Expro Group Holdings N.V. (XPRO): Business Model Canvas [Dec-2025 Updated]

You're looking past the noise to see how Expro Group Holdings N.V. (XPRO) actually makes its money, and frankly, the model shows a service provider executing on specialized oilfield solutions with real financial discipline. After two decades watching this sector, I can tell you the near-term outlook is strong: they are guiding 2025 revenue toward $1.65 billion while pushing an adjusted EBITDA margin to nearly 23% (based on the Q3 22.8% figure). This isn't just about having a $2.3 billion contract backlog; it's about how they deliver those well construction and flow management services to blue-chip clients. Dive into the canvas below to see the specific resources and activities driving that $350 million to $360 million adjusted EBITDA guidance for 2025.

Expro Group Holdings N.V. (XPRO) - Canvas Business Model: Key Partnerships

Expro Group Holdings N.V. operates with a diverse and relatively stable customer base that includes national oil companies (NOCs), international oil companies (IOCs), independent exploration and production companies (Independents), and service partners. The company emphasizes its long-tenured, blue-chip customer base, with some relationships spanning decades. This partnership focus is critical given the total order backlog stood at $\text{\$2.3 billion}$ as of September 30, 2025.

The company supports its operations globally, employing approximately $\text{8,500}$ employees across more than $\text{50}$ countries, which allows them to service major operators in both onshore and offshore environments.

The value derived from these key customer relationships is evident in the significant, multi-year contract awards secured across various regions:

Expro Group Holdings N.V. views collaboration as a core value, necessary for managing complex industry challenges. This is expressed externally through strategic partnerships and internally through the use of Joint Ventures and Partnerships to pool expertise and resources.

Key Equipment Manufacturers and Technology Providers are integrated through the deployment of Expro's proprietary and advanced solutions, which are often the basis for securing new work. For instance, capital expenditures in Q3 2025 totaled $\text{\$24 million}$, with approximately $\text{90%}$ allocated to equipment directly supporting customer-related activities, signaling investment in partnership-enabling assets.

Specific examples of technology integration with clients include:

• Successful deployment of the CENTRI-FI™ consolidated control console in Indonesia, enabling integrated Tubular Running Services (TRS) from a single tablet.
• Successful pilot of the QPulse multiphase flow meter in Saudi Arabia's Jaffurah field, validating it as a standalone, non-intrusive solution.
• Deployment of the Blackhawk Generation-X Rotational Plug Launcher, which utilized the proprietary Skyhook® wireless cement-line make-up device.
• Successful deployment of the ELITE Composition™ Service for a Major Oil and Gas Operator in Cyprus in November 2025.

The company's focus on safety and performance is also a key element of its partnership appeal, evidenced by winning the Best Health, Safety or Environmental Contribution - Upstream award at the 2025 Gulf Energy Awards for their VIGILANCE™ Intelligent Safety and Surveillance Solution.

Finance: draft $\text{13}$-week cash view by Friday.

Expro Group Holdings N.V. (XPRO) - Canvas Business Model: Key Activities

You're looking at how Expro Group Holdings N.V. actually makes money and executes its strategy as of late 2025. It's all about specialized services across the well lifecycle, and the numbers from the third quarter of 2025 show where the focus is.

The company's overall financial health reflects these activities, with a total order backlog of approximately $2.3 billion as of September 30, 2025. For the full year 2025, Expro Group Holdings N.V. is guiding for revenue around $1.7 billion and an Adjusted EBITDA between $350 million and $360 million.

Delivering well construction services (tubular running, cementing)

Well construction is a core component of the business, often bundled with other services in regional reporting. We see direct mentions of this activity impacting regional revenue streams. For instance, in the Asia Pacific (APAC) region, revenue fell in Q1 2025 partly due to reduced well construction activity in Australia. Conversely, the North and Latin America (NLA) segment saw an increase in Q2 2025 revenue driven primarily by higher well construction revenue.

Here's a look at how the services that include well construction contribute across regions in the second quarter of 2025:

Providing well flow management and production optimization

Well flow management and production optimization are clearly high-value activities, often associated with technology deployment. In Q1 2025, Expro Group Holdings N.V. secured a contract in Brunei valued at over $8 million to deliver well metering services, which directly relates to production optimization. Also, a recent agreement starting in February 2025 strengthens their role in optimizing client production through precise well flow measurement. In APAC, Q2 2025 revenue increased due to higher well flow management activity in Malaysia, Indonesia, and Brunei.

