2025 first-quarter results

Paris (France), April 29, 2025

A SOLID START TO THE YEAR, WITH SUCCESSFUL REFINANCING

AND VESSEL CAPACITY AGREEMENT TERMINATED

 
                                      Q1(1) 
Revenue(2)                                     $301M (+10%) 
Adjusted EBITDA(2)                             $143M (+35%) 
Net Cash Flow         $(20)M (vs $30M) 
                       Including a $42M interest payment in 
                       March 2025 (historically paid in Q2) 
 

Sophie Zurquiyah, Chief Executive Officer of Viridien:

"The first quarter of 2025 was marked by two significant milestones for the Group: the termination of the vessel capacity agreement, completing our transition toward an asset-light model, and the successful refinancing of our bonds. The end of the vessel capacity agreement opens a new chapter of enhanced flexibility in our cost base and stronger cash generation, while our bond refinancing reflects the financial market's confidence in the execution of our strategy and our long-term potential.

In parallel, our financial results for the first quarter of 2025 confirm the robust performance of our business, with commercial wins, solid profitability, and cash generation fully aligned with our long-term ambitions.

Assuming moderate fluctuations in the oil market, we expect to achieve our target of approximately $100M in Net Cash Flow generation for the year and to continue our deleveraging journey."

Q1 2025 Highlights(2)

   -- Group 
 
          -- IFRS Revenue, EBITDA and Net Income of respectively $258 million, 
             $99 million, $(28) million 
 
          -- Group revenue increased thanks to sustained momentum in Geoscience 
             and successful Earth Data sales. Sensing & Monitoring comparison 
             base returned to a more normalized level 
   -- Group Adjusted EBITDA of $143 million, up 35%, benefited from (i) revenue 
      growth at Geoscience, (ii) revenue growth and the end of vessel 
      commitment penalty fees at Earth Data, and (iii) cost reductions at 
      Sensing & Monitoring 
 
   -- Cash flow of $22 million before the $42 million bond interest payment in 
      Q1 (historically paid in Q2). Net Cash Flow of $(20) million after 
      interest payment and negative working capital impact 
 
   -- Final milestones of our financial roadmap achieved: successful 
      refinancing of our April 2027 $447 million and EUR578 million notes, 
      replaced with $450 million 10% and EUR475 million 8.5% senior secured 
      notes due October 2030 
 
   -- Net debt at $974 million and liquidity at $257 million 
   -- Digital, Data and Energy Transition $(DDE)$ 
 
          -- Revenue at $214 million, up 16% with growth both at Geoscience 
             (+25%) and Earth Data (+7%) 
 
          -- Adjusted EBITDA at $137 million, up 32% 
 
                 -- Geoscience: 
 
                        -- Revenue at $110 million (+25%) 
 
                        -- Solid performance driven by continued adoption of 
                           our most advanced Elastic FWI technologies worldwide 
 
                        -- North America outperforming and sustained interest 
                           of MENA clients for high-quality imaging 
 
                        -- Low Carbon: minerals study in Saudi Arabia and new 
                           win for carbon sequestration in the North Sea 
 
                        -- HPC & Digital: new HPC customers in Materials 
                           Science and Image Rendering operating on our 
                           platform 
 
                 -- Earth Data: 
 
                        -- Revenue at $104 million (+7%) 
 
                        -- Cash EBITDA at $39 million (+12%) 
 
                        -- Early results show game-changing imaging at Laconia 
                           and environmental permit received for a program in 
                           Brazil. Active on multiple reprocessing projects 
                           worldwide 
 
                        -- Low Carbon: CCUS screening package projects funded 
                           by industrial emitters in Europe 
 
   -- Sensing and Monitoring (SMO) 
 
          -- Revenue at $87 million, nearly stable (-2%), with a return to a 
             more normalized comparison base 
 
          -- Adjusted EBITDA at $14 million (+37%), driven by cost reduction 
             impact on profitability 
 
                 -- Sustained activities in Land with strong momentum on nodal 
                    systems 
 
