Viridien: 2026 second-quarter results
Paris (France), July 30, 2026
2026 second-quarter results
Improving commercial momentum amid ongoing geopolitical uncertainty
- Positive Net Cash Flow of $6m in Q2, bringing the H1 2026 cumulative figure to $32m vs $10m in H1 2025, supported by focused investment spending enabled by the flexibility of our asset-light business model
- Continued reduction in Net Debt (excluding IFRS 16) to $692m at end-June 2026, vs $856m one year earlier
- GEO backlog of $306m at end-June 2026, up +19% vs end-December 2025, supported by improving commercial momentum
- Segment revenue of $232m, impacted by the ongoing conflict in the Middle East, primarily at SMO
- Segment adjusted EBITDAs of $92m, reflecting lower activity levels, with reinforced cost discipline at SMO
- FY 2026 objective of generating $100m in Net Cash Flow maintained, despite continued market uncertainty
Henning Berg, CEO of Viridien: “Our Q2 results reflect the continued impact of a complex geopolitical environment on our market, particularly on Sensing & Monitoring activity. Against this backdrop, we generated positive Net Cash Flow including the coupon payment made in April and continued to strengthen our balance sheet. Geoscience also recorded strong order intake during the quarter, providing solid foundation for the coming periods. Overall, commercial momentum is improving, with E&P companies accelerating to secure more acreage. We expect this to translate progressively into additional revenue for Viridien, leveraging our unique competitive positioning”.
| (in millions of $)1 | Q2 2026 | Q2 2025 | Change (%) | H1 2026 | H1 2025 | Change (%) |
| Segment figures | ||||||
| Revenue | 232 | 274 | -15% | 446 | 575 | -22% |
| Adjusted EBITDAs | 92 | 107 | -14% | 168 | 250 | -33% |
| IFRS figures | ||||||
| Revenue | 336 | 234 | +43% | 536 | 492 | +9% |
| EBITDAs | 186 | 68 | +174% | 249 | 167 | +49% |
| Operating Income | -7 | 15 | n.a. | 13 | 71 | -82% |
| Net Income | -26 | 6 | n.a. | -36 | -22 | +64% |
| Net Cash Flow | 6 | 30 | -79% | 32 | 10 | +233% |
| Net Debt2 (excluding IFRS 16) | 692 | 856 | -19% | 692 | 856 | -19% |
KEY HIGHLIGHTS PER BUSINESS LINE3
Data, Digital and Energy Transition (DDE): Strong order intake at GEO, EDA multi-client surveys accelerating
Segment revenue at $171m
Geoscience (GEO)
- Revenue of $95m
- Q2 activity was supported by major projects in Guyana, Brazil, and Angola. The US Gulf also remained a strong contributor, as IOCs continued to prioritize optimization opportunities in mature basins. Revenue was lower year-on-year, reflecting continued geopolitical uncertainty and capital discipline among E&P companies, which led to further delays in certain project awards.
- Backlog of $306m at end-June, up +19% vs end-December 2025 and +33% vs end-March 2026, supported by significant project awards over the last weeks, from IOCs and NOCs in the US Gulf, Africa and Middle East. While the environment remains uncertain, a number of clients are also looking to advance their new exploration programs, and a material share of the commercial discussions held by Viridien over recent quarters finally converted into order intake.
- Computing capacity sequentially stable at 690 petaflops at end-June 2026, but up +17% year on year. Productivity per employee increased to $400k vs $366k last year (+9%).
Earth Data (EDA)
- Revenue of $76m
- Higher capital expenditure in Q2, reflecting active new data acquisition in Uruguay, Guyana and Norway. 12 reprocessing projects are also currently underway, many in frontier basins.
- Cash EBITDA of $14m vs breakeven last year, reflecting Viridien’s disciplined approach to multi-client investments.
- Late sales stable year-on-year, in line with normal seasonal levels.
Segment adjusted EBITDAs of $102m, representing a 60% margin, above both Q1 2026 and Q2 2025 levels, and driven by higher EDA activity. GEO profitability also remained solid.
