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NYSE: XPRO Q4 & FY | 2025 Highlights Expro Group Holdings N.V.
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Copyright 2026 Expro. All rights reserved. This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this presentation that address activities, events or developments that Expro Group Holdings N.V. (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 presentation include statements, estimates and projections regarding the Company’s future business strategy and prospects for growth, cash flows and liquidity, financial strategy, budget, projections, guidance, operating results and environmental, social and governance goals, targets and initiatives. 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 Company’s Annual Report on Form 10-K for the year ended December 31, 2025 that will be filed with the U.S. Securities and Exchange Commission (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. This presentation includes 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 and Adjusted Net Income per diluted share, which may be used periodically by management when discussing the Company’s financial results with investors and analysts. 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 and Adjusted Net Income per diluted share, are presented because management believes these metrics provide additional information relative to the performance of the Company’s business. These metrics are commonly employed by the management, financial analysts and investors to evaluate the operating and financial performance of the Company from period to period and to compare it 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 and Adjusted Net Income per diluted share, in isolation or as a substitute for analysis of the Company’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 and Adjusted Net Income per diluted share, may be defined differently by other companies in the Company’s industry, the Company’s presentation 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 and Adjusted Net Income per diluted share, may not be comparable to similarly titled measures of other companies, thereby diminishing their utility. For a reconciliation of each to the nearest comparable measure in accordance with GAAP, please see the Appendix to this presentation. The Company is not able to provide a reconciliation of forward-looking Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Free Cash Flow Margin to the most directly comparable measure in accordance with U.S. generally accepted accounting principles without unreasonable effort because of the inherent difficulty in forecasting and quantifying certain amounts necessary for such a reconciliation, including net income (loss) and net cash from operations. Disclaimer InvestorRelations@expro.com Downloadable Financials: Investors.Expro.com
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Copyright 2026 Expro. All rights reserved. Q4 & FY 2025 | Highlights 1 Strengthened balance sheet - repaid $43m in 2025 Adjusted EBITDA $88m $382m Adjusted EBITDA Margin 23% Revenue +30 basis points Q/Q 353m $1,607m 22% Expanded margins - increased Adjusted EBITDA margin for four years in a row Generated free cash flow - more than anticipated Targeting return of at least one third of free cash flow annually to shareholders; ~$40 million in 2025 Q4 2025 Full Year 2025 Adjusted EBITDA Adjusted EBITDA Margin Revenue +170 basis points Y/Y Adjusted Free Cash Flow 28m 127m Adjusted Free Cash Flow
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Copyright 2026 Expro. All rights reserved. 2026 2027 2028+ ~$0.7b ~$0.8b ~$1.0b Expro’s Multi-year Backlog of ~2.5bn Provides Long-term Planning Visibility Backlog by Execution Year 2 Visibility on $1 billion of revenue for 2026 already in the backlog. Historically, at this point in the year the backlog for the following year represents ~60% of the expected revenue, so Expro is on track for 2026. Backlog represents several multi-year contracts, reinforcing our long-term partnership with customers. Backlog is a valuable health check for the business, but it’s not a guarantee of future outcomes. Note: Figures as of 02/19/2026
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Copyright 2026 Expro. All rights reserved. 2026 Outlook | Guidance 3 2026 Q1 Revenue ($m) 2026 Full Year ($m) Revenue Adjusted EBITDA Capital Expenditures Adjusted Fee Cash Flow $360 - $370 $60 - $70 $1,600 - $1,650 $355 - $375 $110 - $120 $125 - $145 - - Revenue relatively flat compared to 2025 Capital Expenditures flat compared to 2025 Adjusted EBITDA expected to increase over 2025 Adjusted free cash flow expected to increase over 2025 2026
