Viridien: 2026 third-quarter results
Summary by AI BETAClose X
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”.
| (in millions of $)1 | Q3 2026 | Q3 2025 | Change (%) | 9M 2026 | 9M 2025 | Change (%) |
| Segment figures | ||||||
| Revenue | 237 | 313 | -24% | 683 | 888 | -23% |
| Adjusted EBITDAs | 100 | 167 | -40% | 268 | 417 | -36% |
| IFRS figures | ||||||
| Revenue | 236 | 266 | -12% | 771 | 758 | +2% |
| EBITDAs | 98 | 120 | -18% | 348 | 287 | +21% |
| Operating Income | 13 | 77 | -84% | 25 | 149 | -83% |
| Net Income | -10 | 41 | n.a. | -46 | 19 | n.a. |
| Net Cash Flow | 35 | 53 | -33% | 67 | 62 | +8% |
| Net Debt2 (excluding IFRS 16) | 656 | 804 | -18% | 656 | 804 | -18% |
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.
| (in millions of $) | Q3 2026 | Q3 2025 | Change (%) | 9M 2026 | 9M 2025 | Change (%) |
| €/$ exchange rate | 1.16 | 1.16 | 0% | 1.17 | 1.11 | +6% |
| Revenue | 236 | 266 | -12% | 771 | 758 | +2% |
| EBITDAs | 98 | 120 | -18% | 348 | 287 | +21% |
| Operating Income | 13 | 77 | -84% | 25 | 149 | -83% |
| Equity from investment | 0 | 0 | n.s. | 0 | -1 | n.a. |
| Net cost of financial debt | -23 | -27 | -14% | -72 | -79 | -10% |
| Other financial income (loss) | 0 | -1 | n.a. | -1 | -35 | -98% |
| Income taxes | 1 | -9 | n.a. | 0 | -16 | n.a. |
| Net Income (loss) from continuing operations | -10 | 41 | n.a. | -47 | 17 | n.a. |
| Net Income (loss) from discontinued operations | 0 | 1 | n.a. | 1 | 3 | -55% |
| Consolidated Net Income (loss) | -10 | 41 | n.a. | -46 | 19 | n.a. |
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.
| (in millions of $) | Q3 2026 | Q3 2025 | Change (%) | 9M 2026 | 9M 2025 | Change (%) |
| Segment EBITDAs | 100 | 167 | -40% | 260 | 417 | -38% |
| Income tax paid | -5 | -6 | -7% | -12 | -14 | -12% |
| Change in working capital & provisions | 1 | -36 | n.a. | 22 | -82 | n.a. |
| Other cash items | 1 | 0 | n.a. | 10 | -1 | n.a. |
| Cash from Operating Activity | 97 | 125 | -23% | 280 | 320 | -13% |
| Total capex | -47 | -54 | -12% | -138 | -173 | -20% |
| Acquisitions and proceeds of assets | 2 | 1 | +40% | 4 | 2 | +77% |
| Cash from Investing Activity | -46 | -53 | -13% | -134 | -171 | -21% |
| Paid cost of debt | 0 | -1 | n.a. | -40 | -41 | -3% |
| Lease repayment | -16 | -18 | -13% | -41 | -44 | -7% |
| Other financing activities | 0 | 0 | n.a. | 3 | -1 | n.a. |
| Cash from Financing Activity | -16 | -19 | -20% | -78 | -86 | -9% |
| Discontinued operations acquisitions | 0 | -1 | n.a. | 0 | -1 | n.a. |
| Net Cash Flow | 35 | 53 | -33% | 67 | 62 | +8% |
| Refinancing costs paid (fees + call premium) | 0 | 0 | n.a. | -1 | -42 | -97% |
| Repayment and issuance of debt | -2 | 9 | n.a. | -36 | -104 | -66% |
| Forex and other | 0 | 3 | n.a. | 2 | 8 | -77% |
| Net increase (decrease) in Cash | 33 | 65 | -49% | 32 | -75 | n.a. |
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.
