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

Expro Group Holdings N.V. Announces Fourth Quarter 2025 Results and Full-Year 2026 Guidance February 19, 2026 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 Revenue of $382 millionNet income of $6 million, and net income margin of 2%Adjusted EBITDA 1 of $88 millionAdjusted EBITDA margin 1 of 23.1%, which ranks among the top in our peer groupCash flow from operations of $57 million, or 15% of revenuesFree cash flow 1 was $23 million, and free cash flow margin 1 of 6%; Adjusted free cash flow1 of $28 million, and Adjusted free cash flow margin 1 of 7%Voluntary prepayment of our revolving credit facility of $20 million, further enhancing the Company’s net cash position Full Year 2025 Financial Highlights Revenue of $1,607 millionNet income of $52 million, and net income margin of 3%Adjusted EBITDA of $353 millionAdjusted EBITDA margin of 22.0%, which ranks among the top in our peer groupCash flow from operations of $210 million, or 13% of revenuesFree cash flow was $98 million, and free cash flow margin of 6%; Adjusted free cash flow of $127 million, and Adjusted free cash flow margin of 8%- significantly outperformed expectations.Voluntary prepayment of our revolving credit facility of $42 million; liquidity at the end of the year stood at $551 millionShare repurchases of $40 million (approximately 3.7 million shares repurchased at an average $10.81 per share)Total order backlog of $2.5 billion at December 31, 2025 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, 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 $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) Expro secured one of the largest single customer awards in the Company’s history, a four year, $380 million contract in 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. North and Latin America (NLA) 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 in Brazil 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. Europe and Sub-Saharan Africa (ESSA) 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. Asia Pacific (APAC) 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 reaching 100%.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 $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, 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 Source: Expro