Expro Group Holdings NV (XPRO) 2025 Q2 法說會逐字稿

Hello, everybody, and welcome to the Expro Q2 2025 earnings presentation.

大家好，歡迎參加 Expro 2025 年第二季財報。

My name is Elliot, and I will be your coordinator for today. (Operator Instructions)

我叫艾略特，今天我將擔任你們的協調員。（操作員指示）

I would now like to hand over to Chad Stephenson, Director of Investor Relations. Please go ahead.

現在我想把麥克風交給投資人關係總監 Chad Stephenson。請繼續。

Welcome to Expro's second-quarter 2025 conference call.

歡迎參加 Expro 2025 年第二季電話會議。

I am joined today by Expro's CEO, Mike Jardon; and Expro's CFO, Sergio Maiworm. First, Mike and Sergio will have some prepared remarks. Then we will open up for questions. We have an accompanied presentation on our second quarter results that is posted on the Expro website, expro.com, under the Investors section.

今天與我一起出席的還有 Expro 的執行長 Mike Jardon 和 Expro 的財務長 Sergio Maiworm。首先，麥克和塞爾吉奧將發表一些準備好的演講。然後我們將開始提問。我們有一個關於第二季業績的附帶介紹，發佈在 Expro 網站 expro.com 的「投資者」部分。

In addition, supplemental financial information for the second quarter results is downloadable on the Expro website, likewise under the Investors section. I'd like to remind everyone that some of today's comments may refer to, or contain, forward-looking statements. Such remarks are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements. Such statements speak only as of today's date, and the company assumes no responsibility to update forward-looking statements as of any future date. The company has included in its SEC filings, cautionary language identifying important factors that could cause actual results to be materially different from those set forth in any forward-looking statements.

此外，第二季業績的補充財務資訊可在 Expro 網站的「投資者」部分下載。我想提醒大家，今天的一些評論可能涉及或包含前瞻性陳述。此類言論受風險和不確定性的影響，可能導致實際結果與此類聲明中表達或暗示的結果有重大差異。此類聲明僅代表截至今日的觀點，本公司不承擔在未來任何日期更新前瞻性聲明的責任。該公司已在提交給美國證券交易委員會的文件中加入了警示性語言，指出可能導致實際結果與任何前瞻性陳述中所述的結果有重大差異的重要因素。

A more complete discussion of these risks included in the SEC filings, which may be accessed on the SEC's website, sec.gov, or on our website, again at expro.com. Please note that any non-GAAP financial measures discussed during this call are defined and reconciled to the most directly comparable GAAP financial measure in our second-quarter 2025 earnings release, which can also be found on our website. With that, I'd like to turn the call over to Mike.

有關這些風險的更完整討論包含在提交給美國證券交易委員會 (SEC) 的文件中，您可以透過 SEC 網站 sec.gov 或我們的網站 expro.com 取得。請注意，本次電話會議中討論的任何非公認會計準則 (non-GAAP) 財務指標均已定義並根據我們 2025 年第二季度財報中最直接可比的公認會計準則 (GAAP) 財務指標進行調節，該財報也可在我們的網站上找到。說完這些，我想把電話轉給麥克。

Good morning, everyone.

大家早安。

I'm happy to welcome Sergio Maiworm, Expro's new Chief Financial Officer, to discuss our financial results today. Sergio has more than two decades of experience in financial roles in the energy industry, and brings a proven track record of driving financial performance and operational excellence. I look forward to working closely with Sergio as we continue to advance our strategic initiatives and build on our strong financial foundation.

我很高興歡迎 Expro 新任財務長 Sergio Maiworm 今天來討論我們的財務表現。Sergio 在能源行業擔任財務職務已有二十多年經驗，在推動財務業績和卓越營運方面擁有良好的業績記錄。我期待與塞爾吉奧密切合作，繼續推進我們的策略舉措並鞏固我們強大的財務基礎。

Now I'd like to start off by reviewing the second quarter 2025 financial results as summarized in today's earnings press release. I am proud to announce very strong quarterly results. This marks the third sequential record-setting quarterly EBITDA margin and robust free cash flow generation. I will then discuss the broader revolving macro environment, which we believe the underinvestment in traditional hydrocarbons in both the international and offshore markets supports a positive multiyear outlook for energy services companies like Expro, who have technology-enabled services supporting the long-cycle development projects. We will move on to our operational highlights for the second quarter, discuss our outlook, and then turn the call over to Sergio to share additional financial information. For a recap of consolidated results, and quarterly results by region, I'll direct you to slides 2 through 9 of the presentation that we posted to expro.com.

現在，我想先回顧一下今天的財報新聞稿中總結的 2025 年第二季財務表現。我很自豪地宣布非常強勁的季度業績。這是連續第三個季度創下紀錄的 EBITDA 利潤率和強勁的自由現金流產生。然後，我將討論更廣泛的宏觀環境，我們認為，國際和海上市場對傳統碳氫化合物的投資不足為 Expro 等能源服務公司帶來積極的多年前景，這些公司擁有支持長週期開發項目的技術支援服務。我們將繼續介紹第二季度的營運亮點，討論我們的前景，然後將電話轉給塞爾吉奧 (Sergio) 分享更多財務資訊。為了回顧合併結果以及按地區劃分的季度結果，我將引導您參閱我們發佈到 expro.com 的簡報的第 2 至第 9 張投影片。

On slide 2, Expro reported an excellent quarter, reporting increased revenue to $423 million. EBITDA growth to $94 million and expanded EBITDA margin, representing 22% of revenue. Expro also generated a robust $36 million in free cash flow on an adjusted basis, or 9% of revenue. This marks the third consecutive quarter of financial results above expectations. In fact, Expro has reported financial results above expectations in six of the last seven quarters, evidencing the Expro's continued focus on operational execution despite market headwinds.

在第 2 張投影片上，Expro 報告了一個出色的季度，營收增加至 4.23 億美元。EBITDA 成長至 9,400 萬美元，EBITDA 利潤率擴大，佔營收的 22%。Expro 還產生了 3,600 萬美元的調整後自由現金流，佔收入的 9%。這是連續第三個季度的財務業績超出預期。事實上，Expro 在過去七個季度中有六個季度的財務業績超出預期，證明儘管面臨市場逆風，Expro 仍繼續專注於營運執行。

Our second quarter financial results also represent a record-setting second quarter EBITDA margin. Our EBITDA margin ranks among the top in our peer group and is a continuation of a multiyear trend of margin improvement. Our results demonstrate we're on the right track to deliver the robust free cash flow generation to our shareholders and the success of the organic and inorganic investments that we have made to drive growth and expand margins. It's also the result of permanent structural cost savings through our Drive 25 initiatives, improved business activity mix and operational leverage. Additionally, we are capitalizing and continue to see meaningful benefits on our diverse geographic footprint, which is mainly focused on the international and offshore markets.

我們第二季的財務表現也代表了創紀錄的第二季 EBITDA 利潤率。我們的 EBITDA 利潤率在同業中名列前茅，並且延續了多年利潤率提高的趨勢。我們的結果表明，我們正朝著正確的方向前進，為股東創造強勁的自由現金流，並成功實施我們為推動成長和擴大利潤率而進行的有機和無機投資。這也是我們透過 Drive 25 計劃、改進的業務活動組合和營運槓桿實現永久性結構性成本節約的結果。此外，我們正在利用並繼續看到我們多樣化的地理覆蓋範圍帶來的顯著效益，主要集中在國際和離岸市場。

As discussed in other calls, Expro has very limited exposure in regions such as US land, Mexico and offshore Saudi. Markets that will continue to be soft in 2025. Commercial activity and tenders remain robust in our main markets with new order awards of $595 million in the second quarter, marking at the second highest quarter of new order intakes in our company's history. These awards were spread across key markets and product lines, highlighting the diversity of our portfolio, and setting a new benchmark for our core business performance.

正如在其他電話會議中所討論的，Expro 在美國陸地、墨西哥和沙烏地阿拉伯近海等地區的投資非常有限。2025 年市場將持續疲軟。我們主要市場的商業活動和招標依然強勁，第二季新訂單額達 5.95 億美元，創下公司史上新訂單量第二高的季度。這些獎項遍布主要市場和產品線，彰顯了我們產品組合的多樣性，並為我們的核心業務績效樹立了新的標竿。

Our results and success in the marketplace reflect the confidence our customers have in us and our focus on safety, service quality and delivering cost-effective technology-driven solutions across the [well] life cycle. To highlight the more significant awards, we had contract wins in [Guyana], covering well construction services with revenues in excess of $120 million, and two contracts in North Africa for gas compression services and Production Solutions, with revenues of approximately $100 million and $60 million, respectively. Our backlog has increased to approximately $2.3 billion at the end of the second quarter, remaining both healthy and in line with our expectations. All in all, this quarter presented a challenging market backdrop, yet we continue to deliver operationally and financially. From a continuous innovation point, we deployed three new industry-first technologies.

