Expro Group Holdings N.V. Announces Second Quarter 2025 Results, Reaffirms Full-Year Guidance, and Remains Committed to Shareholder Return Targets

29th July 2025

HOUSTON - July 29, 2025 – Expro Group Holdings N.V. (NYSE: XPRO) (the “Company” or “Expro”) today reported financial and operational results for the three and six months ended June 30, 2025.

Second Quarter 2025 Highlights

  • Third consecutive quarter of financial results above expectations, evidencing Expro’s continued operational execution
  • Revenue was $423 million, exceeding the top end of the Company’s guidance range of $410 million
  • Net income of $18 million, and net income margin of 4%
  • Adjusted EBITDA1 of $94 million, exceeding the top end of the Company’s guidance range of $90 million
  • Adjusted EBITDA margin1 of 22% marks a third consecutive record high and ranks among the top in our peer group
  • Cash flow from operations of $48 million, or 11% of revenues
  • Free cash flow1 was $27 million, and free cash flow margin1 of 6% and adjusted free cash flow1 of $36 million, and adjusted free cash flow margin1 of 9%
  • Share repurchases of $5 million (~637,000 shares at an average $7.87 per share)
  • Total order backlog of $2.3 billion recording second-highest new order awards of $595 million
  • Reaffirming full-year guidance with revenue of circa $1.7 billion, Adjusted EBITDA of at least $350 million and Adjusted Free Cash Flow of ~7% of revenues, or ~$110 million
  • Remain committed to returning approximately one-third, or ~$40 million, of adjusted free cash flow to shareholders annually

 

Michael Jardon, Chief Executive Officer, noted “We are pleased to report strong second quarter financial results, reflecting the continued resilience of our business and outstanding performance of our team. Second quarter Adjusted EBITDA margin of 22% repr esents our best second quarter performance ever and third consecutive quarter of margins at the highest levels in the company’s history. Additionally, we generated adjusted free cash flow of $36 million, and we remain committed to returning approximately one-third of our adjusted free cash flow, or ~$40 million, to shareholders annually.

“Expro’s results demonstrate the success of the organic and inorganic investments we have made to drive growth and expand margins, our progress on structural cost savings through our Drive25 initiatives, improved business activity mix and above all operational execution. Additionally, we are capitalizing on our diverse geographic footprint in key growth markets and benefitting from our significant exposure to offshore and international markets, with limited exposure in regions such as U.S. land, Mexico and offshore Saudi, markets that will continue to be soft in 2025.

“Innovation and safety are at the heart of everything we do and have been instrumental in driving Expro’s continued growth. We are dedicated to developing and profitably commercializing innovative technologies to ensure we remain at the forefront of our industry and deliver differentiated value to customers and superior returns for shareholders.

“The strength and diversity of our portfolio is reflected in the momentum of our regional activity and in our milestone quarter, recording the second-highest new order awards in Expro’s history. Our new business wins are a testament to the trust our customers place in Expro and highlights our commitment to safety, service quality, and the delivery of cost-effective, technology-driven solutions throughout the well lifecycle.

“We continue to focus on operational execution to deliver financial results. Given our line of sight on near-term customer activity, we are reaffirming full-year guidance with revenues of circa $1.7 billion and Adjusted EBITDA of at least $350 million and remain committed to returning approximately one-third of adjusted free cash flow to shareholders in 2025. Our focus will continue to be on adjusted free cash flow generation, by continuing to focus on expanding our margins and reducing the capital intensity of our business.”

 

1. A non-GAAP measure.

 

Notable Awards and Achievements

In the second quarter, Expro achieved three industry firsts, each focused on reducing the customer’s operational risk and elevating safety, with two breakthroughs leveraging advanced automation technology. This included the following:

These technologies give Expro competitive advantages in highly specialized service offerings and create current future revenue opportunities by enabling scalable technology applications with improved margins.

