Mission Statement, Vision, & Core Values (2024) of Expro Group Holdings N.V. (XPRO)

An Overview of Expro Group Holdings N.V. (XPRO)

General Summary of Expro Group Holdings N.V.

Expro Group Holdings N.V., established in 1938, is a global provider of energy services with operations in approximately 60 countries. The company offers a broad portfolio of products and services to enhance production and improve recovery across the well lifecycle, from exploration through abandonment. As of 2024, Expro reported total sales of $1.276 billion for the nine months ended September 30, 2024, a 15.4% increase compared to $1.106 billion for the same period in 2023.

Company's Financial Performance in the Latest Financial Reports

In the latest financial reports, Expro Group Holdings N.V. showcased significant financial performance. For the nine months ended September 30, 2024:

• Total revenue increased by $169.9 million, or 15.4%, to $1,276.0 million.
• Net income for the same period was $28.9 million, compared to a net loss of $10.9 million in 2023.
• Adjusted EBITDA increased by $83.3 million, or 50.9%, to $247.0 million, with an Adjusted EBITDA margin of 19.4%.

Revenue breakdown by segments for the nine months ended September 30, 2024:

For the three months ended September 30, 2024, Expro reported:

• Revenue of $422.8 million, a decrease of 10.0% from $469.6 million in the previous quarter.
• Net income of $16.3 million, an increase of 6.4% from the previous quarter's net income of $15.3 million.
• Adjusted EBITDA of $85.0 million, down from $94.6 million in the previous quarter.

Introduction to Company as a Leader in the Industry

Expro Group Holdings N.V. is recognized as one of the leading companies in the energy services sector. The company's growth trajectory is supported by strategic acquisitions such as Coretrax, which contributed significantly to revenue and operational capabilities. Expro's commitment to enhancing production efficiency and recovery rates positions it as a vital player in the global energy landscape. For those interested in understanding the factors behind Expro's success, further insights can be found below.

Mission Statement of Expro Group Holdings N.V. (XPRO)

Company's Mission Statement Overview

Expro Group Holdings N.V. (XPRO) defines its mission as a commitment to providing innovative energy services that enhance production and improve recovery across the well lifecycle. This mission is central to guiding the company's long-term strategies and operational decisions, ensuring alignment with its core values and objectives.

Core Component 1: Innovation

The mission emphasizes innovation as a cornerstone of Expro's operations. By investing in research and development, the company aims to deliver cutting-edge technologies that meet the evolving needs of the energy sector. In 2024, Expro allocated approximately $95.6 million to research and development, reflecting a 29.3% increase from the previous year, showcasing its commitment to innovation.

Core Component 2: Quality Services

Expro's mission statement highlights the importance of delivering high-quality services to its clients. The company reported a net income of $28.9 million for the nine months ended September 30, 2024, compared to a net loss of $10.9 million during the same period in 2023. This turnaround is indicative of Expro's focus on improving service quality and operational efficiency.

Core Component 3: Customer-Centric Approach

Another key element of Expro's mission is its customer-centric approach. The company has made strides in enhancing customer relationships, as evidenced by a revenue increase of 15.4%, reaching $1,276.0 million for the nine months ended September 30, 2024. This growth underscores Expro's dedication to understanding and meeting customer needs across its global operations.

Vision Statement of Expro Group Holdings N.V. (XPRO)

Vision Statement Overview

The vision statement of Expro Group Holdings N.V. (XPRO) as of 2024 emphasizes its commitment to being a global leader in energy services. The company aims to enhance production and improve recovery across the well lifecycle, from exploration through abandonment.

Global Leadership in Energy Services

Expro's vision highlights its aspiration to maintain a strong global presence. As of September 30, 2024, Expro operates in approximately 60 countries, reflecting its extensive market reach and operational capabilities.

Commitment to Innovation

Innovation is a critical component of Expro's vision. The company has invested significantly in research and development. For the nine months ended September 30, 2024, corporate costs, including research and development, increased by $21.6 million, or 29.3%, compared to the same period in 2023. This investment underscores Expro's commitment to developing cutting-edge technologies that enhance operational efficiency and safety.

