Viridien · EURONEXT:VIRI
Viridien — Non-Deal Roadshow (February 2025)
31 slides from Viridien's roadshow presentation, February 2025
Slide 1: Viridien – An Advanced Technology, Digital & Earth Data Company
VIRIDIEN – AN ADVANCED TECHNOLOGY, DIGITAL & EARTH DATA COMPANY NON-DEAL ROADSHOW – FEBRUARY 2025 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: Today's presenters
Today’s presenters JÉRÔME SERVE JEAN BAPTISTE ROUSSILLE Chief Financial Officer Investor Relations 3
Slide 4: Viridien: A people, data and technology company
Viridien: A people, data and technology company… Viridien is a leading technology provider of seismic equipment, earth data and imaging solutions to support complex natural resource, energy transition and infrastructure challenges. c. $1,100m c. $430m 2.1x 3,378 >500 520 2024 REVENUE 2024 Segment 20
Slide 5: Leveraging core businesses expertise to accelerate in new markets
… Leveraging core businesses expertise, data and technology to accelerate in new markets Low Carbon solutions Founded on differentiated geoscience and technology offerings ~60 CCUS & ~100 Mining projects completed High Performance Computing PEOPLE DATA Highly optimised proprietary technology and dec
Slide 6: Resilient business with strong financial performance
Resilient business with strong financial performance September 2024 balance sheet 2024 financials at or above expectation, 2025 on track (1) Assets $2.95Bn $2.95Bn Liabilities 2024 Revenue and EBITDA slightly above In line $1,100m and $430m, respectively ▪ Strong GEO order intake and launch of Lacon
Slide 7: Strong cash flow generation outlook provides a path to deleveraging
Strong cash flow generation outlook provides a solid path to deleveraging in the coming years Net cash-flow above $100 million (1) from 2025 onwards ~$100 million End of vessel Productivity Core & New ~$50 million commitments improvements Businesses Growth $30 million 2023 2024 2025 End of contractu
Slide 8: Financial Roadmap
Minimum cash required to run operations reduced to $100m Re-rating discussion with rating agencies Improved credit rating by Standard & Poor’s to B- 2024-2025 RCF extension in 2024 Financial $60 million of bond buy-back in 2024 Roadmap 2025 net cash generation ~$100m ~$300m of cash at disposal for d
Slide 9: Supplementary Materials
Supplementary Materials viridiengroup.com Viridien.com
Slide 10: Market Perspectives
1 Market Perspectives viridiengroup.com Viridien.com
Slide 11: Viridien's core market is expected to be supportive
Viridien’s core market is expected to be supportive Exploration & Production CAPEX ($Bn) Viridien’s Core Addressable Market ($Bn) 618 3.3 3.2 518 CAGR 2023-26 2.4 365 Production 6% Exploration 3% 2021 2023 2026 2021 2023 2026 Exploration Production Multi-client Data Processing Equipment ▪ Focus on p
Slide 12: OBN is setting the standard for high-quality data in proven basins
OBN is setting the standard for high-quality data in proven basins and Viridien has leading positions Streamer and OBN data acquisition 2018 - 2023 300,000 25,000 250,000 20,000 80% market share in geoscience OBN 200,000 km2 streamer data 36% km2 OBN data 15,000 of OBN sensors installed base in 3 ye
Slide 13: Viridien's new addressable markets are growing fast
Viridien’s new addressable markets are growing fast Addressable Market 2026 ($Bn) CAGR 3 Year Core 3.3 Low single digit Low Carbon ▪ CCUS 3.2 0.7 ▪ Minerals & Mining HPC & Digital Solutions ▪ HPC 3.9 1.5 +15-20% ▪ Data Hub Infrastructure Monitoring 5.4 2.2 Total Markets 7.7 c.+10% Viridien’s address
Slide 14: Company Overview
2 Company Overview viridiengroup.com Viridien.com
Slide 15: Geoscience – Unmatched expertise, advanced geoscience and digital algorithms
1 Geoscience – Unmatched expertise, advanced geoscience & digital algorithms and excellent service in every image Geoscience highlights Advanced technology driving market share growth… 25% 25% Viridien Geoscience activity is recognized as a leader in advanced Others 26% 25% 27% subsurface imaging, w
Slide 16: Geoscience – Strong historical performance
1 Geoscience – Strong historical performance Low historic volatility of revenue and strong profitability ($m) 450 (15)% peak to trough (pro forma) 400 350 300 250 200 150 100 50 0 2017 2018 2019 2020 2021 2022 2023 2024 Record revenue Only 15% “peak to trough” ▪ 2024 Geoscience revenue higher than p
Slide 17: Geoscience – Continuous investment in HPC is core to technology leadership
