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On July 31, 2026, Expro Ltd (XPRO) shares rose 4.7% today, trading at $15.95. The stock has experienced a 52-week range of $9.81 to $18.73, showcasing significa

Posted by Defense World Staff on Jul 29th, 2026

Dimensional Fund Advisors LP increased its position in shares of Expro Group Holdings N.V. (NYSE:XPRO – Free Report) by 9.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,917,574 shares of the company’s stock after acquiring an additional 533,741 shares during the period. Dimensional Fund Advisors LP owned about 5.22% of Expro Group worth $103,023,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD grew its stake in Expro Group by 20.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 11,030,884 shares of the company’s stock valued at $147,264,000 after purchasing an additional 1,878,245 shares in the last quarter. Jennison Associates LLC raised its stake in shares of Expro Group by 7.9% during the 1st quarter. Jennison Associates LLC now owns 4,699,370 shares of the company’s stock worth $81,816,000 after purchasing an additional 342,449 shares in the last quarter. Qube Research & Technologies Ltd raised its stake in shares of Expro Group by 35.3% during the 2nd quarter. Qube Research & Technologies Ltd now owns 1,553,748 shares of the company’s stock worth $13,347,000 after purchasing an additional 405,168 shares in the last quarter. Boston Partners lifted its holdings in shares of Expro Group by 6.9% during the 3rd quarter. Boston Partners now owns 1,435,293 shares of the company’s stock valued at $17,054,000 after buying an additional 92,888 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its holdings in shares of Expro Group by 70.7% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,251,514 shares of the company’s stock valued at $16,708,000 after buying an additional 518,210 shares during the last quarter. Institutional investors and hedge funds own 92.07% of the company’s stock.

Insider Buying and Selling In other Expro Group news, Director Eileen Goss Whelley sold 6,168 shares of the stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $15.14, for a total transaction of $93,383.52. Following the transaction, the director owned 47,648 shares in the company, valued at $721,390.72. This trade represents a 11.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.80% of the stock is currently owned by company insiders.

Key Headlines Impacting Expro Group Here are the key news stories impacting Expro Group this week:

Positive Sentiment: Expro reported second-quarter revenue of $393 million, above the $387.4 million consensus estimate. The company also generated $76 million of adjusted EBITDA, an 19.3% margin, $81 million of operating cash flow and $56 million of adjusted free cash flow. Expro Announces Second Quarter 2026 Results Positive Sentiment: Management issued a stronger fiscal 2026 revenue outlook of approximately $1.7 billion, above the roughly $1.6 billion analyst expectation. Expro also repurchased about $20 million of stock, or 1.3 million shares, which may support per-share value. Expro Misses Earnings Estimates but Issues Stronger Revenue Outlook Neutral Sentiment: Reported earnings were $0.15 per share. That exceeded the Zacks consensus estimate of $0.13 but was below the broader analyst consensus of $0.17, highlighting differing benchmarks for the quarter. Expro Group Holdings Q2 Earnings and Revenues Surpass Estimates Negative Sentiment: Profitability remains the main concern: net income was only $2 million, EPS declined from $0.30 a year earlier, and revenue fell 7% year over year. The earnings miss against the wider consensus may be driving the weaker investor reaction despite the improved revenue outlook. Expro Group Holdings Q2 Earnings Snapshot Expro Group Stock Performance XPRO opened at $15.29 on Wednesday. The company has a market cap of $1.73 billion, a PE ratio of 47.77 and a beta of 0.90. The stock has a 50-day moving average of $15.30 and a 200-day moving average of $16.15. Expro Group Holdings N.V. has a 52-week low of $9.81 and a 52-week high of $18.73. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.76 and a current ratio of 2.13.

Expro Group (NYSE:XPRO – Get Free Report) last issued its quarterly earnings data on Tuesday, July 28th. The company reported $0.15 EPS for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.02). Expro Group had a net margin of 2.32% and a return on equity of 3.91%. The company had revenue of $393.18 million for the quarter, compared to analyst estimates of $387.36 million. During the same period in the prior year, the company posted $0.30 EPS. The business’s revenue was down 7.0% on a year-over-year basis. As a group, equities research analysts forecast that Expro Group Holdings N.V. will post 0.6 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In A number of equities analysts recently commented on XPRO shares. Piper Sandler increased their price objective on Expro Group from $13.00 to $16.00 and gave the stock an “underweight” rating in a report on Wednesday, April 15th. The Goldman Sachs Group set a $19.00 target price on shares of Expro Group in a research note on Thursday, June 4th. Weiss Ratings downgraded shares of Expro Group from a “sell (d+)” rating to a “sell (d)” rating in a research report on Tuesday, June 23rd. Zacks Research upgraded shares of Expro Group from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 15th. Finally, Barclays cut their price target on shares of Expro Group from $23.00 to $20.00 and set an “overweight” rating on the stock in a report on Thursday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $18.33.

Read Our Latest Analysis on XPRO

About Expro Group (Free Report)

Expro Group plc is a global energy services company that specializes in well flow management and well testing solutions for the oil and gas industry. The company’s core offerings include wellhead and pressure control systems, downhole well construction tools, subsea intervention services, and integrated tubular running services. These capabilities enable exploration and production companies to optimize well performance, enhance safety and mitigate operational risk throughout the drilling, completion and intervention phases of the well life cycle.

Founded in 1973, Expro has grown both organically and through targeted acquisitions to establish a presence in more than 30 countries.

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Expro Ltd (XPRO) Q2 2026 Earnings Call July 28, 2026 11:00 AM EDT

Company Participants

Dave Wilson - Vice President of Investor Relations
Michael Jardon - President, CEO & Executive Director
Sergio Maiworm - Chief Financial Officer

Conference Call Participants

Edward Kim - Barclays Bank PLC, Research Division
Keith Beckmann - Pickering Energy Partners LP
Alexa Petrick - Goldman Sachs Group, Inc., Research Division
Joshua Jayne - Daniel Energy Partners, LLC

Presentation

Operator

Thank you for standing by. My name is [ Karli ], and I will be your conference operator today. At this time, I would like to welcome everyone to the Expro Q2 2026 Earnings Call. [Operator Instructions] I would now like to turn the call over to Dave Wilson, Vice President, Investor Relations. Mr. Wilson, you may begin.

Dave Wilson
Vice President of Investor Relations

Thank you, operator. Good morning, everyone, and welcome to Expro's Second Quarter 2026 Earnings Call. I'm joined today by Mike Jardon, CEO; and Sergio Maiworm, CFO. Both Mike and Sergio will have some prepared remarks, after which we'll open the call for questions. In association with today's call, we have an accompanying presentation on our second quarter results, which is posted on the Expro website, expro.com, under the Investors section.

