Expro Group Holdings N.V. Announces Fourth Quarter 2025 Results and Full-Year 2026 Guidance
Key Terms
adjusted ebitda financial
free cash flow financial
revolving credit facility financial
liquidity financial
order backlog financial
capital expenditures financial
Fourth Quarter 2025 Highlights
-
Revenue of
$382 million -
Net income of
$6 million 2% -
Adjusted EBITDA1 of
$88 million -
Adjusted EBITDA margin1 of
23.1% , which ranks among the top in our peer group -
Cash flow from operations of
$57 million 15% of revenues -
Free cash flow1 was
$23 million 6% ; Adjusted free cash flow1 of$28 million 7% -
Voluntary prepayment of our revolving credit facility of
$20 million
Full Year 2025 Financial Highlights
-
Revenue of
$1,607 million -
Net income of
$52 million 3% -
Adjusted EBITDA of
$353 million -
Adjusted EBITDA margin of
22.0% , which ranks among the top in our peer group -
Cash flow from operations of
$210 million 13% of revenues -
Free cash flow was
$98 million 6% ; Adjusted free cash flow of$127 million 8% - significantly outperformed expectations. -
Voluntary prepayment of our revolving credit facility of
$42 million $551 million -
Share repurchases of
$40 million $10.81 -
Total order backlog of
$2.5 billion
Michael Jardon, Chief Executive Officer, noted, “Expro’s fourth quarter results closed out a solid year of financial performance. In 2025, the Company generated
“During the year, Expro executed well on its long-term strategic pillars. On the financial side, the Company increased its capital return to shareholders by repurchasing
“From a technological perspective, our track record of continual innovation was also on display during the year as the Company introduced many new technologies across our geographic segments. Our ability to quickly deploy new technologies that provide value remains a key reason why customers choose to do business with Expro. We saw further evidence of this during the fourth quarter as we secured one of the largest single-customer awards in our history, a four-year,
“Looking ahead, we are cautiously optimistic about 2026. We generally expect 2026 financial results to be similar to and in some respects better than 2025 characterized by an industry sense of optimism growing for the back half of 2026 into 2027. Our strong order backlog of
1. A non-GAAP measure.
Free Cash Flow and Share Repurchases
Expro generated
Expro generated
Expro is focused on and committed to generating significant free cash flow, and we expect to continue to do so by further expanding the Company’s Adjusted EBITDA margin and reducing the capital intensity of the business. Management continues to believe that adjusted free cash flow better reflects the Company’s performance by excluding one-time items, in line with corporate finance principles.
During 2025, the Company repurchased approximately 3.7 million shares at an average price of
|
|
Three Months Ended |
|
Year Ended |
||||
|
|
December 31, |
|
December 31, |
||||
|
|
2025 |
|
2025 |
||||
Total revenue |
|
$ |
382,127 |
|
|
$ |
1,607,095 |
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities |
|
$ |
57,071 |
|
|
$ |
210,172 |
|
Less: Capital expenditures |
|
|
(33,875 |
) |
|
|
(112,387 |
) |
Free cash flow |
|
|
23,196 |
|
|
|
97,785 |
|
|
|
|
|
|
|
|
|
|
Free cash flow margin |
|
|
6 |
% |
|
|
6 |
% |
|
|
|
|
|
|
|
|
|
Add: Merger and integration expense (1) |
|
|
861 |
|
|
|
6,161 |
|
Add: Severance and other expense (1) |
|
|
9,952 |
|
|
|
28,527 |
|
Less: Other non-cash adjustments |
|
|
(5,600 |
) |
|
|
(5,600 |
) |
Adjusted free cash flow |
|
$ |
28,409 |
|
|
$ |
126,873 |
|
|
|
|
|
|
|
|
|
|
Adjusted free cash flow margin |
|
|
7 |
% |
|
|
8 |
% |
(1) Expenses directly referenced on the consolidated Statements of Operations. |
Financial Guidance
While the outlook remains fairly stable, we expect to further expand our Adjusted EBITDA margin for the full year in 2026, as well as generate more Adjusted free cash flow in 2026 compared to 2025. With regards to the first quarter of 2026, we anticipate a normal seasonal decline caused by the inclement weather, particularly in the North Sea, and lower customer budgetary spends at the start of a new calendar year. The guidance below represents our expectations as of the date of this release.
|
|
Three Months Ended |
|
Full Year Ended |
|
|
March 31, |
|
December 31, |
(in millions) |
|
2026 |
|
2026 |
Revenue |
|
|
|
|
Adjusted EBITDA |
|
|
|
|
Capital expenditure |
|
- |
|
|
Adjusted free cash flow |
|
- |
|
|
In addition, for full year 2026 the Company intends to utilize at least
Notable Awards and Achievements
-
Expro secured one of the largest single customer awards in the Company’s history, a four year,
$380 million North Africa for production optimization and well management services across multiple fields. -
Expro also received a five year contract extension in
Qatar for Coretrax’s DAV Max and HyPR™ technologies, further strengthening the Company’s technology footprint.
- Expro successfully completed the first deployment of iTONG™ in the Gulf of America as part of a customer trial. This deployment forms part of a broader technology integration project with both the customer and drilling contractor, with a full operational job anticipated for late first quarter 2026.
-
Expro introduced an innovative production logging methodology for completed wells in
Argentina , eliminating the historical need for coiled tubing. This advancement enhances production uptime and enables more efficient reservoir evaluation. The Company also secured a new, three year slickline contract inBrazil to support shallow water operations beginning in first quarter 2026. - In the deepwater, Expro deployed its propriety XRD™ (Extended Range Drilling) Spider, the world’s first and only 1,250 ton drilling spider, significantly reduced tool changeouts and red zone exposure.
