Expro Group this week reported financial and operational results for the three and nine months ended September 30, 2025, and increased full-year 2025 guidance on Adjusted EBITDA and Adjusted free cash flow.

Third Quarter 2025 Highlights

• Revenue was $411 million
• Net income of $14 million, and net income margin of 3%
• Adjusted EBITDA1 of $94 million
• Adjusted EBITDA margin1 of 22.8% ranks among the top in our peer group
• Cash flow from operations of $63 million, or 15% of revenues
• Free cash flow1 was $39 million, and free cash flow margin1 of 9%. Adjusted free cash flow1 of $46 million, and adjusted free cash flow margin1 of 11%
• Share repurchases of $25 million (~2 million shares at an average $12.06 per share) in the third quarter, totaling $40 million year to date (~3.7 million shares repurchased year to date at an average $10.81 per share)
• Voluntary prepayment of our revolving credit facility of $22 million; liquidity at the end of the quarter stood at $532 million
• Total order backlog of $2.3 billion at September 30, 2025
• Increasing full-year Adjusted EBITDA guidance between $350 and $360 million and increasing Adjusted Free Cash Flow guidance to between $110 and $120 million.

Michael Jardon, Chief Executive Officer, noted,
“Expro’s third quarter results once again demonstrate our commitment to operational excellence, innovation and free cash flow generation, even in a softer market backdrop, reflecting the continued resilience of our business and outstanding performance of our team. Third quarter Adjusted EBITDA margin of 22.8% represents a continuous improvement in our goal of driving at least 25% margins. Additionally, and more importantly, we generated Adjusted free cash flow of $46 million, or 11% of the quarter’s revenue. We have also returned another $25 million to shareholders in the form of share repurchases, reaching our guided $40 million for the year ahead of schedule.

“In addition to reporting solid third quarter results, Expro is raising our guidance on both Adjusted EBITDA and Adjusted free cash flow. We now expect Adjusted EBITDA to be between $350 million and $360 million and Adjusted free cash flow to be between $110 million and $120 million.

“Alongside delivering robust financial performance beyond market expectations, we achieved several notable milestones this quarter. Expro set an offshore world record for the heaviest casing string deployment, advancing industry standards in ultra-deep, high-pressure cementing operations. We also introduced industry-first technologies such as QPulse™ and ELITE Composition™, which have been recognized with prestigious awards and are delivering measurable value for our customers. In addition, Expro was shortlisted for 10 technologies across seven categories at the Gulf Energy Awards, winning Best Health, Safety or Environmental Contribution – Upstream for our VIGILANCE™ Intelligent Safety and Surveillance Solution further highlighting our leadership in technological advancement and industry innovation.

“These achievements, together with major contract wins and a strong safety record, underscore the dedication of our global team and our focus on delivering safe, efficient, and sustainable solutions. Looking ahead, we remain confident in our ability to navigate market challenges and capitalize on opportunities in our core international and offshore markets.”

1. A non-GAAP measure.

Notable Awards and Achievements

In the third quarter, Expro continues to demonstrate its commitment to innovating with a purpose, operational excellence, and sustainability through a series of industry recognitions and technology milestones.

The company was honored with the OTC Brasil Spotlight on New Technology® Award for two innovative solutions - QPulse™ and ELITE Composition - which will be showcased at OTC Brasil from October 28-30. Both technologies were also shortlisted/won at the Gulf Energy Awards in Houston on October 16, where Expro was shortlisted for 10 technologies across seven categories, further highlighting their impact and relevance across global markets. Among the eight categories for which Expro was nominated at the Gulf Energy Awards in Houston on October 16, the company secured the award for Best Health, Safety or Environmental Contribution – Upstream for its VIGILANCE™ Intelligent Safety and Surveillance Solution.

Expro’s VIGILANCE™ safety surveillance technology tracks equipment as well as personnel movement through a unified, real-time system with 10-centimeter accuracy, and thereby addresses one of the industry’s main key performance indicators for enhancing safety for rig floor personnel, particularly for those working in close vicinity of multiple pieces of moving equipment, or the “red zone.”

