Company Sees FY26 Adjusted EBITDA of $355M-$375M
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 6 days ago
0mins
Should l Buy XPRO?
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."
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Analyst Views on XPRO
Wall Street analysts forecast XPRO stock price to fall
3 Analyst Rating
1 Buy
1 Hold
1 Sell
Hold
Current: 15.370
Low
13.00
Averages
14.67
High
16.00
Current: 15.370
Low
13.00
Averages
14.67
High
16.00
About XPRO
Expro Group Holdings N.V. is a provider of energy services. The Company provides services and solutions to energy companies in both onshore and offshore environments in approximately 60 countries. The Company’s portfolio of capabilities spans well construction, well flow management, subsea well access, and well intervention and integrity. Its well construction products and services support customers’ new wellbore drilling, wellbore completion and recompletion, and wellbore plug and abandonment requirements. Its open water cementing solutions include SeaCure and QuikCure solutions. It also offers a range of performance drilling tools. It provides global, comprehensive well flow management systems for the safe production, measurement and sampling of hydrocarbons from a well. It provides well intervention solutions to acquire and interpret well data, maintain and restore well bore integrity and improve production. Its well intervention services include CoilHose, Octopoda, and Galea.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Expro Group Reaffirms 2026 Financial Guidance Amid Q1 Earnings Beat
- Earnings Beat: Expro Group reported a Q1 Non-GAAP EPS of $0.09, exceeding expectations by $0.02, indicating robust profitability despite a 6% year-over-year revenue decline.
- Revenue and Adjusted EBITDA: The company achieved Q1 revenue of $367.57 million, beating estimates by $5.52 million, with adjusted EBITDA of $63 million and a margin of 17.1%, reflecting ongoing efforts in cost control and operational efficiency.
- Cash Flow and Liquidity: Operating cash flow stood at $25 million, representing 7% of revenues, while adjusted free cash flow was $3 million, demonstrating prudent cash management, with liquidity at $517 million at quarter-end, ensuring future investment capacity.
- 2026 Financial Guidance: Expro reaffirms its full-year 2026 revenue guidance of $1.6 billion to $1.65 billion, with adjusted EBITDA expectations of $355 million to $375 million and capital expenditures of $110 million to $120 million, showcasing confidence in future growth and strategic planning.
See More
Expro Group Plans to Redomicile to the Cayman Islands
- Redomicile Plan: Expro Group's Board has unanimously approved a plan to change its corporate domicile from the Netherlands to the Cayman Islands, which is expected to promote sustainable business success and enhance shareholder value, reflecting a commitment to shareholders and stakeholders.
- Merger Transaction Details: The redomicile will be completed through a series of transactions, including a merger with Expro Luxembourg S.A., followed by Expro Luxembourg S.A. merging with Expro Ltd, ensuring shareholders will hold corresponding ordinary shares post-redomicile.
- Shareholder Vote Requirement: The redomicile plan requires shareholder approval, anticipated to be conducted at the 2026 annual meeting in June, demonstrating the company's emphasis on transparency and shareholder engagement.
- Structural Optimization and Flexibility: The move will simplify Expro's corporate structure, enhance governance flexibility, and provide a more favorable corporate framework for growth, aiming to strengthen the company's competitiveness in the global market.
See More
Expro Partners with VERCANA for Geothermal Project Development
- Strategic Partnership: Expro collaborates with VERCANA GmbH to support the first Schleidberg well in Europe's largest geothermal and lithium cluster, marking a significant advancement in sustainable energy and further solidifying Expro's market position in the region.
- Project Scale: The Lionheart Project has been designated as a strategic initiative under the EU's Critical Raw Materials Act, representing one of the largest geothermal and lithium extraction programs in Europe, expected to drive renewable energy development in the area.
- Technical Support: Expro will provide its advanced GeoFlow™ Surface Well Testing services to assist VERCANA and Vulcan Energy in assessing fluid properties and optimizing geothermal energy and lithium extraction, enhancing the project's overall efficiency and sustainability.
- Industry Experience: With over 40 years of experience in geothermal projects, Expro plans to deliver the work through its European, Mediterranean, and Caspian teams, showcasing its commitment and capability in supporting the energy transition.