| (in millions of $) | Sep. 30, 2026 | Dec. 31, 2025 | Change (%) | Sep. 30, 2025 | Change (%) |
| Liquidity | 305 | 273 | +12% | 327 | -7% |
| Cash | 205 | 173 | +18% | 227 | -10% |
| Undrawn RCF | 100 | 100 | 0% | 100 | 0% |
| Gross Debt | 1,009 | 1,043 | -3% | 1,156 | -13% |
| Bonds | 8406 | 895 | -6% | 988 | -15% |
| Other borrowings | 21 | 13 | +59% | 42 | -51% |
| Lease liabilities | 148 | 135 | +10% | 126 | +18% |
| Net Debt7 (including IFRS 16) | 805 | 870 | -8% | 929 | -13% |
| Net Debt7 (excluding IFRS 16) | 656 | 735 | -11% | 804 | -18% |
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
| (in millions of $) | Q3 2026 | Q3 2025 | Change (%) | 9M 2026 | 9M 2025 | Change (%) |
| €/$ exchange rate | 1.16 | 1.16 | 0% | 1.17 | 1.11 | +6% |
| Segment Revenue | 237 | 313 | -24% | 683 | 888 | -23% |
| DDE | 181 | 244 | -26% | 505 | 639 | -21% |
| Geoscience | 112 | 108 | +3% | 305 | 334 | -8% |
| Earth Data | 69 | 136 | -49% | 200 | 306 | -35% |
| SMO | 56 | 69 | -18% | 178 | 249 | -28% |
| Land | 26 | 24 | +11% | 76 | 119 | -37% |
| Marine | 14 | 21 | -32% | 49 | 67 | -26% |
| Other | 16 | 24 | -34% | 53 | 62 | -15% |
| Segment EBITDAs | 100 | 167 | -40% | 260 | 417 | -38% |
| Adjusted Segment EBITDAs | 100 | 167 | -40% | 268 | 417 | -36% |
| DDE | 112 | 170 | -34% | 302 | 408 | -26% |
| SMO | -5 | 4 | n.a. | -12 | 30 | n.a. |
| Corporate and other | -6 | -7 | -15% | -22 | -22 | +1% |
| Segment Operating Income | 19 | 93 | -79% | 27 | 179 | -85% |
| Adjusted Segment Operating Income | 19 | 93 | -79% | 36 | 179 | -80% |
| DDE | 38 | 103 | -63% | 91 | 190 | -52% |
| SMO | -11 | -2 | +421% | -29 | 13 | n.a. |
| Corporate and other | -8 | -8 | -8% | -26 | -24 | +7% |
| EDA Cash EBITDA | 19 | 73 | -74% | 47 | 112 | -58% |
Other KPIs
| (in millions of $) | Q3 2026 | Q3 2025 | Change (%) | 9M 2026 | 9M 2025 | Change (%) |
| Geoscience backlog | 267 | 290 | -8% | 267 | 290 | -8% |
| Total capex | 47 | 54 | -12% | 138 | 173 | -20% |
| Earth Data library net book value | 345 | 534 | -35% | 345 | 534 | -35% |
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.
| (in millions of $) | Q3 2026 | 9M 2026 | ||||
| Segment | IFRS 15 adjustments | IFRS | Segment | IFRS 15 adjustments | IFRS | |
| Revenue | 237 | -2 | 236 | 683 | 88 | 771 |
| EBITDAs | 100 | -2 | 98 | 260 | 88 | 348 |
| Non-recurring charges and gains | 0 | 0 | 9 | 9 | ||
| Adjusted EBITDAs | 100 | -2 | 98 | 268 | 88 | 356 |
| Operating Income | 19 | -7 | 13 | 27 | -2 | 25 |
| Non-recurring charges and gains | 0 | 0 | 9 | 9 | ||
| Adjusted Operating Income | 19 | -7 | 13 | 36 | -2 | 34 |
Interim Consolidated Statement of Operations
| (in millions of $, except per share data) | 9M 2026 | 9M 2025 |
| Operating revenues | 771.3 | 758.1 |
| Other income from ordinary activities | 0.3 | 0.2 |
| Total income from ordinary activities | 771.6 | 758.2 |
| Cost of operations | (646.8) | (520.8) |
| Gross profit | 124.8 | 237.4 |
| Research and development expenses - net | (8.1) | (9.1) |
| Marketing and selling expenses | (25.0) | (25.6) |
| General and administrative expenses | (57.7) | (54.9) |
| Other revenues (expenses) - net | (8.7) | 0.9 |
| Operating Income (loss) | 25.3 | 148.7 |
| Cost of financial debt - gross | (75.0) | (83.5) |
| Income from cash and cash equivalents | 3.1 | 4.0 |
| Cost of financial debt - net | (71.9) | (79.5) |
| Other financial income (loss) | (0.8) | (34.9) |