Before we begin today's call, I'll remind everyone that some of today's comments may refer to or contain forward-looking statements. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. These statements speak only as of today's date, and the company assumes no responsibility to update such forward-looking statements. The company has included in its SEC filings, cautionary language identifying important risk factors that could cause actual results to be materially different from those set forth in any forward-looking statements.

HOUSTON--(BUSINESS WIRE)--Expro Ltd (NYSE: XPRO) (the “Company” or “Expro”) today reported financial and operational results for the three months ended June 30, 2026. Second Quarter 2026 Highlights Revenue was $393 million Net income of $2 million Adjusted EBITDA(1) of $76 million with an Adjusted EBITDA margin(1) of 19.3% Cash flow from operations of $81 million, or 20.7% of revenue Adjusted free cash flow(2) of $56 million Share repurchases of approximately $20 million (1.3 million shares at.

Expro Group Holdings (XPRO - Free Report) is expected to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended June 2026. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.

The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on July 28. On the other hand, if they miss, the stock may move lower.

While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.

Zacks Consensus EstimateThis oil and gas pipe provider is expected to post quarterly earnings of $0.13 per share in its upcoming report, which represents a year-over-year change of -18.8%.

Revenues are expected to be $379 million, down 10.4% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 4.35% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Expro Group Holdings?For Expro Group Holdings, the Most Accurate Estimate is the same as the Zacks Consensus Estimate, suggesting that there are no recent analyst views which differ from what have been considered to derive the consensus estimate. This has resulted in an Earnings ESP of 0%.

On the other hand, the stock currently carries a Zacks Rank of #4.

So, this combination makes it difficult to conclusively predict that Expro Group Holdings will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Expro Group Holdings would post a loss of$0.07 per share when it actually produced earnings of $0.09, delivering a surprise of +228.57%.

Over the last four quarters, the company has beaten consensus EPS estimates three times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Expro Group Holdings doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

HOUSTON--(BUSINESS WIRE)--Expro Ltd (NYSE: XPRO) (“Expro” or the “Company”) will hold a conference call on July 28, 2026 to discuss results for the second quarter ended June 30, 2026. The conference call is scheduled to begin at 10:00 a.m. Central Time (11:00 a.m. Eastern Time). A press release regarding the results will be issued before the market opens on July 28th, and the press release, together with associated presentation slides, will be posted to the investor relations section of the Exp.

HomeStock IdeasLong IdeasEnergy Analysis

SummaryExpro Group Holdings is rated Speculative Buy, driven by margin expansion, technological specialization, and disciplined capital allocation amid sector cyclicality.XPRO’s Drive25 initiative and recent acquisitions have boosted adjusted EBITDA margins from 14% in 2021 to 22% in 2025, supporting operational efficiency.Despite a strong balance sheet and ~$275M backlog, XPRO trades at a discount due to market concerns over cyclicality and execution risk.Potential 35% upside exists if XPRO executes Drive25, integrates acquisitions, and achieves sector-median EV/EBITDA multiples, but risks remain from project delays and integration. Sadagus/iStock via Getty Images

Investment Thesis Expro Group Holdings (XPRO) is a well-established oilfield services company. Its core focus is on technological specialization, such as well flow management, well intervention, well integrity, subsea well access, production optimization, and managed pressure drilling.

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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Expro partners with VERCANA GmbH (part of Vulcan Energy Resources GmbH and responsible for well engineering and drilling) to support first well in Europe’s largest geothermal and lithium cluster.

HOUSTON--(BUSINESS WIRE)--Expro (NYSE:XPRO) is set to deliver well testing services for the first Schleidberg well as part of Vulcan Energy’s Lionheart Project - one of Europe’s most significant geothermal and lithium extraction developments.

The Lionheart Project, recently designated as a strategic initiative under the European Union’s Critical Raw Materials Act (CRMA), represents one of the largest geothermal and lithium extraction programs of its kind in Europe. The support further strengthens Expro’s position as a key delivery partner in the region’s growing sustainable energy sector.

Under the scope of work, Expro intends to provide a comprehensive suite of services, including its advanced GeoFlow™ Surface Well Testing package. These services support VERCANA GmbH’s and Vulcan Energy’s efforts to characterize the reservoir, assess fluid properties and develop high-performance geothermal energy and lithium extraction from its planned development.

Lionheart builds on Expro’s expanding geothermal portfolio in the region, following the recent successful well test delivery for a private developer of geothermal systems in Germany.

Expro, who have been servicing geothermal projects for over 40 years, plans to deliver the work through their European, Mediterranean and Caspian teams, leveraging expertise from across the company’s Well Flow Management and Well Intervention offerings. This aligns with Expro’s continued commitment to supporting Europe’s energy transition with scalable, high-impact solutions for low-carbon energy systems.

Andrei Ion, Managing Director for Europe, Mediterranean and Caspian, of Expro, commented: “We are proud to support VERCANA GmbH’s and Vulcan Energy on this landmark geothermal development. The Lionheart Project is not only strategically important for the region, but also a clear example of how innovation and adaptation of traditional oilfield services such as well testing and well intervention can help unlock the full potential of geothermal resources and critical raw materials like lithium.

“This partnership reflects the strength of Expro’s geothermal capabilities and our ongoing commitment to delivering safe, efficient, and future-focused services across Europe. We look forward to helping our clients achieve their energy transition ambitions.”

Marco Köpsel, managing director of VERCANA GmbH stated: “Partnering with Expro on the first Schleidberg well marks an exciting step forward in our mission to harness sustainable energy and critical raw materials. The expertise and innovative solutions provided by Expro will be instrumental in unlocking the geothermal and lithium potential of this pioneering initiative.”

Notes to Editors

Working for clients across the well life cycle, Expro is a leading provider of energy services, offering cost-effective, innovative solutions and what the Company considers to be best-in-class safety and service quality. The Company’s extensive portfolio of capabilities spans well construction, well flow management, subsea well access, and well intervention and integrity solutions.

With roots dating to 1938, Expro has approximately 7,000 employees and provides services and solutions to leading exploration and production companies in both onshore and offshore environments in more than 50 countries.

For more information, please visit and connect with Expro on Twitter @ExproGroup and LinkedIn @Expro.

