2026 Q1 Quarterly Report (viridien quarterly report Q1 2026)

27, avenue Carnot

91300 Massy France

March 31, 2026

OPERATING AND FINANCIEL REVIEW 3

2026 1Q OPERATING RESULTS 3

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS 10

CONDENSED INTERIM CONSOLIDATED STATEMENT OF OPERATIONS 10

CONDENSED INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS) 11

CONDENSED INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION 12

CONDENSED INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS 13

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY 15

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS 16

PARIS, France – March 31, 2025 – VIRIDIEN (ISIN: FR001400PVN6), a world leader in Geoscience, announced today its first quarter 2026 results.

Sophie Zurquiyah, Chair and Chief Executive Officer of VIRIDIEN, commented:

Sophie Zurquiyah, Chair and CEO of Viridien: “As expected, we experienced a softer start to the year, reflecting increased caution from E&Ps in recent months. The situation in the Middle East added further volatility, with some deliveries in the region postponed at Sensing & Monitoring, as well as delayed project sanctioning at Geoscience. In this context, we delivered solid cash generation, underscoring the strength of our asset-light model and disciplined cash management. We also continued to deleverage, allocating an additional $41m to bond repayment, reducing net debt to around $700m. We reiterate our Net Cash Flow objective for the full year 2026, with performance expected to be more weighted towards the second half as in 2025.”

Financial information is presented under IFRS standards, some sections of this report contain non-IFRS financial measures such as EBITDAs and Net Cash Flow which are fully described in the glossary of the 2025 annual consolidated financial statements.

This operating and financial review and prospects should be read in conjunction with our consolidated interim financial state ments and the notes thereto.

Our significant accounting policies are fully described in note 1 of our 2025 consolidated annual financial statements.

Statement of income

Q1 - Three months ended March 31,

2026 2025 % Change

(In millions of US$)

IFRS15 adjustment impact

2026 2025

(In millions of US$)

For internal reporting purposes VIRIDIEN's management continues to apply the pre-IFRS 15 revenue recognition principles, with Earth Data prefunding revenues recorded based on percentage of completion methods.

Business segments highlights

The Group continues to present its financial information under two reporting segments, Data, Digital & Energy Transition (DDE) and Sensing & Monitoring (SMO) as described in Note 19 to our 2025 consolidated annual financial statements.

Data, Digital & Energy Transition (DDE)

Q1 - Three months ended March 31,

2026 2025 % Change

Geoscience (GEO)

Geoscience operating revenues as reported were down 11% year-on-year to US$98 million in Q1 2026 compared to US$110 million in 2025 due to lower project sanctioning levels by clients in recent months, as well as some delayed project start-ups following the escalation of the conflict in the Middle East.

Earth-Data (EDA)

Earth Data operating revenues as reported were down 47% to US$41 million in Q1 2026 from US$60 million in Q1 2025. Excluding IFRS 15 adjustments EDA business was down 48% to US$54 million.

EDA Cash EBITDA Q1 2026 at US$15 million decrease from US$39 million in Q1 2025.

The table below presents a reconciliation of EDA adjusted Segment EBITDAs with the Cash EBITDA.

EDA cash EBITDA is defined in the glossary of our 2025 consolidated annual financial statements as Adjusted segment EBITDAs less investment in Earth Data surveys for the period and less inactivity compensation fees related to the Capacity Agreement between Viridien and Shearwater.

Q1 - Three months ended March 31,

In millions of US$ 2026 2025

Segment adjusted EBITDA

Investments in Earth Data surveys

Adjustment of inactivity compensations fees related to the Capacity Agreement between Viridien and Shearwater

EDA CASH EBITDA

Q1 key headlines – Data, Digital & Energy (DDE)

Viridien launches major multi-client reimaging program in Malaysia. | Jan 7, 2026

Viridien launches integrated multi-client data project offshore Malta. | Jan 13, 2026

Viridien and SLB announce agreement with EGAS for large multi-client OBN program over Eastern Mediterranean Offshore. | Jan 22, 2026

Viridien announces strategic initiative to advance HPC for seismic imaging workflows with NVIDIA. | Feb 18, 2026

Viridien announces Charrua 3D seismic survey offshore Uruguay. | Mar 5, 2026

Viridien advances exploration for India’s offshore basins, starting with launch of Phase 1 Mahanadi Basin Reimaging. | Mar 10, 2026

Viridien and BGP announce agreement with government of Guyana for multi-client 3D seismic program over shallow water acreage. Mar 11, 2026

Sensing & Monitoring (SMO)

SMO operating revenue was down 30% year-on-year to US$61 million in Q1 2026 in comparison to $87 million in 2025.