Executing subsea well access and well intervention/integrity

These services are critical for maintaining asset performance over time. In the APAC region during Q1 2025, revenue was impacted by reduced subsea well access and lower well intervention and integrity work in Brunei and Malaysia. However, Q2 2025 saw higher well flow integrity and intervention revenue in Malaysia and Brunei, showing activity fluctuation within these service lines. The company secured a significant three-year deal in APAC worth over $15 million to provide combined e-line cased hole and slickline services across 315 wells.

Driving operational efficiency through the 'Drive 25' program

The 'Drive 25' initiative is a major internal focus to protect and expand margins. Expro Group Holdings N.V. is progressing with this cost optimization program, having an updated target of $30 million in run-rate cost savings mentioned in the second quarter of 2025. The initial target was $25 million in run-rate savings by Q4 2025, aiming for support costs at around 19% of revenue. The success is visible in the financial results; the Q3 2025 Adjusted EBITDA margin hit 22.8%, which management attributes to this program, among other factors. Support costs for Q1 2025 were $85 million, representing 22% of revenue, up from 20% in Q4 2024 due to sequentially lower revenue.

Developing and deploying proprietary technology (e.g., QPulse, ELITE Composition)

Technology deployment is directly tied to winning contracts and improving efficiency. The Autonomous iTONG™ system deployment in Sub-Sahara Africa is a concrete example, cutting connection make-up times by 50% and saving clients approximately $200,000 per well project. Furthermore, Expro Group Holdings N.V. announced the first deployment of the ELITE Composition™ Service for a major operator in Cyprus in November 2025. The Q1 2025 contract in Brunei specifically mentioned leveraging advanced solutions like QPulse™, Sonar Meter, and Multiphase Flow Meters. Capital expenditures for the remaining nine months of 2025, approximately $90 million to $100 million, show a clear commitment to this technology focus.

Expro Group Holdings N.V. (XPRO) - Canvas Business Model: Key Resources

You're looking at the core assets that let Expro Group Holdings N.V. deliver its full-cycle well services. These aren't just line items on a balance sheet; they are the engines driving their market position, so let's look at the hard numbers supporting them.

Proprietary technology portfolio and intellectual property

The value here is in the differentiated solutions that improve efficiency and reduce environmental impact. Expro Group Holdings N.V. actively develops and deploys technology, evidenced by recent industry recognition, including winning the OTC Brazil Spotlight on New Technology award. The technology base was also bolstered through strategic acquisitions; for instance, the fair value of consideration for the PRT Acquisition was $90.8 million, and the estimated fair value for the Coretrax Acquisition was $186.7 million. This portfolio underpins their ability to execute complex projects across the well lifecycle.

Global footprint and operational presence in over 50 countries

This geographic diversity is a major de-risker, smoothing out volatility from any single oil and gas market. Expro Group Holdings N.V. maintains operations in over 50 countries, allowing them to serve blue-chip customers globally. This reach is supported by a workforce of more than 7,000 professionals as of late 2025, ensuring local execution capability wherever a project is located.

Highly specialized technical personnel and field engineers

The expertise of the team is what translates technology into field results. The company employs over 7,000 professionals globally, who provide the specialized knowledge for well construction, flow management, and subsea well access. This human capital is critical for maintaining the high service quality that secures long-term contracts.

Strong contract backlog of approximately $2.3 billion (Q3 2025)

This backlog provides significant revenue visibility, which is gold in the cyclical energy services sector. As of September 30, 2025, the total order backlog stood at approximately $2.3 billion. Honestly, this figure gives management a clear planning horizon, even when near-term market sentiment is soft. Here's how that visibility breaks down:

• Revenue visibility for Q4 2025: $380 million
• Revenue visibility for 2026: $1 billion
• Revenue visibility for 2027: $500 million
• Revenue visibility for 2028 and beyond: $450 million

Fleet of specialized well service equipment and assets

The physical assets are essential for service delivery, and Expro Group Holdings N.V. is actively investing to keep this fleet modern and efficient. Capital expenditures (CapEx) in Q3 2025 totaled $24 million, and a key detail is that approximately 90% of that CapEx was directed toward equipment that directly supports customer-related activities. This shows a focus on deploying better, more efficient tools into the field rather than just maintaining old assets.