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Copyright 2026 Expro. All rights reserved. Expro’s Unique Themes Business and stock performance should be driven by Expro-specific differentiations 4 Customer wallet expansion Deployment of technology/ innovation Internationalization of M&A Product & Geographic Mix • Balanced portfolio-capabilities across the well lifecycle • Multiple product lines and technologies • Global presence-leverage to international and offshore markets • Expro’s ability to innovate with a purpose • Solving customers’ unique problems with tailored solutions • Ability to grow and retain key customers • Expand acquired technologies globally • Higher margin activities and growth in organic revenue • Margin expansion and more free cash flow • Ability to provide additional services to existing customers utilizing the same personnel on board • We can also, in some cases, reduce the personnel while growing revenues
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Copyright 2026 Expro. All rights reserved. Customer and Technology Highlights 5 CaTS ATX Acoustic system delivers wireless well control In Indonesia, Expro’s CaTS ATX Acoustic system enabled real-time wireless downhole data and remote valve control during drill stem testing. Continuous surface read-out data and event confirmation improved operational efficiency, flexibility, and safety, reducing well pressures and optimizing test outcomes. This demonstrates Expro’s commitment to innovation and risk reduction in well operations. In Australia, Expro successfully supported a major operator in delivering one of the region’s largest offshore campaigns, completing multiple subsea wells with zero QHSE incidents. The campaign combined subsea, well testing and metering, and sampling & analysis capabilities, achieving over 2,200 man-days of activity and job performance review scores of 100%. Innovative high-rate gas solutions included MegaFlow separator deployment and Iso-Split sampling, reinforcing Expro’s ability to deliver safe, efficient, and integrated services for complex operations. Major offshore campaign in Australia demonstrates integrated service delivery XRD Spider technology delivers efficiency and safety in deepwater drilling During Q4 2025, Expro successfully deployed its proprietary XRD (Extended Range Drilling) Spider – the first and only 1,250-ton drilling spider of its kind. This innovative technology supports drilling, tripping, and landing string operations, significantly reducing tool changeouts. Consequently, it saves substantial rig time and minimizes red- zone exposure, thereby enhancing safety. The XRD Spider positions Expro for growth in high-margin deepwater markets and strengthens our competitive edge. Expro plans to deploy the XRD to more customer operations and expand the XRD fleet to boost customer adoption, improve service availability in key markets, and further strengthen our competitive position. Secured large 4-year contract in North Africa The Company secured on of the largest single-customer award in the Company’s history with a four-year $380 million contract in North Africa for production optimization and well management services across multiple fields.
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Copyright 2026 Expro. All rights reserved. Expro’s Long-Term Strategic Pillars “Building a large diversified and compelling business mix company with clear market leadership positions, while maximizing and sustainably generating FCF through the cycles.” 6 Improve Financial Profile • Margin expansion and FCF generation • Execute costs efficiencies (Drive25 efficiency campaign) • Reduce capital intensity • Return cash to shareholders • Maintain a strong balance sheet Grow Expro via Inorganic Scalable Acquisitions • Continue to focus on internationalization of acquisitions • Focus on adjacent offerings with robust industrial logic and accretive financial profiles • Proven blueprint to integrate businesses efficiently and in a timely manner • Track record of shareholder value creation via M&A High Grade our Business Leveraging Technical Leadership • Invest in and deploy disruptive technology for our core business segments • Continue to leverage our digital business with artificial intelligence (AI) and digitalization • Globalize our technology acquisitions
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Copyright 2026 Expro. All rights reserved. 14% 16% 16% 20% 22% 25% 10% 12% 14% 16% 18% 20% 22% 24% 26% 2021 2022 2023 2024 2025 Future Track Record of EBITDA Margins Expansion 7 Annual Adjusted EBITDA Margin
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Copyright 2026 Expro. All rights reserved. 22% 2025 Full Impact of Drive 25 Globalization of Technologies Increased Wallet Share with Customers 2026+ Additional Efficiency Gains Future Expect Adjusted EBITDA Margins to Expand Further 8 >25% Even in a flattish revenue environment in 2026 we expect to further expand our EBITDA margins. We anticipate that the full effect of Drive25, coupled with increasing the wallet share with customers, the internationalization of our acquisitions with drive most of that expansions. Beyond 2026, we believe margins will continue to expand as a result of similar drivers – increased wallet share, increased technology deployment, and cost efficiencies.
