Viridien : 2025 annual results
Paris (France), February 26, 2026
2025 annual results
Strong performance driving significant
cash generation and deleveraging
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.”
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)
Earth Data (EDA)
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.
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.
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 €46m ($54m) on the EUR-denominated tranche, reducing the remaining outstanding principal to $407m and €430m ($505m), respectively.
As of December 31, 2025, Viridien maintained a strong liquidity position, including a $125m RCF 5.
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.
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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
Other KPIs
Definition of Alternative Performance Indicators (API)
In its communications, Viridien includes Alternative Performance Indicators, the main ones being Segment Revenue, Segment EBITDAs, Adjusted Segment EBITDAs, and EDA Cash EBITDA. Their definitions are set out in the 2024 Universal Registration Document filed with the French Financial Markets Authority (AMF) and are reiterated below:
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.
Consolidated Statement of Operations
Consolidated Statement of Financial Position
Consolidated Statement of Cash Flows
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
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