Paris (France), February 26, 2026
2025 annual results
Strong performance driving significant
cash generation and deleveraging
-- Segment revenue of $1,165m, up +4% year-on-year
-- Geoscience revenue up +10% to $444m, driven by all our three core basins
as well as the Middle East, and Earth Data revenue up +6% to $406m,
fueled by market appetite for high-end data and sector consolidation
-- Strong improvement in profitability, supported by operating efficiency
gains across all business lines. Segment adjusted EBITDAs of $551m, up
+21% year-on-year, representing a 47% margin vs 41% in 2024
-- IFRS Net Income of $71m, up +40% compared with 2024
-- Significant Net Cash Flow generation of $107m, exceeding the FY 2025
guidance of $100m
-- Continued reduction in Net Debt (excluding IFRS 16) to $753m
-- FY 2026 guidance: expected Net Cash Flow generation of $100m
Sophie Zurquiyah, Chair and CEO of Viridien: "2025 was a pivotal year in advancing the asset-light strategy and financial transformation we initiated in 2018. Leveraging our proven competitive edge as an advanced technology and digital expert, we delivered very strong operational performance and generated substantial cash, fully allocated to debt reduction. This performance reflects the strength of our business model, driven by highly skilled, excellence-focused teams and deep expertise in high-performance computing. In 2026, assuming a comparable business environment, we expect to generate a further $100 million in Net Cash Flow, with seasonality consistent with 2025. This will be dedicated to additional deleveraging, further strengthening the Group's financial structure."
(in millions of $) Q4 2025 Q4 2024 Change (%) FY 2025 FY 2024 Change (%) Segment figures Revenue 277 339 -18% 1,165 1,117 +4% Adjusted EBITDAs 135 157 -14% 551 455 +21% IFRS figures(1) Revenue 312 427 -27% 1,071 1,211 -12% EBITDAs 174 216 -20% 461 516 -11% Operating Income 89 49 +81% 237 143 +65% Net Income 52 29 +78% 71 51 +40% Net Cash Flow 45 22 +106% 107 56 +92% Net Debt (incl. IFRS16) 888 921 -4% 888 921 -4% ------------------ ------- ------- ---------- ------- ------- ----------
KEY HIGHLIGHTS PER BUSINESS LINE(2)
Data, Digital and Energy Transition $(DDE)$: Strong contribution across the board
Segment revenue at $850, up +8% year-on-year, with solid performance in both businesses.
Geoscience $(GEO)$
-- Revenue at $444m (+10%)
-- Large OBN projects across our three core basins remained the main
activity drivers, while the Middle East also showed solid momentum
-- Productivity per employee up +13% to $387k. Computing power increased to
690 petaflops (+33% year on year) and will continue to expand with the
planned investments in the US HPC infrastructure over the next years
Earth Data (EDA)
-- Revenue at $406m (+6%)
-- Good progress on the Laconia multi-client OBN project in the U.S. Gulf,
with the addition of a Phase 3 expanding the area covered to the south;
continued expansion in Brazil's Equatorial Margin, where the Group has
secured permits; new and reprocessing activity in the North Sea,
particularly the Utsira North OBN project; and meaningful transfer fees
linked to sector consolidation
Overall, growth in DDE New Businesses has slowed, as clients have refocused on their core Oil & Gas activities. However, HPC and digital continue to show solid momentum, supported by ongoing commercial discussions.
Segment adjusted EBITDAs at $549m, up +20% year on year, with the margin expanding to 65% versus 58% in 2024, driven by further operating efficiency improvements and the significant flow-through from EDA's late sales. EDA Cash EBITDA at $178m, up +137% compared with 2024.
Sensing and Monitoring (SMO): Resilient land segment and continued growth in non-energy activities
Segment revenue at $315m in 2025, down -5% year-on-year. Within legacy businesses, land-based solutions closed the year up +2%, supported by a broadly diversified portfolio of contracts across geographies and scales, but only partially offset the slowdown in marine revenues. SMO New Businesses remained dynamic, increasing +8% versus 2024 and now representing 19% of SMO's total revenue.
Segment adjusted EBITDAs at $32m, down -10% compared to 2024. Against lower activity levels and a strongly adverse currency effect (driven by US dollar depreciation while SMO's cost base is primarily in euros) the cost-reduction efforts implemented over the past 24 months to lower SMO's break-even point helped limit the impact on profitability.