To put the scale of the business supporting these resources into context, consider this snapshot based on the latest reported figures:

The commitment to capital discipline is clear, with 2025 full-year CapEx projected between $110 million and $120 million. Finance: draft 13-week cash view by Friday.

Expro Group Holdings N.V. (XPRO) - Canvas Business Model: Value Propositions

You're looking at the core promises Expro Group Holdings N.V. makes to its clients, which are clearly translating into financial results as of late 2025.

Optimizing the entire well lifecycle from construction to abandonment is a foundational value proposition for Expro Group Holdings N.V. This comprehensive scope means they capture value across the full spectrum of a well's life, from the initial drilling phase right through to decommissioning.

The service breadth is detailed across their core offerings:

• Well Construction: Including tubular running and cementing technologies.
• Well Flow Management: Covering production optimization services.
• Subsea Well Access: Providing specialized subsea capabilities.
• Well Intervention and Integrity Solutions: For maintenance and end-of-life work.

Delivering differentiated, value-added solutions via innovative technology underpins their market position. This commitment to innovation is evidenced by recent technology recognitions and deployments.

Here's a look at the technology focus and associated financial resilience:

The company is also supporting customers' goals for a lower carbon future, which is increasingly a requirement in the energy sector today.

Enhancing operational performance and safety is a critical deliverable, backed by specific, award-winning solutions. The VIGILANCE™ Intelligent Safety and Surveillance Solution recently secured the Gulf Energy Award for Best Health, Safety or Environmental Contribution - Upstream.

The technical specification of this safety solution is precise:

• Tracks equipment and personnel movement.
• Operates with 10-centimeter accuracy.
• Addresses safety KPIs for rig floor personnel.

This focus on operational excellence directly feeds into the company's financial resilience, allowing for resilient service delivery, as demonstrated by the Q3 2025 results. The margin performance shows this efficiency in action.

The financial proof points for this resilient delivery are clear:

• Q3 2025 Adjusted EBITDA margin: 22.8%.
• Q3 2025 Adjusted EBITDA: $94.0 million.
• Q3 2025 Adjusted Free Cash Flow: $46.1 million.
• Q3 2025 Adjusted Free Cash Flow Margin: 11%.

That $46.1 million in adjusted free cash flow for the quarter was the highest quarterly figure in Expro Group Holdings N.V.'s history. Furthermore, the company raised its full-year 2025 guidance, signaling confidence in sustained performance.

The updated 2025 guidance reflects this value delivery:

• Full-Year 2025 Adjusted EBITDA expected: $350 million to $360 million.
• Full-Year 2025 Adjusted Free Cash Flow expected: $110 million to $120 million.

Also, capital discipline is evident in the Q3 2025 capital allocation, where they repurchased $25 million in shares, achieving their annual $40 million target early.

Finance: draft 13-week cash view by Friday.

Expro Group Holdings N.V. (XPRO) - Canvas Business Model: Customer Relationships

You're looking at how Expro Group Holdings N.V. keeps its major clients locked in, which is the bedrock of their resilient business model. It's all about deep relationships with what they call a long-tenured, blue chip customer base.

The financial evidence of this trust is visible in their order book. As of the second quarter of 2025, the total order backlog stood at a robust $2.3 billion. That backlog size tells you customers are committing to multi-year contracts because they rely on Expro Group Holdings N.V.'s ability to deliver safely and on budget. For context, they secured $595 million in new orders during that same quarter, following $272 million in awards in the first quarter of 2025.

This isn't just about signing papers; it's about dedicated execution. Expro Group Holdings N.V. emphasizes working as true partners to its customers, a core value that drives their service delivery. This partnership approach is essential for the complex, high-stakes operations they handle across the well lifecycle.

Service quality and performance tracking are the mechanisms for contract extensions. The commitment to best-in-class safety and operational quality is non-negotiable for these blue-chip customers. You see this focus reflected in their capital deployment; approximately 90% of the $33 million in capital expenditures during the first quarter of 2025 was directed toward equipment to directly support customer-related activities. Even in the third quarter of 2025, with CapEx at $24 million, about 90% went to customer-facing equipment.

The high-touch, professional service model is backed by technology that delivers measurable results. For example, the deployment of the Autonomous iTONG™ system in Sub-Sahara Africa cut connection make-up times by 50%, saving clients an estimated $200,000 per well project. Furthermore, the ELITE Composition™ Service, launched in 2025, provides laboratory-standard fluid measurements in about eight hours, directly reducing rig time.

