FINANCIAL RESULTS Q1 2026
May 5, 2026
viridiengroup.com
Q1 2026: Solid cash generation in a soft market
Q1 2026 performance | |
Seg. Revenues $214m | Seg. adj. EBITDAs $76m |
Net Cash Flow $26m | |
Key takeaways | |
Solid cash generation driven by disciplined management | Further deleveraging with $41m of additional bond repayments |
Revenues impacted by a slow start to the year and Middle East conflict Profitability aligned with revenues | FY guidance reiterated $100m of Net Cash Flow generation, with a seasonal profile similar to 2025 |
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Q1 2026 3
3
Key business highlights
GEOSCIENCE
Decreasing external revenues on delayed project approvals
Q1 2025
Q1 2026
External Segment revenue
Internal production
Segment revenue ($M)
98
110
44
32
Backlog ($M)
Dec. 31, 2025
Mar. 31, 2025
Mar. 31, 2026
Jun. 30, 2026
231
256
329
Total production / employee ($k)
357
388
Mar. 31, 2025 Mar. 31, 2026
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GEOSCIENCE
A global leader in industrial HPC, with a privileged, long-lasting relationship with Nvidia
Viridien's HPC infrastructure A strategic collaboration with Nvidia
A worldwide leader amongst industrial players
~700 petaflops of computing power
2 main data centers powering 20+ imaging centers
6 dedicated client data centers
A fully optimized setup
Technology agnostic (Nvidia, AMD, Intel)
Multi-generation GPUs and CPUs, tailored per project
Algorithms constantly optimized for each architecture
Since 2007: Nvidia GPUs used for seismic imaging
› Early adopter of GPU computing for scientific applications
Since 2024: strategic collaboration
› Early access and co-development on next-gen AI GPUs
› Co-optimization of our core imaging algorithms (incl. FWI)
› Priority access to chip allocations
Driving superior performance
and cost efficiency in imaging 5
EARTH DATA
Cash
EBITDA(1)
Q1 2025
Q1 2026
Q1 2026
Segment revenue ($M)
15
54
104
Slow start, but activity expected to build through the year
Library net book value
(at end-March 2026 - IFRS)
Split by age
15%
7%
Work in progressUp to 1 year old
14%
64%
Up to 2 years oldUp to 3 years old
Split by geography
7%
Europe & Africa18%
26%
North America(1) Earth Data Cash EBITDA = Earth Data adjusted segment EBITDAs - Earth Data capex
49%
South AmericaOther
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EARTH DATA
Expanding our footprint in high-potential emerging basins
Guyana
Exclusive shallow-water position for new multi-client surveys
25,000 km² of exclusive area for new 3D multi-client data + large-scale reprocessing (from 2026)
Legacy Viridien data
supporting Exxon's first
major discoveries
Uruguay
New offshore campaign following large-scale reprocessing
7,000 km² of new 3D multi-client data
(from 2026)
25,000 km² of reprocessed data
(2023-2025)
Held acreage
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SENSING & MONITORING
Soft Q1 amid slow market and Middle East disruption
Segment revenue ($M)
87
61
Q1 2025 Q1 2026
8
Land
51
30
Q1 2025
Q1 2026
Marine
25
19
Q1 2025
Q1 2026
SENSING & MONITORING
Scaling high-value infrastructure monitoring beyond oil & gas
New York Second Avenue Subway (MTA) Large-scale infrastructure monitoring project
Project scale
10 city blocks underground construction
$1.9b+ project value
Our role
High-end monitoring and engineering services
Ensuring safe construction in dense urban environment
Maintaining uninterrupted subway operations
Our technology
Advanced vibration and blasting monitoring sensors
Real-time analytics and risk mitigation tools 9
Q1 2026 10
10
Financial performance review
Data, Digital & Energy Transition
-29% year-on-year
Sensing & Monitoring
-30% year-on-year
Segment revenue reflecting a slow start to the year and the ongoing conflict in the Middle East
Segment revenue ($M)
301
214
153
61
214
87
Q1 2025 Q1 2026
11
Data, Digital & Energy Transition
58% adj. EBITDAs margin, -580 bps
GEO: high margins, in line with recent quarters
EDA: impact from revenue decline
Sensing & Monitoring
Negative adj. EBITDAs margin
Revenue decline and unfavorable mix
Forex headwinds (-$6m quarterly impact)
Segment adjusted EBITDAs reflecting lower revenues
Segment adjusted EBITDAs ($M)
•
76
-7
-8
89
137
14
143
-6
•
Q1 2025 Q1 2026
Corporate costs12
IFRS 15 timing effect
-$13m in Q1 2026 vs
-$44m in Q1 2025.