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Copyright 2026 Expro. All rights reserved. Robust and Disciplined Capital Allocation Framework M&A INVEST IN BUSINESS RETURN OF CAPITAL MAINTAIN FORTRESS BALANCE SHEET 9 Invest in projects that generate superior /robust returns through the lifecycle Grow business via select, highly accretive opportunities Return at least 1/3 of Free Cash Flow to shareholders Low leverage long-term Leverage and/or complement existing capabilities and customer relationships to achieve scale and sustainable free cash flow; requires identifiable cost and revenue synergies Pursue accretive, value-enhancing acquisitions Return capital to shareholders Targeting return of at least one third of free cash flow annually to shareholders; ~$40 million in 2025 Maintain strong balance sheet Fund organic growth investments Committed to keeping total capex (maintenance and growth) at 7% of revenue Balanced Capital Allocation Framework
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Appendix: To learn even more about Expro, check out these additional places to get in touch with us. Follow us on Connect with us on Subscribe to our channel Our ESG report Downloadable Financials Investors.Expro.com
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Copyright 2026 Expro. All rights reserved. North & Latin America North and Latin America (NLA) A-1 Regional Highlights | Q4 $130m 14% Q/Q 6% YoY NLA Segment EBITDA1 $32m 14% Q/Q 6% YoY 1) Segment EBITDA is defined as Segment Revenue less direct costs and support costs attributable to the segment and excludes tra nsactions not related to the segment’s core cash operating activities, corporate costs and certain non-cash items. Segment Margin is defined as Segment EBITDA expressed as a percentage of Revenue. 2) Product line revenue impact reflects the average revenue contribution from each product line for the region. Average calculat ed from Q1 2023 to Q4 2025. Revenue for NLA was $130 million for the three months ended December 31, 2025, a decrease of $21 million, or 14%, compared to $151 million for the three months ended September 30, 2025. The decrease was primarily due to lower subsea well access and well construction revenue in the U.S., offset by higher well intervention and integrity revenue in Argentina. Expro delivered an innovative solution for the production logging of ESP - completed wells in Argentina. This methodology eliminates the historical need to deploy coiled tubing, significantly improving both cost effectiveness and production uptime. In Brazil, we won a new slickline contract to support a major operator’s shallow - water operations. The three-year agreement begins in Q1 2026. A major operator completed its first iTONG trial in Gulf of America, validating recent software upgrades and demonstrating clear safety and efficiency gains over conventional tong operations. The trial is part of a broader technology integration project, with full operational deployment expected in late Q1 2026. NLA Segment EBITDA margin1 24% Key HighlightsNLA Revenue 34%
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Copyright 2026 Expro. All rights reserved. Europe & Sub-Saharan Africa (ESSA) A-2 ESSA Revenue $116m 8% Q/Q 19% YoY 1) Segment EBITDA is defined as Segment Revenue less direct costs and support costs attributable to the segment and excludes tra nsactions not related to the segment’s core cash operating activities, corporate costs and certain non-cash items. Segment Margin is defined as Segment EBITDA expressed as a percentage of Revenue. 