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This press release, and oral statements made from time to time by representatives of the Company, may contain certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding, among other things, the success, safety, efficiency and sustainability of the Company’s well testing and well intervention technologies, the Company’s environmental, social and governance goals, targets and initiatives, and future growth, and are indicated by words or phrases such as "anticipate," "outlook," "estimate," "expect," "project," "believe," "envision," "goal," "target," "can," "will," and similar words or phrases. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from the future results, performance or achievements expressed in or implied by such forward-looking statements. Forward-looking statements are based largely on the Company's expectations and judgments and are subject to certain risks and uncertainties, many of which are unforeseeable and beyond our control. The factors that could cause actual results, performance or achievements to materially differ include, among others the risk factors identified in the Company’s Annual Report on Form 10-K, Form 10-Q and Form 8-K reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, historical practice, or otherwise.

HOUSTON--(BUSINESS WIRE)--Expro Group Holdings N.V. (NYSE: XPRO) (“Expro” or the “Company”) will hold a conference call on May 5, 2026 to discuss results for the first quarter ended March 31, 2026. The conference call is scheduled to begin at 9:00 a.m. Central Time (10:00 a.m. Eastern Time). A press release regarding the results will be issued before the market opens on May 5th, and the press release, together with associated presentation slides, will be posted to the investor relations section of the Expro website in advance of the conference call.

We encourage those who plan to dial-in to the conference to pre-register: Pre-Registration Link. Callers who pre-register will be given a dial-in number and unique PIN via email to gain immediate access to the call.

Participants may also join the conference call by dialing:
U.S. (Local): +1 404 975 4839
U.S (Toll-Free): +1 833 470 1428
Access code: 749710

To listen via live webcast, please visit the investor section of https://www.expro.com/.

An audio replay of the webcast will be available in the Investor section of the Company’s website approximately 3 hours after the conclusion of the call and remain available for a period of two weeks.

To access the audio replay telephonically:
Dial-In: U.S. (Local) +1 929 458 6194 or U.S. (Toll-Free) +1 866 813 9403
Access ID: 620571
Start Date: May 5, 2026, 1:00 p.m. CT
End Date: May 19, 2026, 10:59 p.m. CT

ABOUT EXPRO

Working for clients across the entire well life cycle, Expro is a leading provider of energy services, offering cost-effective, innovative solutions and what the Company considers to be best-in-class safety and service quality. The Company’s extensive portfolio of capabilities spans well construction, well flow management, subsea well access and well intervention and integrity solutions.

With roots dating to 1938, Expro has approximately 7,000 employees and provides services and solutions to leading exploration and production companies in both onshore and offshore environments in more than 60 countries.

For more information, please visit: expro.com and connect with Expro on X (formerly Twitter): @ExproGroup and LinkedIn: @Expro.

The market expects Expro Group Holdings (XPRO - Free Report) to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended March 2026. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.

The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on May 5. On the other hand, if they miss, the stock may move lower.

While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.

Zacks Consensus EstimateThis oil and gas pipe provider is expected to post quarterly loss of $0.07 per share in its upcoming report, which represents a year-over-year change of -128%.

Revenues are expected to be $362 million, down 7.4% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 46.15% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Expro Group Holdings?For Expro Group Holdings, the Most Accurate Estimate is the same as the Zacks Consensus Estimate, suggesting that there are no recent analyst views which differ from what have been considered to derive the consensus estimate. This has resulted in an Earnings ESP of 0%.

On the other hand, the stock currently carries a Zacks Rank of #4.

So, this combination makes it difficult to conclusively predict that Expro Group Holdings will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Expro Group Holdings would post earnings of $0.21 per share when it actually produced earnings of $0.21, delivering no surprise.

Over the last four quarters, the company has beaten consensus EPS estimates three times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Expro Group Holdings doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Expected Results of an Industry PlayerWilliams Companies, Inc. (The) (WMB - Free Report) , another stock in the Zacks Oil and Gas - Production and Pipelines industry, is expected to report earnings per share of $0.64 for the quarter ended March 2026. This estimate points to a year-over-year change of +6.7%. Revenues for the quarter are expected to be $3.34 billion, up 9.7% from the year-ago quarter.

The consensus EPS estimate for The Williams Companies has been revised 0.9% higher over the last 30 days to the current level. However, a higher Most Accurate Estimate has resulted in an Earnings ESP of +1.56%.

This Earnings ESP, combined with its Zacks Rank #3 (Hold), suggests that The Williams Companies will most likely beat the consensus EPS estimate. Over the last four quarters, the company surpassed EPS estimates just once.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

HOUSTON--(BUSINESS WIRE)--Expro Group Holdings N.V. (NYSE: XPRO) (the “Company” or “Expro”) today announced it has entered into a definitive agreement under which Expro will acquire Enhanced Well Technologies Group AS (“Enhanced Drilling”) for approximately 2 billion Norwegian kroner (“NOK”) in cash plus customary closing and working capital adjustments. The Company also announced its financial and operational results for the three months ended March 31, 2026.

Acquisition Highlights

Expro expands its high technology-based service offerings by adding managed pressure drilling (“MPD”) solutions to the portfolio Immediately accretive to cash flow and adds approximately $275 million of order backlog Purchase price of approximately 2 billion NOK in cash (approximately $215 million) Projected full year 2026 Adjusted EBITDA1 greater than $50 million with Adjusted EBITDA margin1 greater than 30% Purchase price to be funded with cash on hand and borrowings under revolving credit facility Acquisition expected to close during the third quarter of 2026, subject to customary closing conditions First Quarter 2026 Highlights

Revenue was $368 million Net loss of $1 million Adjusted EBITDA1 of $63 million with an Adjusted EBITDA margin1 of 17.1% Cash flow from operations of $25 million, or 7% of revenues Adjusted free cash flow1 of $3 million Share repurchases of approximately $20 million (1.2 million shares at an average $16.52 per share) Announced proposal to redomicile from the Netherlands to the Cayman Islands Liquidity at the end of the quarter stood at $517 million Michael Jardon, Chief Executive Officer, commented, “We are excited to announce the proposed acquisition of Enhanced Drilling and look forward to welcoming its employees into the Expro family. Enhanced Drilling will add industry leading managed pressure drilling technologies in both riserless and riser-based applications to Expro’s suite of innovative technologies and expand Expro’s service and solution offerings related to customers’ drilling and completion activities. We look forward to leveraging Enhanced Drilling’s expertise, technologies and customer relationships with our own to drive further growth in the future.