Here's a look at some of the specific, multi-year contract wins that underpin this relationship strength:

The focus on performance is also evident in the financial results tied to operational discipline. The Adjusted EBITDA margin reached 22.8% in the third quarter of 2025, showing continuous improvement. This operational focus is what keeps the major operators coming back.

Dedicated account management and technical support are woven into the service delivery, ensuring continuity. You can see the scale of their operations, which requires this level of support:

• Operates in over 50 countries.
• Employs more than 7,000 professionals.
• Reported revenue of $411 million in the third quarter of 2025.
• As of October 16, 2025, had 113,560,421 shares of common stock outstanding.

Expro Group Holdings N.V. (XPRO) - Canvas Business Model: Channels

Direct sales force and service teams are deployed across Expro Group Holdings N.V.'s four global regions to deliver well construction, well flow management, subsea well access, and well intervention and integrity services.

The company maintains a global footprint, operating in over 50 countries and employing more than 7,000 professionals as of late 2025. This structure supports direct deployment of specialized equipment and personnel to both onshore and offshore client sites.

The revenue generated through these channels for the first three quarters of 2025 provides a view of channel activity:

Expro Group Holdings N.V. reaffirmed its full-year 2025 revenue guidance to be in the range of $1,600 million - $1,650 million.

Regional operating bases and service centers are strategically located to support the direct service teams. Regional headquarters include:

• Aberdeen
• Lafayette
• Dubai
• Houston
• Kuala Lumpur

The deployment of specialized equipment is evidenced by contract wins, such as the three-year deal in APAC worth over US$15 million for services across 315 wells, and a two-year contract in Brunei valued at over US$8 million. Furthermore, the company successfully concluded deepwater Tubular Running Services (TRS) for two exploration wells in the East Mediterranean.

Investor Relations website communication channels provide financial and strategic updates directly to stakeholders. For instance, the Third Quarter 2025 Investor Presentation was posted on the Investor section of www.expro.com following the October 23, 2025, earnings release. Financially, the company reported using $25 million to repurchase approximately 2 million shares in the third quarter of 2025, achieving the annual target of $40 million ahead of schedule.

Expro Group Holdings N.V. (XPRO) - Canvas Business Model: Customer Segments

You're looking at the core clientele for Expro Group Holdings N.V. (XPRO) as of late 2025. Honestly, the business model relies on servicing the entire well lifecycle for a diverse, global set of energy producers, but the numbers show where the bulk of the activity is right now.

For context on the scale, Expro Group Holdings N.V. reported total revenue of $411.36 million for the third quarter ending September 30, 2025, and the trailing twelve months (TTM) revenue stood at $1.66 Billion USD as of December 2025. The company's total order backlog as of that same date was substantial, sitting at $2.3 billion, which gives a solid view into future customer commitments.

The customer base is broad, as Expro Group Holdings N.V. provides services to leading exploration and production companies in over 50 countries. It's important to note that historically, no single customer accounted for more than 10% of revenue for the year ended December 31, 2022, suggesting a diversified, though relationship-heavy, client roster.

The customer segments are primarily categorized by the type of operator and the nature of the work:

• Major international oil and gas exploration and production (E&P) companies
• National Oil Companies (NOCs) globally
• Independent oil and gas operators

The geographic revenue distribution from the third quarter of 2025 gives a strong indication of where these customer types are most active:

The focus on asset lifecycle management clearly segments the customer activity between maintenance/optimization and new development. While the most recent direct split is from 2022, it reflects the underlying customer need Expro Group Holdings N.V. addresses:

• Customers focused on brownfield activity (optimizing existing assets) are served by production optimization related activities, which historically accounted for approximately 30% of revenue.
• Customers focused on new development are served by well construction, drilling, and completions-related activities, which historically accounted for approximately 70% of revenue.

Offshore and deepwater operators represent a defintely key market, as historical data shows that approximately 70% of Expro Group Holdings N.V.'s revenue was generated by activities related to offshore oil and gas operations. This aligns with the company's service portfolio spanning well construction, well flow management, subsea well access, and well intervention. Activity related to gas and Liquefied Natural Gas (LNG) production is also noted as a growing area of focus within the ESSA and MENA regions.