Sensing and Monitoring (SMO): Still challenging market conditions
Segment revenue of $61m. Oil & Gas revenue declined by -46% year on year across both land and marine segments, as the ongoing conflict in the Middle East continued to weigh on activity. New Businesses, which accounted for 32% of Q2 SMO revenue, maintained positive momentum, increasing by +34% year-on-year.
On a sequential basis, SMO revenue remained stable, supported by continued growth in New Businesses, while Oil & Gas revenue declined by -16%, reflecting a full quarter of geopolitical disruption compared with only a partial impact in Q1.
Segment adjusted EBITDAs at break even, supported by a more favorable revenue mix and continued strict cost discipline.
Segment adjusted operating income was negative at -$6m.
CONSOLIDATED IFRS FIGURES4
Profit & Loss: Positive IFRS 15 timing impact following the finalization of the Laconia project
Consolidated IFRS revenue for Q2 2026 of $336m, including a $103m positive IFRS 15 revenue recognition impact, primarily related to the completion of the Laconia project in the US Gulf. IFRS EBITDAs of $186m, benefiting from the same timing impact. IFRS Net Income of -$26m vs $6m in the prior year, mainly reflecting -$9m of IFRS 16 lease expenses, -$184m of D&A (including -$177m of Earth Data D&A, primarily related to Laconia), -$23m of net cost of financial debt and $3m of income taxes.
| (in millions of $) | Q2 2026 | Q2 2025 | Change (%) | H1 2026 | H1 2025 | Change (%) |
| €/$ exchange rate | 1.16 | 1.12 | +4% | 1.17 | 1.08 | +9% |
| Revenue | 336 | 234 | +43% | 536 | 492 | +9% |
| EBITDAs | 186 | 68 | +174% | 249 | 167 | +49% |
| Operating income | -7 | 15 | n.a. | 13 | 71 | -82% |
| Equity from investment | 0 | -1 | n.a. | 0 | -1 | n.a. |
| Net cost of financial debt | -23 | -27 | -12% | -49 | -52 | -7% |
| Other financial income (loss) | 0 | 12 | -100% | -1 | -34 | -97% |
| Income taxes | 3 | 6 | -44% | 0 | -7 | n.a. |
| Net Income (loss) from continuing operations | -27 | 5 | n.a. | -37 | -24 | +56% |
| Net Income (loss) from discontinued operations | 1 | 1 | +7% | 1 | 2 | -35% |
| Consolidated Net Income (loss) | -26 | 6 | n.a. | -36 | -22 | +64% |
Cash Flow Statement and Debt: Positive Net Cash Flow generation in Q2 despite partial payment of annual bond coupons
Net Cash Flow of $6m was generated in Q2 2026 vs $30m in Q2 2025. During the quarter, Viridien paid part of the annual coupons due on its bond debt, in accordance with the terms of the bond documentation. By contrast, in 2025, following the bond refinancing completed at the end of March 2025, coupon payments had been made in advance in Q1 2025, and Q2 2025 was therefore not impacted by any interest-related cash outflows.
Cumulative Net cash flow reached $32m in H1 2026 vs $10m in H1 2025. Despite the challenging environment and significantly lower activity levels, cash generation exceeded the prior-year figure, driven by ongoing management actions and the greater flexibility provided by Viridien’s asset-light business model.
