Paris (France), February 26, 2026
2025 annual results
Strong performance driving significant
cash generation and deleveraging
- Segment revenue of $1,165m, up +4% year-on-year
- Geoscience revenue up +10% to $444m, driven by all our three core basins as well as the Middle East, and Earth Data revenue up +6% to $406m, fueled by market appetite for high-end data and sector consolidation
- Strong improvement in profitability, supported by operating efficiency gains across all business lines. Segment adjusted EBITDAs of $551m, up +21% year-on-year, representing a 47% margin vs 41% in 2024
- IFRS Net Income of $71m, up +40% compared with 2024
- Significant Net Cash Flow generation of $107m, exceeding the FY 2025 guidance of $100m
- Continued reduction in Net Debt (excluding IFRS 16) to $753m
- FY 2026 guidance: expected Net Cash Flow generation of $100m
Sophie Zurquiyah, Chair and CEO of Viridien: “2025 was a pivotal year in advancing the asset-light strategy and financial transformation we initiated in 2018. Leveraging our proven competitive edge as an advanced technology and digital expert, we delivered very strong operational performance and generated substantial cash, fully allocated to debt reduction. This performance reflects the strength of our business model, driven by highly skilled, excellence-focused teams and deep expertise in high-performance computing. In 2026, assuming a comparable business environment, we expect to generate a further $100 million in Net Cash Flow, with seasonality consistent with 2025. This will be dedicated to additional deleveraging, further strengthening the Group’s financial structure.”
| (in millions of $) | Q4 2025 | Q4 2024 | Change (%) | FY 2025 | FY 2024 | Change (%) |
| Segment figures | ||||||
| Revenue | 277 | 339 | -18% | 1,165 | 1,117 | +4% |
| Adjusted EBITDAs | 135 | 157 | -14% | 551 | 455 | +21% |
| IFRS figures1 | ||||||
| Revenue | 312 | 427 | -27% | 1,071 | 1,211 | -12% |
| EBITDAs | 174 | 216 | -20% | 461 | 516 | -11% |
| Operating Income | 89 | 49 | +81% | 237 | 143 | +65% |
| Net Income | 52 | 29 | +78% | 71 | 51 | +40% |
| Net Cash Flow | 45 | 22 | +106% | 107 | 56 | +92% |
| Net Debt (incl. IFRS16) | 888 | 921 | -4% | 888 | 921 | -4% |
KEY HIGHLIGHTS PER BUSINESS LINE2
Data, Digital and Energy Transition (DDE): Strong contribution across the board
Segment revenue at $850, up +8% year-on-year, with solid performance in both businesses.
Geoscience (GEO)
- Revenue at $444m (+10%)
- Large OBN projects across our three core basins remained the main activity drivers, while the Middle East also showed solid momentum
- Productivity per employee up +13% to $387k. Computing power increased to 690 petaflops (+33% year on year) and will continue to expand with the planned investments in the US HPC infrastructure over the next years
Earth Data (EDA)
- Revenue at $406m (+6%)
- Good progress on the Laconia multi-client OBN project in the U.S. Gulf, with the addition of a Phase 3 expanding the area covered to the south; continued expansion in Brazil’s Equatorial Margin, where the Group has secured permits; new and reprocessing activity in the North Sea, particularly the Utsira North OBN project; and meaningful transfer fees linked to sector consolidation
Overall, growth in DDE New Businesses has slowed, as clients have refocused on their core Oil & Gas activities. However, HPC and digital continue to show solid momentum, supported by ongoing commercial discussions.
Segment adjusted EBITDAs at $549m, up +20% year on year, with the margin expanding to 65% versus 58% in 2024, driven by further operating efficiency improvements and the significant flow-through from EDA’s late sales. EDA Cash EBITDA at $178m, up +137% compared with 2024.
Sensing and Monitoring (SMO): Resilient land segment and continued growth in non-energy activities
Segment revenue at $315m in 2025, down -5% year-on-year. Within legacy businesses, land-based solutions closed the year up +2%, supported by a broadly diversified portfolio of contracts across geographies and scales, but only partially offset the slowdown in marine revenues. SMO New Businesses remained dynamic, increasing +8% versus 2024 and now representing 19% of SMO’s total revenue.
