Viridien: 2026 third-quarter results

All outstanding unpaid PEMEX receivables were collected during the quarter, supporting working-capital normalization.

Rhea-AI Summary

Viridien (CGG) reported third-quarter 2026 net cash flow of $35 million as debt declined despite lower revenue and a net loss. Net cash flow fell 33% year on year, but nine-month cash generation rose 8% to $67 million. Net debt excluding lease accounting liabilities fell 18% year on year to $656 million.

Quarterly IFRS revenue declined 12% to $236 million, and the net loss was $10 million versus a $41 million profit. Adjusted segment EBITDAs fell 40% to $100 million. Geoscience revenue rose 3% to $112 million; Earth Data revenue fell 49% to $69 million against exceptional prior-year transfer fees, while Sensing & Monitoring revenue dropped 18% to $56 million amid Middle East disruption.

Viridien confirmed its $100 million full-year net cash flow objective and announced a partial early redemption of euro-denominated bonds for November. An operational review of Sensing & Monitoring is underway.

15 points · 0 major

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0 major · 26 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointNet debt excluding IFRS 16 fell 18% year on year to $656 million at September-end.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Euro-denominated bonds are targeted for partial early redemption in November.
• Moderate pointNine-month IFRS revenue increased 2% to $771 million.
• Moderate pointNine-month IFRS EBITDAs increased 21% to $348 million.
• Minor pointNine-month net cash flow rose 8% to $67 million, from $62 million.

10 minor points

• Minor point. Forward-looking: it has not happened yet and may not happen.Full-year 2026 net cash flow objective remains $100 million.
• Minor pointGeoscience Q3 revenue rose 3% year on year to $112 million, up 17% sequentially.
• Minor pointGeoscience backlog increased from $267 million at September-end to $283 million at October-end.
• Minor pointGeoscience pending bid value rose by a high double-digit percentage year on year.
• Minor pointGeoscience productivity per employee increased 9% to $409,000, from $374,000 a year earlier.
• Minor pointAll outstanding unpaid PEMEX receivables were collected during Q3.
• Minor pointTotal capital expenditure fell 12% to $47 million in Q3 and 20% to $138 million over nine months.
• Minor pointNet financial debt costs decreased to $23 million in Q3, from $27 million; nine-month costs fell to $72 million.
• Minor point. Forward-looking: it has not happened yet and may not happen.SMO's operational review aims to lower its break-even point while preserving capabilities.
• Minor point. Forward-looking: it has not happened yet and may not happen.Viridien expects a more favorable Q4 market environment and further momentum into 2027.

Negative

• Moderate pointQ3 IFRS revenue declined 12% to $236 million, from $266 million.
• Moderate pointQ3 net income moved to a $10 million loss, versus a $41 million profit.
• Moderate pointQ3 IFRS operating income fell 84% to $13 million; nine-month income fell 83% to $25 million.
• Moderate pointQ3 IFRS EBITDAs declined 18% to $98 million.
• Moderate pointSegment revenue fell 24% to $237 million in Q3 and 23% to $683 million over nine months.
• Moderate pointAdjusted segment EBITDAs fell 40% to $100 million in Q3 and 36% to $268 million over nine months.
• Moderate pointAdditional Geoscience verbal awards worth several tens of millions of dollars remain unformalized.
• Moderate pointQ3 net cash flow declined 33% to $35 million, from $53 million.
• Moderate pointOperating cash flow fell 23% to $97 million in Q3 and 13% to $280 million over nine months.

