Expro Group Holdings N.v. · NYSE:XPRO
Expro — Daniel Energy Partners Thrive 2025
24 slides from Expro's conference presentation, Mar 5, 2025
Slide 1: Thrive 2025
Daniel Energy Partners Thrive 2025 March 4-5, 2025 | Houston, TX 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 $88 million of revenue for full-year 2024 with margins that are accretive to
Slide 5: Positioned to Capitalize on Increasing Demand for Energy Services
Positioned to Capitalize on Increasing Demand for Energy Services Estimated Value of Projects Sanctioned/Expected to be Sanctioned ($Bn)1 Favorable Macro Backdrop Offshore Deepwater Offshore Shelf West Africa Deepwater • Strong and stable oil prices are expected to drive $170 Deepwater FIDs +$300bn
Slide 6: Operators Continue to Focus Capital Investments in International and Offshore Markets
Operators Continue to Focus Capital Investments in International and Offshore Markets Total Capital Investments by Year ($Bn)1 Increased offshore and 50% CAPEX North America Onshore International Offshore $600 international investment 40% (i.e., long cycle development) provides Expro with 500 30% bu
Slide 7: Offshore Markets Provide Low Break-Even, Carbon Advantaged Barrels Creates Demand for Expro Services
Offshore Markets Provide Low Break-Even, Carbon Advantaged Barrels Creates Demand for Expro Services Floating Rig Demand by Oil Price Sensitivity Break-Even 160 Exploitation of low costs barrels will require deepwater 8 rig deployed services 140 8 5 7 5 4 14 21 120 5 11 2 4 9 Technology enabled 4 15
Slide 8: Balanced Capital Approach to Create Long-Term Value for Shareholders
Balanced Capital Approach to Create Long-Term Value for Shareholders Balanced Capital Allocation Framework MAINTAIN STRONG BALANCE SHEET FUND ORGANIC GROWTH INVESTMENTS Committed to keeping total capex (maintenance and Maintain growth) at 7% of revenue Disciplined Capital Allocation to Drive PURSUE
Slide 9: 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 2025 Guidance 3000 0.6 Revenue range of $1,700-$1,750m $2,533 2500 Adjusted EBITDA range of $350-$370m (~21%
Slide 10: Why Invest in Expro
Why Invest in Expro 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 prov
Slide 11: 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 12: 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 $4
Slide 13: Historical Revenue and Adjusted EBITDA
Historical Revenue and Adjusted EBITDA Revenue ($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 $1
Slide 14: Historical Adjusted Cash Flow from Operations and Capex
Historical Adjusted Cash Flow from Operations and Capex Adjusted Cash Flow from Operations ($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 $4
Slide 15: Historical Revenue by Region and Product Line
Historical Revenue by Region and Product Line By Geographical Market ($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 $3
Slide 16: Historical Revenue and Contribution by Areas of Capability
Historical Revenue and Contribution by Areas of Capability Revenue ($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 17: 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 $50 26% 30%
Slide 18: Historical Segment EBITDA by Region
Historical Segment EBITDA by Region North & Latin America ($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% $30 18% 18% 18% 20% 18% 20%
Slide 19: Historical Support Costs
Historical Support Costs Historical Support Costs ($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 $85
Slide 20: Order Backlog - 7 Quarters
Order Backlog - 7 Quarters Q/Q Change in Order Backlog ($m) Order Backlog at Quarter End ($m) + $105 + $314 + $186 + $234 + $231 + $196 + $354 $2,413 $2,413 $2,295 $2,271 $2,301 $2,297 $2,264 $2,301 $2,345 $2,271 -$92 $2,297 $2,264 $2,178 $2,171 $2,240 -$298 -$235 $2,171 -$285 -$395 -$322 $1,927 $1,
Slide 21: Non-GAAP Reconciliations
Non-GAAP Reconciliations ($ 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 22: 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 23: 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 24: GET TO KNOW
GET TO KNOW
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