Paris (France), October 30, 2025
2025 third-quarter results
Strong 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
Oil prices remain volatile, and short-term fluctuations could prompt some arbitrage or rescheduling of E&P investments should prices temporarily soften. However, exploration and seismic activities are expected to remain resilient, with potential spending cuts more likely to affect other parts of the value chain.
Exploration and seismic are supported by structurally positive fundamentals, as E&P operators increasingly recognize the risks to production sustainability in a context of accelerating field depletion and the need to secure long-term resource supply.
Building on its strong value proposition, extensive high-quality data library, solid track record, and robust backlog, Viridien looks ahead with confidence in its ability to sustain strong cash generation and advance its deleveraging objectives, starting with the delivery of its $100 million Net Cash Flow target in 2025.
***
Q3 2025 conference call details
The press release and presentation will be made available on www.viridiengroup.com at 5:45 p.m. (CET).
An English-language conference call is scheduled today at 6:00 p.m. (CET).
Participants must register for the conference call by clicking here to receive a dial-in number and PIN code. Participants may also join the live webcast by clicking here.
A replay of the conference call will also be available, for a period of 12 months, on the Company's website www.viridiengroup.com.
Status of the statutory auditors' procedures
The Board of Directors met on October 30, 2025, and closed the consolidated financial statements as of September 30, 2025. Please note that the figures and information published in this press release have not been audited nor subject to any limited review by Viridien's statutory auditors.
Next financial information
2025 full-year results: February 26, 2026 (after market close)
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 3,200 people worldwide and is listed as VIRI on the Euronext Paris SA (ISIN: FR001400PVN6).
Disclaimer
Certain information included in this press release is not historical data but forward-looking statements. These forward-looking statements are based on current beliefs and assumptions, including, but not limited to, assumptions about current and future business strategies and the environment in which Viridien operates, and involve known and unknown risks, uncertainties and other factors, which may cause actual results or performance, or the results or other events, to be materially different from those expressed or implied in such forward-looking statements. These risks and uncertainties include those discussed or identified in Chapter 2 "Risk Management and Internal Control" of the Universal Registration Document dated March 6, 2025, filed with the French Financial Markets Authority (AMF) under number D. 25-0075 and available on the Group's website (www.viridiengroup.com) and on the AMF website (www.amffrance.org). These forward-looking statements and information are not guarantees of future performance. Forward-looking statements speak only as of the date of this press release. This press release does not contain or constitute an offer of securities or an invitation or inducement to invest in securities in France, the United States, or any other area.
Investors contact
VP Investor Relations and Corporate Finance
Alexandre Leroy
alexandre.leroy@viridiengroup.com
+33 6 85 18 44 31
APPENDICES
Quarterly financial statements are unaudited and not subject to any review.
Key Segment P&L figures
| (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% |
| Segment Revenue | 313 | 246 | +27% | 888 | 778 | +14% |
| DDE | 244 | 187 | +31% | 639 | 548 | +17% |
| Geoscience | 108 | 103 | +5% | 334 | 296 | +13% |
| Earth Data | 136 | 83 | +63% | 306 | 252 | +21% |
| SMO | 69 | 59 | +16% | 249 | 230 | +8% |
| Land | 31 | 28 | +9% | 139 | 102 | +36% |
| Marine | 21 | 13 | +65% | 67 | 88 | -24% |
| Other | 17 | 18 | -6% | 43 | 40 | +8% |
| Segment EBITDAs | 167 | 98 | +70% | 417 | 294 | +42% |
| Adjusted Segment EBITDAs | 167 | 98 | +70% | 417 | 298 | +40% |
| DDE | 170 | 108 | +58% | 408 | 307 | +33% |
| SMO | 4 | 1 | +466% | 30 | 17 | +78% |
| Corporate and other | -7 | -10 | -29% | -22 | -26 | -16% |
| Segment Operating Income | 93 | 27 | +246% | 179 | 80 | +124% |
| Adjusted Segment Operating Income | 93 | 27 | +245% | 179 | 84 | +113% |
| DDE | 103 | 44 | +137% | 190 | 117 | +62% |
| SMO | -2 | -7 | -70% | 13 | -7 | n.a. |
| Corporate and other | -8 | -10 | -13% | -24 | -27 | -10% |
| EDA Cash EBITDA | 73 | -13 | n.a. | 112 | 31 | +260% |
Other KPIs
| (in millions of $) | Q3 2025 | Q3 2024 | Change (%) | 9M 2025 | 9M 2024 | Change (%) |
| Geoscience backlog | 290 | 245 | +19% | 290 | 245 | +19% |
| Total capex | 54 | 90 | -40% | 173 | 205 | -16% |
| Earth Data library net book value | 534 | 499 | +7% | 534 | 499 | +7% |
Definition of Alternative Performance Indicators (API)
In its communications, Viridien includes Alternative Performance Indicators, the main ones being Segment Revenue, Segment EBITDAs, Adjusted Segment EBITDAs, and EDA Cash EBITDA. Their definitions are set out in the 2024 Universal Registration Document filed with the French Financial Markets Authority (AMF) and are reiterated below:
- Segment revenue: Segment revenue is prepared in accordance with internal management reporting with Earth Data prefunding revenues recorded based upon percentage of completion.
