Oil & Gas Field Services, NECIFRS · EUR

Expro Group Holdings N.V

Expro Group Holdings N.V. provides energy services across the full well life cycle, with a focus on well construction, well flow management, subsea well access, and well intervention and integrity solutions. The company serves exploration and production customers in onshore and offshore environments across more than 50 countries, using a mix of products, services, and digital offerings to help operators improve production and asset performance.

Kysy yhtiöstä
Liikevaihto1 607milj. EUR
−6,2 %v/v
Liikevoitto (EBIT)81,1milj. EUR
−13,8 %v/v
EBIT-marginaali5,0%
−0,4 %-yks.v/v
Nettotulos51,7milj. EUR
−0,4 %v/v
Vapaa kassavirta97,8milj. EUR
+277,5 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

−50005001 0001 5002 000milj. EUR2020: 675 milj. EUR2020: EBIT −163 milj. EUR20202021: 826 milj. EUR2021: EBIT −128 milj. EUR20212022: 1 279 milj. EUR2022: EBIT 2,5 milj. EUR20222023: 1 513 milj. EUR2023: EBIT 11 milj. EUR20232024: 1 713 milj. EUR2024: EBIT 94 milj. EUR20242025: 1 607 milj. EUR2025: EBIT 81 milj. EUR20251 60781
LiikevaihtoLiikevoitto (EBIT)
Kysy Clarifolta: Expro Group Holdings N.V

Liiketoiminta

Osuus liikevaihdosta
Well construction30 %

Services and equipment used to build and complete wells in onshore and offshore environments.

Well flow management25 %

Solutions that control, monitor, and optimize production flow from the wellbore to surface facilities.

Subsea well access20 %

Systems and services that enable intervention and access to subsea wells during the asset life cycle.

Well intervention and integrity20 %

Maintenance, intervention, and integrity services that extend asset life and improve output.

Digital and sustainability solutions5 %

Digital optimization tools and emissions-related offerings such as carbon-capture and flare reduction.

Tuotteet

Raportoitu · osuus liikevaihdosta
65,9%34,1%FY2025100 %
  • Well Management65,9 %
  • Well Construction34,1 %

Lähde: 10-K FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.

Asiakkaat

Expro sells primarily to oil and gas operators, including international oil companies, national oil companies, independents, and service partners. Customers use Expro to improve production, manage well integrity, and reduce operating risk across mature and active assets, especially where brownfield optimization and offshore execution matter most.

International oil companies (IOCs)

Large global operators that buy well construction, subsea access, and intervention services for complex assets.

National oil companies (NOCs)

State-backed operators that use Expro for field development, production optimization, and integrity work.

Independents

Smaller and mid-sized producers that buy cost-effective services to maximize output from existing wells.

Service partners

Third-party contractors that use Expro capabilities on specialized offshore and subsea projects.

Strategia

Expro is focused on disciplined execution, operational efficiency, and maintaining a differentiated portfolio across the well life cycle. Management is emphasizing brownfield demand, offshore exposure, digital services, and sustainability-related offerings such as carbon-capture and flare reduction, while targeting modest medium-term growth if commodity prices remain supportive.

Increase brownfield and production-optimization activityLyhyt aikaväli

Operators are prioritizing capital discipline and spending to maximize existing assets.

Defend and expand offshore/subsea positioningKeskipitkä aikaväli

Offshore work is technically complex and can support better pricing and customer stickiness.

Build sustainability-linked service linesKeskipitkä aikaväli

Customers and regulators are increasing scrutiny of emissions and ESG performance.

Maantiede

Expro operates in over 50 countries and organizes its reporting around four regions: North and Latin America, Europe and Sub-Saharan Africa, Middle East and North Africa, and Asia-Pacific. The business is exposed to offshore weather and regional activity cycles, with recent disclosures highlighting Saudi Arabia, the UAE, Qatar, North Africa, Malaysia, Indonesia, Brunei, Australia, Algeria, and the U.S. as important operating markets.

Riskit

Expro is highly exposed to oil and gas activity levels, so customer spending can weaken quickly when commodity prices, budgets, or project sanctioning soften. The company also faces operational and geographic risks from offshore weather, regional concentration, customer credit exposure, cybersecurity, and evolving sustainability regulation.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Oil and gas activity downturn1Weather and offshore disruption2Customer credit concentration3Cybersecurity and operational disruption4Sustainability and regulatory compliance5
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Oil and gas activity downturnVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Revenue depends on operator spending, which falls when commodity prices or budgets weaken.

    Kohdistuu: Global customer base across exploration and production markets

  2. Weather and offshore disruptionVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    Severe weather can delay or halt offshore execution and reduce quarterly activity.

    KohdistuuNorth SeaSouth and Southeast AsiaHurricane/typhoon-prone regions
  3. Customer credit concentrationVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    Receivables are concentrated in the oil and gas industry and in certain countries.

    Kohdistuu: Algeria and the U.S. each represented about 16% of net receivables

  4. Cybersecurity and operational disruptionVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    Service delivery depends on systems, field operations, and customer-facing digital tools.

    Kohdistuu: Global operations

  5. Sustainability and regulatory complianceVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    Changing ESG, emissions, and disclosure rules can increase costs and reputational risk.

    KohdistuuU.SEUOther operating jurisdictions
Kysy Clarifolta: Expro Group Holdings N.V

Kirjanpito

Harkinnanvaraiset erät
Revenue recognition

The company sells services and products across multiple contract types, so timing and performance obligations matter.

Vaikutus: Can shift revenue between periods and affect margin comparability

Seasonality

Weather, offshore conditions, and customer budget timing can change quarterly activity.

Vaikutus: Creates quarter-to-quarter volatility in revenue and EBITDA

Allowance for credit losses

Receivables are exposed to oil and gas customer credit risk and country concentration.

Vaikutus: Affects bad-debt expense and net receivables

Goodwill impairment

Goodwill is tested using cash flow and market assumptions that can change with industry conditions.

Vaikutus: Could create non-cash impairment charges if valuations weaken

Business combinations and intangible assets

Acquisitions require fair value estimates for assets and liabilities.

Vaikutus: Affects amortization, goodwill, and future impairment risk

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Päivitetty: 24.9.2026

Expro Group Holdings N.V – Oil & Gas Field Services, NEC | Analyysi – Clarifo