Viridien Announces its Q4 & Full Year 2024 Results

Paris (France), February 27^th, 2025, 17h45 CET

2024: A YEAR OF OVERACHIEVEMENTS

2025: ON TRACK TO DELIVER c.$100 MILLION NET CASH FLOW

Sophie Zurquiyah, Chief Executive Officer of Viridien, said:

"In 2024, we met our revenue and exceeded our profitability and cash generation targets driven by strong commercial successes at Geoscience, a dynamic performance at Earth Data in both our key basins and prospective regions and the continued focus on operational efficiency at Sensing & Monitoring.

In 2025, Viridien will continue strengthening its technology leadership in its core markets while further developing its New Businesses. We anticipate continued improvements thanks to Geoscience's record high backlog, Earth Data's solid pipeline of projects and the termination of contractual fees for vessel commitments, and Sensing & Monitoring's progress towards their restructuring plan.

In this context, we confirm with confidence our target of c.$100 million of net cash generation and balance sheet deleveraging.”

2024 Highlights²

• Group²
  • IFRS figures: Revenue, EBITDA and Net Income of respectively $1,211 million, $516 million, $51 million. $427 million, $216 million, $29 million in Q4.
  • Overall stable group revenue at $1,117 million.
  • Strong growth at Digital, Data & Environment (DDE) with $787 million revenue (+17%). Consistent momentum for Geoscience (GEO) driven by our preferred advanced technology and numerous commercial successes at Earth Data (EDA).
    • Sensing & Monitoring (SMO) revenue was $330 million, with no mega crews during the year.
    • 33% revenue growth for New Businesses, exceeding our 30% target.
  • Group adjusted EBITDA³ of $455 million. DDE Adjusted EBITDA of $458 million, up 25% driven by the strong performance of both GEO and EDA. SMO adjusted EBITDA of $35 million (vs $56 million) already reflecting the positive impact of the restructuring effort.
  • Net Cash flow of $56 million, including $(75) million contractual fees from vessel commitments, exceeding our initial Net Cash flow target of "reaching a similar level as 2023” (ie. $32 million).
  • Key milestones of our financial roadmap delivered during the year: improved credit rating in Q2, revolving credit facility extended in Q3 and implementation and increase of the bond buyback program in Q3 and Q4.
  • Net debt at $921 million ($974 million in December 2023) and liquidity at $392 million (including $90 million undrawn RCF).  

• Digital, Data and Energy Transition (DDE)
  • Revenue at $787 million was up 17% with strong growth at GEO (+20%) and EDA (+14%). Q4 revenue, $238 million (+19%).
  • Adjusted EBITDA at $458 million was up 25%. Profitability impacted by $(54) million in penalty fees from vessel commitments vs $(44) million in 2023. Q4 EBITDA $150 million (+28%).         $(12) million penalty vs $(13) million in Q4 2023.
    • Geoscience:
      • Revenue at $404 million (+20%). $107 million in Q4 (+10%).
      • GEO performance continues to be driven by technology differentiation. Order intakes, +89% in 2024, +155% in Q4, benefited from best-in-class imaging technology which the industry requires to solve subsurface challenges, increased activity in the Middle East and the renewal of long-term contracts for Dedicated HPC Processing Centers (DPCs).

• New Businesses in GEO confirm the positive market dynamics in Carbon Sequestration with several projects in Norway, US Gulf and in Asia Pacific, as well as in Minerals & Mining with the award of programs in Australia and Oman. Alliance signed with Baker Hughes to offer high-quality and fully integrated Carbon Capture and Sequestration solutions to clients.

• Earth Data:
  • Revenue at $383 million (+14%). $131 million in Q4 (+27%).
  • Prefunding revenue grew to $205 million (+6%). 81% of Capex. After-Sales grew to $178 million (+25%) in a flat market.
  • $252 million Capex, including the large Laconia Ocean Bottom Nodes (OBN) project in the US Gulf, the North Viking Graben streamer survey in Norway, and numerous global reprocessing projects.
  • New Businesses in EDA completed the mining project in Southeast Arizona and delivered several Carbon Sequestration projects in the North Sea, US Gulf and Asia.

• Sensing and Monitoring (SMO)
  • Revenue at $330 million was down 27%, following delivery of "mega crew” systems in 2023.        $100 million in Q4 (-16%).
  • Adjusted EBITDA at $35 million was down 37%. $18 million in Q4 (+104%).
  • Q4 EBITDA performance shows that the restructuring plan is on track to achieve expected cost reductions and operational flexibility.
  • New Businesses in SMO represented 17% of revenue and experienced strong momentum with deliveries for the geothermal market and infrastructure monitoring.
• Market trends
  • E&P Capex environment expected to be stable year-on-year in 2025, as the longer-term energy industry upcycle extends.
  • Evolving Industry Trends:
    • Offshore exploration gaining momentum in key regions like the US Gulf, Brazil, Norway as well as frontiers areas such as the Equatorial Margin and the East Mediterranean Sea.
    • Middle East growth expected with investments in advanced imaging and digital solutions.
    • Demand expected to be strong for High-end geophysical technologies, such as OBN and Full Waveform Inversion (FWI), that mitigate risks and optimize field development.
  • New Businesses:
    • Continued market growth potential in CSS with new imaging contracts and project pipeline driven by most Oil & Gas operators investing to reduce carbon emissions and address societal pressures.
    • Increased interest from the Minerals & Mining sector for subsurface characterization.
    • Infrastructure Monitoring market consistently increasing by double digits annually across various sectors.
    • Digital solutions / HPC markets expanding rapidly fueled mainly by the explosion of AI applications.
• New reporting KPI for EDA
  • Starting in Q1 2025, we will change the reporting KPIs for EDA:
    • To align with market practice, Revenue split between Prefunding and After-sales will no longer be reported.

• Cash EBITDA (i.e. EBITDA - Capex) will be reported to provide more clarity on our financial performance. ($97 million and $75 million in 2023 and 2024 respectively, excluding penalty fees from vessel commitments).

• Full year 2025 financial outlook
  • In 2025, based on a stable E&P Capex environment, performance is expected to be driven by:
    • Geoscience: growth backed by industry leading technology and strong backlog.

• Earth Data: stronger Cash EBITDA KPI, with end of vessel commitment penalty fees.
  • Sensing & Monitoring: further savings expected from the restructuring plan.
  • New Businesses: growth and first year positive contribution to the group's profitability.

• Financial objective: net cash flow of c.$100m.

• Viridien will continue to focus on cash flow generation and deleveraging. Thanks to 2024 financial performance and the favorable debt market, our bond refinancing could be realized in 2025, before our previous Q1 2026 indication.

• Full Year 2024 Conference call
  • The press release and the presentation will be available on our website www.viridiengroup.com at 5:45 pm (CET).
  • An English language analysts conference call is scheduled today at 6.00 pm (CET).
  • Participants should register for the call here to receive a dial-in number and code, or participate via 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.

The Board of Directors met on February 27, 2025 and approved the consolidated financial statements ending December 31, 2024. The Statutory Auditors are in the process of issuing a report with an unqualified opinion.

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 resource, digital, energy transition and infrastructure challenges. Viridien employs around 3,400 people worldwide and is listed as VIRI on the Euronext Paris SA (ISIN ISIN: FR001400PVN6).

Contact:

 VP Corporate Finance

Jean-Baptiste Roussille

[email protected]

Q4 & FY 2024- Financial Results