17 minor points

• Minor pointNine-month net income moved to a $46 million loss, versus a $19 million profit.
• Minor pointAdjusted segment operating income fell 79% to $19 million in Q3 and 80% to $36 million over nine months.
• Minor pointEarth Data Q3 revenue fell 49% to $69 million, reflecting exceptional prior-year transfer fees and lower prefunding.
• Minor pointEarth Data cash EBITDA fell to $19 million from $73 million in Q3.
• Minor pointEarth Data nine-month revenue fell 35% to $200 million; cash EBITDA declined 58% to $47 million.
• Minor pointSMO Q3 revenue fell 18% to $56 million, with Middle East uncertainty weighing on activity.
• Minor pointSMO adjusted EBITDAs moved to a $5 million Q3 loss, versus a $4 million profit.
• Minor pointSMO adjusted operating loss widened to $11 million in Q3, from $2 million.
• Minor pointSMO nine-month revenue fell 28% to $178 million.
• Minor pointSMO nine-month adjusted EBITDAs moved to a $12 million loss, versus a $30 million profit.
• Minor pointSMO nine-month adjusted operating income moved to a $29 million loss, versus a $13 million profit.
• Minor pointGeoscience nine-month revenue declined 8% to $305 million.
• Minor pointGeoscience September-end backlog was 8% below a year earlier, despite subsequent October growth.
• Minor pointSeptember-end cash was $205 million, up 18% since December but down 10% year on year.
• Minor pointSeptember-end liquidity was $305 million, up 12% since December but down 7% year on year.
• Minor pointLease liabilities rose to $148 million, up 10% since December and 18% year on year.
• Minor pointOther borrowings rose 59% since December to $21 million, although down 51% year on year.

News Explained

The board closed its consolidated financial statements as of September 30, 2026. The company separately states that the figures published in the release have not been audited or subjected to any limited review, so they are reported without auditor review.

Key Figures

Q3 revenue: $236m, down 12% year on year Adjusted Segment EBITDA: $100m, down 40% year on year Net income: -$10m +5 more

Q3 revenue

$236m, down 12% year on year

Q3 2026 consolidated IFRS revenue

Adjusted Segment EBITDA

$100m, down 40% year on year

Q3 2026

Net income

-$10m

Q3 2026 consolidated IFRS result, versus $41m in Q3 2025

Net cash flow

$35m

Q3 2026

Net cash flow

$67m, up 8%

9M 2026 versus 9M 2025

Net debt

$656m, down 18% year on year

At end-September 2026; excluding IFRS 16

Geoscience revenue

$112m, up 3% year on year

Q3 2026

Net cash flow objective

$100m

FY 2026 objective confirmed

Key Terms

ifrs 15, ifrs 16, ebitda

3 terms

ifrs 15 financial

"including a marginal -$2m IFRS 15 timing impact on revenue recognition."

IFRS 15 is an international accounting rule that tells companies when and how to record revenue from contracts with customers, covering sales, services, subscriptions and multi-part deals. It matters to investors because it determines the timing and amount of revenue shown in financial reports, affecting profit figures, comparisons between companies, and valuation models — think of it like rules for deciding when to count partial payments for a long project as income.

ifrs 16 financial

"Net Debt (excluding IFRS 16) declined to $656m at end-September 2026"

An international accounting rule that requires companies to record most leases on their balance sheet as assets and matching obligations, rather than keeping them off the books. Think of it like treating a long-term rental of a car as if the company owned it for accounting purposes; this makes a company’s assets, liabilities and reported profits more transparent so investors can better compare financial strength, debt levels and cash flow trends across businesses.

ebitda financial

"Segment adjusted EBITDAs of $100m, down -40% year on year"

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

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Paris (France), November 3, 2026

2026 third-quarter results
Solid cash generation and continued deleveraging
Further evidence of commercial recovery

• Net Cash Flow of $35m in Q3, bringing 9M 2026 to $67m vs $62m in 9M 2025, supported by Geoscience’s performance and working-capital normalization
  
  
• Net Debt (excluding IFRS 16) of $656m at end-September, down -18% year on year. A further partial early redemption of the bond, targeting the euro-denominated tranche, has been announced for November, supporting the Group’s deleveraging trajectory
  
  
• Geoscience returned to growth, with revenue of $112m, up +3% year on year and +17% sequentially, reflecting strong execution and backlog conversion. Commercial momentum remains healthy, supported by sustained customer engagement
  
  
• Earth Data revenue of $69m, down -49% year on year, reflecting a high comparison base with Q3 2025, which benefited from exceptional transfer fees. Commercial momentum continues to build across frontier basins, while year-to-date E&P performance provides a supportive backdrop for Q4 revenue
  
  
• Sensing & Monitoring revenue of $56m, down -18% year on year, still negatively impacted by the ongoing conflict in the Middle East. An operational review is underway to further strengthen the business and position it to capture growth opportunities as market conditions recover
  
