{"success":true,"data":{"pressRelease":{"id":"21529","rtpr_id":"nGNE5lym6h","ticker":"VIRI","exchange":"Euronext Paris","all_tickers":["VIRI"],"title":"REG-Viridien: 2026 first-quarter results","author":"Globe Newswire","published_at":"2026-05-05T15:45:00.342Z","article_body":"Paris (France), May 5, 2026\n\n2026 first-quarter results\nSolid cash generation and continued deleveraging in a soft market environment\n* Net Cash Flow generation of $26m compared to -$20m in Q1 2025, driven by\ndisciplined cash management and efficient receivables collection\n\n\n* Further reduction in Net Debt (excluding IFRS 16) to $702m vs $735m at\nend-December 2025, with an additional $40.7m repaid in March on the\nUSD-denominated bond tranche\n\n\n* Segment revenue of $214m, reflecting a slow start to the year as\nanticipated, with additional uncertainty stemming from the ongoing conflict in\nthe Middle East, impacting SMO and GEO\n\n\n* Profitability reflecting lower revenue, with segment adjusted EBITDAs of\n$76m\n\n\n* FY 2026 guidance for Net Cash Flow generation of $100m, with a seasonal\nprofile similar to 2025, reiterated\nSophie Zurquiyah, Chair and CEO of Viridien: “As expected, we experienced a\nsoft start to the year, due to increased caution from E&P companies in recent\nmonths. The situation in the Middle East added further uncertainty, notably\nfor Sensing & Monitoring and Geoscience. In this context, we delivered solid\ncash generation, underscoring the strength of our asset-light model and\ndisciplined cash management. We also continued to deleverage, allocating an\nadditional $41m to bond repayment, reducing net debt to around $700m. We\nreiterate our Net Cash Flow objective of $100m for the full year 2026, with\nperformance expected to be weighted towards the second half as in 2025.”\n\n (in millions of $) (1) Q1 2026 Q1 2025 Change (%) \n Segment figures \n Revenue 214 301 -29% \n Adjusted EBITDAs 76 143 -47% \n IFRS figures \n Revenue 200 258 -22% \n EBITDAs 63 99 -36% \n Operating Income 20 56 -65% \n Net Income -10 -28 +65% \n Net Cash Flow 26 -20 n.a. \n Net Debt (2)(excluding IFRS 16) 702 848 -17% \n\nKEY HIGHLIGHTS PER BUSINESS LINE(3)\n\nData, Digital and Energy Transition (DDE): Impacted by market environment and\nproject phasing\n\nSegment revenue at $153\n\nGeoscience (GEO)\n* Revenue at $98m\n* Q1 activity was driven by large projects in Brazil and the US Gulf. Africa\nalso showed good momentum, with increasing engagement from IOCs, particularly\nin the Angolan basin. However, Q1 figures were down year-on-year due to delays\nin client project approvals in recent months, further accentuated by the\nescalation of the conflict in the Middle East\n* Viridien demonstrated agility, maintaining computing power at 690 petaflops\nduring the period, while productivity per employee remained steady at $388k\nEarth Data (EDA)\n* Revenue at $54m\n* Capex spending was limited during the period, reflecting the phasing of\nmulti-client projects and resulting in lower prefunding revenue, mainly\ngenerated from projects in the US Gulf, Norway and Uruguay. Late sales\nreflected the usual negative seasonality of the first quarter. Q1 2025 also\nrepresented a challenging comparison base\nSegment adjusted EBITDAs at $89m (36% margin) given the significantly lower\nEDA contribution, while profitability at GEO held very well. EDA Cash EBITDA,\nhowever, came in at a positive $15m, also reflecting the flexibility embedded\nin the business model.\n\nSensing and Monitoring (SMO): Impacted by a slow market and the Middle East\nconflict\n\nSegment revenue at $61m. Oil & Gas business contracted in both land and marine\nmarkets, in a soft market environment further impacted by the ongoing conflict\nin the Middle East. New businesses remained well oriented, growing mid-single\ndigit and presenting 20% of SMO’s total revenue over the period.\n\nSegment adjusted EBITDAs at -$7m, reflecting the significantly lower level of\nactivity and adverse forex (with the US dollar averaging 1.18 over the quarter\nversus 1.04 a year ago, while SMO’s cost base is primarily in euros).\n\nSegment adjusted operating income at -$13m.\n\nCONSOLIDATED IFRS FIGURES(4)\n\nProfit & Loss: Net income of -$10m, but improved threefold vs last year\n\nConsolidated IFRS revenue for Q1 2026 came in at $200m, with a $13m negative\nimpact related to IFRS15 restatements (primarily related to the Laconia\nproject in the US Gulf, still in imaging phase). IFRS EBITDAs at $63m and\nreflecting the same restatement impact vs the segment figure. IFRS Net Income\nreached -$10m vs -$28m a year ago, after mainly accounting for -$42m of leases\nand D&A, -$25m net cost of financial debt, and -$3m of income taxes.\n\n (in millions of $) Q1 2026 Q1 2025 Change (%) \n €/$ exchange rate 1.18 1.04 +14% \n Revenue 200 258 -22% \n EBITDAs 63 99 -36% \n Operating income 20 56 -65% \n Equity from investment 0 0 n.s. \n Net cost of financial debt -25 -26 -2% \n Other financial income (loss) -1 -46 -98% \n Income taxes -3 -13 -74% \n Net Income (loss) from continuing operations -10 -29 +66% \n Net Income (loss) from discontinued operations 0 1 n.s. \n Consolidated Net Income (loss) -10 -28 +65% \n\nCash Flow Statement and Debt: Solid Net Cash Flow generation, Gross Debt\nbrought further down\n\nNet Cash Flow of $26m generated in Q1 2026 vs -$20m a year ago. As a reminder,\nQ1 2025 integrated a $39m cash out linked to the anticipated payment of\ninterests catalyzed by the early bond refinancing at the end of March 2025.\nGiven the slower start to the year, the Q1 2026 Net Cash Flow generation\nproves resilient, mirroring a disciplined cash management approach from\nViridien and the increased flexibility provided by its asset-light business\nmodel. Additional outstanding receivables were successfully recovered from\nPEMEX, reflecting sustained engagement and the critical role of Viridien as a\nkey supplier.\n\n (in millions of $) Q1 2026 Q1 2025 Change (%) \n Segment EBITDAs 77 142 -46% \n Income tax paid -8 -4 92% \n Change in working capital & provisions 11 -47 n.a. \n Other cash items 0 0 n.a. \n Cash from Operating Activity 81 91 -12% \n Total capex -40 -61 -34% \n Acquisitions and proceeds of assets 1 -1 n.a. \n Cash from Investing Activity -39 -62 -36% \n Paid cost of debt -1 -39 -97% \n Lease repayment -14 -10 45% \n Other financing activities 0 0 n.a. \n Cash from Financing Activity -15 -49 -68% \n Discontinued operations acquisitions 0 0 -62% \n Net Cash Flow 26 -20 n.a. \n Refinancing costs paid (fees + call premium) -1 -34 -96% \n Repayment and issuance of debt -42 -110 -62% \n Forex and other -1 8 -108% \n Net increase (decrease) in Cash -18 -155 -89% \n\nThe 10% annual optional redemption at 103% included in Viridien’s bond\ndocumentation renewed, for a 12-month period, on March 25, 2026. As early as\nthe end of March, the Group leveraged this option and repaid an additional\nprincipal amount of $40.7m of the then-outstanding bonds, fully executing the\noption on the USD-denominated tranche. As of the date of publication of this\npress release, the remaining outstanding principal on the bonds amounts to\n$366m for the USD-denominated tranche (annual coupon of 10%) and €430m\n($494m) for the EUR-denominated tranche (annual coupon of 8.5%).