我們的業績和在市場上的成功反映了客戶對我們的信心，以及我們對安全、服務品質以及在整個[油井]生命週期內提供具有成本效益的技術驅動解決方案的關注。為了突出更重要的獎項，我們在[圭亞那]贏得了合同，涵蓋油井建設服務，收入超過 1.2 億美元，並在北非贏得了兩份天然氣壓縮服務和生產解決方案合同，收入分別約為 1 億美元和 6,000 萬美元。截至第二季末，我們的積壓訂單已增至約 23 億美元，保持健康水準並符合我們的預期。總而言之，本季的市場背景充滿挑戰，但我們在營運和財務方面仍繼續取得成果。從持續創新的角度，我們部署了三項業界首創的新技術。

Those innovations at industry first are a direct result of Expro understanding the challenges that our customers face, and their operations day in and day out, and finding new creative solutions to address those challenges. This is what we refer to as innovation with a purpose. That is how we continue to provide differentiated services to our customers, and that is why we continue to get repeat business from our customer base. With that, we continue to drive efficient and safe operations to our customers in every single one of our global operations.

這些產業首創的創新直接源自於 Expro 了解客戶所面臨的挑戰及其日復一日的運營，並找到新的創意解決方案來應對這些挑戰。這就是我們所說的有目的的創新。這就是我們繼續為客戶提供差異化服務的方式，也是我們繼續從客戶群中獲得回頭客的原因。以此，我們將繼續在全球每一個營運點為客戶提供高效率、安全的營運。

Turning to the market outlook, the second quarter of 2025, presented a dynamic operating environment marked by commodity price fluctuations, driven by ongoing trade negotiations, OPEC+ production increases and geopolitical conflicts. As a result, [Brent crude] traded within a $20 per barrel range over this period, peaking at $80 per barrel in June. As geopolitical tensions recede in certain areas, the market's focus has returned to fundamentals particularly on supply dynamics and seasonal demand. OPEC+ has accelerated the phaseout of production cuts and a strategy pivot from output constraint to regain market share. Although ongoing increases in production may exert downward pressure on commodity prices, the elimination of OPEC+ voluntary cuts provides more clarity and is anticipated to support longer-term market stability.

展望市場前景，2025 年第二季度，受正在進行的貿易談判、OPEC+產量增加和地緣政治衝突的推動，大宗商品價格波動，呈現出動態的經營環境。結果，[布蘭特原油] 交易價格在此期間在每桶 20 美元的範圍內波動，並在 6 月達到每桶 80 美元的峰值。隨著某些地區的地緣政治緊張局勢消退，市場焦點已回歸基本面，特別是供應動態和季節性需求。OPEC+已加速逐步取消減產，並採取擺脫產量限制的策略重心，以重新奪回市場佔有率。儘管產量持續增加可能會對大宗商品價格造成下行壓力，但 OPEC+ 取消自願減產將帶來更大的清晰度，預計將支持長期市場穩定。

Barring any significant shifts in the current commodity price range, the industry is expected to demonstrate continued resilience. Though the market has experienced challenges in the recent quarters, the oil and gas industry demonstrated fortitude and set operational expectations with limited impact on upstream spending in our key geomarkets year-to-date, which highlights the positive within the cycle for Expro. Despite current customer caution, new project approvals are expected to return to growth in 2026 with offshore approvals accounting for 80% of all 2025 and 2026 sanctioning. This provides plenty of opportunity for growth in Expro's well construction, well flow management and subsea product lines. With subdued greenfield activity and the current volatility operators are focusing on optimizing production from existing assets to generate revenue, driving sustained OpEx spending and subsequent brownfield activity.

除非當前大宗商品價格出現重大變化，否則該行業預計將表現出持續的韌性。儘管最近幾季市場經歷了挑戰，但石油和天然氣行業表現出了堅韌不拔的精神，並設定了營運預期，對我們今年迄今為止主要地理市場的上游支出的影響有限，這凸顯了 Expro 在周期內的積極性。儘管目前客戶持謹慎態度，但預計 2026 年新專案審批將恢復成長，其中海上審批將佔 2025 年和 2026 年所有審批的 80%。這為 Expro 的油井建設、油井流量管理和海底產品線的發展提供了充足的機會。由於綠地活動低迷和當前的波動性，營運商正專注於優化現有資產的生產以創造收入，推動持續的營運支出和隨後的棕地活動。

The strategic focus aligns with Expro strengths, and well intervention production optimization and digital services. Overall, in the current market environment, we will continue to focus on maintaining cost and capital discipline and otherwise controlling what we can control. With disciplined execution, a strong international and offshore presence and a focus on operational efficiency, Expro remains well positioned to navigate the current market. We expect our differentiated service lines and resilient business model will allow us to continue to expand margins year over year. Stabilizing commodity prices at current levels, steady demand growth and continued project sanctioning will drive demand for Expro services and solutions.

該策略重點與 Expro 的優勢以及井下作業生產優化和數位服務一致。總體而言，在當前的市場環境下，我們將繼續專注於維持成本和資本紀律，並控制我們能夠控制的範圍。憑藉嚴謹的執行力、強大的國際和離岸影響力以及對營運效率的關注，Expro 仍然能夠很好地駕馭當前市場。我們預計，我們差異化的服務線和有彈性的商業模式將使我們的利潤率逐年擴大。商品價格穩定在當前水準、需求穩定成長以及專案持續批准將推動對 Expro 服務和解決方案的需求。

We maintained a positive multiyear perspective on the overall opportunity set and Expro's relative market position. Moving to our operational performance for the quarter. Safety and innovation with the purpose are both central to who we are as a company. Just as safety is embedded in everything we do, so too is our drive to innovate with purpose. In the second quarter, we achieved industry first through the deployment of our innovative technologies each designed to reduce the operational risk and increase efficiencies for our customers with artificial intelligence, machine learning, automation and digitalization playing key roles.

我們對整體機會和 Expro 的相對市場地位保持了多年的積極看法。轉向本季的營運業績。安全和有目的的創新都是我們公司的核心。正如安全融入我們所做的每一件事一樣，我們有目的地進行創新的動力也同樣如此。在第二季度，我們透過部署創新技術實現了行業第一，這些技術旨在降低營運風險並提高客戶效率，其中人工智慧、機器學習、自動化和數位化發揮關鍵作用。

First, we introduced the (inaudible) Armor Packer, our most advanced high-pressure, high [tensile packer] system. It's built for the extreme conditions of deepwater wells with a leading differential rating and retrievability that ensures sealing integrity in harsh environments. This allows operators to work more efficiently, and with more confidence in the extreme conditions of deepwater wells. We expect customers to rapidly deploy this technology as two super majors have already successfully deployed the system in the Gulf of America. Second, we completed the first full deployment of Expro's Remote Plant Insulation System, or RCIS.

首先，我們推出了（聽不清楚）Armor Packer，這是我們最先進的高壓、高[抗拉封隔器]系統。它專為深水井的極端條件而設計，具有領先的差速額定值和可回收性，可確保惡劣環境下的密封完整性。這使得操作員能夠更有效率地工作，並且在深水井的極端條件下更有信心。我們預計客戶能夠迅速部署這項技術，因為兩家超級巨頭已經在美國灣成功部署了該系統。其次，我們完成了 Expro 遠端工廠絕緣系統 (RCIS) 的首次全面部署。

This technology was developed with and partially sponsored by a super major, with a focus to provide a unique industry solution that fully automates the installation of control line [clamps] on the tubing during the completions operations. It eliminates manual steps, speeds up the process, and most importantly, removes people from the red zone. The RCIS technology was deployed in the North Sea where Expro successfully ran a fully hands-free upper completion, and reduced each clamp insulation time by approximately 2 minutes, or 50% per [clamp]. Based on the success of the operation, the customer has awarded additional work scopes for future deployments of the technology. And finally, we delivered the world's first fully remote [5 plug] cementing operation using Expro's Generation X, remote plug launcher and [Skyhook], Cement line makeup device.

該技術由超級巨頭開發並部分贊助，重點是提供獨特的行業解決方案，在完井作業期間完全自動化油管上控制線[夾具]的安裝。它消除了手動步驟，加快了流程，最重要的是，將人們從紅色區域移除。RCIS 技術已在北海部署，Expro 成功完成了完全免手動上部完井，並將每個夾具的絕緣時間縮短了約 2 分鐘，即每[夾鉗]。基於此次操作的成功，客戶已授予未來部署該技術的額外工作範圍。最後，我們使用 Expro 的 Generation X、遠程塞子發射器和 [Skyhook]、水泥線上膠裝置完成了世界上第一個完全遠程 [5 塞子] 固井作業。

It's designed for safety, control and field adaptability, removing the need for anyone to enter the red zone, while giving operators more operational control. The deployment marks a major step forward in the company's expansion of cementing services in the Middle East offshore and reflects the progress of the strategic initiatives for the region. These are not just technical wins. They are real-world examples of how we bring innovation, efficiency and safety together to move the industry forward. Further, these technologies give Expro competitive advantages, and highly specialized service offerings and create future revenue opportunities by enabling scalable technology applications with improved margins.