See More
Expro Group Holdings N.V. Q4 2025 Earnings Call Highlights
- Strong Financial Performance: Expro Group reported $1.6 billion in revenue and $353 million in adjusted EBITDA for 2025, achieving a 22% margin, which reflects the company's ongoing improvements in cost efficiency and cash flow generation, bolstering investor confidence.
- Robust Backlog: The company ended Q4 2025 with a $2.5 billion backlog, up $196 million from the previous quarter, indicating strong revenue visibility for the future, particularly with a significant $380 million contract in North Africa providing stable income.
- Technology Deployment and Market Expansion: Expro expanded technologies acquired from Coretrax to 31 countries and deployed the XRD Spider, enhancing operational efficiency, which is expected to further drive EBITDA margin improvements and strengthen competitive positioning in the market.
- Cautious Outlook: While 2026 revenue is projected to remain flat compared to 2025, management is focused on expanding EBITDA margins and free cash flow, emphasizing disciplined execution and capital allocation strategies to navigate seasonal fluctuations and market challenges.
See More
Expro Group Q4 Earnings Miss Expectations
- Disappointing Earnings: Expro Group reported a Q4 non-GAAP EPS of $0.21, missing expectations by $0.03, indicating a decline in profitability that could undermine investor confidence.
- Significant Revenue Decline: The company's Q4 revenue of $382.13 million represents a 12.5% year-over-year decrease and fell short of the $413.47 million consensus, reflecting weakened market demand and increased competitive pressures.
- Cautious Future Outlook: Expro anticipates FY 2026 revenue between $360 million and $370 million, below the $1.61 billion consensus, indicating a cautious stance towards future market conditions that may affect long-term strategic planning.
- Capital Expenditure and Cash Flow: The company plans capital expenditures of $110 million to $120 million for FY 2026, with adjusted free cash flow expected between $125 million and $145 million, demonstrating efforts to control costs and optimize cash flow.
See More
Expro Launches Innovative Solus™ Single Valve System
- Technological Innovation: Expro's Solus™ single valve system revolutionizes subsea well access by simplifying the traditional dual-valve requirement into a single valve, significantly reducing operational risks and complexities, thereby advancing cost-effective subsea intervention technologies.
- Industry Standards: Tested in accordance with API Std 17G, Solus™ is the first fully NACE MR0175 compliant bi-directional ball valve system capable of shearing and sealing on cables and coiled tubing, enhancing safety and flexibility in the industry.
- Wide Applications: The system has been successfully deployed in a new in-riser completions development in the Gulf of America and a P&A campaign in the North Sea, showcasing its potential across the entire well lifecycle, including exploration, completion intervention, and decommissioning.
- Market Leadership: The launch of Solus™ further solidifies Expro's leadership in the global subsea sector, reflecting the company's deep expertise in systems integration and engineering excellence, and is expected to drive future market growth.
See More
Expro Group Reaffirms 2026 Financial Guidance Amid Q1 Earnings Beat
- Earnings Beat: Expro Group reported a Q1 Non-GAAP EPS of $0.09, exceeding expectations by $0.02, indicating robust profitability despite a 6% year-over-year revenue decline.
- Revenue and Adjusted EBITDA: The company achieved Q1 revenue of $367.57 million, beating estimates by $5.52 million, with adjusted EBITDA of $63 million and a margin of 17.1%, reflecting ongoing efforts in cost control and operational efficiency.
- Cash Flow and Liquidity: Operating cash flow stood at $25 million, representing 7% of revenues, while adjusted free cash flow was $3 million, demonstrating prudent cash management, with liquidity at $517 million at quarter-end, ensuring future investment capacity.
- 2026 Financial Guidance: Expro reaffirms its full-year 2026 revenue guidance of $1.6 billion to $1.65 billion, with adjusted EBITDA expectations of $355 million to $375 million and capital expenditures of $110 million to $120 million, showcasing confidence in future growth and strategic planning.
See More
Expro Group Plans to Redomicile to the Cayman Islands
- Redomicile Plan: Expro Group's Board has unanimously approved a plan to change its corporate domicile from the Netherlands to the Cayman Islands, which is expected to promote sustainable business success and enhance shareholder value, reflecting a commitment to shareholders and stakeholders.
- Merger Transaction Details: The redomicile will be completed through a series of transactions, including a merger with Expro Luxembourg S.A., followed by Expro Luxembourg S.A. merging with Expro Ltd, ensuring shareholders will hold corresponding ordinary shares post-redomicile.
