Expro Group Holdings N.v. · NYSE:XPRO
Expro — Q2 2026 Earnings Presentation
23 slides from Expro's earnings presentation, Jul 28, 2026
Slide 1: Q2 2026 Highlights
Expro Ltd Q2 2026 Highlights Copyright 2026 Expro®. All rights reserved.
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act 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, events or
Slide 3: Q2 2026 Highlights
Q2 2026 | Highlights Q2 2026 results – increased Revenue Adjusted Free Cash Flow sequentially but tempered by Middle East conflict $393m $56m + $26m Q/Q + $53m Q/Q Adjusted EBITDA Liquidity at Strong free cash flow generation $76m $492m + $13m Q/Q Includes $200m in cash Continue to execute returning
Slide 4: Expro's Focus on Technology – The Enhanced Drilling Acquisition
Expro’s Focus on Technology – The Enhanced Drilling Acquisition Transaction Summary Technology Impacts Purchase Price and Transaction Structure • Expro acquired Enhanced Drilling for 2 billion NOK in cash (~$215 million) plus customary closing and working capital Value-Added adjustments • Optimize w
Slide 5: A Comparison….
A Comparison…. Enhanced Drilling Conventional MPD Dual Gradient/CML Surface Back Pressure Offshore applications – Mid & Deepwater Onshore and Offshore applications Value-added Value-neutral Cost efficient Difficult to drive cost efficiency • Less trips • More trips • Less casing runs • More casing r
Slide 6: MPD – The Basics
MPD – The Basics Drilling Fluid Pressure Window Managing Wellbore Pressure with Conventional MPD with Enhanced Drilling: Dual Gradient/CML MPD New casing run and Same casing run and mud weight introduced mud weight used to to stay within the stay within the pressure window pressure window Frac press
Slide 7: Value Added – Enhanced Drilling Examples
Value Added – Enhanced Drilling Examples Value Proposition Unlocking Reserves Case Studies Dual Gradient/ Conventional MPD Dual Gradient/CML MPD graph CML MPD Vito field in GOA – reduced well cost & extended field life Gives cost effective access to additional reserves/production Ormen Lange field i
Slide 8: 2026 Outlook | Guidance
2026 Outlook | Guidance 2026 Q3 ($m) 2026 Full Year ($m) Revenue $435 - $455 $1,650 - $1,700 Adjusted EBITDA $90 - $100 $355 - $365 Capital Expenditures - $110 - $120 Adjusted Free Cash Flow - $135 - $145 Shareholder Returns At least 1/3 of Adjusted Free Cash Flow Copyright 2026 Expro®. All rights r
Slide 9: Customer and Technology Highlights
Customer and Technology Highlights XRD Spider completes Subsea systems deliver Namibia laboratory Gulf trials, advances to high-reliability well advances in-country fluid commercialization abandonment performance analysis capability Expro’s 1,250-ton XRD Spider successfully Successful completion of
Slide 10: Expect Adjusted EBITDA Margins to Expand Further
Expect Adjusted EBITDA Margins to Expand Further Near-Term(1) Cost structure efficiencies Increase customer wallet share Internationalize acquisitions and technologies >25% Long-Term 22% Increase top-line revenue Continue to: Gain customer wallet share Internationalize acquisitions and technologies
Slide 11: Strong Balance Sheet Allows Expro Financial Flexibility to Execute
Strong Balance Sheet Allows Expro Financial Flexibility to Execute Liquidity ($m) Debt Maturities ($m) June 30, 2026 $450 Revolving Credit Facility $450 Availability $292 (-) Drawn portion $79 (-) Letters of credit & bonds $79 LC’s & bonds $79 (+) Cash & Cash Equivalents $200 Drawn $79 Total Liquidi
Slide 12: Robust and Disciplined Capital Allocation Framework
Robust and Disciplined Capital Allocation Framework Invest in projects that generate superior returns through the lifecycle Balanced Capital Allocation Framework INVEST IN BUSINESS Maintain strong balance sheet Fund organic growth investments Committed to keeping total capex (maintenance and growth)
Slide 13: Appendix: Investors.Expro.com
Investors.Expro.com Downloadable Financials Appendix: Our ESG report To learn even more about Expro, check out these additional places Follow us on to get in touch with us. Connect with us on Subscribe to our channel Copyright 2026 Expro®. All rights reserved.
