Core Laboratories N.V. Q4 FY2025 earnings call

• Core continued to execute its strategic plan of technology investments. - The company returned free cash to shareholders through dividends and share buybacks. - In Reservoir Description, advanced projects in South America including geomechanics and reservoir characterization studies. - In Production Enhancement, technologies helped optimize well completions, and the Pulverizer system received an award for plug and abandonment innovation.

Reservoir Description: Fourth quarter revenue was up 5% compared to Q3 2025. Full year 2025 revenue was $92,300,000, up over 5% compared to Q3. Operating income ex items was $12,700,000, up from $11,600,000 in Q3, with operating margins of 14%. Production Enhancement: Fourth quarter revenue was $46,000,000, up over 8% year over year. Ex items, fourth quarter 2025 operating margins were 7%, down from 11% in Q3 but up from 4% in 2024.

• First quarter 2026 revenue projection: Reservoir Description $82,000,000 - $86,000,000, Production Enhancement $42,000,000 - $44,000,000, full company $124,000,000 - $130,000,000. - EPS for 2026 expected to be $0.11 to $0.15. - Considered market volatility, weather impacts, and longer-term crude oil demand fundamentals.

• Geopolitical conflicts and evolving sanctions impacting demand for laboratory services tied to crude oil trade. - Commodity price volatility. - Adverse weather events disrupting client activities and operations. - Tariff pressures and OPEC+ production policy decisions causing market volatility.

Q: Comments on Venezuela and potential return to operations there?

A: Core has legacy data and mobile lab capabilities, but near term more for metal-heavy companies, return likely several quarters away.

Q: Middle East facility capabilities and expansion?

A: Strong presence in Saudi Arabia, Qatar, Oman, etc.; North Africa has opportunities with ongoing studies and mobile lab readiness.

Q: Debt shift and cash flow, free cash flow, share buybacks?

A: Shifted debt to term loan, see stock as undervalued, will be opportunistic with share buybacks while managing leverage.

Q: US onshore environment and commodity price impact?

A: Onshore sensitive to commodity price stability, defer to operators, consolidation and price swings impact activity.

Q: Tariff impact and mitigation?

A: Tariffs impact production enhancement, mitigated by procurement and bypassing tariffs through expanded footprints and direct shipping