CGG : 2022 Q3 Financial Press Release (English)

CGG Announces its Q3 2022 Results

Soft Q3 as clients' projects shifted to Q4 and 2023

2022 segment revenue expected to be around $900m,

stable pro-formayear-on-year

2022 segment EBITDAs expected to be around $380m, up 10%

and up 15% pro-formayear-on-year

Strengthening market confirms favorable upcycle

PARIS, France - November 2, 2022 - CGG (ISIN: FR0013181864), a global technology and high-performance computing (HPC) leader announced today its third quarter 2022 non-audited results.

Commenting on these results, Sophie Zurquiyah, CGG CEO, said:

"Throughout the year we continued to see our market environment strengthening globally, mainly driven by increased interest and activity offshore in the Western hemisphere and onshore in the Middle East and North Africa. While stronger market conditions have led to increased commercial activity, confirming the expected multi-year upcycle, near-term macro and geopolitical uncertainties resulted in increased volatility and clients' projects shift. This particularly affected our Sensing and Monitoring business, which will see significant growth in 2023. However, our Data, Digital and Energy transition business remains solid with growth in line with increased E&P Capex. We anticipate a strong Q4 led by Earth Data sales. We remain focused on capturing the upcycle ahead of us and increasing our topline, with the objective of deleveraging our balance sheet. This growth will be supported by our clear technology differentiation, strong focus on our clients' priorities, and the ongoing development of our Beyond the Core businesses."

Q3 2022: A soft quarter as clients' projects shifted to Q4 and 2023

• IFRS figures: revenue at $255m, EBITDAs at $115m, OPINC at $28m
• Segment revenue at $217m, down (20%) and down (16)% pro-forma*year-on-year.

1. Geoscience at $69m, up 8% pro-forma*year-on-year mainly driven by Western hemisphere and high-end technology. The increasing level of year-to-date commercial bids worldwide by 26% and growth of year-to- date order intake by 37% pro-formayear-on-year are clear and positive signals of global market improvement.

1. Earth Data at $62m, down (33)% year-on-year. Prefunding revenue at $19m was lower than expected due to the shift of some prefunding of
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North Sea projects from Q3 to Q4 and Brazil projects into 2023. After sales were at $43m, up 32% year-on-year.

o Sensing and Monitoring at $86m, down (15)% year-on-year. In contrast to this, SMO level of commercial bids at the end of September was at the highest level since 2016, and several contracts and deliveries in the Middle East and North Africa shifted to 2023.

• Segment EBITDAs at $77m, a 35% margin and adjusted** segment EBITDAs at $75m
• Segment operating income at $25m, a 12% margin, and adjusted** segment operating income at $24m
• Group net loss at $(2)m, a significant improvement compared to a net loss of $(16)m last year
• Net cash-flow before M&A cash consideration at $(62)m
• Net cash flow at $(78)m, including $(19)m net payment for the acquisition of ION software division and $(40)m negative change in working capital, mainly related to the SMO business.

9 months 2022: Profitability improvement

• IFRS figures: revenue at $659m, EBITDAs at $290m, OPINC at $97m
• Segment revenue at $610m, down (5)% and slightly up pro-forma* year- on-year
• Segment EBITDAs at $241m, a 40% margin, up 27% year-on-year,and adjusted** segment EBITDAs at $236m
• Segment operating income at $86m, a 14% margin, significantly up from $9m a year ago, and adjusted** segment operating income at $82m
• Group net loss at $(4)m, a significant improvement compared to a net loss of $(152)m last year
• Net cash flow at $(65)m

Balance Sheet at the end of September

• Liquidity of $325m, including cash liquidity of $225m and $100m of undrawn RCF
• Net debt before IFRS 16 at $889m as of September 30, 2022
• Segment leverage ratio of Net debt to Adjusted** Segment EBITDAs was 2.5x at the end of September 2022, down from 2.9x at the end of December 2021

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Full Year 2022 financial guidance update:

• 2022 CGG segment revenue expected to be around $900 million, stable pro- forma* year-on-year.