Segment adjusted EBITDAs at $32m, down -10% compared to 2024. Against lower activity levels and a strongly adverse currency effect (driven by US dollar depreciation while SMO’s cost base is primarily in euros) the cost-reduction efforts implemented over the past 24 months to lower SMO’s break-even point helped limit the impact on profitability.
Segment adjusted operating income at $9m, up +114% year-on-year, with the margin more than doubling, positioning SMO well for improved profitability as activity recovers.
CONSOLIDATED IFRS FIGURES3
Profit & Loss: Net Income up a significant +40%
Consolidated IFRS revenue for 2025 came in at $1,071m, down -12% year-on-year, with a $94m negative impact related to IFRS15 restatements. Over the period, these adjustments primarily relate to major survey projects conducted by Earth Data in the US Gulf and Norway. EBITDAs stood at $461m, down -11%, reflecting the same effect.
IFRS Net Income reached $71m, up a strong +40% compared to 2024, after notably accounting for -$229m of leases and D&A, -$107m net cost of financial debt, -$38m of other financial losses largely related to bond refinancing and foreign exchange impacts, and -$23m of income taxes.
| (in millions of $) | Q4 2025 | Q4 2024 | Change (%) | FY 2025 | FY 2024 | Change (%) |
| €/$ exchange rate | 1.12 | 1.09 | +3% | 1.12 | 1.09 | +3% |
| Revenue | 312 | 427 | -27% | 1,071 | 1,211 | -12% |
| EBITDAs | 174 | 216 | -20% | 461 | 516 | -11% |
| Operating income | 89 | 49 | +81% | 237 | 143 | +65% |
| Equity from investment | 0 | -1 | n.a. | -1 | 0 | +70% |
| Net cost of financial debt | -28 | -24 | +18% | -107 | -97 | +10% |
| Other financial income (loss) | -3 | 5 | n.a. | -38 | 4 | n.a. |
| Income taxes | -6 | 1 | n.a. | -23 | -13 | +68% |
| Net Income (loss) from continuing operations | 52 | 29 | +77% | 69 | 36 | +90% |
| Net Income (loss) from discontinued operations | 0 | 0 | n.a. | 3 | 15 | -81% |
| Consolidated Net Income (loss) | 52 | 29 | +78% | 71 | 51 | +40% |
Cash Flow Statement and Debt: Net Cash Flow nearly doubled, with a strong reduction in Net Debt
Net Cash Flow of $107m generated in 2025, nearly doubling compared with $56m in 2024 and exceeding full-year 2025 guidance ($100m). Viridien collected $29m of the unpaid PEMEX4 receivables outstanding at the end of Q3 2025. This cash was allocated to the repayment of a $28m asset-backed facility related to the Group’s HPC infrastructure. From an accounting perspective, both items are included in Net Cash Flow as they are linked to operations. The PEMEX collection is reflected in changes in working capital, while the repayment of the asset-backed facility is recorded under other financing activities.
| (in millions of $) | Q4 2025 | Q4 2024 | Change (%) | FY 2025 | FY 2024 | Change (%) |
| Segment EBITDAs | 139 | 128 | +9% | 556 | 422 | +32% |
| Income tax paid | -2 | -2 | -32% | -16 | -12 | +26% |
| Change in working capital & provisions | 20 | 30 | -35% | -62 | 48 | -229% |
| Other cash items | 0 | 0 | -41% | -1 | -1 | +92% |
| Cash from Operating Activity | 156 | 155 | +1% | 477 | 457 | +4% |
| Total capex | -35 | -81 | -57% | -207 | -285 | -27% |
| Acquisitions and proceeds of assets | 12 | 6 | +96% | 14 | 7 | +110% |
| Cash from Investing Activity | -22 | -75 | -70% | -193 | -278 | -31% |
| Paid cost of debt | -50 | -43 | +16% | -92 | -86 | +7% |
| Lease repayment | -11 | -12 | -13% | -55 | -56 | -2% |
| Other financing activities | -28 | 0 | n.s. | -29 | -1 | n.s. |
| Cash from Financing Activity | -89 | -56 | +60% | -175 | -142 | +23% |
| Discontinued operations acquisitions | 0 | -3 | -109% | -1 | 19 | n.a. |
| Net Cash Flow | 45 | 22 | +106% | 107 | 56 | +92% |
| Refinancing costs paid (fees + call premium) | 0 | 0 | n.a. | -42 | 0 | n.a. |
| Repayment and issuance of debt | -99 | -49 | +100% | -203 | -69 | +192% |
| Forex and other | 1 | -12 | n.a. | 8 | -11 | n.a. |
| Net increase (decrease) in Cash | -54 | -40 | +35% | -129 | -25 | +408% |
Viridien has been highly active over the past two years in managing its liabilities, in line with its commitment to deleverage the Group and optimize financing costs.