2) Product line revenue impact reflects the average revenue contribution from each product line for the region. Average calculat ed from Q1 2023 to Q4 2025. Europe & Sub-Saharan Africa Fourth quarter revenue decreased $10 million to $116 million sequentially, primarily driven by lower subsea well access and well construction revenue in Angola, and central and west Africa, partially offset by higher well flow management revenue in Bulgaria. Expro was named overall runner-up out of 25 contractors at bp’s North Sea Contract Achievement Awards, recognized for safety leadership and innovation. The nomination highlighted the Tubular Running Services (TRS) team’s outstanding work with bp on Red Zone Management and DROPS prevention. In Namibia, Expro opened a Fluids Laboratory, providing in-country sampling and analysis services. This new capability supports ongoing appraisal efforts and future deepwater development, while reinforcing Expro’s commitment to regional growth and local energy solutions.ESSA Segment EBITDA margin1 34% Key Highlights ESSA Segment EBITDA1 $40m 1% Q/Q 24% YoY Regional Highlights | Q4 30%
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Copyright 2026 Expro. All rights reserved. Middle East & North Africa (MENA) A-3 MENA Revenue $93m 8% Q/Q 0% YoY MENA Segment EBITDA1 $36m 21% Q/Q 11% YoY 1) Segment EBITDA is defined as Segment Revenue less direct costs and support costs attributable to the segment and excludes tra nsactions not related to the segment’s core cash operating activities, corporate costs and certain non-cash items. Segment Margin is defined as Segment EBITDA expressed as a percentage of Revenue. 2) Product line revenue impact reflects the average revenue contribution from each product line for the region. Average calculat ed from Q1 2023 to Q4 2025. Middle East & North Africa Another solid quarter delivered slightly higher as compared to Q3 with revenue at $93 million driven by higher well flow management revenue in Algeria and Saudi Arabia. The increase in Segment EBITDA and Segment EBITDA margin was primarily due to higher well flow management activity and a resulting more favorable activity mix during the three months ended December 31, 2025. In North Africa, Expro was awarded one of its largest single-customer contracts - a $380M, four-year agreement for production optimization and well management services across multiple fields. In Qatar, Expro received a five-year contract extension for Coretrax’s DAV Max and HyPR technology. This renewal, achieved through consistent service quality and strong client relationships, reinforces our commitment to delivering advanced technology solutions. MENA Segment EBITDA margin1 39% Key Highlights Regional Highlights | Q4 24% Subsea Well Access
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Copyright 2026 Expro. All rights reserved. Asia Pacific (APAC) A-4 APAC Revenue APAC Segment EBITDA1 $7m 31% Q/Q 55% YoY 1) Segment EBITDA is defined as Segment Revenue less direct costs and support costs attributable to the segment and excludes tra nsactions not related to the segment’s core cash operating activities, corporate costs and certain non-cash items. Segment Margin is defined as Segment EBITDA expressed as a percentage of Revenue. 