Expro Group Holdings N.v. · NYSE:XPRO
Expro — Q1 2025 Earnings Presentation
25 slides from Expro's earnings presentation, Apr 30, 2025
Slide 1: Expro Group Holdings N.V. Q1 2025 Highlights
Expro Group Holdings N.V. Q1 | 2025 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% $1,720m International Offshore Asia Pacific ~$930mMarket Capitalization2 14% North & Latin America Strong cash Zero net-debt Middle East North Africa 21% BY REGION ~60 Countries 33% ~$870m Enterprise Value3 flow outlook balance sheet with significant available
Slide 4: Q1 2025 Key Themes, Strategies, and Performances
Q1 2025 | Key Themes, Strategies, and Performances Record first quarter revenue and Adjusted EBITDA Q1 2025 revenue of $391 million and Adjusted EBITDA of $76 million (20% of revenue); highest first quarter Adjusted EBITDA results since completing Expro/Frank’s merger in the fourth quarter of 2021;
Slide 5: Revenue by Region and Area of Capability
Revenue by Region and Area of Capability Asia Pacific Well (APAC) Intervention & Integrity $51 North & Latin America $73 Well (NLA) Construction Middle East Q1 2025 Q1 2025 North Africa $134 Revenue $130 (MENA) Revenue by Geographic by Area of Market Capability $94 $391m Well Flow Management $391m $
Slide 6: North and Latin America (NLA)
North and Latin America (NLA) Regional Highlights | Q1 North & Latin America NLA Revenue ($m) Key Highlights $134m Lower revenue from well construction in US, Mexico and Guyana and lower well flow management revenue in Argentina and Mexico, partially offset by higher subsea well access revenue in US
Slide 7: Europe & Sub-Saharan Africa (ESSA)
Europe & Sub-Saharan Africa (ESSA) Regional Highlights | Q1 Europe & Sub-Saharan Africa ESSA Revenue ($m) Key Highlights $112m The sequential decrease in revenues was primarily driven by lower subsea well access revenue in Angola, offset by increased production solutions (well flow management) reven
Slide 8: Middle East & North Africa (MENA)
Middle East & North Africa (MENA) Regional Highlights | Q1 Middle East & North Africa MENA Revenue ($m) Key Highlights $94m The increase in revenue was driven by higher well intervention and integrity revenue in Qatar, higher production solutions revenue in Algeria, and higher 1% Q/Q revenue from
Slide 9: Asia Pacific (APAC)
Asia Pacific (APAC) Regional Highlights | Q1 Asia Pacific APAC Revenue ($m) Key Highlights 13% $51m Decrease in revenue was primarily due to lower subsea well access, well flow management and well construction activity offshore Australia following completion of a large project in the fourth quarter
Slide 10: Customer and Technology Highlights
Customer and Technology Highlights Cementing Firsts: Blackhawk Completion of two well CENTRI-FI® Internationalizes Generation-X Rotational Plug Launcher CCUS appraisal testing Expro successfully completed its first deployment Expro successfully completed a two-well CCS Expro continues to lead in tec
Slide 11: Outlook for 2025
Outlook for 2025 Key Highlights 2025 Outlook Full-year 2025 revenue expected to be +$1,700m. Adjusted EBITDA expected Revenue ($m) Adjusted EBITDA ($m) to be +$350m. +$1,700 +$350 Quarterly Outlook Expected Q2 revenue of $400m to $410m, or up ~4% sequentially from Q1 and down ~14% year- over-year pr
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 $2,533 2024 led by well constructio
Slide 13: Drive25 Cost Optimization Initiative
Drive25 Cost Optimization Initiative is a Key Driver in 2025 for Expro’s Medium-term Goal of 25% Adjusted EBITDA Margin Key cost initiatives: Project management developed a real-time » Build a lean, scalable organization savings tracker for cost monitoring » Simplify processes and reduce low-value a
Slide 14: Appendix
Investors.Expro.com Downloadable Financials Our ESG report Follow us on Connect with us on Subscribe to our Appendix: channel To learn even more about Expro, check out these additional places to get in touch with us.