In 2025, in addition to repaying the $28m asset-backed facility, the Group fully utilized the 10% annual optional redemption at 103% included in its bond documentation, repaying $97m of outstanding bonds. This redemption was executed in two transactions, in mid-October and mid-December 2025. In total, $43m was repaid on the USD-denominated tranche and €46m ($54m) on the EUR-denominated tranche, reducing the remaining outstanding principal to $407m and €430m ($505m), respectively.
As of December 31, 2025, Viridien maintained a strong liquidity position, including a $125m RCF5.
| (in millions of $) | Dec. 31, 2025 | Dec. 31, 2024 | Change (%) |
| Liquidity | 273 | 392 | -30% |
| Cash | 173 | 302 | -43% |
| Undrawn RCF | 100 | 90 | +11% |
| Gross Debt | 1,061 | 1,223 | -13% |
| Bonds | 8956 | 1,049 | -15% |
| Other borrowings | 13 | 31 | -58% |
| Accrued interests | 18 | 18 | -4% |
| Lease liabilities | 135 | 125 | +9% |
| Net Debt | 888 | 921 | -4% |
GOVERNANCE
On November 19, 2025, the Group announced its decision to reinstate a separated governance structure from the next General Meeting, to be held on June 3, 2026, by splitting the roles of Chair and CEO.
From that date, subject to approval by the General Meeting, Sophie Zurquiyah will become non-executive Chair of the Board and will step down from her executive responsibilities. As she reaches the end of her second term as CEO, the Board of Directors unanimously supports her remaining as Chair to ensure strategic continuity and guide Viridien’s long-term vision. Since 2018, her leadership has repositioned Viridien as an asset-light, technology-driven company with a stronger financial foundation and a more diversified portfolio.
The Board also unanimously approved the appointment of Henning Berg as Viridien’s new CEO, effective June 3, 2026. Henning Berg brings more than 27 years of experience in the oil and gas services industry, including several senior global leadership roles at SLB. He will join the Group on March 3, 2026, as Chief Operating Officer, ensuring a structured and gradual transition to the CEO role. His appointment as Director will also be submitted for approval at the upcoming General Meeting
OUTLOOK
While short-term energy price volatility may result in some industry caution and softer activity in the first half of 2026, we anticipate a recovery in the second half. Under an overall business environment comparable to last year, Viridien expects to deliver around $100 million of Net Cash Flow in FY26, with a seasonal profile similar to 2025 and full allocation to further deleveraging. This target incorporates the planned Phase 1 expansion of our US HPC infrastructure and assumes a normalization of working capital, including PEMEX.
Looking further ahead, the structural dynamics of global energy supply increasingly point toward a new exploration upcycle7. Frontier discoveries and offshore deepwater developments, areas where Viridien holds clear technological leadership, will be critical to sustaining production and reinforce our confidence in the Group’s medium- and long-term trajectory.
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Q4 2025 conference call details
The press release and presentation will be made available on www.viridiengroup.com at 5:45 p.m. (CET).
An English-language conference call is scheduled today at 6:00 p.m. (CET).
Participants must register for the conference call by clicking here to receive a dial-in number and PIN code. Participants may also join the live webcast by clicking here.
A replay of the conference call will also be available, for a period of 12 months, on the Company’s website www.viridiengroup.com.
Status of the Statutory Auditors’ procedures
The Board of Directors met on February 26, 2026, and closed the consolidated financial statements as of December 31, 2025. Audit procedures were completed, and …