\n\nWith Gross Debt (excluding IFRS 16) of $857m at end-March 2026, the Group\nreduced its leverage by close to $140m year-on-year and by close to $310m\ncompared with end-March 2024.\n\nThe solid operational execution, continued deleveraging trajectory, and\nsignificant strengthening of its financial profile led S&P to upgrade the\nCompany’s long-term credit rating to “B” with a stable outlook in early\nApril, from “B-” with a positive outlook previously. In parallel, the\nrating on the Company’s senior secured notes was raised to “B+” from\n“B” previously. A week earlier, Moody’s confirmed Viridien’s corporate\nrating at “B2” with a stable outlook, maintaining its assessment of the\nGroup’s credit profile while highlighting the increased resilience of its\nbusiness model and the relevance of its strategy. Last December, Fitch Ratings\nalso confirmed its rating at “B” with a stable outlook,\n\nAs of March 31, 2026, Viridien maintained a strong liquidity position,\nincluding a $125m RCF(5).\n\n (in millions of $) Mar. 31, 2026 Mar. 31, 2025 Change (%) Dec. 31, 2025 Change (%) \n Liquidity 255 257 -1% 273 -7% \n Cash 155 147 +6% 173 -10% \n Undrawn RCF 100 110 -9% 100 0% \n Gross Debt 1,002 1,119 -10% 1,061 -6% \n Bonds 845 (6) 964 -12% 895 -6% \n Other borrowings 12 31 -62% 13 -9% \n Lease liabilities 145 124 +17% 135 +7% \n Net Debt (7) 847 972 -13% 888 -5% \n\n        \n\nOUTLOOK\n\nThe situation in the Middle East remains uncertain, and Viridien continues to\nclosely monitor developments.\n\nWhile some delays in project approvals may persist in the near term, these are\nprimarily related to timing effects rather than underlying demand.\n\nBeyond the near term, structural drivers are supportive. Current tensions\nhighlight the importance of energy security and supply diversification.\nCombined with accelerating field depletion and a prolonged period of\nunderinvestment, this is expected to drive a renewed cycle in exploration\nspending across both frontier and mature basins.\n\nIn this context, the Group reiterates its 2026 guidance of $100m in Net Cash\nFlow generation, with a seasonal profile similar to 2025.\n\n***\n\nQ1 2026 conference call details\n\nThe press release and presentation will be made available on\nwww.viridiengroup.com at 5:45 p.m. (CET).\n\nAn English-language conference call is scheduled today at 6:00 p.m. (CET).\n\nParticipants must register for the conference call by clicking here\n(https://www.globenewswire.com/Tracker?data=DvsgSDtK_gssFpnOfW_ULugJaiAIKRniNrzrx2lEKOdRnusKUa9Xdn-nQCpQNC5_tE59PWIR3VNsZjGTo6ukT_2zZU59Va6LYpUFCa0CmSwFtNSFutrsfKnrvybq8LbLMotrb8nLzihhwASDaiTfMv6_TIqoTUmMFsWEDSYPNRA=)\nto receive a dial-in number and PIN code. Participants may also join the live\nwebcast by clicking here\n(https://www.globenewswire.com/Tracker?data=DvsgSDtK_gssFpnOfW_ULsro2rhmNQmwMUrVS7mLTo3uJcRT16im9a46HJ4kg4x-IUHMK1WggkWhfLnsecE_O9HsQozv8T1YSvKy014wY9U=).\n\nA replay of the conference call will also be available, for a period of 12\nmonths, on the Company's website www.viridiengroup.com.\n\nStatus of the Statutory Auditors’ procedures\n\nThe Board of Directors met on May 5, 2026, and closed the consolidated\nfinancial statements as of March 31, 2026. Please note that the figures and\ninformation published in this press release have not been audited nor subject\nto any limited review by Viridien’s statutory auditors.\n\nNext financial information\n\n2026 second-quarter results: July 30, 2026 (after market close)\n\nAbout Viridien\n\nViridien (www.viridiengroup.com) is an advanced technology, digital and Earth\ndata company that pushes the boundaries of science for a more prosperous and\nsustainable future. With our ingenuity, drive and deep curiosity we discover\nnew insights, innovations, and solutions that efficiently and responsibly\nresolve complex natural resources, digital, energy transition and\ninfrastructure challenges. Viridien employs around 3,200 people worldwide and\nis listed as VIRI on the Euronext Paris SA (ISIN: FR001400PVN6).\n\nDisclaimer\n\nCertain information included in this press release is not historical data but\nforward-looking statements. These forward-looking statements are based on\ncurrent beliefs and assumptions, including, but not limited to, assumptions\nabout current and future business strategies and the environment in which\nViridien operates, and involve known and unknown risks, uncertainties and\nother factors, which may cause actual results or performance, or the results\nor other events, to be materially different from those expressed or implied in\nsuch forward-looking statements. These risks and uncertainties include those\ndiscussed or identified in Chapter 2 \"Risk Management and Internal Control\" of\nthe Universal Registration Document dated April 2, 2026, filed with the French\nFinancial Markets Authority (AMF) under number D. 26-0211 and available on the\nGroup's website (www.viridiengroup.com) and on the AMF website\n(www.amffrance.org). These forward-looking statements and information are not\nguarantees of future performance. Forward-looking statements speak only as of\nthe date of this press release. This press release does not contain or\nconstitute an offer of securities or an invitation or inducement to invest in\nsecurities in France, the United States, or any other area.\n\nInvestors contact\n\nVP Investor Relations and Corporate Finance\nAlexandre Leroy\nalexandre.leroy@viridiengroup.com\n+33 6 85 18 44 31\n\nMedia contact\n\nBrunswick \nAurélia de Lapeyrouse - +33 6 21 06 40 33\nHugues Boëton - +33 6 79 99 27 15\nTristan Roquet Montégon - +33 6 37 00 52 57\nviridien@brunswickgroup.com\n\nAPPENDICES\n\nQuarterly financial statements are unaudited and not subject to any review.