Expro Group Holdings N.v. · NYSE:XPRO
Expro — Q3 2025 Earnings Presentation
30 slides from Expro's earnings presentation, Oct 23, 2025
Slide 1: Expro Group Holdings N.V. Q3 2025 Highlights
Expro Group Holdings N.V. Q3 | 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: Q3 2025 Highlights
Q3 2025 | Highlights Repaid $22m on the Revenue Adjusted Free Cash Flow Revolving Credit Facility $411m $46m Increased Adjusted EBITDA Adjusted EBITDA Record Adjusted Free Cash Flow Margin Guidance to $350m-$360m $94m 11% Increased Adjusted Free Cash Adjusted EBITDA Margin Repurchased Flow Guidance
Slide 4: Expro's Multi-year Backlog of ~2.3bn Provides Long-term Planning Visibility
Expro’s Multi-year Backlog of ~2.3bn Provides Long-term Planning Visibility Backlog by Execution Year Visibility on $1 billion of revenue for 2026 already in the backlog. Historically, at this $1000m point in the year the backlog for the following year represents ~60% of the expected revenue, so Exp
Slide 5: 2026 Outlook
2026 Outlook 2026 Free Cash Flow 2026 2026 Revenue EBITDA Margin Expro expect investments in oil & gas to remain robust overall, with pockets of growth in some international markets 2026 expected to be a flat to down year Flat to slightly lower Further expansion compared to 2025 compared to 2025 Off
Slide 6: Expro's Unique Themes
Expro’s Unique Themes Business and stock performance should be driven by both broader market and Expro-specific differentiations Customer wallet Deployment of Internationalization Production expansion technology/ of M&A Solutions innovation • Margin expansion and more • Expro’s ability to innovate •
Slide 7: Customer and Technology Highlights
Customer and Technology Highlights Expro wins ENI’s Expro wins OTC Brazil Award success and Velonix first Expro sets offshore world Best Contractor Spotlight on New industry recognition deployment delivers record marking new HSE Performance Technology® award for 10 Technology nominations reduces emi
Slide 8: Expro's Long-Term Strategic Pillars
Expro’s Long-Term Strategic Pillars Improved Financial Profile • Margin expansion and FCF generation • Execute costs efficiencies (Drive25 efficiency campaign) • Reduce capital intensity “Building a large • Continue to deliver top quartile performance diversified and compelling business High Grade o
Slide 9: Track Record of EBITDA Margins Expansion
Track Record of EBITDA Margins Expansion 2025 Adjusted EBITDA Margin 22.3% 22.8% ~23% 19.5% Q1 Q2 Q3 Q4 Annual Adjusted EBITDA Margin 25% 26% 24% 20% ~ 22% 22% 20% 16% 16% 18% 16%14% 14% 12% 10% 2021 2022 2023 2024 2025E Future Note: All amounts from Q4 2021 are as reported and prior to that are on
Slide 10: Expect 2026 Adjusted EBITDA Margins to Expand Further
Expect 2026 Adjusted EBITDA Margins to Expand Further Even in a flat to slightly lower revenue in 2026 we expect to further expand our EBITDA margins. >22% We anticipate that the full effect of Drive25, coupled with increasing the ~ 22% wallet share with customers, the internationalization of our ac
Slide 11: 2025 Increased Guidance
2025 Increased Guidance Expro is increasing 2025 guidance to reflect the company’s robust operational performance PRIOR NEW Revenue ~$1.7 billion $1.60-$1.65 billion Adjusted EBITDA >$350 million $350-$360 million Capital Expenditures ~$120 million $110-$120 million Adjusted Free Cash Flow ~$110 mil
Slide 12: Robust and Disciplined Capital Allocation Framework
Robust and Disciplined Capital Allocation Framework Invest in projects that generate superior /robust returns through the lifecycle Balanced Capital Allocation Framework INVEST IN Maintain strong balance sheet BUSINESS Fund organic growth investments Committed to keeping total capex (maintenance and
Slide 13: Appendix
Investors.Expro.com Downloadable Financials Our ESG report Follow us on Connect with us on Subscribe to our Appendix: channel To learn even more about Expro, check out these additional places to get in touch with us.
