Expro Group Holdings (XPRO) Q4 2025 earnings summary

Executive summary

• Full-year 2025 revenue reached $1.607 billion, with Adjusted EBITDA of $353 million (22% margin), and Adjusted free cash flow of $127 million, more than doubling 2024's figure.

• Q4 2025 revenue was $382 million, Adjusted EBITDA $88 million (23% margin), and net income $6 million.

• Order backlog at year-end was $2.5 billion, including a major $380 million contract in North Africa, providing strong revenue visibility for 2026.

• Major contract wins and technology deployments in North Africa, Australia, and Indonesia, including proprietary XRD Spider technology, enhanced operational efficiency and safety.

• Focused on margin expansion, cost efficiencies, technology deployment, and returning cash to shareholders.

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 (8% margin), with $28 million in Q4 (7% margin).

• Ended 2025 with $551 million in liquidity, including $197–$198 million in cash.

• Voluntary prepayment of $42 million reduced revolving credit facility balance to $79 million.

• Share repurchases totaled $40 million in 2025, representing just under 32% of adjusted free cash flow.

Outlook and guidance

• 2026 revenue expected between $1.6 billion and $1.65 billion, relatively flat versus 2025.

• Adjusted EBITDA guidance for 2026 is $355–$375 million, with further margin and free cash flow expansion anticipated.

• Adjusted free cash flow for 2026 expected between $125 million and $145 million.

• CapEx for 2026 projected to remain flat at $110–$120 million.

• Q1 2026 expected to be seasonally weaker due to winter and customer budget cycles, with improvement in later quarters.