XPRO News & Events

Reports Q1 revenue $367.57M, consensus $362.05M. Michael Jardon, CEO, 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 Q1, 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 $26M in capital expenditures funding high return projects. Additionally, the Company repurchased approximately $20M or 1.2M shares, again making significant progress on its 2026 goal of returning at least one-third of its free cash flow to shareholders. "

Sees FY26 Adjusted EBITDA $355M-$375M; and Capital expenditure $110M-$120M. The company said, "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 $10M-$15M 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 Q2 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."