                 -- New Businesses: new infrastructure monitoring contracts 
                    signed in North America; pursuing several geotechnical 
                    monitoring opportunities in rail and mining sectors 
                    worldwide; awarded a new project for our Marlin Ports & 
                    Logistics solution in Asia 
 
   --  Full-Year 2025 financial outlook 
 
          -- In 2025, assuming a stable E&P Capex environment, performance is 
             expected to be driven by: 
 
                 -- Geoscience: growth supported by industry-leading technology 
                    and strong backlog 
   -- Earth Data: stronger Cash EBITDA KPI following the end of vessel 
      commitment penalty fees 
 
          -- Sensing & Monitoring: further savings expected from the 
             restructuring plan 
 
          -- New Businesses: growth and first- year positive contribution to 
             Group profitability 
   -- Financial objective: 
 
          -- Net Cash Flow of approximately $100 million, assuming moderate oil 
             market fluctuations 
   -- Following the successful refinancing completed in Q1, Viridien will 
      continue focusing on cash flow generation and deleveraging 
   -- Q1 2025 Conference call 
 
          -- The press release and presentation will be available on our 
             website www.viridiengroup.com at 5:45 p.m. $(CET)$ 
 
          -- An English-language analysts' conference call is scheduled today 
             at 6:00 p.m. (CET) 
 
          -- Participants should register for the call here to receive a 
             dial-in number and access code, or participate via the live 
             webcast here 
 
          -- A replay of the conference call will be available the following 
             day for a period of 12 months in audio format on the Company's 
             website 

The Board of Directors met on April 29, 2025, and closed the consolidated financial statements as of

March 31, 2025. Please note that the figures and information published in this press release have not been audited nor have they been subject to any limited review by Viridien's statutory auditors.

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 3,400 people worldwide and is listed as VIRI on the Euronext Paris SA (ISIN: FR001400PVN6).

Investors contact:

VP Investor Relations and Corporate Finance

Alexandre Leroy

alexandre.leroy@viridiengroup.com

+33 6 85 18 44 31

Q1 2025 - Financial Results

 
Key Segment P&L figures (1)                               Var. 
 (in millions of $)                           2024  2025    % 
                                               Q1    Q1 
     Exchange rate euro/dollar                1.09  1.04   (5%) 
--------------------------------------------  ----        ----- 
      Segment revenue                          273   301    10% 
      DDE                                      185   214    16% 
      Geoscience                                88   110    25% 
      Earth Data                                97   104     7% 
      SMO                                       89    87   (2%) 
      Land                                      45    51    14% 
      Marine                                    34    25  (26%) 
      Beyond the core                           11    11     4% 
      Segment EBITDAs                          105   142    36% 
--------------------------------------------  ----  ----  ----- 
      Adjusted (2) Segment EBITDAS             106   143    35% 
      DDE                                      104   137    32% 
      SMO                                       10    14    37% 
      Corporate and other                      (8)   (8)    -1% 
      Segment operating income                  28    65   136% 
--------------------------------------------  ----  ----  ----- 
      Adjusted (2) Segment operating income     29    66   130% 
      DDE                                       35    66    87% 
      SMO                                        2     8   303% 
      Corporate and other                      (9)   (9)    -1% 
  1) Unaudited figures 
   2) Adjusted for non-recurring charges 
   and gains 
 
 
Other KPI (1)                                               Var. 
 (in millions of $)                        2024     2025      % 
                                           ----- 
                                            Q1       Q1 
      Geoscience Backlog                     227       329   45% 
-----------------------------------------         --------  ---- 
      Total Capex                             58        61    5% 
----------------------------------------- 
      EDA Library net book value ((2) ()     471       489    4% 
-----------------------------------------         --------  ---- 
      Liquidity                              440       257  -42% 
                                                  110 ((3) 
      o.w. undrawn RCF                        90        ()   22% 
      Gross debt ((2) ()                   1 316     1 120  -15% 
      o.w. accrued interests                  43         2  -96% 

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April 29, 2025 11:45 ET (15:45 GMT)