Viridien · EURONEXT:VIRI
Viridien — Q3 2024 Earnings Presentation
20 slides from Viridien's earnings presentation, Oct 31, 2024
Slide 1: Financial Results Q3 & 9M 2024
FINANCIAL RESULTS Q3 & 9M 2024 viridiengroup.com
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements, including, without limitation, statements about Viridien (“the Company”) and its plans, strategies, and prospects. These forward-looking statements are subject to risks and uncertainties that may change at any time, and, therefore, th
Slide 3: Agenda
1 Q3 & 9M 2024 Operational Overview Agenda 2 Q3 & 9M 2024 Financial results & Roadmap 3 Outlook viridiengroup.com Q3 2024 financial results
Slide 4: Q3 & 9M 2024 Operational Overview
1 Q3 & 9M 2024 Operational Overview viridiengroup.com cgg.com
Slide 5: Key segment financial highlights
Key segment financial highlights REVENUE Adjusted EBITDA NET CASH FLOW $246 million $98 million $10 million Q3 down (20)% y-o-y down (9)% y-o-y vs $63 million in Q3 2023 Penalty fees from vessel commitments: Contractual fees from vessel commitments: $(12)M $(18)m $778 million $298 million $34 millio
Slide 6: DDE segment: Key business indicators
DDE segment: Key business indicators Q3 2024 Financial Results 6
Slide 7: Geoscience: Key business indicators
Geoscience: Key business indicators Total production ($m) Backlog ($m) 474 Internal production External revenue 394 398 389 139 343 125 115 93 105 134 335 296 114 245 269 284 238 36 31 196 78 103 2021 2022 2023 YTD 2023 YTD 2024 Q3 2023 Q3 2024 YTD 2023 YTD 2024 Total production / head ($k) Computin
Slide 8: Geoscience: Q3 operational highlights
Geoscience: Q3 operational highlights Legacy Model Geoscience o Strengthening Q3 activity, driven by clients’ focus on quality, which led to a doubling of order intake o Middle East increased adoption of new technology resulting in strong order intake in Q3 with NOCs and IOCs o A steady stream of co
Slide 9: Earth Data: Key business indicators
Earth Data: Key business indicators Data library NBV split as of 09/30/24 Data library NBV regional split as of 09/30/24 1% 1% Europe - Africa 10% up to 4 years old 39% up to 3 years old 45% Others up to 2 years old 52% North America 36% up to 1 year old WIP 3% 13% South America 9 Q3 2024 Financial
Slide 10: Earth Data: Q3 operational highlights
Earth Data: Q3 operational highlights 14 blocks proposed for Brazil’s next pre-salt bid round in Americas 2025, overlain on Viridien’s data o Laconia sparse node acquisition progressing well in the Gulf of Mexico. Industry funding ahead of schedule o Most of 14 blocks proposed for Brazil’s next pre-
Slide 11: Sensing & Monitoring segment: Key business indicators
1 Sensing & Monitoring segment: Key business indicators 11 Q3 2024 Financial Results
Slide 12: Sensing & Monitoring: Q3 operational highlights
Sensing & Monitoring: Q3 operational highlights Sercel WiNG-based S-scan in a mine Revenue in Q3 mainly driven by land systems and a strong contribution from new businesses o Weak Q3 mainly due to significant shift of deliveries to Q4 o Deliveries of WiNG land nodes in Europe and in the US and of 50
Slide 13: Q3 & 9M 2024 Financial Results & Roadmap
2 Q3 & 9M 2024 Financial Results & Roadmap viridiengroup.com cgg.com
Slide 14: 7% YTD EBITDA improvement
7% YTD EBITDA improvement 2023 2024 2023 2024 In million $ Q3 Q3 YTD YTD Segment Revenue 307 246 805 778 9M 2024 Adjusted Segment EBITDA 108 98 279 298 Group Segment revenue slightly Margin % 35% 40% 35% 38% down due to absence of mega-crew in Segment EBITDA 109 98 278 294 SMO vs 9M 2023 and despite
Slide 15: YTD Positive Net Cash Flow at +$34M
YTD Positive Net Cash Flow at +$34M 2023 2024 2023 2024 In million $ Q3 Q3 YTD YTD 9M 2024 EBITDA 109 98 278 294 Favorable change in WC due to Income tax paid 6 2 (4) (10) mega-crew receivables build-up in Change in working capital & provisions 31 22 (18) 18 2023 and further SMO performance Other Ca
Slide 16: Balance Sheet
BALANCE SHEET At the end of September 2024 $1,08bn EQUITY o Bond buy back program in progress GOODWILL $ 1,10bn & MINORITY ($25M as of 31 Oct.) INTERESTS o Group liquidity amounted to $442m, including: MC $0,50bn o $342m cash liquidity LIBRARY o $100m undrawn RCF FIXED ASSETS $0,38bn $1,34bn DEBT &
Slide 17: Financial Roadmap
Minimum cash required to run operations reduced to $100m Re-rating discussion with rating agencies 2024-2025 RCF extension in 2024 Financial First tranche of $30m debt buyback in 2024 Roadmap 2025 net cash generation ~$100m ~$300m of cash at disposal for debt buyback and/or reduced refinancing Refin
Slide 18: Outlook
3 Outlook viridiengroup.com cgg.com
Slide 19: 2024 financial objectives
2024 financial objectives* Revenue expected to be in line with 2023 o Geoscience: good visibility thanks to continued strong order intake o Earth Data: Laconia program to start contributing to revenue in H2 2024 o Sensing and Monitoring: impacted by delayed Middle East mega-projects o New Businesses
Slide 20: Thank You!
THANK YOU ! viridiengroup.com