Expro also achieved a technology first with the inaugural deployment of Velonix™ in the U.S., optimizing pig control during pipeline cleaning operations. This innovation reduced 6.77 million pounds of CO₂ emissions, generated cost savings for the customer, and provided higher-quality data for faster decision-making, reinforcing our leadership in sustainable pipeline solutions.

Additionally, Expro set an offshore world record for the heaviest casing string deployment using our Blackhawk® Gen III Wireless Top Drive Cement Head with SKYHOOK® technology. Completed in the Gulf of America, this milestone supports ultra-deep, high-pressure targets safely and reliably, setting a new standard in offshore cementing.

These achievements reflect Expro’s strategic focus on delivering scalable, high-margin technologies that drive efficiency, safety, and environmental responsibility across the energy sector.

Performance across the company’s global operations remained strong. In the NLA region, Expro signed a five-year extension with a major operator for subsea services in the Gulf of America, estimated at approximately $25 million. In Alaska, we secured an approximate $20 million contract with an operator for expanded Well Testing services, creating new opportunities to deploy multiphase flow meters and fluid analysis services.

In the ESSA region, ENI awarded Expro the “Best Contractor HSE Performance”, which coincides with the first anniversary of the OPT plant’s operations without a loss time incident, underscoring Expro’s industry-leading commitment to safety and operational excellence in the region. Additionally, Expro secured a multi-year slickline services contract in Congo, valued at nearly $10 million, further enhancing our intervention services footprint in West Africa.

Within the MENA region, Expro secured two strategically important Well Flow Management contracts in the UAE, totaling approximately $25 million. These include well test services and a multiphase pump deployment for zero flaring operations, strengthening our position in unconventional well development.

In the APAC region, notably Australia, Expro completed its first rigless conductor driving operation in over a decade during the second quarter, delivered ahead of schedule. In the third quarter, the Bass Straight campaign earned formal recognition from NOPSEMA, Australia’s offshore safety regulator, for achieving ALARP (As Low As Reasonably Practicable) safety standards. This acknowledgement underscores Expro’s commitment to innovation, operational excellence, and a robust safety culture.

Free Cash Flow and Share Repurchases

Expro generated $39 million in free cash flow and $46 million of Adjusted free cash flow. Free cash flow generation in the quarter was notably strong, driven by solid operating performance, increased discipline in capital spending and improved working capital. Expro’s ability to convert Adjusted EBITDA into cash reflects the efficiency of its core operations combined with the focus on free cash flow generation.

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 principals.

Expro has repurchased approximately 2 million shares in the third quarter for an average price of $12.06 per share, totaling $25 million in the quarter. Year to date, the Company has repurchased approximately 3.7 million shares at an average price of $10.81 resulting in $40 million of total share repurchases, in line with and ahead of the annual repurchase target for 2025. Expro will continue to evaluate additional share repurchases in line with the Company’s capital allocation framework.

Financial Guidance

Despite the softer market conditions Expro continues to push for margin improvements and capital efficiency into the business. The Company continues to increase its wallet of products and services with existing customers, driving additional high-margin services without increasing – and sometimes reducing – the personnel to perform those services. Additionally, we continue to see the internationalization of acquisitions we have made and we’re seeing the Production Services business maturing beyond the initial phase of capital consumption into a high free cash flow generating business. Below is Expro’s current expectation for the full year 2025.

• Revenue: $1,600 million - $1,650 million (from ~$1.7 billion before)
• Increased Adjusted EBITDA: $350 million - $360 million (from >$350 million before)
• Reduced Capex: $110 million - $120 million (from ~$120 million before)
• Increased Adjusted Free Cash Flow: $110 million - $120 million (from ~$110 million before)

Other Financial Information

As of September 30, 2025, Expro’s consolidated cash and cash equivalents, including restricted cash, totaled $199 million, and the Company’s total liquidity stood at $532 million. Total liquidity includes $333 million available for drawdowns as loans under the Company’s revolving credit facility. The Company had outstanding long-term borrowings of $99 million as of September 30, 2025.