| (in millions of $) | Q2 2026 | Q2 2025 | Change (%) | H1 2026 | H1 2025 | Change (%) |
| Segment EBITDAs | 83 | 108 | -23% | 159 | 250 | -36% |
| Income tax paid | 1 | -4 | n.a. | -7 | -8 | -16% |
| Change in working capital & provisions | 10 | 1 | n.s. | 22 | -46 | n.a. |
| Other cash items | 9 | -1 | n.a. | 9 | -1 | n.a. |
| Cash from Operating Activity | 103 | 103 | -1% | 183 | 195 | -6% |
| Total capex | -50 | -58 | -13% | -91 | -119 | -24% |
| Acquisitions and proceeds of assets | 1 | 1 | -25% | 2 | 1 | +118% |
| Cash from Investing Activity | -49 | -56 | -12% | -88 | -118 | -25% |
| Paid cost of debt | -39 | -1 | n.s. | -41 | -40 | 0% |
| Lease repayment | -11 | -16 | -31% | -25 | -26 | -2% |
| Other financing activities | 4 | 0 | n.a. | 3 | 0 | n.a. |
| Cash from Financing Activity | -47 | -18 | +163% | -63 | -67 | -6% |
| Discontinued operations acquisitions | 0 | 0 | n.a. | 0 | 0 | n.a. |
| Net Cash Flow | 6 | 30 | -79% | 32 | 10 | +233% |
| Refinancing costs paid (fees + call premium) | 0 | -11 | -100% | -1 | -45 | -97% |
| Repayment and issuance of debt | 8 | 0 | n.s. | -34 | -109 | -69% |
| Forex and other | 2 | -4 | n.a. | 1 | 4 | -67% |
| Net increase (decrease) in Cash | 16 | 15 | +9% | -1 | -140 | -99% |
Net Debt (excluding IFRS 16) reduced to $692m at end-June 2026, compared with $735m at end-December 2025 and $856m one year earlier. Viridien continued to execute its deleveraging strategy, allocating all Net Cash Flow generated over the period to balance sheet normalization.
As of June 30, 2026, Viridien maintained a strong liquidity position, including a $125m RCF5.
| (in millions of $) |
Jun. 30, 2026 |
Dec. 31, 2025 |
Change (%) |
Jun. 30, 2025 |
Change (%) |
| Liquidity | 272 | 273 | -1% | 262 | +4% |
| Cash | 172 | 173 | -1% | 162 | +6% |
| Undrawn RCF | 100 | 100 | 0% | 100 | 0% |
| Gross Debt | 1,006 | 1,043 | -4% | 1,134 | -11% |
| Bonds | 8416 | 895 | -6% | 987 | -15% |
| Other borrowings | 22 | 13 | +72% | 31 | -27% |
| Lease liabilities | 142 | 135 | +5% | 116 | +23% |
| Net Debt7 (including IFRS 16) | 835 | 870 | -4% | 972 | -14% |
| Net Debt7 (excluding IFRS 16) | 692 | 735 | -6% | 856 | -19% |
OUTLOOK
The situation in the Middle East remains uncertain, and Viridien continues to monitor developments closely. Against this backdrop, the Group remains focused on disciplined execution, cost control and cash generation while positioning itself to capture growth opportunities from a more active exploration market. We maintain our FY 2026 objective of generating $100 million of Net Cash Flow8.
Viridien is seeing signs of a data-led pick-up in emerging and frontier exploration. Governments are increasingly reopening and promoting basins, with growing activity around licensing rounds and acreage awards. E&P companies are reassessing opportunities and positioning themselves, supporting stronger demand for legacy-data reprocessing and new acquisition projects.
Beyond the near term, market fundamentals are structurally supportive. E&P companies continue to seek shorter exploration cycles, enhanced subsurface understanding and higher exploration success rates as they work to replace oil and gas reserves. High natural depletion rates, the strategic importance of energy security and sustained deepwater acreage awards are expected to support future demand for Viridien’s high-end seismic data, imaging capabilities and technology solutions.
***
Q2 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 July 30, 2026, and closed the consolidated financial statements as of June 30, 2026. Limited review procedures were completed, and an unqualified opinion has been issued by the statutory auditors.
Next financial information
2026 third-quarter results: November 3, 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 3,000 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. Only IFRS condensed interim consolidated financial statements were subject to a review report by statutory auditors.