“For our first quarter, the financial results were impacted by the typical seasonality we experience due to inclement weather, particularly in the North Sea and the Gulf of America, and lower customer budgetary spending at the beginning of the year. In terms of capital allocation during the quarter, Expro maintained its very strong balance sheet and invested $26 million in capital expenditures funding high return projects. Additionally, the Company repurchased approximately $20 million or 1.2 million shares, again making significant progress on its 2026 goal of returning at least one-third of its free cash flow to shareholders.

“The end of the quarter was marked by geopolitical uncertainty in the Middle East that threatens the near-term global supply-demand balance for crude oil and natural gas, which could have broad reaching consequences and has certainly added to the volatility in the market. I am thankful to report that all our employees continue to be safe, but we remain vigilant about the evolving developments in the region. Specifically with respect to our MENA geographic segment, there is a relative balance between our Middle East and North Africa operations with our North Africa operations not being impacted by the tenuous situation in the Middle East. A small portion of our Middle East operations have been affected with relatively minor impacts on our first quarter financial results. Presently there still is a significant amount of uncertainty surrounding the geopolitical tensions in the region and the extent and timing of operations becoming more normalized.

“Outside the current disruption in the Middle East, the financial results for our remaining global operations were largely in line with expectations. Moving forward, the outlook for the medium-to-long-term for our business is increasingly positive. I believe there will be increased emphasis on re-establishing and then building additional strategic reserves and an intensification and prioritization of energy security going forward all of which should create additional demand for our services across the well lifecycle. We remain optimistic about 2026 and while the disruptions in the Middle East may serve to taper some of our near-term financial results, we still anticipate making further progress towards our longer-term strategic goals with efforts focused on the expansion of our EBITDA margin and free cash flow generation.”

Free Cash Flow and Share Repurchases

Expro generated $25 million in net cash provided by operating activities in the first quarter of 2026. This was lower than anticipated as we experienced approximately $20 million of unfavorable changes in working capital during the quarter due in part to the conflict in the Middle East. This is merely timing related and Expro continues to expect a strong adjusted free cash flow year. In fact, we have already experienced improvement in working capital balances based on first quarter-related collections received early in the second quarter of 2026. We are anticipating strong collections in the second quarter. After capital expenditures of $26 million, Expro generated $(0.5) million of free cash flow and $3 million of Adjusted free cash flow in the first quarter of 2026.

During the first quarter of 2026, the Company repurchased approximately 1.2 million shares at an average price of $16.52, resulting in approximately $20 million of share repurchases. For the full year 2026, Expro remains committed to utilizing at least 33% of the free cash flow generated for capital returns to shareholders.

Additionally, Expro remains focused on generating free cash flow, and we expect to continue to do so by further expanding the Company’s Adjusted EBITDA margin and reducing the capital intensity of the business. Management continues to believe that adjusted free cash flow better reflects the Company’s performance by excluding one-time items, in line with corporate finance principles.

Three Months
Ended

March 31,

2026

Total revenue

$

367,573

Net cash provided by operating activities

$

25,284

Less: Capital expenditures

(25,764

)

Free cash flow

(480

)

Add: Merger and integration expense(1)

288

Add: Severance and other expense (1)

3,226

Adjusted free cash flow

$

3,034

Financial Guidance

For 2026, we are reaffirming our full year guidance as we see sequential increases in our quarterly results throughout the year. For the quarter ahead we do anticipate some minor headwinds from the recent Middle East disruptions which we expect to equate to roughly $10 million to $15 million in revenue impact with fairly high decrementals.

For the second half of 2026, we believe the current industry optimism is tangible, and we remain constructive and confident in the ramp in our projected revenue and Adjusted EBITDA. The sequential increases we see in our business are driven by: 1) our NLA segment with subsea well access and well flow management work in the Gulf of America, tubular sales, and well intervention and integrity work in Colombia, 2) our MENA segment with a return to more normalized operations in the Middle East and a sizeable production solutions project in North Africa, 3) our APAC region with well construction and well flow management projects in southeast Asia, accompanied by subsea equipment sales in China and 4) additional contributions from our Coretrax acquisition across our geographic regions. Collectively, these identifiable projects and opportunities represent over 85% of the revenue increase we anticipate during the second half of the year.

While we currently do not anticipate the disruptions in our Middle East operations will extend beyond the second quarter of 2026, there can be no assurance that these disruptions will not continue beyond that period. The guidance below represents our expectations as of the date of this release and excludes Enhanced Drilling. The Company will provide updated guidance, inclusive of Enhanced Drilling, after the acquisition closes.

Full Year
Ended

December 31,

(in millions)

2026

Revenue

$1,600 - $1,650

Adjusted EBITDA

$355 - $375

Capital expenditure

$110 - $120

Adjusted free cash flow

$125 - $145

Enhanced Drilling Acquisition

Enhanced Drilling is a leading provider of next-generation drilling solution technologies. Specializing in managed pressure drilling, the company is headquartered in Bergen, Norway and has an impressive track record with over 1,000 wells drilled utilizing its technologies. Enhanced Drilling has multiple riserless and riser-based solutions that provide customers with better overall well economics – its solutions reduce risk, increase reliability and consistency, which drive cost effectiveness. We believe this MPD technology leads the industry and as part of Expro, we intend to increase its market penetration utilizing a similar strategy of globalizing acquired technologies and services. Currently, Enhanced Drilling primarily operates offshore Norway and in the Gulf of America and sees growth opportunities in other deepwater regions around the world such as Brazil, West Africa and Australia. Furthermore, this acquisition comes at a time where we believe that a more conducive and constructive offshore drilling market will develop over the next few years.

Under the terms of the agreement, Expro will acquire Enhanced Drilling for approximately 2.0 billion NOK in cash, or approximately $215 million based on current exchange rates, plus customary closing and working capital adjustments. The transaction is subject to customary closing conditions and is expected to close in the third quarter of 2026.

