Expro Group Holdings N.v. · NYSE:XPRO
Expro — Piper Sandler 25th Annual Energy Conference 2025
32 slides from Expro's conference presentation, Mar 17, 2025
Slide 1: Piper Sandler 25th Annual Energy Conference
Piper Sandler 25 Annual Energy Conference th March 17-19, 2025 | Las Vegas, NV 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% $1,713m International Offshore Asia Pacific ~$1.3bn Market Capitalization2 15% North & Latin America Strong cash Zero net-debt Middle East North Africa 19% BY REGION ~60 Countries 33% ~$1.2bnEnterprise Value3 flow outlook balance sheet with significant availab
Slide 4: Q4 & FY 2024 Key Themes
Q4 & FY 2024 | Key Themes Record quarterly and full-year Adjusted EBITDA Q4 2024 Adjusted EBITDA of $100 million (23% of revenue) Successful acquisition and integration of Coretrax Contributed $88 million of revenue and margins that are accretive to the overall business in 2024 (8 months based on 5/
Slide 5: Positioned to Capitalize on Increasing Demand for Energy Services
Positioned to Capitalize on Increasing Demand for Energy Services Estimated Value of Projects Sanctioned/Expected to be Sanctioned ($Bn)1 Constructive Macro Backdrop Offshore Deepwater Offshore Shelf West Africa Deepwater and Multi-Year Outlook Deepwater FIDs +$300bn • Strong and stable oil prices a
Slide 6: Operators Continue to Focus Capital Investments in International and Offshore Markets
Operators Continue to Focus Capital Investments in International and Offshore Markets Total Capital Investments by Year ($Bn)1 Increased offshore and 50% CAPEX North America Onshore International Offshore $600 international investment (i.e., long cycle development) 40% provides Expro with 500 30% bu
Slide 7: Offshore Markets Provide Lower Break-Even, Carbon-Advantaged Barrels
Offshore Markets Provide Lower Break-Even, Carbon-Advantaged Barrels and Scope for Incremental Demand for Expro Services Floating Rig Demand by Oil Price Sensitivity Break-Even Exploitation of low costs 160 Expected floater demand in excess of currently barrels will require deepwater, available supp
Slide 8: Next Gen Tubular Running Services
Next Gen Tubular Running Services Centri-Fi, iTong, and iCam create a technology-enabled, automated solution to drive efficiency, safety and well integrity for operators 6
Slide 9: Technology Enabling Centralized Control of Multiple Tools
__________| Technology Enabling Centralized Control of Multiple Tools Allows for a single operator to control A modular design system providing means multiple TRS tools of incorporating future through a tablet-based tools and system from Wireless Control consolidated control multiple service provide
Slide 10: Deployment in GoA for 'Driller Controlled' Elevators & Spiders
__________| Deployment in GoA for ‘Driller Controlled’ Elevators & Spiders Reduction of Red Zone personnel using the Centri-FI control console TM That’s been a real eye opener how much easier it is to communicate with them EXTENDED RANGE EXTENDED RANGE during operations instead of Standard Slip Type
Slide 11: Automated Connection Make-ups with AI Enabled Technology
_______ | Automated Connection Make-ups with AI Enabled Technology Integrated Control Display Allows operators to iCAM complete an entire The modular design connection makeup provides flexibility to with a single touch deploy in land, shelf and of the remote, digital deepwater operations control scr
Slide 12: Deepwater Deployment in Cote d'Ivoire
_______ | Deepwater Deployment in Cote d’Ivoire Operational Improving efficiencies success Reduction 50% reduction in connection 6 wells TRS crew size make-up times 42 jobs Time savings 10hrs | 15hrs Per well Per month +1,500 iTONG was first deployed in the North connections Customer cost savings1 S
Slide 13: Tubular Connection and Make-up Monitoring Technology
| Tubular Connection and Make-up Monitoring Technology AI-Enabled Data Driven Decisions Provides operator connection and Removes human make-up analysis to subjectivity by giving the operator a diagnosis and ensure connection prescription of remedy if integrity an anomaly occurs < accept / reject > V
Slide 14: AI-Enabled Data Assessment Identifies Human Error in Holland
| AI-Enabled Data Assessment Identifies Human Error in Holland Details of Incident iCAM demonstrated its ability to identify Holland subtle trends in data Post-Incident iCAM Evaluation that the operators did not notice Over-torqued connections Number of run in hole recommended rejects Reduced NPT ti
Slide 15: Creating Value for Stakeholders
Creating Value for Stakeholders In the oil and gas industry, creating value for stakeholders means not only delivering financial returns but also ensuring safety, environmental stewardship, and community engagement. - Andrew Gould, Former Chairman of SLB 13