它專為安全性、控制性和現場適應性而設計，無需任何人進入紅色區域，同時為操作員提供更多的操作控制。此次部署標誌著該公司在中東地區海上固井服務拓展方面邁出了重要一步，反映了該地區戰略舉措的進展。這些不僅僅是技術上的勝利。它們是我們如何將創新、效率和安全結合在一起以推動行業進步的真實例子。此外，這些技術為 Expro 帶來了競爭優勢和高度專業化的服務，並透過實現可擴展的技術應用和更高的利潤率創造了未來的收入機會。

We are also demonstrating that innovation can be both effective and efficient, and that focus is evident in our regional activity this quarter. Beginning with the North and Latin America region, as we anticipated in the first quarter, activity in Brazil and [Guyana] has remained stable due to the development plans stemming from high volumes of FIDs in recent years. We capitalize on this improving environment as we secured a 5-year multi-rig contract with revenue in excess of $120 million to provide completion and tubular running services in Guyana. We similarly continue to drive activity in Brazil, securing contracts with revenue of more than $50 million across production optimization and well decommissioning-related activities, highlighting the breadth of capability across the life cycle of the well. As referenced in our July 14 press release, Expro secured a significant three-year contract award with [Woodside Energy] to support the (inaudible) deepwater, oil and gas development in offshore Mexico.

我們也證明，創新既有效又高效，這一重點在本季的區域活動中得到了體現。從北美和拉丁美洲地區開始，正如我們在第一季所預測的那樣，由於近年來大量 FID 帶來的發展計劃，巴西和[圭亞那]的活動保持穩定。我們利用這一不斷改善的環境，獲得了一份為期 5 年、收入超過 1.2 億美元的多鑽機合同，為圭亞那提供完井和管道運行服務。我們同樣繼續推動在巴西的活動，在生產優化和油井退役相關活動中獲得超過 5000 萬美元收入的合同，凸顯了油井整個生命週期的能力廣度。正如我們在 7 月 14 日的新聞稿中提到的，Expro 與 [Woodside Energy] 簽訂了一份重要的三年合同，以支持墨西哥近海的（聽不清）深水、石油和天然氣開發。

This project marks Mexico's first deepwater field development and underscores our long-standing partnership with Woodside, and the trust they have placed in Expro. We will provide TRS and cementing services, with a focus to optimize well performance, drive cost efficiencies and enhance operational reliability throughout the project life cycle. Moving to Europe and Sub-Saharan Africa. We successfully completed a multi-well campaign for a major operator in Angola, conducting 11 cleanup and 12 well intervention operations, of over approximately 5,000 man hours, with a 98% job performance rating. In the UK and North Sea, our 30-year partnership with a major operator remains strong as we recently secured a 3-year contract extension with revenue of approximately $30 million for well intervention, well services and well testing operations. This is a testament to our exceptional service delivery and strong client relationships. In North Africa, we have further expanded our production optimization business. We secured a significant seven-year, approximately $100 million contract, to deliver a gas compression system on low-pressure gas wells in order to maintain throughput at the processing facility. Additionally, as a result of the high service quality delivered to the customer, the team has secured a six-month contract extension with revenue of approximately $60 million for early production facilities and gas compression services.

該項目標誌著墨西哥首次深水油田開發，凸顯了我們與伍德賽德的長期合作夥伴關係以及他們對 Expro 的信任。我們將提供 TRS 和固井服務，重點是優化井性能、提高成本效率並增強整個專案生命週期的營運可靠性。移居歐洲和撒哈拉以南非洲。我們成功為安哥拉一家主要營運商完成了多井作業，進行了 11 次清理和 12 次井下作業，耗時超過約 5,000 個工時，工作績效評級為 98%。在英國和北海，我們與一家主要運營商保持了 30 年的合作關係，並且仍然保持強勁，因為我們最近獲得了一份為期 3 年的續約合同，其油井幹預、油井服務和油井測試作業的收入約為 3000 萬美元。這證明了我們卓越的服務和強大的客戶關係。在北非，我們進一步擴大了生產優化業務。我們獲得了一份為期七年、價值約 1 億美元的重大合同，為低壓氣井提供氣體壓縮系統，以維持加工廠的產量。此外，由於向客戶提供了高品質的服務，該團隊已獲得為期六個月的續約合同，早期生產設施和氣體壓縮服務的收入約為 6000 萬美元。

Shifting focus to Asia-Pacific, particularly Indonesia, we won four contracts from a single customer with revenue totaling approximately $15 million. This covers well intervention and integrity services, which plays a critical role in brownfield production optimization by enhancing reservoir access, restoring well integrity and maximizing hydrocarbon recovery. These new awards demonstrate the ongoing strategic focus on production optimization in these mature basins. And finally, in Australia, within TRS, Expro performed the first rigless conductor driving operation on a customer's platform in over a decade, underscoring our commitment to reintroducing and delivering solutions to the region. The team successfully completed a 6-slot conductor installation safely and ahead of schedule.

將重點轉向亞太地區，特別是印度尼西亞，我們從一位客戶那裡贏得了四份合同，總收入約為 1500 萬美元。這包括井幹預和完整性服務，透過增強油藏進入、恢復井完整性和最大限度地提高油氣採收率，在棕地生產優化中發揮關鍵作用。這些新獎項顯示了對這些成熟盆地的生產優化持續的戰略重點。最後，在澳洲的 TRS 系統內，Expro 在客戶平台上進行了十多年來首次無鑽機導線驅動操作，強調了我們致力於重新引入並為該地區提供解決方案的承諾。該團隊成功、安全且提前完成了 6 槽導線的安裝。

Before we move to our financial performance, I'll comment on the guidance for the full year 2025 that was included in our press release. The macro environment has created challenges for the entire industry, and we also see that several pockets in the market are softening, and will remain challenging for the next 12 to 18 months. We are still assessing what that means to Expro in 2026, however, we firmly believe the international and offshore segments of the market will generally perform better than other segments. Those are markets with longer duration development plans and primarily dominated by the super majors, large IOCs and the NOCs. Those customers tend to be less susceptible to short-term market volatility and tend to focus more on the longer-term fundamentals of their business.

在我們討論財務表現之前，我想先對新聞稿中包含的 2025 年全年指引進行評論。宏觀環境為整個產業帶來了挑戰，我們也看到市場中的一些領域正在走軟，並且在未來 12 到 18 個月內仍將面臨挑戰。我們仍在評估這對 2026 年的 Expro 意味著什麼，但我們堅信，國際和離岸市場部分的表現通常會優於其他部分。這些市場擁有較長的開發計劃，主要由超級石油公司、大型國際石油公司和國家石油公司主導。這些客戶往往不太容易受到短期市場波動的影響，而更注重其業務的長期基本面。

If we combine our presence weighted to the international and offshore markets, with our strong relationships with customers, leading market positions and key services, we still see relative stability and a relatively constructive outlook for the business. In the near term, for 2025, we are reaffirming our full year outlook. And as stated during the Q1 earnings call, we continue to expect at least mid-single-digit revenue growth in the second half of 2025, compared to the first half of the year. This is supported by our line of sight and the customer scheduled activities, and delivery of products and services for the next two quarters. More specifically, we are not relying on binary outcomes of large individual projects to meet our guidance.

如果我們將我們在國際和離岸市場的影響力、與客戶的牢固關係、領先的市場地位和關鍵服務結合起來，我們仍然會看到業務相對穩定且前景相對樂觀。就短期而言，即 2025 年，我們重申全年展望。如同在第一季財報電話會議所述，與上半年相比，我們仍預期 2025 年下半年的營收至少會達到中等個位數成長。這得到了我們的視線和客戶計劃活動以及未來兩個季度的產品和服務交付的支持。更具體地說，我們並不依賴大型單一專案的二元結果來滿足我們的指導。

Our anticipated annual revenue is circa $1.7 billion and EBITDA of at least $350 million. We continue to anticipate our free cash flow on an adjusted basis to be approximately 7% of revenue for the full year 2025. Despite the definitional change we announced this morning in the earnings release. Sergio will go into more detail on that shortly. Consistent with historical trends, we expect the free cash flow generation to be more weighted to the second half of the year.

我們預計年收入約 17 億美元，EBITDA 至少為 3.5 億美元。我們繼續預計，2025 年全年調整後的自由現金流將佔營收的約 7%。儘管我們今天早上在收益報告中宣布了定義上的變化。塞爾吉奧很快就會對此進行更詳細的介紹。與歷史趨勢一致，我們預計自由現金流的產生將更集中在下半年。

Overall, we have seen customers prioritize key projects and it is expected that our customers' upstream investments will be largely unaffected by short-term commodity price movements through 2025, and several of our geo markets are proving to be more resilient in the current market's perception.

總體而言，我們看到客戶優先考慮關鍵項目，預計到 2025 年，我們的客戶上游投資將基本上不會受到短期大宗商品價格變動的影響，而且我們的幾個地緣市場在當前市場認知中表現出更強的彈性。

In our NLA region, activity should be stable in Brazil and Guyana as a result of a continuation of existing development plans. In the Gulf of America, we anticipate steady to slightly increasing activity in the second half of 2025. Similarly, we see growth from LatAm countries such as Brazil and Colombia. Overall, for the second half of the year, we anticipate NLA revenue to demonstrate growth over the first half of the year.

在我們的 NLA 地區，由於現有開發計畫的延續，巴西和圭亞那的活動應該保持穩定。我們預計 2025 年下半年美國灣的活動將穩定或略有增加。同樣，我們也看到巴西和哥倫比亞等拉丁美洲國家的成長。總體而言，我們預計下半年 NLA 收入將比上半年有所成長。

In ESSA, the outlook is constructive for the North Sea and parts of Europe, with a stable outlook on revenue and improving margins based on activity mix in the region for the remainder of the year. In the Middle East and North Africa, we are anticipating stability between Saudi Arabia and Algeria, two of our largest markets in the region. And as a reminder, in Saudi, our business is levered to onshore and unconventional gas, more so than offshore oil. In Algeria, our business is levered to production optimization activity, which provides more predictability. In Asia Pacific, the remainder of 2025, we are expecting an increase in activity for Southeast Asia, specifically in Indonesia, [Bruni] and Thailand related to well construction and well intervention services.

