2025 third-quarter resultsStrong performance driving Net Cash Flow generation
Segment revenue of $313m in Q3 2025, up +27% year-on-year, with all business lines contributing positively
Segment adjusted EBITDAs of $167m in Q3 2025, up a massive +70% year-on-year, representing a 53% margin (vs 40% in Q3 2024), supported by strong Earth Data contribution and solid Geoscience profitability
Net Cash Flow generation of $53m in the quarter, $62m year-to-date at end-September
Active liability management with partial bond redemptions in early October ($25m on the USD tranche,$23m on the EUR one)
Full-year 2025 Net Cash Flow target of $100m reiterated
Sophie Zurquiyah, Chair and CEO of Viridien: "Viridien delivered a strong third quarter, contributing to solid Net Cash Flow generation. Our main focus on major offshore projects and close collaboration with leading energy companies continue to drive our performance. More than ever, Viridien offers unique, high-value solutions for exploration and production, making us a strategic partner, less affected by market fluctuations. With a Net Cash Flow of $62 million at the end of September, we are confidently progressing toward our full-year target of $100 million and have initiated approximately $50 million in bond buybacks."
(in millions of $)1
Q3 2025
Q3 2024
Change (%)
9M 2025
9M 2024
Change (%)
Segment figures
Revenue
313
246
+27%
888
778
+14%
Adjusted EBITDAs
167
98
+70%
417
298
+40%
IFRS figures
Revenue
266
219
+22%
758
785
-3%
EBITDAs
120
71
+70%
287
301
-5%
Operating Income
77
23
+236%
149
95
+57%
Net Income
41
-10
n.a.
19
22
-10%
Net Cash Flow
53
10
+426%
62
34
+83%
Net Debt (incl. IFRS16)
977
1 003
-3%
977
1 003
-3%
KEY HIGHLIGHTS PER BUSINESS LINE2
Data, Digital and Energy Transition (DDE)
Segment revenue at $244 m in Q3 2025, up +31% year-on-year, with strong Earth Data late sales.
Geoscience (GEO)
Revenue at $108 m (+5%)
Activity remains strong, fueled by large OBN projects offshore Brazil and in the US Gulf, with additional support from the Middle East
Earth Data (EDA)
Revenue at $136 m (+63%), fueled by market appetite for high-end data and recent M&A transactions
Good progress on the Megabar Extension Phase 1 project in Brazil. Overall EDA capex reduced thanks to a higher share of projects developed in partnership
Segment adjusted EBITDAs at $167 m, up +70% year-on-year, with a margin lifted to 70% vs 58% in Q3 2024 given the massive flow through of EDA's late sales. EDA Cash EBITDA at $73 m vs -$13 m in Q3 2024.
Sensing and Monitoring (SMO)
Segment revenue at $69 m in Q3 2025, +16% increase year-on-year. Activity remains largely driven by the Land segment, with a mix of flagship high-productivity surveys ongoing in North America and medium-to-small crews ensuring business resilience across South America, the Middle East, and Asia.
Segment adjusted EBITDAs at $4 m, compared to $1 m in Q3 2024. Profitability benefited from the higher level of activity and a more streamlined cost structure resulting from the restructuring plan. Note that adverse foreign exchange effects from the depreciation of the U.S. dollar negatively impacted performance by approximately $3 million, as SMO bears most of its cost base in euros.
Segment adjusted operating income at -$2 m vs -$7m in Q3 2024. At constant exchange rates versus last year, operating income would have reached $1m, consistent with the objective of the past 24-month restructuring plan to reduce SMO's break-even point to a run-rate of around $270m in annual revenue.
CONSOLIDATED IFRS FIGURES3
Profit & Loss
Consolidated IFRS revenue for Q3 2025 came in at $266m, up +22% year-on-year. EBITDAs stood at $120m, up +70%.
IFRS Net Income reached $41m, vs -$10m in Q3 2024, after accounting notably for -$43 m of leases and D&A, -$27m net cost of financial debt, and -$9m of income taxes.