\n\nKey Segment P&L figures\n\n (in millions of $) Q1 2026 Q1 2025 Change (%) \n €/$ exchange rate 1.18 1.04 +14% \n Segment Revenue 214 301 -29% \n DDE 153 214 -29% \n Geoscience 98 110 -11% \n Earth Data 54 104 -48% \n SMO 61 87 -30% \n Land 30 51 -40% \n Marine 19 25 -26% \n Other 12 11 +6% \n Segment EBITDAs 77 142 -46% \n Adjusted Segment EBITDAs 76 143 -47% \n DDE 89 137 -35% \n SMO -7 14 n.a. \n Corporate and other -6 -8 -23% \n Segment Operating Income 23 65 -65% \n Adjusted Segment Operating Income 22 66 -66% \n DDE 42 66 -36% \n SMO -13 8 n.a. \n Corporate and other -7 -9 -18% \n EDA Cash EBITDA 15 39 -62% \n\nOther KPIs\n\n (in millions of $) Q1 2026 Q1 2025 Change (%) FY 2025 Change (%) \n Geoscience backlog 231 329 -30% 256 -10% \n Total capex 40 61 -34% 207 n.a. \n Earth Data library net book value 498 489 +2% 494 +1% \n\nDefinition of Alternative Performance Indicators (API)\n\nIn its communications, Viridien includes Alternative Performance Indicators,\nthe main ones being Segment Revenue, Segment EBITDAs, Adjusted Segment\nEBITDAs, and EDA Cash EBITDA. Their definitions are set out in the 2025\nUniversal Registration Document filed with the French Financial Markets\nAuthority (AMF) and are reiterated below:\n* Segment revenue: Segment revenue is prepared in accordance with internal\nmanagement reporting with Earth Data prefunding revenues recorded based upon\npercentage of completion.\n\n\n* Segment EBITDAs: Segment EBITDAs is defined as earnings before interest,\ntax, income from equity affiliates, depreciation, amortization net of\namortization costs capitalized to Earth Data surveys, and cost of share-based\ncompensation for employees and senior executives. The cost of share-based\ncompensation includes the cost of stock options and allotments of performance\nshares. Segment EBITDAs is calculated based on internal management reporting,\nin which prefunding revenue from Earth Data surveys is recognized using the\npercentage of completion method.\n\n\n* Adjusted segment EBITDAs: Adjusted segment EBITDAs is Segment EBITDAs\nadjusted for non-recurring charges and gains.\n\n\n* EDA Cash EBITDA: EDA Cash EBITDA is defined as EDA (Earth Data) adjusted\nsegment EBITDAs less investment in EDA surveys for the period, excluding\ninactivity compensation fees related to the vessel capacity agreement signed\nbetween Viridien and Shearwater. This indicator is used exclusively for the\nEDA activity.\nReconciliation of API with the consolidated financial statements\n\nThe table below outlines the accounting adjustments made in accordance with\nIFRS 15(8) requirements. Over the period, these adjustments primarily relate\nto major survey projects conducted by Earth Data in the US Gulf and Norway.\n\n (in millions of $) Q1 2026 \n Segment IFRS 15 adjustments IFRS \n Revenue 214 -13 200 \n EBITDAs 77 -13 63 \n Non-recurring charges and gains 0 0 \n Adjusted EBITDAs 76 -13 63 \n Operating Income 23 -3 20 \n Non-recurring charges and gains 0 0 \n Adjusted Operating Income 22 -3 19 \n\nConsolidated Statement of Operations\n\n (in millions of $, except per share data) Q1 2026 Q1 2025 \n Operating revenues 200.3 257.5 \n Other income from ordinary activities 0.0 0.1 \n Total income from ordinary activities 200.3 257.6 \n Cost of operations (153.2) (171.0) \n Gross profit 47.1 86.6 \n Research and development expenses - net (2.0) (4.0) \n Marketing and selling expenses (7.6) (7.7) \n General and administrative expenses (18.3) (18.1) \n Other revenues (expenses) - net 0.6 (0.3) \n Operating Income (loss) 19.7 56.4 \n Cost of financial debt - gross (26.5) (27.4) \n Income from cash and cash equivalents 1.2 1.6 \n Cost of financial debt - net (25.3) (25.8) \n Other financial income (loss) (0.7) (46.2) \n Income (loss) before income taxes and share of income (loss) from companies accounted for under the equity method (6.3) (15.5) \n Income taxes (3.4) (12.9) \n Income (loss) before share of income (loss) from companies accounted for under the equity method (9.7) (28.4) \n Net income (loss) from companies accounted for under the equity method 0.0 (0.2) \n Net income (loss) from continuing operations (9.7) (28.6) \n Net income (loss) from discontinued operations (0.1) 0.7 \n Consolidated net income (loss) (9.8) (28.0) \n Attributable to: \n Owners of Viridien SA (9.1) (27.8) \n Non-controlling interests (0.7) (0.2) \n \n Weighted average number of ordinary shares outstanding (a) 7,186,910 7,161,218 \n Weighted average number of shares outstanding adjusted for dilutive potential ordinary shares (b) 7,186,910 7,161,218 \n Net income (loss) per share \n Basic (a) (1.27) (3.88) \n Diluted (b) (1.27) (3.88) \n Net income (loss) from continuing operations per share \n Basic (a) (1.26) (3.97) \n Diluted (b) (1.26) (3.97) \n Net income (loss) from discontinued operations per share \n Basic (a) (0.01) 0.09 \n Diluted (b) (0.01) 0.09 \n\nConsolidated Statement of Financial Position\n\n (in millions of $) Mar. 31, 2026 Dec. 31, 2025 \n ASSETS \n Cash and cash equivalents 155.2 173.0 \n Trade accounts and notes receivable, net 249.7 315.0 \n Inventories and work-in-progress, net 159.5 164.3 \n Income tax assets 33.3 31.7 \n Other current assets, net 76.0 74.9 \n Assets held for sale, net 15.8 15.8 \n Total current assets 689.5 774.7 \n Deferred tax assets 46.9 43.4 \n Other non-current assets, net 10.0 10.0 \n Investments and other financial assets, net 30.0 30.3 \n Investments in companies accounted for under the equity method 0.1 0.1 \n Property, plant and equipment, net 239.1 227.4 \n Intangible assets, net 578.0 571.9 \n Goodwill, net 1,090.4 1,092.2 \n Total non-current assets 1,994.6 1,975.3 \n TOTAL ASSETS 2,684.1 2,750.0 \n \n LIABILITIES AND EQUITY \n Financial debt – current portion 78.6 56.2 \n Trade accounts and notes payables 56.7 66.5 \n Accrued payroll costs 79.7 97.5 \n Income taxes payable 20.4 22.3 \n Advance billings to customers 20.9 17.9 \n Provisions — current portion 11.5 14.4 \n Other current financial liabilities 0.0 0.0 \n Other current liabilities 254.3 256.7 \n Liabilities associated with non-current assets held for sale 1.0 1.0 \n Total current liabilities 523.0 532.6 \n Deferred tax liabilities 10.2 9.1 \n Provisions - non-current portion 33.7 33.3 \n Financial debt – non-current portion 959.8 1,004.8 \n Other non-current financial liabilities 0.0 0.0 \n Other non-current liabilities 1.0 2.0 \n Total non-current liabilities 1,004.7 1,049.2 \n Common stock: 11,194,372 shares authorized and 7,189,314 shares with a nominal value of €1.00 outstanding at March 31, 2026 8.8 8.8 \n Additional paid-in capital 119.5 119.1 \n Retained earnings 1,091.1 1,110.2 \n Treasury shares (20.1) (20.1) \n Cumulative income and expense recognized directly in equity (1.8) (1.4) \n Cumulative translation adjustment (79.0) (86.2) \n Equity attributable to owners of Viridien S.A. 1,118.5 1,130.4 \n Non-controlling interests 37.9 37.8 \n Total equity 1,156.4 1,168.3 \n TOTAL LIABILITIES AND EQUITY 2,684.1 2,750.0 \n\nConsolidated Statement of Cash Flows\n\n (in millions of $) Q1 2026 Q1 2025 \n OPERATING ACTIVITIES \n Consolidated net income (loss) (9.8) (28.0) \n Less: Net income (loss) from discontinued operations 0.1 (0.7) \n Net income (loss) from continuing operations (9.7) (28.6) \n Depreciation, amortization, and impairment 20.7 21.2 \n Impairment and amortization of Earth Data surveys 25.6 24.3 \n Amortization and