Expro Group Holdings N.v. · NYSE:XPRO
Expro — Barclays 39th Annual CEO Energy-Power Conference 2025
36 slides from Expro's conference presentation, Sep 2, 2025
Slide 1: Barclays 39th Annual Energy-Power Conference
Barclays 39th Annual Energy-Power Conference September 3-4, 2025 | New York, New York 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: Leading Energy Services Company
Leading Energy Services Company Expro has a portfolio of N WITH A P Providing global solutions technologies and services IO UR offshore and onshore for the AT P O across the life cycle of the well V largest producer in the world O Subsea Well Access S N Providing efficient and E IN cost effective su
Slide 4: Expro in Numbers
Expro in Numbers Market Leader in three of its four “segments” FY 2025E ~$1.7bn WELL CONSTRUCTION WELL FLOW MANAGEMENT Tubular Running Services (TRS) represents Experience in all energy markets Revenue ~40% >50 countries of deepwater market Adjusted EBITDA +$350m SUBSEA WELL ACCESS WELL INTERVENTION
Slide 5: Market Leading Position in Each of Our Key Product Lines
Market Leading Position in Each of Our Key Product Lines Tubular Running Services (TRS) Leader in Leading provider of World’s largest Subsea Test Tree technologies represents high-rate gas testing across the full well lifecycle with independent ~40% and HP/HT systems ~57% market share wireline servi
Slide 6: Expanding the Portfolio With Cost-Effective, Technology-Enabled Services and Solutions
Expanding the Portfolio With Cost-Effective, Technology-Enabled Services and Solutions Technology & Innovation Tubular Running Services Drives Differentiation in the Market Industries first and only fully autonomous iTONG Tubular Running Cementing Coretrax Specialty Services iTONG Technologies QuikC
Slide 7: Expro's Global Operating Footprint
Expro’s Global Operating Footprint Each region offers a distinct strategic advantage and holds global importance for our international clients Balanced Geographic Portfolio Diversified Customer Base with 10 companies Strategic Diversification, Scalable Operations, with Exposure to Key Markets Repres
Slide 8: White Space in Offshore – Manageable impact to Expro
White Space in Offshore – Manageable impact to Expro Market Overview Estimated Floater Rig Count1 The offshore rig market is undergoing a cyclical correction in 2025 140 Limited impact to 2025 outlook. Anticipate with activity expected to rebound in 2H 2026, especially in additional rig contracting
Slide 9: Saudi Onshore Unconventional Gas - Bright Spots
Saudi Onshore Unconventional Gas - Bright Spots The demand for Expro services onshore is anticipated to grow to support domestic gas needs and meet the projected power demands associated with significant investments in artificial intelligence Additional Onshore Gas Demand is Expected to Enhance Marg
Slide 10: Expro Operational Excellence Consistently Delivering Financial Performance
Expro Operational Excellence Consistently Delivering Financial Performance Beat or met expectations 6 of the last 7 quarters – Reaffirmed Strong 2025 guidance Adjusted EBITDA ($m) Related to project accounting timing of OPT 120 6% 10% -6% 18% 100 10% $100 $95 $94 13% $94 $90 80 $85 ✓ $86 $85 $80 $77
Slide 11: 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 12: Track Record of EBITDA Margins Expansion
Track Record of EBITDA Margins Expansion Adjusted EBITDA Margin 26% 25% 24% 22% ~ 21% 20% 20% 18% 16% 16% 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 a pro forma basis for the Expro / Frank’s merger unless otherwise sta
Slide 13: Top Quartile EBITDA Margins Expected to Further Improve…
Top Quartile EBITDA Margins Expected to Further Improve… 2Q 2025 Adjusted EBITDA Margin 2025E Adjusted EBITDA Margin1 WHD WHD SLB SLB XPRO Top quartile WFRD Top quartile WFRD XPRO INVX INVX FTI HAL HAL FTI BKR HLX OII BKR HLX OII OIS OIS NOV NOV 0% 10% 20% 30% 40% 0% 10% 20% 30% 40% Note: Peer group
Slide 14: …While Focus on FCF Increases
…While Focus on FCF Increases 2025E Free Cash Flow Margin1 FCF to 10%+ Top Quartile Improve Margins to 25%+ • Expro already has peer-leading margins and has a track record of margin improvement Top quartile • Drive25 expect to add another 100 bps • Unlock additional efficiencies into the business •
Slide 15: Free Cash Flow Evolution
Free Cash Flow Evolution Credible path to 10%+ FCF margin organically EBITDA Margin expansion to 25%+ 10%+ ~ 7% 2025E 2026 Drive 25 Globalization of Technologies 2026+ Additional Efficiency Gains Reduce Capital Intensity Future Copyright 2025 Expro®. All rights reserved. 15
Slide 16: Continuous Improvement – Improving Our Business is Our Business
Continuous Improvement – Improving Our Business is Our Business Drive25 cost optimization initiative is a key driver in 2025 for Expro’s medium-term goal of 25% adjusted EBITDA margin Key cost initiatives: • Build a lean, scalable organization • Simplify processes and reduce low-value adding tasks •
Slide 17: 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 18: Natural Consolidation of Offshore and International