在 ESSA，北海和歐洲部分地區的前景看好，今年剩餘時間內該地區的收入前景穩定，利潤率將根據活動組合而提高。在中東和北非，我們預計沙烏地阿拉伯和阿爾及利亞這兩個該地區最大的市場之間將保持穩定。需要提醒的是，在沙特，我們的業務更依賴陸上和非常規天然氣，而不是海上石油。在阿爾及利亞，我們的業務利用生產優化活動，從而提供更高的可預測性。在亞太地區，即 2025 年剩餘時間，我們預計東南亞，特別是印尼、[Bruni] 和泰國的油井建設和油井幹預服務相關活動將會增加。

Additionally, in Australia, we see incremental activity in subsea well access related to project timing and the onshore Coretrax expandables business. For these reasons, we believe the region will see revenue growth with improved margins in the second half of 2025, compared to the first half of the year. With that, I'll turn the call to Sergio to review our financial results in detail.

此外，在澳大利亞，我們看到與專案時間表和陸上 Coretrax 可擴展業務相關的海底油井通道活動有所增加。基於這些原因，我們相信，與上半年相比，該地區 2025 年下半年的收入將成長，利潤率也將提高。說完這些，我將把電話轉給塞爾吉奧，讓他詳細審查我們的財務結果。

Thank you, Mike, and good morning to everyone on the call.

謝謝你，麥克，電話裡的各位早安。

First of all, it's a great pleasure to be here. I'm very excited to have joined Expro and I wanted to take a brief moment to thank every Expro team member for the warm welcome that I've received from all parts of the organization, and from every region and product line. Tomorrow marks my first 30 days with Expro and I wanted to share some initial observations. As Mike noted, we reported very strong financial results in the second quarter.

首先，我很高興來到這裡。我很高興加入 Expro，我想花一點時間感謝每一位 Expro 團隊成員，感謝他們給予我來自公司各個部門、各個地區和各個產品線的熱烈歡迎。明天是我在 Expro 工作的第 30 天，我想分享一些初步觀察。正如麥克所說，我們報告了第二季非常強勁的財務表現。

And this wasn't an isolated occurrence. The team has been consistently delivering results above expectations. That is due to the talent and dedication of our almost 9,000 coworkers in all parts of the globe. And that is my first observation, the quality and passion of the team to solve our customers' most complex challenges.

這並不是一個孤立事件。該團隊一直保持著超乎預期的成果。這是因為我們遍布全球的近 9,000 名同事的才華和奉獻精神。這是我的第一印象，團隊的品質和熱情在於解決客戶最複雜的挑戰。

My second observation is the depth of our conversations with our customers. That understanding of our customers' needs, and our passion to provide solutions that lead to our innovation with a purpose DNA. And that innovation mindset materializes in every way possible. From the new AI-driven tool, to utilizing day-to-day creativity to improve our own processes. These are my own initial observations, but they were somewhat confirmed by many of my former peers and colleagues and upstream companies that reached out to me to (inaudible) Expo and the team. Now moving on to the quarterly results.

我的第二個觀察是我們與客戶對話的深度。我們對客戶需求的理解以及我們提供解決方案的熱情，推動了我們具有目的 DNA 的創新。這種創新思維以各種可能的方式實現。從新的人工智慧驅動工具，到利用日常創造力來改善我們自己的流程。這些是我自己最初的觀察，但我的許多前同事和上游公司都證實了這些觀察，他們向我（聽不清楚）Expo 和團隊進行了聯繫。現在來看看季度業績。

We reported revenue of $423 million for the second quarter, as compared to guidance range of $400 million to $410 million. Revenue was up $32 million, or about 8%, relative to the first quarter of 2025, reflecting a seasonal recovery in the Northern Hemisphere and increased activity globally, more specifically in ESSA. EBITDA for the second quarter was $94 million, where guidance was between $80 million and $90 million. This quarter's EBITDA represents a sequential increase of approximately $18 million, or 24%, relative to the first quarter. EBITDA margin for the second quarter was 22%, and was up about 200 basis points quarter-over-quarter.

我們報告第二季的營收為 4.23 億美元，而預期範圍為 4 億至 4.1 億美元。與 2025 年第一季相比，收入增加了 3,200 萬美元，增幅約為 8%，這反映了北半球的季節性復甦以及全球（更具體地說是 ESSA）活動的增加。第二季的 EBITDA 為 9,400 萬美元，而預期為 8,000 萬至 9,000 萬美元之間。本季的 EBITDA 與第一季相比較上季增加約 1,800 萬美元，增幅為 24%。第二季EBITDA利潤率為22%，季增約200個基點。

Similarly, as compared to Q2 of last year, EBITDA margin increased about 200 basis points as well. As Mike noted, Q2 2025 was the best EBITDA margin quarterly results in the company's history, and builds on Expro's established track record of margin expansion. We also generated over $36 million of free cash flow on an adjusted basis in the second quarter and repurchased $5 million in shares in the open market. We're extremely proud of the cash flow performance of the company for the quarter, and we will remain focused on improving the capital efficiency of the business. To expand on this morning's earnings release, I'd like to take a moment to discuss free cash flow and share buybacks.

同樣，與去年第二季相比，EBITDA 利潤率也增加了約 200 個基點。正如麥克所指出的，2025 年第二季度是該公司歷史上最好的 EBITDA 利潤率季度業績，並以 Expro 既定的利潤率擴張記錄為基礎。我們還在第二季產生了超過 3,600 萬美元的調整後自由現金流，並在公開市場上回購了價值 500 萬美元的股票。我們對公司本季的現金流表現感到非常自豪，我們將繼續致力於提高業務的資本效率。為了擴大今天早上的收益報告，我想花點時間討論自由現金流和股票回購。

Generating significant free cash flow and growing our free cash flow is of the utmost importance to us. Therefore, we have taken another look at our own free cash flow definition, and decided to make it more aligned with industry peers. Beginning in the current period, or second quarter of 2025, and going forward, free cash flow will be our reported CFFO minus CapEx, both numbers straight from our statement of cash flows. We also intend to further adjust it for truly onetime items, either positive or negative, to come up with an adjusted free cash flow that is more reflective of the steady state business performance, and therefore, better aligned with corporate finance principles. Those adjustments will also be very transparent and sourced straight from the income statement on a quarterly and year-to-date basis.

產生大量自由現金流並增加我們的自由現金流對我們來說至關重要。因此，我們重新審視了我們自己的自由現金流定義，並決定使其與行業同行更加一致。從目前期間或 2025 年第二季開始，自由現金流量將等於我們報告的 CFFO 減去資本支出，這兩個數字都直接來自我們的現金流量表。我們也打算進一步調整真正的一次性項目，無論是正數還是負數，以得出更能反映穩定狀態業務績效的調整後自由現金流，以便更好地符合企業財務原則。這些調整也將非常透明，並直接來自季度和年初至今的損益表。

We intend to report both free cash flow and adjusted free cash flow with their respective reconciliations. With that said, we will mainly refer to the adjusted number as we believe it better represents the operational performance of the company.

我們打算報告自由現金流和調整後的自由現金流及其各自的對帳。話雖如此，我們將主要參考調整後的數字，因為我們認為它更好地代表了公司的營運表現。

On share buybacks, we remain committed to repurchasing the same third of free cash flow, or circa $40 million, as previously guided. The previous guidance was framed in the form of percentages. But given the changes in the definition of free cash flow, we concluded that it will be clear to guide the dollar amount, but nothing has changed in that regard.

在股票回購方面，我們仍致力於回購三分之一的自由現金流，約 4,000 萬美元，正如先前所指導的。之前的指導是以百分比的形式製定的。但考慮到自由現金流定義的變化，我們得出結論，指導美元金額將會很明確，但在這方面沒有任何改變。

Year-to-date, Expro has repurchased $15 million in stock, with $5 million of that in the second quarter. We still have approximately $61 million available under our current $100 million authorization and expect to catch up on our annual repurchases in the second half of the year. As Mike mentioned before, we are reaffirming our annual financial guidance with revenues of circa $1.7 billion and EBITDA of at least $350 million. Our general expectation of the revenue progression is that third quarter will be flattish relative to the second quarter with expected revenue growth in the fourth quarter. We expect free cash flow as adjusted to be plus or minus $110 million for the full year.