Slide 14: Return of Capital to Shareholders
Return of Capital to Shareholders Share repurchases ($m) Create long-term value to Shareholders Cumulative since 2024 $29 $54 Preference to share repurchase program Repurchase shares throughout the year opportunistically $25 Focus on free cash flow generation Efficient capital allocation program to
Slide 15: Revenue by Region and Area of Capability
Revenue by Region and Area of Capability Asia Pacific Well (APAC) Intervention & Integrity $49 $59 North & Subsea Middle East Q3 2025 Latin America Well Access Q3 2025 Well (NLA) Construction North Africa (MENA) Revenue $57 Revenue $150 $86 by Geographic $151 by Area of Market Capability $411m $411m
Slide 16: North and Latin America (NLA)
North and Latin America (NLA) Regional Highlights | Q3 North & Latin America NLA Revenue Key Highlights $151m Third quarter revenue was up $8 million quarter-over-quarter, reflecting higher well construction and well flow management revenue in the Gulf of Mexico, partially offset by lower well inter
Slide 17: Europe & Sub-Saharan Africa (ESSA)
Europe & Sub-Saharan Africa (ESSA) Regional Highlights | Q3 Europe & Sub-Saharan Africa ESSA Revenue Key Highlights $126m Third quarter revenue decreased $7 million to $126 million sequentially, primarily driven by lower well flow management and subsea well access revenue in the U.K. and Norway. 5
Slide 18: Middle East & North Africa (MENA)
Middle East & North Africa (MENA) Regional Highlights | Q3 Middle East & North Africa MENA Revenue Key Highlights $86m Another solid quarter delivered but slightly lower as compared to Q2 with revenue at $86 million driven by lower well construction and well 5% Q/Q intervention and integrity reven
Slide 19: Asia Pacific (APAC)
Asia Pacific (APAC) Regional Highlights | Q3 Asia Pacific APAC Revenue Key Highlights 12% $49m Third quarter revenue decrease of $8 million relative to the second quarter, primarily reflecting the lower well flow management, well intervention and integrity, and well construction revenue in Malaysia,
Slide 20: Historical Revenue and Adjusted EBITDA
Historical Revenue and Adjusted EBITDA Revenue ($m) Adjusted EBITDA ($m)1 Well Management Well Construction Revenue up 64% since Q4 2020 Adjusted EBITDA up 3.6x (announcement of Expro/Frank’s merger) since Q4 2020 $470 $437 $423 $423 $407 $411 $397 $391 $383 $370 $148 $351 $339 $145 $330 $334 $142 $
Slide 21: Historical Adjusted Cash Flow from Operations and Capex
Historical Adjusted Cash Flow from Operations and Capex Adjusted Free Cash Flow ($m)1 Adjusted EBITDA2 / Capital Expenditures ($m) TTM Adjusted EBITDA minus Capex up Adjusted EBITDA Capital Expenditures ~$270m since Q4 2020 $100 $95 $94 $94 $66 $85 $85 $46 $76 $72 $36 $70 $67 $28 $16 $51 $51 $50 $48
Slide 22: Historical Revenue by Region and Product Line
Historical Revenue by Region and Product Line By Geographical Market ($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 $411 $69 $423 $423 $407 $407 $411 $397 $397 $383 $62 $391 $383
Slide 23: Historical Revenue and Contribution by Areas of Capability
Historical Revenue and Contribution by Areas of Capability Revenue ($m) Well Construction ($m) Well Management Well Construction 46% $140 44% 42% 43% 44% 45% 43% 43% 43% 44% 43% 45% 43% 42% 43% 50% 41% 42% 41% 42% 40% $120 38% 40% 37% 40% $470 $100 $80 30% $437 $423 $423 $407 $411 $60 20% $397 $391
Slide 24: Historical Contribution by Product Line
Historical Contribution by Product Line Well Construction ($m) Well Flow Management ($m) $80 46% 50% $80 50% 44% 42% 43% 44% 45% 43% 43% 43% 44% 43% 45% 43% 43% 44% 44% 41% 42% 41% 42% 42% 40% 40% 41% $70 38% 40% $70 38% 39% 38% 38% 38% 37% 39% 40% 37% 40% 36% 36% 40% 34% 35% 34% $60 $60 33% 33% 34%
Slide 25: Historical Segment EBITDA by Region
Historical Segment EBITDA by Region North & Latin America ($m) Europe & Sub-Saharan Africa ($m) $55 40% $55 37% 40% $50 $50 35% 32% 35% 30% 28% $45 31% 30% $45 30% 30% 29% 27% 27% 26% 30% $40 26% 26% 30% $40 25% 25% 24% 24% $35 21% 21% 21% 24% 22% 23% 24% 25% $35 22% 21% 25% 21% 21% $30 19% 19% $30
Slide 26: Order Backlog
Order Backlog Q/Q Change in Order Backlog ($m) – 7 Quarters Order Backlog at Quarter End ($m) – 15 Quarters + $595 + $105 + $314 + $196 + $354 + $272 + $202 $2,297 $2,345 $2,292 $2,332 $2,413 $2,264 $2,345 $2,171 -$285 $2,161 -$464 -$162 $2,295 $2,271 $2,301 $2,297 $2,264 $2,292 $2,332 -$395 $2,178
Slide 27: Non-GAAP Reconciliations
Non-GAAP Reconciliations ($ in millions) Three Months Ended TTM Q3 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 Adjusted EBITDA1 $ 51 $ 37 $ 51 $ 48 $ 70 $ 42 $ 72 $ 50 $ 85 $ 67 $ 95 $ 85 $ 100 $ 76 $ 94 $94 $ 365 Depreciation, amortization an
Slide 28: 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 Net cash provided by (used in) operating activities $ 30 $ (13) $ 55 $ 97 $ 42 $ 48 $ 63 Less: Capital expenditures (31) (36) (32) (44) (33) (21) (24) Free cash flow (1) (50) 23 53 8 27
Slide 29: 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 Net Income (loss) $ (91) $ (11) $ (4) $ (18) $ 13 $ (6) $ 9 $
Slide 30: 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 Total revenue $ 296 $ 280 $ 314 $ 334 $ 351 $ 339 $ 397 $ 370 $ 407 $ 383 $ 470 $ 423 $ 437 $ 391 $ 423 $411 $ 1,662 Less: Cost