Notable Awards and Achievements

Middle East and North Africa (MENA)

Expro deployed its MultiTrace™ gas tracing technology to enable accurate flow measurement on a large-diameter flare system, overcoming significant process challenges caused by highly transient flow conditions and fluctuating gas consumption. Expro’s ActiveSONAR™ provided measurement assurance on a major CCUS project. This technology is non-intrusive with zero operational disruption and provides flow measurement with modifications to existing pipe infrastructure. North and Latin America (NLA)

In Argentina, Expro successfully deployed its QPulse™ technology, providing real-time insight into how a well is producing, helping operators optimize production without interfering with ongoing operations. Europe and Sub-Saharan Africa (ESSA)

In Norway, Expro successfully delivered a world first fully remote completion joint makeup with a downhole control line and clamp without a single person in the ‘red zone’. The combination of these disruptive technologies enhances safety, increases execution and efficiency and delivers consistent and repeatable outcomes. Expro completed the EWT (extended well test) project in Kazakhstan, supporting early monetization of oil and gas production in extreme winter conditions. Asia Pacific (APAC)

In Indonesia, Expro deployed its Blackhawk Cement Head with Skyhook with a customer enabling a remote cement line makeup, removing the need for manual involvement on the rig floor that deliver safer, faster and more efficient cementing operations. In Australia, Expro entered into a six-year framework agreement to deliver Reline RNS casing patch solutions across 100+ wells per year in the Surat Basin, that is expected to increase well integrity thereby extending the economic value of the field life. Technologies

Expro launched Solus™, a single shear-and-seal valve that replaces conventional two-valve subsea well access systems. This technology reduces the complexity, operational risk, time and cost during subsea intervention and decommissioning work. Expro’s iTong™ has reached a significant industry milestone, successfully running and pulling over 1,200,000 ft of casing and tubing in field operations since it was first deployed. This achievement underscores the iTong’s™ growing momentum in the market, with an increasing number of clients adopting the technology and experiencing its operational, safety, and performance advantages. Other Financial Information

As of March 31, 2026, Expro’s consolidated cash and cash equivalents, including restricted cash, totaled $171 million, and the Company’s total liquidity stood at $517 million. Total liquidity includes $346 million available for drawdowns as loans under the Company’s revolving credit facility. The Company had outstanding long-term borrowings of $79 million as of March 31, 2026.

The Company’s capital expenditures totaled $26 million in the first quarter of 2026, of which approximately 90% were used for the purchase and manufacture of equipment to directly support already contracted customer-related activities and approximately 10% for other property, plant and equipment, inclusive of software costs.

After the share repurchases during the first quarter of 2026, the Company has approximately $80 million remaining under its current Board of Directors share repurchase authorization to acquire up to $100 million of outstanding shares.

On April 1, 2026, Expro’s Board of Directors unanimously approved a plan to change the Company’s corporate domicile from the Netherlands to the Cayman Islands (the “Redomicile”). The proposal related to the Redomicile will be voted upon during the Company’s Annual Shareholder Meeting scheduled for June 10, 2026, and subject to shareholder and other customary approvals, the Redomicile is expected to be completed in July 2026. The Redomicile is expected to simplify the Company’s corporate structure resulting in (1) a reduction in administrative and regulatory costs, (2) afford the Company improved operational and tax efficiencies, and (3) provide a more favorable corporate structure for possible future merger and acquisition opportunities.

The financial measures provided that are not presented in accordance with GAAP are defined and reconciled to their most directly comparable GAAP measures. Please see “Use of Non-GAAP Financial Measures” and the reconciliations to the nearest comparable GAAP measures.

Additionally, downloadable financials are available on the Investor section of www.expro.com.

Segment Results

Unless otherwise noted, the following discussion compares the quarterly results for the first quarter of 2026 to the results for the fourth quarter of 2025.

North and Latin America (NLA)

Revenue for the NLA segment was $128 million for the three months ended March 31, 2026, a decrease of $2 million, or 2%, compared to $130 million for the three months ended December 31, 2025. The decrease was primarily driven by lower well flow management revenue in Guyana and reduced well construction revenue in the U.S. and Brazil, partially offset by higher subsea well access revenue in the U.S. and increased well flow management revenue in Mexico.

Segment EBITDA for the NLA segment was $26 million, or 20% of revenues, during the three months ended March 31, 2026, a decrease of $6 million, or 18%, compared to $32 million, or 24%, of revenues during the three months ended December 31, 2025. The decrease in Segment EBITDA and Segment EBITDA margin was primarily attributable to a less favorable activity mix during the quarter.

Europe and Sub-Saharan Africa (ESSA)

Revenue for the ESSA segment was $114 million for the three months ended March 31, 2026, a decrease of $2 million, or 2%, compared to $116 million for the three months ended December 31, 2025. The decrease in revenue was primarily attributable to lower well flow management revenue in Angola and Bulgaria and lower subsea well access and well construction revenue in Ghana, partially offset by higher well construction revenue in Ivory Coast.

Segment EBITDA for the ESSA segment was $32 million, or 28% of revenues, for the three months ended March 31, 2026, a decrease of $9 million, or 21%, compared to $40 million, or 34% of revenues, for the three months ended December 31, 2025. The decrease in Segment EBITDA and Segment EBITDA margin, was primarily attributable to a reduction in higher margin projects.

Middle East and North Africa (MENA)

Revenue for the MENA segment was $82 million for the three months ended March 31, 2026, a decrease of $11 million, or 12%, compared to $93 million for the three months ended December 31, 2025. The decrease in revenue was primarily driven by lower well flow management revenue in Algeria, Saudi Arabia, and Iraq, together with reduced well intervention activity in Qatar due to ongoing conflicts in the Middle East.

Segment EBITDA for the MENA segment was $24 million, or 29% of revenues, for the three months ended March 31, 2026, a decrease of $13 million, or 35%, compared to $36 million, or 39% of revenues, for the three months ended December 31, 2025. The decrease in Segment EBITDA and Segment EBITDA margin is consistent with the decrease in revenue and activity mix.

Asia Pacific (APAC)

Revenue for the APAC segment was $44 million for the three months ended March 31, 2026, an increase of $1 million, or 3%, compared to $43 million for the three months ended December 31, 2025. The increase in revenue was primarily driven by higher subsea well access activity in Malaysia and increased Coretrax-related activity in Myanmar, partially offset by lower well flow management and subsea well access activity in Australia.

Segment EBITDA for the APAC segment was $7 million, or 16% of revenues, for the three months ended March 31, 2026, which was consistent with $7 million, or 16% of revenues, for the three months ended December 31, 2025.

Conference Call

The Company will host a conference call to discuss first quarter 2026 results on Tuesday, May 5, 2026, at 9:00 a.m. Central Time (10:00 a.m. Eastern Time).

Participants may also join the conference call by dialing:

U.S. (Local): +1 (404) 975-4839
Toll-Free: +1 (833) 470-1428
Access ID: 749710

To listen via live webcast, please visit the Investor section of www.expro.com.

The first quarter 2026 Investor Presentation is available on the Investor section of www.expro.com.

An audio replay of the webcast will be available on the Investor section of the Company’s website approximately three hours after the conclusion of the call and will remain available for a period of two weeks.

