This move is a direct result of those efforts. We project the AMENA region will have more economies of scale, which will be levered across our service offerings.”

Free Cash Flow

Expro generated $65 million in net cash provided by operating activities in the third quarter of 2026. After capital expenditures of $31 million, Expro generated $34 million of free cash flow and $52 million of Adjusted free cash flow in the third quarter of 2026.

Management believes that Adjusted free cash flow better reflects the Company’s performance by excluding one-time items, in line with corporate finance principles.

Shareholder Return

Since June 30, 2026, the Company has repurchased approximately 720 thousand shares at an average price of $16.16 per share, resulting in approximately $12 million of share repurchases. On October 26, 2026, the Board of Directors of the Company authorized a new $100 million share repurchase plan effective immediately and valid through December 31, 2027. Considering share repurchases year-to-date, Expro has already exceeded its annual commitment to utilize at least one-third of its annual Adjusted free cash flow generated for capital returns to shareholders. The Company will continue to deploy capital to generate the highest returns, including additional opportunistic share repurchases.

Short-Term Outlook 

Expro delivered the expected step-change in operating and financial performance in the third quarter, including a near record quarterly Adjusted free cash flow. Additionally, we expect another quarter of strong Adjusted free cash flow generation in the fourth quarter and, as such we are raising our full-year 2026 Adjusted free cash flow guidance to $140 - $150 million, representing approximately 8.5% of revenue. 

We project further sequential improvement in revenue and Adjusted EBITDA during the fourth quarter, supported by a production solutions project in North Africa, tubular sales in North and Latin America, and equipment sales in the Middle East and Asia. This fourth-quarter improvement will be smaller than previously anticipated, as certain high-margin activities have shifted into 2027, reducing our fourth-quarter Adjusted EBITDA expectations by approximately $20 million. Operators have deferred subsea activity in the U.S. Gulf following inclement weather in the late third quarter and fourth quarter, while well intervention and integrity work in Colombia has moved from the fourth quarter into 2027 following a change in the operator’s schedule. These projects remain in our order backlog for execution in 2027, with their value, profitability and associated cash flows retained. These small schedule changes affect the timing – but not the value – of our results, with the deferred activity now expected to contribute in 2027.

Our strong Adjusted free cash flow generation is a direct result of increased capital discipline and the tangible benefits of our Drive 25 initiatives, including the realignment of our geographic segments to create AMENA. These efforts, together with significantly improved collections and broader improvements in working capital management, are driving meaningful gains in cash flow.

Our outlook for Middle East operations remains unchanged for the balance of 2026 and for full-year 2027.

Looking ahead, our preliminary expectations for 2027 are for mid-teens growth in Adjusted EBITDA and more than 20% growth in Adjusted free cash flow compared with 2026. Together with our strong cash generation and the projects scheduled for execution next year, these expectations position Expro to enter 2027 from a position of strength. These initial expectations include a full year of contribution from the Enhanced Drilling acquisition. We remain excited about the growth potential of this industry-leading MPD technology and customer inquiries remain robust. To that end, the Company recently commenced its first operations utilizing the Enhanced Drilling technologies in West Africa, expanding the usage of the technology to another strong offshore region.

Financial Guidance 

Our guidance takes into consideration the ongoing conflict in the Middle East and the inclusion of the Enhanced Drilling acquisition, which closed late July 2026. Additionally, we have updated our annual guidance based on third quarter and projected fourth quarter results. 

Other Financial Information

As of September 30, 2026, Expro’s consolidated cash and cash equivalents, including restricted cash, totaled $173 million, and the Company’s total liquidity stood at $260 million. Total liquidity includes $87 million available for drawdowns as loans under the Company’s revolving credit facility. The Company had outstanding long-term borrowings of $259 million as of September 30, 2026.

The financial measures provided that are not presented in accordance with GAAP are defined and reconciled to their most directly comparable GAAP measures. Please see “Use of Non-GAAP Financial Measures” and the reconciliations to the nearest comparable GAAP measures.

Additionally, downloadable financials are available in the Investor section of www.expro.com.

Notable Awards and Achievements

North and Latin America (NLA)

• In Alaska, Expro was awarded a contract for two project-specific flowback packages, which is expected to exceed 200 wells. This is a two-year contract with two one-year options attached.
• In Canada, Expro renewed a contract for its tubular running services for approximately 30 more offshore well with options that could extend the contract further for more than a decade, which highlights Expro’s positioning as a preferred provider. 

Europe and Sub-Saharan Africa (ESSA)

• In Mozambique, the Company secured a three-year tubular running service contract in which Expro will deploy its Auton™ and iTONG technologies. 
• In Nigeria, Expro received contract awards in its subsea landing string business as well as the first deployment of the Company’s 14-inch BRUTE Packer in the ESSA region.
• In West Africa, the Company commenced its first operations utilizing Enhanced Drilling technologies with the successful start-up of its EC Drill® Dual MPD system. 

