Slide 1: Q3 2025 Results
OCTOBER 23, 2025 Q3 2025 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: TGS Q3 Highlights
TGS Q3 Highlights¹ • Q3 Revenues of USD 388 million vs. USD 308 million in Q2 2025 • Q3 EBITDA of USD 242 million (62% margin) driven by strong cost focus • Q3 EBIT of USD 105 million (27% margin) • Order inflow of USD 436 million – total order backlog of USD 473 million • Strong cash flow - net deb
Slide 4: Business Update
Business Update
Slide 5: Q3 2025 Data Acquisition Activity
Q3 2025 Data Acquisition Activity¹ OBN contract NES operations MC OBN/onshore projects MC vessel operations Contract vessel operations 5 ¹Vessel operations are based on six streamer vessels. The Ramform Tethys started the quarter offshore Norway and moved to Brazil during August to commence a multi-
Slide 6: Multi-Client Update
Multi-Client Update Awards & Key Projects • PAMA Phase II offshore Brazil • Streamer survey in Equatorial Margin area • Megabar Extension Phase I • Joint venture streamer survey in Equatorial Margin area offshore Brazil • Amendment West-1 in the Gulf of America • Ultra-long offset OBN survey over le
Slide 7: Historical Multi-Client Performance
Historical Multi-Client Performance TGS sales-to-investment 1200 2.50 • Last Twelve Months sales/investment 2.1x in Q3 1000 2025 2.00 • In line with average performance since Q1 2023 Sales and investments in MUSD 800 Sales / Investment 1.50 • Strong Q3 sales from multi- 600 client library 1.00 400 0
Slide 8: Marine Data Acquisition Update
Marine Data Acquisition Update Awards & Key Projects • Awarded streamer contract in the Mediterranean • Commenced acquisition in Q3 • Secured large streamer contract offshore Indonesia • Scheduled to commence in Q4 • Duration of ~8 months • Mostly 3D, with last month dedicated to 4D • Awarded stream
Slide 9: New Energy Solutions Update
New Energy Solutions Update Awards & Key Projects • Awarded UHR-3D contract offshore Norway • Commenced acquisition early July • Duration of ~25 days • Acquired CCS contract offshore Norway • Continues collaboration with Equinor by providing Prediktor Data Gateway Solution to their Empire Wind proje
Slide 10: Imaging & Technology Update
Imaging & Technology Update Awards & Key Projects • Enhanced strategic focus on external imaging market has resulted in significant revenue growth and increasing market share • Significant reduction of HPC cost from added scale • Expect continued growth in external imaging revenues Financials in mil
Slide 11: Financials
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Slide 12: Group Financials
Group Financials Net revenue Net operating expenses¹ 600 250 500 225 200 221 501 492 400 451 193 388 150 155 MUSD MUSD 300 147 308 100 200 50 100 0 0 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Depreciation & Amortization Group EBIT and margin 250 120 30% 27% 100 25% 200 21% 80 20% 1
Slide 13: Continued Focus on Cost Optimization
Continued Focus on Cost Optimization Operating expenses Q3 Operating expenses LTM 300 289 1,200 1,098 1,085 1,051 1,054 31 982 Original ~1,050 250 68 1,000 May update ~1,000 221 July update ~950 217 (current) 95 26 200 36 800 70 MUSD 147 MUSD 150 87 600 83 28 100 400 69 162 50 99 107 200 50 0 0 Gros
Slide 14: Profit & Loss
Profit & Loss Produced Pro forma (MUSD) Q3 2025 Q3 2024 Change YTD 2025 YTD 2024 Change Multi-client revenues 216.8 280.2 -23% 403.5 708.9 -43% Contract revenues 171.4 220.7 -22% 743.3 605.4 23% Total revenues 388.1 500.9 -23% 1,146.8 1,314.3 -13% Cost of sales 50.0 107.3 -53% 235.3 293.0 -20% Perso
Slide 15: Cash Flow
Cash Flow Produced (MUSD) Q3 2025 Q3 2024 YTD 2025 YTD 2024 Produced EBITDA 241.6 280.0 651.8 544.1 Paid tax (11.1) (3.2) (61.6) (16.5) Change in balance sheet items 11.5 (11.9) 91.5 (80.2) Cash flow operations 242.0 264.9 681.7 447.4 Capitalized multi-client investments (85.9) (129.4) (330.1) (248.
