Core Laboratories 2025 Annual Report

Message From the Executive Team

In 2026, Core Lab celebrates ninety years of scientific leadership, unmatched client service, and commitment to excellence. Since 1936, Core has delivered solutions that help clients reduce uncertainty, de-risk decisions, and capture opportunities in increasingly complex energy environments. Against a backdrop of persistent change in the industry, Core Lab has made deliberate decisions that strengthened its foundation and positioned the Company for long-term success and sustained value creation.

Core geographically optimized its global portfolio, re-anchoring the business in international and technically complex markets. Over the past several years, the Company undertook several strategic initiatives to position Core Lab for long-term success. By aligning with longer-cycle, capital-intensive developments, the Company strengthened the durability of its revenue base and reinforced long-standing partnerships with national and international operators.

Core Lab modernized its laboratories, standardized global workflows, and digitized data acquisition and delivery. Today, the Company operates as an integrated science and technology partner, providing advanced analytical insight, industry-leading data management and analytics, and advisory expertise that enables clients to make decisions with confidence.

Core institutionalized capital discipline by strengthening its balance sheet, prioritizing free cash flow generation, and adopting a capital-light business model focused on high-return investments. This framework has enabled the Company to return capital to shareholders while continuing to invest in innovation and strategic expansion.

Core Lab's employees are the driving force behind the Company's progress. Their expertise and adaptability have guided Core through some of the industry's most challenging cycles. Core Lab remains committed to disciplined growth, technical leadership, and delivering value for its employees, clients, and shareholders.