Slide 1: Q1 2026 Results
APRIL 30, 2026 Q1 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: TGS Q1 2026 Highlights
TGS Q1 2026 Highlights¹ • Q1 revenues of USD 321 million - high multi-client activity and utilization • Q1 EBITDA² of USD 199 million (62% margin) • Q1 EBIT² USD 64 million (20% margin) • Net cash flow³ of USD 29 million – net debt reduced to USD 424 million • Strong order inflow of USD 392 million
Slide 4: Business Update
Business Update
Slide 5: Q1 2026 Data Acquisition Activity
Q1 2026 Data Acquisition Activity OBN contract MC OBN/onshore projects NES operations MC vessel operations Contract vessel operations 5
Slide 6: Multi-Client Update
Multi-Client Update Activity Summary • APEX 1 OBN in Gulf of America • Dense node grid without reliance on underlying streamer data • Multi-client campaign in West Africa • Commenced Nigeria Laide MC3D survey • Commenced Ultra Profundo MC2D survey offshore Angola • High multi-client activity in Braz
Slide 7: Marine Data Acquisition Update
Marine Data Acquisition Update Activity Summary • Awarded extension to multi-year OBN contract in Gulf of America • Frame agreement from IOC with significant GoA activity • Reintroduced Ramform Vanguard • European summer season campaign for offshore wind and site surveying • Contract streamer activi
Slide 8: Imaging & Technology Update
Imaging & Technology Update Activity Summary • Announced multi-year strategic agreement with Amazon Web Services (AWS) • Leveraging AWS high-performance computing and Gen AI • Collaboration designed to create a foundational shift in geoscience • New imaging center in Kuala Lumpur • Builds on TGS’ ad
Slide 9: Financials
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Slide 10: Q1 2026 Net Revenues
Q1 2026 Net Revenues Multi-client revenues1 Net contract revenues2 250 120 3 108 15 5 213 207 0 0 100 200 58 80 150 MUSD MUSD 60 100 40 33 50 20 0 0 MC MDA IMG Other Total MC MDA IMG Other Total 1Revenues measured by applying the percentage-of-completion method ongoing multi-client projects. 2Contra
Slide 11: Q1 2026 Produced Segment Summary
Q1 2026 Produced Segment Summary Multi-client revenues and EBITDA Multi-client investments 300 270 200 267 240 250 225 176 256 160 254 200 203 209 120 130 MUSD MUSD 137 117 150 114 80 100 126 86 40 50 0 0 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 MC licensing JV revenue EBITDA MDA
Slide 12: Group Financials
Group Financials Net revenues Operating expenses 500 451 300 262 252 388 236 400 181 363 250 217 59 132 308 321 81 189 171 200 100 - 70 300 172 108 193 53 - MUSD MUSD 150 - 8 270 263 155 - 200 147 217 213 136 100 122 100 136 50 0 0 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Multi-cl
Slide 13: Produced - Profit & Loss
Produced - Profit & Loss (MUSD) Q1 2026 Q1 2025 Change YTD 2026 YTD 2025 Change Multi-client revenues 212.8 267.6 -21% 212.8 267.6 -21% Contract revenues 107.8 183.1 -41% 107.8 183.1 -41% Total revenues 320.5 450.7 -29% 320.5 450.7 -29% Cost of sales 37.3 108.9 -66% 37.3 108.9 -66% Personnel cost 65
Slide 14: Produced - Cash Flow
Produced - Cash Flow (MUSD) Q1 2026 Q1 2025 YTD 2026 YTD 2025 Produced EBITDA 190.5 257.7 190.5 257.7 Paid tax (21.3) (28.0) (21.3) (28.0) Change in balance sheet items¹ 80.2 31.1 80.2 31.1 Cash flow operations 249.4 260.8 249.4 260.8 Capitalized multi-client investments (178.1) (129.7) (178.1) (129
Slide 15: IFRS - Balance Sheet
IFRS - Balance Sheet Change from (MUSD) 31-Mar-26 31-Dec-25 31-Dec-25 31-Mar-25 Goodwill 555.9 555.9 0% 560.1 Multi-client library 1,228.7 1,149.3 7% 1,196.8 Deferred tax asset 226.4 237.1 -4% 249.7 Right-of-use-asset 163.4 184.4 -11% 150.2 Other non-current assets 1,046.4 1,052.2 -1% 1,035.3 Total
Slide 16: 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% 0.98 4.9% USD per share 0.93 4.7% 4.5% 4.6% 0.8 4.0% 4.3% 0.80 4.0% 3.9% 4.0% 0.75 3.7% 3.8% 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 17: Outlook
Outlook
Slide 18: Exploration Is Back
Exploration Is Back Peak oil extended by more than 20 years Reserve life continues to decline Renewed focus on energy security and geopolitical risk Investor sentiment is changing “…with continued attacks on energy infrastructure in the Middle East and Exploration successes supported by TGS ongoing
Slide 19: Peak Oil Is Extended by More than 20 Years
Peak Oil Is Extended by More than 20 Years Total energy demand by fuel type – World Energy Outlook 2025 250 • In IEA’s 2025 World Energy Outlook oil and gas demand does not peak¹ 200 • One year earlier, oil and gas demand peaked in 2030¹ 150 EJ 100 • 2025 WEO assumes higher demand for all 50 fossil
Slide 20: Declining Reserve Life & Unsustainable RRR
Declining Reserve Life & Unsustainable RRR Reserve life ratio major IOCs¹ Reserve replacement ratio major IOCs¹ 14 200% 13 150% 12 100% 50% 11 0% 10 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 -50% 9 -100% 8 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2