- Segment EBITDAs: Segment EBITDAs is defined as earnings before interest, tax, income from equity affiliates, depreciation, amortization net of amortization costs capitalized to Earth Data surveys, and cost of share-based compensation for employees and senior executives. The cost of share-based compensation includes the cost of stock options and allotments of performance shares. Segment EBITDAs is calculated based on internal management reporting, in which prefunding revenue from Earth Data surveys is recognized using the percentage of completion method.
- Adjusted segment EBITDAs: Adjusted segment EBITDAs is Segment EBITDAs adjusted for non-recurring charges and gains.
- EDA Cash EBITDA: EDA Cash EBITDA is defined as EDA (Earth Data) adjusted segment EBITDAs less investment in EDA surveys for the period, excluding inactivity compensation fees related to the vessel capacity agreement signed between Viridien and Shearwater. This indicator is used exclusively for the EDA activity.
Reconciliation of API with the condensed interim consolidated financial statements
The table below outlines the accounting adjustments made in accordance with IFRS 156 requirements. Over the period, these adjustments primarily relate to major survey projects conducted by Earth Data in the US Gulf and Norway.
| (in millions of $) | Q3 2025 | 9M 2025 | ||||
| Segment | IFRS 15 adjustments | IFRS | Segment | IFRS 15 adjustments | IFRS | |
| Revenue | 313 | -46 | 266 | 888 | -130 | 758 |
| EBITDAs | 167 | -46 | 120 | 417 | -130 | 287 |
| Adjustments | 0 | | | 0 | | |
| Adjusted EBITDAs | 167 | -46 | 120 | 417 | -130 | 287 |
Interim Consolidated Statement of Operations
| (in millions of $, except per share data) | 9M 2025 | 9M 2024 |
| Operating revenues | 758.1 | 784.8 |
| Other income from ordinary activities | 0.2 | 0.1 |
| Total income from ordinary activities | 758.2 | 784.9 |
| Cost of operations | (520.8) | (587.1) |
| Gross profit | 237.4 | 197.8 |
| Research and development expenses - net | (9.1) | (15.2) |
| Marketing and selling expenses | (25.6) | (28.6) |
| General and administrative expenses | (54.9) | (55.9) |
| Other revenues (expenses) - net | 0.9 | (3.6) |
| Operating Income (loss) | 148.7 | 94.6 |
| Cost of financial debt - gross | (83.5) | (82.3) |
| Income from cash and cash equivalents | 4.0 | 8.7 |
| Cost of financial debt - net | (79.5) | (73.6) |
| Other financial income (loss) | (34.9) | (0.9) |
| Income (loss) before income taxes and share of income (loss) from companies accounted for under the equity method | 34.3 | 20.1 |
| Income taxes | (16.3) | (14.2) |
| Income (loss) before share of income (loss) from companies accounted for under the equity method | 18.0 | 6.0 |
| Net income (loss) from companies accounted for under the equity method | (1.1) | 0.9 |
| Net income (loss) from continuing operations | 16.8 | 6.9 |
| Net income (loss) from discontinued operations | 2.5 | 14.7 |
| Consolidated net income (loss) | 19.3 | 21.6 |
| Attributable to: | | |
| Owners of Viridien SA | 18.5 | 21.2 |
| Non-controlling interests | 0.8 | 0.4 |
| Net income (loss) per share | | |
| Basic | 2.59 | 2.97 |
| Diluted | 2.57 | 2.95 |
| Net income (loss) from continuing operations per share | | |
| Basic | 2.23 | 0.91 |
| Diluted | 2.22 | 0.91 |
| Net income (loss) from discontinued operations per share | | |
