Slide 1: Financial Results Q4 & FY 2024
FINANCIAL RESULTS Q4 & FY 2024 Amended version dated March 27, 2025 (see footnotes * on slides 6 & 18) viridiengroup.com
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements, including, without limitation, statements about Viridien (“the Company”) and its plans, strategies, and prospects. These forward-looking statements are subject to risks and uncertainties that may change at any time, and, therefore, th
Slide 3: Agenda
1 Q4 2024 Operational Overview Agenda 2 FY 2024 Financial results & Roadmap 3 Outlook viridiengroup.com Q4 2024 financial results
Slide 4: 2024 Operational Overview
1 2024 Operational Overview viridiengroup.com cgg.com Q4 2024 financial results
Slide 5: 2024 highlights
1 2024 highlights Revenue guidance achieved, adjusted EBITDA and Net Cash Flow exceeded Outstanding commercial performance for Geoscience Higher Earth Data investments backed by industry funding and solid After-Sales Restructuring at SMO well under way Key milestones of the financial roadmap deliver
Slide 6: Key segment financial highlights
1 Key segment financial highlights REVENUE Adjusted EBITDAs NET CASH FLOW $339 million $157 million $22* million Q4 Up 30% y-o-y vs $48m in Q4 2023 Up 6% y-o-y including $(12)M penalty fees from including $(18)M contractual vessel commitments fees from vessel commitments $455 million $56 million $1,
Slide 7: DDE segment: Key business indicators
1 DDE segment: Key business indicators Segment revenue ($M) Adjusted segment EBITDAs* ($M) & margin (%) 62% 55% 58% 58% 63% +17% 787 458 406 367 Earth Data 659 672 Geoscience 150 117 383 337 2022 2023 2024 Q4 2023 Q4 2024 375 Adjusted segment OPINC ($M) & margin (%) 29% 21% 26% 10% 37% +19% 238 206
Slide 8: Geoscience: Key business indicators
Geoscience: Key business indicators 1 Total production ($M) Backlog ($M) +12% 532 474 Internal production 128 399 External revenue +20% +90% 139 115 351 404 335 131 +8% 142 284 33 35 184 98 107 2022 2023 2024 Q4 2023 Q4 2024 2023 December 31st 2024 Total production / head ($K) Computing power (PFLOP
Slide 9: Geoscience: 2024 operational highlights
Geoscience: 2024 operational highlights 1 Strong activity throughout the year across basins and clients Record high order intake (+89%) and year-end backlog (+90%) Sustained client interest for Viridien’s elastic FWI technology strong differentiation vs competitors (client feedback) step c
Slide 10: Unprecedented imaging: Largest OBN survey in the North Sea
Unprecedented imaging: 1 Largest OBN survey in the North Sea Largest Continuous OBN Survey in the Heimdal Terrace OBN North Sea: 3,700 sq. km Over 250,000 nodes positions 3.4 Petabytes of raw data acquired Advanced FWI technology, reducing Utsira OBN distortions from overburden anomalies 200
Slide 11: Earth Data: Key business indicators
Earth Data: Key business indicators 1 EDA revenue ($M) & Cash on cash ratio EDA CAPEX ($M) & pre-funding (%) MC Capex Prefunding Rate 1,8x 2x 1,5x Prefunding 375 +14% 383 After Sales 66% 113% 81% 210% 68% 337 136 205 194 +31% 131 252 103 205 239 49 171 178 143 62 82 41 72 29 2022 2023 2024 Q4 2023 Q
Slide 12: Earth Data: 2024 operational highlights
Earth Data: 2024 operational highlights 1 High activity with new projects driven by clients seeking superior data quality Prefunding revenue growth linked to increased investments. Robust After-Sales in a flat market Projects in historic basins and diversifying footprint Strengthening Viridi
Slide 13: Earth Data: Broad Project Portfolio in 2024
Earth Data: Broad Project Portfolio in 2024 1 NVG ‘24 Laconia Arizona OBN Multiphysics Cote d’Ivoire Reprocessing Malacca Strait 2D Bonaparte 3D Oil & Gas Uruguay Reprocessing Low Carbon 13
Slide 14: Sensing & Monitoring segment: Key business indicators
Sensing & Monitoring segment: Key business indicators 1 Segment revenue ($M) Adjusted segment EBITDAs* ($M) & margin (%) 453 6% 12% 11% 8% 18% 48 -27% BTC 56 Marine 35 330 18 16 9 Land 56 230 2022 2023 2024 Q4 2023 Q4 2024 269 33 117 72 Adjusted segment OPINC ($M) & margin (%) - 5% 1% - 11% -16% 119
Slide 15: Sensing & Monitoring: 2024 operational highlights
Sensing & Monitoring: 2024 operational highlights 1 A transition year, with revenue decline following the delivery of mega crew systems in 2023 Initiation of a restructuring plan focused on cost reductions, operational performance and cash generation through working capital optimization Strong
Slide 16: FY 2024 Financial Results & Roadmap
2 FY 2024 Financial Results & Roadmap viridiengroup.com cgg.com Q4 2024 financial results
Slide 17: 14% y-o-y EBITDA improvement
2 14% y-o-y EBITDA improvement 2023 2024 2023 2024 In million $ Q4 Q4 FY FY Segment Revenue 320 339 1125 1117 Full Year 2024 Adjusted Segment EBITDA 121 157 400 455 Group Segment revenue stable Margin % 38% 46% 36% 41% Segment EBITDA 122 128 400 422 Adjusted Segment EBITDA: +14% after Adjusted S
Slide 18: Strong net cash flow generation +$56M
2 Strong net cash flow generation +$56M 2023 2024 2023 2024 In million $ Full Year 2024 Q4 Q4 FY FY EBITDA 122 128 400 422 Income tax paid 9 (2) 6 (12) Two consecutive years of organic Change in working capital & provisions 21 30 3 48 positive Net Cash Flow Other Cash Items 1 () 1 (1) Capex & le
Slide 19: Balance Sheet
2 Balance Sheet EQUITY & MINORITY At the end of December 2024: GOODWILL $ 1.08bn $1.12bn INTERESTS Group liquidity amounted to $392M, including: $302M cash liquidity $90M undrawn RCF MC LIBRARY $0.46bn Group Gross debt after IFRS 16 is $1,223M vs $1,301M in December 2023 FIXED ASSETS $0.34bn
Slide 20: Financial Roadmap
2 Minimum cash required to run operations reduced to $100M Re-rating discussion with rating agencies 2024-2025 RCF extension in 2024 Financial First tranche of $60M debt buyback in 2024 Roadmap 2025 net cash generation c.$100M Refinancing before Q1 2026 with <$1BN bond to be issued cgg.com Deliverin
Slide 21: Outlook
3 Outlook viridiengroup.com cgg.com Q4 2024 financial results
Slide 22: 2025 financial outlook
3 2025 financial outlook New reporting KPIs for EDA Revenue split between Prefunding and After-sales no longer reported Cash EBITDA (i.e. EBITDA – Capex) will be reported: $97 million and $75 million in 2023 and 2024 respectively (excluding penalty fees from vessel commitments) 2025, in a stable
Slide 23: Thank you
THANK YOU ! viridiengroup.com Q4 2024 financial results