depreciation of Earth Data surveys, capitalized (4.9) (4.2) \n Variance on provisions (2.4) (0.7) \n Share-based compensation expenses 1.9 1.1 \n Net (gain) loss on disposal of fixed and financial assets 0.6 0.1 \n Share of (income) loss in companies recognized under equity method (0.0) 0.2 \n Other non-cash items 0.3 30.9 \n Net cash-flow including net cost of financial debt and income tax 32.2 44.3 \n Less: Cost of financial debt 25.3 25.8 \n Less: Income tax expense (gain) 3.4 12.9 \n Net cash-flow excluding net cost of financial debt and income tax 60.9 83.0 \n Income tax paid, net (7.7) (4.1) \n Net cash-flow before changes in working capital 53.2 78.9 \n Changes in working capital 27.4 11.6 \n - change in trade accounts and notes receivable 74.1 24.9 \n - change in inventories and work-in-progress 1.1 6.3 \n - change in other current assets (5.0) (0.2) \n - change in trade accounts and notes payable (10.9) (19.8) \n - change in other current liabilities (32.0) 0.0 \n Net cash-flow from operating activities 80.6 90.5 \n \n INVESTING ACTIVITIES \n Total capital expenditures (tangible and intangible assets) net of variation of fixed assets suppliers and excluding Earth Data surveys (15.7) (8.8) \n Investment in Earth Data surveys (24.6) (52.4) \n Proceeds from disposals of tangible and intangible assets 0.9 0.0 \n Variation in other non-current financial assets 2.1 2.3 \n Net cash-flow from investing activities (37.2) (58.9) \n\n\n\n FINANCING ACTIVITIES \n Repayment of long-term debt (41.6) (1,074.2) \n Total issuance of long-term debt - 964.2 \n Call premium (1.2) (21.9) \n Refinancing transaction costs paid - (11.7) \n Lease repayments (14.2) (9.8) \n Financial expenses paid (1.2) (38.8) \n Net proceeds from capital increase: \n - from shareholders 0.4 - \n - from non-controlling interests of integrated companies - - \n Dividends paid and share capital reimbursements: (41.6) (1,074.2) \n - to owners of Viridien SA - 964.2 \n - to non-controlling interests of integrated companies (1.2) (21.9) \n Net cash-flow from financing activities (57.9) (192.2) \n \n Effects of exchange rates on cash 0.2 6.0 \n Impact of changes in consolidation scope (3.4) - \n Net cash flows incurred by discontinued operations (0.1) (0.3) \n Net increase (decrease) in cash and cash equivalents (17 . 8) (155.0) \n Cash and cash equivalents at beginning of year 173.0 301.7 \n Cash and cash equivalents at end of period 155.2 146.6 \n\n\n\n(1) Quarterly financial statements are unaudited and not subject to any review\n(2) The net debt calculation has been revised to exclude accrued interest,\nthereby aligning Viridien’s methodology with its banking documentation\n\n(3) Please refer to the “Definitions of Alternative Performance\nIndicators” in the appendices for explanations of the terms used in this\nsection\n(4) The reconciliation of alternative performance indicators to the\nconsolidated financial statements is provided in the appendices, along with\ntheir definitions\n(5) $125m RCF of which $25m ancillary guarantee facility (used for $18m) and\n$100m fully undrawn\n(6) Including a $29m negative foreign exchange impact compared to March 31,\n2025. Net of capitalized refinancing fees\n(7) The net debt calculation has been revised to exclude accrued interest,\nthereby aligning Viridien’s methodology with its banking documentation\n\n(8) IFRS 15 requires that Earth Data prefunding revenues be recognized only\nupon delivery of the final processed data, that is, when the performance\nobligation is fulfilled. As a result, revenue and margin recognition for\nongoing surveys is deferred. Viridien’s segment reporting, however,\ncontinues to apply the percentage-of-completion method previously used before\nthe adoption of IFRS 15, for recognizing Earth Data prefunding revenues and\nassociated margins\n\nAttachment\n* Viridien - Q1 2026 results - press release\n(https://ml-eu.globenewswire.com/Resource/Download/4ac3ed7c-f01e-4191-bea3-41ca12a420e5)","article_body_html":"","raw_payload":{"data":{"id":"nGNE5lym6h","title":"REG-Viridien: 2026 first-quarter results","author":"Globe Newswire","ticker":"VIRI","created":"2026-05-05T15:45:00.342Z","tickers":["VIRI"],"exchange":"Euronext Paris","article_body":"Paris (France), May 5, 2026\n\n2026 first-quarter results\nSolid cash generation and continued deleveraging in a soft market environment\n* Net Cash Flow generation of $26m compared to -$20m in Q1 2025, driven by\ndisciplined cash management and efficient receivables collection\n\n\n* Further reduction in Net Debt (excluding IFRS 16) to $702m vs $735m at\nend-December 2025, with an additional $40.7m repaid in March on the\nUSD-denominated bond tranche\n\n\n* Segment revenue of $214m, reflecting a slow start to the year as\nanticipated, with additional uncertainty stemming from the ongoing conflict in\nthe Middle East, impacting SMO and GEO\n\n\n* Profitability reflecting lower revenue, with segment adjusted EBITDAs of\n$76m\n\n\n* FY 2026 guidance for Net Cash Flow generation of $100m, with a seasonal\nprofile similar to 2025, reiterated\nSophie Zurquiyah, Chair and CEO of Viridien: “As expected, we experienced a\nsoft start to the year, due to increased caution from E&P companies in recent\nmonths. The situation in the Middle East added further uncertainty, notably\nfor Sensing & Monitoring and Geoscience. In this context, we delivered solid\ncash generation, underscoring the strength of our asset-light model and\ndisciplined cash management. We also continued to deleverage, allocating an\nadditional $41m to bond repayment, reducing net debt to around $700m. We\nreiterate our Net Cash Flow objective of $100m for the full year 2026, with\nperformance expected to be weighted towards the second half as in 2025.”\n\n (in millions of $) (1) Q1 2026 Q1 2025 Change (%) \n Segment figures \n Revenue 214 301 -29% \n Adjusted EBITDAs 76 143 -47% \n IFRS figures \n Revenue 200 258 -22% \n EBITDAs 63 99 -36% \n Operating Income 20 56 -65% \n Net Income -10 -28 +65% \n Net Cash Flow 26 -20 n.a. \n Net Debt (2)(excluding IFRS 16) 702 848 -17% \n\nKEY HIGHLIGHTS PER BUSINESS LINE(3)\n\nData, Digital and Energy Transition (DDE): Impacted by market environment and\nproject phasing\n\nSegment revenue at $153\n\nGeoscience (GEO)\n* Revenue at $98m\n* Q1 activity was driven by large projects in Brazil and the US Gulf. Africa\nalso showed good momentum, with increasing engagement from IOCs, particularly\nin the Angolan basin. However, Q1 figures were down year-on-year due to delays\nin client project approvals in recent months, further accentuated by the\nescalation of the conflict in the Middle East\n* Viridien demonstrated agility, maintaining computing power at 690 petaflops\nduring the period, while productivity per employee remained steady at $388k\nEarth Data (EDA)\n* Revenue at $54m\n* Capex spending was limited during the period, reflecting the phasing of\nmulti-client projects and resulting in lower prefunding revenue, mainly\ngenerated from projects in the US Gulf, Norway and Uruguay. Late sales\nreflected the usual negative seasonality of the first quarter. Q1 2025 also\nrepresented a challenging comparison base\nSegment adjusted EBITDAs at $89m (36% margin) given the significantly lower\nEDA contribution, while profitability at GEO held very well. EDA Cash EBITDA,\nhowever, came in at a positive $15m, also reflecting the flexibility embedded\nin the business model.