| Income (loss) before income taxes and share of income (loss) from companies accounted for under the equity method | (47.3) | 34.3 |
| Income taxes | 0.4 | (16.3) |
| Income (loss) before share of income (loss) from companies accounted for under the equity method | (47.0) | 18.0 |
| Net income (loss) from companies accounted for under the equity method | (0.0) | (1.1) |
| Net income (loss) from continuing operations | (47.0) | 16.8 |
| Net income (loss) from discontinued operations | 1.1 | 2.5 |
| Consolidated net income (loss) | (45.9) | 19.3 |
| Attributable to: | ||
| Owners of Viridien SA | (47.2) | 18.5 |
| Non-controlling interests | 1.4 | 0.8 |
| Weighted average number of ordinary shares outstanding (a) | 7,202,446 | 7,169,701 |
| Weighted average number of shares outstanding adjusted for dilutive potential ordinary shares (b) | 7,202,446 | 7,217,141 |
| Net income (loss) per share | ||
| Basic (a) | (6.56) | 2.59 |
| Diluted (b) | (6.56) | 2.57 |
| Net income (loss) from continuing operations per share | ||
| Basic (a) | (6.71) | 2.23 |
| Diluted (b) | (6.71) | 2.22 |
| Net income (loss) from discontinued operations per share | ||
| Basic (a) | 0.16 | 0.35 |
| Diluted (b) | 0.16 | 0.35 |
Interim Consolidated Statement of Financial Position
| (in millions of $) | Sep. 30, 2026 | Dec. 31, 2025 |
| ASSETS | ||
| Cash and cash equivalents | 204.8 | 173.0 |
| Trade accounts and notes receivable, net | 247.1 | 315.0 |
| Inventories and work-in-progress, net | 171.8 | 164.3 |
| Income tax assets | 25.8 | 31.7 |
| Other current assets, net | 78.6 | 74.9 |
| Assets held for sale, net | 15.8 | 15.8 |
| Total current assets | 743.8 | 774.7 |
| Deferred tax assets | 52.9 | 43.4 |
| Other non-current assets, net | 10.0 | 10.0 |
| Investments and other financial assets, net | 30.8 | 30.3 |
| Investments in companies accounted for under the equity method | 0.1 | 0.1 |
| Property, plant and equipment, net | 245.0 | 227.4 |
| Intangible assets, net | 421.2 | 571.9 |
| Goodwill, net | 1,089.9 | 1,092.2 |
| Total non-current assets | 1,850.1 | 1,975.3 |
| TOTAL ASSETS | 2,593.8 | 2,750.0 |
| LIABILITIES AND EQUITY | ||
| Financial debt – current portion | 89.2 | 56.2 |
| Trade accounts and notes payables | 84.5 | 66.5 |
| Accrued payroll costs | 92.7 | 97.5 |
| Income taxes payable | 8.9 | 22.3 |
| Advance billings to customers | 22.8 | 17.9 |
| Provisions - current portion | 7.0 | 14.4 |
| Other current financial liabilities | 0.0 | 0.0 |
| Other current liabilities | 150.9 | 256.7 |
| Liabilities associated with non-current assets held for sale | 1.0 | 1.0 |
| Total current liabilities | 457.0 | 532.6 |
| Deferred tax liabilities | 5.3 | 9.1 |
| Provisions - non-current portion | 34.2 | 33.3 |
| Financial debt – non-current portion | 956.3 | 1,004.8 |
| Other non-current financial liabilities | 0.0 | 0.0 |
| Other non-current liabilities | 0.9 | 2.0 |
| Total non-current liabilities | 996.7 | 1,049.2 |
| Common stock: 10,834,394 shares authorized and 7,219,747 shares with a nominal value of €1.00 outstanding at September 30, 2026 | 8.8 | 8.8 |
| Additional paid-in capital | 120.1 | 119.1 |
| Retained earnings | 1,066.4 | 1,110.2 |
| Treasury shares | (20.1) | (20.1) |
| Cumulative income and expense recognized directly in equity | (0.7) | (1.4) |
| Cumulative translation adjustment | (74.5) | (86.2) |
| Equity attributable to owners of Viridien S.A. | 1,099.9 | 1,130.4 |
| Non-controlling interests | 40.2 | 37.8 |
| Total equity | 1,140.2 | 1,168.3 |
