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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 €578 million notes, replaced with $450 million 10% and €475 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
[email protected]
+33 6 85 18 44 31

Q1 2025 – Financial Results

Key Segment P&L figures

(1)


(in millions of $)

 2024 2025
Var.



%
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)


(in millions of $)

 2024 2025
Var.



%
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%
o.w. undrawn RCF 90 110 (3) 22%
Gross debt

(


2


)
 		1 316 1 120
-15% 
o.w. accrued interests 43 2 -96%
o.w. lease liabilities 108 124  15%
Net debt

(


2


)
 		966 974
1%
1)   Unaudited figures
2)   Post IFRS15 and 16
3)   $125M RCF fully undrawn, o/w. $15M ancillary guarantee facility		      

Consolidated IFRS Income Statements

(1)


(in millions of $)

 2024 2025
Var.



%
Q1 Q1
Exchange rate euro/dollar 1.09 1.04 (5%) 
Revenue 249 258
4%
EBITDA 80 99
24%
Operating Income 20 56
185%
Equity from Investment (0) (0) 2%
Net cost of financial debt (24) (26) 6%
Other financial income (loss) 0 (46) –
Income taxes 2 (13) –
Net Income / Loss from continuing operations (3) (29)
–
Net Income / Loss from discontinued operations 0 1 –
Net Income / (Loss) (3) (28)
–
Shareholder’s net income / (loss) (3) (28) –
Basic Earnings per share in $ (0.42) (3.88) –
Basic Earnings per share in € (0.38) (3.74) –

1)   Unaudited figures

Cash Flow items

(1)


(in millions of $)

 2024 2025
Var.



%
Q1 Q1
Segment EBITDA 105 142
36%
Income Tax Paid (3) (4) (26%)
Change in Working Capital & Provisions (0) (47) –
Other Cash Items (1) (1) 13%
Cash provided by Operating Activity 102 91
(9%)
Total Capex (58) (61) (5%)
Acquisitions and Proceeds of Assets 0 (1) –
Cash from Investing Activity (58) (62)
(7%)
Paid Cost of Debt 2 (39) –
Lease Repayment (12) (10) 17%
Cash from Financing Activity (10) (49)
–
Discontinued Operations Acquisitions (3) (0) 89%
Net Cash Flow 30 (20)
–
Financing cash flow (3) (129) –
Forex and other (4) (6) –
Net increase/(decrease) in cash 23 (155)
–

1)   Unaudited figures

CONSOLIDATED FINANCIAL STATEMENTS – March 31, 2025


Unaudited Interim Consolidated statement of operations

    Three months ended March 31,
(In millions of US$, except per share data) Notes 2025 2024
Operating revenues   257.5 248.6
Other income from ordinary activities   0.1 0.1
Total income from ordinary activities   257.6 248.7
Cost of operations   (171.0) (192.8)
Gross profit   86.6 55.9
Research and development expenses – net   (4.0) (4.9)
Marketing and selling expenses   (7.7) (8.8)
General and administrative expenses   (18.1) (21.3)
Other revenues (expenses) – net 5 (0.3) (1.1)
Operating income
(loss) 		  56.4 19.8
Cost of financial debt – gross   (27.4) (27.4)
Income provided by cash and cash equivalents   1.6 3.1
Cost of financial debt, net   (25.8) (24.3)
Other financial income (loss) 6 (46.2) (0.0)
Income (loss) before incomes taxes and share of income (loss) from companies accounted for under the equity method   (15.5) (4.5)
Income taxes   (12.9) 2.1
Net income (loss) before share of income (loss) from companies accounted for under the equity method   (28.4) (2.4)
Net income (loss) from companies accounted for under the equity method   (0.2) (0.2)
Net income (loss) from continuing operations   (28.6) (2.6)
Net income (loss) from discontinued operations   0.7 0.0
Consolidated net income (loss)   (28.0) (2.6)
Attributable to:      
Owners of Viridien S.A. $ (27.8) (3.0)
Non-controlling interests $ (0.2) 0.4
Net income (loss) per share      
Basic (a) $ (3.88) (0.42)
Diluted (a) $ (3.88) (0.42)
Net income (loss) from continuing operations per share      
Basic (a) $ (3.97) (0.42)
Diluted (a) $ (3.97) (0.42)
Net income (loss) from discontinued operations per share

(a)
 		     
Basic (a) $ 0.09 (0.00)
Diluted (a) $ 0.09 (0.00)

(a)   
As a result of the July 31, 2024 reverse share split, the calculation of basic and diluted earnings per share for 2023 has been adjusted retrospectively. The number of ordinary shares outstanding has been adjusted to reflect the proportionate change in the number of shares

See the notes to the Unaudited Interim Consolidated Financial Statements


Unaudited Interim Consolidated statement of comprehensive income (loss)