Activity remains largely driven by the Land segment, with a mix of flagship high-productivity surveys ongoing in North America and medium-to-small crews ensuring business resilience across South America, the Middle East, and Asia. The Marine segment remains largely subdued in Q1 2026.

Land equipment sales represented 50% of SMO revenue, compared to 58% in Q1 2025, down 8bps year-on-year. Land equipment sales of US$30 million in Q1 2026 were down from US$51 million in 2025.

Marine equipment sales represented 31% of SMO revenue, compared to 29% in Q1 2025, up 2bps year-on-year. Marine equipment sales of US$19 million in Q1 2026 were down from US$25 million in 2025.

Beyond the Core revenues were at US$12 million, up 6% year-on-year.

Q1 key headlines – Sensing & Monitoring (SMO)

Viridien announces new Global Tailings Monitoring Service to deliver more comprehensive, automated safety intelligence to the mining industry. | Mar 24, 2026

Net financial income and expenses

Net financial income and expenses amounted to a US$26 million expense in Q1 2026, down from US$76 million in Q1 2025. This decrease is mainly due to the refinancing expenses of our bonds in 2025.

Cash flow statement

Net Cash flow from continuing operations was a US$26 million inflows in Q1 2026 from a US$20 million outflows in 2025.

Net Cash flow from discontinued operations represented a $0M outflow compared to the $0M outflow last year.

Q1 - Three months ended March 31, 2026 2025

1. The Net Cash Flow indicator presented in this interim financial report is not a standardized IFRS measure. It is provided as additional information

   to facilitate understanding of the Group’s financial performance and may differ from similarly titled measures used by other companies.

   Financial debt

   (In millions of US$)	March 31, 2026	December 31, 2025
   Bank overdrafts	-	0.0
   Gross financial debt – Current(a)	42.2	38.5
   Gross financial debt - Non-current	959.8	1 004.8
   Less cash and cash equivalents	(155.2)	(173.0)
   NET FINANCIAL DEBT(a)	846.8	870.2

   1. As from Q1 2026 Gross and Net financial debt excludes accrued interests

Liquidity

Group Liquidity of US$273 million on March 31, 2026, includes US$173 million of cash and US$100 million of undrawn RCF (US$125 million o/w US$25 million ancillary guarantee facility).

‌CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

‌Condensed Interim Consolidated statement of operations

See the notes to the Condensed Interim Consolidated Financial Statements.

‌Condensed Interim Consolidated statement of comprehensive income (loss)

1. Including other comprehensive income related to the discontinued operations.

2. Foreign exchange differences relating to the parent company, which were previously included in “Other changes in equity”, are now

presented within “Non-recyclable OCI”.

‌Condensed Interim Consolidated statement of financial position

See the notes to the Condensed Interim Consolidated Financial Statements.

‌Condensed Interim Consolidated statement of cash flows

Three months ended March 31.

Three months ended March 31.

See the notes to the Condensed Interim Consolidated Financial Statements.

‌Condensed Interim Consolidated statements of changes in equity

⯈

Amounts in millions of

Number of Shares issued

Share capital

Additional paid-in capital

Retained earnings

Other reserves

Treasury shares

Income and expense recognized directly in equity

Cumulative translation adjustment (a)

Equity attributable to owners of Viridien S.A.

Non-controlling interests

Total equity

adjustments (3) (a)

(1)+(2)+(3)

(a) Foreign exchange differences relating to the parent company, which were previously included in “Other changes in equity”, are now presented

within “Non recyclable OCI”.