Key Segment P&L figures
| (in millions of $) | Q2 2026 | Q2 2025 | Change (%) | H1 2026 | H1 2025 | Change (%) |
| €/$ exchange rate | 1.16 | 1.12 | +4% | 1.17 | 1.08 | +9% |
| Segment Revenue | 232 | 274 | -15% | 446 | 575 | -22% |
| DDE | 171 | 181 | -6% | 324 | 396 | -18% |
| Geoscience | 95 | 115 | -17% | 194 | 226 | -14% |
| Earth Data | 76 | 66 | +15% | 130 | 170 | -23% |
| SMO | 61 | 93 | -34% | 122 | 180 | -32% |
| Land | 22 | 52 | -57% | 49 | 96 | -48% |
| Marine | 17 | 21 | -20% | 35 | 46 | -23% |
| Other | 22 | 20 | +9% | 37 | 38 | -3% |
| Segment EBITDAs | 83 | 108 | -23% | 159 | 250 | -36% |
| Adjusted Segment EBITDAs | 92 | 107 | -14% | 168 | 250 | -33% |
| DDE | 102 | 101 | +1% | 191 | 238 | -20% |
| SMO | 0 | 13 | -99% | -7 | 27 | n.a. |
| Corporate and other | -10 | -7 | +47% | -16 | -15 | +10% |
| Segment Operating Income | -15 | 22 | n.a. | 8 | 87 | -91% |
| Adjusted Segment Operating Income | -6 | 21 | n.a. | 16 | 86 | -81% |
| DDE | 11 | 21 | -48% | 53 | 87 | -39% |
| SMO | -6 | 7 | n.a. | -18 | 15 | n.a. |
| Corporate and other | -11 | -7 | +57% | -18 | -16 | +16% |
| EDA Cash EBITDA | 14 | 0 | n.a. | 29 | 39 | -27% |
Other KPIs
| (in millions of $) | Q2 2026 | Q2 2025 | Change (%) | H1 2026 | H1 2025 | Change (%) |
| Geoscience backlog | 306 | 317 | -4% | 306 | 317 | -4% |
| Total capex | 50 | 58 | -13% | 91 | 119 | -24% |
| Earth Data library net book value | 371 | 508 | -27% | 371 | 508 | -27% |
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 159 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 $) |
Q2 2026 | H1 2026 | ||||
| Segment | IFRS 15 adjustments | IFRS | Segment | IFRS 15 adjustments | IFRS | |
| Revenue | 232 | 103 | 336 | 446 | 90 | 536 |
| EBITDAs | 83 | 103 | 186 | 159 | 90 | 249 |
| Non-recurring charges and gains | 9 | 9 | 9 | 9 | ||
| Adjusted EBITDAs | 92 | 103 | 195 | 168 | 90 | 258 |
| Operating Income | -15 | 8 | -7 | 8 | 5 | 13 |
| Non-recurring charges and gains | 9 | 9 | 9 | 9 | ||
| Adjusted Operating Income | -6 | 8 | 2 | 16 | 5 | 21 |
Interim Consolidated Statement of Operations
| (in millions of $, except per share data) | H1 2026 | H1 2025 |
| Operating revenues | 535.7 | 491.8 |
| Other income from ordinary activities | 0.1 | 0.1 |
| Total income from ordinary activities | 535.9 | 492.0 |
| Cost of operations | (453.5) | (361.0) |
| Gross profit | 82.4 | 131.0 |
| Research and development expenses - net | (5.2) | (6.8) |
| Marketing and selling expenses | (16.5) | (16.4) |
| General and administrative expenses | (39.4) | (37.7) |
| Other revenues (expenses) - net | (8.6) | 1.0 |
| Operating Income (loss) | 12.7 | 71.2 |
| Cost of financial debt - gross | (50.7) | (55.2) |
| Income from cash and cash equivalents | 2.2 | 2.9 |
| Cost of financial debt - net | (48.5) | (52.3) |
| Other financial income (loss) | (1.0) | (34.4) |
| Income (loss) before income taxes and share of income (loss) from companies accounted for under the equity method | (36.9) | (15.4) |
| Income taxes | (0.3) | (7.4) |
| Income (loss) before share of income (loss) from companies accounted for under the equity method | (37.2) | (22.8) |
| Net income (loss) from companies accounted for under the equity method | 0.0 | (1.0) |
| Net income (loss) from continuing operations | (37.2) | (23.8) |
| Net income (loss) from discontinued operations | 1.2 | 1.9 |