\n\nSensing and Monitoring (SMO): Impacted by a slow market and the Middle East\nconflict\n\nSegment revenue at $61m. Oil & Gas business contracted in both land and marine\nmarkets, in a soft market environment further impacted by the ongoing conflict\nin the Middle East. New businesses remained well oriented, growing mid-single\ndigit and presenting 20% of SMO’s total revenue over the period.\n\nSegment adjusted EBITDAs at -$7m, reflecting the significantly lower level of\nactivity and adverse forex (with the US dollar averaging 1.18 over the quarter\nversus 1.04 a year ago, while SMO’s cost base is primarily in euros).\n\nSegment adjusted operating income at -$13m.\n\nCONSOLIDATED IFRS FIGURES(4)\n\nProfit & Loss: Net income of -$10m, but improved threefold vs last year\n\nConsolidated IFRS revenue for Q1 2026 came in at $200m, with a $13m negative\nimpact related to IFRS15 restatements (primarily related to the Laconia\nproject in the US Gulf, still in imaging phase). IFRS EBITDAs at $63m and\nreflecting the same restatement impact vs the segment figure. IFRS Net Income\nreached -$10m vs -$28m a year ago, after mainly accounting for -$42m of leases\nand D&A, -$25m net cost of financial debt, and -$3m of income taxes.\n\n (in millions of $) Q1 2026 Q1 2025 Change (%) \n €/$ exchange rate 1.18 1.04 +14% \n Revenue 200 258 -22% \n EBITDAs 63 99 -36% \n Operating income 20 56 -65% \n Equity from investment 0 0 n.s. \n Net cost of financial debt -25 -26 -2% \n Other financial income (loss) -1 -46 -98% \n Income taxes -3 -13 -74% \n Net Income (loss) from continuing operations -10 -29 +66% \n Net Income (loss) from discontinued operations 0 1 n.s. \n Consolidated Net Income (loss) -10 -28 +65% \n\nCash Flow Statement and Debt: Solid Net Cash Flow generation, Gross Debt\nbrought further down\n\nNet Cash Flow of $26m generated in Q1 2026 vs -$20m a year ago. As a reminder,\nQ1 2025 integrated a $39m cash out linked to the anticipated payment of\ninterests catalyzed by the early bond refinancing at the end of March 2025.\nGiven the slower start to the year, the Q1 2026 Net Cash Flow generation\nproves resilient, mirroring a disciplined cash management approach from\nViridien and the increased flexibility provided by its asset-light business\nmodel. Additional outstanding receivables were successfully recovered from\nPEMEX, reflecting sustained engagement and the critical role of Viridien as a\nkey supplier.\n\n (in millions of $) Q1 2026 Q1 2025 Change (%) \n Segment EBITDAs 77 142 -46% \n Income tax paid -8 -4 92% \n Change in working capital & provisions 11 -47 n.a. \n Other cash items 0 0 n.a. \n Cash from Operating Activity 81 91 -12% \n Total capex -40 -61 -34% \n Acquisitions and proceeds of assets 1 -1 n.a. \n Cash from Investing Activity -39 -62 -36% \n Paid cost of debt -1 -39 -97% \n Lease repayment -14 -10 45% \n Other financing activities 0 0 n.a. \n Cash from Financing Activity -15 -49 -68% \n Discontinued operations acquisitions 0 0 -62% \n Net Cash Flow 26 -20 n.a. \n Refinancing costs paid (fees + call premium) -1 -34 -96% \n Repayment and issuance of debt -42 -110 -62% \n Forex and other -1 8 -108% \n Net increase (decrease) in Cash -18 -155 -89% \n\nThe 10% annual optional redemption at 103% included in Viridien’s bond\ndocumentation renewed, for a 12-month period, on March 25, 2026. As early as\nthe end of March, the Group leveraged this option and repaid an additional\nprincipal amount of $40.7m of the then-outstanding bonds, fully executing the\noption on the USD-denominated tranche. As of the date of publication of this\npress release, the remaining outstanding principal on the bonds amounts to\n$366m for the USD-denominated tranche (annual coupon of 10%) and €430m\n($494m) for the EUR-denominated tranche (annual coupon of 8.5%).\n\nWith Gross Debt (excluding IFRS 16) of $857m at end-March 2026, the Group\nreduced its leverage by close to $140m year-on-year and by close to $310m\ncompared with end-March 2024.\n\nThe solid operational execution, continued deleveraging trajectory, and\nsignificant strengthening of its financial profile led S&P to upgrade the\nCompany’s long-term credit rating to “B” with a stable outlook in early\nApril, from “B-” with a positive outlook previously. In parallel, the\nrating on the Company’s senior secured notes was raised to “B+” from\n“B” previously. A week earlier, Moody’s confirmed Viridien’s corporate\nrating at “B2” with a stable outlook, maintaining its assessment of the\nGroup’s credit profile while highlighting the increased resilience of its\nbusiness model and the relevance of its strategy. Last December, Fitch Ratings\nalso confirmed its rating at “B” with a stable outlook,\n\nAs of March 31, 2026, Viridien maintained a strong liquidity position,\nincluding a $125m RCF(5).\n\n (in millions of $) Mar. 31, 2026 Mar. 31, 2025 Change (%) Dec. 31, 2025 Change (%) \n Liquidity 255 257 -1% 273 -7% \n Cash 155 147 +6% 173 -10% \n Undrawn RCF 100 110 -9% 100 0% \n Gross Debt 1,002 1,119 -10% 1,061 -6% \n Bonds 845 (6) 964 -12% 895 -6% \n Other borrowings 12 31 -62% 13 -9% \n Lease liabilities 145 124 +17% 135 +7% \n Net Debt (7) 847 972 -13% 888 -5% \n\n        \n\nOUTLOOK\n\nThe situation in the Middle East remains uncertain, and Viridien continues to\nclosely monitor developments.\n\nWhile some delays in project approvals may persist in the near term, these are\nprimarily related to timing effects rather than underlying demand.\n\nBeyond the near term, structural drivers are supportive. Current tensions\nhighlight the importance of energy security and supply diversification.\nCombined with accelerating field depletion and a prolonged period of\nunderinvestment, this is expected to drive a renewed cycle in exploration\nspending across both frontier and mature basins.\n\nIn this context, the Group reiterates its 2026 guidance of $100m in Net Cash\nFlow generation, with a seasonal profile similar to 2025.\n\n***\n\nQ1 2026 conference call details\n\nThe press release and presentation will be made available on\nwww.viridiengroup.com at 5:45 p.m. (CET).\n\nAn English-language conference call is scheduled today at 6:00 p.m. (CET).