Expro Group Reports 10% Revenue Decline but 29.1% Net Income Increase in Q2 2025

Expro Group Holdings N.V. reported a decline in revenue for the second quarter of 2025, generating $422.7 million compared to $469.6 million in the same period of 2024, marking a decrease of 10%. For the first half of 2025, total revenue was $813.6 million, down from $853.1 million year-over-year. Despite the revenue drop, the company achieved a net income of $18.0 million for the quarter, a 29.1% increase from $15.3 million in the prior year, and a significant rise in net income for the first half, reaching $32.0 million compared to $12.6 million in 2024.

The decrease in revenue was attributed to lower activity levels in the North and Latin America (NLA), Europe and Sub-Saharan Africa (ESSA), and Asia-Pacific (APAC) segments, although the Middle East and North Africa (MENA) segment saw an increase in activity. Operating costs also decreased, with total operating expenses falling to $390.2 million from $441.9 million in the previous year, contributing to an operating income of $32.6 million, up from $27.7 million in 2024. The company’s earnings per share rose to $0.16 from $0.13, reflecting improved profitability despite lower revenues.

Strategically, Expro has been active in expanding its service offerings through acquisitions, including the purchase of Professional Rental Tools, LLC (PRT) in October 2023, which is expected to enhance its subsea well access capabilities. The company also acquired CTL UK Holdco Limited (Coretrax) in May 2024, further broadening its portfolio in well construction and intervention services. These acquisitions are anticipated to drive future growth and operational efficiencies.

Operationally, Expro reported a total employee count of approximately 8,500, with significant contributions from its various segments. 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. During the first half of 2025, Expro repurchased approximately 1.6 million shares at an average price of $9.22 per share, totaling around $15 million.

Looking ahead, Expro maintains a cautiously optimistic outlook, anticipating steady demand for its services driven by ongoing customer activity and a focus on operational efficiency. The company expects global oil demand to continue growing, albeit at a slower pace, and is well-positioned to navigate market uncertainties while capitalizing on opportunities in key growth regions. The management emphasizes the importance of maintaining liquidity and financial flexibility to support future investments and operational needs.