Viridien: 2026 third-quarter results

Paris (France), November 3, 2026

2026 third-quarter results
Solid cash generation and continued deleveraging
Further evidence of commercial recovery

• Net Cash Flow of $35m in Q3, bringing 9M 2026 to $67m vs $62m in 9M 2025, supported by Geoscience’s performance and working-capital normalization
  
  
• Net Debt (excluding IFRS 16) of $656m at end-September, down -18% year on year. A further partial early redemption of the bond, targeting the euro-denominated tranche, has been announced for November, supporting the Group’s deleveraging trajectory
  
  
• Geoscience returned to growth, with revenue of $112m, up +3% year on year and +17% sequentially, reflecting strong execution and backlog conversion. Commercial momentum remains healthy, supported by sustained customer engagement
  
  
• Earth Data revenue of $69m, down -49% year on year, reflecting a high comparison base with Q3 2025, which benefited from exceptional transfer fees. Commercial momentum continues to build across frontier basins, while year-to-date E&P performance provides a supportive backdrop for Q4 revenue
  
  
• Sensing & Monitoring revenue of $56m, down -18% year on year, still negatively impacted by the ongoing conflict in the Middle East. An operational review is underway to further strengthen the business and position it to capture growth opportunities as market conditions recover
  
  
• Segment adjusted EBITDAs of $100m, down -40% year on year, largely due to the significant contribution from the exceptional transfer fees in Q3 2025
  
  
• FY 2026 Net Cash Flow objective of $100m confirmed
  
  

Henning Berg, CEO of Viridien: “While market conditions remain uneven across our businesses, I am particularly pleased with Geoscience’s performance, which returned to growth as strong execution translated backlog into revenue. Solid cash generation during the quarter and continued deleveraging also underline our focus on further strengthening the Group’s financial position. Overall, sector sentiment continues to improve. Looking ahead, stronger customer engagement and sustained commercial activity reinforce our confidence in a more supportive market environment in Q4, with further momentum expected into 2027”.

KEY HIGHLIGHTS PER BUSINESS LINE³

Data, Digital and Energy Transition (DDE): GEO back to growth, EDA outlook encouraging

Segment Revenue of $181m

Geoscience (GEO)

• Revenue of $112m, up +3% year on year
• Q3 revenue increased 17% sequentially, reflecting effective backlog execution. Activity remained robust in mature basins, including the U.S. Gulf and Mexico, where Geoscience delivered major high-end reprocessing projects for IOCs and regional NOCs seeking to unlock new exploration opportunities in a capital-efficient manner. Emerging areas such as Guyana also remained very active
• Commercial activity remains dynamic, with the cumulative value of pending bids (i.e. tenders for which proposals have either been submitted and are awaiting award, or are currently being prepared) up by a high double-digit percentage year on year, supporting the outlook for order intake over the coming months. Backlog stood at $267m at end-September 2026 and increased to $283m at end-October 2026, with additional verbal awards not yet formalized representing several tens of millions of dollars
• Computing capacity reached 765 petaflops at end-September 2026, up +21% year on year. Productivity per employee increased to $409k, compared with $374k one year earlier (+9%)

Earth Data (EDA)

• Revenue of $69m, down -49% year on year, reflecting both the impact of exceptionally high transfer fees recorded in Q3 2025 and lower prefunding revenue. Earth Data capital expenditure amounted to $36m in Q3, down -20% year on year, reflecting changes in the phasing of certain projects. Late sales were satisfactory and remained in line with normal seasonal levels
• Cash EBITDA of $19m vs $73m in Q3 2025, again reflecting an exceptionally strong prior-year comparison driven by significant transfer fees

Segment adjusted EBITDAs of $112m, representing a 62% margin, the highest quarterly level in 2026, with GEO profitability improving both sequentially and year on year.

Sensing and Monitoring (SMO): Market conditions remain challenging

Segment Revenue of $56m, down -18% year on year, as geopolitical uncertainty in the Middle East continued to weigh on market activity.