Slide 21: Renewed Focus on Energy Security and Geopolitical Risk
Renewed Focus on Energy Security and Geopolitical Risk Global oil supply in mb/d – monthly development¹ 110 • Global oil supply plummeted by 10.1 mb/d to 108 97 mb/d in March¹ 106 • The largest oil supply disruption in history 104 102 100 • Global oil inventories fell by 85 mb in March¹ 98 • In Febr
Slide 22: Investor Sentiment Is Changing
Investor Sentiment Is Changing Relative share price performance¹ 190 • Higher exploration focus among oil company executives became evident in 2H 2025 170 • Companies with higher Capex/CFO performs better than those with lower 150 • More than 20 percentage points better return “Shale oil production
Slide 23: Exploration Successes Supported by TGS Data
Exploration Successes Supported by TGS Data 23
Slide 24: TGS Well Positioned for Exploration Upcycle
TGS Well Positioned for Exploration Upcycle • Major consolidator during five-year industry down-cycle • Unique geophysical technology suite • Multi-client data covering all major basins • Efficient cost base and strong balance sheet 24
Slide 25: Order Backlog & Inflow
Order Backlog & Inflow Order Inflow in MUSD Expected timing of Marine Data Acquisition backlog revenue recognition 700 600 500 400 300 598 489 200 423 436 355 368 392 275 302 100 240 196 140 133 0 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Total Backlog in MUSD 900
Slide 26: TGS Booked Positions
TGS Booked Positions¹ Booked streamer work in vessel months 18 16 • Q2 streamer geo-markets: 14 • Contract work in Asia Vessel months 12 10 • Multi-client in Brazil, West Africa and Europe 8 6 4 2 • Q2 OBN geo-markets: 0 Q2 26E Q3 26E • Contract work in GoA Streamer contract Streamer multi-client Pl
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: Summary
Q1 2026 Summary • High multi-client activity and vessel utilization • EBITDA¹ and EBIT¹ margins of 62% and 20% respectively • Strong order inflow - highest backlog since 2019 • Exploration is back, renewed focus on energy security, changing investor sentiment • 2026 guidance unchanged • Maintaining
Slide 29: Thank you
Thank you Questions? Energy Starts With Us
Slide 30: Appendix
Appendix
Slide 31: Produced - Segment Revenues
Produced - Segment Revenues 31
Slide 32: IFRS Backlog & Inflow
IFRS Backlog & Inflow Order Inflow in MUSD Timing of expected recognition of Early Sales contract backlog 700 600 500 400 300 598 489 200 423 436 368 392 355 275 302 100 240 196 140 133 0 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Total Backlog in MUSD 1600 1400 12
Slide 33: IFRS – Profit & Loss
IFRS – Profit & Loss¹ (MUSD) Q1 2026 Q1 2025 Change YTD 2026 YTD 2025 Change Total revenues 286.9 496.1 -42% 286.9 496.1 -42% Cost of sales 37.3 108.9 -66% 37.3 108.9 -66% Personnel cost 65.7 61.3 7% 65.7 61.3 7% Other operational costs 27.0 22.9 18% 27.0 22.9 18% EBITDA 156.9 303.1 -48% 156.9 303.1
Slide 34: IFRS – Cash Flow
IFRS – Cash Flow (MUSD) Q1 2026 Q1 2025 Change YTD 2026 YTD 2025 Change Operating activities: Profit before taxes 10.5 39.2 -73% 10.5 39.2 -73% Depreciation/amortization/impairment 134.6 244.6 -45% 134.6 244.6 -45% Changes in accounts receivable and accrued revenues 93.6 137.0 -32% 93.6 137.0 -32% C
Slide 35: Multi-client
Multi-client Revenues EBITDA 300 300 3 11 250 250 33 256 254 14 200 200 203 208 MUSD 150 150 MUSD 264 5 259 100 212 207 100 126 132 50 50 0 0 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Multi-client sales Contract sales (JV) Multi-client investments Multi-client sales / Investment LT
Slide 36: Marine Data Acquisition
Marine Data Acquisition Revenue EBITDA 250 50% 90 44% 80 200 56 41% 96 41% 40% 78 70 70 137 60 OBN share 150 30% 31% 30% 164 89 50 MUSD MUSD 55 133 51 50 100 119 20% 40 30 38 50 68 10% 20 58 10 0 0% 0 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 External revenue Internal revenue OBN share Q1 25 Q2 25 Q3 25 Q4 25 Q
Slide 37: Imaging and other
Imaging and other¹ IMG Revenues Other revenue 35 25 30 12 12 13 17 20 23 25 10 18 20 15 MUSD MUSD 19 20 15 18 10 14 14 10 8 5 5 6 6 0 0 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 External revenue Internal revenue Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 IMG EBITDA and EBITDA margin Other EBITDA and EBITDA margin 14 50% 7 6
Slide 38: Marine Data Acquisition Utilization
Marine Data Acquisition Utilization Vessel Utilization OBN Normalized Crew Count 100% 4.5 91% 90% 4.0 3.8 78% 79% 3.5 80% 77% 73% 73% 3.5 70% 66% 66% 3.0 64% 3.0 2.8 2.8 2.7 60% 2.5 50% 1.9 1.9 2.0 1.7 40% 1.5 30% 1.0 20% 10% 0.5 0% 0.0 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26E Q1 24 Q2
Slide 39: 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