Expro Group Holdings N.v. · NYSE:XPRO
Expro — Q4 2025 Earnings Presentation
22 slides from Expro's earnings presentation, Feb 19, 2026
Slide 1: Q4 & FY 2025 Highlights
Expro Group Holdings N.V. Q4 & FY | 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: Q4 & FY 2025 Highlights
Q4 & FY 2025 | Highlights Q4 2025 Full Year 2025 Expanded margins - increased Revenue Revenue Adjusted EBITDA margin for $382m $1,607m four years in a row Adjusted EBITDA Adjusted EBITDA Generated free cash flow - $88m 353m more than anticipated Adjusted EBITDA Margin Adjusted EBITDA Margin Targetin
Slide 4: Multi-year Backlog of ~2.5bn Provides Long-term Planning Visibility
Expro’s Multi-year Backlog of ~2.5bn Provides Long-term Planning Visibility Backlog by Execution Year Visibility on $1 billion of revenue for 2026 already in the backlog. Historically, at this point in the year the backlog for the following year represents ~60% of the expected ~$1.0b revenue, so Exp
Slide 5: 2026 Outlook | Guidance
2026 Outlook | Guidance 2026 Q1 Revenue ($m) 2026 Full Year ($m) Revenue $360 - $370 $1,600 - $1,650 Adjusted EBITDA $60 - $70 $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
Slide 6: Expro's Unique Themes
Expro’s Unique Themes Business and stock 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 • B
Slide 7: Customer and Technology Highlights
Customer and Technology Highlights Secured large 4-year XRD Spider technology Major offshore campaign in CaTS ATX Acoustic contract in North Africa delivers efficiency and safety Australia demonstrates system delivers in deepwater drilling integrated service delivery wireless well control The Compan
Slide 8: 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 “Building a large • Return cash to shareholders • Maintain a strong balance sheet diversified and compelling busin
Slide 9: 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. 7
Slide 10: Expect Adjusted EBITDA Margins to Expand Further
Expect Adjusted EBITDA Margins to Expand Further Even in a flattish revenue environment in 2026 we expect to further expand our EBITDA margins. We anticipate that the full effect of Drive25, coupled with increasing the wallet share with customers, the >25% internationalization of our acquisitions wi
Slide 11: Robust and Disciplined Capital Allocation Framework
Robust and Disciplined Capital Allocation Framework Invest in projects that generate superior /robust returns through the lifecycle Balanced Capital Allocation Framework INVEST IN Maintain strong balance sheet BUSINESS Fund organic growth investments Committed to keeping total capex (maintenance and
Slide 12: 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 13: North and Latin America (NLA)
North and Latin America (NLA) Regional Highlights | Q4 North & Latin America NLA Revenue Key Highlights $130m Revenue for NLA was $130 million for the three months ended December 31, 2025, a decrease of $21 million, or 14%, compared to $151 million for the three months ended September 30, 2025. The
Slide 14: Europe & Sub-Saharan Africa (ESSA)
Europe & Sub-Saharan Africa (ESSA) Regional Highlights | Q4 Europe & Sub-Saharan Africa ESSA Revenue Key Highlights $116m Fourth quarter revenue decreased $10 million to $116 million sequentially, primarily driven by lower subsea well access and well construction revenue in Angola, and central and w
Slide 15: Middle East & North Africa (MENA)
Middle East & North Africa (MENA) Regional Highlights | Q4 Middle East & North Africa MENA Revenue Key Highlights $93m Another solid quarter delivered slightly higher as compared to Q3 with revenue at $93 million driven by higher well flow management revenue in 8% Q/Q Algeria and Saudi Arabia. The
Slide 16: Asia Pacific (APAC)
Asia Pacific (APAC) Regional Highlights | Q4 Asia Pacific APAC Revenue Key Highlights 11% $43m Fourth quarter revenue decrease of $6 million relative to the third quarter, primarily reflecting lower well flow management activity in Indonesia and India, lower well construction revenue in Australia, o
Slide 17: Revenue by Region and Area of Capability
Revenue by Region and Area of Capability Asia Pacific Well (APAC) Intervention & Integrity $43 $62 North & Subsea Middle East Q4 2025 Latin America Well Access Q4 2025 Well (NLA) Construction North Africa (MENA) Revenue $44 Revenue $130 by Area of $126 $93 by Geographic Capability Market $382m $382m
Slide 18: Return of Capital to Shareholders
Return of Capital to Shareholders Share repurchases ($m) Create long-term value to Shareholders Cumulative since 2024 Preference to share repurchase program $54 Repurchase shares throughout the year opportunistically Focus on free cash flow generation Efficient capital allocation program to create s
Slide 19: Non-GAAP Reconciliations
Non-GAAP Reconciliations ($ in millions) Three Months Ended TTM Q4 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 Q2 25 Q3 25 Q4 25 Adjusted EBITDA1 $ 51 $ 37 $ 51 $ 48 $ 70 $ 42 $ 72 $ 50 $ 85 $ 67 $ 95 $ 85 $ 100 $ 76 $ 94 $ 94 $ 88 $ 353 Depreciation, amo
Slide 20: 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 Net cash provided by (used in) operating activities $ 30 $ (13) $ 55 $ 97 $ 42 $ 48 $ 63 $ 57 Less: Capital expenditures (31) (36) (32) (44) (33) (21) (24) (34) Free cash flow (1)
Slide 21: 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 Q2 25 Q3 25 Q4 25 Net Income (loss) $ (91) $ (11) $ (4) $ (18) $ 13 $ (6)
Slide 22: 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 Q2 25 Q3 25 Q4 25 Total revenue $ 296 $ 280 $ 314 $ 334 $ 351 $ 339 $ 397 $ 370 $ 407 $ 383 $ 470 $ 423 $ 437 $ 391 $ 423 $ 411 $ 382 $ 1,60