Positive contribution expected for FY 2026
Net cost of financial debt Lower bond principal following deleveraging, partly offset by higher coupons and adverse forex impact in Q1.
FY 2026 to benefit overall
from deleveraging
Other financial loss Refinancing costs incurred in Q1 2025
IFRS figures
Segment (in millions of $) | Q1 2026 | Q1 2025 | |
Revenue | 214 | 301 | |
Adjusted EBITDAs | 76 | 143 | |
EBITDAs | 77 | 142 |
IFRS (in millions of $) | Q1 2026 | Q1 2025 | |
Revenue | 200 | 258 | |
EBITDAs | 63 | 99 | |
Operating Income | 20 | 56 | |
Equity from investment | 0 | 0 | |
Net cost of financial debt | -25 | -26 | |
Other financial income / (loss) | -1 | -46 | |
Income taxes | -3 | -13 | |
Net income / (loss) from continuing operations | -10 | -29 | |
Net income / (loss) from discontinuing operations | 0 | 1 | |
Group Net income / (loss) | -10 | -28 |
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Strong improvement in Net Cash Flow
Q1 2025 to Q1 2026 Net Cash Flow bridge
Incl. EDA payables phasing and some PEMEX receivables collection
+38 26
-1
+17
-20
+58
Bond interest paid in Q1 in 2025, as part of the early refinancing
Q1 2025 NCF
Lower EDA capex, partly offset by higher industrial ones
(US HPC)
Q1 2025
Net Cash Flow
-66
Segment EBITDAs
Segment
EBITDAs
Change
Change in WCR
in WCR
Capex
Capex
and leases
Cost of debt
Cost of debt
Other
Q1 2026
Q1 2026 NCF
Taxes, leases and other
Net Cash Flow
14
Continued deleveraging, supporting S&P upgrade
B / Stable B2 / Stable B / Stable
908
13
487
514
Mar. 31, 2026
Mar. 31, 2025 Dec. 31, 2025
Mar. 31, 2024
$41m additional repayments on the USD tranche
857
12
1,164
32
619
514
359
399
450
496
995
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Current corporate ratings
Current bond trading (as of April 30, 2026)
Tranche | Price | Yield to maturity | Coupon |
USD | 107.5 | 8.0% | 10.0% |
EUR | 106.7 | 6.7% | 8.5% |
(1) Mar 31, 2025: CSI loan / Dec 31, 2025 and Mar 31, 2026: BPI loans
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OUTLOOK 16
2026 perspectives
Outlook Financial ObjectiveThe situation in the Middle East remains uncertain We closely monitor developments
Short-term
While some delays in project approvals and deliveries may persist, these are primarily related to timing effects rather than underlying demand
Mid- to long-term
Structural drivers are supportive.
