Expro N : Company Overview January 2023

Expro Group Holdings N.V.

January, 2023

Company Overview

Expro
Symbol		NYSE: XPRO
Company market data
Current price (12/30/22)		$18.13
52-week range	$8.83-$19.68
Shares outstanding (m)		108.7
30-Day ADTV ($m)		~$10m
Key Data
	$1,972 Market Cap: ($m)
$ 1,815 Enterprise Value: ($m)
		United States
	Americas Energy Services
Consensus Forecast
	12/22E	12/23E	12/24E
Revenue ($m)	$1,267	$1,429	$1,557
EBITDA ($m)	$200	$265	$301

22E, 23E & 24E based on Barclays, Evercore, Piper Sandler & Morningstar

Price Performance (10/4/21-12/30/22)

Source: S&P Capital IQ

Investment Thesis

Overview

With roots dating to 1938, Expro Group Holdings N.V. (NYSE: XPRO) is a global provider of energy services, focused on helping operators develop oil, gas and geothermal resources and maximize production from existing well stock. Expro has strong and defensible market positions in each of the segments in which it operates; good leverage to an expected recovery in the international (80% of pro forma 2021 revenue) and offshore (70% of pro forma 2021 revenue) markets; a technologically differentiated brand; and a culture built around safety, service quality and innovation. The company operates in more than 60 countries, is headquartered in Houston, Texas, and is domiciled in the Netherlands.

On October 1, 2021, Frank's International ("Frank's") and Expro Group ("Legacy Expro") completed a previously announced merger to create a larger, broader, more balanced company. As a result of the merger, we believe the "new" Expro is well positioned to support customers around the world, improve profitability, and invest in emerging growth opportunities. Merger- related synergies, improved operating leverage, and the combined company's significantly increased exposure to early-cycle oilfield services activity (drilling and completions) also provide scope for material margin expansion in 2023 and beyond. Approximately 70% of 2021 revenue for the combined Legacy Expro and Frank's relates to drilling and completions activity (generally funded by customers' capital expenditures). Approximately 30% of 2021 combined revenue relates to production optimization activity (generally funded by customers' operating expenses).

Investment Opportunity

We believe that industry fundamentals, Expro's market position and financial profile, and current valuation provide shareholders an opportunity for attractive risk-adjusted returns.

• Positive fundamental backdrop driven by years of underinvestment
• Compelling rate-of-change story driven by an improving business mix, merger synergies and pricing tailwinds
• Above market growth opportunities from recently deployed technology and investments.
• The energy transition and customers' sustainability initiatives are driving incremental demand for technology-enabled solutions
• Attractive relative valuation

Exhibit 1: EV/2023 EBITDA

Downloadable Financials Here >>

Contact:

Karen David-Green

Chief Communications, Stakeholder

• Sustainability Officer
  +1 281.994.1056 Direct [e-mail]

[e-mail]

Source: S&P, Capital IQ as of 12/30/2022

• Expro multiple based on $1,815m EV and 2023 EBITDA of $264m
• EBITDA estimates reflect S&P Capital IQ consensus estimates for the one year forward period

Delivering technology, expertise and service for the wells of today; unlocking energy answers for tomorrow.

NYSE: XPRO

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NYSE: XPRO

Positive fundamental backdrop.

We believe the company is well- positioned for multi-year industry upcycle, driven by an extended period of under investment in global upstream oil production, historically low spare capacity and global inventories, and an increase in energy demand to pre- COVID levels. The resulting supply/ demand dynamic, together with a heightened OECD focus on energy security and diversification of supply due to the Russia/Ukraine conflict, is likely to sustain tight oil markets for at least five years and provide a constructive macro backdrop for the oilfield services (OFS) industry.

Compelling rate-of- change story driven by business mix, merger synergies and pricing tailwinds.

Fall-through on incremental revenue, together with $70 million in anticipated merger-related cost synergies (annual), we think provide near-term scope for high (+20%) and sustainable Adjusted EBITDA margins.

With lower merger- and integration- related costs and favorable pricing tailwinds, Expro should be strongly FCF +ve in 2023 and beyond.

A leading and differentiated portfolio with through-cycle resiliency.

Business mix provides both strong participationinadrillingandcompletions recovery and through-cyclical resiliency. Expro's leading and differentiated market positions, including in complex well construction, well testing, subsea well access and fast-track production solutions, can also be leveraged as market activity improves.

Above market growth opportunities from recently deployed technology and investments.

Recent investments further establish the company as a value-added, full- cycle services provider and support above market growth.

Energy transition initiatives (P&A, geothermal, emissions management) are focused on expanding addressable market and delivering valve-added customer solutions.

Free cash flow upside and debt-free balance sheet support company's return of capital objectives.

Management is focused on cost and capital discipline, achieving a double-digit free cash flow margin (FCF as a percentage of revenue) and establishing a shareholder-friendly capital allocation framework.

Zero debt balance sheet and ample available liquidity (+$300 million) limit investor downside and provide tactical and strategic optionality.

Attractive Valuation

Based on consensus estimates (4 analysts), XPRO trades at 6.8x 2023E Adjusted EBITDA, or a +25% discount to its largest US peers (SLB, HAL, BKR).

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NYSE: XPRO

EXPRO at a Glance: We Are "Well Experts"

INTERNATIONAL

OFFSHORE

U.S. LAND

COUNTRIES	YEARS EXPERIENCE

A DIVERSE SET OF

GLOBAL CAPABILITIES IN:

ADJUSTED EBITDA

MARGIN3

with ~$300m of available liquidity

{

1. Market capitalization based on approximately 109 million total shares outstanding and an XPRO price per share of ~$18.00
2. Based on $0 interest-bearing debt and $157m cash at 9/30/22
3. Q3 2022 Adjusteded EBITA, margin, excluding $17m of start-up and commission costs on a large subsea project in APAC

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		NYSE: XPRO
Table of Contents
1.	Market Fundamentals	5
	Expro is Well Positioned to Capture Significant Upside from
	International Offshore Recovery	7
2.	A Leading and Differentiated portfolio with Through-Cycle Resiliency	8
	Geography-basedregions | NLA	9
	Geography-basedregions | ESSA	10
	Geography-basedregions | MENA	11
	Geography-basedregions | APAC	12
	Areas of Capability/Product Line Groups - Well Construction	13
	Areas of Capability/Product Line Groups - Well Management	16
3.	Expro is Well Positioned to Capture Significant Upside
	from A Drilling & Completions Recovery	23
	Merger Synergies & Margin Progression	29
4.	Above Market Growth Opportunities from Recently Deployed
	Technologies and Investments	32
	Enhance Today | Transform Tomorrow	33
	Sustainable Solutions for Expro and Our Customers	34
5.	Free Cash Flow Upside and Debt-Free Balance Sheet
	Support Company's Return-of-CapitalObjectives	35
	Illustrative Recovery Scenario	37
	Management Biographies	38
	Disclaimer	39
	Select Financial Information	40
	Financial Definitions	43
	Non-GAAPReconciliations	44
	Glossary of Terms	48

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