Expro Group Holdings N.v. · NYSE:XPRO
Expro — Q4 2024 Earnings Presentation
24 slides from Expro's earnings presentation, Feb 25, 2025
Slide 1: Q4 & FY 2024 Highlights
Expro Group Holdings N.V. Q4 & FY | 2024 Highlights NYSE: XPRO
Slide 2: Disclaimer
Disclaimer This presentation 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. All statements, other than statements of historical facts, included in this presentation that address activities, e
Slide 3: Get to Know XPRO
Get to Know XPRO TTM REVENUE1 ~80% ~70% $1,713m International Offshore Asia Pacific ~$1.5bn Market Capitalization2 15% North & Latin America Strong cash Zero net-debt Middle East North Africa 19% BY REGION ~60 Countries 33% ~$1.5bnEnterprise Value3 flow outlook balance sheet with significant availab
Slide 4: Q4 & FY 2024 Key Themes, Strategies, and Performances
Q4 & FY 2024 | Key Themes, Strategies, and Performances Record quarterly and full-year Adjusted EBITDA Q4 2024 Adjusted EBITDA of $100 million (23% of revenue) Successful acquisition and integration of Coretrax Contributed $88 million of revenue for full-year 2024 with margins that are accretive to
Slide 5: Revenue by Region and Area of Capability
Revenue by Region and Area of Capability Asia Pacific Well (APAC) Intervention & Integrity $62 North & $68 Latin America Well (NLA) Construction Q4 2024 Q4 2024 Middle East $139 $145 North Africa (MENA) Revenue Revenue by Geographic Well Flow by Area of $93 Market Management Capability $437m $136 $4
Slide 6: North and Latin America (NLA) Regional Highlights
North and Latin America (NLA) Regional Highlights | Q4 North & Latin America NLA Revenue ($m) Key Highlights $139m Lower revenue from well construction in US, Canada and Mexico and lower Coretrax revenue, offset by higher well flow management 32% 0% Q/Q revenue in US and Brazil. 4% YoY In the Gu
Slide 7: Europe & Sub-Saharan Africa (ESSA) Regional Highlights
Europe & Sub-Saharan Africa (ESSA) Regional Highlights | Q4 Europe & Sub-Saharan Africa ESSA Revenue ($m) Key Highlights $143m Higher subsea well access revenue in Angola, partially offset by lower well flow management in the U.K., Norway and Denmark and 9% Q/Q lower well construction activity in
Slide 8: Middle East & North Africa (MENA) Regional Highlights
Middle East & North Africa (MENA) Regional Highlights | Q4 Middle East & North Africa MENA Revenue ($m) Key Highlights $93m Q/Q increase in revenue driven by higher well flow management services in Algeria, Iraq and the KSA, partially offset by lower well 7% Q/Q intervention and integrity revenue
Slide 9: Asia Pacific (APAC) Regional Highlights
Asia Pacific (APAC) Regional Highlights | Q4 Asia Pacific APAC Revenue ($m) Key Highlights 14% $62m Q/Q decrease in revenue was primarily due to lower well flow management revenue in Malaysia and Australia and lower well 5% Q/Q intervention and integrity revenue in Brunei, partially offset by high
Slide 10: Customer and Technology Highlights
Customer and Technology Highlights Successful first deployment First global deployment of Expro partners with Petrobras for of iTONG in West Africa Remote Clamp Installation development of new flow meter System (RCIS) technology We successfully deployed our iTONG in Ivory Coast, In Q4 2024, the Expr
Slide 11: Outlook for 2025
Outlook for 2025 Key Highlights 2025 Outlook Full-year 2025 revenue expected to be between $1,700m and $1,750m. Adjusted EBITDA expected Revenue ($m) Adjusted EBITDA ($m) to be between $350m and $370m. Quarterly Outlook $ 1,700-$1,750 $ 350 -$370 Expected revenue of $370m to $380m, or down ~15% sequ
Slide 12: Driving Margin Improvement to and through 20%
Driving Margin Improvement to and through 20% Key Highlights Medium-Term Targets for Revenue, and Adjusted EBITDA margin1,2,3 Capex related revenue Opex related revenue Adjusted EBITDA margin Revenue mix weighted to higher margin offshore 3000 0.6 and D&C activity $2,533 2024 led by well constructio
Slide 13: Appendix
Investors.Expro.com Downloadable Financials Our ESG report Follow us on Connect with us on Subscribe to our Appendix: channel To learn even more about Expro, check out these additional places to get in touch with us.