Slide 16: Net Debt Development – Targeted Capital Structure
Net Debt Development – Targeted Capital Structure Decreasing net debt towards targeted range (MUSD) 550 Net debt target of USD 250-350 500 million 78 5 30 Increase 450 30 77 shareholder return 30 in the targeted 400 interval 350 350 500 479 453 432 300 250 250 200 Net debt Q4 FCFE Dividend Net debt
Slide 17: Balance Sheet
Balance Sheet IFRS Change from (MUSD) 30-Sep-25 30-Jun-25 30-Jun-25 31-Dec-24 Goodwill 555.9 560.1 -1% 560.1 Multi-client library 1,106.3 1,122.0 -1% 1,196.8 Deferred tax asset 256.8 256.1 0% 249.7 Right-of-use-asset 199.9 203.1 -2% 150.2 Other non-current assets 1,019.9 1,027.1 -1% 1,052.0 Total no
Slide 18: Dividends
Dividends Dividend Per Share1 Dividend Yield2 1.6 8.0% 1.4 7.0% NOK NOK 8.5 1.2 8.0 6.0% NOK 1.0 USD 5.0% 8.5 USD per share 1.08 NOK NOK 0.8 6.0 4.0% 5.0 USD 7.5% 0.8 USD 0.6 0.75 3.0% USD USD 0.155 NOK USD USD USD USD 5.2% 5.3% 0.6 0.6 4.9% 4.6% 4.0 0.56 0.56 0.56 0.56 4.5% 4.3% 0.4 0.155 2.0% 4.0%
Slide 19: Outlook
Outlook
Slide 20: Steeper Decline Curves Requires Increased Investment
Steeper Decline Curves Requires Increased Investment Oil and gas decline rate in mboe/d Global upstream oil and gas capex in USD billion 1 000 200 800 160 600 120 80 400 40 200 0 2025 2035 2050 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025e USD 0 billion USD 150 billion USD 300 billion USD
Slide 21: CEOs Recently Highlighting the Exploration Challenge
CEOs Recently Highlighting the Exploration Challenge “Oil market oversupply is likely to be a short-term issue, with demand from emerging economies set to make meeting global energy demand more challenging in the medium-longer term.” Darren Woods, CEO ExxonMobil “We had a decade... where people didn
Slide 22: 3D Streamer Contract Tenders
3D Streamer Contract Tenders Value of active contract streamer tenders (USDm) 800 • Seasonally low value of outstanding streamer tenders 600 • Integrated business model enables TGS to establish long-term agreements and bid selectively 400 • Recent uptick in multi-client activity and pre-funding leve
Slide 23: OBN Market Development
OBN Market Development OBN acquisition revenues (USDm) mid to deepwater segment Acquisition revenues OBN mid to deepwater market • 2025 OBN mid to deepwater market 1200 revenues expected to be slightly higher than in 2023 • 2025 market revenues decline 10-12% vs. 2024 900 • Commenced tendering proce
Slide 24: 2025 Guidance
2025 Guidance MULTI-CLIENT INVESTMENT CAPITAL EXPENDITURES GROSS OPERATING COST UTILIZATION • Investment of • ~USD 110 million, down from • Target ~USD 950 million • Expect improved utilization of 3D USD 425-475 million ~USD 135 million (unchanged)* streamer fleet (unchanged) (unchanged) • Excluding
Slide 25: Order Backlog & Inflow
Order Backlog & Inflow Order Inflow in MUSD Expected timing of Marine Data Acquisition backlog revenue recognition 600 500 400 300 489 423 436 200 360 355 368 283 302 275 240 100 196 140 133 0 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Total Backlog in MUSD Q4 2025
Slide 26: TGS Booked Positions