Amounts in millions of US$. except share data

Number of Shares issued

Share capital

Additional paid-in capital

Retained earnings

Other reserves

Treasury shares

Income and

expense Cumulative recognized translation directly in adjustment

equity

Equity attributable to owners of Viridien S.A.

Non-controlling interests

Total equity

adjustments (3)

(1)+(2)+(3)

‌Notes to the Condensed Interim Consolidated Financial Statements

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Viridien S.A. (“the Company”), along with its subsidiaries (together, the “Group”) is a global geoscience technology leader. Employing around 3 100 people worldwide, Viridien provides a comprehensive range of data, products, services and solutions in the fields of earth sciences, data science, sensing and monitoring. The Group's unique portfolio helps its clients to more efficiently and responsibly solve complex digital, energy transition, natural resources, environmental and infrastructure challenges.

As the Company is listed in a European country, and pursuant to European regulation n°1606/2002 dated July 19, 2002, the accompanying Condensed Interim Consolidated Financial Statements ending March 31, 2026 have been prepared in accordance with IAS 34 Interim Financial Reporting, as issued by the International Accounting Standards Board (IASB) and as adopted by the European Union and in force at March 31, 2026.

The Board of Directors has authorized these Condensed Interim Consolidated Financial Statements for issue on May 5, 2026.

The Condensed Interim Consolidated Financial Statements are presented in U.S. dollars and have been prepared on a historical cost basis, except for certain financial assets and liabilities that have been measured at fair value.

1. - Critical accounting policies

   The Condensed Interim Consolidated Financial Statements do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Group’s annual financial statements as of and for the year ended December 31, 2025 included in its

   Universal Registration Document for the year 2025 filed with the AMF on April 2, 2026.

   The accounting policies adopted in the preparation of the Condensed Interim Consolidated Financial Statements are consistent with those followed in the preparation of the Group’s annual financial statements for the year ended December 31, 2025.

   The following standards, amendments and interpretations are applicable from January 1, 2026:

   ⯈ Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7) (issued on 30 May 2024)

   ⯈ Contracts Referencing Nature-dependent Electricity -Amendments to IFRS 9 and IFRS 7 (issued on 18 December 2024)

   ⯈ Annual Improvements Volume 11 (issued on 18 July 2024)

   The Group is currently assessing the impact of the adoption of these new standards, amendments and interpretations on its Condensed Interim Consolidated Financial Statements, with no significant impact expected to date.

   A review of the amendments not yet adopted is currently underway with a view to measuring their potential impact on the consolidated financial statements. The impacts of the application of IFRS 18 on the presentation of the financial statements, effective January 1, 2027, are currently under assessment.

   At the date of issuance of these Condensed Interim Consolidated Financial Statements, no early application has been made of any standards, amendments or interpretations not yet adopted by the European Union.

2. - Use of judgment and estimates

The preparation of Condensed Interim Consolidated Financial Statements in accordance with IFRS requires management to make estimates, assumptions and judgments that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the interim consolidated financial statements

and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates due to changes in economic conditions, changes in laws and regulations, changes in strategy and the inherent imprecision associated with the use of estimates.

Key judgments and estimates used in the financial statements are summarized in the following table:

Note Judgments and estimates Key assumptions

Trajectory and recovery outlook of Exploration and Production

Recoverable amount of goodwill and intangible assets

Recoverable value of Earth Data surveys

spending

New businesses growth dynamic Discount rate (WACC)

Expected sales for each survey

Deferred tax assets Assumptions supporting the achievement of future taxable profits

Note 7

Transaction costs related to the refinancing are deducted from the nominal amount of the new bonds

Amortised cost

Effective Interest Rate (EIR) method

Note 9 Revenue recognition Estimated Geoscience contract completion rates

Income tax liabilities – Uncertain tax positions

Estimate of most likely tax amount

Provisions for restructuring Assessment of future costs related to restructuring plans Notes 4 and 7 Discount rate IFRS 16 Assessment of incremental borrowing rate

Recoverability of client receivables Assessment of clients’ credit default risk

Note 4 and 5 Depreciation and amortization of

tangible and intangible assets

Useful life of assets

Note 5 Development costs Assessment of future benefits of each project

Discount rate

Post-employment benefits

Provisions for risks, claims and litigations

Valuation of investments in companies accounted for under the equity method

Enrollment rate in post-employment benefit plans

Inflation rate

Assessment of risks considering court rulings and attorney’s

positions

Estimated recoverable value

Rounding

Some figures in this document, including financial data, have been rounded. As a result, the totals shown in this document may not be the exact sum of the preceding figures.