To access the audio replay telephonically:

Dial-In: U.S. (Local) +1 (929) 458-6194 or Toll-Free: +1 (866) 813-9403
Access ID: 620571
Start Date: May 5, 2026, approximately 1:00 p.m. CT
End Date: May 19, 2026, 10:59 p.m. CT

A transcript of the conference call will be posted to the Investor relations section of the Company’s website as soon as practicable after the conclusion of the call.

ABOUT EXPRO

Working for clients across the entire well life cycle, Expro is a leading provider of energy services, offering cost-effective, innovative solutions and what the Company considers to be best-in-class safety and service quality. The Company’s extensive portfolio of capabilities spans well construction, well flow management, subsea well access, and well intervention and integrity.

With roots dating to 1938, Expro has approximately 7,000 employees and provides services and solutions to leading energy companies in both onshore and offshore environments in more than 60 countries.

For more information, please visit: www.expro.com and connect with Expro on X @ExproGroup and LinkedIn @Expro.

Important Information for Shareholders

In connection with the proposed change to the Company’s corporate domicile that includes, among other things, the Redomicile, Expro Ltd (“Expro Cayman”) has filed a registration statement on Form S-4 (the “Registration Statement”), which includes Expro Cayman’s prospectus as well as the Company’s proxy statement (the “Proxy Statement/Prospectus”), with the U.S. Securities and Exchange Commission (“SEC”). The Registration Statement was declared effective by the SEC on April 21, 2026. Expro Cayman filed a final prospectus and the Company filed the definitive Proxy Statement/Prospectus, in each case, on April 21, 2026. The definitive Proxy Statement/Prospectus was first mailed to the Company’s shareholders on or about April 21, 2026 in connection with the proposed change to the Company’s corporate domicile. INVESTORS AND SECURITYHOLDERS OF THE COMPANY ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC CAREFULLY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY, EXPRO CAYMAN, THE REDOMICILE AND RELATED MATTERS. Investors and securityholders can obtain free copies of the definitive Proxy Statement/Prospectus and other documents filed with the SEC by the Company through the website maintained by the SEC at www.sec.gov. In addition, investors and securityholders can obtain free copies of the documents filed with the SEC on the Company website at www.expro.com or by contacting the Company’s Corporate Secretary.

No Offer or Solicitation

This communication is for informational purposes only and is not intended to, and shall not, constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made, except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933 (the “Securities Act”).

Forward Looking Statements

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this release include statements, estimates and projections regarding the outcome and benefits of the proposed Enhanced Drilling acquisition, the Company’s ability to achieve the anticipated synergies as a result of the proposed Enhanced Drilling acquisition, the expected timing, completion, effects and benefits of the Redomicile, and the Company’s future business strategy and prospects for growth, cash flows and liquidity, financial strategy, budget, projections, guidance and operating results. These statements are based on certain assumptions made by the Company based on management’s experience, expectations and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Forward-looking statements are not guarantees of performance. Although the Company believes the expectations reflected in its forward-looking statements are reasonable and are based on reasonable assumptions, no assurance can be given that these assumptions are accurate or that any of these expectations will be achieved (in full or at all) or will prove to have been correct. Moreover, such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Such assumptions, risks and uncertainties include the amount, nature and timing of capital expenditures, the availability and terms of capital, the level of activity in the oil and gas industry, volatility of oil and gas prices, unique risks associated with offshore operations (including the ability to recover, and to the extent necessary, service and/or economically repair any equipment located on the seabed), political, economic and regulatory uncertainties in international operations, the ability to develop new technologies and products, the ability to protect intellectual property rights, the ability to employ and retain skilled and qualified workers, the level of competition in the Company’s industry, global or national health concerns, including health epidemics, the possibility of a swift and material decline in global crude oil demand and crude oil prices for an uncertain period of time, future actions of foreign oil producers such as Saudi Arabia and Russia, inflationary pressures, international trade laws, tariffs, the impact of current and future laws, rulings, governmental regulations, accounting standards and statements, and related interpretations, and other guidance.

Such assumptions, risks and uncertainties also include the factors discussed or referenced in the “Risk Factors” section of the definitive Proxy Statement/Prospectus and the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC, as well as other risks and uncertainties set forth from time to time in the reports the Company files with the SEC. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events, historical practice or otherwise, except as required by applicable law, and we caution you not to rely on them unduly.

Use of Non-GAAP Financial Measures

This press release and the accompanying schedules include the non-GAAP financial measures of Adjusted EBITDA, Adjusted EBITDA margin, contribution, contribution margin, free cash flow, free cash flow margin, adjusted free cash flow, adjusted free cash flow margin, adjusted net income (loss), and adjusted net income (loss) per diluted share, which may be used periodically by management when discussing financial results with investors and analysts. The accompanying schedules of this press release provide a reconciliation of these non-GAAP financial measures to their most directly comparable financial measure calculated and presented in accordance with GAAP. These non-GAAP financial measures are presented because management believes these metrics provide additional information relative to the performance of the business. These metrics are commonly employed by financial analysts and investors to evaluate the operating and financial performance of Expro from period to period and to compare such performance with the performance of other publicly traded companies within the industry. You should not consider Adjusted EBITDA, Adjusted EBITDA margin, contribution, contribution margin, free cash flow, free cash flow margin, adjusted free cash flow, adjusted free cash flow margin, adjusted net income (loss) and adjusted net income (loss) per diluted share in isolation or as a substitute for analysis of Expro’s results as reported under GAAP. Because Adjusted EBITDA, Adjusted EBITDA margin, contribution, contribution margin, free cash flow, free cash flow margin, adjusted free cash flow, adjusted free cash flow margin, adjusted net income (loss) and adjusted net income (loss) per diluted share may be defined differently by other companies in the industry, the presentation of these non-GAAP financial measures may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.

Expro defines Adjusted EBITDA as net income (loss) adjusted for (a) income tax expense, (b) depreciation and amortization expense, (c) severance and other expense, (d) merger and integration expense, (e) gain on disposal of assets, (f) other (income) expense, net, (g) stock-based compensation expense, (h) foreign exchange (gains) losses and (i) interest and finance (income) expense, net. Adjusted EBITDA margin reflects Adjusted EBITDA expressed as a percentage of total revenue.

Contribution is defined as total revenue less cost of revenue excluding depreciation and amortization expense, adjusted for indirect general and administrative costs and stock-based compensation expense included in cost of revenue. Contribution margin is defined as contribution divided by total revenue, expressed as a percentage.