| Basic | 0.35 | 2.06 |
| Diluted | 0.35 | 2.05 |
Interim Consolidated Statement of Financial Position
| (in millions of $) | Sept. 30, 2025 | Dec. 31, 2024 |
| ASSETS | ||
| Cash and cash equivalents | 226.6 | 301.7 |
| Trade accounts and notes receivable, net | 328.5 | 339.9 |
| Inventories and work-in-progress, net | 162.1 | 163.3 |
| Income tax assets | 13.9 | 22.9 |
| Other current assets, net | 70.5 | 74.0 |
| Assets held for sale, net | 28.6 | 24.5 |
| Total current assets | 830.1 | 926.2 |
| Deferred tax assets | 39.8 | 43.6 |
| Other non-current assets, net | 8.9 | 8.9 |
| Investments and other financial assets, net | 29.8 | 25.7 |
| Investments in companies under the equity method | 0.0 | 1.1 |
| Property, plant and equipment, net | 218.5 | 220.6 |
| Intangible assets, net | 614.3 | 535.4 |
| Goodwill, net | 1,092.0 | 1,082.8 |
| Total non-current assets | 2,003.4 | 1,918.1 |
| TOTAL ASSETS | 2,833.5 | 2,844.3 |
| LIABILITIES AND EQUITY | | |
| Financial debt - current portion | 104.6 | 56.9 |
| Trade accounts and notes payables | 52.7 | 120.9 |
| Accrued payroll costs | 91.6 | 84.5 |
| Income taxes payable | 9.1 | 20.4 |
| Advance billings to customers | 13.5 | 19.2 |
| Provisions - current portion | 14.4 | 19.7 |
| Other current financial liabilities | 0.0 | 0.5 |
| Other current liabilities | 286.4 | 182.5 |
| Liabilities associated with non-current assets held for sale | 1.7 | 2.4 |
| Total current liabilities | 574.0 | 507.0 |
| Deferred tax liabilities | 10.8 | 18.4 |
| Provisions - non-current portion | 34.7 | 28.8 |
| Financial debt - non-current portion | 1,099.3 | 1,165.6 |
| Other non-current financial liabilities | 0.0 | 0.0 |
| Other non-current liabilities | 2.2 | 1.7 |
| Total non-current liabilities | 1,146.9 | 1,214.5 |
| Common stock: 11,199,944 shares authorized and 7,180,449 shares with a nominal value of €1.00 outstanding at September 30, 2025 | 8.7 | 8.7 |
| Additional paid-in capital | 118.7 | 118.7 |
| Retained earnings | 1,056.2 | 1,036.5 |
| Other Reserves | (0.8) | 55.2 |
| Treasury shares | (20.1) | (20.1) |
| Cumulative income and expense recognized directly in equity | (1.7) | (1.1) |
| Cumulative translation adjustment | (86.4) | (113.3) |
| Equity attributable to owners of Viridien S.A. | 1,074.7 | 1,084.7 |
| Non-controlling interests | 37.9 | 38.1 |
| Total equity | 1,112.7 | 1,122.8 |
| TOTAL LIABILITIES AND EQUITY | 2,833.5 | 2,844.3 |
Interim Consolidated Statement of Cash Flows
| (in millions of $) | 9M 2025 | 9M 2024 | |
| OPERATING ACTIVITIES | |||
| Consolidated net income (loss) | 19.3 | 21.6 | |
| Less: Net income (loss) from discontinued operations | (2.5) | (14.7) | |
| Net income (loss) from continuing operations | 16.8 | 6.9 | |
| Depreciation, amortization and impairment | 64.3 | 71.8 | |
| Earth Data surveys impairment and amortization | 83.2 | 144.0 | |
| Depreciation and amortization capitalized in Earth Data surveys | (12.1) | (11.6) | |
| Variance on provisions | (5.5) | 0.2 | |
| Share-based compensation expenses | 3.3 | 2.2 | |
| Net (gain) loss on disposal of fixed and financial assets | (1.3) | 0.1 | |
| Share of (income) loss in companies recognized under equity method | 1.1 | (0.9) | |
| Other non-cash items | 30.3 | (2.5) | |
| Net cash-flow including net cost of financial debt and income tax | 180.2 | 210.2 | |