    Three
months
ended
March
31,
(In millions of US$) Notes 2025

(a)
 		2024

(a)
Net income (loss) from statements of operations   (28.0) (2.6)
Net gain (loss) on cash flow hedges   (0.3) 0.3
Variation in translation adjustments   9.9 (5.8)
Net other comprehensive income (loss) to be reclassified in profit (loss) in subsequent period (1)   9.6 (5.5)
Net gain (loss) on actuarial changes on pension plan   (0.5) 0.0
Net other comprehensive income (loss) not to be reclassified in profit (loss) in subsequent period (2)   (0.5) 0.0
Total other comprehensive income (loss) for the period,

net of taxes (1) + (2) 		  9.1 (5.5)
Total comprehensive income (loss) for the period   (18.9) (8.1)
Attributable to:      
Owners of Viridien S.A.   (18.8) (8.4)
Non-controlling interests   (0.1) 0.3


(a) Including other comprehensive income related to discontinued operations which is not material


Unaudited Interim Consolidated statement of financial position

(In millions of US$) Notes March 31, 2025 December 31, 2024
ASSETS      
Cash and cash equivalents   146.6 301,7
Trade accounts and notes receivable, net   343.7 339,9
Inventories and work-in-progress, net   162.4 163,3
Income tax assets   13.5 22,9
Other current assets, net   78.1 74,0
Assets held for sale, net   26.4 24,5
Total current assets   770.7 926,2
Deferred tax assets   39.5 43,6
Other non-current assets, net   8.6 8,9
Investments and other financial assets, net   24.2 25,7
Investments in companies under the equity method   5.9 1,1
Property, plant and equipment, net   212.1 220,6
Intangible assets, net   569.3 535,4
Goodwill, net   1,086.4 1,082,8
Total non-current assets   1,946.0 1,918,1
TOTAL ASSETS   2,716.7 2,844,3
LIABILITIES AND EQUITY      
Financial debt – current portion 3 43.8 56,9
Trade accounts and notes payables   101.3 120,9
Accrued payroll costs   92.4 84,5
Income taxes payable   17.8 20,4
Advance billings to customers   18.1 19,2
Provisions — current portion   18.8 19,7
Other current financial liabilities   0.0 0,5
Other current liabilities   207.7 182,5
Liabilities associated with non-current assets held for sale   2.2 2,4
Total current liabilities   502.1 507,0
Deferred tax liabilities   18.4 18,4
Provisions — non-current portion   30.9 28,8
Financial debt – non-current portion 3 1,076.4 1,165,6
Other non-current financial liabilities   0.0 0,0
Other non-current liabilities   1.8 1,7
Total non-current liabilities   1,127.5 1,214,5
Common stock: 11,214,681 shares authorized and 7,161,465 shares with a €1.00 nominal value outstanding at March 31, 2025   8.7 8,7
Additional paid-in capital   118.7 118,7
Retained earnings   1,009.0 1,036,5
Other Reserves   37.5 55,2
Treasury shares   (20.1) (20,1)
Cumulative income and expense recognized directly in equity   (1.4) (1,1)
Cumulative translation adjustment   (103.3) (113,3)
Equity attributable to owners of Viridien S.A.   1,049.2 1,084,7
Non-controlling interests   38.0 38,1
Total equity   1,087.2 1,122,8
TOTAL LIABILITIES AND EQUITY   2,716.7 2,844,3


See the notes to the Unaudited Interim Consolidated Financial Statements


Unaudited Interim Consolidated statement of cash flows

    Three
months
ended
March
31,
(In millions of US$) Notes 2025 2024
OPERATING ACTIVITIES      
Consolidated net income (loss)   (28.0) (2.6)
Less: Net income (loss) from discontinued operations   (0.7) (0.0)
Net income (loss) from continuing operations   (28.6) (2.6)
Depreciation, amortization and impairment   21.2 24.2
Impairment and amortization of Earth Data Surveys   24.3 39.0
Depreciation and amortization of Earth Data surveys, capitalized   (4.2) (3.8)
Variance on provisions   (0.7) 0.3
Share-based compensation expenses   1.1 0.9
Net (gain) loss on disposal of fixed and financial assets   0.1 –
Share of (income) loss in companies recognized under equity method   0.2 0.2
Other non-cash items   30.9 1.2
Net cash-flow including net cost of financial debt and income tax   44.3 59.4
Less: Cost of financial debt   25.8 24.3
Less: Income tax expense (gain)   12.9 (2.1)
Net cash-flow excluding net cost of financial debt and income tax   83.0 81.6
Income tax paid   (4.1) (3.2)
Net cash-flow before changes in working capital   78.9 78.4
Changes in working capital   11.6 22.3
– change in trade accounts and notes receivable   24.9 33.6
– change in inventories and work-in-progress   6.3 0.2
– change in other current assets   (0.2) (2.1)
– change in trade accounts and notes payable   (19.8) 15.4
– change in other current liabilities   0.0 (24.8)
Net cash-flow from operating activities   90.5 100.7
       