Slide 16: Investments Focused on Creating Value for Shareholders
Investments Focused on Creating Value for Shareholders LTM Revenue and LTM Adj. EBITDA Margin Well Construction Well Flow Management 2500 Subsea Well Access Well Intervention and Integrity LTM Adj. EBITDA Margin 20% Executing the Strategy • Consolidating facilities, rationalizing back-office support
Slide 17: Balanced Capital Allocation Framework to Create Long-Term Value for Shareholders
Balanced Capital Allocation Framework to Create Long-Term Value for Shareholders Maintain strong balance sheet Fund organic growth investments Targeting core capex (maintenance and growth) at Maintain 7% of revenue1 Disciplined Capital Allocation to Drive Pursue accretive, value-enhancing acquisitio
Slide 18: Driving Margin Improvement to and through 20%
Driving Margin Improvement to and through 20% Key Highlights Medium-Term Targets 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 growth and subsea project deliveries 2500 $
Slide 19: Reasons to own Expro
Stable oil prices are expected to drive increased operator investment and activity in lower cost, carbon advantaged barrels in the offshore market Project approvals will drive customer capital spending (~70% of Expro’s revenue) for 3-5 years, thereby providing a stable customer spending foundation f
Slide 20: 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 21: Historical Revenue and Adjusted EBITDA
Historical Revenue and Adjusted EBITDA Revenue ($m) Adjusted EBITDA ($m)1 Revenue up 75% since Adjusted EBITDA Q4 2020 (announcement up ~3.9x of Expro/Frank’s merger) since Q4 2020 $470 $437 $423 $407 $100 $397 $383 $95 $370 $148 $351 $339 $145 $330 $334 $85 $85 $159 $313 $314 $145 $144 $120 $296 $1
Slide 22: Historical Adjusted Cash Flow from Operations and Capex
Historical Adjusted Cash Flow from Operations and Capex Adjusted Cash Flow from Operations ($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 $99 $70 $72 $67 $73 $64 $65 $51 $51 $50 $4
Slide 23: Historical Revenue by Region and Product Line
Historical Revenue by Region and Product Line By Geographical Market ($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 $407 $69 $407 $397 $397 $383 $62 $383 $68 $370 $65 $370 $71 $3
Slide 24: Historical Revenue and Contribution by Areas of Capability
Historical Revenue and Contribution by Areas of Capability Revenue ($m) Well Construction ($m) 46% $140 44% 42% 43% 44% 45% 43% 43% 43% 44% 43% 45% 43% 50% 41% 42% 41% 42% $120 38% 40% 37% 40% $100 $470 $80 30% $437 $423 $60 20% $407 $397 $40 $383 10% $370 $148 $20 $351 $47 $34 $32 $39 $39 $44 $49 $
Slide 25: 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% 44% 41% 42% 41% 42% 40% 41% $70 38% 40% 37% $70 38% 39% 38% 38% 38% 37% 40% 36% 36% 34% 40% $60 34% 35% 33% 34% 33% $60 33% 31% $50 $50 26% 30%
Slide 26: Historical Segment EBITDA by Region
Historical Segment EBITDA by Region North & Latin America ($m) Europe & Sub-Saharan Africa ($m) $55 40% $55 37% 40% $50 $50 35% 35% $45 30% 30% 30% $45 31% 28% 29% 27% 27% 26% 30% 30% $40 25% $40 26% 25% 24% 24% $35 21% 21% 21% 22% 25% $35 22% 21% 25% 21% 21% $30 19% 19% $30 18% 18% 18% 20% 18% 20%
Slide 27: Historical Support Costs
Historical Support Costs Historical Support Costs ($m) Trailing Twelve Months Support Costs ($m) Research, engineering and development Aggregate support costs since Q4 Product Line and central costs 2020 down from 30% to ~20% of revenue on a TTM basis Geography-based support costs Includes Coretrax
Slide 28: Order Backlog - 5 Quarters
Order Backlog - 5 Quarters Q/Q Change in Order Backlog ($m) – 5 Quarters Order Backlog at Quarter End ($m) – 12 Quarters + $105 + $314 + $231 +$196 + $354 $2,345 $2,413 $2,301 $2,297 $2,264 $2,295 $2,271 $2,301 $2,297 -$285 $2,264 -$235 $2,171 -$395 $2,178 $2,171 $2,240 -$322 $1,927 $1,878 $1,744 Q4
Slide 29: Non-GAAP Reconciliations
Non-GAAP Reconciliations ($ in millions) Three Months Ended TTM Q4 2024 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 Adjusted EBITDA 1 $ 51 $ 37 $ 51 $ 48 $ 70 $ 42 $ 72 $ 50 $ 85 $ 67 $ 95 $ 85 $ 100 $ 347 Depreciation, amortization and impairment expenses (44) (35)
Slide 30: 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 Net Income (loss) $ (91) $ (11) $ (4) $ (18) $ 13 $ (6) $ 9 $ (14) $ (12) $ (3)
Slide 31: 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 Total revenue $ 296 $ 280 $ 314 $ 334 $ 351 $ 339 $ 397 $ 370 $ 407 $ 383 $ 470 $ 423 $ 437 $1,713 (252) (240) (257) (284) (278) (290) (319) (316)
Slide 32: Get to Know
GET TO KNOW
Expro Group Holdings — Piper Sandler 25th Annual Energy Conference 2025 on 6ix