Slide 14: Historical Revenue and Adjusted EBITDA
Historical Revenue and Adjusted EBITDA Revenue ($m) Adjusted EBITDA ($m)1 Revenue up 75% since Adjusted EBITDA Q4 2020 (announcement up ~3.9x of Expro/Frank’s merger) since Q4 2020 $470 $437 $423 $407 $100 $397 $383 $95 $370 $148 $351 $339 $145 $330 $334 $85 $85 $159 $313 $314 $145 $144 $120 $296 $1
Slide 15: Historical Adjusted Cash Flow from Operations and Capex
Historical Adjusted Cash Flow from Operations and Capex Adjusted Cash Flow from Operations ($m)1 Adjusted EBITDA2 / Capital Expenditures ($m)3 TTM Adjusted EBITDA minus Capex up Adjusted EBITDA Capital Expenditures +$200m since Q4 2020 $100 $95 $115 $85 $85 $99 $70 $72 $67 $73 $64 $65 $51 $51 $50 $4
Slide 16: Historical Revenue by Region and Product Line
Historical Revenue by Region and Product Line By Geographical Market ($m) By Product Line ($m) NLA ESSA MENA APAC Well Construction Well Flow Management Subsea Well Access Well Intervention and Integrity $470 $470 $437 $437 $63 $423 $423 $407 $69 $407 $397 $397 $383 $62 $383 $68 $370 $65 $370 $71 $3
Slide 17: Historical Revenue and Contribution by Areas of Capability
Historical Revenue and Contribution by Areas of Capability Revenue ($m) Well Construction ($m) 46% $140 44% 42% 43% 44% 45% 43% 43% 43% 44% 43% 45% 43% 50% 41% 42% 41% 42% $120 38% 40% 37% 40% $100 $470 $80 30% $437 $423 $60 20% $407 $397 $40 $383 10% $370 $148 $20 $351 $47 $34 $32 $39 $39 $44 $49 $
Slide 18: Historical Contribution by Product Line
Historical Contribution by Product Line Well Construction ($m) Well Flow Management ($m) $80 46% 50% $80 50% 44% 42% 43% 44% 45% 43% 43% 43% 44% 43% 45% 43% 44% 41% 42% 41% 42% 40% 41% $70 38% 40% 37% $70 38% 39% 38% 38% 38% 37% 40% 36% 36% 34% 40% $60 34% 35% 33% 34% 33% $60 33% 31% $50 $50 26% 30%
Slide 19: Historical Segment EBITDA by Region
Historical Segment EBITDA by Region North & Latin America ($m) Europe & Sub-Saharan Africa ($m) $55 40% $55 37% 40% $50 $50 35% 35% $45 30% 30% 30% $45 31% 28% 29% 27% 27% 26% 30% 30% $40 25% $40 26% 25% 24% 24% $35 21% 21% 21% 22% 25% $35 22% 21% 25% 21% 21% $30 19% 19% $30 18% 18% 18% 20% 18% 20%
Slide 20: Historical Support Costs
Historical Support Costs Historical Support Costs ($m) Trailing Twelve Months Support Costs ($m) Research, engineering and development Aggregate support costs since Q4 Product Line and central costs 2020 down from 30% to ~20% of revenue on a TTM basis Geography-based support costs $94 $6 $88 $86 $85
Slide 21: Order Backlog
Order Backlog - 7 Quarters Q/Q Change in Order Backlog ($m) Order Backlog at Quarter End ($m) + $105 + $314 + $186 + $234 + $231 + $196 + $354 $2,413 $2,413 $2,345 $2,295 $2,271 $2,301 $2,297 $2,264 $2,271 -$92 $2,301 $2,297 $2,264 $2,178 $2,171 $2,240 -$298 -$235 $2,171 -$285 -$395 -$322 $1,927 $1,
Slide 22: Non-GAAP Reconciliations
Non-GAAP Reconciliations ($ in millions) Three Months Ended TTM Q4 2024 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Adjusted EBITDA 1 $ 51 $ 37 $ 51 $ 48 $ 70 $ 42 $ 72 $ 50 $ 85 $ 67 $ 95 $ 85 $ 100 $ 347 Depreciation, amortization and impairment expenses (44) (35)
Slide 23: Non-GAAP Reconciliations (continued)
Non-GAAP Reconciliations (continued) Reconciliation of Adjusted Net Income (Loss) ($ in millions, except per share amounts) Three Months Ended Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Net Income (loss) $ (91) $ (11) $ (4) $ (18) $ 13 $ (6) $ 9 $ (14) $ (12) $ (3)
Slide 24: Non-GAAP Reconciliations (continued)
Non-GAAP Reconciliations (continued) ($ in millions) Three Months Ended TTM Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Total revenue $ 296 $ 280 $ 314 $ 334 $ 351 $ 339 $ 397 $ 370 $ 407 $ 383 $ 470 $ 423 $ 437 $1,713 (252) (240) (257) (284) (278) (290) (319) (316)