Segment adjusted operating income at $9m, up +114% year-on-year, with the margin more than doubling, positioning SMO well for improved profitability as activity recovers.
CONSOLIDATED IFRS FIGURES(3)
Profit & Loss: Net Income up a significant +40%
Consolidated IFRS revenue for 2025 came in at $1,071m, down -12% year-on-year, with a $94m negative impact related to IFRS15 restatements. Over the period, these adjustments primarily relate to major survey projects conducted by Earth Data in the US Gulf and Norway. EBITDAs stood at $461m, down -11%, reflecting the same effect.
IFRS Net Income reached $71m, up a strong +40% compared to 2024, after notably accounting for -$229m of leases and D&A, -$107m net cost of financial debt, -$38m of other financial losses largely related to bond refinancing and foreign exchange impacts, and -$23m of income taxes.
(in millions of $) Q4 2025 Q4 2024 Change (%) FY 2025 FY 2024 Change (%)
EUR/$ exchange
rate 1.12 1.09 +3% 1.12 1.09 +3%
------------------ ------- ------- ---------- ------- ------- ----------
Revenue 312 427 -27% 1,071 1,211 -12%
EBITDAs 174 216 -20% 461 516 -11%
------------------ ------- ------- ---------- ------- ------- ----------
Operating income 89 49 +81% 237 143 +65%
Equity from
investment 0 -1 n.a. -1 0 +70%
Net cost of
financial debt -28 -24 +18% -107 -97 +10%
Other financial
income (loss) -3 5 n.a. -38 4 n.a.
Income taxes -6 1 n.a. -23 -13 +68%
------- ------- ---------- ------- ------- ----------
Net Income (loss)
from continuing
operations 52 29 +77% 69 36 +90%
Net Income (loss)
from discontinued
operations 0 0 n.a. 3 15 -81%
------- ------- ---------- ------- ------- ----------
Consolidated Net
Income (loss) 52 29 +78% 71 51 +40%
------------------ ------- ------- ---------- ------- ------- ----------
Cash Flow Statement and Debt: Net Cash Flow nearly doubled, with a strong reduction in Net Debt
Net Cash Flow of $107m generated in 2025, nearly doubling compared with $56m in 2024 and exceeding full-year 2025 guidance ($100m). Viridien collected $29m of the unpaid PEMEX(4) receivables outstanding at the end of Q3 2025. This cash was allocated to the repayment of a $28m asset-backed facility related to the Group's HPC infrastructure. From an accounting perspective, both items are included in Net Cash Flow as they are linked to operations. The PEMEX collection is reflected in changes in working capital, while the repayment of the asset-backed facility is recorded under other financing activities.
Change Change
(in millions of $) Q4 2025 Q4 2024 (%) FY 2025 FY 2024 (%)
Segment EBITDAs 139 128 +9% 556 422 +32%
Income tax paid -2 -2 -32% -16 -12 +26%
Change in working
capital & provisions 20 30 -35% -62 48 -229%
Other cash items 0 0 -41% -1 -1 +92%
Cash from Operating
Activity 156 155 +1% 477 457 +4%
------- ------- -------- ------- ------- --------
Total capex -35 -81 -57% -207 -285 -27%
Acquisitions and
proceeds of assets 12 6 +96% 14 7 +110%
Cash from Investing
Activity -22 -75 -70% -193 -278 -31%
------- ------- -------- ------- ------- --------
Paid cost of debt -50 -43 +16% -92 -86 +7%
Lease repayment -11 -12 -13% -55 -56 -2%
Other financing
activities -28 0 n.s. -29 -1 n.s.
Cash from Financing
Activity -89 -56 +60% -175 -142 +23%
------- ------- -------- ------- ------- --------
Discontinued
operations
acquisitions 0 -3 -109% -1 19 n.a.
Net Cash Flow 45 22 +106% 107 56 +92%
------- ------- -------- ------- ------- --------
Refinancing costs paid
(fees + call
premium) 0 0 n.a. -42 0 n.a.
Repayment and issuance
of debt -99 -49 +100% -203 -69 +192%
Forex and other 1 -12 n.a. 8 -11 n.a.