| Less: Cost of financial debt | 79.5 | 73.6 | |
| Less: Income tax expense (gain) | 16.3 | 14.2 | |
| Net cash-flow excluding net cost of financial debt and income tax | 276.0 | 297.9 | |
| Income tax paid | (14.0) | (10.0) | |
| Net cash-flow before changes in working capital | 261.9 | 287.9 | |
| Changes in working capital | 58.1 | 10.0 | |
| - change in trade accounts and notes receivable | 122.5 | (2.3) | |
| - change in inventories and work-in-progress | 16.7 | 7.0 | |
| - change in other current assets | (2.4) | 14.9 | |
| - change in trade accounts and notes payable | (64.9) | 10.6 | |
| - change in other current liabilities | (12.8) | (20.2) | |
| - change in current financial items | | (0.9) | 0.0 |
| Net cash-flow from operating activities | 320.1 | 297.8 | |
| | | | |
| INVESTING ACTIVITIES | |||
| Total capital expenditures (including variation of fixed assets suppliers, excluding Earth Data surveys) | | (26.7) | (24.3) |
| Investment in Earth Data surveys, net cash | | (146.0) | (180.1) |
| Proceeds from disposals of tangible and intangible assets | 1.0 | 1.1 | |
| Proceeds from divestment of activities and sale of financial assets | 1.0 | 0.0 | |
| Dividends received from investments in companies under the equity method | 0.0 | 0.5 | |
| Variation in loans granted | | (0.0) | 0.0 |
| Variation in other non-current financial assets | | 4.1 | (2.1) |
| Net cash-flow from investing activities | (166.6) | (205.0) |
| FINANCING ACTIVITIES | |||
| Repayment of long-term debt | (1,075.8) | (12.2) | |
| Total issuance of long-term debt | 955.6 | 0.1 | |
| Call premium | (21.9) | 0.0 | |
| Refinancing transaction costs paid | (3.7) | 0.0 | |
| Lease repayments | (44.1) | (43.4) | |
| Interests paid | (41.4) | (42.2) | |
| Dividends paid and share capital reimbursements: | | | |
| - to owners of Viridien | 0.0 | 0.0 | |
| - to non-controlling interests of integrated companies | (1.4) | (3.8) | |
| Net cash-flow from financing activities | (232.8) | (101.6) | |
| Effects of exchange rates on cash | 4.4 | 1.1 | |
| Net cash flows incurred by discontinued operations | (0.2) | 22.4 | |
| Net increase (decrease) in cash and cash equivalents | (75.1) | 14.7 | |
| Cash and cash equivalents at beginning of year | 301.7 | 327.0 | |
| Cash and cash equivalents at end of period | 226.6 | 341.7 |
1 Quarterly financial statements are unaudited and not subject to any review
2 Please refer to the "Definitions of Alternative Performance Indicators" in the appendices for explanations of the terms used in this section
3 The reconciliation of alternative performance indicators to the condensed interim consolidated financial statements is provided in the appendices, along with their definitions
4 $125m RCF of which $25m ancillary guarantee facility (used for $15m) and $100m fully undrawn
5 Including a $64m negative foreign exchange impact compared to December 31, 2024
6 IFRS 15 requires that Earth Data prefunding revenues be recognized only upon delivery of the final processed data, that is, when the performance obligation is fulfilled. As a result, revenue and margin recognition for ongoing surveys is deferred. Viridien's segment reporting, however, continues to apply the percentage-of-completion method previously used before the adoption of IFRS 15, for recognizing Earth Data prefunding revenues and associated margins
