Slide 1: Q2 2026 Results
JULY 23, 2026 Q2 2026 Results Oslo, Norway KRISTIAN JOHANSEN, CEO SVEN BØRRE LARSEN, CFO
Slide 2: Forward-Looking Statements
Forward-Looking Statements All statements in this presentation other than statements of operational challenges, and reliance on a cyclical industry and historical fact are forward-looking statements, which are subject principal customers. Actual results may differ materially from to a number of risk
Slide 3: Highlights
Highlights¹ • Q2 revenues of USD 400 million (up 30% Y/Y) driven by multi-client • Q2 EBITDA of USD 244 million (61% margin) • Q1 EBIT USD 120 million (30% margin) • Streamer utilization of 94%, highest since Q3 2013 • Strong order inflow of USD 377 million – total order backlog of USD 756 million •
Slide 4: Business Update
Business Update
Slide 5: Q2 2026 Data Acquisition Activity
Q2 2026 Data Acquisition Activity OBN contract MC OBN/onshore projects Other operations – SC and LiDAR MC vessel operations Contract vessel operations 5
Slide 6: Multi-Client Update
Multi-Client Update Activity Summary • Two multi-client projects offshore Brazil • Pelotas Sul and Pelotas Norte • Multi-client campaign in West Africa • Nigeria Laide MC3D survey and Ultra Profundo MC2D survey offshore Angola • Completed APEX 1 OBN in the Gulf of America • Dense node grid without r
Slide 7: Marine Data Acquisition Update
Marine Data Acquisition Update Activity Summary Streamer • Continued working on a large contract for supermajor in Indonesia • Commenced contracts offshore Norway and Angola OBN • Commenced a large OBN contract in Gulf of America • Node-on-a-rope crew fully utilized on multiple projects in the North
Slide 8: Imaging & Technology Update
Imaging & Technology Update Activity Summary • Strong capacity utilization at all imaging centers • Overweight of resources allocated to internal production (multi-client) • Expect continued activity growth in 2026 Technology developments • Strategic collaboration with Allton to simplify deployment
Slide 9: Apparition Acquisition Strengthens TGS' Technology Portfolio
Apparition Acquisition Strengthens TGS’ Technology Portfolio • Secures access to proprietary simultaneous source acquisition and separation technology • Creates significant improvements in seismic operational efficiency, source capacity and subsurface imaging clarity when combined with TGS' Gemini S
Slide 10: Divesting North American Well Data Business
Divesting North American Well Data Business • Sold the subsidiary A2D to Enverus for a purchase price in excess of USD 100 million • USD 100 million + USD 15 million earn-out conditioned on milestones • Sharpening focus on integrated offshore technology offering • Offshore offering greater growth op
Slide 11: Financials
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Slide 12: Q2 2026 Net Revenues
Q2 2026 Net Revenues Multi-client revenues¹ Net contract revenues² 247 3 250 250 160 2 151 14 140 98 200 120 100 150 MUSD MUSD 80 100 60 40 37 50 20 0 0 MC MDA Imaging Other Total MC MDA Imaging Other Total 1Revenues measured by applying the percentage-of-completion method ongoing multi-client proje
Slide 13: Q2 2026 Produced Segment Summary
Q2 2026 Produced Segment Summary Multi-client revenues and EBITDA Multi-client investments 284 200 300 270 240 178 250 226 160 168 254 253 200 120 208 MUSD MUSD 137 203 117 150 114 80 86 100 126 40 50 0 0 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 MC licensing Contract sales (JV) EB