1. DDE 2022 segment revenue expected to be up around 18% pro- forma* year-on-year

• 1. SMO 2022 segment revenue expected to be down around 30% year- on-year and below guidance due to the shift of major clients' projects to 2023 and the ban on exports to Russia ($50m impact). SMO inventories are expected to come down during H1 2023 on the back of higher equipment deliveries.
• 2022 segment EBITDAs is expected to be around $380m, up 10% year-on- year and up 15% pro-forma*year-on-year, and segment EBITDAs margin is expected to increase to around 42% due to a favorable business mix.
• 2022 EDA cash Capex is expected to be around $200m with prefunding at around 60-70% mainly due to the shift of some prefunding revenue for our programs offshore Brazil into 2023. 2022 Industrial and R&D Capex is expected to be around $60m, $10m lower than guidance.
• With these updated EBITDAs and Capex, 2022 Free EBITDAs (EBITDAs - Capex) is expected to be around $120m, broadly in line with our original expectations based on financial objectives provided on March 3, 2022.
• Strenghthening market confirms multi-year upcycle from 2023 onwards

• Pro-formaindicators represent supplementary information adjusted for GeoSoftware and Physical Asset Storage and Services businesses sold in 2021.
• Adjusted indicators represent supplementary information adjusted for non-recurring charges triggered by economic downturn.

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Key Figures - Third Quarter 2022

	Key Figures IFRS			2021			2022			Variances
	In million $			Q3			Q3			%
	Operating revenues	210		255		21%
	Operating Income	21		28		35%
	Equity from Investment	(0)		0		-
	Net cost of financial debt	(27)		(24)		9%
	Other financial income (loss)	(0)		(1)		-
	Income taxes	(7)		(4)		45%
	Net Income / Loss from continuing	(13)		(1)		91%
operations
	Net Income / Loss from discontinued operations	(3)		(0)		-
	Group net income / (loss)	(16)		(2)		90%
	Operating Cash Flow	76		37		(51%)
	Net Cash Flow	(34)		(78)		-
	Net debt	1,113		976		(12%)
	Net debt before lease liabilities	987		889		(10%)
	Capital employed	2,137		2,006		(6%)
	Key Figures - End of September 2022

	Key Figures IFRS			2021			2022			Variances
	In million $			9 MONTHS			9 MONTHS			%
	Operating revenues	591		659		11%
	Operating Income	(0)		97		-
	Equity from Investment	0		(0)		-
	Net cost of financial debt	(94)		(75)		21%
	Other financial income (loss)	(42)		2		-
	Income taxes	(17)		(27)		(54%)
	Net Income / Loss from continuing	(154)		(2)		99%
operations
	Net Income / Loss from discontinued operations	2		(2)		-
	Group net income / (loss)	(152)		(4)		97%
	Operating Cash Flow	235		243		3%
	Net Cash Flow	(61)		(65)		(6%)
	Net debt	1,113		976		(12%)
	Net debt before lease liabilities	987		889		(10%)
	Capital employed	2,137		2,006		(6%)

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Key Segment Figures - Third Quarter 2022

	Key Segment Figures			2021			2022			Variances
	In million $			Q3			Q3			%
	Segment revenue	270		217		(20%)
	Segment EBITDAs	118		77		(35%)
	Group EBITDAs margin	44%		35%			(8) bps
	Segment operating income	33		25		(23%)
	Opinc margin	12%		12%			(1) bps
	IFRS 15 adjustment	(13)		2		-
	IFRS operating income	21		28		35%
	Operating Cash Flow	76		37		(51%)
	Net Segment Cash Flow	(34)		(78)		-
	Supplementary information
	Adjusted segment EBITDAs before NRC	119		75		(37%)
	EBITDAs margin	44%		35%			(10) bps
	Adjusted segment operating income before	35		24		(32%)
NRC
	Opinc margin	13%		11%			(2) bps

Key Segment Figures - End of September 2022

	Key Segment Figures In million $			2021			2022			Variances
			9 MONTHS			9 MONTHS			%
	Segment revenue	640		610		(5%)
	Segment EBITDAs	190		241		27%
	Group EBITDAs margin	30%		40%			10 bps
	Segment operating income	9		86		-
	Opinc margin	1%		14%			13 bps
	IFRS 15 adjustment	(9)		11		-
	IFRS operating income	(0)		97		-
	Operating Cash Flow	235		243		3%
	Net Segment Cash Flow	(61)		(65)		(6%)
	Supplementary information
	Adjusted segment EBITDAs before NRC	188		236		26%
	EBITDAs margin	29%		39%			9 bps
	Adjusted segment operating income before	0		82		-
NRC
	Opinc margin	0%		13%			13 bps

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