今年迄今為止，Expro 已回購了價值 1,500 萬美元的股票，其中第二季回購了 500 萬美元。根據我們目前的 1 億美元授權，我們仍有大約 6,100 萬美元可用，並預計在今年下半年趕上我們的年度回購。正如 Mike 之前提到的，我們重申年度財務指導，收入約為 17 億美元，EBITDA 至少為 3.5 億美元。我們對營收成長的總體預期是，第三季的營收將與第二季持平，預計第四季的營收將成長。我們預計全年調整後的自由現金流將為正負 1.1 億美元。

We acknowledge there's an element of market uncertainty, but based on the team's ongoing dialogue with customers we expect the demand for Expro services to continue as guided, with line of sight on projects in 2025, particularly in international and offshore markets. In other words, our guidance numbers represent our best view of the business performance today, but to be sure the numbers have both downside risks and upside opportunities. As it relates to the second half of the year, we expect our results to reflect a moderate increase in activity across NLA and APAC, while the MENA and ESSA regions are expected to be relatively stable. As we've highlighted, we continue to optimize costs and streamline processes through our Drive 25 operating efficiency campaign. With that, if operators plans change, we expect to adjust cost and CapEx accordingly to preserve our ability to generate and maximize free cash flow, and maintain our commitments to share buybacks.

我們承認市場存在一些不確定因素，但根據團隊與客戶的持續對話，我們預計對 Expro 服務的需求將按照預期持續增長，並將目光投向 2025 年的項目，特別是在國際和離岸市場。換句話說，我們的指導數字代表了我們對目前業務表現的最佳看法，但可以肯定的是，這些數字既有下行風險，也有上行機會。就下半年而言，我們預計我們的業績將反映出 NLA 和 APAC 地區的活動適度成長，而 MENA 和 ESSA 地區預計將相對穩定。正如我們所強調的，我們將繼續透過 Drive 25 營運效率活動來優化成本並簡化流程。因此，如果營運商的計劃發生變化，我們預計會相應地調整成本和資本支出，以保持我們產生和最大化自由現金流的能力，並維持我們對股票回購的承諾。

My general philosophy around guidance is that no one benefits from aggressive targets. It often leads to future disappointments. But I'm not a [sandbagger] either. Neither one of those two extremes create credibility in my opinion. My belief is that credibility is built around having a honest view of the business, the associated downsides and upsides, and ultimately working tirelessly to execute on the operational front to meet or exceed those expectations, and do that consistently.

我的指導整體理念是，激進的目標不會為任何人帶來好處。這常常會導致未來的失望。但我也不是[沙袋手]。在我看來，這兩個極端都沒有可信度。我認為信譽的建立在於對業務、相關的缺點和優點有一個誠實的看法，並最終在運營方面不懈努力地執行以滿足或超越這些期望，並始終如一地做到這一點。

I believe our guidance this year reflects our philosophy. Turning to our regional results. For North and Latin America, or NLA, second quarter revenue was $143 million, or up $8 million quarter-over-quarter, reflecting higher activity in well construction, while well flow management activity was down in Mexico and Brazil. Note that revenue generated from US land and Mexico markets was about 4%, and 2% of consolidated 2024 annual revenue respectively, and continues to be a very small part of the global Expro business.

我相信我們今年的指導反映了我們的理念。轉向我們的區域結果。北美和拉丁美洲（NLA）第二季營收為 1.43 億美元，比上一季增加 800 萬美元，反映出油井建設活動的增加，而墨西哥和巴西的油井流量管理活動減少。請注意，來自美國土地和墨西哥市場的收入分別約佔 2024 年合併年收入的 4% 和 2%，並且仍然只佔 Expro 全球業務的一小部分。

For Europe and Sub-Saharan Africa, or ESSA, second quarter revenue increased $20 million to $132 million sequentially, primarily driven by activity in the North Sea from well flow management and subsea well access. An activity in Angola from wealth management and well construction product lines. Segment EBITDA margin of 30% was up 400 basis points sequentially, reflecting higher activity and a favorable product mix. The Middle East and North Africa, or MENA, delivered another solid quarter, but slightly lower as compared to Q1 with revenue at $91 million, driven by lower well construction revenue in Saudi Arabia and the UAE, partially offset by well flow management revenue in North Africa. MENA segment EBITDA margin was 36% of revenues, a decrease of 70 basis points from the prior quarter, reflecting the lower well construction activity.

對於歐洲和撒哈拉以南非洲地區（ESSA），第二季營收季增 2,000 萬美元，達到 1.32 億美元，主要受到北海井流管理和海底井接入活動的推動。安哥拉的財富管理和井建設產品線活動。分部 EBITDA 利潤率為 30%，比上一季上升 400 個基點，反映出更高的業務活動和更有利的產品組合。中東和北非地區（MENA）本季業績再創佳績，但與第一季相比略有下降，收入為 9,100 萬美元，原因是沙烏地阿拉伯和阿聯酋的油井建設收入下降，但北非的油井流量管理收入部分抵消了這一影響。中東和北非地區 EBITDA 利潤率為營收的 36%，較上一季下降 70 個基點，反映出油井建設活動減少。

Finally, in Asia Pacific, or APAC, second quarter revenue was $57 million, an increase of $6 million relative to the first quarter, primarily reflecting the higher well flow management activity in Malaysia, Indonesia and (inaudible). Asia-Pacific segment's EBITDA margin was 26% of revenues, increased about 500 basis points from the prior quarter, reflecting increased activity and mix. To provide an update on the Drive 25 initiative, Expro is well into the implementation phase of this cost optimization program. On the first quarter earnings conference call, Expro announced an updated target of $30 million in run rate cost savings. We continue to anticipate capturing at least 50% of that run rate target during the current year.

最後，在亞太地區，第二季營收為 5,700 萬美元，較第一季增加 600 萬美元，主要反映了馬來西亞、印尼和（聽不清楚）。亞太地區部門的 EBITDA 利潤率為營收的 26%，較上一季增加約 500 個基點，反映出業務活動和產品組合的增加。為了提供 Drive 25 計畫的最新進展，Expro 已進入此成本優化計畫的實施階段。在第一季財報電話會議上，Expro 宣布了最新的 3,000 萬美元運行成本節約目標。我們繼續預計今年的運行率目標將至少達到 50%。

Turning to liquidity. Expro has a total available liquidity at the end of Q2 of approximately $343 million, with available cash and cash equivalents of approximately $207 million, and availability under our revolving credit facility of approximately $136 million. Subsequent to the June 30 quarter end, Expro entered into an amended credit facility to, among other things, extend the maturity and increase the bank commitments. The new facility has a 4-year maturity and matures in July of 2029. Additionally, it increases the total [RCF] commitments from $340 million to $400 million.

轉向流動性。Expro 在第二季末的總可用流動資金約為 3.43 億美元，可用現金和現金等價物約為 2.07 億美元，循環信貸額度下的可用資金約為 1.36 億美元。6 月 30 日季度結束後，Expro 達成了一項修改後的信貸安排，其中包括延長期限和增加銀行承諾。新貸款期限為 4 年，將於 2029 年 7 月到期。此外，它還將 [RCF] 總承諾額從 3.4 億美元增加到 4 億美元。

Concurrently, we entered into a $100 million 364-day bridge facility. In aggregate, these facilities provide up to $500 million in available liquidity, further strengthening our balance sheet and providing plenty of flexibility to execute on future M&A opportunities, while continuing to return capital to shareholders. With that, I'll turn the call back to Mike for a few closing comments.

同時，我們也簽訂了一項為期 364 天、價值 1 億美元的過渡性貸款協議。總體而言，這些工具可提供高達 5 億美元的可用流動資金，進一步增強我們的資產負債表，並為執行未來的併購機會提供充足的靈活性，同時繼續向股東返還資本。說完這些，我將把電話轉回給麥克，讓他做幾點結束語。

Thank you, Sergio. We believe Expro is well positioned with our market-leading core product lines and good exposure to international and offshore markets that will support the ongoing activity, not only for the remainder of 2025, but for a multiyear growth cycle, expected to start in the back half of 2026. We will continue to focus on free cash flow generation by continuing to expand our EBITDA margins, and looking for ways of reducing the capital intensity of our business. We work hard every day to continue to earn our customers' trust, create value for our shareholders and deliver solid financial results every quarter. Despite the uncertain market backdrop, we continue to focus on what we can control while being ready for every scenario.

謝謝你，塞爾吉奧。我們相信，憑藉市場領先的核心產品線以及在國際和離岸市場的良好影響力，Expro 處於有利地位，這將支持公司持續開展業務，不僅在 2025 年剩餘時間內，而且在預計將於 2026 年下半年開始的多年增長週期內。我們將繼續專注於自由現金流的產生，繼續擴大我們的 EBITDA 利潤率，並尋找降低業務資本密集度的方法。我們每天都努力工作，以繼續贏得客戶的信任，為股東創造價值，並每季提供穩健的財務表現。儘管市場背景不確定，我們仍會繼續專注於我們能夠控制的事情，同時為各種情況做好準備。

That being said, we remain confident that our main international and offshore markets will perform better than other sectors. With our strong balance sheet and liquidity positions, Expro is equipped to manage anticipated market fluctuations and deliver sustained free cash flow and value to its stakeholders. With that, we can open up the call for questions.

話雖如此，我們仍然相信，我們的主要國際和離岸市場的表現將優於其他行業。憑藉強大的資產負債表和流動性狀況，Expro 能夠管理預期的市場波動並為其利害關係人提供持續的自由現金流和價值。這樣，我們就可以開始提問了。

(Operator Instructions) David Smith, Pickering Energy Partners.

（操作員指示）Pickering Energy Partners 的 David Smith。

Congratulations on a very strong quarter. I wanted to say also just really impressive Q2 orders. I wanted to ask if that was mostly timing, just large multiyear projects coincidentally booking in the quarter are good commercial discussions suggest 2025 orders that could be up 20% or more versus '24?