  
• Segment adjusted EBITDAs of $100m, down -40% year on year, largely due to the significant contribution from the exceptional transfer fees in Q3 2025
  
  
• FY 2026 Net Cash Flow objective of $100m confirmed
  
  

Henning Berg, CEO of Viridien: “While market conditions remain uneven across our businesses, I am particularly pleased with Geoscience’s performance, which returned to growth as strong execution translated backlog into revenue. Solid cash generation during the quarter and continued deleveraging also underline our focus on further strengthening the Group’s financial position. Overall, sector sentiment continues to improve. Looking ahead, stronger customer engagement and sustained commercial activity reinforce our confidence in a more supportive market environment in Q4, with further momentum expected into 2027”.

(in millions of $)1	Q3 2026	Q3 2025	Change (%)	9M 2026	9M 2025	Change (%)
Segment figures
Revenue	237	313	-24%	683	888	-23%
Adjusted EBITDAs	100	167	-40%	268	417	-36%
IFRS figures
Revenue	236	266	-12%	771	758	+2%
EBITDAs	98	120	-18%	348	287	+21%
Operating Income	13	77	-84%	25	149	-83%
Net Income	-10	41	n.a.	-46	19	n.a.
Net Cash Flow	35	53	-33%	67	62	+8%
Net Debt2 (excluding IFRS 16)	656	804	-18%	656	804	-18%

KEY HIGHLIGHTS PER BUSINESS LINE³

Data, Digital and Energy Transition (DDE): GEO back to growth, EDA outlook encouraging

Segment Revenue of $181m

Geoscience (GEO)

• Revenue of $112m, up +3% year on year
• Q3 revenue increased 17% sequentially, reflecting effective backlog execution. Activity remained robust in mature basins, including the U.S. Gulf and Mexico, where Geoscience delivered major high-end reprocessing projects for IOCs and regional NOCs seeking to unlock new exploration opportunities in a capital-efficient manner. Emerging areas such as Guyana also remained very active
• Commercial activity remains dynamic, with the cumulative value of pending bids (i.e. tenders for which proposals have either been submitted and are awaiting award, or are currently being prepared) up by a high double-digit percentage year on year, supporting the outlook for order intake over the coming months. Backlog stood at $267m at end-September 2026 and increased to $283m at end-October 2026, with additional verbal awards not yet formalized representing several tens of millions of dollars
• Computing capacity reached 765 petaflops at end-September 2026, up +21% year on year. Productivity per employee increased to $409k, compared with $374k one year earlier (+9%)

Earth Data (EDA)

• Revenue of $69m, down -49% year on year, reflecting both the impact of exceptionally high transfer fees recorded in Q3 2025 and lower prefunding revenue. Earth Data capital expenditure amounted to $36m in Q3, down -20% year on year, reflecting changes in the phasing of certain projects. Late sales were satisfactory and remained in line with normal seasonal levels
• Cash EBITDA of $19m vs $73m in Q3 2025, again reflecting an exceptionally strong prior-year comparison driven by significant transfer fees

Segment adjusted EBITDAs of $112m, representing a 62% margin, the highest quarterly level in 2026, with GEO profitability improving both sequentially and year on year.

Sensing and Monitoring (SMO): Market conditions remain challenging

Segment Revenue of $56m, down -18% year on year, as geopolitical uncertainty in the Middle East continued to weigh on market activity.

Segment adjusted EBITDAs of -$5m and Segment adjusted Operating Income of -$11m.

With geopolitical uncertainty continuing to weigh on SMO, Viridien has initiated an operational review to further to further adapt SMO’s operating model and lower its break-even point, while preserving the capabilities required to capture future opportunities as market conditions recover.

CONSOLIDATED IFRS FIGURES⁴

Profit & Loss: Marginal IFRS 15 timing impact in Q3 2026

Consolidated IFRS revenue reached $236m in Q3 2026, including a marginal -$2m IFRS 15 timing impact on revenue recognition. IFRS EBITDAs stood at $98m, reflecting a similarly limited adjustment. IFRS net income was -$10m, mainly reflecting -$73m of depreciation and amortization (including -$65m related to Earth Data projects), -$10m of IFRS 16 lease-related expenses, -$23m in net cost of financial debt, and a +$1m contribution from income taxes.