Slide 15: Historical Revenue and Adjusted EBITDA
Historical Revenue and Adjusted EBITDA Revenue ($m) Adjusted EBITDA ($m)1 Revenue up 56% since Adjusted EBITDA Well Management Well Construction Q4 2020 (announcement up ~2.9x of Expro/Frank’s merger) since Q4 2020 $470 $437 $423 $407 $100 $397 $391 $383 $95 $370 $148 $351 $339 $145 $330 $334 $85 $8
Slide 16: Historical Adjusted Cash Flow from Operations and Capex
Historical Adjusted Cash Flow from Operations and Capex Adjusted Cash Flow from Operations ($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 $76 $99 $70 $72 $67 $73 $64 $65 $51 $51 $5
Slide 17: Historical Revenue by Region and Product Line
Historical Revenue by Region and Product Line By Geographical Market ($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 $69 $423 $407 $407 $397 $397 $383 $62 $391 $383 $68 $391 $370 $65 $
Slide 18: 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% 42% 50% Well Management Well Construction 40% 41% 42% 41% 42% $120 38% 37% 40% $470 $100 $80 30% $437 $423 $407 $60 20% $397 $391 $383 $40 $370 $148
Slide 19: Historical Contribution by Product Line
Historical Contribution by Product Line Well Construction ($m) Well Flow Management ($m) $80 46% 50% $80 50% 44% 42% 43% 44% 45% 43% 43% 43% 44% 43% 45% 43% 42% 44% 41% 42% 41% 42% 40% 41% $70 38% 40% 37% $70 38% 39% 38% 38% 38% 37% 39% 40% 36% 36% 34% 40% $60 $60 34% 35% 33% 34% 33% 33% 31% $50 $50
Slide 20: Historical Segment EBITDA by Region
Historical Segment EBITDA by Region North & Latin America ($m) Europe & Sub-Saharan Africa ($m) $55 40% $55 37% 40% $50 $50 35% 35% 30% 31% $45 30% 30% $45 29% 27% 28% $40 27% 25% 26% 30% $40 26% 25% 26% 30% 24% 24% $35 21% 21% 21% 22% 23% 25% $35 22% 21% 21% 21% 25% $30 19% 19% $30 18% 18% 18% 18%
Slide 21: Historical Support Costs
Historical Support Costs Historical Support Costs ($m) Trailing Twelve Months Support Costs ($m) Research, engineering and development Aggregate support costs since Q4 Product Line and central costs 2020 down from 30% to Includes support costs ~20% of revenue on a TTM basis for acquired businesses G
Slide 22: Order Backlog
Order Backlog Q/Q Change in Order Backlog ($m) – 5 Quarters Order Backlog at Quarter End ($m) – 13 Quarters + $105 + $314 + $196 + $354 + $272 $2,413 $2,345 $2,295 $2,271 $2,301 $2,297 $2,345 $2,297 $2,264 $2,264 $2,171 -$285 $2,161 $2,178 $2,171 $2,161 -$395 -$322 -$375 $1,927 $1,878 $1,744 Q1 2024
Slide 23: Non-GAAP Reconciliations
Non-GAAP Reconciliations ($ in millions) Three Months Ended TTM Q1 2025 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 Q1 25 Adjusted EBITDA1 $ 51 $ 37 $ 51 $ 48 $ 70 $ 42 $ 72 $ 50 $ 85 $ 67 $ 95 $ 85 $ 100 $ 76 $ 356 Depreciation, amortization and impairment expenses
Slide 24: 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 Q1 25 Net Income (loss) $ (91) $ (11) $ (4) $ (18) $ 13 $ (6) $ 9 $ (14) $ (12)
Slide 25: 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 Q1 25 Total revenue $ 296 $ 280 $ 314 $ 334 $ 351 $ 339 $ 397 $ 370 $ 407 $ 383 $ 470 $ 423 $ 437 $ 391 $ 1,720 Less: Cost of revenue, excluding d