- Expro was recognized as overall runner up out of 25 contractors at bp’s North Sea Contract Achievement Awards, highlighting its leadership in safety and innovation, particularly in Red Zone Management and DROPS prevention.
-
In
Namibia , Expro expanded its in country capabilities with the opening of a new Fluids Laboratory, supporting both appraisal activity and future deepwater development.
-
In
Indonesia , the CaTS™ ATX acoustic system delivered wireless downhole data transmission and remote valve control during drill stem testing. -
In
Australia , Expro successfully delivered one of the region’s largest integrated offshore campaigns, completing multiple subsea wells with zero QHSE incidents and performance review scores reaching100% . -
Expro secured a 36 month extension for its Early Production System offshore
Malaysia , continuing a decade long engagement.
One customer formally recognized Expro for exceptional execution on Indonesia’s first offshore well intervention on an ultra minimalist platform, which unlocked 20 MMscfd of new production.
Other Financial Information
As of December 31, 2025, Expro’s consolidated cash and cash equivalents, including restricted cash, totaled
The Company’s capital expenditures totaled
In October 2025, the Board of Directors refreshed the Company’s share repurchase authorization to acquire up to
The financial measures provided that are not presented in accordance with GAAP are defined and reconciled to their most directly comparable GAAP measures. Please see “Use of Non-GAAP Financial Measures” and the reconciliations to the nearest comparable GAAP measures.
Additionally, downloadable financials are available in the Investor section of www.expro.com.
Segment Results
Unless otherwise noted, the following discussion compares the quarterly results for the fourth quarter of 2025 to the results for the third quarter of 2025.
NLA
Revenue for NLA was
Segment EBITDA for NLA was
ESSA
Revenue for ESSA was
Segment EBITDA for ESSA was
MENA
Revenue for MENA was
Segment EBITDA for MENA was
APAC
Revenue for APAC was
Segment EBITDA for APAC was
Conference Call
The Company will host a conference call to discuss fourth quarter and full year 2025 results on Thursday, February 19, 2026, at 10:00 a.m. Central Time (11:00 a.m. Eastern Time).
Participants may also join the conference call by dialing:
US: +1 (833) 470-1428 |
International: +1 (646) 844-6383 |
Access ID: 956241 |
To listen via live webcast, please visit the Investor section of www.expro.com.
The fourth quarter and full year 2025 Investor Presentation is available on the Investor section of www.expro.com.
An audio replay of the webcast will be available on the Investor section of the Company’s website approximately three hours after the conclusion of the call and will remain available for a period of two weeks.
To access the audio replay telephonically:
Dial-In: US +1 (866) 813-9403 or +1 (929) 458-6194 |
Access ID: 758310 |
Start Date: February 19, 2026, 1:00 p.m. CT |
End Date: March 5, 2026, 10:59 p.m. CT |
A transcript of the conference call will be posted to the Investor relations section of the Company’s website after the conclusion of the call.
ABOUT EXPRO
Working for clients across the entire well life cycle, Expro is a leading provider of energy services, offering cost-effective, innovative solutions and what the Company considers to be best-in-class safety and service quality. The Company’s extensive portfolio of capabilities spans well construction, well flow management, subsea well access, and well intervention and integrity.
With roots dating to 1938, Expro has approximately 8,500 employees and provides services and solutions to leading energy companies in both onshore and offshore environments in more than 50 countries.
For more information, please visit: www.expro.com and connect with Expro on X@ExproGroup and LinkedIn @Expro.
Forward Looking Statements
This release 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 release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this release include statements, estimates and projections regarding the Company’s future business strategy and prospects for growth, cash flows and liquidity, financial strategy, budget, projections, guidance and operating results. These statements are based on certain assumptions made by the Company based on management’s experience, expectations and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Forward-looking statements are not guarantees of performance. Although the Company believes the expectations reflected in its forward-looking statements are reasonable and are based on reasonable assumptions, no assurance can be given that these assumptions are accurate or that any of these expectations will be achieved (in full or at all) or will prove to have been correct. Moreover, such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Such assumptions, risks and uncertainties include the amount, nature and timing of capital expenditures, the availability and terms of capital, the level of activity in the oil and gas industry, volatility of oil and gas prices, unique risks associated with offshore operations (including the ability to recover, and to the extent necessary, service and/or economically repair any equipment located on the seabed), political, economic and regulatory uncertainties in international operations, the ability to develop new technologies and products, the ability to protect intellectual property rights, the ability to employ and retain skilled and qualified workers, the level of competition in the Company’s industry, global or national health concerns, including health epidemics, the possibility of a swift and material decline in global crude oil demand and crude oil prices for an uncertain period of time, future actions of foreign oil producers such as
Such assumptions, risks and uncertainties also include the factors discussed or referenced in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC, as well as other risks and uncertainties set forth from time to time in the reports the Company files with the SEC. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events, historical practice or otherwise, except as required by applicable law, and we caution you not to rely on them unduly.
