Expro Group Reports Decrease in Revenue but Increase in Net Income for Q3 2025

Expro Group Holdings N.V. reported its financial results for the third quarter and the first nine months of 2025, revealing a decrease in revenue but an increase in net income compared to the same periods in 2024. For the three months ended September 30, 2025, total revenue was $411.4 million, down 2.7% from $422.8 million in the prior year. For the nine months, revenue decreased by 4.0% to $1.225 billion from $1.276 billion. Despite the decline in revenue, net income for the third quarter was $14.0 million, a decrease of 22.4% from $18.0 million in the previous quarter, but a significant increase of 59.0% from $28.9 million for the nine months ended September 30, 2024.

The company's operating costs also saw a reduction, with total operating expenses for the third quarter at $384.9 million, down from $396.7 million a year earlier. This reduction was attributed to lower costs of revenue and a decrease in general and administrative expenses. The company reported an operating income of $26.5 million for the third quarter, slightly up from $26.1 million in the same period last year. The increase in net income was primarily driven by a favorable change in foreign exchange gains and lower tax expenses, despite higher depreciation and severance costs.

Strategically, Expro Group has been active in expanding its capabilities through acquisitions. The company completed the acquisition of Professional Rental Tools, LLC in October 2023, which is expected to enhance its subsea well access services in North and Latin America. Additionally, the company acquired CTL UK Holdco Limited (Coretrax) in May 2024, further broadening its portfolio in well construction and intervention solutions. The total consideration for the Coretrax acquisition was approximately $186.7 million, which included cash and equity components.

Operationally, Expro Group reported a total employee count of approximately 8,500, with significant activity across its four geographic segments: North and Latin America, Europe and Sub-Saharan Africa, Middle East and North Africa, and Asia-Pacific. The company noted a mixed performance across these segments, with revenue increases in North and Latin America and the Middle East, while Europe and Sub-Saharan Africa and Asia-Pacific experienced declines. The company’s cash flow from operating activities for the nine months ended September 30, 2025, was $153.1 million, a substantial increase from $72.1 million in the prior year, reflecting improved working capital management.

Looking ahead, Expro Group maintains a cautiously optimistic outlook, anticipating steady demand for its services driven by ongoing investments in offshore developments and brownfield activities. The company expects to continue focusing on optimizing its existing assets while navigating market uncertainties, including fluctuating oil prices and geopolitical tensions. The company has also extended its stock repurchase program, allowing for the buyback of up to $100 million of its common stock through November 2025, which reflects its commitment to returning value to shareholders while managing its capital structure effectively.