Business
Viridien : 2026 Q1 Quarterly Results Presentation (viridien 2026 Q1 Quarterly Results Presentation)
Viridien : 2026 Q1 Quarterly Results Presentation (viridien 2026 Q1 Quarterly Results
About this update from Viridien
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 $100m of Net Cash Flow generation, with a seasonal profile similar to 2025 2 Q1 2026 3 3 Key business highlights GEOSCIENCE Decreasing external revenues on delayed project approvals Q1 2025 Q1 2026 External Segment revenue Internal production Segment revenue ($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 4 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) $498m Split by age 15% 7% Work in progress Up to 1 year old 14% 64% Up to 2 years old Up to 3 years old Split by geography 7% Europe & Africa 18% 26% North America (1) Earth Data Cash EBITDA = Earth Data adjusted segment EBITDAs - Earth Data capex 49% South America Other 6 EARTH DATA Expanding our footprint in high-potential emerging basins Guyana Exclusive shallow-water position for new multi-client surveys 25,000 km² of exclusive area for new 3D multi-client data + large-scale reprocessing (from 2026) Legacy Viridien data supporting Exxon's first major discoveries Uruguay New offshore campaign following large-scale reprocessing 7,000 km² of new 3D multi-client data (from 2026) 25,000 km² of reprocessed data (2023-2025) Held acreage 7 SENSING & MONITORING Soft Q1 amid slow market and Middle East disruption Segment revenue ($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 costs 12 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 13 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 31 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% Bonds (Usd tranche) Bonds (Euro tranche) Other borrowings (1) (1) Mar 31, 2025: CSI loan / Dec 31, 2025 and Mar 31, 2026: BPI loans 15 16 OUTLOOK 16 2026 perspectives Outlook Financial Objective The 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 $100m of Net Cash Flow with a seasonal profile similar to 2025 17 18 APPENDICES 18 Financial calendar 2026 AGM June 3, 2026 Q2 2026 results July 30, 2026 (after market) November 3, 2026 (after market) Q3 2026 results 19 Total number of shares 7,189,314 Shareholding Structure (end of March 2026) FIL Investments International Retail investors 9% Free float 91% 30% 61% Other institutional investors 20 GEOSCIENCE Well diversified client base, both geographically and by type ✓ (~17%) peak to trough adjusted for disposals Low historic volatility ($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 21 (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 22 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/ #/ 23 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% 24 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. 25 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% 26 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 27 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. 28 29