Use of Non-GAAP Financial Measures
This press release and the accompanying schedules include the non-GAAP financial measures of Adjusted EBITDA, Adjusted EBITDA margin, contribution, contribution margin, free cash flow, free cash flow margin, adjusted free cash flow, adjusted free cash flow margin, adjusted net income (loss), and adjusted net income (loss) per diluted share, which may be used periodically by management when discussing financial results with investors and analysts. The accompanying schedules of this press release provide a reconciliation of these non-GAAP financial measures to their most directly comparable financial measure calculated and presented in accordance with GAAP. These non-GAAP financial measures are presented because management believes these metrics provide additional information relative to the performance of the business. These metrics are commonly employed by financial analysts and investors to evaluate the operating and financial performance of Expro from period to period and to compare such performance with the performance of other publicly traded companies within the industry. You should not consider Adjusted EBITDA, Adjusted EBITDA margin, contribution, contribution margin, free cash flow, free cash flow margin, adjusted free cash flow, adjusted free cash flow margin, adjusted net income (loss) and adjusted net income (loss) per diluted share in isolation or as a substitute for analysis of Expro’s results as reported under GAAP. Because Adjusted EBITDA, Adjusted EBITDA margin, contribution, contribution margin, free cash flow, free cash flow margin, adjusted free cash flow, adjusted free cash flow margin, adjusted net income (loss) and adjusted net income (loss) per diluted share may be defined differently by other companies in the industry, the presentation of these non-GAAP financial measures may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.
Expro defines Adjusted EBITDA as net income (loss) adjusted for (a) income tax expense, (b) depreciation and amortization expense, (c) severance and other expense, (d) merger and integration expense, (e) gain on disposal of assets, (f) other (income) expense, net, (g) stock-based compensation expense, (h) foreign exchange (gains) losses and (i) interest and finance (income) expense, net. Adjusted EBITDA margin reflects Adjusted EBITDA expressed as a percentage of total revenue.
Contribution is defined as total revenue less cost of revenue excluding depreciation and amortization expense, adjusted for indirect general and administrative costs and stock-based compensation expense included in cost of revenue. Contribution margin is defined as contribution divided by total revenue, expressed as a percentage.
Free cash flow is defined as cash provided by (used in) operating activities less capital expenditures. Free cash flow margin is defined as free cash flow divided by total revenue, expressed as a percentage. Adjusted free cash flow is defined as cash provided by (used in) operating activities less capital expenditures and other non-cash adjustments, adjusted for merger and integration expense and severance and other expense (income). Adjusted free cash flow margin is defined as adjusted free cash flow divided by total revenue, expressed as a percentage.
The Company defines adjusted net income (loss) as net income (loss) before merger and integration expense, severance and other expense, stock-based compensation expense, and gain on disposal of assets, adjusted for corresponding tax benefits of these items. The Company defines adjusted net income (loss) per diluted share as net income (loss) per diluted share before merger and integration expense, severance and other expense, stock-based compensation expense, and gain on disposal of assets, adjusted for corresponding tax benefits of these items, divided by diluted weighted average common shares.
Please see the accompanying financial tables for a reconciliation of these non-GAAP measures to their most directly comparable GAAP measures.
EXPRO GROUP HOLDINGS N.V. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited) |
||||||||||||||||||||
|
|
Three Months Ended |
|
Year Ended |
||||||||||||||||
|
|
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
|
December 31, |
||||||||||
|
|
2025 |
|
2025 |
|
2024 |
|
2025 |
