Slide 1: Q2 2025 Results
JULY 17, 2025 Q2 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 Q2 Highlights
SUMMARY TGS Q2 Highlights¹ • Multi-client revenues below expectations due to low library sales • Contract revenues negatively affected by operational challenges and lower contribution from partners • Total revenues² of USD 308 million compared to USD 381 million³ in Q2 2024 • EBITDA² of USD 153 mill
Slide 4: Business Update
Business Update
Slide 5: Q2 2025 Data Acquisition Activity
Q2 2025 Data Acquisition Activity OBN contract NES operations MC OBN/onshore projects MC vessel operations Contract vessel operations 5
Slide 6: Multi-Client Update
Multi-Client Update Announcements & Key Projects: • Completed Amendment 4 OBN in the Gulf of America • Ultra-long offset over legacy streamer data • Commenced Laconia Ph III OBN in the Gulf of America • In collaboration with Viridien • Completed Malvinas Ph3 offshore Argentina • TGS has ~25,000 sq.k
Slide 7: Historical Multi-Client Performance
Historical Multi-Client Performance 1200 2.5 1000 • LTM Sales/investment of 2x in Q2 2025 2.0 • In line with average performance since Q1 2023 Sales and investments in MUSD 800 Sales / Investment 1.5 600 • Macro uncertainty caused lower end-of-quarter 400 1.0 data licensing activity in Q2 0.5 200 •
Slide 8: Contract Update
Contract Update Awards & Key Projects: • Awarded shallow water OBN contract in Trinidad • Commenced acquisition in Q2 • 4D campaigns • Commenced acquisition of seven 4D contracts offshore Norway • Awarded and commenced 4D contract offshore Egypt • Encountered challenging operational conditions and s
Slide 9: New Energy Solutions Update
New Energy Solutions Update Awards & Key Projects: • Awarded UHR-3D contract offshore Norway • Commenced acquisition in July • Successful completion of UK UHR-3D acquisition campaign • Entered into a collaboration with Equinor to drive digital transformation in CCS operations • Northern Lights will
Slide 10: Imaging & Technology Update
Imaging & Technology Update • Enhanced strategic focus on external imaging market has resulted in a rapidly increasing market share • Positive market reaction to the introduction of eFWI • Significant reduction of HPC cost from added scale • Strong growth in external imaging revenues of The Sill com
Slide 11: Financials
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Slide 12: Group Financials
Group Financials Net revenue Net operating expenses¹ 600 250 500 221 225 200 501 492 206 400 451 193 150 381 155 MUSD MUSD 300 308 100 200 50 100 0 0 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Depreciation & Amortization Group EBIT and margin 250 120 25% 21% 100 20% 200 19% 134 80 1
Slide 13: Profit & Loss
Profit & Loss Produced Q2 2025 Q2 2024 Q2 2024 YTD 2025 YTD 2024 YTD 2024 (MUSD) As reported Pro forma As reported Pro forma Multi-client revenues 135.8 114.7 194.0 403.5 264.2 428.7 Contract revenues 172.1 100.3 186.8 355.2 177.8 384.7 Total revenues 307.9 215.0 380.8 758.6 442.0 813.4 Cost of sale
Slide 14: Cash Flow
Cash Flow¹ Produced (MUSD) Q2 2025 Q2 2024 YTD 2025 YTD 2024 Produced EBITDA 152.5 121.4 410.2 264.2 Paid tax (22.6) (8.7) (50.5) (13.4) Change in balance sheet items 49.0 (23.6) 80.0 (68.3) Cash flow operations 178.9 89.1 439.7 182.5 Capitalized multi-client investments (114.4) (51.9) (244.1) (118.
