Tgs Asa · OSL:TGS
Tgs Asa — Q3 2026 Earnings Presentation
37 slides from Tgs Asa's earnings presentation, Oct 22, 2026
Slide 1: Q3 2026 Results
OCTOBER 22, 2026 Q3 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: Q3 2026 Highlights
Q3 2026 Highlights¹ • Q3 revenues of USD 397 million (up 2% Y/Y) • Q3 EBITDA of USD 222 million – including USD 41 million in gain from sale of well data business • Q3 EBIT of USD 86 million – including USD 41 million in gain from sale of well data business • Operating cost in the quarter impacted b
Slide 4: Business Update
Business Update
Slide 5: Q3 2026 Data Acquisition Activity
Q3 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 • Completed Pelotas Sul Phase 1 and Pelotas Norte offshore Brazil • Commenced Åsta Graben multi-client 3D streamer survey in the North Sea • Halted due to operational challenges Announcements The Sarawak Phase 4 multi-client program offshore Malaysia, covering ap
Slide 7: Marine Data Acquisition Update
Marine Data Acquisition Update Activity Summary Streamer • Two 4D contracts in the North Sea • 3D contracts in Angola, Indonesia and the Mediterranean OBN • Completed a large contract in Gulf of America • Completed a node-on-a-rope contract in the North Sea Financials in million USD Q3 2026 Q3 2025
Slide 8: Imaging & Technology Update
Imaging & Technology Update Activity Summary • Strong capacity utilization at all imaging centers • Expect activity growth in 2026 Technology developments • Multi-year contract for development and delivery of AI-powered seismic foundation model • Launched Gemini X – operational combination of Gemini
Slide 9: Financials
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Slide 10: Q3 2026 Net Revenues
Q3 2026 Net Revenues Multi-client revenues¹ Net contract revenues² 250 250 18 3 211 200 200 180 184 2 185 150 150 MUSD MUSD 100 100 50 50 11 0 0 MC MDA Imaging Other Total MC MDA Imaging Other Total 1Revenues measured by applying the percentage-of-completion method ongoing multi-client projects. 2Co
Slide 11: Q3 2026 Produced Segment Summary
Q3 2026 Produced Segment Summary Multi-client revenues and EBITDA Multi-client investments 284 300 270 200 11 240 250 226 37 254 253 195 160 178 14 33 168 200 208 11 203 120 150 MUSD 175 MUSD 253 117 235 100 206 200 80 184 86 50 64 40 0 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 0 MC licensing Contract sales (JV
Slide 12: Group Financials
Group Financials Net revenue Operating expenses 500 300 267 274 262 388 400 397 400 363 250 217 111 58 132 321 151 211 189 171 100 200 70 215 300 108 53 MUSD 150 MUSD 263 250 156 200 147 217 213 136 130 100 185 100 50 0 0 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Multi-client Contr
Slide 13: 2026 Gross Operating Cost Development
2026 Gross Operating Cost Development Gross operating cost 1100 • High asset utilization drives activity ~50 related cost, fuel and geo-uplifts 1050 ~50 • Operational challenges and inflated fuel 1000 950 prices drive extraordinary cost increases, particularly impacting Q3 MUSD 900 800 700 2026 cost
Slide 14: Produced – Profit & Loss
Produced – Profit & Loss (MUSD) Q3 2025 YTD 2025 Q3 2026 Restated¹ Change YTD 2026 Restated¹ Change Multi-client revenues 185.3 216.8 -14% 647.8 620.2 4% Contract revenues 211.2 171.4 23% 469.5 526.5 -11% Total revenues 396.5 388.1 2% 1,117.3 1,146.8 -3% Other income 40.6 - n/a 40.6 - n/a Cost of sa
Slide 15: Produced – Cash Flow
Produced – Cash Flow (MUSD) Q3 2026 Q3 2025 YTD 2026 YTD 2025 Produced EBITDA 222.0 241.6 656.5 651.8 Paid tax (16.5) (11.1) (49.8) (61.6) Gain on sale of assets and businesses (40.6) - (40.6) - Change in balance sheet items (40.1) 11.5 (38.0) 91.5 Cash flow from operations 124.8 242.0 528.1 681.7 C
Slide 16: IFRS – Balance Sheet