SIGNIFICANT EVENTS

Repayment of notes

On March 26, in line with its commitment to prioritize the allocation of net cash flow to deleveraging, Viridien carried out partial repayments of its outstanding notes by exercising the option included in the relevant documentation allowing it to redeem up to 10% of the then-outstanding principal at a pre-established price of 103. This option, valid for any 12-month period from the issuance date (i.e., March 25, 2025), reset on March 25, 2026 for a new period running until March 24, 2027. An amount of US$40.7 million of the USD tranche has been repaid, bringing the remaining outstanding principal to approximately US$367 million as of the date of this report.

ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS

Assets held for sale

In 2024, Viridien entered in discussion with several potential buyers for Gauges business. The assets of this business, which is part of the SMO segment, have been classified as “assets held for sale” and the liabilities as “liabilities directly associated with assets held for sale”. As the Gauges business is not a major Viridien activity, it has not been presented as a discontinued operation in the consolidated profit and loss statements and cash flow statement (no retroactive presentation).

In 2025, the US-based Gauges business was sold, generating proceeds of US$11.5 million. This partial exit explains the decrease in the net value of assets held for sale compared to December 31, 2024. No change since December 31, 2025.

Disaggregation of assets and liabilities

Net income (loss) from discontinued operations

Three months ended March 31,

Net cash flows incurred by discontinued operations are as follows

The following table presents the net cash flow from discontinued operations for each of the periods stated:

Three months ended March 31,

PROPERTY, PLANT AND EQUIPMENT

Short-term leases and leases of low-value assets

As allowed by IFRS 16, the Group decided to use exemptions for short-term leases (

Revenues from subleases

The Group signed arrangements with third parties to sublease leased real estate assets. The income generated by these sublease agreements, which are classified as operating leases was not material on March 31, 2026, and on December 31, 2025.

Variation over the period

1. Including US$ 20.9 million additional right-of use assets during the first three months of 2026 compared to US$ 48.2 million in 2025.

2. Including US$ (10.9) million depreciations of right-of-use assets during the first three months of 2026 compared to US$ 43.2 million in 2025.

Reconciliation of acquisitions with the consolidated statements of cash flows and capital expenditures

Three months ended March 31,

INTANGIBLE ASSETS

Variation over the period

Reconciliation of acquisitions with the consolidated statements of cash flows and capital expenditures

Three months ended March 31,

GOODWILL

FINANCIAL DEBT

Financial debt as of March 31, 2026, was US$1,038.4 million compared to US$1,061.0 million as of December 31, 2025. The breakdown of our financial debt is as follows:

1. As from Q1 2026 Gross and Net financial debt excludes accrued interests.

Changes in liabilities arising from financing activities

1. In 2025, US$19.5 million of transaction costs, directly attributable to the new Notes, were deducted from the nominal amount, in accordance with IFRS9.

2. Mainly EUR/USD exchange rate fluctuation on 2027 and 2030 Notes tranche EUR.

3. The 2025 figures have been adjusted for better comparison of the impact of the EIR method.

US$ 125 million Revolving Credit Facility

On March 25, 2025, Viridien entered into a US$125 million Super Senior Revolving Credit Facility Agreement with a 5-year maturity secured by the same security package as the 2030 Notes.

CONTRACTUAL OBLIGATIONS. COMMITMENTS AND CONTINGENCIES

Contractual obligations

The following table sets forth our future cash obligations (not discounted) on our contractual obligations and commitments as of March 31, 2026:

(a) Payments in other currencies are converted into US dollars on March 31, 2026, and exchange rates.