(in millions of $)	Q3 2026	Q3 2025	Change (%)	9M 2026	9M 2025	Change (%)
€/$ exchange rate	1.16	1.16	0%	1.17	1.11	+6%
Revenue	236	266	-12%	771	758	+2%
EBITDAs	98	120	-18%	348	287	+21%
Operating Income	13	77	-84%	25	149	-83%
Equity from investment	0	0	n.s.	0	-1	n.a.
Net cost of financial debt	-23	-27	-14%	-72	-79	-10%
Other financial income (loss)	0	-1	n.a.	-1	-35	-98%
Income taxes	1	-9	n.a.	0	-16	n.a.
Net Income (loss) from continuing operations	-10	41	n.a.	-47	17	n.a.
Net Income (loss) from discontinued operations	0	1	n.a.	1	3	-55%
Consolidated Net Income (loss)	-10	41	n.a.	-46	19	n.a.

Cash Flow Statement and Debt: Continued Net Cash Flow generation

Net Cash Flow reached $35m in Q3 2026, supported by solid execution by GEO and the normalization of working capital. During the quarter, Viridien successfully collected all outstanding unpaid receivables from PEMEX, the Mexican national oil company. Year-to-date Net Cash Flow reached $67m at end-September 2026, compared with $62m generated over the same period in 2025.

(in millions of $)	Q3 2026	Q3 2025	Change (%)	9M 2026	9M 2025	Change (%)
Segment EBITDAs	100	167	-40%	260	417	-38%
Income tax paid	-5	-6	-7%	-12	-14	-12%
Change in working capital & provisions	1	-36	n.a.	22	-82	n.a.
Other cash items	1	0	n.a.	10	-1	n.a.
Cash from Operating Activity	97	125	-23%	280	320	-13%
Total capex	-47	-54	-12%	-138	-173	-20%
Acquisitions and proceeds of assets	2	1	+40%	4	2	+77%
Cash from Investing Activity	-46	-53	-13%	-134	-171	-21%
Paid cost of debt	0	-1	n.a.	-40	-41	-3%
Lease repayment	-16	-18	-13%	-41	-44	-7%
Other financing activities	0	0	n.a.	3	-1	n.a.
Cash from Financing Activity	-16	-19	-20%	-78	-86	-9%
Discontinued operations acquisitions	0	-1	n.a.	0	-1	n.a.
Net Cash Flow	35	53	-33%	67	62	+8%
Refinancing costs paid (fees + call premium)	0	0	n.a.	-1	-42	-97%
Repayment and issuance of debt	-2	9	n.a.	-36	-104	-66%
Forex and other	0	3	n.a.	2	8	-77%
Net increase (decrease) in Cash	33	65	-49%	32	-75	n.a.

Net Debt (excluding IFRS 16) declined to $656m at end-September 2026, compared with $735m at end-December 2025 and $804m at end-September 2025. Viridien remains firmly focused on deleveraging, with Net Cash Flow generation primarily allocated to debt reduction. Consistent with this strategy, and in accordance with the terms of its bond documentation, the Group has announced a new partial early bond redemption for November, targeting the euro-denominated tranche.

As of September 30, 2026, Viridien maintained a strong liquidity position, including a $125m RCF⁵.

(in millions of $)	Sep. 30, 2026	Dec. 31, 2025	Change (%)	Sep. 30, 2025	Change (%)
Liquidity	305	273	+12%	327	-7%
Cash	205	173	+18%	227	-10%
Undrawn RCF	100	100	0%	100	0%
Gross Debt	1,009	1,043	-3%	1,156	-13%
Bonds	8406	895	-6%	988	-15%
Other borrowings	21	13	+59%	42	-51%
Lease liabilities	148	135	+10%	126	+18%
Net Debt7 (including IFRS 16)	805	870	-8%	929	-13%
Net Debt7 (excluding IFRS 16)	656	735	-11%	804	-18%

OUTLOOK

Viridien continues to see improving commercial momentum across frontier basins, with further signs that the offshore investment cycle is entering a recovery phase. E&P companies are advancing projects and positioning to secure new acreage, supporting demand for legacy-data reprocessing and selective new data acquisition. Meanwhile, mature basins continue to provide solid opportunities for high-end imaging and reservoir optimization, supported by renewed investment driven by natural field depletion and increasing energy security requirements.