Net increase
(decrease) in Cash -54 -40 +35% -129 -25 +408%
------- ------- -------- ------- ------- --------
Viridien has been highly active over the past two years in managing its liabilities, in line with its commitment to deleverage the Group and optimize financing costs.
In 2025, in addition to repaying the $28m asset-backed facility, the Group fully utilized the 10% annual optional redemption at 103% included in its bond documentation, repaying $97m of outstanding bonds. This redemption was executed in two transactions, in mid-October and mid-December 2025. In total, $43m was repaid on the USD-denominated tranche and EUR46m ($54m) on the EUR-denominated tranche, reducing the remaining outstanding principal to $407m and EUR430m ($505m), respectively.
As of December 31, 2025, Viridien maintained a strong liquidity position, including a $125m RCF(5) .
(in millions of $) Dec. 31, 2025 Dec. 31, 2024 Change (%)
------------- ------------- ----------
Liquidity 273 392 -30%
Cash 173 302 -43%
Undrawn RCF 100 90 +11%
------------- ------------- ----------
Gross Debt 1,061 1,223 -13%
Bonds 895(6) 1,049 -15%
Other borrowings 13 31 -58%
Accrued interests 18 18 -4%
Lease liabilities 135 125 +9%
------------- ------------- ----------
Net Debt 888 921 -4%
------------------- ------------- ------------- ----------
GOVERNANCE
On November 19, 2025, the Group announced its decision to reinstate a separated governance structure from the next General Meeting, to be held on June 3, 2026, by splitting the roles of Chair and CEO.
From that date, subject to approval by the General Meeting, Sophie Zurquiyah will become non-executive Chair of the Board and will step down from her executive responsibilities. As she reaches the end of her second term as CEO, the Board of Directors unanimously supports her remaining as Chair to ensure strategic continuity and guide Viridien's long-term vision. Since 2018, her leadership has repositioned Viridien as an asset-light, technology-driven company with a stronger financial foundation and a more diversified portfolio.
The Board also unanimously approved the appointment of Henning Berg as Viridien's new CEO, effective June 3, 2026. Henning Berg brings more than 27 years of experience in the oil and gas services industry, including several senior global leadership roles at SLB. He will join the Group on March 3, 2026, as Chief Operating Officer, ensuring a structured and gradual transition to the CEO role. His appointment as Director will also be submitted for approval at the upcoming General Meeting
OUTLOOK
While short-term energy price volatility may result in some industry caution and softer activity in the first half of 2026, we anticipate a recovery in the second half. Under an overall business environment comparable to last year, Viridien expects to deliver around $100 million of Net Cash Flow in FY26, with a seasonal profile similar to 2025 and full allocation to further deleveraging. This target incorporates the planned Phase 1 expansion of our US HPC infrastructure and assumes a normalization of working capital, including PEMEX.
Looking further ahead, the structural dynamics of global energy supply increasingly point toward a new exploration upcycle(7) . Frontier discoveries and offshore deepwater developments, areas where Viridien holds clear technological leadership, will be critical to sustaining production and reinforce our confidence in the Group's medium- and long-term trajectory.
***
Q4 2025 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 February 26, 2026, and closed the consolidated financial statements as of December 31, 2025. Audit procedures were completed, and the Statutory Auditors are in the process of issuing a report with an unqualified opinion.
