Expro Group Holdings N.v. · NYSE:XPRO
Expro — Q1 2026 Earnings Presentation
28 slides from Expro's earnings presentation, May 5, 2026
Slide 1: Q1 2026 Highlights
Expro Group Holdings N.V. Q1 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: Q1 2026 | Highlights
Q1 2026 | Highlights Q1 2026 results impacted by normal Revenue Adjusted Free Cash Flow seasonal factors – winter weather and slow start to operators spending $368m $3m on their 2026 budgets Adjusted EBITDA Liquidity at Minimal impact from geopolitical $63m $517m tensions in the Middle East Executed
Slide 4: A Look at Middle East Exposure
A Look at Middle East Exposure A common view of MENA region is heavily focused on the “ME” - Middle East For Expro our MENA region is more balanced between the “ME” - Middle East and “NA” - North Africa For 2025, the MENA region represented 23% 29% of total revenue of total segment EBITDA Quick Take
Slide 5: Enhanced Drilling - Adding Next-Generation Drilling Solutions
Enhanced Drilling - Adding Next-Generation Drilling Solutions Expands Well Construction offering by adding managed pressure drilling (MPD) solution to the portfolio Provides critical technology solutions that are proven and increasingly penetrating the MPD market Accretive to cash flow and add sizea
Slide 6: Transaction Summary
Transaction Summary Purchase Price and Transaction Structure • Expro to acquire Enhanced Drilling for 2 billion NOK in cash (~$215 million) plus customary closing and working capital adjustments • Transaction to be funded with cash on hand and borrowings under revolving credit facility Expected Fina
Slide 7: About Enhanced Drilling
About Enhanced Drilling Enabling better well economics through risk reduction, increased reliability and consistency 2026E REVENUE1 BY REGION 2026E1 Adjusted EBITDA Headquartered in Norway >$50m APAC ~170 ~ 240 in Norway NLA Employees ~70 7% 18% in Houston 2026E1 EBITDA Margin 1100 wells drilled Ove
Slide 8: Enhanced Drilling Riser-based Solutions
Enhanced Drilling Riser-based Solutions EC-Drill® EC-Drill ® Dual MPD EC-Monitor Why Operators Choose EC-Drill® Why Operators Choose Why Operators Choose EC-Monitor The EC-Drill® enables operators to “drill the EC-Drill® Dual MPD EC-Monitor reduces uncertainties associated with undrillable” well. It
Slide 9: Enhanced Drilling Riserless Solutions
Enhanced Drilling Riserless Solutions Riserless Mud Recovery (RMR®) Cuttings Transportation System (CTS®) Managed Pressure Cementing (MPC®) Why Operators Choose RMR® Why Operators Choose CTS® Why Operators Choose MPC® Designed for optimal efficiency and Engineered for robustness the most pressing Wh
Slide 10: 2026 Outlook | Guidance
2026 Outlook | Guidance 2026 Full Year ($m) Revenue $1,600 - $1,650 Adjusted EBITDA $355 - $375 Capital Expenditures $110 - $120 Adjusted Fee Cash Flow $125 - $145 Revenue relatively flat compared to 2025 Capital Expenditures flat compared to 2025 2026 Adjusted EBITDA expected to increase over 2025
Slide 11: Expro’s Unique Themes
Expro’s Unique Themes Business performance should be driven by Expro-specific differentiations Customer wallet Deployment of Internationalization Product & expansion technology/ of M&A Geographic Mix innovation • Margin expansion and more • Expro’s ability to innovate • Expand acquired • Balanced po
Slide 12: Customer and Technology Highlights
Customer and Technology Highlights World’s First Fully Remote iTONG Reaches Major Expro Launches Solus to Accurate Flare Completion Operation Automated Tubular Handling Simplify Subsea Well Access Measurement in Milestone Complex operations In Norway, Expro successfully Expro’s iTONG has reached a s
Slide 13: Expro’s Long-Term Strategic Pillars
Expro’s Long-Term Strategic Pillars Improve Financial Profile • Margin expansion and FCF generation • Execute costs efficiencies (Drive25 efficiency campaign) • Reduce capital intensity • Return cash to shareholders • Maintain a strong balance sheet High Grade our Business Leveraging Technical Leade
Slide 14: Track Record of EBITDA Margins Expansion
Track Record of EBITDA Margins Expansion Annual Adjusted EBITDA Margin 26% 25% 24% 22% 22% 20% 20% 18% 16% 16% 16% 14% 14% 12% 10% 2021 2022 2023 2024 2025 Future Copyright 2026 Expro®. All rights reserved. 14