Segment adjusted EBITDAs of -$5m and Segment adjusted Operating Income of -$11m.

With geopolitical uncertainty continuing to weigh on SMO, Viridien has initiated an operational review to further to further adapt SMO’s operating model and lower its break-even point, while preserving the capabilities required to capture future opportunities as market conditions recover.

CONSOLIDATED IFRS FIGURES⁴

Profit & Loss: Marginal IFRS 15 timing impact in Q3 2026

Consolidated IFRS revenue reached $236m in Q3 2026, including a marginal -$2m IFRS 15 timing impact on revenue recognition. IFRS EBITDAs stood at $98m, reflecting a similarly limited adjustment. IFRS net income was -$10m, mainly reflecting -$73m of depreciation and amortization (including -$65m related to Earth Data projects), -$10m of IFRS 16 lease-related expenses, -$23m in net cost of financial debt, and a +$1m contribution from income taxes.

Cash Flow Statement and Debt: Continued Net Cash Flow generation

Net Cash Flow reached $35m in Q3 2026, supported by solid execution by GEO and the normalization of working capital. During the quarter, Viridien successfully collected all outstanding unpaid receivables from PEMEX, the Mexican national oil company. Year-to-date Net Cash Flow reached $67m at end-September 2026, compared with $62m generated over the same period in 2025.

Net Debt (excluding IFRS 16) declined to $656m at end-September 2026, compared with $735m at end-December 2025 and $804m at end-September 2025. Viridien remains firmly focused on deleveraging, with Net Cash Flow generation primarily allocated to debt reduction. Consistent with this strategy, and in accordance with the terms of its bond documentation, the Group has announced a new partial early bond redemption for November, targeting the euro-denominated tranche.

As of September 30, 2026, Viridien maintained a strong liquidity position, including a $125m RCF⁵.

OUTLOOK

Viridien continues to see improving commercial momentum across frontier basins, with further signs that the offshore investment cycle is entering a recovery phase. E&P companies are advancing projects and positioning to secure new acreage, supporting demand for legacy-data reprocessing and selective new data acquisition. Meanwhile, mature basins continue to provide solid opportunities for high-end imaging and reservoir optimization, supported by renewed investment driven by natural field depletion and increasing energy security requirements.

Overall sector sentiment is increasingly positive, with stronger customer engagement and sustained commercial activity supporting the Group’s confidence in a more favorable market environment in Q4 and further momentum into 2027.

Viridien confirms its FY 2026 Net Cash Flow objective of $100m.

***

Q3 2026 conference call details

The press release and presentation will be made available on www.viridiengroup.com at 5:45 p.m. (CET).

An English-language conference call is scheduled today at 6:00 p.m. (CET).

Participants must register for the conference call by clicking here to receive a dial-in number and PIN code. Participants may also join the live webcast by clicking here.

A replay of the conference call will also be available, for a period of 12 months, on the Company's website www.viridiengroup.com

Status of the Statutory Auditors’ procedures

The Board of Directors met on November 3, 2026, and closed the consolidated financial statements as of September 30, 2026. Please note that the figures and information published in this press release have not been audited nor subject to any limited review by Viridien’s statutory auditors.

Next financial information

2026 full-year results: February 25, 2027 (after market close)

About Viridien

Viridien (www.viridiengroup.com) is an advanced technology, digital and Earth data company that pushes the boundaries of science for a more prosperous and sustainable future. With our ingenuity, drive and deep curiosity we discover new insights, innovations, and solutions that efficiently and responsibly resolve complex natural resources, digital, energy transition and infrastructure challenges. Viridien employs around 3,000 people worldwide and is listed as VIRI on the Euronext Paris SA (ISIN: FR001400PVN6).

