Expro Group Holdings reported fourth‑quarter 2025 revenue of $382.13 million, down from $436.84 million in Q4 2024 and below the consensus estimate of $432 million. Adjusted free cash flow for the quarter was $28.4 million, and adjusted earnings per share were $0.21, missing the consensus estimate of $0.254. The company’s adjusted EBITDA for the quarter was $88 million, giving an adjusted EBITDA margin of 23.1%, the fourth consecutive year of margin expansion.
The margin growth was driven by strong performance in high‑margin segments. The MENA segment saw an increase in Segment EBITDA due to higher well‑flow‑management activity and a more favorable mix, while the APAC segment experienced a decline in revenue and Segment EBITDA because of lower activity and a less favorable product mix.
Expro repurchased $40 million of shares and voluntarily repaid $42 million of its revolving credit facility, reinforcing its balance‑sheet strength. The company’s order backlog stood at $2.5 billion, and it secured a four‑year, $380 million contract in North Africa during the quarter.
For 2026, Expro is guiding full‑year revenue of $1.6 billion to $1.65 billion, adjusted EBITDA of $355 million to $375 million, and adjusted free cash flow of $125 million to $145 million. CEO Michael Jardon said, “While the outlook remains fairly stable, we expect to further expand our Adjusted EBITDA margin for the full year in 2026, as well as generate more Adjusted free cash flow in 2026 compared to 2025.” He added, “Our strong order backlog of $2.5 billion provides good revenue visibility this year where we expect to generate 2026 Adjusted EBITDA of $355 million to $375 million with 2026 Adjusted free cash flow of $125 million to $145 million.”
The revenue miss reflects weaker demand than analysts anticipated, but the company’s disciplined cost management and focus on high‑margin activities allowed it to generate free cash flow that exceeded guidance. The continued margin expansion and the new contract win suggest that Expro is maintaining operational excellence and positioning itself for stable revenue and higher profitability in 2026.
Overall, Expro’s Q4 2025 results demonstrate resilience in a challenging market, with margin expansion and strong cash generation underscoring the company’s execution capabilities. The 2026 outlook signals confidence in sustaining revenue levels while improving profitability, supported by a robust backlog and new contract wins.
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