恭喜本季業績表現強勁。我還想說第二季的訂單確實令人印象深刻。我想問一下這是否主要是時間問題，只是大型多年期項目恰好在本季度預訂，良好的商業討論表明 2025 年的訂單量可能比 24 年增長 20％或更多？

Yes. I mean, David, it really -- it's really kind of all of the above. I mean, a number of those were contract awards we had in places like [Guyana] or in North Africa, that were more contract renewals, contract extensions, those type of things. It really was just kind of the timing of it. We continue to see a robust level of bidding and tendering activity.

是的。我的意思是，大衛，這真的——這真的就是上述所有情況。我的意思是，其中很多是我們在圭亞那或北非等地授予的合同，更多的是合同續約、合同延長之類的事情。這確實只是一種時機問題。我們繼續看到強勁的招標和投標活動。

And that just kind of translated into a strong quarter of order intakes.

這就轉化為本季訂單量的強勁成長。

Great.

偉大的。

I appreciate that. And I know it's early to talk about 2026, but conceptually -- and just following on from Sergio's prepared remarks. If activity growth were to flatten first all, can you talk about opportunities you're seeing maybe for improved free cash flow conversion compared to historical the last few years? Maybe if there's flexibility for the CapEx spend? Potential thoughts on working capital improvement? Maybe fewer margin integration and severance charges?

我很感激。我知道現在談論 2026 年還為時過早，但從概念上講——只是延續塞爾吉奧準備好的演講。如果活動成長首先趨於平緩，您能否談談與過去幾年的歷史相比，您認為可能改善自由現金流轉換的機會？如果資本支出具有彈性的話會怎麼樣？關於改善營運資金的潛在想法？也許利潤整合和遣散費會更少？

Yes.

是的。

No, I mean, it's a really good question. It's -- I guess, how I would kind of decouple that is, number one, I think we've continued to demonstrate, as we've been saying all year, even if 2025 is in a flattish kind of year-on-year top line, we're still going to expand margins here in 2025. That's a combination of our own internal engineering efforts. We've launched a number of new technologies that we're starting to get good market penetration.

不，我的意思是，這是一個非常好的問題。我想，我會如何將其脫鉤，首先，我認為我們已經繼續證明，正如我們全年所說的那樣，即使 2025 年的營收同比持平，我們仍將在 2025 年擴大利潤率。這是我們內部工程努力的結合。我們推出了多項新技術，並開始獲得良好的市場滲透。

We've continued to realize the synergies both from a cost standpoint as well as from the revenue standpoint of some of the recent acquisitions we've made. And then fundamentally, we kicked off a cost efficiency exercise last summer, in the summer of 2024, that is -- really was timely. I wish I could say that we anticipated we were going to see things like Liberation Day in April of this year and those type of things, but obviously, we didn't. But it really was kind of our focus on continuous improvement and really focusing on taking costs out, driving efficiency. So we're seeing some benefits from that.

我們不斷從成本和收入的角度實現我們最近進行的一些收購的協同效應。從根本上來說，我們在去年夏天，也就是 2024 年夏天啟動了一項成本效益演習，這確實是及時的。我希望我能說我們預料到了今年四月我們會看到解放日之類的事情，但顯然我們沒有。但我們真正關注的是持續改進，真正關注的是降低成本、提高效率。因此，我們從中看到了一些好處。

We've said here that we'll exit this year with $30 million of run rate cost savings, about half of that we'll see in the 2025 numbers. So it's really is kind of all of the above those type things. We can and will flex CapEx spend to some degree. We -- as a reminder, we don't spend CapEx dollars speculatively. We spend CapEx dollars based upon projects.

我們在這裡說過，今年我們將節省 3,000 萬美元的營運成本，其中約一半將在 2025 年實現。所以它實際上就是上述所有那些類型的東西。我們可以而且將會在一定程度上調整資本支出。我們——提醒一下，我們不會投機地花費資本支出。我們根據項目花費資本支出。

So all those things will kind of help flex us into that. But fundamentally, our continued focus on margin expansion is paramount to us, at the same time, expanding our free cash flow generation. So these things kind of all -- they all line up together and they're all being (inaudible) very intentionally and very purposefully. So Sergio, you want to comment anything that I missed? Feel free.

所以所有這些事情都會幫助我們實現這一點。但從根本上來說，我們繼續關注利潤率的擴大，同時擴大我們的自由現金流產生，這對我們來說至關重要。所以這些事情都是——它們都排成一行，而且都是（聽不清楚）非常有意和有目的的。那麼塞爾吉奧，你想評論一下我遺漏的任何東西嗎？隨意。

No, Mike, that's it.

不，麥克，就是這樣。

I think the -- Dave, as you mentioned, the focus is generating an increase in the free cash flow generation of the business. I think there are many levers, and Mike already touched on all of them, but expanding the margins further and perhaps flexing on the capital intensity of the business, those are the main drivers that we see at this point.

我認為—戴夫，正如您所說，重點是增加企業的自由現金流。我認為有很多槓桿，麥克已經談到了所有這些槓桿，但進一步擴大利潤率，或許還能提高業務的資本強度，這些是我們目前看到的主要動力。

Ati Modak, Goldman Sachs.

高盛的阿蒂·莫達克（Ati Modak）。

I guess, Sergio and (inaudible) on the quarterly EBITDA margin cadence, is there anything that you can provide us in terms of how to think about the segments for the remainder of the year?

我想，Sergio 和（聽不清楚）關於季度 EBITDA 利潤率節奏，您能否為我們提供關於如何考慮今年剩餘時間各部門的資訊？

Yes.

是的。

So, Ati, thanks for joining us. I mean, it's we always kind of start off. Q1 of the year is always -- that's always going to be our lightest quarter. We're were particularly affected by the Northern Hemisphere kind of winter season.

所以，Ati，感謝您加入我們。我的意思是，我們總是這樣開始。每年的第一季總是——那總是我們業務最清淡的一個季度。我們特別受到北半球冬季的影響。

That's always -- especially in the North Sea. That's always going to be a little bit of -- is going to provide a little bit of softness. And historically, our NOC customers tend to be kind of slower out of the gate. So Q1 is always kind of like that. We did have a -- we had a solid revenue quarter here in the second quarter, and we're able to translate that through to a really good fall through.

總是如此——特別是在北海。這總是會有一點點——會提供一點點柔軟度。從歷史上看，我們的 NOC 客戶起步速度往往比較慢。所以 Q1 總是這樣的。我們確實有一個 - 我們在第二季度有一個穩健的收入季度，我們能夠將其轉化為非常好的下降。

Fundamentally, we're -- we still anticipate, and I'd be very disappointed if we don't expand margins in 2025 versus 2024. And we don't see anything right now that would give us a particular pause for that. So Q2 is just a solid execution quarter. It wasn't like we had some particular one-offs or those kind of things that help prop up margins. It was just a really solid execution quarter and based on a tremendous, tremendous amount of customer dialogue that we've had here, we still see the second half of the year playing out as we've anticipated.

從根本上來說，我們仍然預期，如果 2025 年的利潤率沒有比 2024 年擴大，我會非常失望。目前我們還沒有看到任何值得我們為此特別暫停的事情。因此第二季只是一個穩健的執行季度。這並不是說我們有一些特別的一次性產品或諸如此類有助於提高利潤率的東西。這是一個執行非常穩健的季度，基於我們在這裡進行的大量客戶對話，我們仍然認為下半年的情況將如我們預期的那樣發展。

That's why we try to give a roughly $1.7 billion outlook for the second half of -- or for the total year. That's really based on that customer feedback. So right now, I wouldn't anticipate anything changing from a margin standpoint beyond that.

這就是為什麼我們試圖對下半年或全年給出約 17 億美元的預期。這確實是基於客戶的回饋。因此現在，我預計從利潤率的角度來看不會有任何變化。

That's very helpful, Mike.

這非常有幫助，麥克。

And then it seems like M&A in the market is heating up. I know we've spoken about this a few times before, but I'm just curious if you're seeing anything that is -- that will suggest increased opportunities or any thoughts you can provide there?

看來市場上的併購活動正在升溫。我知道我們之前已經談過這個問題幾次了，但我只是好奇您是否看到了什麼——這表明機會增加了，或者您能提供什麼想法？

Yes. I mean we continue to be very, very active out there to look at M&A opportunities. We are -- obviously, we've had good success in looking at things that are accretive, and looking at things that help us improve our relevancy and help us expand our portfolio. We've got a really, really good playbook of how to conduct diligence and how to execute on M&A, and how to bring them in. And more importantly, how to do proper integration.

是的。我的意思是，我們將繼續非常積極地尋找併購機會。顯然，我們在尋找具有增值作用的事物以及有助於我們提高相關性和擴大投資組合的事物方面取得了良好的成功。我們有一套非常非常好的劇本，講述如何進行盡職調查、如何執行併購以及如何引入它們。更重要的是，如何進行適當的整合。

And it's really key to be able to drive synergies and those type of things. So yes, there are things that we continue to look at out there that make sense. And quite frankly, there's a lot of what I refer to as dislocated assets, so to speak, that don't have a really good home. And I think we've been able to demonstrate a good track record of being able to bring those in-house and really leverage it from a synergy standpoint, leverage it from a customer relationship standpoint. So it's something we continue to be able to focus on and hope to continue to be able to execute on some of those.