M&A Natural Consolidation of Offshore and International Discipline acquirer with track record of value creation – evaluate 30+ acquisition opportunities per year, but proceed only with those that are strategically sound LTM Revenue and LTM Adj. EBITDA Margin ($m) Well Flow Management Subsea Well Acc
Slide 19: Capital Expenditures 2025
INVEST IN BUSINESS Capital Expenditures 2025 Capital Expenditures allocated based on specific jobs with measurable return profiles to compete for capital across all investment options Capital Expenditures Full Year 2025E 9% Consistent with the Capital Allocation Framework, the decision to invest in
Slide 20: Return of Capital to Shareholders
RETURN OF CAPITAL 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 $25 FOCUS ON FREE CASH FLOW GENERATION Efficient capital allo
Slide 21: Strong Balance Sheet Allows Expro Financial Flexibility to Execute
MAINTAIN FORTRESS BALANCE SHEET Strong Balance Sheet Allows Expro Financial Flexibility to Execute Liquidity ($m)1 Debt Maturities ($m)1 June 30, 2025 $500 Revolving Credit Facility $500 Availability $329 (-) Drawn portion 121 (-) Letters of credit & bonds 50 $50 LC’s & bonds (+) Cash & Cash Equival
Slide 22: Appendix
Investors.Expro.com Downloadable Financials Our ESG report Follow us on Connect with us on Subscribe to our Appendix: channel To learn even more about Expro, check out these additional places to get in touch with us. 22
Slide 23: Historical Revenue and Adjusted EBITDA
Historical Revenue and Adjusted EBITDA Revenue ($m) Adjusted EBITDA ($m)1 Well Management Well Construction Revenue up 69% since Q4 2020 Adjusted EBITDA up 3.6x (announcement of Expro/Frank’s merger) since Q4 2020 $470 $437 $423 $423 $407 $100 $397 $391 $383 $95 $94 $370 $148 $351 $339 $145 $85 $85
Slide 24: Historical Adjusted Cash Flow from Operations and Capex
Historical Adjusted Cash Flow from Operations and Capex Adjusted Free Cash Flow ($m)1 Adjusted EBITDA2 / Capital Expenditures ($m) TTM Adjusted EBITDA minus Capex up Adjusted EBITDA Capital Expenditures ~$250m since Q4 2020 $66 $100 $95 $94 $85 $85 $76 $36 $72 $70 $67 $28 $16 $51 $51 $50 $48 $6 $45
Slide 25: Historical Revenue by Region and Product Line
Historical Revenue by Region and Product Line By Geographical Market ($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 $69 $423 $423 $407 $407 $397 $397 $383 $62 $391 $383 $68 $391
Slide 26: Historical Revenue and Contribution by Areas of Capability
Historical Revenue and Contribution by Areas of Capability Revenue ($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% $120 38% 40% 37% 40% $470 $100 $80 30% $437 $423 $423 $407 $60 20% $397 $391 $383 $40
Slide 27: Historical Contribution by Product Line
Historical Contribution by Product Line Well Construction ($m) Well Flow Management ($m) $80 46% 50% $80 50% 44% 42% 43% 44% 45% 43% 43% 43% 44% 43% 45% 43% 43% 44% 41% 42% 41% 42% 42% 40% 41% $70 38% 40% 37% $70 38% 39% 38% 38% 38% 37% 39% 40% 40% 36% 36% 34% 40% $60 $60 34% 35% 33% 34% 33% 33% 31%
Slide 28: Historical Segment EBITDA by Region
Historical Segment EBITDA by Region North & Latin America ($m) Europe & Sub-Saharan Africa ($m) $55 40% $55 37% 40% $50 $50 28% 35% 35% $45 30% 30% 30% $45 31% 30% 29% 27% 27% 26% 30% 30% $40 25% $40 26% 25% 26% 24% 24% 21% 24% $35 21% 21% 21% 22% 23% 25% $35 22% 21% 21% 25% $30 19% 19% $30 18% 20%
Slide 29: Historical Support Costs
Historical Support Costs Historical Support Costs ($m) Trailing Twelve Months Support Costs ($m) Research, engineering and development Aggregate support costs since Q4 Includes support costs Product Line and central costs 2020 down from 30% to for acquired businesses $94 ~20% of revenue on a TTM bas
Slide 30: Order Backlog
Order Backlog Q/Q Change in Order Backlog ($m) – 6 Quarters Order Backlog at Quarter End ($m) – 14 Quarters + $595 + $105 + $314 + $196 + $354 + $272 $2,297 $2,345 $2,292 $2,413 -$285 $2,264 $2,295 $2,271 $2,301 $2,297 $2,345 $2,292 $2,171 $2,161 -$464 $2,264 -$395 $2,178 $2,171 $2,161 -$322 -$375 $
Slide 31: Non-GAAP Reconciliations
Non-GAAP Reconciliations ($ in millions) Three Months Ended TTM Q2 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 Adjusted EBITDA1 $ 51 $ 37 $ 51 $ 48 $ 70 $ 42 $ 72 $ 50 $ 85 $ 67 $ 95 $ 85 $ 100 $ 76 $ 94 $ 356 Depreciation, amortization and impairme
Slide 32: 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 Net cash provided by (used in) operating activities $ 30 $ (13) $ 55 $ 97 $ 42 $ 48 Less: Capital expenditures (31) (36) (32) (44) (33) (21) Free cash flow (1) (50) 23 53 8 27 Add: Merger and
Slide 33: 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 Net Income (loss) $ (91) $ (11) $ (4) $ (18) $ 13 $ (6) $ 9 $ (14)
Slide 34: 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 Total revenue $ 296 $ 280 $ 314 $ 334 $ 351 $ 339 $ 397 $ 370 $ 407 $ 383 $ 470 $ 423 $ 437 $ 391 $ 423 $ 1,673 Less: Cost of revenue,
Slide 35: Notes
Notes Copyright 2025 Expro®. All rights reserved.
Slide 36: Get to Know
GET TO KNOW
Expro Group Holdings — Barclays 39th Annual CEO Energy-Power Conference 2025 on 6ix