(in millions of $)
Q3 2025
Q3 2024
Change (%)
9M 2025
9M 2024
Change (%)
€/$ exchange rate
1.16
1.09
+7%
1.11
1.09
+2%
Revenue
266
219
+22%
758
785
-3%
EBITDAs
120
71
+70%
287
301
-5%
Operating income
77
23
+236%
149
95
+57%
Equity from investment
0
1
n.s.
-1
1
n.a.
Net cost of financial debt
-27
-24
+12%
-79
-74
+8%
Other financial income (loss)
-1
0
n.a.
-35
-1
n.s.
Income taxes
-9
-9
+4%
-16
-14
+15%
Net Income (loss) from continuing operations
41
-9
n.a.
17
7
+145%
Net Income (loss) from discontinued operations
1
-1
n.a.
3
15
-83%
Consolidated Net Income (loss)
41
-10
n.a.
19
22
-10%
Cash Flow and Net debt
Net Cash Flow of $53m generated in Q3 2025, bringing the cumulative figure at end-September to $62m. Performance was driven by Segment EBITDAs and disciplined capex, while the change in working capital continues to weigh on cash generation. The Group continues, in particular, to work actively on collecting overdue receivables from the Mexican National Oil Company, PEMEX.
(in millions of $)
Q3 2025
Q3 2024
Change (%)
9M 2025
9M 2024
Change (%)
Segment EBITDAs
167
98
+70%
417
294
+42%
Income tax paid
-6
2
n.a.
-14
-10
+39%
Change in working capital & provisions
-36
22
n.a.
-82
18
n.a.
Other cash items
0
0
n.a.
-1
0
n.a.
Cash from Operating Activity
125
122
+3%
320
302
+6%
Total capex
-54
-90
-40%
-173
-205
-16%
Acquisitions and proceeds of assets
1
0
n.s.
2
1
+206%
Cash from Investing Activity
-53
-90
-41%
-171
-204
-16%
Paid cost of debt
-1
1
n.a.
-41
-42
-2%
Lease repayment
-18
-16
+12%
-44
-43
+2%
Other financing activities
0
0
n.s.
-1
-1
+13%
Cash from Financing Activity
-19
-15
+28%
-86
-86
+0%
Discontinued operations acquisitions
-1
-7
-93%
-1
22
n.a.
Net Cash Flow
53
10
+426%
62
34
+83%
Refinancing costs paid (fees + call premium)
0
0
n.a.
-42
0
n.a.
Repayment and issuance of debt
9
-12
n.a.
-104
-12
x9
Forex and other
3
3
+3%
8
-8
n.a.
Net increase (decrease) in Cash
65
2
x36
-75
15
n.a.
Viridien continues to actively manage its liabilities in line with its commitments to deleverage the Group and optimize financing costs. In this context:
In July 2025, the Group obtained two unsecured loans of €5m each from Bpifrance, the French public investment bank. These loans have a 4-year maturity and carry attractive annual interest rates of around 4.6%, roughly half the cost of existing debt;
In early October 2025, the Group executed a partial bond redemption at 103, as provided for under the bond documentation, using available cash to repurchase $25m of its USD-denominated tranche and €20m ($23m) of its EUR-denominated one. This transaction will generate annual interest savings of approximately $4.5m going forward.
Both initiatives will further enhance the Group's future Net Cash Flow and support its ongoing deleveraging trajectory. As of end-September 2025, Viridien maintained a strong liquidity position, including a $125m RCF4.
(in millions of $)
Sept. 30, 2025
Dec. 31, 2024
Change (%)
Sept. 30, 2024
Change (%)
Liquidity
327
392
-17%
442
-26%
Cash
227
302
-25%
342
-34%
Undrawn RCF
100
90
+11%
100
0%
Gross Debt
1,204
1,223
-2%
1,345
-10%
Bonds
9885
1,049
-6%
1,143
-14%
Other borrowings
42
31
+35%
31
+34%
Accrued interests
48
18
+160%
43
+11%
Lease liabilities
126
125
+1%
127
-1%
Net Debt
977
921
+6%
1,003
-3%
OUTLOOK
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