Slide 1: Q4 2025 Results
FEBRUARY 12, 2026 Q4 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 Q4 2025 Highlights
TGS Q4 2025 Highlights¹ • Q4 Revenues of USD 363 million, driven by strong multi-client performance • Q4 EBITDA of USD 227 million (63% margin) – cost focus preserves margins • Q4 EBIT of USD 72 million (20% margin) • High order inflow of USD 598 million – total order backlog of USD 706 million • 20
Slide 4: 2025: A Transitional Year
2025 A Transitional Year BENEFITTING FROM UNIQUE BUSINESS MODEL PRESERVING • First strategic partnership signed MARGINS BY • Capitalizing on REDUCING COST opportunities in all AND CAPEX geoscience markets Gross operating cost and capex reduced by USD 156 and 48 million respectively STRONG START Bett
Slide 5: Business Update
Business Update
Slide 6: Q4 2025 Data Acquisition Activity
Q4 2025 Data Acquisition Activity OBN contract MC OBN/onshore projects NES operations MC vessel operations Contract vessel operations 6
Slide 7: Multi-Client Update
Multi-Client Update Awards & Key Projects • Pelotas Norte Phase I offshore Brazil • Streamer survey mainly targeting open acreage • APEX 1 OBN in Gulf of America • Dense node grid without reliance on underlying streamer data • Completed Megabar Extension Phase I • Joint venture streamer survey in Eq
Slide 8: Strong Multi-Client Performance
Strong Multi-Client Performance TGS Sales-to-Investment LTM 1200 2.5 • Last Twelve Months sales/investment of 2.0x • In line with average performance 1000 2.0 • Q4 2025 multi-client sales Sales and investments in MUSD 800 increased Y-o-Y despite ~15% Sales / Investment 1.5 lower oil price 600 1.0 40
Slide 9: Marine Data Acquisition Update
Marine Data Acquisition Update Awards & Key Projects • Three-year capacity agreement with Chevron • Streamer and OBN acquisition services • Technology collaboration • Three OBN contracts in Europe • Acquisition campaign for Q2 and Q3 • Streamer 4D contract in Norway • Commence in Q2 2026 with ~65 da
Slide 10: Imaging & Technology Update
Imaging & Technology Update Awards & Key Projects • Multi-year agreement with Supermajor for licensing of Imaging AnyWare • Multiple Supermajors use TGS’ software • Reinforces TGS position at forefront of technology innovation • External imaging revenues increased ~65% in 2025 (pro-forma) • Substant
Slide 11: New Energy Solutions Update
New Energy Solutions Update Awards & Key Projects • First wind and metocean campaign in Australia • Commissioned by High Sea Wind • One year deployment • Gipsland region of Victoria • Collaboration with EOLOS to offer wind and metocean campaigns offshore Brazil • TGS manages client relationships • E
Slide 12: Financials
miatclareirelts
Slide 13: Group Financials
Group Financials Net revenue Operating expenses 600 300 277 492 252 500 451 236 250 52 217 388 59 363 81 189 400 200 225 70 231 181 308 193 53 100 MUSD 300 171 150 MUSD 155 147 172 136 200 100 261 270 263 100 217 50 136 0 0 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Multi-client Con
Slide 14: Produced - Segment Revenues
Produced - Segment Revenues 14
Slide 15: Continued Focus on Cost Optimization
Continued Focus on Cost Optimization Operating expenses 2025¹ 2025 2024 • Continued focus on cost efficiency and asset 1,200 1,098 optimization has resulted in substantial cost 139 reductions 1,000 253 894 846 800 124 263 348 107 • 2026 guidance: Gross operating expenses of 631 approximately USD 950
Slide 16: Produced - Profit & Loss
Produced - Profit & Loss Pro forma (MUSD) Q4 2025 Q4 2024 Change YTD 2025 YTD 2024 Change Multi-client revenues 263.6 261.4 1% 883.8 970.1 -9% Contract revenues 99.3 230.9 -57% 625.8 836.5 -25% Total revenues 362.9 492.3 -26% 1,509.6 1,806.7 -16% Cost of sales 48.2 138.3 -65% 283.5 431.3 -34% Person
