Expro Group Holdings N.v. · NYSE:XPRO
Expro — Q2 2025 Earnings Presentation
26 slides from Expro's earnings presentation, Jul 29, 2025
Slide 1: Expro Group Holdings N.V. Q2 2025 Highlights
Expro Group Holdings N.V. Q2 | 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 Global provider of advanced well solutions and services, delivering innovative technologies across the full-cycle of oil & gas operations through four distinct product lines – Well Construction, Well Flow Management, Subsea Well Access, and Well Intervention & Integrity 2025 Outlook
Slide 4: Q2 2025 Key Themes, Strategies, and Performances
Q2 2025 | Key Themes, Strategies, and Performances Third consecutive quarter of financial results above expectations • Q2 2025 revenue of $423m and Adjusted EBITDA of $94m (22% of revenue) • Highest second quarter Adjusted EBITDA margin • Adjusted Free Cash Flow of $36 million, or 9% of revenue • Ad
Slide 5: Revenue by Region and Area of Capability
Revenue by Region and Area of Capability Asia Pacific Well (APAC) Intervention & Integrity $57 North & $76 Latin America Well (NLA) Construction Q2 2025 Q2 2025 Middle East $143 $142 North Africa (MENA) Revenue Revenue by Geographic by Area of $91 Capability Market Well Flow $423m Management $423m $
Slide 6: North and Latin America (NLA)
North and Latin America (NLA) Regional Highlights | Q2 North & Latin America NLA Revenue Key Highlights $143m Increased revenue was primarily due to higher well construction revenue, partially offset by lower revenue from well flow management in Mexico and Brazil. 34% 6% Q/Q 9% YoY Increased Seg
Slide 7: Europe & Sub-Saharan Africa (ESSA)
Europe & Sub-Saharan Africa (ESSA) Regional Highlights | Q2 Europe & Sub-Saharan Africa ESSA Revenue Key Highlights $132m Increased revenue was primarily driven by higher revenue from all product lines, particularly in the North Sea within our well flow management and subsea well access product line
Slide 8: Middle East & North Africa (MENA)
Middle East & North Africa (MENA) Regional Highlights | Q2 Middle East & North Africa MENA Revenue Key Highlights $91m Decreased revenue was driven by lower well construction revenue in the Saudi Arabia and the UAE, partially offset by increased well flow 3% Q/Q management revenue in North Africa.
Slide 9: Asia Pacific (APAC)
Asia Pacific (APAC) Regional Highlights | Q2 Asia Pacific APAC Revenue Key Highlights 13% $57m Increased revenue was primarily due to higher well flow management revenue in Malaysia, Indonesia and Brunei and higher well flow integrity and intervention revenue in Malaysia and Brunei, partially offset
Slide 10: Customer and Technology Highlights
Customer and Technology Highlights Industry Firsts Expro unveiled its most First full deployment of our World’s first fully remote advanced BRUTE® Packer Remote Clamp Installation five-plug cementing Reinforcing system, BRUTE® Armor Packer System (RCIS) operation in Saudi Arabia Innovation and Safet
Slide 11: Outlook for 2025
Outlook for 2025 Key Highlights 2025 Outlook Full Year 2025 Outlook ~$1.7bn Reaffirm revenue expectation at ~$1.7bn and Adjusted EBITDA of at least $350m Revenue and Adjusted FCF Margin1 of ~7% of revenue or $110m. Remain committed to shareholder return targets of one-third of Adjusted Free Cash Flo
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 Capex related revenue Opex related revenue Adjusted EBITDA margin Revenue mix weighted to higher margin offshore 3000 0.6 and D&C activity $2,533 2024 led by well construction
Slide 13: Drive25 Cost Optimization Initiative
Drive25 Cost Optimization Initiative is a Key Driver in 2025 for Expro’s Medium-term Goal of 25% Adjusted EBITDA Margin Key cost initiatives: Project management developed a real-time • Build a lean, scalable organization savings tracker for cost monitoring • Simplify processes and reduce low-value a
Slide 14: Appendix: Investors.Expro.com
Investors.Expro.com Downloadable Financials Our ESG report Follow us on Connect with us on Subscribe to our Appendix: channel To learn even more about Expro, check out these additional places to get in touch with us.
Slide 15: Historical Revenue and Adjusted EBITDA
Historical Revenue and Adjusted EBITDA Revenue ($m) Adjusted EBITDA ($m)1 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 $85
Slide 16: Historical Adjusted Cash Flow from Operations and Capex
Historical Adjusted Cash Flow from Operations and Capex Adjusted Free Cash Flow ($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 $45
Slide 17: Historical Revenue by Region and Product Line
Historical Revenue by Region and Product Line By Geographical Market ($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 $423 $69 $423 $423 $407 $407 $397 $397 $383 $62 $391 $383 $68 $391
Slide 18: Historical Revenue and Contribution by Areas of Capability
Historical Revenue and Contribution by Areas of Capability Revenue ($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 $40
Slide 19: Historical Contribution by Product Line
Historical Contribution by Product Line Well Construction ($m) Well Flow Management ($m) $80 46% 50% $80 50% 44% 42% 43% 44% 45% 43% 43% 43% 44% 43% 45% 43% 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 $60 34% 35% 33% 34% 33% 33% 31%
Slide 20: Historical Segment EBITDA by Region
Historical Segment EBITDA by Region North & Latin America ($m) Europe & Sub-Saharan Africa ($m) $55 40% $55 37% 40% $50 $50 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% $30 18% 20%
Slide 21: Historical Support Costs
Historical Support Costs Historical Support Costs ($m) Trailing Twelve Months Support Costs ($m) Research, engineering and development Aggregate support costs since Q4 Includes support costs Product Line and central costs 2020 down from 30% to for acquired businesses $94 ~20% of revenue on a TTM bas
Slide 22: Order Backlog
Order Backlog Q/Q Change in Order Backlog ($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 23: 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 24: 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 25: 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 26: 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,