能夠推動協同效應和諸如此類的事情確實很關鍵。所以是的，我們繼續研究的有些事情是有意義的。坦白說，有很多我稱之為「錯位資產」的東西，它們沒有找到一個真正好的歸宿。我認為我們已經能夠證明能夠將這些功能帶入公司內部並真正從協同效應的角度、從客戶關係的角度加以利用的良好記錄。因此，這是我們能夠繼續關注的事情，並希望能夠繼續執行其中的一些目標。

Eddie Kim, Barclays.

巴克萊銀行的 Eddie Kim。

I apologize in advance, but I have to ask the offshore rig white space question. It's been a theme, as you well know, for over a year now. But the reason I ask is more recently, we started to hear more mentions of it from the larger service companies, and actually another offshore company recently lowered their ROV utilization expectations for the full year. So it seems like we're starting to see some expected impact of this in the second half of the year from companies that are not offshore drillers. So all that to ask, is there any part of your business where you expect to see some impact from offshore rig white space in the second half?

我提前道歉，但我必須問一下海上鑽井平台空白問題。眾所周知，這已經成為一年多來的一個主題。但我之所以問這個問題，是因為最近我們開始聽到大型服務公司更多地提及這一點，實際上另一家離岸公司最近降低了全年 ROV 利用率的預期。因此，我們似乎開始看到非海上鑽井公司在今年下半年受到一些預期的影響。所以，我想問的是，您預計下半年您的業務中是否有哪個部分會受到海上鑽井平台空白區域的影響？

Just any thoughts around that would be great.

任何有關這方面的想法都很好。

No. Eddie, it's a good question. I can say it's something we continue to -- and as I alluded to when I was responding to an earlier question, we've had a tremendous amount of customer engagement to really look at how the rest of the year is going to shape up, and literally down to the point where we're sitting down with customers, we're looking at what are their drilling programs? What their completion programs? And we're going to drill a well X, and then when are we going to complete it kind of translate that into next activity set for us.

不。艾迪，這是個好問題。我可以說這是我們會繼續做的事情——正如我在回答之前的問題時提到的那樣，我們與大量客戶進行了交流，真正了解了今年剩餘時間的情況，實際上，當我們與客戶坐下來討論時，我們正在了解他們的鑽探計劃是什麼？他們的完成計畫是什麼？我們將要鑽一口 X 井，然後我們什麼時候完成它，將其轉化為為我們設定的下一個活動。

So yes, there's some -- there's some puts and takes of rigs going on maintenance or those type of things. We've really tried to layer that into what our forecast looks like in the second half of the year. And that's why we've been able to stand up and say with the best information we have today is we still think we're going to be in that [$1.6 billion] ZIP code, and $350 million plus EBITDA range. The area that I'm seeing more, it's a bit of an interesting phenomenon that we're seeing right now, is really around the more of the short cycle activity. More of the intervention activity, more of the OpEx-related activity.

是的，有一些——有一些鑽孔機需要維護或諸如此類的事情。我們確實嘗試將其融入我們對今年下半年的預測中。這就是為什麼我們能夠站出來，根據我們今天掌握的最佳信息，我們仍然認為我們的郵政編碼將達到 [16 億美元]，EBITDA 也將達到 3.5 億美元以上。我所看到的更多區域，這是我們現在看到的一個有趣的現象，實際上更多地圍繞著短週期活動。更多的介入活動，更多的與 OpEx 相關的活動。

That's one that in my 30-plus years, that normally is the one that gets flexed up. And right now, we're seeing customers be, I think, particularly cautious around that. So that's one that we're kind of continuing to monitor that and trying to better understand kind of what the customer plans are there. But Fundamentally, Eddie, our forecasting and our outlook [for it] has really been based upon a very detailed customer engagement, almost a bottoms up rig by rig, completion by completion type of analysis.

在我 30 多年的人生中，這通常是最容易彎曲的。而現在，我們看到客戶對此特別謹慎。因此，我們會繼續監控這一點，並試著更了解客戶的計畫。但從根本上來說，埃迪，我們的預測和展望實際上是基於非常詳細的客戶參與，幾乎是自下而上地對鑽機逐個鑽機、逐個完工進行的分析。

Got it.

知道了。

That's very helpful. There was one blemish in the quarter. And obviously, you guys posted very strong results, but if there's one [blemish] it was in the subsea well access segment where your revenue declined 16% sequentially after kind of a similar double-digit decline in the first quarter. In your release, you mentioned lower (inaudible) revenue in Malaysia.

這非常有幫助。本季度有一個瑕疵。顯然，你們的業績非常強勁，但如果說有什麼瑕疵的話，那就是海底油井接入部門的收入繼第一季度出現類似的兩位數下降之後，又環比下降了 16%。在您的新聞稿中，您提到了馬來西亞的收入較低（聽不清楚）。

But could you provide some more color on the recent softness in this segment? And is that likely to sort of remain stable at these levels in the back half of the year or should we expect a rebound from second quarter levels?

但是您能否進一步解釋一下該領域近期的疲軟表現？那麼，今年下半年這一水平是否有可能保持穩定，還是應該預期從第二季的水平反彈？

Yes.

是的。

I mean, it's a -- I wouldn't say it's a one-off, but it's not something we anticipate to be sustained. We think that fourth quarter will be particularly strong in that aspect. We did have in 2024, we did have some subsea projects that delivered more from an equipment standpoint. And you saw we referred to some of the activity in Angola.

我的意思是，我不會說這是一次性的，但我們預計它不會持續下去。我們認為第四季在這方面的表現會特別強勁。我們確實在 2024 年實施了一些海底項目，從設備角度來看，這些項目取得了更大的成果。你們看到我們提到了安哥拉的一些活動。

We had a lot of of operational execution that was strong revenue generation at this point in time. So not something that gives me a particular pause. It was just really kind of project timing and those type of things right now, Eddie.

目前，我們的許多營運執行都產生了強勁的收入。所以這並不是什麼讓我特別停頓的事情。艾迪，現在這真的只是專案時間安排之類的事情。

Derek Podhaizer, Piper Sandler.

德里克波德海澤、派珀桑德勒。

Just -- maybe I want to ask a question on the Middle East segment. Obviously, revenues came down a little bit. Margins down a touch, to (inaudible) though margins are still up, historically at a nice level here. But maybe just help me understand some of the puts and takes in the region? Maybe some of the soft spots versus the strong spot?

只是——也許我想問一個有關中東部分的問題。顯然，收入略有下降。利潤率略有下降，但（聽不清楚）儘管利潤率仍然上升，但從歷史上看，這裡處於一個不錯的水平。但也許只是幫助我了解該地區的一些情況？也許是某些弱點與強項相對立？

Why we see a 60% decremental here. Just maybe further help and color around what are the moving pieces within the middle -- your MENA region?

為什麼我們在這裡看到 60% 的下降。也許只是進一步的幫助和色彩來說明中間的移動部分是什麼——你的中東和北非地區？

Yes. I mean it was -- let's remind ourselves that MENA is the most profitable geography we have. It's got very strong levels of activity. So really strong, good -- very strong margin delivery there. Up just slightly because of project timing in there.

是的。我的意思是——讓我們提醒自己，中東和北非地區是我們最賺錢的地區。它的活動水平非常高。所以真的很強勁，很好 - 利潤交付非常強勁。由於專案時間安排，因此略有上升。

We're really driven by Saudi and by Algeria. And just to reiterate what I said in my prepared remarks, it's -- Saudi for us really is unconventional gas on land and that continues to be robust. I think especially in Saudi if you go back to the administration's visit into the Middle East a couple of months ago, an awful lot of discussion around data centers and AI and those type things. And natural gas is going to be the feedstock for power generation in the Middle East and in Saudi in particular. That's why there's such a strong focus from Aramco on continuing to expand their gas production capabilities, and we're really well positioned to be able to capitalize on that.

我們真正受到沙烏地阿拉伯和阿爾及利亞的推動。我只是想重申我在準備好的發言中所說的話，沙烏地阿拉伯對我們來說確實是陸地上的非常規天然氣，而且產量持續強勁。我認為，尤其是在沙特，如果你回顧幾個月前政府對中東的訪問，你會發現圍繞著資料中心、人工智慧和諸如此類的事情進行了大量討論。天然氣將成為中東，尤其是沙烏地阿拉伯的發電原料。這就是為什麼阿美公司如此重視繼續擴大其天然氣生產能力，而我們確實處於有利地位，能夠利用這一點。

And then, of course, activity in Algeria, which is very robust for us is much more around production optimization, compression, those type things and just really, really solid projects. So MENA is one that it just continues to deliver at a really, really high level and being off very slightly on a quarter-on-quarter margin standpoint is not something that we're particularly concerned about at all.

當然，我們在阿爾及利亞的活動非常活躍，主要集中在生產優化、壓縮等類型的事情以及非常非常紮實的項目。因此，中東和北非地區的業績將繼續保持非常高的水平，而季度環比利潤率的輕微下滑並不是我們特別擔心的事情。

Yes. And (inaudible) was curious. And then just my second question, it was nice to see 3 quarters of shareholder returns here on the buyback. Maybe just your latest thoughts on how we should think about cadence, or percentage of free cash flow, or even potentially a dividend coming into the picture?