TGS Booked Positions¹ Booked streamer work in vessel months 18 16 • Q4 streamer geo-markets: 14 • Contract work in Africa and Asia 12 10 • Multi-client in Brazil 8 6 4 2 0 • Q4 OBN geo-markets: Q4 25E Streamer contract Streamer multi-client Q1 26E Planned steaming and yard • Contract work in GoA • M
Slide 27: Summary
Q3 2025 Summary • Solid performance on financial key figures • Net debt reduced to USD 432 million • Scrutinizing cash outflow – reducing 2025 capex by ~USD 25 million • Short-term market development sensitive to oil price, long-term market outlook remains positive • Maintaining dividend of USD 0.15
Slide 28: Thank you
Thank you Questions? Energy Starts With Us
Slide 29: Appendix
Appendix
Slide 30: IFRS Backlog & Inflow
IFRS Backlog & Inflow Order Inflow in MUSD Timing of expected recognition of Early Sales contract backlog 600 500 400 300 489 423 436 200 360 355 368 283 275 302 240 100 196 140 133 0 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Total Backlog in MUSD 1400 1200 1000 Q
Slide 31: IFRS – Profit & Loss
IFRS – Profit & Loss¹ YTD YTD (MUSD) Q3 2025 Q3 2024 Change 2025 2024 Change Total revenues 424.4 451.1 -6% 1,254.7 827.5 52% Cost of sales 50.0 107.3 -53% 235.3 184.2 28% Personnel cost 69.0 87.5 -21% 187.1 152.0 23% Other operational costs 27.5 26.1 5% 72.6 62.6 16% EBITDA 277.9 230.2 21% 759.7 42
Slide 32: IFRS – Cash Flow
IFRS – Cash Flow (MUSD) Q3 2025 Q3 2024 Change YTD 2025 YTD 2024 Change Operating activities: Profit before taxes 96.1 52.3 84% 90.6 80.1 13% Depreciation/amortization/impairment 162.6 170.3 -4% 604.2 323.6 87% Changes in accounts receivable and accrued revenues 11.2 6.3 77% 179.1 -31.7 -665% Change
Slide 33: Segment Financials
Segment Financials Q3 2025 (USD millions) Multi-client wee Data New Energy Solutions © Imaging Shared services _Eliminations Group External revenues 2255 226 204 09 - 388.1 Inter-segment revenue - - 118 - (107.5) (0.0) Costs 225 165 225 422 (94.3) 1465 EBITDA 202.9 64 04 14) (13.3) 244.6 Depreciatio
Slide 34: Multi-Client
Multi-Client Revenue EBITDA 300 300 250 277 259 267 250 259 256 200 226 242 200 203 MUSD MUSD 150 150 137 100 100 126 50 50 0 0 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Multi-client investments Sales / Investment LTM 140 2.3x 120 129 130 2.2x 100 114 100 80 2.1x MUSD MUSD 86 60 2.
Slide 35: Marine Data Acquisition Utilization
Marine Data Acquisition Revenue EBITDA 350 60% 90 300 80 50% 50% 97 47% 44% 70 77 78 250 54 41% 41% 40% 67 60 OBN share 200 56 96 50 MUSD MUSD 209 70 30% 194 51 50 150 40 164 133 20% 100 30 119 10% 20 50 10 0 0% 0 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 External revenue Internal revenue OBN share Q3 24 Q4 24
Slide 36: Imaging and NES
Imaging and NES IMG Revenue NES revenue 35 25 30 12 12 20 23 15 25 19 16 10 18 20 15 MUSD MUSD 19 20 15 15 10 14 10 9 10 5 5 6 0 0 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 External revenue Internal revenue Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 IMG EBITDA and EBITDA and margin NES EBITDA and margin 14 45% 7 35% 12 40%
Slide 37: License Round Activity
License Round Activity NORTH AMERICA AFRICA / EAST MED Canada – Labrador & Jeanne d’Arc: • Call for Nominations Open Angola: • Expect Call for Bids – Nov 2025 (close) • 2025 round – 10 blocks • Permanent Offer Blocks available for US GOA: direct negotiation • Lease Sale planned for 10 December 2025