Summary

• Expro Group Holdings is rated Speculative Buy, driven by margin expansion, technological specialization, and disciplined capital allocation amid sector cyclicality.
• XPRO’s Drive25 initiative and recent acquisitions have boosted adjusted EBITDA margins from 14% in 2021 to 22% in 2025, supporting operational efficiency.
• Despite a strong balance sheet and ~$275M backlog, XPRO trades at a discount due to market concerns over cyclicality and execution risk.
• Potential 35% upside exists if XPRO executes Drive25, integrates acquisitions, and achieves sector-median EV/EBITDA multiples, but risks remain from project delays and integration.

Investment Thesis

Expro Group Holdings (XPRO) is a well-established oilfield services company. Its core focus is on technological specialization, such as well flow management, well intervention, well integrity, subsea well access, production optimization, and managed pressure drilling.

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