| TOTAL LIABILITIES AND EQUITY | 2,593.8 | 2,750.0 |
Interim Consolidated Statement of Cash Flows
| (in millions of $) | 9M 2026 | 9M 2025 | |
| OPERATING ACTIVITIES | |||
| Consolidated net income (loss) | (45.9) | 19.3 | |
| Less: Net income (loss) from discontinued operations | (1.1) | (2.5) | |
| Net income (loss) from continuing operations | (47.0) | 16.8 | |
| Depreciation, amortization, and impairment | 62.6 | 64.3 | |
| Impairment and amortization of Earth Data surveys | 267.4 | 83.2 | |
| Amortization and depreciation of Earth Data surveys, capitalized | (13.7) | (12.1) | |
| Variance on provisions | (5.4) | (5.5) | |
| Share-based compensation expenses | 4.0 | 3.3 | |
| Net (gain) loss on disposal of fixed and financial assets | 9.8 | (1.3) | |
| Share of (income) loss in companies recognized under equity method | 0.0 | 1.1 | |
| Other non-cash items | 1.4 | 30.3 | |
| Net cash-flow including net cost of financial debt and income tax | 279.2 | 180.2 | |
| Less: Cost of financial debt | 71.9 | 79.5 | |
| Less: Income tax expense (gain) | (0.4) | 16.3 | |
| Net cash-flow excluding net cost of financial debt and income tax | 350.7 | 276.0 | |
| Income tax paid, net | (12.2) | (14.0) | |
| Net cash-flow before changes in working capital | 338.5 | 261.9 | |
| Changes in working capital | (58.9) | 58.1 | |
| - change in trade accounts and notes receivable | (31.5) | 122.5 | |
| - change in inventories and work-in-progress | (12.6) | 16.7 | |
| - change in other current assets | (11.0) | (2.4) | |
| - change in trade accounts and notes payable | 14.8 | (64.9) | |
| - change in other current liabilities | (18.6) | (13.7) | |
| Net cash-flow from operating activities | 279.6 | 320.1 | |
| INVESTING ACTIVITIES | |||
| Total capital expenditures (tangible and intangible assets) net of variation of fixed assets suppliers and excluding Earth Data surveys | (35.1) | (26.7) | |
| Investment in Earth Data surveys | (103.0) | (146.0) | |
| Proceeds from disposals of tangible and intangible assets | 2.4 | 1.0 | |
| Proceeds from divestment of activities and sale of financial assets | 1.4 | 1.0 | |
| Variation in other non-current financial assets | 5.4 | 4.1 | |
| Net cash-flow from investing activities | (129.0) | (166.6) |
| FINANCING ACTIVITIES | |||
| Repayment of long-term debt | (44.2) | (1,075.8) | |
| Total issuance of long-term debt | 11.7 | 955.6 | |
| Call premium | (1.2) | (21.9) | |
| Refinancing transaction costs paid | 0.0 | (3.7) | |
| Lease repayments | (41.2) | (44.1) | |
| Financial expenses paid | (40.2) | (41.4) | |
| Net proceeds from capital increase: | |||
| - from shareholders | 0.9 | 0.0 | |
| - from non-controlling interests of integrated companies | 0.0 | 0.0 | |
| Dividends paid and share capital reimbursements: | |||
| - to shareholders | 0.0 | 0.0 | |
| - to non-controlling interests of integrated companies | (0.7) | (1.4) | |
| Net cash-flow from financing activities | (114.8) | (232.8) | |
| Effects of exchange rates on cash | 0.1 | 4.4 | |
| Impact of changes in consolidation scope | (3.7) | 0.0 | |
| Net cash flows incurred by discontinued operations | (0.4) | (0.2) | |
| Net increase (decrease) in cash and cash equivalents | 31.8 | (75.1) | |
| Cash and cash equivalents at beginning of year | 173.0 | 301.7 | |
| Cash and cash equivalents at end of period | 204.8 | 226.6 |
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
Attachment
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