Slide 14: North and Latin America (NLA)
North and Latin America (NLA) Regional Highlights | Q2 North & Latin America NLA Revenue Key Highlights $129m Revenue for the NLA segment was $129 million, an increase of $1 million. The increase was primarily driven by higher well intervention revenue in Argentina and increased well construction ac
Slide 15: Europe & Sub-Saharan Africa (ESSA)
Europe & Sub-Saharan Africa (ESSA) Regional Highlights | Q2 Europe & Sub-Saharan Africa ESSA Revenue Key Highlights $127m Revenue was $127 million, an increase of $13 million primarily attributable to higher well flow management activities in the United Kingdom and Norway, partially offset by lower
Slide 16: Middle East & North Africa (MENA)
Middle East & North Africa (MENA) Regional Highlights | Q2 Middle East & North Africa MENA Revenue Key Highlights $90m Revenue for the MENA segment was $90 million, an increase of $8 million. The increase in revenue was primarily attributable to higher well construction revenue in Egypt. The increas
Slide 17: Asia Pacific (APAC)
Asia Pacific (APAC) Regional Highlights | Q2 Asia Pacific APAC Revenue Key Highlights 12% $47m Revenue for the APAC segment was $47 million, an increase of $3 7% Q/Q million. The increase in revenue was primarily attributable to higher well 17% YoY intervention activities in Brunei and Malaysia
Slide 18: Revenue by Region and Area of Capability
Revenue by Region and Area of Capability Asia Pacific Well (APAC) Intervention & Integrity $47 North & $69 Well Latin America Construction (NLA) Q2 2026 Middle East Q2 2026 North Africa $129 Subsea Revenue $132 (MENA) Revenue Well Access by Geographic $44 by Area of $90 Market Capability $393m $393m
Slide 19: Return of Capital to Shareholders
Return of Capital to Shareholders Share repurchases ($m) Create long-term value to Shareholders Cumulative since 2024 $94 Preference to share repurchase program Repurchase shares throughout the year opportunistically $40 An important component of capital allocation framework Complimentary to other c
Slide 20: Non-GAAP Reconciliations
Non-GAAP Reconciliations ($ in millions) Three Months Ended Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Adjusted EBITDA1 $ 67 $ 95 $ 85 $ 100 $ 76 $ 94 $ 94 $ 88 $ 63 $ 76 Depreciation, amortization and impairment expenses (40) (41) (40) (42) (45) (47) (46) (54) (45) (46) Severance a
Slide 21: Non-GAAP Reconciliations (continued)
Non-GAAP Reconciliations (continued) ($ in millions) Three Months Ended Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Net cash provided by (used in) operating $ 30 $ (13) $ 55 $ 97 $ 42 $ 48 $ 63 $ 57 $ 25 $ 81 activities Less: Capital expenditures (31) (36) (32) (44) (33) (21) (24) (3
Slide 22: Non-GAAP Reconciliations (continued)
Non-GAAP Reconciliations (continued) Reconciliation of Adjusted Net Income (Loss) ($ in millions, except per share amounts) Three Months Ended Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Net Income (loss) $ (3) $ 15 $ 16 $ 23 $ 14 $ 18 $ 14 $ 6 $ (1) $ 2 Adjustments: Merger and integ
Slide 23: Non-GAAP Reconciliations (continued)
Non-GAAP Reconciliations (continued) Three Months Ended ($ in millions) Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Total revenue $ 383 $ 470 $ 423 $ 437 $ 391 $ 423 $ 411 $ 382 $ 368 $393 Less: Cost of revenue, excluding depreciation and (308) (367) (331) (327) (305) (320) (311) (28