Next financial information
2026 first-quarter results: May 5, 2026 (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 3,200 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 March 6, 2025, filed with the French Financial Markets Authority (AMF) under number D. 25-0075 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
(in millions of $) Q4 2025 Q4 2024 Change (%) FY 2025 FY 2024 Change (%)
EUR/$ exchange
rate 1.12 1.09 +3% 1.12 1.09 +3%
------------------ ------- ------- ---------- ------- ------- ----------
Segment Revenue 277 339 -18% 1,165 1,117 +4%
DDE 211 238 -11% 850 787 +8%
Geoscience 111 107 +3% 444 404 +10%
Earth Data 100 131 -23% 406 383 +6%
SMO 66 100 -34% 315 330 -5%
Land 21 55 -62% 160 157 +2%
Marine 28 29 -6% 94 117 -19%
Other 17 16 +9% 60 56 +8%
------------------ ---------- ----------
Segment EBITDAs 139 128 +9% 556 422 +32%
------- ------- ---------- ------- ------- ----------
Adjusted Segment
EBITDAs 135 157 -14% 551 455 +21%
DDE 141 150 -7% 549 458 +20%
SMO 2 18 -91% 32 35 -10%
Corporate and
other -7 -11 -36% -29 -38 -22%
------------------ ---------- ----------
Segment Operating
Income 65 33 +97% 244 113 +116%
------- ------- ---------- ------- ------- ----------
Adjusted Segment
Operating Income 61 89 -31% 240 173 +39%
DDE 71 89 -20% 261 206 +27%
SMO -4 11 n.a. 9 4 +114%
Corporate and
other -6 -11 -43% -30 -38 -20%
------------------ ------- ------- ---------- ------- ------- ----------
EDA Cash EBITDA 66 44 +50% 178 75 +137%
------------------ ------- ------- ---------- ------- ------- ----------
Other KPIs
(in millions of $) Q4 2025 Q4 2024 Change (%) FY 2025 FY 2024 Change (%)
------------------ ------- ------- ---------- ------- ------- ----------
Geoscience backlog 256 351 -27% 256 351 -27%
------- ------- ---------- ------- ------- ----------
Total capex 35 81 -57% 207 285 -27%
------- ------- ---------- ------- ------- ----------
Earth Data library
net book value 494 456 +8% 494 456 +8%
------- ------- ---------- ------- ------- ----------
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 2024 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 15(8) requirements. Over the period, these adjustments primarily relate to major survey projects conducted by Earth Data in the US Gulf and Norway.
(in millions of
$) Q4 2025 FY 2025
---------------------------- ------------------------------
IFRS 15 IFRS 15
Segment adjustments IFRS Segment adjustments IFRS
------- ------------- ---- ------- -------------- -----
Revenue 277 35 312 1,165 -94 1,071
---------------- ------- ------------- ---- ------- -------------- -----
EBITDAs 139 35 174 556 -94 461
Non-recurring
charges and
gains -4 -4 -4 -4
Adjusted EBITDAs 135 35 170 551 -94 457
---------------- ------- ------------- ---- ------- -------------- -----
Operating Income 65 24 89 244 -7 237
Non-recurring
charges and
gains -4 -4 -4 -4
Adjusted
Operating
Income 61 24 85 240 -7 233
---------------- ------- ------------- ---- ------- -------------- -----
Consolidated Statement of Operations
(in millions of $, except per share data) FY 2025 FY 2024
--------- ---------
Operating revenues 1,070.5 1,211.3
--------- ---------
Other income from ordinary activities 0.2 0.1
--------- ---------
Total income from ordinary activities 1,070.7 1,211.4
--------- ---------
Cost of operations (721.1) (871.2)
--------- ---------
Gross profit 349.6 340.2
--------- ---------
Research and development expenses - net (6.2) (17.8)
--------- ---------
Marketing and selling expenses (34.7) (37.1)
--------- ---------
General and administrative expenses (76.1) (82.9)
--------- ---------
Other revenues (expenses) - net 4.6 (58.9)
--------- ---------
Operating Income (loss) 237.3 143.5
--------- ---------
Cost of financial debt - gross (112.6) (109.4)
--------- ---------
Income from cash and cash equivalents 5.3 12.3
--------- ---------
Cost of financial debt - net (107.3) (97.2)
--------- ---------
Other financial income (loss) (38.1) 3.7
--------- ---------
Income (loss) before income taxes and share of income
(loss) from companies accounted for under the equity
method 91.9 50.1
--------- ---------
Income taxes (22.5) (13.4)
--------- ---------
Income (loss) before share of income (loss) from
companies accounted for under the equity method 69.3 36.6
--------- ---------
Net income (loss) from companies accounted for under
the equity method (0.8) (0.5)
--------- ---------
Net income (loss) from continuing operations 68.6 36.1
--------- ---------
Net income (loss) from discontinued operations 2.9 14.7
--------- ---------
Consolidated net income (loss) 71.4 50.8
--------- ---------
Attributable to:
Owners of Viridien SA 71.1 49.8
--------- ---------
Non-controlling interests 0.3 1.0
--------- ---------
Weighted average number of ordinary shares outstanding
(a) 7,172,731 7,150,958
--------- ---------
Weighted average number of shares outstanding adjusted
for dilutive potential ordinary shares (b) 7,222,531 7,184,713
--------- ---------
Net income (loss) per share
Basic (a) 9.92 6.97
--------- ---------
Diluted (b) 9.85 6.93
--------- ---------
Net income (loss) from continuing operations per share
Basic (a) 9.52 4.91
--------- ---------
Diluted (b) 9.45 4.89
--------- ---------
Net income (loss) from discontinued operations per
share
Basic (a) 0.40 2.06
--------- ---------
Diluted (b) 0.40 2.05
--------- ---------
Consolidated Statement of Financial Position
(in millions of $) Dec. 31, 2025 Dec. 31, 2024
------------- -------------
ASSETS
Cash and cash equivalents 173.0 301.7
------------- -------------
Trade accounts and notes receivable, net 315.0 339.9
------------- -------------
Inventories and work-in-progress, net 164.3 163.3
------------- -------------
Income tax assets 31.7 22.9
------------- -------------
Other current assets, net 74.9 74.0
------------- -------------
Assets held for sale, net 15.8 24.5
------------- -------------
Total current assets 774.7 926.2
------------- -------------
Deferred tax assets 43.4 43.6
------------- -------------
Other non-current assets, net 10.0 8.9
------------- -------------
Investments and other financial assets, net 30.3 25.7
------------- -------------
Investments in companies accounted for under the
equity method 0.1 1.1
------------- -------------
Property, plant and equipment, net 227.4 220.6
------------- -------------
Intangible assets, net 571.9 535.4
------------- -------------
Goodwill, net 1,092.2 1,082.8
------------- -------------
Total non-current assets 1,975.3 1,918.1
------------- -------------
TOTAL ASSETS 2,750.0 2,844.3
------------- -------------
LIABILITIES AND EQUITY
Financial debt -- current portion 56.2 56.9
------------- -------------
Trade accounts and notes payables 66.5 120.9
------------- -------------
Accrued payroll costs 97.5 84.5
------------- -------------
Income taxes payable 22.3 20.4
------------- -------------
Advance billings to customers 17.9 19.2
------------- -------------
Provisions -- current portion 14.4 19.7
------------- -------------
Other current financial liabilities 0.0 0.5
------------- -------------
Other current liabilities 256.7 182.5
------------- -------------
Liabilities associated with non-current assets
held for sale 1.0 2.4
------------- -------------
Total current liabilities 532.6 507.0
------------- -------------
Deferred tax liabilities 9.1 18.4
------------- -------------
Provisions - non-current portion 33.3 28.8
------------- -------------
Financial debt -- non-current portion 1,004.8 1,165.6
------------- -------------
Other non-current financial liabilities 0.0 0.0
------------- -------------
Other non-current liabilities 2.2 1.7
------------- -------------
Total non-current liabilities 1,049.2 1,214.5
------------- -------------
Common stock: 11,198,580 shares authorized and
7,184,962 shares with a nominal value of
EUR1.00 outstanding at December 31, 2025 8.8 8.7
------------- -------------
Additional paid-in capital 119.1 118.7
------------- -------------
Retained earnings 1,110.1 1,036.5
------------- -------------
Treasury shares (20.1) (20.1)
------------- -------------
Cumulative income and expense recognized
directly in equity (1.4) (1.1)
------------- -------------
Cumulative translation adjustment (86.1) (58.0)
------------- -------------
Equity attributable to owners of Viridien S.A. 1,130.4 1,084.7
------------- -------------
Non-controlling interests 37.8 38.1
------------- -------------
Total equity 1,168.3 1,122.8
------------- -------------
TOTAL LIABILITIES AND EQUITY 2,750.0 2,844.3
------------- -------------
Consolidated Statement of Cash Flows
(in millions of $) FY 2025 FY 2024
---------- ----------
OPERATING ACTIVITIES
---------- ----------
Consolidated net income (loss) 71.4 50.8
---------- ----------
Less: Net income (loss) from discontinued operations (2.9) (14.7)
---------- ----------
Net income (loss) from continuing operations 68.6 36.1
---------- ----------
Depreciation, amortization, and impairment 89.1 124.7
---------- ----------
Impairment and amortization of Earth Data surveys 147.0 261.4
---------- ----------
Amortization and depreciation of Earth Data surveys,
capitalized (16.7) (16.6)
---------- ----------
Variance on provisions (7.1) 14.3