  • Introduction of the BRUTE® Armor Packer, which was designed to enhance deepwater well integrity and efficiency, by enabling the suspension of high-pressure wells, a critical capability that was previously unavailable on the market and now introduced by Expro. We expect customers to rapidly deploy this technology as two super majors have already successfully deployed the system in the Gulf of America.
  • Fully automated Remote Clamp Installation System (RCIS) was developed with and partially sponsored by a super major with a focus on limiting personnel exposure to the hazardous areas of the rig floor and thereby improving safety and operational efficiency. Expro’s RCIS is currently the only mechanized, hands-free control line clamp installation solution available and can be applied to all intelligent and subsea completions. The technology was deployed in the North Sea where Expro successfully ran a fully hands-free upper completion and reduced each installation time by approximately 50% per clamp. Based on the success of the operation the customer has awarded additional jobs for future deployments.
  • The world’s first fully remote five-plug cementing operation using the Generation-X™ Remote Plug Launcher combined with the SkyHook™ cement-line make-up device, further enhancing safety, reducing rig time, and expanding Expro’s scope for new applications. The deployment marks a major step forward in the company’s expansion of cementing services in the Middle East offshore and reflects the progression of the strategic initiatives for the region.

 

These technologies give Expro competitive advantages in highly specialized service offerings and create current future revenue opportunities by enabling scalable technology applications with improved margins.

Expro demonstrated strong performance across its global operations, securing a substantial multi-year, multi-rig contract in Guyana with revenues in excess of $120 million for completion and tubular running services (TRS). Additionally, the company was awarded a significant three-year contract by Woodside Energy for Mexico's first deepwater oil production facility.

In addition to previously mentioned achievements in NLA, Brazil experienced incremental activity, securing over $50 million in contracts in the second quarter focused on production optimization and well decommissioning solutions.

In the ESSA region, Expro successfully executed a multi-well campaign for a major operator in Angola, completing 11 clean-up and 12 well intervention operations totaling approximately 5,000 hours and achieving a notable 98% job performance rating. In the UK North Sea, the company continued its long-standing collaboration with a major operator, recently extending a three-year contract with revenues of approximately $30 million covering well intervention, well services, and well testing. This is further testament to Expro’s high service standards and enduring client partnerships.

Within the MENA region, Expro expanded its portfolio in production optimization, exemplified by a seven-year production contract with revenues of approximately $100 million for the delivery of a gas compression system on low pressure gas wells to maintai n throughput at the processing facility. Additionally, as a result of the high service quality delivered to the customer, the team secured a six-month contract extension with revenues of approximately $60 million for early production facilities and gas compression services.

In the APAC region, notably Indonesia, Expro secured four contracts with a single customer with revenues of approximately $15 million for well intervention and integrity services, contributing to brownfield production optimization through enhanced reservoir access, restoration of well integrity, and maximized hydrocarbon recovery. Furthermore, within TRS, Expro performed the first rigless conductor driving operation on a customer’s platform in over a decade underscoring our commitment to delivering cost-effective solutions to the region. The team successfully completed a six-slot conductor installation safely and ahead of schedule.

 

Free Cash Flow and Share Repurchases

Expro is focused on and committed to generating significant free cash flow, and we expect to continue to do so by further expanding the Company’s Adjusted EBITDA margin and reducing the capital intensity of the business. To further demonstrate comparability to our peers, the Company is redefining the free cash flow measure.

Expro defines free cash flow as net cash provided by (used in) operating activities (“CFFO”) minus capital expenditures. Expro will provide a revised adjusted definition in line with most market participants, including a majority of our peers. Expro define s adjusted free cash flow as free cash flow, adjusted for one-time items, including one-time gains and losses, one-time severance costs, and one- time transaction-related costs. It is important to note that both positive and negative one-time items will be adjusted under the new measure. The adjustment of these true one-time items is intended to measure the Company’s performance on a “steady state” without undue noise, thus making it in-line with corporate finance principles.

The Company intends to regularly disclose both free cash flow and adjusted free cash flow. In the second quarter of 2025, Expro generated $27 million of free cash flow, with a free cash flow margin of 6%. The Company’s adjusted free cash flow was $36 million, with a margin of 9%.

Expro’s commitment to share repurchases remains unwavering. We are reaffirming our commitment to repurchase shares using the same dollar amount as before. Nothing has changed in that regard. Under the old definition, that represented approximately one-third of adjusted free cash flow, or circa $40 million.

 

Other Financial Information

As of June 30, 2025, Expro’s consolidated cash and cash equivalents, including restricted cash, totaled $207 million, and the Company’s total liquidity stood at $343 million. Total liquidity includes $136 million available for drawdowns as loans under the Company’s revolving credit facility. The Company had outstanding long-term borrowings of $121 million as of June 30, 2025.

The Company’s capital expenditures totaled $21 million in the second quarter of 2025, of which approximately 90% were used for the purchase and manufacture of equipment to directly support customer-related activities and approximately 10% for other property, plant and equipment, inclusive of software costs. Expro plans for capital expenditures in the range of approximately $65 million to $75 million for the remaining six months of 2025.