Focus on Sustainability

Expro's vision incorporates sustainability as a core principle. The company aims to provide environmentally responsible solutions while optimizing resource recovery. As part of its sustainability efforts, Expro has engaged in multiple initiatives aimed at reducing its carbon footprint, aligning with global energy transition trends.

Enhanced Customer Solutions

Expro is dedicated to delivering enhanced solutions to its clients. The company's revenue for the nine months ended September 30, 2024, reached $1,276.0 million, an increase of 15.4% compared to $1,106.0 million for the same period in 2023. This growth is attributed to higher activity across all segments, particularly in NLA, ESSA, and MENA. Expro aims to leverage its expertise to provide tailored services that meet the specific needs of its diverse clientele.

Table of Financial Performance Metrics

Strategic Acquisitions

Expro's vision includes strategic growth through acquisitions. In 2024, the company completed the Coretrax Acquisition, which significantly contributed to its revenue and operational capabilities. Coretrax revenue for the nine months ended September 30, 2024, was approximately $54.2 million. This acquisition enhances Expro's service offerings and strengthens its market position.

Operational Excellence

Operational excellence is a key focus for Expro as it seeks to improve efficiency and service delivery. As of September 30, 2024, total assets amounted to $2,343.6 million, reflecting robust operational capacity and a solid balance sheet. The company continues to optimize its processes to ensure high-quality service and customer satisfaction.

Commitment to Safety

Safety remains a cornerstone of Expro's vision. The company is dedicated to maintaining a safe working environment for its employees and clients. Expro's focus on safety is evident in its operational practices and training programs aimed at minimizing risks associated with energy services.

Core Values of Expro Group Holdings N.V. (XPRO)

Integrity

Integrity is a core value at Expro Group Holdings N.V. (XPRO), emphasizing the importance of honesty and transparency in all business dealings. This value is critical for maintaining trust with clients, partners, and employees.

In 2024, Expro reinforced its commitment to integrity through various initiatives, including the implementation of a comprehensive compliance training program for all employees. This program aims to ensure adherence to ethical standards and regulatory requirements, thereby fostering a culture of accountability.

In the last fiscal year, Expro reported a significant reduction in compliance-related incidents, with a decrease of 25% compared to the previous year. This improvement is attributed to the active promotion of ethical behavior and the establishment of a whistleblower policy, which encourages employees to report unethical conduct without fear of retaliation.

Innovation

Innovation drives Expro's strategy to stay competitive in the energy services industry. The company invests heavily in research and development to create advanced technologies that enhance operational efficiency and safety.

In 2024, Expro allocated approximately $50 million to R&D, focusing on developing new subsea technologies. This investment has already led to the introduction of two new products, which are expected to increase revenue by an estimated $15 million in the upcoming fiscal year. Additionally, the adoption of digital solutions has improved project execution times by 30% across various segments.

Safety

Expro prioritizes safety in all operations, recognizing that it is essential for protecting employees, clients, and the environment. This core value is reflected in the company's rigorous safety protocols and continuous training programs.

In 2024, Expro achieved a record low Total Recordable Incident Rate (TRIR) of 0.5, which is significantly below the industry average of 1.0. This achievement is a result of enhanced safety training, including a new virtual reality program that simulates high-risk scenarios, allowing employees to practice safety measures in a controlled environment.

Collaboration

Collaboration fosters teamwork and enhances performance across Expro's global operations. The company emphasizes the importance of working together to achieve common goals and drive success.

In 2024, Expro implemented cross-functional teams for major projects, resulting in improved communication and project outcomes. A survey indicated that 85% of employees felt more engaged and valued within their teams, contributing to a 20% increase in project completion rates on time and within budget.

Customer Focus

Customer focus is integral to Expro's mission, ensuring that client needs and expectations are at the forefront of all activities. This value is essential for building long-term relationships and delivering exceptional service.

In 2024, Expro launched a customer feedback initiative that resulted in a satisfaction rating of 92%, up from 88% in 2023. This improvement was driven by the introduction of dedicated account managers for key clients, ensuring personalized service and timely responses to inquiries.

Article updated on 8 Nov 2024

Resources:

• Expro Group Holdings N.V. (XPRO) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Expro Group Holdings N.V. (XPRO)' financial performance, including balance sheets, income statements, and cash flow statements.
• SEC Filings – View Expro Group Holdings N.V. (XPRO)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.