INVESTING ACTIVITIES      
Total capital expenditures (tangible and intangible assets) net of variation of fixed assets suppliers   (61.2) (58.2)
Proceeds from disposals of tangible and intangible assets   0.0 0.5
Dividends received from investments in companies under the equity method   – 0.2
Total net proceeds from financial assets   – –
Variation in other non-current financial assets   2.3 (3.3)
Net cash-flow from investing activities   (58.9) (60.8)

    Three months ended March 31,
(In millions of US$) Notes 2025 2024
FINANCING ACTIVITIES      
Repayment of long-term debt   (1,074.2) (0.2)
Total issuance of long-term debt   964.2 –
Call premium   (21.9) –
Refinancing transaction costs paid   (11.7) –
Lease repayments   (9.8) (11.8)
Financial expenses paid   (38.8) 2.0
Dividends paid and share capital reimbursements:      
— to owners of Viridien   – –
— to non-controlling interests of integrated companies   – –
Net cash-flow from financing activities   (192.2) (10.0)
       
Effects of exchange rates on cash   6.0 (4.1)
Net cash flows incurred by discontinued operations   (0.3) (2.9)
Net increase (decrease) in cash and cash equivalents   (155.0) 22.9
Cash and cash equivalents at beginning of year   301.7 327.0
Cash and cash equivalents at end of period   146.6 349.9


See the notes to the Interim Consolidated Financial Statements


Unaudited Interim Consolidated statements of changes in equity

Amounts in millions of

US$, except share data 		Number of Shares issued Share capital Additional paid-in capital Retained earnings Other reserves Treasury shares Income and expense recognized directly in equity Cumulative translation adjustment Equity attributable to owners of Viridien S.A. Non-controlling interests Total equity
Balance at January 1, 2024 7,136,763 8.7 118.7 980.4 27.3 (20.1) (1.4) (90.8) 1,022.8 41.5 1,064.3
Net gain (loss) on actuarial changes on pension plan (1)       0.0         0.0   0.0
Net gain (loss) on cash flow hedges (2)             0.3   0.3   0.3
Net gain (loss) on translation adjustments (3)               (5.7) (5.7) (0.1) (5.8)
Other comprehensive income (1)+(2)+(3) – – – 0.0 – – 0.3 (5.7) (5.4) (0.1) (5.5)
Net income (4)       (3.0)         (3.0) 0.4 (2.6)
Comprehensive income (1)+(2)+(3)+(4) – – – (3.0) – – 0.3 (5.7) (8.4) 0.3 (8.1)
Exercise of warrants                      
Dividends                 –   –
Cost of share-based payment       0.8         0.8   0.8
Variation in translation adjustments generated by the parent company         9.7       9.7   9.8
Balance
at
March
31,
2024 		7,136,763

(

a) 		8.7 118.7 978.2 37.0 (20.1) (1.1) (96.5) 1,024.9 41.8 1,066.7

Amounts in millions of

US$, except share data 		Number of Shares issued Share capital Additional paid-in capital Retained earnings Other reserves Treasury shares Income and expense recognized directly in equity Cumulative translation adjustment

 Equity attributable to owners of Viridien S.A. Non-controlling interests Total equity
Balance at January 1, 2025 7,161,465

(

b) 		8.7 118.7 1,036.5 55.2 (20.1) (1.1) (113.3) 1,084.7 38.1 1,122.8
Net gain (loss) on actuarial changes on pension plan (1)       (0.5)         (0.5)   (0.5)
Net gain (loss) on cash flow hedges (2)             (0.3)   (0.3)   (0.3)
Net gain (loss) on translation adjustments (3)               9.9 9.9 0.0 9.9
Other comprehensive income (1)+(2)+(3)       (0.5) – – (0.3) 9.9 9.0 0.0 9.1
Net income (loss) (4)       (27.8)         (27.8) (0.2) (28.0)
Comprehensive income (1)+(2)+(3)+(4)       (28.4)     (0.3) 9.9 (18.8) (0.1) (18.9)
Dividends                 – – –
Cost of share-based payment       0.7         0.7   0.7
Variation in translation adjustments generated by the parent company         (17.7)       (17.7)   (17.7)
Changes in consolidation scope and other       0.2         0.2   0.2
Balance
at
March
31,
2025 		7,161,465 8.7 118.7 1,009.0 37.5 (20.1) (1.4) (103.3) 1,049.2 38.0 1,087.2

(a)   
Pro forma following Reverse Share Split

(b)   
Reverse Share Split: Pursuant to a delegation from the Combined General Meeting of shareholders of May 15, 2024, and a sub-delegation from the Board of Directors held on the same day, the Company’s Chief Executive Officer has decided to implement a reverse share split on the basis of 1 new share of €1.00 nominal value for 100 old shares of €0.01 nominal value

1
All variations refer to the same period last year

2
Unless otherwise stated, all figures and comments are referring to “Segment” (i.e. pre-IFRS 15), as defined in the 2024 Universal Registration Document’s glossary, under section 8.7

Attachment