1 Geoscience – Continuous investment in HPC is core to technology leadership Viridien computing power (petaflops) Elastic TLFWI FWI image angle High-frequency stack FWI imaging Land FWI FWI Imaging TLFWI for XOBN 510 Time-lag FWI Reflection FWI 320 250 280 220 150 60 70 2016 2017 2018 2019 2020 2021
Slide 18: Earth Data – A full suite of geoscience data and expertise
2 Earth Data – A full suite of geoscience data and expertise covering geology, geophysics and multi-physics Earth Data highlights Data library regional split Viridien Earth Data activity is composed of geoscience database Others 10% of over 1.3 billion km² of high-end offshore, in the most prolific
Slide 19: Sensing & Monitoring – Technology and market leadership
3 Sensing & Monitoring – Technology and market leadership with a unique diversified portfolio SMO highlights Technology Through its brand Sercel, Viridien offers a full spectrum of systems, Broad portfolio of leading-edge technology: sensors, sources for seismic acquisition and structural health >32
Slide 20: Low Carbon: new differentiated offerings beyond the core
Developing unique new differentiated offerings to address the critical needs of rapidly growing markets, beyond the core New Businesses Revenue ($m) CCUS HPC & Digital Services 450 – 500 Low Carbon Minerals & Mining Infrastructure Monitoring 200 - 250 Critical needs 90 ▪ Subsurface intelligence and
Slide 21: Experienced management team with a strong track record
Experienced management team with a strong track record Sophie Chris Page Peter Whiting Dechun Lin Jérôme Denigot Agnès Boudot Zurquiyah Geoscience Earth Data Sensing & Monitoring HPC & Cloud Solutions New Business CEO Development Eduardo Hovey Cox Jérôme Serve Emma Muller Emmanuel Odin CFO Coutinho
Slide 22: Sector leading ESG credentials
Sector leading ESG credentials Always act responsibly and abide by all applicable Viridien’s Carbon Neutrality Statement environmental laws Continue to advance data collection capabilities to Emissions at 24 kTCO2*, best measure, monitor and continuously reduce the reduced by 58% since company’s imp
Slide 23: Financial Overview & Outlook
3 Financial Overview & Outlook viridiengroup.com Viridien.com
Slide 24: Key 2024 segment financial highlights
Key 2024 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: $(12)M Contractual fees from vessel commitments: $(18)m $778 million $298 million $34 m
Slide 25: 7% YTD EBITDA improvement
7% YTD EBITDA improvement 9M 2024 2023 2024 2023 2024 In million $ Q3 Q3 YTD YTD Segment Revenue 307 246 805 778 Adjusted Segment EBITDA 108 98 279 298 Group Segment revenue slightly down Margin % 35% 40% 35% 38% due to absence of mega-crew in SMO vs Segment EBITDA 109 98 278 294 9M 2023 and despite
Slide 26: DDE segment: Key business indicators
DDE segment: Key business indicators Segment revenue ($m) Adjusted segment EBITDAs ($m) & margin (%) 56% 62% 55% 53% 56% 56% 58% Earth Data 672 659 Geoscience 545 548 406 330 367 307 250 337 471 103 108 375 2021 2022 2023 YTD 2023 YTD 2024 Q3 2023 Q3 2024 252 276 233 Adjusted segment operating incom
Slide 27: DDE segment (cont'd): Geoscience business indicators
DDE segment (cont’d): Geoscience business indicators Total production ($m) Backlog ($m) 474 Internal production 394 398 389 External revenue 139 343 125 115 93 105 114 134 335 296 269 284 238 31 245 36 196 78 103 2021 2022 2023 YTD 2023 YTD 2024 Q3 2023 Q3 2024 YTD 2023 YTD 2024 Total production / h
Slide 28: DDE segment (cont'd): Earth Data business indicators
DDE segment (cont’d): Earth Data business indicators EDA revenue ($m) & cash on cash ratio (x) EDA CAPEX ($m) & cash pre-funding rate (%) 1.6x 1.8x 2x Multi-Client CAPEX Prefunding 375 337 After Sales 89% 66% 113% 93% 87% 111% 69% 276 136 234 252 194 150 132 156 107 205 83 168 171 180 239 142 126 14
Slide 29: Sensing & Monitoring segment: Key business indicators
Sensing & Monitoring segment: Key business indicators Segment revenue ($m) Adjusted segment EBITDA ($m) & margin (%) 11% 6% 12% 14% 7% 10% 1% BTC 453 Marine Land 48 56 47 356 39 17 334 17 16 12 1 37 2021 2022 2023 YTD 2023 YTD 2024 Q3 2023 Q3 2024 101 269 230 33 230 Adjusted segment operating income
Slide 30: Overview of Viridien's current capital structure and rating
Overview of Viridien’s current capital structure and rating Current Viridien Capital Structure In USDm Maturity Margin Sep. 2024 x EBITDA Dec. 2024E x EBITDA Cash & cash equivalents (342) c.(300) SS RCF ($100m) 1-Oct-26 4.8% - - USD Senior Secured Notes ($500m) 1-Apr-27 8.75% 493 - EUR Senior Secure
Slide 31: Thank You!
THANK YOU ! viridiengroup.com