Slide 17: Produced - Cash Flow
Produced – Cash Flow (MUSD) Q4 2025 Q4 2024 YTD 2025 YTD 2024 Produced EBITDA 227.1 267.1 878.9 811.2 Paid tax (21.6) (16.1) (83.2) (32.6) Change in balance sheet items (37.3) (69.7) 54.2 (149.9) Cash flow from operating activities 168.3 181.3 850.0 628.7 Capitalized multi-client investments (116.7)
Slide 18: 2025 Net Debt Development – Targeted Capital Structure
2025 Net Debt Development – Targeted Capital Structure Reducing net debt towards targeted range (MUSD) 550 Net debt target 500 of USD 250-350 million 78 5 30 450 Increase 30 77 shareholder return 30 36 30 in the targeted 400 interval USD million 350 350 500 479 453 432 427 300 250 250 200 Net debt Q
Slide 19: IFRS - Balance Sheet
IFRS - Balance Sheet Change from (MUSD) 31-Dec-25 30-Sep-25 30-Sep-25 31-Dec-24 Goodwill 555.9 555.9 0% 560.1 Multi-client library 1,149.3 1,106.3 4% 1,196.8 Deferred tax asset 237.1 256.8 -8% 249.7 Right-of-use-asset 184.4 199.9 -8% 150.2 Other non-current assets 1,052.2 1,019.9 3% 1,052.0 Total no
Slide 20: Dividends
Dividends Dividend Per Share1 Dividend Yield2 1.6 8% 7.5% 1.4 7% 1.42 1.37 1.2 6% 1.15 5.6% 1.0 1.08 5% USD per share 5.2% 5.3% 0.98 4.9% 0.93 4.5% 4.6% 0.8 4% 4.3% 0.80 4.0% 3.9% 4.0% 0.75 3.7% 3.8% 3.5% 3.6% 0.6 3% 0.61 0.60 0.60 0.62 0.56 0.56 0.56 0.56 2.8% 2.6% 0.4 2% 0.155 0.2 0.155 1% 0.0 0%
Slide 21: Outlook
Outlook
Slide 22: Material Change in Oil & Gas Perception
Material Change in Oil & Gas Perception Total energy demand by fuel type – World Energy Outlook 2025 250 200 • In IEA’s 2025 World Energy Outlook oil and gas demand do not peak¹ 150 EJ 100 • One year earlier, oil and gas demand peaked in 50 2030¹ 0 Oil 2010 2023 Natural gas 2024 Coal 2035 E Nuclear
Slide 23: Exploration Moving Up on The Priority List
Exploration Moving Up on The Priority List Cash flow generation vs. capital allocation selected IOCs¹ 700 “Less pleased with the fact that we haven't found the bigger plays that allow us to potentially create big new hubs. And so, that's the space we need to continue to work on to improve.” 600 Wael
Slide 24: Streamer Market Flattens – OBN Market Under Pressure
Streamer Market Flattens – OBN Market Under Pressure Development in contract vessel months for the industry 250 Streamer market: 200 • Streamer market decline almost 50% since 2019 Vessel months 150 100 50 • 2026 volume expected to be in-line 0 with 2025 2019 2020 2021 2022 2023 2024 2025 2026 E Con
Slide 25: Resilient Cash Flow Despite Challenging Markets
Resilient Cash Flow Despite Challenging Markets LTM Gross operating costs (pro-forma) Cash Flow (pro-forma)1 300 1,200 1,098 269 1,085 262 1,051 1,054 982 Original ~1,050 243 May update ~1,000 250 1,000 894 July update ~950 56 106 195 800 200 86 MUSD 600 150 USD m 105 400 100 206 162 157 200 50 90 0
Slide 26: Exclusive Supplier to the World's Largest Buyer of Seismic Capacity
Exclusive Supplier to the World’s Largest Buyer of Seismic Capacity TGS 3D vessel usage (pro-forma)1 14 • TGS’ multi-client business is the world’s by far largest buyer of seismic – approximately 1.5x the 12 largest IOC 10 • TGS normally consume significantly more 3D vessel capacity than the current
Slide 27: 2026 Guidance
2026 Guidance MULTI-CLIENT INVESTMENT CAPITAL EXPENDITURES GROSS OPERATING COST UTILIZATION • Investment in the range of • At approximately the same level • Target ~USD 950 million • Significant increase in streamer USD 500-575 million as in 2025 vessel utilization – driven by high multi-client acti
Slide 28: Order Backlog & Inflow
Order Backlog & Inflow Order Inflow in MUSD Expected timing of Marine Data Acquisition backlog revenue recognition 700 600 500 400 300 598 489 200 423 436 355 368 283 275 302 100 240 196 140 133 0 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Total Backlog in MUSD 800
