Expro Group Holdings N.V. Announces Fourth Quarter 2025 Results and Full-Year 2026 Guidance

HOUSTON--( BUSINESS WIRE)--Expro Group Holdings N.V. (NYSE: XPRO) (the “Company” or “Expro”) today reported financial and operational results for the three months and year ended December 31, 2025 and provided full year 2026 guidance.

Fourth Quarter 2025 Highlights

Full Year 2025 Financial Highlights

Michael Jardon, Chief Executive Officer, noted, “Expro’s fourth quarter results closed out a solid year of financial performance. In 2025, the Company generated $127 million of Adjusted free cash flow, significantly surpassing expectations and more than doubling the amount generated in the prior year. Our team’s commitment to operational excellence and fiscal discipline enabled the achievement of yet another year of Adjusted EBITDA margin expansion – the fourth year in a row.

“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 $40 million of stock, continued to strengthen the balance sheet by voluntarily repaying $42 million of our revolving credit facility, and as mentioned, continued to expand our Adjusted EBITDA margin to 22.0% - among the top in the peer group.

“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, $380 million contract in North Africa.

“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 $2.5 billion provides good revenue visibility this year where we expect to generate 2026 Adjusted EBITDA of $355 million to $375 million with 2026 Adjusted free cash flow of $125 million to $145 million. Even with a relatively stable outlook, we expect to make further progress towards our longer-term strategic goals with further expansion of our EBITDA margin and free cash flow generation. Additionally, our capital allocation strategy remains intact – invest in the business to drive margin expansion and provide cash returns to shareholders.”

1. A non-GAAP measure.

Free Cash Flow and Share Repurchases

Expro generated $57 million in net cash provided by operating activities in the fourth quarter of 2025. Operating cash flow for the full year was $210 million, driven by operations and by a lower consumption of working capital during the current year as compared to the previous year.

Expro generated $23 million of free cash flow and $28 million of Adjusted free cash flow in the fourth quarter of 2025. Adjusted free cash flow for the full year was $127 million, significantly surpassing our guidance of $110 million to $120 million, mainly due to high-grading of capital expenditure projects and reduction in the capital intensity of the business.

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 $10.81, resulting in $40 million of total share repurchases, achieving the annual repurchase target for 2025. Expro will continue to evaluate additional share repurchases in line with the Company’s capital allocation framework.

Three Months Ended

Year Ended

December 31,

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

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

(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

Revenue

$360 - $370

$1,600 - $1,650

Adjusted EBITDA

$60 - $70

$355 - $375

Capital expenditure

$110 - $120

Adjusted free cash flow

$125 - $145

In addition, for full year 2026 the Company intends to utilize at least 33% of the free cash flow generated for capital returns to shareholders.

Notable Awards and Achievements

Middle East and North Africa (MENA)

North and Latin America (NLA)

Europe and Sub-Saharan Africa (ESSA)

Asia Pacific (APAC)

Other Financial Information

As of December 31, 2025, Expro’s consolidated cash and cash equivalents, including restricted cash, totaled $197 million, and the Company’s total liquidity stood at $551 million. Total liquidity includes $353 million available for drawdowns as loans under the Company’s revolving credit facility. The Company had outstanding long-term borrowings of $79 million as of December 31, 2025.

The Company’s capital expenditures totaled $34 million in the fourth quarter of 2025, of which approximately 90% were used for the purchase and manufacture of equipment to directly support customer-related activities and approximately 10% for other property, plant and equipment, inclusive of software costs.

In October 2025, the Board of Directors refreshed the Company’s share repurchase authorization to acquire up to $100 million of outstanding shares, all of which remains authorized for repurchase as of February 19, 2026. Expro remains committed to returning capital to shareholders.

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 $130 million for the three months ended December 31, 2025, a decrease of $21 million, or 14%, compared to $151 million for the three months ended September 30, 2025. The decrease was primarily due to lower subsea well access and well construction revenue in the U.S., offset by higher well intervention and integrity revenue in Argentina.