IFRS – Balance Sheet Change from (MUSD) 30-Jun-26 30-Sep-25 30-Sep-26 Restated 30-Jun-26 Restated Goodwill 533.1 533.1 0% 560.1 Multi-client library 1,190.5 1,237.8 -4% 1,122.0 Deferred tax asset 216.7 239.1 -9% 256.1 Right-of-use-asset 123.2 143.3 -14% 203.1 Other non-current assets 1,007.6 1,014.3
Slide 17: Dividends
Dividends Dividend Per Share1 Dividend Yield2 8.0% 7.5% 7.0% 1.6 1.4 6.0% 1.42 1.37 1.2 5.0% 5.3% USD per share 5.2% 4.9% 1.15 1.0 1.08 4.5% 4.6% 4.5% 4.0% 4.3% 0.98 4.0% 3.9% 4.0% 0.93 3.8% 0.8 3.5% 3.6% 3.7% 0.80 3.0% 0.75 0.6 2.8% 2.6% 0.61 0.60 0.60 0.62 0.155 0.56 0.56 0.56 0.56 2.0% 0.4 0.155
Slide 18: Outlook
Outlook
Slide 19: Oil & Gas Equally Important in 2050 as Today
Oil & Gas Equally Important in 2050 as Today World Energy Demand 800 100% 700 90% ~2% growth In oil demand from 2025 to 2050 80% 600 70% Oil & gas in % of total 500 ~19% growth Quadrillion BTUs 60% 400 50% In gas demand from 2025 to 2050 40% 300 30% 200 20% ~55% of total Energy demand in 2050 will b
Slide 20: Smaller and Fewer Oil & Gas Offshore Discoveries
Smaller and Fewer Oil & Gas Offshore Discoveries Annual volumes and number of offshore discoveries 18,000 120 16,000 Number of discoveries per year 100 64% reduction Total Recoverable MMboe 14,000 12,000 80 10,000 8,000 60 In discovered recoverable resources 2026¹ vs. 2022 6,000 40 4,000 20 2,000 0
Slide 21: E&P Spending Expected to Increase in 2027
E&P Spending Expected to Increase in 2027 E&P spending development and forecast¹ 8% 6% ~6% ~1% decline 5% In 2026 E&P spending vs. 2025 4% Y-o-Y change ~6% increase 2% In E&P spending forecasted in 2027 vs. 2026 0% -0.4% -1% -2% 2024 2025 2026 E 2027 FC 21 ¹Average projections and forecasts from Bar
Slide 22: Oil Companies' Cash Flow Improves Significantly
Oil Companies’ Cash Flow Improves Significantly High oil price Cash flow generation vs. capital allocation selected IOCs¹ 400 Drives cash flow generation 350 300 ~45% higher 250 Oil price so far 2H 2026 vs. 2H 2025 USD bn 200 150 “We've been saying repeatedly that there is no future for an oil compa
Slide 23: Strong Booking – Signs of Improving Streamer Market
Strong Booking – Signs of Improving Streamer Market Q4 2026 Q1 2027 OCT NOV DEC JAN FEB MAR Ramform Titan Multi-client South America Ramform Atlas Multi-client West Africa Ramform Tethys Contract AMME Contract AMME Ramform Hyperion Multi-client West Africa Ramform Sovereign Contract AP Multi-client
Slide 24: Strong OBN Opportunity Pipeline
Strong OBN Opportunity Pipeline Development in global OBN crew months 140 120 2027 Strong opportunity pipeline 100 Global OBN crew months South Atlantic Margin 80 60 West Africa, Gulf of America and Brazil most active regions 40 20 Supporting macro E&P spending expected to increase in 2027 0 2020 20
Slide 25: Order Backlog & Inflow
Order Backlog¹ & Inflow Order Inflow in MUSD Expected timing of Marine Data Acquisition backlog 700 revenue recognition of USD 414 million by end Q3 ‘26 600 500 400 MUSD 300 598 489 423 436 200 392 377 357 302 100 133 0 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Total Backlog in MUSD 800
Slide 26: Booked Positions
Booked Positions¹ Booked streamer work in vessel months² • Expected utilization Q4 2026 18 • Streamer vessel utilization above 80% 16 14 • Normalized OBN crew count of ~1.3 Vessel months 12 10 8 6 4 2 0 • Expected Q4 2026 multi-client investment to be close Q4 26E Q1 27E to USD 100 million Streamer
Slide 27: Summary
Q3 2026 Summary • Higher revenues Y-o-Y • Robust order backlog – strong booked positions • Strengthening acquisition technology portfolio • Completed sale of North American well data business • Early signs of a recovering energy data market • Maintaining quarterly dividend of USD 0.155 per share
Slide 28: Thank you
Thank you Questions? Energy Starts With Us
Slide 29: Appendix
Appendix
Slide 30: Produced – Segment Revenues
Produced – Segment Revenues 30 1 Q3 2025 and YTD Q3 2025 figures have been restated. Refer to note 12 of the interim financial statements for more details.