Expro Group Holdings N.V. (XPRO) - Canvas Business Model: Cost Structure

You're looking at the expense side of the Expro Group Holdings N.V. ledger, focusing on what it takes to keep those services running across the globe. Honestly, cost discipline is a major theme, especially as the company navigates a transition year in the energy services industry.

Cost of Services and Field Operations (Personnel, Equipment Maintenance)

The largest component of the operating cost structure is tied directly to service delivery, which includes personnel and keeping the field equipment ready. While a specific total for Cost of Revenue, excluding depreciation and amortization expense, for 2025 isn't explicitly published in the latest summaries, we can look at capital deployment supporting these operations. For the first quarter of 2025, Expro Group Holdings N.V. spent $33 million on capital expenditures. Of that Q1 spend, approximately 90% was directed toward the purchase and manufacture of equipment intended to directly support customer-related activities. The remaining 10% covered other property, plant and equipment, which includes software costs.

The company is actively managing these costs through programs like the Drive 25 initiative, which aims to establish a new baseline for support costs at around 19% of revenue by the fourth quarter of 2025.

Support Costs

Support costs, which cover overhead not directly tied to a specific field operation, are under close scrutiny. For the first quarter of 2025, total support costs were reported at $85 million. This represented approximately 22% of the Q1 2025 revenue of $391 million. This was a sequential decrease from the $88 million reported in the fourth quarter of 2024.

Capital Expenditures (CapEx)

Expro Group Holdings N.V. has set a clear target for its investment in assets for the full year 2025. The current guidance for capital expenditures for 2025 is set between $110 million and $120 million. This reflects a commitment to capital discipline until there is better clarity on the timing of deepwater projects expected later in 2025 and into 2026.

Here's a quick look at the CapEx figures we have:

Research and Development (R&D) Investment for New Technologies

Expro Group Holdings N.V. continues to invest in new technologies, such as the deployment of CENTRI-FI™ and the Blackhawk Generation-X Rotational Plug Launcher in Q1 2025. While a specific R&D expense line item for the full year 2025 isn't detailed here, the company's strategy involves organic investment to expand its relevance with customers. The Drive 25 cost optimization program has identified over $30 million in run-rate support cost savings, with a plan to capture not less than 50% of that higher run-rate target during 2025.

General and Administrative Expenses (G&A)

General and administrative expenses are captured within the broader Support Costs category. Specifically for the first quarter of 2025, Corporate G&A was approximately 3.9% of revenue. This focus on controlling fixed overhead is part of the broader effort to achieve a new baseline for support costs at around 19% of revenue.

You should track the realization of the Drive 25 savings; Finance: draft 13-week cash view by Friday.

Expro Group Holdings N.V. (XPRO) - Canvas Business Model: Revenue Streams

You're looking at how Expro Group Holdings N.V. brings in the money, which is tied directly to the entire well life cycle they support. Honestly, the revenue streams are built around their core service offerings across the globe.

The company's portfolio of capabilities, which drives these revenue streams, covers several key areas:

• Well Flow Management services
• Well Construction services
• Subsea Well Access solutions
• Well Intervention and Integrity solutions

For the full-year 2025 outlook, Expro Group Holdings N.V. has provided specific guidance that you need to track. This gives you a clear target for the year's top-line performance and cash generation.

Here is a look at the key financial guidance figures for the full year 2025, alongside the most recently reported quarterly revenue to give you a sense of scale:

Service fees from Well Flow Management represent a primary source of revenue, as this area supports ongoing production efficiency for clients. Revenue from Well Construction services is also a significant component, tied to the initial phases of well development. Furthermore, fees for Subsea Well Access and Well Intervention/Integrity solutions contribute to the overall top line, reflecting activity in maintenance, repair, and accessing subsea assets.

To give you a sense of future revenue visibility, Expro Group Holdings N.V. reported a substantial total order backlog as of September 30, 2025, which sits at approximately $2.3 billion. This backlog is broken down to show future revenue commitment:

• Backlog for Q4 2025: $380 million
• Backlog for 2026: $1 billion
• Backlog for 2027: $500 million
• Backlog for 2028 and beyond: $450 million

The company's Q3 2025 results showed an adjusted EBITDA margin of 22.8%, which is important because it shows the profitability underpinning these revenue streams. Also, the adjusted free cash flow for that quarter was $46 million, which was the highest quarterly figure in the company's history at that point. Finance: draft 13-week cash view by Friday.