|
2024 |
||||||||||
Total revenue |
|
$ |
382,127 |
|
|
$ |
411,356 |
|
|
$ |
436,843 |
|
|
$ |
1,607,095 |
|
|
$ |
1,712,802 |
|
Operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue, excluding depreciation and amortization |
|
|
(286,558 |
) |
|
|
(311,142 |
) |
|
|
(327,123 |
) |
|
|
(1,223,173 |
) |
|
|
(1,333,365 |
) |
General and administrative expense, excluding depreciation and amortization |
|
|
(19,186 |
) |
|
|
(20,491 |
) |
|
|
(22,516 |
) |
|
|
(75,990 |
) |
|
|
(88,421 |
) |
Depreciation and amortization expense |
|
|
(53,774 |
) |
|
|
(46,195 |
) |
|
|
(42,284 |
) |
|
|
(192,106 |
) |
|
|
(163,468 |
) |
Merger and integration expense |
|
|
(861 |
) |
|
|
(1,293 |
) |
|
|
(3,947 |
) |
|
|
(6,161 |
) |
|
|
(16,334 |
) |
Severance and other expense |
|
|
(9,952 |
) |
|
|
(5,782 |
) |
|
|
(9,041 |
) |
|
|
(28,527 |
) |
|
|
(17,048 |
) |
Total operating cost and expenses |
|
|
(370,331 |
) |
|
|
(384,903 |
) |
|
|
(404,911 |
) |
|
|
(1,525,957 |
) |
|
|
(1,618,636 |
) |
Operating income |
|
|
11,796 |
|
|
|
26,453 |
|
|
|
31,932 |
|
|
|
81,138 |
|
|
|
94,166 |
|
Other income (expense), net |
|
|
188 |
|
|
|
524 |
|
|
|
(1,186 |
) |
|
|
2,646 |
|
|
|
(105 |
) |
Interest and finance expense, net |
|
|
(2,445 |
) |
|
|
(4,106 |
) |
|
|
(1,804 |
) |
|
|
(14,281 |
) |
|
|
(12,517 |
) |
Income before taxes and equity in income of joint ventures |
|
|
9,539 |
|
|
|
22,871 |
|
|
|
28,942 |
|
|
|
69,503 |
|
|
|
81,544 |
|
Equity in income of joint ventures |
|
|
3,838 |
|
|
|
5,897 |
|
|
|
3,467 |
|
|
|
16,836 |
|
|
|
16,422 |
|
Income before income taxes |
|
|
13,377 |
|
|
|
28,768 |
|
|
|
32,409 |
|
|
|
86,339 |
|
|
|
97,966 |
|
Income tax expense |
|
|
(7,605 |
) |
|
|
(14,805 |
) |
|
|
(9,375 |
) |
|
|
(34,653 |
) |
|
|
(46,048 |
) |
Net income |
|
$ |
5,772 |
|
|
$ |
13,963 |
|
|
$ |
23,034 |
|
|
$ |
51,686 |
|
|
$ |
51,918 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.05 |
|
|
$ |
0.12 |
|
|
$ |
0.20 |
|
|
$ |
0.45 |
|
|
$ |
0.45 |
|
Diluted |
|
$ |
0.05 |
|
|
$ |
0.12 |
|
|
$ |
0.19 |
|
|
$ |
0.45 |
|
|
$ |
0.45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
113,553,942 |
|
|
|
114,804,684 |
|
|
|
117,277,836 |
|
|
|
114,997,486 |
|
|
|
114,762,477 |
|
Diluted |
|
|
115,143,267 |
|
|
|
115,447,110 |
|
|
|
118,129,232 |
|
|
|
115,749,247 |
|
|
|
115,829,638 |
|
EXPRO GROUP HOLDINGS N.V. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) |
||||||||
|
|
December 31, |
|
December 31, |
||||
|
|
2025 |
|
2024 |
||||
Assets |
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
196,093 |
|
|
$ |
183,036 |
|
Restricted cash |
|
|
1,380 |
|
|
|
1,627 |
|
Accounts receivable, net |
|
|
477,026 |
|
|
|
517,570 |
|
Inventories |
|
|
167,895 |
|
|
|
159,040 |
|
Income tax receivables |
|
|
31,654 |
|
|
|
28,641 |
|
Other current assets |
|
|
86,287 |
|
|
|
74,132 |
|
Total current assets |
|
|
960,335 |
|
|
|
964,046 |
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net |
|
|
523,157 |
|
|
|
563,697 |
|
Investments in joint ventures |
|
|
78,706 |
|
|
|
73,012 |
|
Intangible assets, net |
|
|
251,329 |
|
|
|
298,856 |
|
Goodwill |
|
|
348,558 |
|
|
|
348,918 |
|
Operating lease right-of-use assets |
|
|
72,777 |
|
|
|
66,640 |
|
Non-current accounts receivable, net |
|
|
7,432 |
|
|
|
7,432 |
|
Other non-current assets |
|
|
17,141 |
|
|
|
10,940 |
|
Total assets |
|
$ |
2,259,435 |
|
|
$ |
2,333,541 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and stockholders’ equity |
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
|
$ |
268,588 |
|
|
$ |
340,298 |
|
Income tax liabilities |
|
|
51,111 |
|
|
|
52,436 |
|
Finance lease liabilities |
|
|
2,359 |
|
|
|
2,234 |
|
Operating lease liabilities |
|
|
18,225 |
|
|
|
17,253 |
|
Other current liabilities |
|
|
103,379 |
|
|
|
72,209 |
|
Total current liabilities |
|
|
443,662 |
|
|
|
484,430 |
|
|
|
|
|
|
|
|
|
|
Long-term borrowings |
|
$ |
79,065 |
|
|
|
121,065 |
|
Deferred tax liabilities, net |
|
|
19,513 |
|
|
|
44,310 |
|
Post-retirement benefits |
|
|
314 |
|
|
|
10,430 |
|
Finance lease liabilities |
|
|
12,762 |
|
|
|
14,006 |
|
Operating lease liabilities |
|
|
56,103 |
|
|
|
48,488 |
|
Uncertain tax positions |
|
|
77,890 |
|
|
|
74,526 |
|
Other non-current liabilities |
|
|
36,003 |
|
|
|
44,802 |
|
Total liabilities |
|
|
725,312 |
|
|
|
842,057 |