Slide 29: TGS Booked Positions
TGS Booked Positions¹ Booked streamer work in vessel months 18 16 • Q1 streamer geo-markets: 14 • Contract work in Africa and Asia Vessel months 12 10 • Multi-client in Brazil and Africa 8 6 4 2 • Q1 OBN geo-markets: 0 Q1 26E Q2 26E • Contract work in GoA Streamer contract Streamer multi-client Plan
Slide 30: Summary
Q4 2025 Summary • Strong multi-client performance • Net debt reduced to USD 427 million • High order inflow – good visibility into 2026 • Short-term market development sensitive to oil price, long-term market outlook remains positive • Maintaining dividend of USD 0.155 per share
Slide 31: Thank you
Thank you Questions? Energy Starts With Us
Slide 32: Appendix
Appendix
Slide 33: IFRS Backlog & Inflow
IFRS Backlog & Inflow Order Inflow in MUSD Timing of expected recognition of Early Sales contract backlog 700 600 500 400 300 598 489 200 423 436 355 368 283 275 302 100 240 196 140 133 0 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Total Backlog in MUSD 1400 1200 Q1
Slide 34: IFRS – Profit & Loss
IFRS – Profit & Loss¹ YTD YTD (MUSD) Q4 2025 Q4 2024 Change 2025 2024 Change Total revenues 272.2 490.7 -45% 1,526.9 1,318.2 16% Cost of sales 48.2 138.3 -65% 283.5 322.5 -12% Personnel cost 59.9 57.0 5% 247.0 208.9 18% Other operational costs 27.7 29.9 -8% 100.2 92.6 8% EBITDA 136.4 265.4 -49% 896.
Slide 35: IFRS – Cash Flow
IFRS – Cash Flow (MUSD) Q4 2025 Q4 2024 Change YTD 2025 YTD 2024 Change Operating activities: Profit before taxes 7.4 67.4 -89% 98.1 147.5 -34% Depreciation/amortization/impairment 109.6 175.0 -37% 713.8 498.6 43% Changes in accounts receivable and accrued revenues -50.0 -83.6 -40% 129.1 -115.3 -212
Slide 36: Segment Financials
Segment Financials Q4 2025 (USD millions) Multi-client vcauisition New Energy Solutions © Imaging Sharedservices _Eliminations Group External revenues 270.3 67.5 6.2 18.4 04 - 362.9 Inter-segment revenue - 89.2 - 13.4 - (102.6) - Costs 164 101.8 48 22.4 43.4 (52.9) 135.8 EBITDA 253.9 54.9 14 9.4 (42
Slide 37: Multi-client
Multi-client Revenue EBITDA 300 300 250 267 270 250 259 256 254 242 200 226 200 203 MUSD MUSD 150 150 137 100 100 126 50 50 0 0 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Multi-client investments Sales / Investment LTM 140 2.3x 120 130 2.2x 114 117 100 100 80 2.1x MUSD MUSD 86 60 2.
Slide 38: Marine Data Acquisition
Marine Data Acquisition Revenue EBITDA 300 60% 90 80 250 50% 50% 54 78 70 44% 200 56 41% 96 41% 40% 60 67 OBN share 209 70 50 MUSD MUSD 150 30% 30% 55 164 89 51 50 40 100 133 20% 119 30 50 10% 20 68 10 0 0% - Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 External revenue Internal revenue OBN share Q4 24 Q1 25 Q2 25
Slide 39: Imaging and NES
Imaging and NES IMG Revenue NES revenue 35 25 30 12 12 13 20 23 15 25 10 18 20 15 MUSD MUSD 19 20 15 18 15 10 14 10 9 5 5 6 6 0 0 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 External revenue Internal revenue Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 IMG EBITDA and EBITDA and margin NES EBITDA and margin 14 50% 7 35% 12 45% 1
Slide 40: 3D Streamer Contract Tenders
3D Streamer Contract Tenders Value of active contract streamer tenders (USDm) 800 • Volume of bids increased towards year-end 2025 600 • Integrated business model enables TGS to establish long-term agreements and bid MUSD selectively 400 200 • Solid multi-client opportunity pipeline with attractive
Slide 41: License Round Activity
License Round Activity NORTH AMERICA AFRICA / EAST MED Canada: Angola: • Nova Scotia call for bids closes in April • ANPG announced a new offshore License • Call for Nominations in Southern Round in December 2025. Newfoundland closes August • Permanent Offer Blocks available for direct negotiation U