| Consolidated net income (loss) | (36.0) | (21.9) |
| Attributable to: | ||
| Owners of Viridien SA | (36.7) | (22.3) |
| Non-controlling interests | 0.7 | 0.4 |
| Weighted average number of ordinary shares outstanding (a) | 7,193,714 | 7,164,364 |
| Weighted average number of shares outstanding adjusted for dilutive potential ordinary shares (b) | 7,193,714 | 7,164,364 |
| Net income (loss) per share | ||
| Basic (a) | (5.10) | (3.12) |
| Diluted (b) | (5.10) | (3.12) |
| Net income (loss) from continuing operations per share | ||
| Basic (a) | (5.27) | (3.38) |
| Diluted (b) | (5.27) | (3.38) |
| Net income (loss) from discontinued operations per share | ||
| Basic (a) | (0.17) | 0.26 |
| Diluted (b) | (0.17) | 0.26 |
Interim Consolidated Statement of Financial Position
| (in millions of $) | Jun. 30, 2026 | Dec. 31, 2025 |
| ASSETS | ||
| Cash and cash equivalents | 171.5 | 173.0 |
| Trade accounts and notes receivable, net | 263.5 | 315.0 |
| Inventories and work-in-progress, net | 166.9 | 164.3 |
| Income tax assets | 23.3 | 31.7 |
| Other current assets, net | 81.0 | 74.9 |
| Assets held for sale, net | 15.8 | 15.8 |
| Total current assets | 722.2 | 774.7 |
| Deferred tax assets | 47.3 | 43.4 |
| Other non-current assets, net | 10.0 | 10.0 |
| Investments and other financial assets, net | 31.0 | 30.3 |
| Investments in companies accounted for under the equity method | 0.1 | 0.1 |
| Property, plant and equipment, net | 234.5 | 227.4 |
| Intangible assets, net | 448.1 | 571.9 |
| Goodwill, net | 1,089.9 | 1,092.2 |
| Total non-current assets | 1,860.8 | 1,975.3 |
| TOTAL ASSETS | 2,582.9 | 2,750.0 |
| LIABILITIES AND EQUITY | ||
| Financial debt – current portion | 65.9 | 56.2 |
| Trade accounts and notes payables | 98.4 | 66.5 |
| Accrued payroll costs | 82.7 | 97.5 |
| Income taxes payable | 16.6 | 22.3 |
| Advance billings to customers | 19.0 | 17.9 |
| Provisions - current portion | 7.4 | 14.4 |
| Other current financial liabilities | 0.0 | 0.0 |
| Other current liabilities | 150.4 | 256.7 |
| Liabilities associated with non-current assets held for sale | 1.0 | 1.0 |
| Total current liabilities | 441.4 | 532.6 |
| Deferred tax liabilities | 6.3 | 9.1 |
| Provisions - non-current portion | 32.7 | 33.3 |
| Financial debt – non-current portion | 956.9 | 1,004.8 |
| Other non-current financial liabilities | 0.0 | 0.0 |
| Other non-current liabilities | 1.0 | 2.0 |
| Total non-current liabilities | 996.9 | 1,049.2 |
| Common stock: 10,834,334 shares authorized and 7,219,747 shares with a nominal value of €1.00 outstanding at June 30, 2026 |
8.8 | 8.8 |
| Additional paid-in capital | 120.1 | 119.1 |
| Retained earnings | 1,075.0 | 1,110.2 |
| Treasury shares | (20.1) | (20.1) |
| Cumulative income and expense recognized directly in equity | (2.7) | (1.4) |
| Cumulative translation adjustment | (75.6) | (86.2) |
| Equity attributable to owners of Viridien S.A. | 1,105.4 | 1,130.4 |
| Non-controlling interests | 39.2 | 37.8 |
| Total equity | 1,144.6 | 1,168.3 |
| TOTAL LIABILITIES AND EQUITY | 2,582.9 | 2,750.0 |
Interim Consolidated Statement of Cash Flows
| (in millions of $) | H1 2026 | H1 2025 | |
| OPERATING ACTIVITIES | |||
| Consolidated net income (loss) | (36.0) | (21.9) | |
| Less: Net income (loss) from discontinued operations | (1.2) | (1.9) | |