\n\nParticipants must register for the conference call by clicking here\n(https://www.globenewswire.com/Tracker?data=DvsgSDtK_gssFpnOfW_ULugJaiAIKRniNrzrx2lEKOdRnusKUa9Xdn-nQCpQNC5_tE59PWIR3VNsZjGTo6ukT_2zZU59Va6LYpUFCa0CmSwFtNSFutrsfKnrvybq8LbLMotrb8nLzihhwASDaiTfMv6_TIqoTUmMFsWEDSYPNRA=)\nto receive a dial-in number and PIN code. Participants may also join the live\nwebcast by clicking here\n(https://www.globenewswire.com/Tracker?data=DvsgSDtK_gssFpnOfW_ULsro2rhmNQmwMUrVS7mLTo3uJcRT16im9a46HJ4kg4x-IUHMK1WggkWhfLnsecE_O9HsQozv8T1YSvKy014wY9U=).\n\nA replay of the conference call will also be available, for a period of 12\nmonths, on the Company's website www.viridiengroup.com.\n\nStatus of the Statutory Auditors’ procedures\n\nThe Board of Directors met on May 5, 2026, and closed the consolidated\nfinancial statements as of March 31, 2026. Please note that the figures and\ninformation published in this press release have not been audited nor subject\nto any limited review by Viridien’s statutory auditors.\n\nNext financial information\n\n2026 second-quarter results: July 30, 2026 (after market close)\n\nAbout Viridien\n\nViridien (www.viridiengroup.com) is an advanced technology, digital and Earth\ndata company that pushes the boundaries of science for a more prosperous and\nsustainable future. With our ingenuity, drive and deep curiosity we discover\nnew insights, innovations, and solutions that efficiently and responsibly\nresolve complex natural resources, digital, energy transition and\ninfrastructure challenges. Viridien employs around 3,200 people worldwide and\nis listed as VIRI on the Euronext Paris SA (ISIN: FR001400PVN6).\n\nDisclaimer\n\nCertain information included in this press release is not historical data but\nforward-looking statements. These forward-looking statements are based on\ncurrent beliefs and assumptions, including, but not limited to, assumptions\nabout current and future business strategies and the environment in which\nViridien operates, and involve known and unknown risks, uncertainties and\nother factors, which may cause actual results or performance, or the results\nor other events, to be materially different from those expressed or implied in\nsuch forward-looking statements. These risks and uncertainties include those\ndiscussed or identified in Chapter 2 \"Risk Management and Internal Control\" of\nthe Universal Registration Document dated April 2, 2026, filed with the French\nFinancial Markets Authority (AMF) under number D. 26-0211 and available on the\nGroup's website (www.viridiengroup.com) and on the AMF website\n(www.amffrance.org). These forward-looking statements and information are not\nguarantees of future performance. Forward-looking statements speak only as of\nthe date of this press release. This press release does not contain or\nconstitute an offer of securities or an invitation or inducement to invest in\nsecurities in France, the United States, or any other area.\n\nInvestors contact\n\nVP Investor Relations and Corporate Finance\nAlexandre Leroy\nalexandre.leroy@viridiengroup.com\n+33 6 85 18 44 31\n\nMedia contact\n\nBrunswick \nAurélia de Lapeyrouse - +33 6 21 06 40 33\nHugues Boëton - +33 6 79 99 27 15\nTristan Roquet Montégon - +33 6 37 00 52 57\nviridien@brunswickgroup.com\n\nAPPENDICES\n\nQuarterly financial statements are unaudited and not subject to any review.\n\nKey Segment P&L figures\n\n (in millions of $) Q1 2026 Q1 2025 Change (%) \n €/$ exchange rate 1.18 1.04 +14% \n Segment Revenue 214 301 -29% \n DDE 153 214 -29% \n Geoscience 98 110 -11% \n Earth Data 54 104 -48% \n SMO 61 87 -30% \n Land 30 51 -40% \n Marine 19 25 -26% \n Other 12 11 +6% \n Segment EBITDAs 77 142 -46% \n Adjusted Segment EBITDAs 76 143 -47% \n DDE 89 137 -35% \n SMO -7 14 n.a. \n Corporate and other -6 -8 -23% \n Segment Operating Income 23 65 -65% \n Adjusted Segment Operating Income 22 66 -66% \n DDE 42 66 -36% \n SMO -13 8 n.a. \n Corporate and other -7 -9 -18% \n EDA Cash EBITDA 15 39 -62% \n\nOther KPIs\n\n (in millions of $) Q1 2026 Q1 2025 Change (%) FY 2025 Change (%) \n Geoscience backlog 231 329 -30% 256 -10% \n Total capex 40 61 -34% 207 n.a. \n Earth Data library net book value 498 489 +2% 494 +1% \n\nDefinition of Alternative Performance Indicators (API)\n\nIn its communications, Viridien includes Alternative Performance Indicators,\nthe main ones being Segment Revenue, Segment EBITDAs, Adjusted Segment\nEBITDAs, and EDA Cash EBITDA. Their definitions are set out in the 2025\nUniversal Registration Document filed with the French Financial Markets\nAuthority (AMF) and are reiterated below:\n* Segment revenue: Segment revenue is prepared in accordance with internal\nmanagement reporting with Earth Data prefunding revenues recorded based upon\npercentage of completion.\n\n\n* Segment EBITDAs: Segment EBITDAs is defined as earnings before interest,\ntax, income from equity affiliates, depreciation, amortization net of\namortization costs capitalized to Earth Data surveys, and cost of share-based\ncompensation for employees and senior executives. The cost of share-based\ncompensation includes the cost of stock options and allotments of performance\nshares. Segment EBITDAs is calculated based on internal management reporting,\nin which prefunding revenue from Earth Data surveys is recognized using the\npercentage of completion method.\n\n\n* Adjusted segment EBITDAs: Adjusted segment EBITDAs is Segment EBITDAs\nadjusted for non-recurring charges and gains.\n\n\n* EDA Cash EBITDA: EDA Cash EBITDA is defined as EDA (Earth Data) adjusted\nsegment EBITDAs less investment in EDA surveys for the period, excluding\ninactivity compensation fees related to the vessel capacity agreement signed\nbetween Viridien and Shearwater. This indicator is used exclusively for the\nEDA activity.\nReconciliation of API with the consolidated financial statements\n\nThe table below outlines the accounting adjustments made in accordance with\nIFRS 15(8) requirements. Over the period, these adjustments primarily relate\nto major survey projects conducted by Earth Data in the US Gulf and Norway.