Slide 15: Expect Adjusted EBITDA Margins to Expand Further
Expect Adjusted EBITDA Margins to Expand Further Near-Term(1) Cost structure efficiencies Increase customer wallet share Internationalize acquisitions and technologies >25% Long-Term 22% Increase top-line revenue Continue to: Gain customer wallet share Internationalize acquisitions and technologies
Slide 16: Strong Balance Sheet Allows Expro Financial Flexibility to Execute
Strong Balance Sheet Allows Expro Financial Flexibility to Execute Liquidity ($m)1 Debt Maturities ($m)1 March 31, 2026 $500 Revolving Credit Facility $500 Availability $347 (-) Drawn portion $79 (-) Letters of credit & bonds $74 LC’s & bonds $74 (+) Cash & Cash Equivalents $171 Drawn $79 Total Liqu
Slide 17: 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 18: North and Latin America (NLA)
North and Latin America (NLA) Regional Highlights | Q1 North & Latin America NLA Revenue Key Highlights $128m First quarter revenue was $128 million, down just $2 million quarter-over-quarter, reflecting various puts and takes comprised of lower well flow management revenue in Guyana and reduced wel
Slide 19: Europe & Sub-Saharan Africa (ESSA)
Europe & Sub-Saharan Africa (ESSA) Regional Highlights | Q1 Europe & Sub-Saharan Africa ESSA Revenue Key Highlights $114m Revenue was $114 million, also down just $2 million on a sequential basis due to lower well flow management revenue in Angola and Bulgaria and lower subsea well access and well c
Slide 20: Middle East & North Africa (MENA)
Middle East & North Africa (MENA) Regional Highlights | Q1 Middle East & North Africa MENA Revenue Key Highlights $82m We delivered a solid quarter, though impacted to some extent by the Middle East conflict that began late in the quarter. Revenues of $82 million were down sequentially from the prev
Slide 21: Asia Pacific (APAC)
Asia Pacific (APAC) Regional Highlights | Q1 Asia Pacific APAC Revenue Key Highlights 12% $44m Revenue was $44 million, a modest increase of $1 million sequentially. Here the increase was a result of the puts and takes relating to higher subsea well access activity in Malaysia and increased Coretrax
Slide 22: Appendix: Our ESG report
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 23: Revenue by Region and Area of Capability
Revenue by Region and Area of Capability Asia Pacific Well (APAC) Intervention & Integrity $44 $67 North & Latin America (NLA) Q1 2026 Well Middle East Q1 2026 Subsea Construction North Africa (MENA) Revenue $128 Well Access Revenue $45 by Area of $123 $82 by Geographic Capability Market $368m $368m
Slide 24: Return of Capital to Shareholders
Return of Capital to Shareholders Share repurchases ($m) Create long-term value to Shareholders Cumulative since 2024 $74 Preference to share repurchase program Repurchase shares throughout the year opportunistically $20 An important component of capital allocation framework Complimentary to other c
Slide 25: Non-GAAP Reconciliations
Non-GAAP Reconciliations ($ in millions) Three Months Ended Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Adjusted EBITDA1 $ 67 $ 95 $ 85 $ 100 $ 76 $ 94 $ 94 $ 88 $ 63 Depreciation, amortization and impairment expenses (40) (41) (40) (42) (45) (47) (46) (54) (45) Severance and other expense
Slide 26: 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 Net cash provided by (used in) operating activities $ 30 $ (13) $ 55 $ 97 $ 42 $ 48 $ 63 $ 57 $ 25 Less: Capital expenditures (31) (36) (32) (44) (33) (21) (24) (34) (26) Fre
Slide 27: Non-GAAP Reconciliations (continued)
Non-GAAP Reconciliations (continued) Reconciliation of Adjusted Net Income (Loss) ($ in millions, except per share amounts) Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Net Income (loss) $ (3) $ 15 $ 16 $ 23 $ 14 $ 18 $ 14 $ 6 $ (1) Adjustments: Merger and integration expense 2 9 1 4 2 2 1
Slide 28: 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 Total revenue $ 383 $ 470 $ 423 $ 437 $ 391 $ 423 $ 411 $ 382 $ 368 Less: Cost of revenue, excluding depreciation and (308) (367) (331) (327) (305) (320) (311) (287) (298) am