XPRO · Expro Group Holdings N.V.

Expro Group Holdings N.V. reported first quarter 2026 results that reflected typical seasonality and early-year customer budgetary constraints, with revenue of $368 million and a net loss of $1 million. Adjusted EBITDA came in at $63 million, representing a 17.1% margin. The company also announced a definitive agreement to acquire Enhanced Drilling, a provider of managed pressure drilling solutions, for approximately 2 billion Norwegian kroner (about $215 million) in cash. The acquisition is expected to close in the third quarter of 2026 and is projected to be immediately accretive to cash flow, adding roughly $275 million of order backlog. Enhanced Drilling's projected full-year 2026 Adjusted EBITDA exceeds $50 million with margins above 30%. Expro reaffirmed its full-year 2026 guidance, anticipating revenue of $1.6-$1.65 billion and Adjusted EBITDA of $355-$375 million, excluding the acquisition. The company noted that geopolitical disruptions in the Middle East are expected to impact second-quarter revenue by $10-$15 million but expects sequential improvement through the year. Management highlighted strong liquidity of $517 million and continued share repurchases, with $80 million remaining under the current authorization. The proposed redomicile to the Cayman Islands will be voted on at the June 10, 2026 annual meeting.