Expro's Q2 2025: Unpacking Contradictions in Cash Flow, M&A Strategies, and Revenue Growth

Revenue and Earnings Growth:
- Expro Group Holdings N.V. reported revenues of $423 million for Q2 2025, marking an 8% increase from the previous quarter.
- The growth was driven by increased activity globally and a seasonal recovery in the Northern Hemisphere.

Strong EBITDA and Margin Improvement:
- Expro's EBITDA increased to $94 million in Q2 2025, representing a 24% increase from Q1 2025.
- This improvement was supported by permanent structural cost savings through Drive25 initiatives and improved business activity mix.

Record New Order Intakes:
- The company secured $595 million in new order awards in Q2 2025, which is the second-highest quarter in its history.
- This was attributed to contract wins in Guyana and North Africa, along with robust commercial activity and tenders in key markets.

Innovation and Technology Deployments:
- Expro deployed three new industry-first technologies in Q2 2025, including the BRUTE Armor Packer, Remote Clamp Installation System, and Generation-X, Remote Plug Launcher.
- The deployment of these technologies, aimed at addressing operational challenges and improving efficiencies, was a result of Expro's focus on understanding customer needs and finding innovative solutions.