Overall sector sentiment is increasingly positive, with stronger customer engagement and sustained commercial activity supporting the Group’s confidence in a more favorable market environment in Q4 and further momentum into 2027.

Viridien confirms its FY 2026 Net Cash Flow objective of $100m.

***

Q3 2026 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 November 3, 2026, and closed the consolidated financial statements as of September 30, 2026. 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

2026 full-year results: February 25, 2027 (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 3,000 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 April 2, 2026, filed with the French Financial Markets Authority (AMF) under number D. 26-0211 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

Media contact

Brunswick
Aurélia de Lapeyrouse - +33 6 21 06 40 33
Hugues Boëton - +33 6 79 99 27 15
Tristan Roquet Montégon - +33 6 37 00 52 57
viridien@brunswickgroup.com

APPENDICES

Quarterly financial statements are unaudited and not subject to any review.

Key Segment P&L figures

(in millions of $)	Q3 2026	Q3 2025	Change (%)	9M 2026	9M 2025	Change (%)
€/$ exchange rate	1.16	1.16	0%	1.17	1.11	+6%
Segment Revenue	237	313	-24%	683	888	-23%
DDE	181	244	-26%	505	639	-21%
Geoscience	112	108	+3%	305	334	-8%
Earth Data	69	136	-49%	200	306	-35%
SMO	56	69	-18%	178	249	-28%
Land	26	24	+11%	76	119	-37%
Marine	14	21	-32%	49	67	-26%
Other	16	24	-34%	53	62	-15%
Segment EBITDAs	100	167	-40%	260	417	-38%
Adjusted Segment EBITDAs	100	167	-40%	268	417	-36%
DDE	112	170	-34%	302	408	-26%
SMO	-5	4	n.a.	-12	30	n.a.
Corporate and other	-6	-7	-15%	-22	-22	+1%
Segment Operating Income	19	93	-79%	27	179	-85%
Adjusted Segment Operating Income	19	93	-79%	36	179	-80%
DDE	38	103	-63%	91	190	-52%
SMO	-11	-2	+421%	-29	13	n.a.
Corporate and other	-8	-8	-8%	-26	-24	+7%
EDA Cash EBITDA	19	73	-74%	47	112	-58%

Other KPIs

(in millions of $)	Q3 2026	Q3 2025	Change (%)	9M 2026	9M 2025	Change (%)
Geoscience backlog	267	290	-8%	267	290	-8%
Total capex	47	54	-12%	138	173	-20%
Earth Data library net book value	345	534	-35%	345	534	-35%

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 2025 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 consolidated financial statements

The table below outlines the accounting adjustments made in accordance with IFRS 15⁸ requirements. Over the period, these adjustments primarily relate to major survey projects conducted by Earth Data in the US Gulf, Norway and Guyana.

(in millions of $)	Q3 2026			9M 2026
	Segment	IFRS 15 adjustments	IFRS	Segment	IFRS 15 adjustments	IFRS
Revenue	237	-2	236	683	88	771
EBITDAs	100	-2	98	260	88	348
Non-recurring charges and gains	0		0	9		9
Adjusted EBITDAs	100	-2	98	268	88	356
Operating Income	19	-7	13	27	-2	25
Non-recurring charges and gains	0		0	9		9
Adjusted Operating Income	19	-7	13	36	-2	34