ANALYSIS BY OPERATING SEGMENT

Segment presentation and discontinued operations

Financial information by segment is reported in accordance with our internal reporting system and provides internal segment information that is used by the chief operating decision maker to manage and measure performance.

The 2021 strategic roadmap announced in November 2018 aimed at implementing an asset light business model by reducing Viridien’s exposure to the contractual data acquisition business. As a result of the strategic announcements and actions undertaken subsequently, we presented our contractual data acquisition operations and the costs of implementation of the related measures, referred to as the Viridien 2021 Plan, in accordance with IFRS 5, as discontinued operations and assets held for sale.

Data. Digital & Energy Transition (DDE)

This operating segment comprises the Geoscience business lines (processing and imaging of geophysical data, reservoir characterization, geophysical consulting and geoscience software sales and services) and the Earth Data (ex multi-client) business line (development and management of a seismic and geological data library that we undertake and license to several clients on a non-exclusive basis). Both activities regularly combine their offerings, generating overall synergies between their respective activities.

Beyond the core, Viridien is leveraging on its technologies and expertise to address the fast-growing markets of Digital Sciences and Energy Transition.

In Digital Sciences, we focused on our long-standing leadership in digital technology, especially as applied to geoscience, to develop an integrated expert solution including the hardware platform, middleware and software services that are required to cost effectively support advanced cloud-based High-Performance Computing (HPC) workflows and data transformation services. In this platform, we notably propose data, algorithms and software as a service (DaaS/SaaS) on our Viridien cloud.

In Energy Transition, we propose services and technologies dedicated to Carbon Capture Utilization and Storage (CCUS), Geothermal, Environmental and Minerals and Mining, CCUS, which represents a substantial submarket, is one of the key enablers to reduce carbon footprint. Many energy companies are planning significant CCUS projects and increasingly incorporate this technology in their development. Low carbon energy, such as hydrogen, will also require long term storage and monitoring. To be successful, these new businesses require a detailed understanding of the subsurface domain where Viridien excels, through its advanced geoscience and digital science technologies and its global earth data library.

Sensing & Monitoring (SMO)

This operating segment comprises manufacturing and sales activities for land, marine and OBN geophysical equipment used for data seismic acquisition. Additionally, its unique portfolio of industry leading sensor technology allows to bring the benefits of its advanced sensor technology to the fast-growing Monitoring and Observation market, from structural health monitoring (SHM) to monitoring solutions for energy transition (CCUS notably) and environment. The SMO

segment carries out its activities through our subsidiary Sercel.

Internal reporting and segment presentation

Before the implementation of IFRS 15, the Group applied the percentage of completion method for recognizing Earth Data prefunding revenues. Following the implementation of IFRS 15, the Group recognizes Earth Data prefunding revenues upon delivery of processed data (when performance obligation is fulfilled).

Although IFRS fairly presents the Group’s statement of financial position, for internal reporting purposes Viridien's management continues to apply the pre-IFRS 15 revenue recognition principles, with Earth Data prefunding revenues recorded based on percentage of completion. Viridien's management believes this method aligns revenues closely with the activities and resources used to generate it and provides useful information as to the progress made on Earth Data surveys, while also allowing for useful comparison across time periods.

Viridien therefore presents the Group’s results of operations

in two ways:

the “Reported” or “IFRS” figures, prepared in accordance with IFRS, with Earth Data prefunding revenues recognized upon delivery of the data (when performance obligation is fulfilled); and

the “Segment” figures, for purposes of internal management reporting, prepared in accordance with the Group’s previous method for recognizing Earth Data prefunding revenues.

Other companies may present segment and related measures differently than we do. Segment figures are not a measure of financial performance under IFRS and should not be considered as indicators of our operating performance or an alternative to other measures of performance in accordance with IFRS.

Alternative performance measures

As a complement to Operating Income, EBIT may be used by management as a performance measure for segments because it captures the contribution to our results of the significant businesses that are managed through our joint ventures. We define EBIT as Operating Income plus our share of income in companies accounted for under the equity method.