The Company’s capital expenditures totaled $24 million in the third 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. Expro plans for capital expenditures in the range of approximately $30 million to $40 million for the remaining three months of 2025.

The company is authorized to acquire up to $100 million of outstanding shares with $36 million remaining authorized for repurchase. During the three months ended September 30, 2025, the Company repurchased approximately 2 million shares at an average price of $12.06 per share, for a total cost of approximately $25 million. The Company remains committed to returning capital to shareholders.

On July 23, 2025, we entered into a new senior secured revolving credit facility, which increased available revolving facility loan commitments to up to $400 million, maturing on July 30, 2029. Concurrently, the company established a $100 million 364-day bridge facility. Proceeds of the revolving facility may be used for general corporate and working capital purposes. Proceeds of the bridge facility may be used for acquisitions and investments and capital expenditure in relation to acquisitions.

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.

Segment Results

Unless otherwise noted, the following discussion compares the quarterly results for the third quarter of 2025 to the results for the second quarter of 2025.

North and Latin America (NLA)

Revenue for the NLA segment was $151 million for the three months ended September 30, 2025, an increase of $8 million, or 6%, compared to $143 million for the three months ended June 30, 2025. The increase was primarily due to higher well construction and well flow management revenue in the Gulf of America, partially offset by lower well intervention and integrity revenue in Argentina.

Segment EBITDA for the NLA segment was $37 million, or 24% of revenues, during the three months ended September 30, 2025, an increase of $3 million, or 9%, compared to $34 million, or 24%, of revenues during the three months ended June 30, 2025. The increase in Segment EBITDA and Segment EBITDA margin was primarily attributable to increased activity on higher margin projects.

Europe and Sub-Saharan Africa (ESSA)

Revenue for the ESSA segment was $126 million for the three months ended September 30, 2025, a decrease of $7 million, or 5%, compared to $132 million for the three months ended June 30, 2025. The decrease in revenues was primarily driven by lower well flow management and subsea well access revenue in the U.K. and Norway.

Segment EBITDA for the ESSA segment was $41 million, or 32% of revenues, for the three months ended September 30, 2025, an increase of $1 million, or 2%, compared to $40 million, or 30% of revenues, for the three months ended June 30, 2025. The increase in Segment EBITDA and Segment EBITDA margin, despite the decrease in revenue, was primarily attributable to a favorable product mix and increased activity on higher margin projects.

Middle East and North Africa (MENA)

Revenue for the MENA segment was $86 million for the three months ended September 30, 2025, a decrease of $5 million, or 5%, compared to $91 million for the three months ended June 30, 2025. The decrease in revenue was driven by lower well construction and well intervention and integrity revenue in the Kingdom of Saudi Arabia (“KSA”), the United Arab Emirates (“UAE”), and Qatar.

Segment EBITDA for the MENA segment was $30 million, or 35% of revenues, for the three months ended September 30, 2025, a decrease of $3 million, or 8%, compared to $33 million, or 36% of revenues, for the three months ended June 30, 2025. The decrease in Segment EBITDA and Segment EBITDA margin is consistent with the decrease in revenue.

Asia Pacific (APAC)

Revenue for the APAC segment was $49 million for the three months ended September 30, 2025, a decrease of $8 million, or 14%, compared to $57 million for the three months ended June 30, 2025. The decrease in revenue was driven by lower well construction revenue in Australia and lower well flow management, well intervention and integrity, and well construction revenue in Malaysia, partially offset by higher well construction and well flow management revenue in Indonesia.

Segment EBITDA for the APAC segment was $10 million, or 21% of revenues, for the three months ended September 30, 2025, a decrease of $5 million compared to $15 million, or 26% of revenues, for the three months ended June 30, 2025. The decrease in Segment EBITDA and Segment EBITDA margin is attributable primarily to lower activity and a less favorable product mix.

KeyFacts Energy Industry Directory: Expro