Slide 31: IFRS Backlog & Inflow
IFRS Backlog & Inflow Timing of expected recognition of multi-client sales Order Inflow in MUSD contract backlog 700 600 500 400 MUSD 300 598 489 423 436 200 392 377 357 302 100 133 0 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Total Backlog in MUSD 1600 1400 Q4 2026 Q1 2027 Q2 2027 H2 202
Slide 32: IFRS – Profit & Loss
IFRS – Profit & Loss Q3 2025 YTD 2025 (MUSD) Q3 2026 Change YTD 2026 Change Restated¹ Restated¹ Total revenues 428.3 424.4 1% 1,088.2 1,254.7 -13% Other income 40.6 0.0 n/a 40.6 0.0 n/a Cost of sales 125.2 50.0 150% 234.2 235.3 0% Personnel cost 60.0 69.0 -13% 182.6 187.1 -2% Other operational costs
Slide 33: IFRS – Cash Flow
IFRS – Cash Flow Q3 2025 YTD 2025 (MUSD) Q3 2026 Change YTD 2026 Change Restated¹ Restated¹ Operating activities: Profit before taxes 84.1 86.0 -2% 118.4 60.2 97% Depreciation/amortization/impairment 160.7 172.7 -7% 474.9 634.6 -25% Changes in accounts receivable and accrued revenues (99.1) 11.2 -98
Slide 34: Multi-Client
Multi-Client Revenues EBITDA 300 300 11 7 37 250 250 11 14 33 254 253 200 6 7 11 200 203 208 MUSD 150 150 175 MUSD 253 235 100 206 200 100 184 50 50 0 0 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 MC licensing Well data licensing Contract sales (JV) Multi-client investments Sales / I
Slide 35: Marine Data Acquisition
Marine Data Acquisition Revenue EBITDA 300 40% 90 38% 35% 35% 80 250 33% 81 30% 31% 30% 70 96 142 200 39 60 OBN share 25% 137 50 MUSD MUSD 150 180 20% 54 89 50 40 135 15% 100 38 40 30 98 10% 50 20 68 5% 58 10 0 0% 0 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 External revenue Internal production OBN share Q3 25 Q
Slide 36: Imaging and Other
Imaging and Other¹ IMG Revenue Other revenue 50 12 40 10 23 8 30 8 12 13 17 18 MUSD MUSD 6 20 6 6 20 4 5 18 18 10 15 14 4 2 0 0 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 External revenue Internal production Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 IMG EBITDA and EBITDA and margin Other EBITDA and margin 14 50% 8 50% 12 7
Slide 37: License Round Activity
License Round Activity NORTH AMERICA AFRICA / EAST MED Canada: Angola: • Newfoundland & Labrador: Call for Bids • Permanent Offer Blocks available for closes November 4th, 2026. direct negotiation Congo-Brazzaville: US GOA: • 2026 License Round planned • BBG4 announced for March 2027 Cote d’Ivoire: