Expro Group Holdings N.V. Q4 FY2025 earnings call

• Delivered on expanding margins, cost efficiencies, higher free cash flow, strong balance sheet, technology deployments, returning cash to shareholders. • $2.5 billion backlog with $196 million increase in Q4, including a 4-year $380 million contract in North Africa. • Deployed proprietary extended range drilling Spider, supported major offshore campaign in Australia with 0 QHSC incidents, used CaTS ATX system in Indonesia. • Long-term strategic pillars: improving financial profile, technical leadership and innovation, inorganic scalable acquisitions

For the year 2025, revenue was just over $1.6 billion, adjusted EBITDA was $353 million (22% margin). Q4 revenue was $382 million, adjusted EBITDA was $88 million (23% margin). Regional results: NLA Q4 revenue $130 million, segment EBITDA margin 24% flat; ESSA Q4 revenue $116 million, segment EBITDA margin 34% up ~120bps; MENA Q4 revenue $93 million, segment EBITDA 39% of revenues up 400bps; APAC Q4 revenue $43 million, segment EBITDA margin 16% down ~400bps

• 2026 projected revenue similar to 2025, expect EBITDA margin expansion and free cash flow generation. • Q1 2026 results impacted by seasonal factors, lower U.S. activity due to winter, customers' lower CapEx at start of budget cycles. • Confident in achieving 2026 objectives with DRIVE25 initiative, increased capital efficiency, and wallet share expansion

• Forward-looking statements subject to risks and uncertainties causing actual results to differ. • Macro environment and market conditions could impact upstream investment and demand for Expro's services. • Geopolitical and regulatory factors in regions like Venezuela could affect opportunities

Q: Can you talk more about the increase in wallet share comment?

A: In well construction, providing additional services like Cure Technologies where already on rig, using same personnel to drive efficiency across geographies.

Q: What are the market assumptions behind 2026 EBITDA guide?

A: Activity set based on current commodity prices, cautious on total activity set, potential upside in back end of year, laser-focused on expanding margins and cash generation even in flattish revenue climate.

Q: Given current administration favorable to deals, has it changed strategy?

A: Interest in global nature deals not heavily influenced by administration, continue working on M&A to be more relevant to customers.

Q: How do you see geographies driving recovery in 2026?

A: Middle East, North Africa solid, South America strong, U.S. Gulf flattish in 2026 with potential in 2027, West Africa to help move needle in 2027 and beyond.

Q: Thoughts on pricing and technology rollout?

A: Rig rates set tone, new technology rolled out with premium as helps expand wallet share and margins, disciplined on technology adoption rate and pricing to create value.

Q: Geopolitical calm in Venezuela and impact on nearby areas?

A: Excited about opportunities in Venezuela and nearby areas like Colombia, Trinidad, Guyana due to high technology needs and close geographical linkage