Viridien Announces its 2025 First Quarter Results

Paris, France | Apr 29, 2025

A solid start to the year, with successful refinancing 
And vesssel capacity agreement terminated

Viridien (ISIN: FR001400PVN6), a global technology and high-performance computing (HPC) leader, announced today its first quarter results.

Sophie Zurquiyah, Chief Executive Officer of Viridien, said: “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:  

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

More:

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2025 Q1 Results Conference call

• The press release and the presentation will be made available on our website www.viridiengroup.com at 5:45 pm (CET)
• An English language analysts conference call is scheduled the same day at 6.00 pm (CET)

Participants should register for the call here to receive a dial-in number and code or participate in the live webcast from here.

A replay of the conference call will be made available the day after for a period of 12 months in audio format on the Company's website www.viridiengroup.com.