---------- ----------
Share-based compensation expenses 4.6 3.4
---------- ----------
Net (gain) loss on disposal of fixed and financial
assets (2.0) (3.7)
---------- ----------
Share of (income) loss in companies recognized under
equity method 0.8 0.5
---------- ----------
Other non-cash items 29.7 (0.3)
---------- ----------
Net cash-flow including net cost of financial debt
and income tax 313.9 419.8
---------- ----------
Less: Cost of financial debt 107.3 97.2
---------- ----------
Less: Income tax expense (gain) 22.5 13.4
---------- ----------
Net cash-flow excluding net cost of financial debt
and income tax 443.7 530.4
---------- ----------
Income tax paid, net (15.6) (12.4)
---------- ----------
Net cash-flow before changes in working capital 428.1 518.0
---------- ----------
Changes in working capital 48.4 (61.2)
---------- ----------
- change in trade accounts and notes receivable 110.4 (128.4)
---------- ----------
- change in inventories and work-in-progress 14.5 28.1
---------- ----------
- change in other current assets (15.8) 10.5
---------- ----------
- change in trade accounts and notes payable (50.0) 26.8
---------- ----------
- change in other current liabilities (10.7) 1.8
---------- ----------
Net cash-flow from operating activities 476.6 456.7
---------- ----------
INVESTING ACTIVITIES
---------- ----------
Total capital expenditures (tangible and intangible
assets) net of variation of fixed assets suppliers
and excluding Earth Data surveys (41.0) (32.9)
---------- ----------
Investment in Earth Data surveys (166.2) (252.1)
---------- ----------
Proceeds from disposals of tangible and intangible
assets 2.7 6.8
---------- ----------
Proceeds from divestment of activities and sale of
financial assets 11.5 0.0
---------- ----------
Dividends received from investments in companies
under the equity method 0.0 0.5
---------- ----------
Acquisition of investments, net of cash and cash
equivalents acquired 0.0 0.0
---------- ----------
Variation in other non-current financial assets 3.4 (8.2)
---------- ----------
Net cash-flow from investing activities (189.7) (286.0)
---------- ----------
FINANCING ACTIVITIES
------------------------------------------------- ------------ ----------
Repayment of long-term debt (1,200.4) (59.4)
-------------------------------------------------- ------------ ----------
Total issuance of long-term debt 955.5 0.1
------------ ----------
Call premium (24.7) 0.0
------------ ----------
Refinancing transaction costs paid (3.7) 0.0
------------ ----------
Lease repayments (54.7) (55.7)
------------ ----------
Financial expenses paid (91.7) (85.6)
------------ ----------
Net proceeds from capital increase:
------------ ----------
- from shareholders 0.4 0.0
------------ ----------
- from non-controlling interests of integrated
companies 0.0 0.0
------------ ----------
Dividends paid and share capital reimbursements:
------------ ----------
- to owners of Viridien SA 0.0 0.0
------------ ----------
- to non-controlling interests of integrated
companies (1.4) (3.8)
------------ ----------
Net cash-flow from financing activities (420.7) (204.4)
------------ ----------
Effects of exchange rates on cash 5.2 (11.0)
------------ ----------
Net cash flows incurred by discontinued operations 0.0 19.3
------------ ----------
Net increase (decrease) in cash and cash
equivalents (128.6) (25.3)
------------ ----------
Cash and cash equivalents at beginning of year 301.7 327.0
------------ ----------
Cash and cash equivalents at end of period 173.0 301.7
-------------------------------------------------- ------------ ----------
(1) The audit procedures have been completed and the audit report on the financial statements is expected to be issued in mid-March 2026
(2) Please refer to the "Definitions of Alternative Performance Indicators" in the appendices for explanations of the terms used in this section
(3) The reconciliation of alternative performance indicators to the consolidated financial statements is provided in the appendices, along with their definitions
(4) Petróleos Mexicanos (PEMEX), Mexico's state-owned oil company
(5) $125m RCF of which $25m ancillary guarantee facility (used for $18m) and $100m fully undrawn
(6) Including a $58m negative foreign exchange impact compared to December 31, 2024. Net of capitalized refinancing fees
(7) See, in particular, the World Energy Outlook 2025 from the International Energy Agency
(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
Attachment
-- Viridien - 2025 annual results - press release
(END) Dow Jones Newswires
February 26, 2026 11:45 ET (16:45 GMT)