We define EBITDAs as earnings before interest, tax, income from equity affiliates, depreciation, amortization net of amortization expense capitalized to Earth Data, and cost of share-based compensation. Share-based compensation includes both stock options and shares issued under our share allocation plans. EBITDAs is presented as additional information because we understand that it is a measure used by certain investors to determine our operating cash flow and historical ability to meet debt service and capital expenditure requirements.

Inter-segment transactions are made at arm’s length prices. They relate primarily to geophysical equipment sales made by the SMO segment to the Contractual Data Acquisition business lines and only include intra-segment sales between the business sectors, rather than all intra-group sales. These inter-segment revenues and the related earnings are eliminated in consolidation in the tables that follow under the column “Eliminations and other”.

Operating Income, EBITDAs and EBIT may include non-recurring or restructuring items. General corporate expenses, which include Group management, financing, and legal activities, have been included in the column “Eliminations and

other” in the tables that follow. The Group does not disclose financial expenses or financial revenues by segment because they are managed at the Group level.

Identifiable assets are those used in the operations of each segment. The group does not track its assets based on the country of origin.

Capital employed is defined as "total assets" excluding “Cash and cash equivalents” less (i) “Current liabilities” excluding “Bank overdrafts” and “Current portion of financial debt” and

(ii) noncurrent liabilities excluding “Financial debt”.

Analysis by segment (continuing operations)

Q1 - Three months ended March 31, 2026

1. “Eliminations and other” corresponded mainly to general corporate expenses

2. Capital expenditures included capitalized development costs of US$(6.0) million for the three months ended March 31, 2026. “Eliminations and other” corresponded to the variance of suppliers of assets for the three months ended March 31, 2026.

3. Capital employed and identifiable assets related to discontinued operations are included under the column “Eliminations and other”.

Q1 - Three months ended March 31, 2025

1. “Eliminations and other” corresponded mainly to general corporate expenses

2. Capital expenditures included capitalized development costs of US$(4.3) million for the three months ended March 30, 2026. “Eliminations and other” corresponded to the variance of suppliers of assets for the three months ended March 30, 2026.

3. Capital employed and identifiable assets related to discontinued operations are included under the column “Eliminations and other”.

OTHER REVENUES AND EXPENSES

Three months ended March 31,

1. Other revenues (expenses) – net excluding income (loss) on discontinued operations

The other revenues (expenses) as of March 2026 amounted to US$0.6 million. They mainly include:

⯈ US$0.3 million gain on hedging contracts; and

⯈ US$0.5 million of capital gains on asset disposals, mainly relating to US$ 0.4 million of insurance compensation at Sercel.

The other revenues (expenses) as of March 2025 amounted to US$(0.3) million, mainly reflecting redundancy payments processed through the UK payroll.

OTHER FINANCIAL INCOME (LOSS)

Three months ended March 31,

As of March 31, 2026, the Other Financial Income (Loss) was a US$(0.7) million loss, including:

⯈ US$(1.2) million charges related to the prepayment premium of the existing senior note 2030.

⯈ US$0.2 million foreign exchange loss. mainly driven by the Euro, the Brazilian real, British pound, Norwegian krone and Chinese yuan exposures.

As of March 31, 2025 the Other Financial Income (Loss) was a US$(46.2) million loss, including:

⯈ US$(44.1) million loss related to refinancing transaction including a US$(21.9) million charge related to the prepayment premium of the existing senior note. As from the June 2025 closing, in accordance with IFRS 9, US$19.5 million of transaction costs directly attributable to the new Notes were treated as a deduction from the nominal amount of the debt, rather than being expensed in profit or loss.

⯈ US$0.6 million interest income related to a court-ordered ISS tax refund (Brasil).

⯈ US$ (2.1) million foreign exchange loss, mainly driven by the Euro, Norwegian Krone, British pound and Chinese yuan exposures.

SUBSEQUENT EVENTS

New BPI loans

In April 2026, Bpifrance granted Viridien SA three loans to support development and the green transition, for a total amount of €10 million. All loans have a 3-year maturity (April 2029) and are repayable in quarterly installments starting in July 2026. An annual interest rate of 4.81% applies to all facilities.