Disclaimer

Certain information included in this press release is not historical data but forward-looking statements. These forward-looking statements are based on current beliefs and assumptions, including, but not limited to, assumptions about current and future business strategies and the environment in which Viridien operates, and involve known and unknown risks, uncertainties and other factors, which may cause actual results or performance, or the results or other events, to be materially different from those expressed or implied in such forward-looking statements. These risks and uncertainties include those discussed or identified in Chapter 2 "Risk Management and Internal Control" of the Universal Registration Document dated April 2, 2026, filed with the French Financial Markets Authority (AMF) under number D. 26-0211 and available on the Group's website (www.viridiengroup.com) and on the AMF website (www.amffrance.org). These forward-looking statements and information are not guarantees of future performance. Forward-looking statements speak only as of the date of this press release. This press release does not contain or constitute an offer of securities or an invitation or inducement to invest in securities in France, the United States, or any other area.

Investors contact

VP Investor Relations and Corporate Finance
Alexandre Leroy
alexandre.leroy@viridiengroup.com
+33 6 85 18 44 31

Media contact

Brunswick
Aurélia de Lapeyrouse - +33 6 21 06 40 33
Hugues Boëton - +33 6 79 99 27 15
Tristan Roquet Montégon - +33 6 37 00 52 57
viridien@brunswickgroup.com

APPENDICES

Quarterly financial statements are unaudited and not subject to any review.

Key Segment P&L figures

Other KPIs

Definition of Alternative Performance Indicators (API)

In its communications, Viridien includes Alternative Performance Indicators, the main ones being Segment Revenue, Segment EBITDAs, Adjusted Segment EBITDAs, and EDA Cash EBITDA. Their definitions are set out in the 2025 Universal Registration Document filed with the French Financial Markets Authority (AMF) and are reiterated below:

• Segment Revenue: Segment Revenue is prepared in accordance with internal management reporting with Earth Data prefunding revenues recorded based upon percentage of completion.
  
  
• Segment EBITDAs: Segment EBITDAs is defined as earnings before interest, tax, income from equity affiliates, depreciation, amortization net of amortization costs capitalized to Earth Data surveys, and cost of share-based compensation for employees and senior executives. The cost of share-based compensation includes the cost of stock options and allotments of performance shares. Segment EBITDAs is calculated based on internal management reporting, in which prefunding revenue from Earth Data surveys is recognized using the percentage of completion method.
  
  
• Adjusted Segment EBITDAs: Adjusted Segment EBITDAs is Segment EBITDAs adjusted for non-recurring charges and gains.
  
  
• EDA Cash EBITDA: EDA Cash EBITDA is defined as EDA (Earth Data) Adjusted Segment EBITDAs less investment in EDA surveys for the period, excluding inactivity compensation fees related to the vessel capacity agreement signed between Viridien and Shearwater. This indicator is used exclusively for the EDA activity.
  
  

Reconciliation of API with the consolidated financial statements

The table below outlines the accounting adjustments made in accordance with IFRS 15⁸ requirements. Over the period, these adjustments primarily relate to major survey projects conducted by Earth Data in the US Gulf, Norway and Guyana.

Interim Consolidated Statement of Operations

Interim Consolidated Statement of Financial Position

Interim Consolidated Statement of Cash Flows

¹ Quarterly statements are unaudited and not subject to any review
² The net debt calculation has been revised to exclude accrued interest, thereby aligning Viridien’s methodology with its banking documentation
³ Please refer to the “Definitions of Alternative Performance Indicators” in the appendices for explanations of the terms used in this section
⁴ The reconciliation of alternative performance indicators to the consolidated financial statements is provided in the appendices, along with their definitions
⁵ $125m RCF of which $25m ancillary guarantee facility (virtually fully utilized) and $100m fully undrawn

⁶ Including a $17m positive foreign exchange impact compared to December 31, 2025. Net of capitalized refinancing fees
⁷ The Net Debt calculation has been revised to exclude accrued interest, thereby aligning Viridien’s methodology with its banking documentation

⁸ 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