- Shareholder Vote Requirement: The redomicile plan requires shareholder approval, anticipated to be conducted at the 2026 annual meeting in June, demonstrating the company's emphasis on transparency and shareholder engagement.
- Structural Optimization and Flexibility: The move will simplify Expro's corporate structure, enhance governance flexibility, and provide a more favorable corporate framework for growth, aiming to strengthen the company's competitiveness in the global market.
See More
Expro Partners with VERCANA for Geothermal Project Development
- Strategic Partnership: Expro collaborates with VERCANA GmbH to support the first Schleidberg well in Europe's largest geothermal and lithium cluster, marking a significant advancement in sustainable energy and further solidifying Expro's market position in the region.
- Project Scale: The Lionheart Project has been designated as a strategic initiative under the EU's Critical Raw Materials Act, representing one of the largest geothermal and lithium extraction programs in Europe, expected to drive renewable energy development in the area.
- Technical Support: Expro will provide its advanced GeoFlow™ Surface Well Testing services to assist VERCANA and Vulcan Energy in assessing fluid properties and optimizing geothermal energy and lithium extraction, enhancing the project's overall efficiency and sustainability.
- Industry Experience: With over 40 years of experience in geothermal projects, Expro plans to deliver the work through its European, Mediterranean, and Caspian teams, showcasing its commitment and capability in supporting the energy transition.
See More
Expro Group Holdings N.V. Q4 2025 Earnings Call Highlights
- Strong Financial Performance: Expro Group reported $1.6 billion in revenue and $353 million in adjusted EBITDA for 2025, achieving a 22% margin, which reflects the company's ongoing improvements in cost efficiency and cash flow generation, bolstering investor confidence.
- Robust Backlog: The company ended Q4 2025 with a $2.5 billion backlog, up $196 million from the previous quarter, indicating strong revenue visibility for the future, particularly with a significant $380 million contract in North Africa providing stable income.
- Technology Deployment and Market Expansion: Expro expanded technologies acquired from Coretrax to 31 countries and deployed the XRD Spider, enhancing operational efficiency, which is expected to further drive EBITDA margin improvements and strengthen competitive positioning in the market.
- Cautious Outlook: While 2026 revenue is projected to remain flat compared to 2025, management is focused on expanding EBITDA margins and free cash flow, emphasizing disciplined execution and capital allocation strategies to navigate seasonal fluctuations and market challenges.
See More
Expro Group Q4 Earnings Miss Expectations
- Disappointing Earnings: Expro Group reported a Q4 non-GAAP EPS of $0.21, missing expectations by $0.03, indicating a decline in profitability that could undermine investor confidence.
- Significant Revenue Decline: The company's Q4 revenue of $382.13 million represents a 12.5% year-over-year decrease and fell short of the $413.47 million consensus, reflecting weakened market demand and increased competitive pressures.
- Cautious Future Outlook: Expro anticipates FY 2026 revenue between $360 million and $370 million, below the $1.61 billion consensus, indicating a cautious stance towards future market conditions that may affect long-term strategic planning.
- Capital Expenditure and Cash Flow: The company plans capital expenditures of $110 million to $120 million for FY 2026, with adjusted free cash flow expected between $125 million and $145 million, demonstrating efforts to control costs and optimize cash flow.
See More
Expro Launches Innovative Solus™ Single Valve System
- Technological Innovation: Expro's Solus™ single valve system revolutionizes subsea well access by simplifying the traditional dual-valve requirement into a single valve, significantly reducing operational risks and complexities, thereby advancing cost-effective subsea intervention technologies.
- Industry Standards: Tested in accordance with API Std 17G, Solus™ is the first fully NACE MR0175 compliant bi-directional ball valve system capable of shearing and sealing on cables and coiled tubing, enhancing safety and flexibility in the industry.
- Wide Applications: The system has been successfully deployed in a new in-riser completions development in the Gulf of America and a P&A campaign in the North Sea, showcasing its potential across the entire well lifecycle, including exploration, completion intervention, and decommissioning.
- Market Leadership: The launch of Solus™ further solidifies Expro's leadership in the global subsea sector, reflecting the company's deep expertise in systems integration and engineering excellence, and is expected to drive future market growth.
See More