Free cash flow is defined as cash provided by (used in) operating activities less capital expenditures. Free cash flow margin is defined as free cash flow divided by total revenue, expressed as a percentage. Adjusted free cash flow is defined as cash provided by (used in) operating activities less capital expenditures, adjusted for merger and integration expense, severance and other expense (income) and other adjustments. Adjusted free cash flow margin is defined as adjusted free cash flow divided by total revenue, expressed as a percentage.

The Company defines adjusted net income (loss) as net income (loss) before merger and integration expense, severance and other expense, stock-based compensation expense, and gain on disposal of assets, adjusted for corresponding tax benefits of these items. The Company defines adjusted net income (loss) per diluted share as net income (loss) per diluted share before merger and integration expense, severance and other expense, stock-based compensation expense, and gain on disposal of assets, adjusted for corresponding tax benefits of these items, divided by diluted weighted average common shares.

Please see the accompanying financial tables for a reconciliation of these non-GAAP measures to their most directly comparable GAAP measures.

Three Months Ended

March 31,

December 31,

March 31,

2026

2025

2025

Total revenue

$

367,573

$

382,127

$

390,872

Operating costs and expenses:

Cost of revenue, excluding depreciation and amortization expense

(297,614

)

(286,558

)

(305,492

)

General and administrative expense, excluding depreciation and amortization expense

(17,894

)

(19,186

)

(21,814

)

Depreciation and amortization expense

(45,395

)

(53,774

)

(45,421

)

Merger and integration expense

(288

)

(861

)

(1,740

)

Severance and other expense

(3,226

)

(9,952

)

(6,082

)

Total operating cost and expenses

(364,417

)

(370,331

)

(380,549

)

Operating income

3,156

11,796

10,323

Other income, net

347

188

1,654

Interest and finance expense, net

(1,551

)

(2,445

)

(3,451

)

Income before taxes and equity in income of joint ventures

1,952

9,539

8,526

Equity in income of joint ventures

3,231

3,838

3,706

Income before income taxes

5,183

13,377

12,232

Income tax (expense) benefits

(6,217

)

(7,605

)

1,716

Net (loss) income

$

(1,034

)

$

5,772

$

13,948

(Loss) earnings per common share:

Basic

$

(0.01

)

$

0.05

$

0.12

Diluted

$

(0.01

)

$

0.05

$

0.12

Weighted average common shares outstanding:

Basic

113,624,307

113,553,942

116,217,794

Diluted

113,624,307

115,143,267

116,929,082

March 31,

December 31,

2026

2025

Assets

Current assets

Cash and cash equivalents

$

170,738

$

196,093

Restricted cash

35

1,380

Accounts receivable, net

492,189

477,026

Inventories

168,073

167,895

Income tax receivables

40,437

31,654

Other current assets

92,658

86,287

Total current assets

964,130

960,335

Property, plant and equipment, net

509,938

523,157

Investments in joint ventures

77,169

78,706

Intangible assets, net

240,499

251,329

Goodwill

348,558

348,558

Operating lease right-of-use assets

78,618

72,777

Non-current accounts receivable, net

7,432

7,432

Post-retirement benefits

1,502

-

Other non-current assets

17,056

17,141

Total assets

$

2,244,902

$

2,259,435

Liabilities and stockholders’ equity

Current liabilities

Accounts payable and accrued liabilities

$

273,405

$

268,588

Income tax liabilities

57,093

51,111

Finance lease liabilities

1,591

2,359

Operating lease liabilities

19,223

18,225

Other current liabilities

101,283

103,379

Total current liabilities

452,595

443,662

Long-term borrowings

79,065

79,065

Deferred tax liabilities, net

17,730

19,513

Post-retirement benefits

-

314

Non-current finance lease liabilities

12,831

12,762

Non-current operating lease liabilities

59,641

56,103

Uncertain tax positions

72,062

77,890

Other non-current liabilities

35,554

36,003

Total liabilities

729,478

725,312

Common stock

8,570

8,559

Treasury stock

(135,860

)

(127,137

)

Additional paid-in capital

2,101,285

2,110,177

Accumulated other comprehensive income

17,992

18,053

Accumulated deficit

(476,563

)

(475,529

)

Total stockholders’ equity

1,515,424

1,534,123

Total liabilities and stockholders’ equity

$

2,244,902

$

2,259,435

Three Months Ended March 31,

2026

2025

Cash flows from operating activities:

Net (loss) income

$

(1,034

)

$

13,948

Adjustments to reconcile net (loss) income to net cash provided by operating activities:

Depreciation and amortization expense

45,395

45,421

Equity in income of joint ventures

(3,231

)

(3,706

)

Stock-based compensation expense

7,274

6,968

Elimination of unrealized loss on sales to joint ventures

107

-

Deferred taxes

(1,784

)

(12,934

)

Unrealized foreign exchange loss (gain)

120

(1,209

)

Changes in assets and liabilities:

Accounts receivable, net

(16,652

)

37,828

Inventories

(177

)

(5,026

)

Other assets

(6,304

)

(9,868

)

Accounts payable and accrued liabilities

11,468

(38,370

)

Other liabilities

(2,547

)

13,391

Income taxes, net

(8,628

)

(3,983

)

Dividends received from joint ventures

4,662

-

Other

(3,385

)

(951

)

Net cash provided by operating activities

25,284

41,509

Cash flows from investing activities:

Capital expenditures

(25,764

)

(33,112

)

Net cash used in investing activities

(25,764

)

(33,112

)

Cash flows from financing activities:

Cash pledged for collateral deposits, net

-

(415

)

Repurchase of common stock

(19,998

)

(10,020

)

Payment of withholding taxes on stock-based compensation plans

(4,880

)

(2,588

)

Repayment of financed insurance premium

-

(1,739

)

Repayments of finance leases

(518

)

(342

)

Net cash used in financing activities

(25,396

)

(15,104

)

Effect of exchange rate changes on cash and cash equivalents

(824

)

2,218

Net decrease to cash and cash equivalents and restricted cash

(26,700

)

(4,489

)

Cash and cash equivalents and restricted cash at beginning of period

197,473

184,663

Cash and cash equivalents and restricted cash at end of period

$

170,773

$

180,174

Supplemental disclosure of cash flow information:

Cash paid for income taxes, net of refunds

$

16,440

$

15,105

Cash paid for interest, net

2,035

2,474

Change in accounts payable and accrued expenses related to capital expenditures

4,456

6,969

Three Months Ended

March 31,

December 31,

March 31,

2026

2025

2025

NLA

$

128,183

34

%

$

130,305

34

%

$

134,278

34

%

ESSA

113,919

31

%

116,322

30

%

112,373

29

%

MENA

81,663

22

%

92,985

24

%

93,554

24

%

APAC

43,808

12

%

42,515

11

%

50,667

13

%

Total

$

367,573

100

%

$

382,127

100

%

$

390,872

100

%

Three Months Ended

March 31,

December 31,

March 31,

2026

2025

2025

NLA

$

25,937

20

%

$

31,795

24

%

$

30,386

23

%

ESSA

31,505

28

%

40,039

34

%

29,188

26

%

MENA

23,567

29

%

36,121

39

%

34,168

37

%

APAC

7,196

16

%

6,952

16

%

10,862

21

%

Total Segment EBITDA

88,205

114,907

104,604

Corporate costs(4)

(28,527

)

(30,372

)

(32,082

)

Equity in income of joint ventures

3,231

3,838

3,706

Adjusted EBITDA

$

62,909

17

%

$

88,373

23

%

$

76,228

20

%

(1)

  Expro evaluates its business segment operating performance using Segment Revenue, Segment EBITDA and Segment EBITDA margin. Expro’s management believes Segment EBITDA and Segment EBITDA margin are useful operating performance measures as they exclude transactions not related to its core operating activities, corporate costs and certain non-cash items and allows Expro to meaningfully analyze the trends and performance of its core operations by segment as well as to make decisions regarding the allocation of resources to segments.

  (2)

  Expro defines Segment EBITDA margin as Segment EBITDA divided by Segment Revenue, expressed as a percentage.

  (3)

  Expro defines Adjusted EBITDA margin as Adjusted EBITDA divided by total revenue, expressed as a percentage.

  (4)

  Corporate costs include the costs of running our corporate head office and other central functions that support the operating segments but are not attributable to a particular operating segment, including central product line management, research, engineering and development, logistics, sales and marketing, and health and safety.

Revenue by areas of capabilities:

Three Months Ended

March 31,

December 31,

March 31,

2026

2025

2025

Well Construction

$

122,605

33

%

$

126,263

33

%

$

130,413

33

%

Well Management (1)

244,968

67

%

255,864

67

%

260,459

67

%

Total

$

367,573

100

%

$

382,127

100

%

$

390,872

100

%

Three Months Ended

March 31,

December 31,

March 31,

2026

2025

2025

Total revenue

$

367,573

$

382,127

$

390,872

Less: Cost of revenue, excluding depreciation and amortization

(297,614

)

(286,558

)

(305,492

)

Less: Depreciation and amortization related to cost of revenue

(45,232

)

(53,623

)

(45,310

)

Gross profit

24,727

41,946

40,070

Add: Indirect costs (included in cost of revenue)

67,477

70,239

70,026

Add: Stock-based compensation expenses

2,896

2,452

2,194

Add: Depreciation and amortization related to cost of revenue

45,232

53,623

45,310

Contribution

$

140,332

$

168,260

$

157,600

Gross margin

7

%

11

%

10

%

Contribution margin

38

%

44

%

40

%

Three Months Ended

March 31,

December 31,

March 31,

2026

2025

2025

Total revenue

$

367,573

$

382,127

$

390,872

Net (loss) income

$

(1,034

)

$

5,772

$

13,948

Income tax expense (benefits)

6,217

7,605

(1,716

)

Depreciation and amortization expense

45,395

53,774

45,421

Severance and other expense

3,226

9,952

6,082

Merger and integration expense

288

861

1,740

Other income, net

(347

)

(188

)

(1,654

)

Stock-based compensation expense

7,274

7,689

6,968

Foreign exchange loss

339

463

1,988

Interest and finance expense, net

1,551

2,445

3,451

Adjusted EBITDA

$

62,909

$

88,373

$

76,228

Net (loss) income margin

(0

)%

2

%

4

%

Adjusted EBITDA margin

17

%

23

%

20

%

Free Cash Flow Reconciliation, Free Cash Flow Margin, Adjusted Free Cash Flow Reconciliation and Adjusted Free Cash Flow Margin:

  Three Months Ended

March 31,

December 31,

March 31,

2026

2025

2025

Total revenue

$

367,573

$

382,127

$

390,872

Net cash provided by operating activities

$

25,284

$

57,071

$

41,509

Less: Capital expenditures

(25,764

)

(33,875

)

(33,112

)

Free cash flow

(480

)

23,196

8,397

Operating cashflow margin

7

%

15

%

11

%

Free cash flow margin

0

%

6

%

2

%

Add: Merger and integration expense (1)

288

861

1,740

Add: Severance and other expense (1)

3,226

9,952

6,082

Less: Other non-cash adjustments

-

(5,600

)

-

Adjusted free cash flow

$

3,034

$

28,409

$

16,219

Adjusted free cash flow margin

1

%

7

%

4

%

Three Months Ended

March 31,

December 31,

March 31,

2026

2025

2025

Net (loss) income

$

(1,034

)

$

5,772

$

13,948

Adjustments:

Merger and integration expense

288

861

1,740

Severance and other expense

3,226

9,952

6,082

Stock-based compensation expense

7,274

7,689

6,968

Total adjustments, before taxes

10,788

18,502

14,790

Tax benefit

(58)

(93

)

(65

)

Total adjustments, net of taxes

10,730

18,409

14,725

Adjusted net income

$

9,696

$

24,181

$

28,673

Reconciliation of Adjusted Net Income per Diluted Share:

Three Months Ended

March 31,

December 31,

March 31,

2026

2025

2025

Net (loss) income

$

(0.01

)

$

0.05

$

0.12

Adjustments:

Merger and integration expense

0.00

0.01

0.01

Severance and other expense

0.03

0.09

0.05

Stock-based compensation expense

0.06

0.07

0.06

Total adjustments, before taxes

0.09

0.16

0.13

Tax benefit

(0.00)

(0.00

)

(0.00

)

Total adjustments, net of taxes

0.09

0.16

0.13

Adjusted net income

$

0.09

$

0.21

$

0.25

As reported diluted weighted average common shares outstanding

113,624,307

115,143,267

116,929,082

Expro Group Holdings N.V. (XPRO) Q1 2026 Earnings Call Transcript

Expro (NYSE: XPRO), a leading provider of energy services, has signed a new contract extension for up to five years, including the deployment of one of Expro's

Expro Group Holdings N.V. (XPRO) Shareholder/Analyst Call Prepared Remarks Transcript