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
Common stock |
|
|
8,559 |
|
|
|
8,488 |
|
Treasury Stock |
|
|
(127,137 |
) |
|
|
(83,420 |
) |
Additional paid-in capital |
|
|
2,110,177 |
|
|
|
2,079,161 |
|
Accumulated other comprehensive loss |
|
|
18,053 |
|
|
|
14,470 |
|
Accumulated deficit |
|
|
(475,529 |
) |
|
|
(527,215 |
) |
Total stockholders’ equity |
|
|
1,534,123 |
|
|
|
1,491,484 |
|
Total liabilities and stockholders’ equity |
|
$ |
2,259,435 |
|
|
$ |
2,333,541 |
|
EXPRO GROUP HOLDINGS N.V. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) |
||||||||
|
|
Year Ended |
||||||
|
|
December 31, |
||||||
|
|
2025 |
|
2024 |
||||
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
Net income |
|
$ |
51,686 |
|
|
$ |
51,918 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization expense |
|
|
192,106 |
|
|
|
163,468 |
|
Equity in income of joint ventures |
|
|
(16,836 |
) |
|
|
(16,422 |
) |
Stock-based compensation expense |
|
|
29,172 |
|
|
|
26,352 |
|
Elimination of unrealized profit on sales to joint ventures |
|
|
231 |
|
|
|
4 |
|
Deferred taxes |
|
|
(19,335 |
) |
|
|
(5,765 |
) |
Unrealized foreign exchange (gain) loss |
|
|
(8,066 |
) |
|
|
5,861 |
|
Changes in fair value of contingent consideration |
|
|
(283 |
) |
|
|
(6,079 |
) |
Changes in assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable, net |
|
|
41,638 |
|
|
|
(17,301 |
) |
Inventories |
|
|
(8,855 |
) |
|
|
4,931 |
|
Other assets |
|
|
(17,893 |
) |
|
|
(12,388 |
) |
Accounts payable and accrued liabilities |
|
|
(65,082 |
) |
|
|
(11,076 |
) |
Other liabilities |
|
|
29,335 |
|
|
|
(19,813 |
) |
Income taxes, net |
|
|
(973 |
) |
|
|
11,905 |
|
Dividends received from joint ventures |
|
|
10,910 |
|
|
|
8,231 |
|
Other |
|
|
(7,583 |
) |
|
|
(14,347 |
) |
Net cash provided by operating activities |
|
|
210,172 |
|
|
|
169,479 |
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
Capital expenditures |
|
|
(112,387 |
) |
|
|
(143,576 |
) |
Payment for acquired businesses, net of cash acquired |
|
|
- |
|
|
|
(31,967 |
) |
Proceeds from settlement of contingent consideration |
|
|
- |
|
|
|
7,500 |
|
Proceeds from disposal of assets |
|
|
5,000 |
|
|
|
2,900 |
|
Net cash used in investing activities |
|
|
(107,387 |
) |
|
|
(165,143 |
) |
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
(Cash pledged for) release of collateral deposits |
|
|
(447 |
) |
|
|
1,170 |
|
Payment of contingent consideration |
|
|
- |
|
|
|
(13,873 |
) |
Proceeds from long-term borrowings |
|
|
- |
|
|
|
117,269 |
|
Repayments of long-term borrowings |
|
|
(42,000 |
) |
|
|
(44,351 |
) |
Repurchase of common stock |
|
|
(40,088 |
) |
|
|
(14,155 |
) |
Payment of withholding taxes on stock-based compensation plans |
|
|
(1,721 |
) |
|
|
(3,431 |
) |
Repayment of financed insurance premium |
|
|
(10,716 |
) |
|
|
(10,920 |
) |
Repayments of finance leases |
|
|
(1,750 |
) |
|
|
(2,137 |
) |
Net cash (used in) provided by financing activities |
|
|
(96,722 |
) |
|
|
29,572 |
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents |
|
|
6,747 |
|
|
|
(2,411 |
) |
Net increase to cash and cash equivalents and restricted cash |
|
|
12,810 |
|
|
|
31,497 |
|
Cash and cash equivalents and restricted cash at beginning of year |
|
|
184,663 |
|
|
|
153,166 |
|
Cash and cash equivalents and restricted cash at end of year |
|
$ |
197,473 |
|
|
$ |
184,663 |
|
|
|
|
|
|
|
|
|
|
Supplemental disclosure of cash flow information: |
|
|
|
|
|
|
|
|
Cash paid for income taxes net of refunds |
|
$ |
(54,549 |
) |
|
$ |
(39,250 |
) |
Cash paid for interest, net |
|
|
(18,615 |
) |
|
|
(11,871 |
) |
Change in accounts payable and accrued expenses related to capital expenditures |
|
|
(4,470 |
) |
|
|
(2,311 |
) |
EXPRO GROUP HOLDINGS N.V. SELECTED OPERATING SEGMENT DATA (In thousands) (Unaudited) |
||||||||||||||||||||||||||||||||||||||||
Segment Revenue and Segment Revenue as Percentage of Total Revenue: |
||||||||||||||||||||||||||||||||||||||||
|
|
Three Months Ended |
|
|
Year Ended |
|
||||||||||||||||||||||||||||||||||
|
|
December 31, |
|
|
September 30, |
|
|
December 31, |
|
|
December 31, |
|
|
December 31, |
|
|||||||||||||||||||||||||
|
|
2025 |
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
|||||||||||||||||||||||||
NLA |
|
$ |
130,305 |
|
|
|
34 |
% |
|
$ |
