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Expro Group Holdings (XPRO) investor relations material
Expro Group Holdings Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Full-year 2025 revenue reached $1.607 billion, with Adjusted EBITDA of $353 million (22% margin) and free cash flow of $127 million, more than doubling year-over-year and exceeding guidance.
Q4 2025 revenue was $382 million, Adjusted EBITDA $88 million (23% margin), and free cash flow $28 million.
Year-end order backlog was $2.5 billion, including a major four-year, $380 million contract in North Africa, providing strong revenue visibility into 2026.
Major contract wins, technology deployments (e.g., XRD Spider), and strong safety performance highlighted operational strength across global campaigns.
Net income for 2025 was $52 million, with a net income margin of 3%.
Financial highlights
Adjusted EBITDA margin expanded for the fourth consecutive year, reaching 22% for 2025 and 23% in Q4.
Adjusted free cash flow for 2025 was $127 million, with $28 million in Q4.
Ended 2025 with $551 million in liquidity, including $197–$198 million in cash after voluntary debt repayments of $20–$43 million.
Share repurchases totaled $40 million in 2025, representing 32% of adjusted free cash flow.
Contribution margin for Q4 2025 was 44%.
Outlook and guidance
2026 revenue expected to be flat versus 2025, at $1,600–$1,650 million, with further EBITDA margin and free cash flow expansion projected.
Adjusted EBITDA guidance for 2026 is $355–$375 million; adjusted free cash flow expected between $125 million and $145 million.
At least 33% of 2026 free cash flow to be returned to shareholders, mainly via share repurchases.
Q1 2026 projected to be seasonally lower due to winter and customer budget cycles, with sequential improvement expected through the year.
Guidance assumes stable commodity prices; upside possible if offshore activity accelerates, especially in the second half and into 2027.
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