Slide 15: Illustrative 2025 Cash Outflow excl. Net Working Capital Movements
Illustrative 2025 Cash Outflow excl. Net Working Capital Movements 1,600 Guidance of approx. USD 135 million 65 1,450 excl. 450 45 1,400 integration capex 120 135 Dependent 1,200 Guidance of on revenue approx. USD mix 950 million Expected -315 total 2025 1,000 payment 950 Capitalization given curren
Slide 16: Balance Sheet
Balance Sheet¹ IFRS Change from (MUSD) 30-Jun-25 31-Mar-25 31-Mar-25 31-Dec-24 Goodwill 560.1 560.1 0% 560.1 Multi-client library 1,122.0 1,139.4 -2% 1,196.8 Deferred tax asset 256.1 256.6 0% 249.7 Right-of-use-asset 203.1 182.1 12% 150.2 Other non-current assets 1,027.1 1,054.0 -3% 1,052.0 Total no
Slide 17: Dividends
Dividends Dividend Per Share1 Dividend Yield2 8.0% 1.6 7.0% 1.4 6.0% 1.2 NOK 5.0% 8.5 1.0 NOK 4.0% USD per share 8.0 NOK 7.3% 0.8 8.5 NOK 3.0% 6.0 5.2% 5.3% NOK 4.9% 4.6% 0.6 5.0 4.5% 4.3% USD USD 2.0% 4.0% 3.9% 3.7% 4.0% 3.8% NOK 3.5% 3.6% 4.0 USD 1.08 0.75 2.8% 2.6% 0.4 USD USD 0.8 0.155 1.0% USD
Slide 18: Outlook
Outlook
Slide 19: Declining Reserve Life and Low Reserve Replacement Ratios
Declining Reserve Life and Low Reserve Replacement Ratios Reserve life ratio major IOCs¹ 15 • Several IOCs have reserve life oil of ~7 years 14 13 • Average 3-years rolling reserve replacement ratio of ~40% 12 Years • Exploration will have to increase to secure 11 sufficient energy reserves 10 • Fro
Slide 20: 3D Streamer Contract Tenders
3D Streamer Contract Tenders Active streamer tenders¹ 800 • Low value of outstanding streamer bids 600 • Stable streamer margins last 24 months MUSD 400 • Integrated business model enables TGS to establish long-term agreements and bid 200 selectively 0 20 ¹Active streamer tenders are the dollar valu
Slide 21: OBN Market Development
OBN Market Development 1500 Acquisition revenues OBN mid to deepwater market • 2025 OBN mid to deepwater market revenues expected to be in line with 2023 • 2025 market revenues likely to decline 10-15% 1250 vs. 2024 • Some larger projects postponed to 2026 1000 • Commenced tendering process for 2026
Slide 22: Reducing Vessel Capacity to Address Market Conditions
Reducing Vessel Capacity to Address Market Conditions Sell • Agreement for selling Ramform Explorer • Agreement for selling Ramform Valiant • Sales contract prohibits use as seismic/source vessels Stack • Ramform Vanguard • Multi-purpose vessel used for seismic and offshore wind acquisition projects
Slide 23: Summary of TGS' Market Segment Development
Summary of TGS’ Market Segment Development • Providing the insights and solutions needed for today and anticipating the challenges of tomorrow STREAMER OBN NEW ENERGY MULTI-CLIENT CONTRACT CONTRACT IMAGING SOLUTIONS • Frontier areas • Well consolidated • More fragmented • Competitive market • Subscr
Slide 24: 2025 Guidance
2025 Guidance MULTI-CLIENT INVESTMENT CAPITAL EXPENDITURES GROSS OPERATING COST UTILIZATION • Investment of • ~USD 135 million (unchanged) • Target ~USD 950 million,* • Expect improved utilization of 3D USD 425-475 million down from ~USD 1,000 million streamer fleet (unchanged) • Excluding approxima
Slide 25: Order Backlog & Inflow
