Expro Earnings Call Transcripts
Fiscal Year 2026
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Q3 revenue and adjusted EBITDA rose sequentially, and FY2026 adjusted free cash flow guidance increased to $140 million-$150 million. Q4 activity delays are expected to shift into 2027, where preliminary guidance indicates mid-teens EBITDA growth and more than 20% free cash flow growth.
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Q2 2026 saw strong sequential growth in revenue, EBITDA, and free cash flow, despite Middle East conflict impacts. Enhanced Drilling acquisition and Drive25 cost savings support margin expansion, with H2 2026 guidance projecting further improvements. Conservative outlook reflects ongoing geopolitical risks.
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Q1 2026 saw typical seasonality with $368M revenue and $63M adjusted EBITDA, minor Middle East conflict impact, and the accretive Enhanced Drilling acquisition announced. Guidance for 2026 is unchanged, with sequential improvements and margin expansion expected in H2.
Fiscal Year 2025
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Delivered strong 2025 results with $1.6B revenue and $353M Adjusted EBITDA, exceeding free cash flow guidance. 2026 outlook is flat revenue but higher margins and cash flow, supported by a $2.5B backlog and robust offshore/international activity.
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Record Q3 free cash flow and margin expansion led to raised 2025 guidance for EBITDA and free cash flow. Regional performance was mixed, with strong results in the Americas and margin gains in Europe/Africa, while Asia-Pacific lagged. Strategic wins, technology innovation, and disciplined capital allocation support a positive long-term outlook.
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Q2 delivered record EBITDA margin and strong free cash flow, with revenue up 8% sequentially and a robust $2.3 billion backlog. Guidance for 2025 is reaffirmed, with international and offshore markets expected to drive growth and margin expansion.
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Q1 2025 saw record first-quarter adjusted EBITDA and margin since the 2021 merger, with revenue up 2% year-over-year. Guidance for 2025 is for flat revenue and stable or higher margins, despite macro uncertainty and potential project delays, supported by a strong backlog and cost discipline.
Fiscal Year 2024
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Q4 2024 saw record Adjusted EBITDA and strong revenue growth, with full-year revenue up 13% and margin expansion. 2025 guidance calls for stable to modestly higher revenue, improved margins, and continued cost discipline, supported by technology investments and the Coretrax acquisition.
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Q3 2024 saw revenue of $423M and Adjusted EBITDA of $85M, with year-over-year growth driven by acquisitions and strong international performance. Guidance for 2024 was refined downward due to market headwinds, but medium-term targets remain intact, with cost initiatives and integration of Coretrax and PRT Offshore supporting future growth.
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The company is leveraging its international and offshore focus, operational efficiency, and technology investments to target $2 billion in revenue and mid-20s EBITDA margins. Growth is supported by industry CapEx shifts, strategic M&A, and expansion into low-carbon opportunities.
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Q2 2024 delivered record revenue and strong EBITDA, driven by robust offshore activity and the early Coretrax acquisition. Guidance for full-year revenue and EBITDA was raised, with continued momentum expected across all regions and product lines.
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Strong international and offshore market trends are driving growth, with efficiency gains and technology investments supporting margin expansion. Recent M&A activity is accretive and broadens the portfolio, while a disciplined capital strategy and robust balance sheet position the company for continued growth into 2025.