Interim Consolidated Statement of Operations

(in millions of $, except per share data)	9M 2026	9M 2025
Operating revenues	771.3	758.1
Other income from ordinary activities	0.3	0.2
Total income from ordinary activities	771.6	758.2
Cost of operations	(646.8)	(520.8)
Gross profit	124.8	237.4
Research and development expenses - net	(8.1)	(9.1)
Marketing and selling expenses	(25.0)	(25.6)
General and administrative expenses	(57.7)	(54.9)
Other revenues (expenses) - net	(8.7)	0.9
Operating Income (loss)	25.3	148.7
Cost of financial debt - gross	(75.0)	(83.5)
Income from cash and cash equivalents	3.1	4.0
Cost of financial debt - net	(71.9)	(79.5)
Other financial income (loss)	(0.8)	(34.9)
Income (loss) before income taxes and share of income (loss) from companies accounted for under the equity method	(47.3)	34.3
Income taxes	0.4	(16.3)
Income (loss) before share of income (loss) from companies accounted for under the equity method	(47.0)	18.0
Net income (loss) from companies accounted for under the equity method	(0.0)	(1.1)
Net income (loss) from continuing operations	(47.0)	16.8
Net income (loss) from discontinued operations	1.1	2.5
Consolidated net income (loss)	(45.9)	19.3
Attributable to:
Owners of Viridien SA	(47.2)	18.5
Non-controlling interests	1.4	0.8
Weighted average number of ordinary shares outstanding (a)	7,202,446	7,169,701
Weighted average number of shares outstanding adjusted for dilutive potential ordinary shares (b)	7,202,446	7,217,141
Net income (loss) per share
Basic (a)	(6.56)	2.59
Diluted (b)	(6.56)	2.57
Net income (loss) from continuing operations per share
Basic (a)	(6.71)	2.23
Diluted (b)	(6.71)	2.22
Net income (loss) from discontinued operations per share
Basic (a)	0.16	0.35
Diluted (b)	0.16	0.35

Interim Consolidated Statement of Financial Position

(in millions of $)	Sep. 30, 2026	Dec. 31, 2025
ASSETS
Cash and cash equivalents	204.8	173.0
Trade accounts and notes receivable, net	247.1	315.0
Inventories and work-in-progress, net	171.8	164.3
Income tax assets	25.8	31.7
Other current assets, net	78.6	74.9
Assets held for sale, net	15.8	15.8
Total current assets	743.8	774.7
Deferred tax assets	52.9	43.4
Other non-current assets, net	10.0	10.0
Investments and other financial assets, net	30.8	30.3
Investments in companies accounted for under the equity method	0.1	0.1
Property, plant and equipment, net	245.0	227.4
Intangible assets, net	421.2	571.9
Goodwill, net	1,089.9	1,092.2
Total non-current assets	1,850.1	1,975.3
TOTAL ASSETS	2,593.8	2,750.0
LIABILITIES AND EQUITY
Financial debt – current portion	89.2	56.2
Trade accounts and notes payables	84.5	66.5
Accrued payroll costs	92.7	97.5
Income taxes payable	8.9	22.3
Advance billings to customers	22.8	17.9
Provisions - current portion	7.0	14.4
Other current financial liabilities	0.0	0.0
Other current liabilities	150.9	256.7
Liabilities associated with non-current assets held for sale	1.0	1.0
Total current liabilities	457.0	532.6
Deferred tax liabilities	5.3	9.1
Provisions - non-current portion	34.2	33.3
Financial debt – non-current portion	956.3	1,004.8
Other non-current financial liabilities	0.0	0.0
Other non-current liabilities	0.9	2.0
Total non-current liabilities	996.7	1,049.2
Common stock: 10,834,394 shares authorized and 7,219,747 shares with a nominal value of €1.00 outstanding at September 30, 2026	8.8	8.8
Additional paid-in capital	120.1	119.1
Retained earnings	1,066.4	1,110.2
Treasury shares	(20.1)	(20.1)
Cumulative income and expense recognized directly in equity	(0.7)	(1.4)
Cumulative translation adjustment	(74.5)	(86.2)
Equity attributable to owners of Viridien S.A.	1,099.9	1,130.4
Non-controlling interests	40.2	37.8
Total equity	1,140.2	1,168.3
TOTAL LIABILITIES AND EQUITY	2,593.8	2,750.0

