Record-Setting EBITDA Margin and Robust Free Cash Flow in Q2 2025
Expro achieved its third consecutive record-setting quarterly EBITDA margin of 22%, among the top in its peer group.
Generated $36 million in free cash flow on an adjusted basis, representing 9% of revenue, exceeding expectations and demonstrating operational efficiency despite market headwinds.
Adjusted EBITDA for Q2 2025 was $665 million, compared to $406 million in Q2 2024, driven by strong performance in Refining with $476 million adjusted EBITDA versus $187 million last year.
Debt outstanding was $2.7 billion with a debt-to-capital ratio of 22% and net debt-to-capital ratio of 15%.
HF Sinclair reported second quarter net income attributable to shareholders of $208 million, or $1.10 per diluted share, with adjusted net income of $322 million, or $1.70 per diluted share, up from $150 million, or $0.78 per diluted share in Q2 2024.
Lubricants & Specialties segment EBITDA decreased to $55 million from $97 million, impacted by lower base oil margins, sales volumes, and a $20 million FIFO charge.
Marketing segment EBITDA increased to $25 million from $15 million in Q2 2024, driven by higher margins and store mix optimization.
Midstream segment adjusted EBITDA was $112 million, slightly up from $110 million, benefiting from higher pipeline revenues and lower operating expenses.
Net cash provided by operations was $587 million, including $179 million of turnaround spend, with capital expenditures of $111 million and a cash balance of $874 million as of June 30, 2025.
Refining crude oil charge averaged 616,000 barrels per day, down from 635,000 barrels per day in Q2 2024 due to turnaround activities.
Renewables segment reported adjusted EBITDA of negative $2 million excluding a $24 million inventory valuation benefit, impacted by lower sales volumes and margins.
Dafinchi