Asia, Middle East and North Africa (AMENA)

• In Algeria, the Company secured an agreement expanding the existing scope of production solutions work, reinforcing the Company’s position as a preferred solution provider.
• In Australia, Expro secured a three-year contract to deploy the Company’s Through Blowout Preventer Intervention Riser System (“TBIRS”) supporting the customer’s offshore drilling, completion and flowback operations.

Technologies

• Expro secured eight finalist nominations at the 2026 Gulf Energy Information Excellence Awards, demonstrating the breadth and strength of its technology portfolio. The Company won the following category - Best Controls, Instrumentation, Automation Technology-Upstream: iTONG™.
• The Company launched Maestro®, a modular well-test platform designed to support safer, more efficient operations while retaining human oversight of critical decisions. Combining automation, remote control, real-time visibility and decision support, Maestro® helps reduce operational complexity across onshore and offshore environments. A full deployment can reduce red-zone exposure by up to 67%.
• Expro’s Articulock® gained traction across North Sea well construction, intervention and subsea recovery projects in water depths exceeding 1,000 meters. This technology reduces fatigue and bending loads and, on one campaign, enabled operations beyond conventional weather limits, avoiding several days of potential delay. 

Segment Results

Unless otherwise noted, the following discussion compares the quarterly results for the third quarter of 2026 to the results for the second quarter of 2026.

North and Latin America (NLA) 

Revenue for the NLA segment was $155 million for the three months ended September 30, 2026, an increase of $26 million, or 20%, compared to $129 million for the three months ended June 30, 2026. The increase was primarily driven by the Enhanced Drilling acquisition, higher well construction revenue in the U.S., Brazil and Suriname, higher well flow management revenue in Caribbean and Mexico, increased subsea well access activities in the U.S., partially offset by lower well flow management revenue in the U.S.

Segment EBITDA for the NLA segment was $36 million, or 23% of revenues, during the three months ended September 30, 2026, an increase of $10 million, or 37%, compared to $26 million, or 20%, of revenues during the three months ended June 30, 2026. The marginal increase in Segment EBITDA was primarily attributable to increase in revenue.

Europe and Sub-Saharan Africa (ESSA) 

Revenue for the ESSA segment was $149 million for the three months ended September 30, 2026, an increase of $22 million, or 17%, compared to $127 million for the three months ended June 30, 2026. The increase in revenue was primarily attributable to the Enhanced Drilling acquisition, higher well construction management activities in Ivory Coast, Norway and Azerbaijan and increased subsea well access activities in Ghana. These increases were partially offset by lower well flow management revenue in the United Kingdom and reduced subsea well access activities in the United Kingdom and Norway.

Segment EBITDA for the ESSA segment was $38 million, or 26% of revenues, for the three months ended September 30, 2026, an increase of $4 million, or 12%, compared to $34 million, or 27% of revenues, for the three months ended June 30, 2026. The increase in Segment EBITDA, was primarily attributable to higher revenue, partially offset by a slight decrease in segment EBITDA margin due to reduced work on higher margin projects.

Asia, Middle East and North Africa (AMENA) 

Revenue for the AMENA segment was $136 million for the three months ended September 30, 2026, a decrease of $1 million, or 1%, compared to $137 million for the three months ended June 30, 2026. The decrease in revenue was primarily attributable to lower well flow management revenue in Saudi Arabia and reduced subsea access activities in Malaysia, partially offset by higher well flow management revenue in India and higher well construction revenue in Saudi Arabia.

Segment EBITDA for the AMENA segment was $41 million, or 30% of revenues, for the three months ended September 30, 2026, an increase of $0.2 million, or 0.4%, compared to $41 million, or 30% of revenues, for the three months ended June 30, 2026. 

Conference Call

The Company will host a conference call to discuss third quarter 2026 results on Tuesday, November 3, 2026, at 10:00 a.m. Central Time (11:00 a.m. Eastern Time).

Participants may also join the conference call by dialing:

Toll-Free: +1 (833) 461-5787

Toll: +1 (626) 884-3620

Access ID: 591846746

To listen via live webcast, please visit the Investor section of www.expro.com.

The third quarter 2026 Investor Presentation is available in the Investor section of www.expro.com.

An audio replay of the webcast will be available on the Investor section of the Company’s website approximately three hours after the conclusion of the call and will remain available for a period of two weeks.

To access the audio replay telephonically:

Dial-In: Toll-Free:+1 (833) 309-1852 or Toll: +1 (929) 828-5978

Access ID: 591846746

Start Date: November 3, 2026, approximately 1:00 p.m. CT

End Date: November 17, 2026, 10:59 p.m. CT

A transcript of the conference call will be posted to the Investor Relations section of the Company’s website as soon as practicable after the conclusion of the call.