2) Product line revenue impact reflects the average revenue contribution from each product line for the region. Average calculat ed from Q1 2023 to Q4 2025. Asia Pacific Fourth quarter revenue decrease of $6 million relative to the third quarter, primarily reflecting lower well flow management activity in Indonesia and India, lower well construction revenue in Australia, offset by higher subsea well access activity in Australia. Secured a 36-month Early Production System contract extension with a customer offshore Malaysia, continuing a decade-long engagement. With 17M barrels produced, 598,000 safe man-hours, and 100% equipment availability, this award underscores Expro’s service quality and operational excellence in delivering critical early production solutions. One customer formally recognized Expro for exceptional dedication and teamwork in delivering Indonesia’s first well intervention on an offshore ultra-minimalist platform. The successful completion of two new wells enabled 20 MMscfd production, highlighting Expro’s commitment to safety, efficiency, and operational excellence in complex environments. APAC Segment EBITDA margin1 16% Key Highlights $43m 13% Q/Q 32% YoY Regional Highlights | Q4 11%
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Copyright 2026 Expro. All rights reserved. $126 $150 $44 $62 $130 $116 $93 $43 Revenue by Region and Area of Capability North & Latin America (NLA) Europe & Sub-Saharan Africa (ESSA) Middle East North Africa (MENA) Asia Pacific (APAC) ($m) Q4 2025 Q3 2025 Seq Δ Q4 2024 Δ 2024 Q4 2023 Δ 2023 NLA $130 $151 -14% $139 -6% $145 -10% ESSA $116 $126 -8% $143 -19% $134 -13% MENA $93 $86 8% $93 0% $65 42% APAC $43 $49 -13% $62 -32% $62 -31% Total $382 $411 -7% $437 -13% $407 -6% Note: Certain totals may not add due to use of rounded numbers. 1) Well Management includes Well Flow Management, Subsea Well Access, and Well Intervention and Integrity. ($m) Q4 2025 Q3 2025 Seq Δ Q4 2024 Δ 2024 Q4 2023 Δ 2023 Well Construction $126 $150 -16% $145 -13% $145 -13% Well Management1 $256 $261 -2% $292 -12% $261 -2% Total $382 $411 -7% $437 -13% $407 -6% Q4 2025 Revenue by Geographic Market $382m Q4 2025 Revenue by Area of Capability $382m Well Flow Management Subsea Well Access Well Intervention & Integrity Well Construction Well Management $256 A-5
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Copyright 2026 Expro. All rights reserved. $14 $40 2024 2025 Return of Capital to Shareholders $54 Share repurchases ($m) Cumulative since 2024 A-6 Allocate capital and maintain capital structure to minimize balance sheet risk Fortress balance sheet Focus on free cash flow generation Efficient capital allocation program to create shareholder value Preference to share repurchase program Repurchase shares throughout the year opportunistically Create long-term value to Shareholders 1) Adjusted free cash flow is defined as cash provided by (used in) operating activities less capital expenditures and other non-cash adjustments, adjusted for merger and integration expense and severance and other expens e (income). Adjusted free cash flow margin is defined as adjusted free cash flow divided by total revenue, expressed as a percentage. 2026 Guidance Committed to shareholder return targets of approximately 1/3 of Adjusted Free Cash Flow 24% 32%% of Adj. FCF1 $59 $52 $110
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Copyright 2026 Expro. All rights reserved. Note: All amounts from Q4 2021 are as reported and prior to that are on a pro forma basis for the Expro / Frank’s merger for the entire presentation. 1) Adjusted EBITDA (A-EBITDA) is defined as net income (loss) adjusted for Income tax (expense) benefit, interest and finance expenses, severance and other expenses, other income (expense) and exceptional items, stock based compensation expenses, depreciation, amortization and impairments and foreign exchange gains (losses). A -EBITDA in a non-GAAP measure and should not be considered in isolation or as a substitute for analysis of the Company’s results as reported under GAAP . 