| Net income (loss) from continuing operations | (37.2) | (23.8) | |
| Depreciation, amortization, and impairment | 41.4 | 42.6 | |
| Impairment and amortization of Earth Data surveys | 202.4 | 59.0 | |
| Amortization and depreciation of Earth Data surveys, capitalized | (9.9) | (7.5) | |
| Variance on provisions | (5.9) | (3.6) | |
| Share-based compensation expenses | 2.8 | 1.7 | |
| Net (gain) loss on disposal of fixed and financial assets | 9.3 | (0.8) | |
| Share of (income) loss in companies recognized under equity method | (0.0) | 1.0 | |
| Other non-cash items | 4.1 | 30.0 | |
| Net cash-flow including net cost of financial debt and income tax | 206.9 | 98.5 | |
| Less: Cost of financial debt | 48.5 | 52.3 | |
| Less: Income tax expense (gain) | 0.3 | 7.4 | |
| Net cash-flow excluding net cost of financial debt and income tax | 255.8 | 158.1 | |
| Income tax paid, net | (7.0) | (8.3) | |
| Net cash-flow before changes in working capital | 248.8 | 149.8 | |
| Changes in working capital | (65.3) | 45.0 | |
| - change in trade accounts and notes receivable | (51.7) | 51.0 | |
| - change in inventories and work-in-progress | (7.7) | 16.8 | |
| - change in other current assets | (13.1) | (6.7) | |
| - change in trade accounts and notes payable | 30.1 | (3.8) | |
| - change in other current liabilities | (22.9) | (12.3) | |
| Net cash-flow from operating activities | 183.5 | 194.8 | |
| INVESTING ACTIVITIES | |||
| Total capital expenditures (tangible and intangible assets) net of variation of fixed assets suppliers and excluding Earth Data surveys | (23.2) | (17.2) | |
| Investment in Earth Data surveys | (67.4) | (101.6) | |
| Proceeds from disposals of tangible and intangible assets | 2.2 | 1.0 | |
| Variation in other non-current financial assets | 4.5 | 2.0 | |
| Net cash-flow from investing activities | (83.9) | (115.7) |
| FINANCING ACTIVITIES | |||
| Repayment of long-term debt | (42.1) | (1,074.5) | |
| Total issuance of long-term debt | 11.7 | 945.7 | |
| Call premium | (1.2) | (21.9) | |
| Refinancing transaction costs paid | 0.0 | (3.7) | |
| Lease repayments | (25.5) | (26.1) | |
| Financial expenses paid | (40.6) | (40.4) | |
| 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 | (97.4) | (222.4) | |
| Effects of exchange rates on cash | 0.2 | 3.7 | |
| Impact of changes in consolidation scope | (3.7) | 0.0 | |
| Net cash flows incurred by discontinued operations | 0.2 | (0.4) | |
| Net increase (decrease) in cash and cash equivalents | (1.5) | (140.1) | |
| Cash and cash equivalents at beginning of year | 173.0 | 301.7 | |
| Cash and cash equivalents at end of period | 171.5 | 161.6 |
1 Quarterly statements are unaudited and not subject to any review. Only IFRS condensed interim consolidated financial statements were subject to a review report by statutory auditors
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 (fully utilized) and $100m fully undrawn
6 Including a $15m 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 As remainder, this objective includes the planned Phase 1 expansion of the Group’s US high-performance computing infrastructure and assumes a normalization of working capital, including the collection of outstanding receivables from PEMEX.
9 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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