Viridien: 2026 second-quarter results

Viridien: 2026 second-quarter results

Improving commercial momentum amid ongoing geopolitical uncertainty

Positive Net Cash Flow of $6m in Q2, bringing the H1 2026 cumulative figure to $32m vs $10m in H1 2025, supported by focused investment spending enabled by the flexibility of our asset-light business model

Continued reduction in Net Debt (excluding IFRS 16) to $692m at end-June 2026, vs $856m one year earlier

GEO backlog of $306m at end-June 2026, up +19% vs end-December 2025, supported by improving commercial momentum

Segment revenue of $232m, impacted by the ongoing conflict in the Middle East, primarily at SMO

Segment adjusted EBITDAs of $92m, reflecting lower activity levels, with reinforced cost discipline at SMO

FY 2026 objective of generating $100m in Net Cash Flow maintained, despite continued market uncertainty

Henning Berg, CEO of Viridien: “Our Q2 results reflect the continued impact of a complex geopolitical environment on our market, particularly on Sensing & Monitoring activity. Against this backdrop, we generated positive Net Cash Flow including the coupon payment made in April and continued to strengthen our balance sheet. Geoscience also recorded strong order intake during the quarter, providing solid foundation for the coming periods. Overall, commercial momentum is improving, with E&P companies accelerating to secure more acreage. We expect this to translate progressively into additional revenue for Viridien, leveraging our unique competitive positioning”.

(in millions of $)

Segment figures

Revenue 232 274 -15% 446 575 -22%

Adjusted EBITDAs 92 107 -14% 168 250 -33%

IFRS figures

Revenue 336 234 +43% 536 492 +9%

EBITDAs 186 68 +174% 249 167 +49%

Operating Income -7 15 n.a. 13 71 -82%

Net Income -26 6 n.a. -36 -22 +64%

Net Cash Flow 6 30 -79% 32 10 +233%

Net Debt 2 (excluding IFRS 16) 692 856 -19% 692 856 -19%

KEY HIGHLIGHTS PER BUSINESS LINE

Data, Digital and Energy Transition (DDE): Strong order intake at GEO, EDA multi-client surveys accelerating

Segment revenue at $171m

Geoscience (GEO) Revenue of $95m Q2 activity was supported by major projects in Guyana, Brazil, and Angola. The US Gulf also remained a strong contributor, as IOCs continued to prioritize optimization opportunities in mature basins. Revenue was lower year-on-year, reflecting continued geopolitical uncertainty and capital discipline among E&P companies, which led to further delays in certain project awards. Backlog of $306m at end-June, up +19% vs end-December 2025 and +33% vs end-March 2026, supported by significant project awards over the last weeks, from IOCs and NOCs in the US Gulf, Africa and Middle East. While the environment remains uncertain, a number of clients are also looking to advance their new exploration programs, and a material share of the commercial discussions held by Viridien over recent quarters finally converted into order intake. Computing capacity sequentially stable at 690 petaflops at end-June 2026, but up +17% year on year. Productivity per employee increased to $400k vs $366k last year (+9%).

Earth Data (EDA) Revenue of $76m Higher capital expenditure in Q2, reflecting active new data acquisition in Uruguay, Guyana and Norway. 12 reprocessing projects are also currently underway, many in frontier basins. Cash EBITDA of $14m vs breakeven last year, reflecting Viridien’s disciplined approach to multi-client investments. Late sales stable year-on-year, in line with normal seasonal levels. Segment adjusted EBITDAs of $102m, representing a 60% margin, above both Q1 2026 and Q2 2025 levels, and driven by higher EDA activity. GEO profitability also remained solid.

Sensing and Monitoring (SMO): Still challenging market conditions Segment revenue of $61m. Oil & Gas revenue ...