\n\n (in millions of $) Q1 2026 \n Segment IFRS 15 adjustments IFRS \n Revenue 214 -13 200 \n EBITDAs 77 -13 63 \n Non-recurring charges and gains 0 0 \n Adjusted EBITDAs 76 -13 63 \n Operating Income 23 -3 20 \n Non-recurring charges and gains 0 0 \n Adjusted Operating Income 22 -3 19 \n\nConsolidated Statement of Operations\n\n (in millions of $, except per share data) Q1 2026 Q1 2025 \n Operating revenues 200.3 257.5 \n Other income from ordinary activities 0.0 0.1 \n Total income from ordinary activities 200.3 257.6 \n Cost of operations (153.2) (171.0) \n Gross profit 47.1 86.6 \n Research and development expenses - net (2.0) (4.0) \n Marketing and selling expenses (7.6) (7.7) \n General and administrative expenses (18.3) (18.1) \n Other revenues (expenses) - net 0.6 (0.3) \n Operating Income (loss) 19.7 56.4 \n Cost of financial debt - gross (26.5) (27.4) \n Income from cash and cash equivalents 1.2 1.6 \n Cost of financial debt - net (25.3) (25.8) \n Other financial income (loss) (0.7) (46.2) \n Income (loss) before income taxes and share of income (loss) from companies accounted for under the equity method (6.3) (15.5) \n Income taxes (3.4) (12.9) \n Income (loss) before share of income (loss) from companies accounted for under the equity method (9.7) (28.4) \n Net income (loss) from companies accounted for under the equity method 0.0 (0.2) \n Net income (loss) from continuing operations (9.7) (28.6) \n Net income (loss) from discontinued operations (0.1) 0.7 \n Consolidated net income (loss) (9.8) (28.0) \n Attributable to: \n Owners of Viridien SA (9.1) (27.8) \n Non-controlling interests (0.7) (0.2) \n \n Weighted average number of ordinary shares outstanding (a) 7,186,910 7,161,218 \n Weighted average number of shares outstanding adjusted for dilutive potential ordinary shares (b) 7,186,910 7,161,218 \n Net income (loss) per share \n Basic (a) (1.27) (3.88) \n Diluted (b) (1.27) (3.88) \n Net income (loss) from continuing operations per share \n Basic (a) (1.26) (3.97) \n Diluted (b) (1.26) (3.97) \n Net income (loss) from discontinued operations per share \n Basic (a) (0.01) 0.09 \n Diluted (b) (0.01) 0.09 \n\nConsolidated Statement of Financial Position\n\n (in millions of $) Mar. 31, 2026 Dec. 31, 2025 \n ASSETS \n Cash and cash equivalents 155.2 173.0 \n Trade accounts and notes receivable, net 249.7 315.0 \n Inventories and work-in-progress, net 159.5 164.3 \n Income tax assets 33.3 31.7 \n Other current assets, net 76.0 74.9 \n Assets held for sale, net 15.8 15.8 \n Total current assets 689.5 774.7 \n Deferred tax assets 46.9 43.4 \n Other non-current assets, net 10.0 10.0 \n Investments and other financial assets, net 30.0 30.3 \n Investments in companies accounted for under the equity method 0.1 0.1 \n Property, plant and equipment, net 239.1 227.4 \n Intangible assets, net 578.0 571.9 \n Goodwill, net 1,090.4 1,092.2 \n Total non-current assets 1,994.6 1,975.3 \n TOTAL ASSETS 2,684.1 2,750.0 \n \n LIABILITIES AND EQUITY \n Financial debt – current portion 78.6 56.2 \n Trade accounts and notes payables 56.7 66.5 \n Accrued payroll costs 79.7 97.5 \n Income taxes payable 20.4 22.3 \n Advance billings to customers 20.9 17.9 \n Provisions — current portion 11.5 14.4 \n Other current financial liabilities 0.0 0.0 \n Other current liabilities 254.3 256.7 \n Liabilities associated with non-current assets held for sale 1.0 1.0 \n Total current liabilities 523.0 532.6 \n Deferred tax liabilities 10.2 9.1 \n Provisions - non-current portion 33.7 33.3 \n Financial debt – non-current portion 959.8 1,004.8 \n Other non-current financial liabilities 0.0 0.0 \n Other non-current liabilities 1.0 2.0 \n Total non-current liabilities 1,004.7 1,049.2 \n Common stock: 11,194,372 shares authorized and 7,189,314 shares with a nominal value of €1.00 outstanding at March 31, 2026 8.8 8.8 \n Additional paid-in capital 119.5 119.1 \n Retained earnings 1,091.1 1,110.2 \n Treasury shares (20.1) (20.1) \n Cumulative income and expense recognized directly in equity (1.8) (1.4) \n Cumulative translation adjustment (79.0) (86.2) \n Equity attributable to owners of Viridien S.A. 1,118.5 1,130.4 \n Non-controlling interests 37.9 37.8 \n Total equity 1,156.4 1,168.3 \n TOTAL LIABILITIES AND EQUITY 2,684.1 2,750.0 \n\nConsolidated Statement of Cash Flows\n\n (in millions of $) Q1 2026 Q1 2025 \n OPERATING ACTIVITIES \n Consolidated net income (loss) (9.8) (28.0) \n Less: Net income (loss) from discontinued operations 0.1 (0.7) \n Net income (loss) from continuing operations (9.7) (28.6) \n Depreciation, amortization, and impairment 20.7 21.2 \n Impairment and amortization of Earth Data surveys 25.6 24.3 \n Amortization and depreciation of Earth Data surveys, capitalized (4.9) (4.2) \n Variance on provisions (2.4) (0.7) \n Share-based compensation expenses 1.9 1.1 \n Net (gain) loss on disposal of fixed and financial assets 0.6 0.1 \n Share of (income) loss in companies recognized under equity method (0.0) 0.2 \n Other non-cash items 0.3 30.9 \n Net cash-flow including net cost of financial debt and income tax 32.2 44.3 \n Less: Cost of financial debt 25.3 25.8 \n Less: Income tax expense (gain) 3.4 12.9 \n Net cash-flow excluding net cost of financial debt and income tax 60.9 83.0 \n Income tax paid, net (7.7) (4.1) \n Net cash-flow before changes in working capital 53.2 78.9 \n Changes in working capital 27.4 11.6 \n - change in trade accounts and notes receivable 74.1 24.9 \n - change in inventories and work-in-progress 1.1 6.3 \n - change in other current assets (5.0) (0.2) \n - change in trade accounts and notes payable (10.9) (19.8) \n - change in other current liabilities (32.0) 0.0 \n Net cash-flow from operating activities 80.6 90.5 \n \n INVESTING ACTIVITIES \n Total capital expenditures (tangible and intangible assets) net of variation of fixed assets suppliers and excluding Earth Data surveys (15.7) (8.8) \n Investment in Earth Data surveys (24.6) (52.4) \n Proceeds from disposals of tangible and intangible assets 0.9 0.0 \n Variation in other non-current financial assets 2.1 2.3 \n Net cash-flow from investing activities (37.2) (58.9) \n\n\n\n FINANCING ACTIVITIES \n Repayment of long-term debt (41.6) (1,074.2) \n Total issuance of long-term debt - 964.2 \n Call premium (1.2) (21.9) \n Refinancing transaction costs paid - (11.7) \n Lease repayments (14.2) (9.8) \n Financial expenses paid (1.2) (38.8) \n Net proceeds from capital increase: \n - from shareholders 0.4 - \n - from non-controlling interests of integrated companies - - \n Dividends paid and share capital reimbursements: (41.6) (1,074.2) \n - to owners of Viridien SA - 964.2 \n - to non-controlling interests of integrated companies (1.2) (21.9) \n Net cash-flow from financing activities (57.9) (192.2) \n \n Effects of exchange rates on cash 0.2 6.0 \n Impact of changes in consolidation scope (3.4) - \n Net cash flows incurred by discontinued operations (0.1) (0.3) \n Net increase (decrease) in cash and cash equivalents (17 . 