Expro Group Holdings N.v. · NYSE:XPRO
Expro — Pickering Energy Partners Gulf of America & Offshore Services Energy Deep Dive (March 2025)
33 slides from Expro's conference presentation, Mar 26, 2025
Slide 1: Gulf of America & Offshore Services Energy Deep Dive
Pickering Energy Partners Gulf of America & Offshore Services Energy Deep Dive March 26, 2025 | New Orleans, LA 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: The secret to success is to do the common thing uncommonly well
The secret to success is to do the common thing uncommonly well. - John D. Rockefeller Copyright 2025 Expro. All rights reserved.
Slide 4: Get to Know XPRO
Get to Know XPRO TTM REVENUE1 ~80% ~70% $1,713m International Offshore Asia Pacific ~$1.3bn Market Capitalization2 15% North & Latin America Strong cash Zero net-debt Middle East North Africa 19% BY REGION ~60 Countries 33% ~$1.2bnEnterprise Value3 flow outlook balance sheet with significant availab
Slide 5: Theme of Consolidation in the Gulf of America Continues
Theme of Consolidation in the Gulf of America Continues Top Five GoA Deepwater Companies by Production2 (Thousand boe/d) Total Existing infrastructure, low break- Production 1 500 evens, carbon-advantaged barrels attract large companies focused on ~2.1m 450 400 long-cycle development opportunities b
Slide 6: The Gulf of America Expects Additional Sanctioning in 2025
The Gulf of America Expects Additional Sanctioning in 2025 Key Themes Majors’ Offshore Sanctioning Activity by Country • The current administration likely to ease permitting 100% Others Others requirements and thereby increase activity in the GoA Israel UAE • Sanctioning in Gulf of America as a perc
Slide 7: Long-cycle, High Value Targets are Driving Capital Expenditures in the Gulf of America
Long-cycle, High Value Targets are Driving Capital Expenditures in the Gulf of America Key Themes 20K Projects in the Gulf of America as % of Capex Represents ~19% CAGR in 20K • Operators shift towards the development of high-pressure fields projects as % of GoA Capex (20k projects) to help arrest t
Slide 8: 20K Projects are Expected to Drive Demand for Top Service Providers
20K Projects are Expected to Drive Demand for Top Service Providers in the Region Through the End of the Decade Pipeline of 20K Paleogene projects in US Gulf of Mexico Key Themes Asset Approval Start-up Resources (million boe) • Chevron’s start-up of Anchor in August of year year 0 200 400 600 800 2
Slide 9: Technology-Enabled Solutions and Capabilities Position Expro for Continued Success in the Gulf of America
Technology-Enabled Solutions and Capabilities Position Expro for Continued Success in the Gulf of America Market leader in tubular Keys to Success in Deepwater Services running services (TRS) Recently won tender for • Digital solutions for real-time analytics and which provides a 3-year, 5-rig contr
Slide 10: Get to Know Expro in the Gulf of America
GET TO KNOW in the Gulf of America 7
Slide 11: 85+ Years of Innovation and Leadership in Deepwater
85+ Years of Innovation and Leadership in Deepwater Copyright 2025 Expro. All rights reserved. 8
Slide 12: Expro is a Market Leader in Key Services in the Gulf of America
Expro is a Market Leader in Key Services in the Gulf of America In 2025, Expro expects to have services on all active rigs in the GoA WELL WELL FLOW CONSTRUCTION MANAGEMENT & PRODUCTION Innovative, high value, low risk well construction Measure and control reservoir fluids performance solutions prov
Slide 13: Innovation and Technology Leadership in Service Offerings
Innovation and Technology Leadership in Service Offerings GET TO KNOW Brute® Packer Well Testing Surface Well Access Subsea Landing String Technology Enabled Coretrax QuikCure® SeaCure® Coretrax ADS SKYHOOK AEON P&A Offerings Drilling & Completions Production / Intervention Well Abandonment Digital
Slide 14: Adding Value through Advanced Technology Across the Well Lifecycle
Adding Value through Advanced Technology Across the Well Lifecycle Service Offering Expro Technology Value to Customer Tubulars 22" XT4 GT-FT Improved well integrity with advanced sealing and increased structural capacity Connectors Tubular Running Services Centri-Fi | iCam® Custom-engineered soluti
Slide 15: Investments Focused on Creating Value for Shareholders
Investments Focused on Creating Value for Shareholders LTM Revenue and LTM Adj. EBITDA Margin Well Construction Well Flow Management 2500 Subsea Well Access Well Intervention and Integrity LTM Adj. EBITDA Margin 20% Executing the Strategy • Consolidating facilities, rationalizing back-office support
Slide 16: Reasons to own Expro
Stable oil prices are expected to drive increased operator investment and activity in lower cost, carbon advantaged barrels in the offshore market Project approvals will drive customer capital spending (~70% of Expro’s revenue) for 3-5 years, thereby providing a stable customer spending foundation f
Slide 17: Appendix: Investors.Expro.com
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 18: 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 $4
Slide 19: Historical Revenue and Adjusted EBITDA
Historical Revenue and Adjusted EBITDA Revenue ($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 $1
Slide 20: Historical Adjusted Cash Flow from Operations and Capex
Historical Adjusted Cash Flow from Operations and Capex Adjusted Cash Flow from Operations ($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 $4
Slide 21: Historical Revenue by Region and Product Line
Historical Revenue by Region and Product Line By Geographical Market ($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 $3
Slide 22: Historical Revenue and Contribution by Areas of Capability
Historical Revenue and Contribution by Areas of Capability Revenue ($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 23: 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 $50 26% 30%
Slide 24: Historical Segment EBITDA by Region
Historical Segment EBITDA by Region North & Latin America ($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% $30 18% 18% 18% 20% 18% 20%
Slide 25: Historical Support Costs
Historical Support Costs Historical Support Costs ($m) Trailing Twelve Months Support Costs ($m) Research, engineering and development Aggregate support costs since Q4 Product Line and central costs 2020 down from 30% to ~20% of revenue on a TTM basis Geography-based support costs Includes Coretrax
Slide 26: Order Backlog - 5 Quarters
Order Backlog - 5 Quarters Q/Q Change in Order Backlog ($m) – 5 Quarters Order Backlog at Quarter End ($m) – 12 Quarters + $105 + $314 + $231 +$196 + $354 $2,345 $2,413 $2,301 $2,297 $2,264 $2,295 $2,271 $2,301 $2,297 -$285 $2,264 -$235 $2,171 -$395 $2,178 $2,171 $2,240 -$322 $1,927 $1,878 $1,744 Q4
Slide 27: Non-GAAP Reconciliations
Non-GAAP Reconciliations ($ 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 28: 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 29: 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)
Slide 30: Notes
Notes Copyright 2025 Expro. All rights reserved.
Slide 31: Notes
Notes Copyright 2025 Expro. All rights reserved.
Slide 32: Notes
Notes Copyright 2025 Expro. All rights reserved.
Slide 33: Get to Know Expro
GET TO KNOW