The company is authorized to acquire up to $100 million of outstanding shares with $61 million remaining authorized for repur chase. During the three months ended June 30, 2025, the Company repurchased approximately 637,000 shares at an average price of $7.87 per share, for a total cost of approximately $5 million. The Company remains committed to returning one third of adjusted free cash flow to shareholders in 2025.

On July 23, 2025, we entered into a new senior secured revolving credit facility, which increased available revolving facility loan commitments to up to $400 million, maturing on July 30, 2029. Concurrently, the company established a $100 million 364-day bridge facility. Proceeds of the revolving facility may be used for general corporate and working capital purposes. Proceeds of the bridge facility may be used for acquisitions and investments and capital expenditure in relation to acquisitions.

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 on the Investor section of www.expro.com.

 

Segment Results

Unless otherwise noted, the following discussion compares the quarterly results for the second quarter of 2025 to the results for the first quarter of 2025.

North and Latin America (NLA)

Revenue for the NLA segment was $143 million for the three months ended June 30, 2025, an increase of $8 million, or 6%, compared to $134 million for the three months ended March 31, 2025. The increase was primarily due to higher well construction revenue, partially offset by lower revenue from well flow management in Mexico and Brazil.

Segment EBITDA for the NLA segment was $34 million, or 24% of revenues, during the three months ended June 30, 2025, an increase of $4 million, or 12%, compared to $30 million, or 23%, of revenues during the three months ended March 31, 2025. The increase in Segment EBITDA and Segment EBITDA margin was primarily attributable to increased activity on higher margin projects.

Europe and Sub-Saharan Africa (ESSA)

Revenue for the ESSA segment was $132 million for the three months ended June 30, 2025, an increase of $20 million, or 18%, compared to $112 million for the three months ended March 31, 2025. The increase in revenues was primarily driven by higher revenue from all product lines, particularly in the North Sea within our well flow management and subsea well access product lines and in Angola in our well flow management and well construction product lines.

Segment EBITDA for the ESSA segment was $40 million, or 30% of revenues, for the three months ended June 30, 2025, an increase of $10 million, or 36%, compared to $29 million, or 26% of revenues, for the three months ended March 31, 2025. The increase in Segment EBITDA and Segment EBITDA margin was primarily attributable to higher activity and a favorable product mix.

Middle East and North Africa (MENA)

Revenue for the MENA segment was $91 million for the three months ended June 30, 2025, a decrease of $3 million, or 3%, compared to $94 million for the three months ended March 31, 2025. The decrease in revenue was driven by lower well construction revenue in the Kingdom of Saudi Arabia (“KSA”) and the UAE, partially offset by increased well flow management revenue in North Africa.

Segment EBITDA for the MENA segment was $33 million, or 36% of revenues, for the three months ended June 30, 2025, a decrease of

$2 million, or 5%, compared to $34 million, or 37% of revenues, for the three months ended March 31, 2025. The decrease in Segment EBITDA and Segment EBITDA margin is consistent with the decrease in revenue.

Asia Pacific (APAC)

Revenue for the APAC segment was $57 million for the three months ended June 30, 2025, an increase of $6 million, or 12%, compared to $51 million for the three months ended March 31, 2025. The increase in revenue was primarily due to higher well flow management revenue in Malaysia, Indonesia and Brunei and higher well flow integrity and intervention revenue in Malaysia and Brunei, partially offset by lower subsea well access revenue in Malaysia.

Segment EBITDA for the APAC segment was $15 million, or 26% of revenues, for the three months ended June 30, 2025, an increase of $4 million, or 36%, compared to $11 million, or 21% of revenues, for the three months ended March 31, 2025. The increase in Segment EBITDA and Segment EBITDA margin is attributable primarily to higher activity and a favorable product mix.

 

Conference Call

The Company will host a conference call to discuss second quarter 2025 results on Tuesday, July 29, 2025, at 10:00 a.m. Central Time (11:00 a.m. Eastern Time).

Participants may also join the conference call by dialing: U.S.: +1 (833) 470-1428

International: +1 (404) 975-4839

Access ID: 588182

 

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

The second quarter 2025 Investor Presentation is available on 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: U.S. +1 (866) 813-9403 or +1 (929) 458-6194

Access ID: 914615

Start Date: July 29, 2025, 1:00 p.m. CT

End Date: August 12, 2025, 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.

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