Current tensions highlight the importance of energy security and supply diversification, which combined with accelerating field depletion and a prolonged period of underinvestment is expected to drive a renewed cycle in exploration spending across both frontier and mature basins
$100m of Net Cash Flow
with a seasonal profile similar to 2025
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APPENDICES 18
Financial calendar
2026 AGM
June 3, 2026
Q2 2026 results
July 30, 2026 (after market)
November 3, 2026 (after market)
Q3 2026 results
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Total number of shares
7,189,314
Shareholding Structure (end of March 2026)
FIL Investments
International
Retail investors
9%
Free float
91%
30%
61%
Other institutional investors
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GEOSCIENCE
Well diversified client base, both
geographically and by type
✓
(~17%) peak to trough adjusted for disposals
Low historic volatility ($M)
Resilient, cycle-proof revenue performance
351
396
385
328
269
284
335
404
444
✓
Proven track record of resilient performance, with only ~17% "peak to trough"
✓
Significant exposure to resilient
development and production revenues
2017 2018 2019 2020 2021 (1)
2022 2023 2024 2025
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(1) The 2021 figure is adjusted for disposals and presented on a pro forma basis
GEOSCIENCE
Premier sub-surface imaging capabilities with a global footprint
Computing power (PFLOPS)
690
690
510
520
351
291
272
Regional Hubs (5)
Dedicated Centers (6)
Open Centers (16)
Perth
Rio de Janeiro
Kuala Lumpur Brunei
Jakarta
Singapore
Oman
Mumbai
Cairo
Abu Dhabi
Houston
Villahermosa
Beijing
Vienna
Pau
Paris
Moscow
Oslo
Stavanger x2
London
Calgary
Global footprint of imaging centers
2020 2021 2022 2023 2024 2025 Mar. 31,
2026
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EARTH DATA
~$0.5bn
net book value
Technologically advanced, up-to-date data library in the most prolific basins globally
17,522 km²
OBN 3D
seismic data
1.4m km²
3D seismic data
Explore Viridien's Geostore
https://earthlibrary-geostore.viridiengroup.com/#/
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Key segment P&L figures
(in millions of $) | Q1 2026 | Q1 2025 | Change (%) |
€/$ exchange rate | 1.18 | 1.04 | +14% |
Segment revenue | 214 | 301 | -2G% |
DDE | 153 | 214 | -29% |
Geoscience | 98 | 110 | -11% |
Earth Data | 54 | 104 | -48% |
SMO | 61 | 87 | -30% |
Land | 30 | 51 | -40% |
Marine | 19 | 25 | -26% |
Other | 12 | 11 | +6% |
Segment EBITDAs | 77 | 142 | -46% |
Adjusted Segment EBITDAs | 76 | 143 | -47% |
DDE | 89 | 137 | -35% |
SMO | -7 | 14 | n.a. |
Corporate and other | -6 | -8 | -23% |
Segment Operating Income | 23 | 65 | -65% |
Adjusted Segment Operating Income | 22 | 66 | -66% |
DDE | 42 | 66 | -36% |
SMO | -13 | 8 | n.a. |
Corporate and other | -7 | -9 | -18% |
EDA Cash EBITDA | 15 | 3G | -62% |
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Net Cash Flow
(in millions of $) | Q1 2026 | Q1 2025 | Change (%) |
Segment EBITDAs | 77 | 142 | -46% |
Incomes taxes | -8 | -4 | +92% |
Change in working capital and provisions | 11 | -47 | n.a. |
Capex | -40 | -61 | -34% |
Cost of debt | -1 | -39 | -97% |
Leases | -14 | -10 | +45% |
Other | 1 | -2 | n.a. |
Net Cash Flow | 26 | -20 | n.a. |
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Other KPIs
(in millions of $) | Q1 2026 | Q1 2025 | Change (%) | FY 2025 | Change (%) |
Geoscience backlog | 231 | 329 | -30% | 256 | -10% |
Total capex | 40 | 61 | -34% | 207 | n.a. |
Earth Data library net book value | 499 | 489 | +2% | 494 | +1% |
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Reconciliation IFRS vs Segment
(in millions of $) | Q1 2026 | ||
Segment | IFRS 15 adjustments | IFRS | |
Revenue | 215 | -13 | 200 |
EBITDAs | 77 | -13 | 63 |
Non-recurring charges and gains | 0 | 0 | |
Adjusted EBITDAS | 76 | -13 | 63 |
Operating Income | 23 | -3 | 20 |
Non-recurring charges and gains | 0 | 0 | |
Adjusted Operating Income | 22 | -3 | 19 |
IFRS 15 requires that Earth Data prefunding revenues be recognized only upon delivery of the final processed data, that is, when the performance obligation is fulfilled. As a result, revenue and margin recognition for ongoing surveys is deferred.
Viridien's segment reporting, however, continues to apply the percentage-of-completion method previously used before the adoption of IFRS 15, for recognizing Earth Data
prefunding revenues and associated margins
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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, the Company's actual results may differ materially from those that were expected.
The Company based these forward-looking statements on its current assumptions, expectations, and projections about future events. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, it is very difficult to predict the impact of known factors and it is impossible for us to anticipate all factors that could affect our proposed results. All forward-looking statements are based upon information available to the Company as of the date of this presentation.
Important factors that could cause actual results to differ materially from management's expectations are
disclosed in the Company's periodic reports and other regulated information filed with the AMF.
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