Slide 14: Group Financials
Group Financials Net revenue Operating expenses 500 300 267 262 388 400 236 400 363 250 217 111 132 308 321 151 81 189 171 200 100 70 300 MUSD 172 108 53 150 MUSD 263 250 155 147 156 200 136 130 217 213 100 100 136 50 0 0 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Multi-client Contr
Slide 15: Produced – Profit & Loss
Produced – Profit & Loss (MUSD) Q2 2026 Q2 2025 Change YTD 2026 YTD 2025 Change Multi-client revenues 249.7 135.8 84% 462.5 403.5 15% Contract revenues 150.6 172.1 -13% 258.3 355.2 -27% Total revenues 400.3 307.9 30% 720.8 758.6 -5% Cost of sales 71.7 76.4 -6% 109.0 185.3 -41% Personnel cost 56.9 56
Slide 16: Produced – Cash Flow
Produced – Cash Flow (MUSD) Q2 2026 Q2 2025 YTD 2026 YTD 2025 Produced EBITDA 244.0 152.5 434.5 410.2 Paid tax (12.0) (22.6) (33.4) (50.5) Change in balance sheet items (78.1) 49.0 2.1 80.0 Cash flow operations 153.8 178.9 403.2 439.7 Capitalized multi-client investments (168.2) (114.4) (346.3) (244
Slide 17: IFRS – Balance Sheet
IFRS – Balance Sheet Change from (MUSD) 30-Jun-26 31-Mar-26 31-Mar-26 30-Jun-25 Goodwill 533.1 555.9 -4% 560.1 Multi-client library 1,237.8 1,228.7 1% 1,122.0 Deferred tax asset 239.1 226.4 6% 256.1 Right-of-use-asset 143.3 163.4 -12% 203.1 Other non-current assets 1,014.3 1,046.4 -3% 1,027.1 Total
Slide 18: Dividends
Dividends Dividend Per Share1 Dividend Yield2 1.6 8.0% 7.5% 1.4 7.0% 1.42 1.37 1.2 6.0% 1.15 1.0 1.08 5.0% 5.2% 5.3% 4.9% USD per share 0.98 0.93 4.5% 4.6% 4.6% 0.8 4.0% 4.3% 0.80 4.0% 3.9% 4.0% 3.7% 3.8% 0.75 3.5% 3.6% 0.6 3.0% 0.61 0.60 0.60 0.62 0.56 0.56 0.56 0.56 2.8% 2.6% 0.4 2.0% 0.155 0.155
Slide 19: Outlook
Outlook
Slide 20: A Step Change in Exploration Momentum
A Step Change in Exploration Momentum 1 Peak oil extended by more than 20 years 2 Reserve life continues to decline 3 Renewed focus on energy security and geopolitical risk 4 Investor sentiment is changing 5 Exploration successes supported by TGS data 20
Slide 21: Increasing Exploration Inventory Likely to Increase Activity
Increasing Exploration Inventory Likely to Increase Activity Offshore acreage awards¹ 1,800,000 • More than 2x offshore acreage awards in 1,600,000 2025 vs. annual average previous 5 years 1,400,000 1,200,000 1,000,000 Sq.km 800,000 600,000 • Number of exploration wells trending down 400,000 200,000
Slide 22: 3D Streamer Contract Tenders
3D Streamer Contract Tenders Value of active contract streamer tenders (USDm) • Recent uptick driven by tendering activity 800 in Asia Pacific region • Integrated business model enables TGS to 600 establish long-term capacity agreements and bid selectively • Multi-client opportunity pipeline with MU
Slide 23: Signs of Improving Streamer and OBN Activity
Signs of Improving Streamer and OBN Activity Development in contract vessel months Streamer market: 250 • Streamer contract market declined almost 50% 200 from 2019 to 2025 • 2026 volume expected to increase vs. 2025 Vessel months 150 100 • Booked ~75% of expected 2026 capacity 50 0 • Current low vi
Slide 24: Order Backlog & Inflow
Order Backlog & Inflow Order Inflow in MUSD Expected timing of Marine Data Acquisition backlog 700 revenue recognition 600 500 400 300 598 489 423 436 200 368 392 377 355 275 302 100 196 140 133 0 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Total Backlog in MUSD 900
Slide 25: Booked Positions and Normalized Crew Count