是的。而且（聽不清楚）很好奇。然後是我的第二個問題，很高興看到回購帶來了三個季度的股東回報。也許只是您對我們應該如何考慮節奏、自由現金流百分比，甚至潛在的股息的最新想法？

Derek, this is Sergio.

德瑞克，這是塞爾吉奧。

Yes, so I think we communicated that through our press release and in our prepared remarks. We expect to repurchase roughly $40 million in stock this year. We've done already $15 million in the first half of the year. Mike alluded to some of this in his prepared remarks and saying that free cash flow generation tends to be kind of weighted towards the back half of the year.

是的，我認為我們已經透過新聞稿和準備好的發言稿傳達了這一點。我們預計今年將回購價值約 4,000 萬美元的股票。今年上半年我們已經賺了 1500 萬美元。麥克在他準備好的發言中提到了這一點，並表示自由現金流的產生往往集中在下半年。

And as that being the case, we expect to accelerate those repurchases in the second half here. So I think to us, a strong free cash flow generation and returning capital to shareholders. These are things that are very important to us, and we're going to continue to do that. So that should be a feature of Expro in 2025 and beyond.

鑑於這種情況，我們預計下半年將加速回購。因此我認為，對我們來說，強勁的自由現金流產生和股東資本回報。這些事情對我們來說非常重要，我們將繼續這樣做。所以這應該是 2025 年及以後 Expro 的一個特點。

Also on the dividend?

也分紅嗎？

I mean, as of now, we still think that share repurchases are the best avenue to return capital to shareholders, but we're continuously evaluating what that means. And if things change in the future, will pivot as well. But as of now, share repurchase, we still think it's the best avenue for us to return capital to shareholders.

我的意思是，截至目前，我們仍然認為股票回購是向股東返還資本的最佳途徑，但我們正在不斷評估這意味著什麼。如果未來情況發生變化，也會隨之轉變。但截至目前，我們仍認為股票回購是向股東返還資本的最佳方式。

And I think it's really -- and Derek, it's an ongoing discussion we have with the Board. That's clearly a board-level type decision. But what I will say is that I think this is -- as a company, I think anybody generally needs to get to the point where they're not roughly 1/3 of free cash flow return. They're getting into that 40%, 50%, 60% range. I think when you can get to that and you have visibility for an extended period of time, that's when it starts to make good sense strategically to look at dividends.

我認為這確實是——德里克，這是我們與董事會正在進行的討論。這顯然是董事會級別的決定。但我想說的是，我認為這是——作為一家公司，我認為任何人通常都需要達到不大約 1/3 的自由現金流回報的程度。他們正進入 40%、50%、60% 的範圍。我認為，當你能夠實現這一點，並且能夠在較長時間內保持可見性時，從戰略上考慮股息才開始變得有意義。

So very much is -- I think it's why we have so much focus on free cash flow generation is for us to get to that point where we can start to expand that percentage, and we're going to return and then start to change what the mix of that is, whether it's continues to be share repurchases or it's a balance between that and dividends. That's very much what we're focused on. And that's why free cash flow generation becomes such a key driver for that.

所以，我認為，我們之所以如此關注自由現金流的產生，是為了讓我們能夠開始擴大這一比例，然後我們將回歸併開始改變其組合，無論是繼續股票回購，還是在股票回購和股息之間取得平衡。這正是我們關注的重點。這就是為什麼自由現金流的產生成為關鍵驅動力的原因。

(Operator Instructions) Josh Jayne, Daniel Energy Partners.

（操作員指示）Josh Jayne，Daniel Energy Partners。

First question, Mike, in your prepared remarks, you highlighted a lot of the volatility that we've seen in crude over the course of Q2. Could you just speak to the -- how would you characterize the overall sense of urgency of your customer base today? Obviously, some nice contract wins and backlog adds this quarter. But maybe just given the volatility that we've seen, conversations today versus where we were 90 days ago, do customers have, I guess, more comfort with where we sit today just from a macro standpoint?

第一個問題，麥克，在您準備好的發言中，您強調了我們在第二季度看到的原油價格波動。您能否談談—您如何描述當今客戶群的整體緊迫感？顯然，本季度我們贏得了一些不錯的合同，並增加了一些積壓訂單。但也許只是考慮到我們所看到的波動，今天的對話與 90 天前的對話相比，從宏觀角度來看，客戶是否對我們今天的處境更滿意？

No. It's -- Josh, and thanks for joining. It's a great question. I can tell you that my -- so my view today is, I think, especially for the deepwater and the ultra-deepwater projects. And frankly, that's we're very heavily tied to that type of activity.

不。這是—喬希，感謝您的加入。這是一個很好的問題。我可以告訴你，我今天的觀點是，我認為，特別是針對深水和超深水項目。坦白說，我們與此類活動有著非常密切的聯繫。

Our customers are very much -- they're in execution, implementation phase. They're focused on those type things. So that sentiment hasn't changed. We're going to have to start kind of translating that into what's it going to look like from an activity set for 2026. I think the ongoing projects we have will continue to be executed and implemented.

我們的客戶非常——他們正處於執行、實施階段。他們專注於這些事情。所以這種情緒沒有改變。我們必須開始將其轉化為 2026 年活動的具體內容。我認為我們正在進行的項目將繼續執行和實施。

We've all observed that the pace of new FID approval for deepwater and ultra-deepwater has moderated a little bit here. But I think we'll continue to start to see how that plays out. And it's more -- I alluded to it earlier, it's more the kind of some of the short-cycle activity right now that I'm just seeing more caution from customers. They're not going out and pursuing some of those incremental oil production opportunities today that we normally would observe. I think part of it is because they too are trying to understand what's going to happen with commodity prices.

我們都觀察到，深水和超深水新 FID 批准的速度已經放緩。但我認為我們會繼續觀察事情將如何發展。而且更重要的是——我之前提到過，這更像是目前的一些短週期活動，我只是看到客戶更加謹慎。他們今天並沒有出去尋求我們通常會觀察到的一些增量石油生產機會。我認為部分原因是他們也想了解大宗商品價格會發生什麼變化。

What's the continued behavior going to be from OPEC+? What's the geopolitical situation going to be? So I think there's just caution on anything new, but kind of a conviction on continuing to execute on things that are more existing is how I would frame it.

OPEC+ 將繼續採取什麼行動？地緣政治局勢將會如何？所以我認為，對任何新事物都要謹慎，但對於繼續執行現有事物則要有信心。

Okay.

好的。

And then one for Sergio. First conference call in the seat. Maybe you could just maybe just give you the opportunity to expand on how you see the world from a financing perspective? You guys just closed a new credit agreement.

然後還有一張給塞爾吉奧的。在座位上進行第一次電話會議。也許您可以給您一個機會，讓您從融資的角度詳細了解您如何看待世界？你們剛剛達成了一項新的信用協議。

And also just broadly, how you see Expro's opportunity set to maximize shareholder value over the next couple of years? I know you answered questions about the buyback and the dividend, but maybe just talk through your -- just how you view the importance of free cash flow conversion and it's used going forward?

另外，從整體來看，您認為 Expro 在未來幾年內將如何實現股東價值最大化？我知道您回答了有關回購和股息的問題，但也許您只是談談——您如何看待自由現金流轉換的重要性以及它在未來的應用？

Yes. I appreciate that, and thanks for that. So you're absolutely right. I think the focus of the organization is to continue to increase that free cash flow conversion. There are obviously several avenues to get there, and we intend to attack all of them.

是的。我對此表示感謝，並深表感激。所以你完全正確。我認為該組織的重點是繼續增加自由現金流轉換。顯然，實現這一目標的途徑有很多種，我們打算對所有途徑進行攻擊。

And that, as Mike said before, that has continued to expand on our EBITDA margins. That is continue to look for opportunities to be more effective on our capital deployment. There are ways of actually collecting from our customers a little faster. So there's a lot of ways, and I'm going to be heavily focused on doing all of those things.

正如 Mike 之前所說，這持續擴大了我們的 EBITDA 利潤率。那就是繼續尋找機會，使我們的資本配置更加有效。實際上，有一些方法可以更快地從客戶那裡收款。所以有很多方法，我會集中精力去做所有這些事情。

Look, Expro is a fantastic organization, right? So in the spirit of great companies wanting to be even better kind of that's part of kind of what I'm going to try to help the organization kind of turn under every rock, looking for things with a fresh perspective, looking for ways for us to continue to fine-tune our strategic objectives, looking for accretive acquisitions and so on. So I think the company is in great shape. The execution -- the operational execution of the business is fantastic. So I'm just going to be looking to help the company get even better than what it is already today.

看，Expro 是一個很棒的組織，對吧？因此，本著偉大公司想要變得更好的精神，我將盡力幫助組織排除萬難，以全新的視角尋找事物，尋找方法讓我們繼續調整策略目標，尋找增值收購等等。所以我認為公司狀況很好。執行力－業務的營運執行力非常出色。所以我只是想幫助公司變得比現在更好。

Ladies and gentlemen, we have no further questions.

女士們、先生們，我們沒有其他問題了。

So this concludes our Q&A and today's conference call. We'd like to thank you for your participation. You may now disconnect your lines.

我們的問答和今天的電話會議到此結束。我們感謝您的參與。現在您可以斷開線路了。