150,868 |
|
|
|
37 |
% |
|
$ |
139,272 |
|
|
|
32 |
% |
|
$ |
558,033 |
|
|
|
35 |
% |
|
$ |
566,048 |
|
|
|
33 |
% |
ESSA |
|
|
116,322 |
|
|
|
30 |
% |
|
|
125,838 |
|
|
|
31 |
% |
|
|
142,788 |
|
|
|
33 |
% |
|
|
486,900 |
|
|
|
30 |
% |
|
|
564,440 |
|
|
|
33 |
% |
MENA |
|
|
92,985 |
|
|
|
24 |
% |
|
|
86,061 |
|
|
|
21 |
% |
|
|
92,557 |
|
|
|
21 |
% |
|
|
363,616 |
|
|
|
23 |
% |
|
|
332,216 |
|
|
|
19 |
% |
APAC |
|
|
42,515 |
|
|
|
11 |
% |
|
|
48,589 |
|
|
|
12 |
% |
|
|
62,226 |
|
|
|
14 |
% |
|
|
198,546 |
|
|
|
12 |
% |
|
|
250,098 |
|
|
|
15 |
% |
Total |
|
$ |
382,127 |
|
|
|
100 |
% |
|
$ |
411,356 |
|
|
|
100 |
% |
|
$ |
436,843 |
|
|
|
100 |
% |
|
$ |
1,607,095 |
|
|
|
100 |
% |
|
$ |
1,712,802 |
|
|
|
100 |
% |
Segment EBITDA(1), Segment EBITDA Margin(2), Adjusted EBITDA and Adjusted EBITDA Margin(3): |
||||||||||||||||||||||||||||||||||||||||
|
|
Three Months Ended |
|
|
Year Ended |
|
||||||||||||||||||||||||||||||||||
|
|
December 31, |
|
|
September 30, |
|
|
December 31, |
|
|
December 31, |
|
|
December 31, |
|
|||||||||||||||||||||||||
|
|
2025 |
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
|||||||||||||||||||||||||
NLA |
|
$ |
31,795 |
|
|
|
24 |
% |
|
$ |
36,842 |
|
|
|
24 |
% |
|
$ |
30,062 |
|
|
|
22 |
% |
|
$ |
132,931 |
|
|
|
24 |
% |
|
$ |
141,977 |
|
|
|
25 |
% |
ESSA |
|
|
40,039 |
|
|
|
34 |
% |
|
|
40,503 |
|
|
|
32 |
% |
|
|
53,002 |
|
|
|
37 |
% |
|
|
149,365 |
|
|
|
31 |
% |
|
|
145,375 |
|
|
|
26 |
% |
MENA |
|
|
36,121 |
|
|
|
39 |
% |
|
|
29,862 |
|
|
|
35 |
% |
|
|
32,591 |
|
|
|
35 |
% |
|
|
132,722 |
|
|
|
37 |
% |
|
|
115,772 |
|
|
|
35 |
% |
APAC |
|
|
6,952 |
|
|
|
16 |
% |
|
|
10,049 |
|
|
|
21 |
% |
|
|
15,453 |
|
|
|
25 |
% |
|
|
42,657 |
|
|
|
21 |
% |
|
|
57,680 |
|
|
|
23 |
% |
Total Segment EBITDA |
|
|
114,907 |
|
|
|
|
|
|
|
117,256 |
|
|
|
|
|
|
|
131,108 |
|
|
|
|
|
|
|
457,675 |
|
|
|
|
|
|
|
460,804 |
|
|
|
|
|
Corporate costs (4) |
|
|
(30,372 |
) |
|
|
|
|
|
|
(29,181 |
) |
|
|
|
|
|
|
(34,218 |
) |
|
|
|
|
|
|
(121,487 |
) |
|
|
|
|
|
|
(129,823 |
) |
|
|
|
|
Equity in income of joint ventures |
|
|
3,838 |
|
|
|
|
|
|
|
5,897 |
|
|
|
|
|
|
|
3,467 |
|
|
|
|
|
|
|
16,836 |
|
|
|
|
|
|
|
16,422 |
|
|
|
|
|
Adjusted EBITDA |
|
$ |
88,373 |
|
|
|
23 |
% |
|
$ |
93,972 |
|
|
|
23 |
% |
|
$ |
100,357 |
|
|
|
23 |
% |
|
$ |
353,024 |
|
|
|
22 |
% |
|
$ |
347,403 |
|
|
|
20 |
% |
(1) |
Expro evaluates its business segment operating performance using Segment Revenue, Segment EBITDA and Segment EBITDA Margin. Expro’s management believes Segment EBITDA and Segment EBITDA Margin are useful operating performance measures as they exclude transactions not related to its core operating activities, corporate costs and certain non-cash items and allows Expro to meaningfully analyze the trends and performance of its core operations by segment as well as to make decisions regarding the allocation of resources to segments. |
|
|
(2) |
Expro defines Segment EBITDA Margin as Segment EBITDA divided by Segment Revenue, expressed as a percentage. |
|
|
(3) |
Expro defines Adjusted EBITDA Margin as Adjusted EBITDA divided by total revenue, expressed as a percentage. |
|
|
(4) |
Corporate costs include the costs of running our corporate head office and other central functions that support the operating segments but are not attributable to a particular operating segment, including central product line management, research, engineering and development, logistics, sales and marketing, and health and safety. |
Revenue by areas of capabilities: |
||||||||||||||||||||||||||||||||||||||||
|
|
Three Months Ended |
|
|
Year Ended |
|
||||||||||||||||||||||||||||||||||
|
|
December 31, |
|
|
September 30, |
|
|
December 31, |
|
|
December 31, |
|
|
December 31, |
|
|||||||||||||||||||||||||
|
|
2025 |
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
|||||||||||||||||||||||||
Well construction |
|
$ |
126,263 |
|
|
|
33 |
% |
|
$ |
150,343 |
|
|
|
37 |
% |
|
$ |
145,230 |
|
|
|
33 |
% |
|
$ |
548,642 |
|
|
|
34 |
% |
|
$ |
573,005 |
|
|
|
33 |
% |
Well management (1) |
|
|
255,864 |
|
|
|
67 |
% |
|
|
261,013 |
|
|
|
63 |
% |
|
|
291,613 |
|
|
|
67 |
% |
|
|
1,058,453 |
|
|
|
66 |
% |
|
|
1,139,797 |
|
|
|
67 |
% |
Total |
|
$ |
382,127 |
|
|
|
100 |
% |
|
$ |
411,356 |
|
|
|
100 |
% |
|
$ |
436,843 |
|
|
|