2) Other income (expense) and exceptional represents unusual or infrequently occurring transactions which do not provide a usefu l measure of the underlying operating performance of the business. Q4 2020 and Q4 2021 includes gain of $10 million and $1 million, respectively, on disposal of assets. Q4 2020, Q1 2021, Q2 2021, Q3 2021, Q4 2021, Q1 2022, Q2 2022, Q3 2022, Q4 2022, Q1 2023, Q2 2023, Q3 2023, Q4 2023, Q1 2024, Q2 2024, Q3 2024, Q4 2024, Q1 2025, Q2 2025, Q3 2025 & Q4 2025 includes $3m, $12m, $7m, $12m, $28m, $5m, $2m, $2m, $5m, $2m, $1m, $1m, $5m, $2m, $9m, $1m, $4m, $2m, $2m, $1m and $1m of merger & integration related expenses, respectively. A-7 Three Months Ended TTM Q4 2025 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Adjusted EBITDA1 $ 51 $ 37 $ 51 $ 48 $ 70 $ 42 $ 72 $ 50 $ 85 $ 67 $ 95 $ 85 $ 100 $ 76 $ 94 $ 94 $ 88 $ 353 Depreciation, amortization and impairment expenses (44) (35) (35) (35) (35) (35) (37) (37) (63) (40) (41) (40) (42) (45) (47) (46) (54) (192) Severance and other expense (2) (1) (1) (3) (2) (1) (3) (2) (9) (5) 0 (3) (9) (6) (7) (6) (10) (29) Stock based compensation expense (54) (6) (4) (5) (4) (4) (6) (5) (5) (5) (7) (7) (7) (7) (7) (7) (8) (29) Other income (expense) and exceptional items 2 (25) (4) (2) (1) (4) (3) (3) (2) (1) (2) (8) (1) (5) (0) (2) (1) (1) (4) Interest and finance expense, net (6) 0 2 2 (3) (1) (0) (0) (2) (3) (4) (4) (2) (3) (4) (4) (2) (14) Foreign exchange gain (losses) (3) 3 (5) (8) 2 1 (1) (4) (5) (3) (5) (3) (3) (2) 5 (1) (0) 1 Income tax (expense) benefit (8) (5) (10) (15) (12) (5) (13) (13) (13) (12) (14) (11) (9) 2 (14) (15) (8) (35) Net income (loss) (91) (11) (4) (18) 13 (6) 9 (14) (12) (3) 15 16 23 14 18 14 6 52 Net income (loss) margin -31% -4% -1% -5% 4% -2% 2% -4% -3% -1% 3% 4% 5% 4% 4% 3% 2% 3% Adjusted EBITDA margin 17% 13% 16% 14% 20% 12% 18% 14% 21% 18% 20% 20% 23% 20% 22% 23% 23% 22% Non-GAAP Reconciliations ($ in millions)
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Copyright 2026 Expro. All rights reserved. A-8 Three Months Ended Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Net cash provided by (used in) operating activities $ 30 $ (13) $ 55 $ 97 $ 42 $ 48 $ 63 $ 57 Less: Capital expenditures (31) (36) (32) (44) (33) (21) (24) (34) Free cash flow (1) (50) 23 53 8 27 39 23 Add: Merger and integration expense 2 9 1 4 2 2 1 1 Add: Severance and other expense (income) 5 (0) 3 9 6 7 6 10 Less: Other non-cash adjustments - - - - - - - (6) Adjusted Free Cash Flow1 6 (41) 28 66 16 36 46 28 Operating cashflow margin 8% -3% 13% 22% 11% 11% 15% 15% FCF margin (Free Cash Flow/Revenue) 0% -11% 6% 12% 2% 6% 9% 6% Adjusted FCF margin (Adjusted Free Cash Flow/Revenue)2 2% -9% 7% 15% 4% 9% 11% 7% Non-GAAP Reconciliations (continued) ($ in millions) 1) Adjusted free cash flow is defined as cash provided by (used in) operating activities less capital expenditures and other non-cash adjustments, adjusted for merger and integration expense and severance and other expens e (income). 2) Adjusted free cash flow margin is defined as adjusted free cash flow divided by total revenue, expressed as a percentage.
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Copyright 2026 Expro. All rights reserved. Non-GAAP Reconciliations (continued) Three Months Ended Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Net Income (loss) $ (91) $ (11) $ (4) $ (18) $ 13 $ (6) $ 9 $ (14) $ (12) $ (3) $ 15 $ 16 $ 23 $ 14 $ 18 $ 14 $ 6 Adjustments: Merger and integration expense 28 5 2 2 5 2 1 1 5 2 9 1 4 2 2 1 1 Severance and other expense 2 1 1 3 2 1 3 2 9 5 (0) 3 9 6 7 6 10 New facility expense 5 - - - - - - - - - - - - - - - - Stock-based compensation expense 54 6 4 5 4 4 6 5 5 5 7 7 7 7 7 7 8 Gain on disposal of assets (1) - - - - - - - - - - - - - - - - Total