Interim Consolidated Statement of Cash Flows

(in millions of $)		9M 2026	9M 2025
OPERATING ACTIVITIES
Consolidated net income (loss)		(45.9)	19.3
Less: Net income (loss) from discontinued operations		(1.1)	(2.5)
Net income (loss) from continuing operations		(47.0)	16.8
Depreciation, amortization, and impairment		62.6	64.3
Impairment and amortization of Earth Data surveys		267.4	83.2
Amortization and depreciation of Earth Data surveys, capitalized		(13.7)	(12.1)
Variance on provisions		(5.4)	(5.5)
Share-based compensation expenses		4.0	3.3
Net (gain) loss on disposal of fixed and financial assets		9.8	(1.3)
Share of (income) loss in companies recognized under equity method		0.0	1.1
Other non-cash items		1.4	30.3
Net cash-flow including net cost of financial debt and income tax		279.2	180.2
Less: Cost of financial debt		71.9	79.5
Less: Income tax expense (gain)		(0.4)	16.3
Net cash-flow excluding net cost of financial debt and income tax		350.7	276.0
Income tax paid, net		(12.2)	(14.0)
Net cash-flow before changes in working capital		338.5	261.9
Changes in working capital		(58.9)	58.1
- change in trade accounts and notes receivable		(31.5)	122.5
- change in inventories and work-in-progress		(12.6)	16.7
- change in other current assets		(11.0)	(2.4)
- change in trade accounts and notes payable		14.8	(64.9)
- change in other current liabilities		(18.6)	(13.7)
Net cash-flow from operating activities		279.6	320.1
INVESTING ACTIVITIES
Total capital expenditures (tangible and intangible assets) net of variation of fixed assets suppliers and excluding Earth Data surveys		(35.1)	(26.7)
Investment in Earth Data surveys		(103.0)	(146.0)
Proceeds from disposals of tangible and intangible assets		2.4	1.0
Proceeds from divestment of activities and sale of financial assets		1.4	1.0
Variation in other non-current financial assets		5.4	4.1
Net cash-flow from investing activities		(129.0)	(166.6)

FINANCING ACTIVITIES
Repayment of long-term debt		(44.2)	(1,075.8)
Total issuance of long-term debt		11.7	955.6
Call premium		(1.2)	(21.9)
Refinancing transaction costs paid		0.0	(3.7)
Lease repayments		(41.2)	(44.1)
Financial expenses paid		(40.2)	(41.4)
Net proceeds from capital increase:
- from shareholders		0.9	0.0
- from non-controlling interests of integrated companies		0.0	0.0
Dividends paid and share capital reimbursements:
- to shareholders		0.0	0.0
- to non-controlling interests of integrated companies		(0.7)	(1.4)
Net cash-flow from financing activities		(114.8)	(232.8)
Effects of exchange rates on cash		0.1	4.4
Impact of changes in consolidation scope		(3.7)	0.0
Net cash flows incurred by discontinued operations		(0.4)	(0.2)
Net increase (decrease) in cash and cash equivalents		31.8	(75.1)
Cash and cash equivalents at beginning of year		173.0	301.7
Cash and cash equivalents at end of period		204.8	226.6

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¹ Quarterly statements are unaudited and not subject to any review
² The net debt calculation has been revised to exclude accrued interest, thereby aligning Viridien’s methodology with its banking documentation
³ Please refer to the “Definitions of Alternative Performance Indicators” in the appendices for explanations of the terms used in this section
⁴ The reconciliation of alternative performance indicators to the consolidated financial statements is provided in the appendices, along with their definitions
⁵ $125m RCF of which $25m ancillary guarantee facility (virtually fully utilized) and $100m fully undrawn

⁶ Including a $17m positive foreign exchange impact compared to December 31, 2025. Net of capitalized refinancing fees
⁷ The Net Debt calculation has been revised to exclude accrued interest, thereby aligning Viridien’s methodology with its banking documentation

⁸ 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

Attachment

• Viridien - Q3 2026 results - press release

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Viridien's Q3 2026 revenue and net income?

Viridien reported IFRS revenue of $236 million and a $10 million net loss for Q3 2026. Revenue declined 12% year on year, compared with $266 million, while the prior-year quarter produced a $41 million net profit.

What is Viridien's 2026 net cash flow target?

Viridien confirmed its $100 million full-year 2026 net cash flow objective. Net cash flow reached $67 million over the first nine months, compared with $62 million in the same period of 2025.

Have Viridien's Q3 2026 financial statements been audited?

Viridien's Q3 2026 figures are unaudited and have not undergone a limited review by its statutory auditors. The board closed the consolidated financial statements as of September 30, 2026, at its November 3 meeting.