8) (155.0) \n Cash and cash equivalents at beginning of year 173.0 301.7 \n Cash and cash equivalents at end of period 155.2 146.6 \n\n\n\n(1) Quarterly financial statements are unaudited and not subject to any review\n(2) The net debt calculation has been revised to exclude accrued interest,\nthereby aligning Viridien’s methodology with its banking documentation\n\n(3) Please refer to the “Definitions of Alternative Performance\nIndicators” in the appendices for explanations of the terms used in this\nsection\n(4) The reconciliation of alternative performance indicators to the\nconsolidated financial statements is provided in the appendices, along with\ntheir definitions\n(5) $125m RCF of which $25m ancillary guarantee facility (used for $18m) and\n$100m fully undrawn\n(6) Including a $29m negative foreign exchange impact compared to March 31,\n2025. Net of capitalized refinancing fees\n(7) The net debt calculation has been revised to exclude accrued interest,\nthereby aligning Viridien’s methodology with its banking documentation\n\n(8) IFRS 15 requires that Earth Data prefunding revenues be recognized only\nupon delivery of the final processed data, that is, when the performance\nobligation is fulfilled. As a result, revenue and margin recognition for\nongoing surveys is deferred. Viridien’s segment reporting, however,\ncontinues to apply the percentage-of-completion method previously used before\nthe adoption of IFRS 15, for recognizing Earth Data prefunding revenues and\nassociated margins\n\nAttachment\n* Viridien - Q1 2026 results - press release\n(https://ml-eu.globenewswire.com/Resource/Download/4ac3ed7c-f01e-4191-bea3-41ca12a420e5)"},"type":"article","timestamp":"2026-05-05T15:45:00.469335538Z","server_sent_at_ms":1777995900469},"received_at":"2026-05-05T15:45:00.530Z","source_url":"https://www.globenewswire.com/news-release/2026/05/05/3288015/0/en/viridien-2026-first-quarter-results.html"},"analysis":{"id":"15998","press_release_id":"21529","analysis_json":{"industry":{"label":"Energy","sector":"Energy"},"redFlags":["Segment revenue declined 29% year-over-year","Adjusted EBITDA declined 47% year-over-year","Ongoing conflict in the Middle East impacting SMO and GEO segments"],"eventType":"earnings","narrative":"Viridien reported a difficult start to the year with Q1 segment revenue of $214m, down 29% year-over-year, and IFRS revenue of $200m, down 22%, citing a soft market and the impact of the Middle East conflict on SMO and GEO segments.\n\nDespite the revenue decline, the company generated $26m in Net Cash Flow compared to a negative $20m in the prior year, driven by disciplined cash management and lower capex, while reducing Net Debt to $702m.\n\nThe company reiterated its FY 2026 guidance for $100m in Net Cash Flow generation, and S&P upgraded its long-term credit rating to 'B' with a stable outlook, citing the strengthening financial profile.","sentiment":"mixed","agentHooks":{"shouldPost":true,"suggestedAngle":"Viridien posts 30% revenue drop but offsets with positive cash flow, debt reduction, and credit rating upgrade."},"keyFigures":{"revenue":200.3,"guidance":"FY 2026 guidance for Net Cash Flow generation of $100m","revenueYoy":"-22%","customDimensions":{"net_debt":702,"net_cash_flow":26,"adjusted_ebitda":76,"segment_revenue":214,"segment_revenue_yoy":"-29%"}},"quotedText":"We reiterate our Net Cash Flow objective of $100m for the full year 2026, with performance expected to be weighted towards the second half as in 2025.","namedEntities":{"people":[{"name":"Sophie Zurquiyah","role":"Chair and CEO"},{"name":"Alexandre Leroy","role":"VP Investor Relations and Corporate Finance"}],"products":["Sensing & Monitoring (SMO)","Geoscience (GEO)","Earth Data (EDA)"],"companies":[{"name":"Viridien","ticker":"VIRI"},{"name":"PEMEX","relationship":"client"},{"name":"S&P Global","relationship":"rating agency"},{"name":"Moody's","relationship":"rating agency"},{"name":"Fitch Ratings","relationship":"rating agency"},{"name":"Shearwater","relationship":"partner"},{"name":"Brunswick","relationship":"PR firm"}],"dollarAmounts":[{"amount":"$26m","context":"Q1 2026 Net Cash Flow generation"},{"amount":"$702m","context":"Q1 2026 Net Debt (excluding IFRS 16)"},{"amount":"$214m","context":"Q1 2026 Segment revenue"},{"amount":"$100m","context":"FY 2026 Net Cash Flow generation guidance"},{"amount":"$40.7m","context":"bond repayment in March 2026"}]},"materialImpact":{"score":3,"reasoning":"Q1 revenue declined significantly (down 22-29% YoY) due to market softness and geopolitical factors, but the company offset this with strong cash generation ($26m vs -$20m last year) and continued deleveraging. The rating upgrade to B by S&P provides a counterbalance to the operational weakness."},"tickerRelevance":{"others":[],"primary":"VIRI"},"globalImportance":30,"audienceRelevance":25,"eventTypeSecondary":["guidance_update"],"importanceComponents":{"tickerTier":"mid_cap","eventGravity":"earnings_miss_with_cash_strength","sectorWeight":"energy_services","rating_upgrade":true}},"event_type":"earnings","event_type_secondary":["guidance_update"],"sentiment":"mixed","material_impact_score":3,"narrative":"Viridien reported a difficult start to the year with Q1 segment revenue of $214m, down 29% year-over-year, and IFRS revenue of $200m, down 22%, citing a soft market and the impact of the Middle East conflict on SMO and GEO segments.\n\nDespite the revenue decline, the company generated $26m in Net Cash Flow compared to a negative $20m in the prior year, driven by disciplined cash management and lower capex, while reducing Net Debt to $702m.\n\nThe company reiterated its FY 2026 guidance for $100m in Net Cash Flow generation, and S&P upgraded its long-term credit rating to 'B' with a stable outlook, citing the strengthening financial profile.","key_figures":{"revenue":200.3,"guidance":"FY 2026 guidance for Net Cash Flow generation of $100m","revenueYoy":"-22%","customDimensions":{"net_debt":702,"net_cash_flow":26,"adjusted_ebitda":76,"segment_revenue":214,"segment_revenue_yoy":"-29%"}},"named_entities":{"people":[{"name":"Sophie Zurquiyah","role":"Chair and CEO"},{"name":"Alexandre Leroy","role":"VP Investor Relations and Corporate Finance"}],"products":["Sensing & Monitoring (SMO)","Geoscience (GEO)","Earth Data (EDA)"],"companies":[{"name":"Viridien","ticker":"VIRI"},{"name":"PEMEX","relationship":"client"},{"name":"S&P Global","relationship":"rating agency"},{"name":"Moody's","relationship":"rating agency"},{"name":"Fitch Ratings","relationship":"rating agency"},{"name":"Shearwater","relationship":"partner"},{"name":"Brunswick","relationship":"PR firm"}],"dollarAmounts":[{"amount":"$26m","context":"Q1 2026 Net Cash Flow generation"},{"amount":"$702m","context":"Q1 2026 Net Debt (excluding IFRS 16)"},{"amount":"$214m","context":"Q1 2026 Segment revenue"},{"amount":"$100m","context":"FY 2026 Net Cash Flow generation guidance"},{"amount":"$40.7m","context":"bond repayment in March 2026"}]},"model_name":"glm-4.7","prompt_hash":"sha256:511026a279f8af46","schema_hash":"sha256:96555d0809de301c","created_at":"2026-05-05T18:35:53.203Z","global_importance":30,"audience_relevance":25,"importance_components":{"tickerTier":"mid_cap","eventGravity":"earnings_miss_with_cash_strength","sectorWeight":"energy_services","rating_upgrade":true}},"durationMs":155437,"modelName":"glm-4.7"}}