Record First Quarter Performance
Expro's Q1 2025 revenue was $391 million with an adjusted EBITDA of $76 million or 20% of revenue, marking the highest first quarter performance in adjusted EBITDA and margin since the merger with Frank in October 2021.
Strong Contract Awards
Expro secured $272 million in new contract awards in the first quarter across various regions including the U.S., Brazil, and Indonesia, contributing to a healthy backlog of approximately $2.2 billion.
MENA Region Performance
The Middle East and North Africa (MENA) region delivered another excellent quarter with Q1 revenue of $94 million and an EBITDA margin of 37%, driven by higher well intervention integrity revenue in Qatar and higher production solutions revenue in Algeria.
Successful Cost Optimization
Expro's Drive 25 efficiency campaign identified over $30 million in run rate support cost savings, aiming to reduce support costs to around 19% of revenue.
Positive Long-term Outlook
Despite short-term uncertainties, Expro remains bullish on long-term demand for oil and gas, with expectations of a transition year in 2025 leading to a healthy level of sanctioning activity in 2026 and beyond.