100 |
% |
|
$ |
1,607,095 |
|
|
|
100 |
% |
|
$ |
1,712,802 |
|
|
|
100 |
% |
(1) |
Well management consists of well flow management, subsea well access, and well intervention and integrity. |
EXPRO GROUP HOLDINGS N.V. NON-GAAP FINANCIAL MEASURES AND RECONCILIATION (In thousands) (Unaudited) |
||||||||||||||||||||
Gross Profit, Contribution(1), Gross Margin and Contribution Margin(2): |
||||||||||||||||||||
|
|
Three Months Ended |
|
|
Year Ended |
|
||||||||||||||
|
|
December 31, |
|
|
September 30, |
|
|
December 31, |
|
|
December 31, |
|
|
December 31, |
|
|||||
|
|
2025 |
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
|||||
Total revenue |
|
$ |
382,127 |
|
|
$ |
411,356 |
|
|
$ |
436,843 |
|
|
$ |
1,607,095 |
|
|
$ |
1,712,802 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Cost of revenue, excluding depreciation and amortization |
|
|
(286,558 |
) |
|
|
(311,142 |
) |
|
|
(327,123 |
) |
|
|
(1,223,173 |
) |
|
|
(1,333,365 |
) |
Less: Depreciation and amortization related to cost of revenue |
|
|
(53,623 |
) |
|
|
(46,025 |
) |
|
|
(42,205 |
) |
|
|
(191,538 |
) |
|
|
(163,161 |
) |
Gross profit |
|
|
41,946 |
|
|
|
54,189 |
|
|
|
67,515 |
|
|
|
192,384 |
|
|
|
216,276 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add: Indirect costs (included in cost of revenue) |
|
|
70,239 |
|
|
|
67,889 |
|
|
|
72,791 |
|
|
|
276,988 |
|
|
|
282,745 |
|
Add: Stock-based compensation expenses |
|
|
2,452 |
|
|
|
2,549 |
|
|
|
2,360 |
|
|
|
9,828 |
|
|
|
9,057 |
|
Add: Depreciation and amortization related to cost of revenue |
|
|
53,623 |
|
|
|
46,025 |
|
|
|
42,205 |
|
|
|
191,538 |
|
|
|
163,161 |
|
Contribution |
|
$ |
168,260 |
|
|
$ |
170,652 |
|
|
$ |
184,871 |
|
|
$ |
670,738 |
|
|
$ |
671,239 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin |
|
|
11 |
% |
|
|
13 |
% |
|
|
15 |
% |
|
|
12 |
% |
|
|
13 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contribution margin |
|
|
44 |
% |
|
|
41 |
% |
|
|
42 |
% |
|
|
42 |
% |
|
|
39 |
% |
(1) |
Expro defines Contribution as Total Revenue less Cost of Revenue, excluding depreciation and amortization expense, adjusted for indirect support costs and stock-based compensation expense included in Cost of Revenue. |
|
|
(2) |
Contribution margin is defined as Contribution as a percentage of Revenue. |
EXPRO GROUP HOLDINGS N.V. NON-GAAP FINANCIAL MEASURES AND RECONCILIATION (In thousands) (Unaudited) |
||||||||||||||||||||
Adjusted EBITDA Reconciliation and Adjusted EBITDA Margin: |
||||||||||||||||||||
|
|
Three Months Ended |
|
|
Year Ended |
|
||||||||||||||
|
|
December 31, |
|
|
September 30, |
|
|
December 31, |
|
|
December 31, |
|
|
December 31, |
|
|||||
|
|
2025 |
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
|||||
Total revenue |
|
$ |
382,127 |
|
|
$ |
411,356 |
|
|
$ |
436,843 |
|
|
$ |
1,607,095 |
|
|
$ |
1,712,802 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
5,772 |
|
|
$ |
13,963 |
|
|
$ |
23,034 |
|
|
$ |
51,686 |
|
|
$ |
51,918 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
|
7,605 |
|
|
|
14,805 |
|
|
|
9,375 |
|
|
|
34,653 |
|
|
|
46,048 |
|
Depreciation and amortization expense |
|
|
53,774 |
|
|
|
46,195 |
|
|
|
42,284 |
|
|
|
192,106 |
|
|
|
163,468 |
|
Severance and other expense |
|
|
9,952 |
|
|
|
5,782 |
|
|
|
9,041 |
|
|
|
28,527 |
|
|
|
17,048 |
|
Merger and integration expense |
|
|
861 |
|
|
|
1,293 |
|
|
|
3,947 |
|
|
|
6,161 |
|
|
|
16,334 |
|
Other (income) expense, net |
|
|
(188 |
) |
|
|
(524 |
) |
|
|
1,186 |
|
|
|
(2,646 |
) |
|
|
105 |
|
Stock-based compensation expense |
|
|
7,689 |
|
|
|
7,201 |
|
|
|
7,101 |
|
|
|
29,172 |
|
|
|
26,352 |
|
Foreign exchange loss (gain) |
|
|
463 |
|
|
|
1,151 |
|
|
|
2,585 |
|
|
|
(916 |
) |
|
|
13,613 |
|
Interest and finance expense, net |
|
|
2,445 |
|
|
|
4,106 |
|
|
|
1,804 |
|
|
|
14,281 |
|
|
|
12,517 |
|
Adjusted EBITDA |
|
$ |
88,373 |
|
|
$ |
93,972 |
|
|
$ |
100,357 |
|
|
$ |
353,024 |
|
|
$ |
347,403 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income margin |
|
|
2 |
% |
|
|
3 |
% |
|
|
5 |
% |
|
|
3 |
% |
|
|
3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA margin |
|
|
23 |
% |
|
|
23 |
% |
|
|
23 |
% |
|
|
22 |
% |
|
|
20 |
% |
|
|
Three Months Ended |
|
|
Year Ended |
|
||||||||||||||
|
|
December 31, |
|
|
September 30, |
|
|
December 31, |
|
|