Booked Positions¹ Booked streamer work in vessel months • Q3 streamer geo-markets: 18 • Contract work in Asia Pacific, Europe, West Africa and 16 Middle East 14 • Multi-client in Brazil and Europe Vessel months 12 10 8 6 4 • Q3 OBN geo-markets: 2 0 • Contract work in GoA and Europe Q3 26E Streamer c
Slide 26: 2026 Guidance
2026 Guidance MULTI-CLIENT INVESTMENT CAPITAL EXPENDITURES GROSS OPERATING COST UTILIZATION • Approximately USD 550 million • At approximately the same level • 2H gross operating cost in line • Significant increase in streamer as in 2025 with annual run rate of USD vessel utilization – driven by • S
Slide 27: Summary
Q2 2026 Summary • EBITDA and EBIT margins of 61% and 30% respectively • Strongest streamer vessel utilization since 2013 • High order inflow – strong backlog • Strengthening acquisition technology portfolio • Maintaining quarterly dividend of USD 0.155 per share • Divesting North American well data
Slide 28: Thank you
Thank you Questions? Energy Starts With Us
Slide 29: Appendix
Appendix
Slide 30: Produced - Segment Revenues
Produced - Segment Revenues 30
Slide 31: IFRS Backlog & Inflow
IFRS Backlog & Inflow Order Inflow in MUSD Timing of expected recognition of Early Sales contract backlog 700 600 500 400 MUSD 300 598 489 423 436 200 392 377 355 368 275 302 100 196 140 133 0 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Total Backlog in MUSD 1600 14
Slide 32: IFRS – Profit & Loss
IFRS – Profit & Loss¹ (MUSD) Q2 2026 Q2 2025 Change YTD 2026 YTD 2025 Change Total revenues 373.0 334.2 12% 659.9 830.3 -21% Cost of sales 71.7 76.4 -6% 109.0 185.3 -41% Personnel cost 56.9 56.9 0% 122.6 118.1 4% Other operational costs 27.7 22.1 25% 54.7 45.0 22% EBITDA 216.8 178.7 21% 373.7 481.9
Slide 33: IFRS – Cash Flow
IFRS – Cash Flow (MUSD) Q2 2026 Q2 2025 Change YTD 2026 YTD 2025 Change Operating activities: Profit before taxes 44.0 -44.7 -198% 54.4 -5.5 -1090% Depreciation/amortization/impairment 159.5 197.0 -19% 294.1 441.6 -33% Changes in accounts receivable and accrued revenues -23.4 31.0 -176% 70.2 167.9 -
Slide 34: Multi-client
Multi-client Revenues EBITDA 300 300 11 37 250 250 254 253 14 33 200 200 203 208 MUSD 150 150 MUSD 5 259 247 212 207 100 126 100 132 50 50 0 0 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 MC Multi-client sales Contract sales (JV) Multi-client investments Multi-client sales / Investmen
Slide 35: Marine Data Acquisition
Marine Data Acquisition Revenue EBITDA 250 50% 90 70 44% 80 96 41% 81 200 40% 89 137 70 142 35% 60 OBN share 150 30% 31% 30% 164 50 MUSD MUSD 53 54 133 50 100 119 20% 40 30 38 50 68 10% 20 58 10 0 0% 0 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 External revenue Internal revenue OBN share Q2 25 Q3 25 Q4 25 Q1 26
Slide 36: Imaging and other
Imaging and other¹ IMG Revenue Other revenue 35 9 30 8 12 12 13 17 18 8 7 25 6 20 6 5 6 MUSD MUSD 19 20 5 15 18 5 4 15 14 10 3 2 5 1 0 0 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 External revenue Internal revenue Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 IMG EBITDA and EBITDA and margin Other EBITDA and margin 14 50% 5 50%
Slide 37: License Round Activity
License Round Activity NORTH AMERICA AFRICA / EAST MED Canada: Angola: • Newfoundland Call for Bids (Orphan Basin • Permanent Offer Blocks available for and Salar Basin) scheduled for November, direct negotiation 2026. Congo-Brazzaville: • Nova Scotia Call for Bids closed in April, • 2026 License Ro