Order Backlog & Inflow Order Inflow Expected timing of contract backlog revenue recognition 600 500 400 MUSD 300 489 200 423 360 355 368 283 275 302 240 100 196 174 140 133 0 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Total Backlog 800 700 600 Q3 2025 Q4 2025 H1 20
Slide 26: TGS Booked Positions
TGS Booked Positions¹ Booked streamer work² • Q3 streamer geo-markets: 18 • Contract work in Norway (4D) and Egypt (4D) 15 • 2-3 months pause in acquisition activity on a project in Asia due to weather-related operational challenges Vessel months 12 9 • Multi-client in Brazil 6 3 0 Q3 25E Q4 25E • Q
Slide 27: Summary
Q2 2025 Summary • Total revenues² of USD 308 million compared to USD 381 million³ in Q2 2024 • EBITDA² of USD 153 million compared to USD 175 million³ in Q2 2024 • EBITDA margin of 50% vs. 46% in Q2 2024 • Net cash flow⁴ of USD 11 million • Continuing business optimization – reducing cost and adjust
Slide 28: Thank you
Thank you Questions? Energy Starts With Us
Slide 29: Appendix
Appendix
Slide 30: IFRS Backlog & Inflow
IFRS Backlog & Inflow Contract Inflow 600 500 Timing of expected recognition of Early Sales contract backlog 400 MUSD 300 489 200 423 360 355 368 283 275 302 240 100 196 174 140 133 0 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Contract Backlog 1400 1200 1000 800 Q3
Slide 31: IFRS – Profit & Loss
IFRS – Profit & Loss¹ (MUSD) Q2 2025 Q2 2024 Change YTD 2025 YTD 2024 Change Total revenues 334.2 224.3 49% 830.3 376.4 121% Cost of sales 76.4 41.9 82% 185.3 76.9 141% Personnel cost 56.9 32.0 77% 118.1 64.5 83% Other operational costs 22.1 19.7 13% 45.0 36.5 23% EBITDA 178.8 130.7 37% 481.9 198.6
Slide 32: IFRS – Cash Flow
IFRS – Cash Flow (MUSD) Q2 2025 Q2 2024 Change YTD 2025 YTD 2024 Change Operating activities: Profit before taxes -44.7 48.7 -192% -5.5 27.8 -120% Depreciation/amortization/impairment 197.0 76.1 159% 441.6 153.4 188% Changes in accounts receivable and accrued revenues 31.0 -3.3 -1052% 167.9 -38.1 -5
Slide 33: Segment Financials
Segment Financials Q2 2025 New Energy Shared (All amounts in USD 1,000s) Multi-client Contract Solutions Imaging services Elimination Q2 2025 Revenues 136.9 202.5 18.1 31.6 0.8 (82.1) 307.9 Costs 11.3 152.5 12.5 18.9 39.4 (79.1) 155.5 EBITDA 125.7 50.0 5.6 12.7 (38.5) (3.0) 152.5 Depreciation 65.2 A
Slide 34: Multi-client
Multi-client Revenue EBITDA 300 300 250 277 259 267 250 259 256 242 200 200 191 MUSD MUSD 150 150 177 137 100 100 126 50 50 0 0 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Multi-client investments Sales / Investment LTM 140 2.3x 120 129 130 2.2x 114 100 100 2.1x 80 92 MUSD MUSD 2.0x
Slide 35: Acquisition Utilization
Acquisition Revenue EBITDA 350 60% 90 300 80 50% 50% 97 47% 70 77 250 42% 44% 54 41% 40% 60 67 OBN share 200 59 56 50 MUSD MUSD 209 70 30% 194 51 50 150 40 48 162 164 133 20% 100 30 10% 20 50 10 0 0% Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 0 External revenue Internal revenue OBN share Q2 24 Q3 24 Q4 24 Q1 25
Slide 36: Imaging and NES
Imaging and NES IMG Revenue NES revenue 35.0 25 30.0 12 15 20 25.0 19 16 18 15.1 10 18 20.0 15 MUSD MUSD 19 15.0 15 10 14 10.0 9 9.8 10 5.0 5 6 0.0 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 0 External revenue Internal revenue Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 IMG EBITDA and margin NES EBITDA and margin 14.0 50% 6 3
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 • MOU