December 31, |
|
|
December 31, |
|
|||||
|
|
2025 |
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
|||||
Total revenue |
|
$ |
382,127 |
|
|
$ |
411,356 |
|
|
$ |
436,843 |
|
|
$ |
1,607,095 |
|
|
$ |
1,712,802 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities |
|
$ |
57,071 |
|
|
$ |
63,179 |
|
|
$ |
97,401 |
|
|
$ |
210,172 |
|
|
$ |
169,479 |
|
Less: Capital expenditures |
|
|
(33,875 |
) |
|
|
(24,196 |
) |
|
|
(44,418 |
) |
|
|
(112,387 |
) |
|
|
(143,576 |
) |
Free cash flow |
|
|
23,196 |
|
|
|
38,983 |
|
|
|
52,983 |
|
|
|
97,785 |
|
|
|
25,903 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating cashflow margin |
|
|
15 |
% |
|
|
15 |
% |
|
|
22 |
% |
|
|
13 |
% |
|
|
10 |
% |
Free cash flow margin |
|
|
6 |
% |
|
|
9 |
% |
|
|
12 |
% |
|
|
6 |
% |
|
|
2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add: Merger and integration expense (1) |
|
|
861 |
|
|
|
1,293 |
|
|
|
3,947 |
|
|
|
6,161 |
|
|
|
16,334 |
|
Add: Severance and other expense (1) |
|
|
9,952 |
|
|
|
5,782 |
|
|
|
9,041 |
|
|
|
28,527 |
|
|
|
17,048 |
|
Less: Other non-cash adjustments |
|
|
(5,600 |
) |
|
|
- |
|
|
|
- |
|
|
|
(5,600 |
) |
|
|
- |
|
Adjusted free cash flow |
|
$ |
28,409 |
|
|
$ |
46,058 |
|
|
$ |
65,971 |
|
|
$ |
126,873 |
|
|
$ |
59,285 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted free cash flow margin |
|
|
7 |
% |
|
|
11 |
% |
|
|
15 |
% |
|
|
8 |
% |
|
|
3 |
% |
(1) Expenses directly referenced on the consolidated Statements of Operations. |
EXPRO GROUP HOLDINGS N.V. NON-GAAP FINANCIAL MEASURES AND RECONCILIATION (In thousands, except per share amounts) (Unaudited) |
||||||||||||||||||||
Reconciliation of Adjusted Net Income: |
||||||||||||||||||||
|
|
Three Months Ended |
|
|
Year Ended |
|
||||||||||||||
|
|
December 31, |
|
|
September 30, |
|
|
December 31, |
|
|
December 31, |
|
|
December 31, |
|
|||||
|
|
2025 |
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
|||||
Net income |
|
$ |
5,772 |
|
|
$ |
13,963 |
|
|
$ |
23,034 |
|
|
$ |
51,686 |
|
|
$ |
51,918 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger and integration expense |
|
|
861 |
|
|
|
1,293 |
|
|
|
3,947 |
|
|
|
6,161 |
|
|
|
16,334 |
|
Severance and other expense |
|
|
9,952 |
|
|
|
5,782 |
|
|
|
9,041 |
|
|
|
28,527 |
|
|
|
17,048 |
|
Stock-based compensation expense |
|
|
7,689 |
|
|
|
7,201 |
|
|
|
7,101 |
|
|
|
29,172 |
|
|
|
26,352 |
|
Total adjustments, before taxes |
|
|
18,502 |
|
|
|
14,276 |
|
|
|
20,089 |
|
|
|
63,860 |
|
|
|
59,734 |
|
Tax benefit |
|
|
(93 |
) |
|
|
(1 |
) |
|
|
(358 |
) |
|
|
(203 |
) |
|
|
(469 |
) |
Total adjustments, net of taxes |
|
|
18,409 |
|
|
|
14,275 |
|
|
|
19,731 |
|
|
|
63,657 |
|
|
|
59,265 |
|
Adjusted net income |
|
$ |
24,181 |
|
|
$ |
28,238 |
|
|
$ |
42,765 |
|
|
$ |
115,343 |
|
|
$ |
111,183 |
|
Reconciliation of Adjusted Net Income per Diluted Share: |
||||||||||||||||||||
|
|
Three Months Ended |
|
|
Year Ended |
|
||||||||||||||
|
|
December 31, |
|
|
September 30, |
|
|
December 31, |
|
|
December 31, |
|
|
December 31, |
|
|||||
|
|
2025 |
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
|||||
Net income |
|
$ |
0.05 |
|
|
$ |
0.12 |
|
|
$ |
0.19 |
|
|
$ |
0.45 |
|
|
$ |
0.45 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger and integration expense |
|
|
0.01 |
|
|
|
0.01 |
|
|
|
0.03 |
|
|
|
0.05 |
|
|
|
0.14 |
|
Severance and other expense |
|
|
0.09 |
|
|
|
0.05 |
|
|
|
0.08 |
|
|
|
0.25 |
|
|
|
0.15 |
|
Stock-based compensation expense |
|
|
0.07 |
|
|
|
0.06 |
|
|
|
0.06 |
|
|
|
0.25 |
|
|
|
0.23 |
|
Total adjustments, before taxes |
|
|
0.16 |
|
|
|
0.12 |
|
|
|
0.17 |
|
|
|
0.55 |
|
|
|
0.52 |
|
Tax benefit |
|
|
(0.00 |
) |
|
|
(0.00 |
) |
|
|
(0.00 |
) |
|
|
(0.00 |
) |
|
|
(0.00 |
) |
Total adjustments, net of taxes |
|
|
0.16 |
|
|
|
0.12 |
|
|
|
0.17 |
|
|
|
0.55 |
|
|
|
0.51 |
|
Adjusted net income |
|
$ |
0.21 |
|
|
$ |
0.24 |
|
|
$ |
0.36 |
|
|
$ |
1.00 |
|
|
$ |
0.96 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As reported diluted weighted average common shares outstanding |
|
|
115,143,267 |
|
|
|
115,447,110 |
|
|
|
118,129,232 |
|
|
|
115,749,247 |
|
|
|
115,829,638 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20260219026612/en/
Dave Wilson - Vice President Investor Relations
+1 (281) 384-1544
InvestorRelations@expro.com
Source: Expro