adjustments, before taxes 88 12 7 10 11 7 10 8 19 12 16 11 20 15 16 14 19 Tax benefit (0) (0) (0) (0) (0) (0) - - - (0) (0) (0) (0) (0) (0) (0) (0) Total adjustments, net of taxes 88 12 7 10 11 7 10 8 19 12 16 11 20 15 16 14 18 Adjusted net income (loss) attributable to company (4) 1 3 (8) 24 1 19 (6) 7 10 31 28 43 29 34 28 24 ($ in millions, except per share amounts) Reconciliation of Adjusted Net Income (Loss) Three Months Ended Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Net Income (loss) $ (0.84) $ (0.10) $ (0.04) $ (0.16) $ 0.12 $ (0.06) $ 0.08 $ (0.13) $ (0.11) $ (0.02) $ 0.13 $ 0.14 $ 0.19 $ 0.12 $ 0.16 $ 0.12 $ 0.05 Adjustments: Merger and integration expense 0.26 0.04 0.02 0.01 0.05 0.02 0.01 0.01 0.05 0.02 0.08 0.01 0.03 0.01 0.02 0.01 0.01 Severance and other expense 0.02 0.01 0.01 0.03 0.02 0.01 0.02 0.02 0.08 0.05 (0.00) 0.03 0.08 0.05 0.06 0.05 0.09 New facility expense 0.04 - - - - - - - - - - - - - - - - -Stock-based compensation expense 0.50 0.06 0.04 0.04 0.03 0.04 0.05 0.05 0.04 0.05 0.06 0.06 0.06 0.06 0.06 0.06 0.07 Gain on disposal of assets (0.01) - - - - - - - - - - - - - - - - Total adjustments, before taxes 0.81 0.11 0.07 0.09 0.10 0.07 0.09 0.07 0.17 0.11 0.14 0.10 0.17 0.13 0.14 0.12 0.16 Tax benefit (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) - - (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) Total adjustments, net of taxes 0.80 0.11 0.06 0.09 0.10 0.07 0.09 0.07 0.17 0.11 0.14 0.10 0.17 0.13 0.14 0.12 0.16 Adjusted net income (loss) attributable to company (0.03) 0.01 0.02 (0.07) 0.22 0.01 0.17 (0.06) 0.06 0.09 0.27 0.23 0.36 0.25 0.30 0.24 0.21 As reported diluted weighted average common shares outstanding 109,119,301 109,266,988 109,582,086 108,708,651 109,348,871 108,854,709 109,381,977 108,777,429 110,325,863 110,176,460 114,923,702 118,293,677 118,129,232 116,929,082 115,508,918 115,447,110 115,143,267 Reconciliation of Adjusted Net Income (Loss) and Adjusted Net Income (Loss) per Diluted Share A-9
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Copyright 2026 Expro. All rights reserved. Note: Certain columns and rows may not add due to the use of rounded numbers. 1) Contribution is defined as total revenue less cost of revenue excluding depreciation and amortization expense, adjusted for i ndirect support costs and stock-based compensation expense included in cost of revenue. 2) Contribution margin is defined as contribution as a percentage of revenue. Three Months Ended TTM Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Total revenue $ 296 $ 280 $ 314 $ 334 $ 351 $ 339 $ 397 $ 370 $ 407 $ 383 $ 470 $ 423 $ 437 $ 391 $ 423 $ 411 $ 382 $ 1,607 Less: Cost of revenue, excluding depreciation and amortization (252) (240) (257) (284) (278) (290) (319) (316) (317) (308) (367) (331) (327) (305) (320) (311) (287) (1,223) Less: Depreciation and amortization related to cost of revenue (44) (35) (35) (35) (34) (35) (37) (37) (63) (40) (41) (40) (42) (45) (47) (46) (54) (192) Gross Profit (1) 6 22 16 39 15 41 17 27 35 62 51 67 40 56 54 42 192 Add: Indirect costs included in cost of sales 62 61 60 58 60 65 57 63 66 68 70 72 73 70 69 68 70 277 Add: Stock based compensation expense & others 12 2 2 2 1 1 2 2 2 2 3 2 2 2 3 3 2 10 Add: Depreciation and amortization related to cost of revenue 44 35 35 35 34 35 37 37 63 40 41 40 42 45 47 46 54 192 Contribution 1 118 103 119 111 135 116 137 119 158 145 176 166 185 158 174 171 168 671 Gross Margin 0% 2% 7% 5% 11% 4% 10% 5% 7% 9% 13% 12% 15% 10% 13% 13% 11% 12% Contribution margin 2 40% 37% 38% 33% 39% 34% 34% 32% 39% 38% 37% 39% 42% 40% 41% 41% 44% 42% Non-GAAP Reconciliations (continued) A-10 ($ in millions)