Segment EBITDA for NLA was $32 million, or 24% of revenue, during the three months ended December 31, 2025, compared to $37 million, or 24% of revenue, during the three months ended September 30, 2025. The decrease of $5 million in Segment EBITDA and Segment EBITDA margin was largely attributable to lower activity and less favorable product mix during the three months ended December 31, 2025.

ESSA

Revenue for ESSA was $116 million for the three months ended December 31, 2025, a decrease of $10 million, or 8%, compared to $126 million for the three months ended September 30, 2025. The decrease in revenue was primarily driven by lower subsea well access and well construction revenue in Angola, and central and west Africa, partially offset by higher well flow management revenue in Bulgaria.

Segment EBITDA for ESSA was $40 million, or 34% of revenue, for the three months ended December 31, 2025, a decrease of $1 million, or 1%, compared to $41 million, or 32% of revenue, for the three months ended September 30, 2025. The decrease in Segment EBITDA was primarily attributable to lower activity while the increase in Segment EBITDA margin reflects a more favorable product mix.

MENA

Revenue for MENA was $93 million for the three months ended December 31, 2025, an increase of $7 million, or 8%, compared to $86 million for the three months ended September 30, 2025. The increase in revenue was driven by higher well flow management revenue in Algeria and Saudi Arabia.

Segment EBITDA for MENA was $36 million, or 39% of revenue, for the three months ended December 31, 2025, an increase of $6 million, or 21%, compared to $30 million, or 35% of revenue, for the three months ended September 30, 2025. The increase in Segment EBITDA and Segment EBITDA margin was primarily due to higher well flow management activity and a resulting more favorable activity mix during the three months ended December 31, 2025.

APAC

Revenue for APAC was $43 million for the three months ended December 31, 2025, a decrease of $6 million, or 13%, compared to $49 million for the three months ended September 30, 2025. The decrease in revenue was primarily due to lower well flow management activity in Indonesia and India, lower well construction revenue in Australia, offset by higher subsea well access activity in Australia.

Segment EBITDA for APAC was $7 million, or 16% of revenue, for the three months ended December 31, 2025, a decrease of $3 million compared to $10 million, or 21% of revenue, for the three months ended September 30, 2025. The decrease in Segment EBITDA and Segment EBITDA margin was largely attributable to lower activity and less favorable product mix during the three months ended December 31, 2025.

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 Saudi Arabia and Russia, inflationary pressures, international trade laws, tariffs, the impact of current and future laws, rulings, governmental regulations, accounting standards and statements, and related interpretations, and other guidance.

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,

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

Diluted

0.05

0.12

0.19

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,

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

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

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,

2025

2024

2025

2024

NLA

130,305

150,868

139,272

558,033

566,048

ESSA

116,322

125,838

142,788

486,900

564,440

MENA

92,985

86,061

92,557

363,616

332,216

APAC

42,515

48,589

62,226

198,546

250,098

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,

2025

2024

2025

2024

NLA

31,795

36,842

30,062

132,931

141,977

ESSA

40,039

40,503

53,002

149,365

145,375

MENA

36,121

29,862

32,591

132,722

115,772

APAC

6,952

10,049

15,453

42,657

57,680

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

93,972

100,357

353,024

347,403

(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,

2025

2024

2025

2024

Well construction

126,263

150,343

145,230

548,642

573,005

Well management (1)

255,864

261,013

291,613

1,058,453

1,139,797

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,

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

Contribution margin

(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,

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

Adjusted EBITDA margin

Three Months Ended

Year Ended

December 31,

September 30,

December 31,

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

Free cash flow margin

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

(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,

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

)

(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,

2025

2024

2025

2024

Net income

0.05

0.12

0.19

0.45

Adjustments:

Merger and integration expense

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

0.25

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