Expro (XPRO) investor relations material

Executive summary

• Q3 revenue was $439.9 million and Adjusted EBITDA was $91.2 million, at a 20.7% margin; Adjusted free cash flow was $52.3 million.

• Sequential growth reflected higher activity across core business lines and the contribution from Enhanced Drilling operations.

Financial highlights

• Revenue rose 12% QoQ and 7% YoY; Adjusted EBITDA increased from $76.0 million in Q2 to $91.2 million in Q3.

• Adjusted free cash flow was $52.3 million, down $4 million QoQ; its margin was 12%, versus 14% in Q2.

• Reported net loss was $5.2 million, including $10.0 million of merger and integration expenses in the Adjusted EBITDA reconciliation.

Outlook and guidance

• Q4 guidance: revenue of $465–$485 million and Adjusted EBITDA of $100–$110 million; FY2026 guidance: revenue of $1.660–$1.680 billion and Adjusted EBITDA of $330–$340 million.

• FY2026 Adjusted free cash flow guidance increased to $140–$150 million from $135–$145 million; capital expenditures are guided at $110–$115 million.

• Q4 Adjusted EBITDA expectations were reduced by ~$20 million as high-margin subsea and Colombia intervention work shifted later; Q4 guidance still implies a record quarter.

• Preliminary 2027 outlook calls for mid-teens Adjusted EBITDA growth and more than 20% Adjusted free cash flow growth, including a full year of Enhanced Drilling contribution.