Viridien : 2025 Q1 Financial Press Release

‌Paris (France), April 2G, 2025

2025 first-quarter results A SOLID START TO THE YEAR, WITH SUCCESSFUL REFINANCING AND VESSEL CAPACITY AGREEMENT TERMINATED

ǪṈṈ

Revenue2 :3OṈM (¦ṈO%)

Adjusted EBITDA2 :Ṉ43M (¦35%)

Net Cash Flow :(2O)M (vs :3OM)

Including a :42M interest payment in March 2025 (historically paid in Ǫ2)

Sophie Zurquiyah, Chief Executive Officer of Viridien:

"The first quarter of 2025 was marked by two significant milestones for the Group: the termination of the vessel capacity agreement, completing our transition toward an asset-light model, and the successful refinancing of our bonds. The end of the vessel capacity agreement opens a new chapter of enhanced flexibility in our cost base and stronger cash generation, while our bond refinancing reflects the financial market's confidence in the execution of our strategy and our long-term potential.

In parallel, our financial results for the first quarter of 2025 confirm the robust performance of our business, with commercial wins, solid profitability, and cash generation fully aligned with our long-term ambitions.

Assuming moderate fluctuations in the oil market, we expect to achieve our target of approximately :100M

in Net Cash Flow generation for the year and to continue our deleveraging journey."

Q1 2025 Highlights2

• Group

  • IFRS Revenue, EBITDA and Net Income of respectively $258 million, $99 million, $(28) million

  • Group revenue increased thanks to sustained momentum in Geoscience and successful Earth Data sales. Sensing & Monitoring comparison base returned to a more normalized level

  • Group Adjusted EBITDA of $143 million, up 35%, benefited from (i) revenue growth at Geoscience,

    (ii) revenue growth and the end of vessel commitment penalty fees at Earth Data, and (iii) cost reductions at Sensing & Monitoring

  • Cash flow of $22 million before the $42 million bond interest payment in Q1 (historically paid in Q2). Net Cash Flow of $(20) million after interest payment and negative working capital impact

  • Final milestones of our financial roadmap achieved: successful refinancing of our April 2027 $447 million and €578 million notes, replaced with $450 million 10% and €475 million 8.5% senior secured notes due October 2030

  • Net debt at $974 million and liquidity at $257 million

    ‌1 All variations refer to the same period last year

    ‌2 Unless otherwise stated, all figures and comments are referring to "Segment" (i.e. pre-IFRS 15), as defined in the 2024 Universal Registration

    Document's glossary, under section 8.7

• Digital, Data and Energy Transition (DDE)

  • Revenue at $214 million, up 16% with growth both at Geoscience (+25%) and Earth Data (+7%)

  • Adjusted EBITDA at $137 million, up 32%

  • Geoscience:

    • Revenue at $110 million (+25%)

    • Solid performance driven by continued adoption of our most advanced Elastic FWI technologies worldwide

    • North America outperforming and sustained interest of MENA clients for high-quality imaging

    • Low Carbon: minerals study in Saudi Arabia and new win for carbon sequestration in the North Sea

    • HPC & Digital: new HPC customers in Materials Science and Image Rendering operating on our platform

  • Earth Data:

    • Revenue at $104 million (+7%)

    • Cash EBITDA at $39 million (+12%)

    • Early results show game-changing imaging at Laconia and environmental permit received for a program in Brazil. Active on multiple reprocessing projects worldwide

    • Low Carbon: CCUS screening package projects funded by industrial emitters in Europe

• Sensing and Monitoring (SMO)

  • Revenue at $87 million, nearly stable (-2%), with a return to a more normalized comparison base

  • Adjusted EBITDA at $14 million (+37%), driven by cost reduction impact on profitability

  • Sustained activities in Land with strong momentum on nodal systems

  • New Businesses: new infrastructure monitoring contracts signed in North America; pursuing several geotechnical monitoring opportunities in rail and mining sectors worldwide; awarded a new project for our Marlin Ports & Logistics solution in Asia

• Full-Year 2025 financial outlook

  • In 2025, assuming a stable E&P Capex environment, performance is expected to be driven by:

    • Geoscience: growth supported by industry-leading technology and strong backlog

    • Earth Data: stronger Cash EBITDA KPI following the end of vessel commitment penalty fees

    • Sensing & Monitoring: further savings expected from the restructuring plan

    • New Businesses: growth and first- year positive contribution to Group profitability

  • Financial objective:

    • Net Cash Flow of approximately $100 million, assuming moderate oil market fluctuations

  • Following the successful refinancing completed in Q1, Viridien will continue focusing on cash flow generation and deleveraging

• Q1 2025 Conference call

  • The press release and presentation will be available on our website https://www.viridiengroup.com at 5:45 p.m. (CET)

  • An English-language analysts' conference call is scheduled today at 6:00 p.m. (CET)

  • Participants should register for the call hereto receive a dial-in number and access code, or participate via the live webcast here

  • A replay of the conference call will be available the following day for a period of 12 months in audio format on the Company's website

The Board of Directors met on April 29, 2025, and closed the consolidated financial statements as of March 31, 2025. Please note that the figures and information published in this press release have not been audited nor have they been subject to any limited review by Viridien's statutory auditors.

About Viridien:

Viridien (https://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 3,400 people worldwide and is listed as VIRI on the Euronext Paris SA (ISIN: FR001400PVNc).

Investors contact:

VP Investor Relations and Corporate Finance Alexandre Leroy [e-mail]

[phone]

Q1 2025 - Financial Results

Key Segment PGL figures (1)	2024	2025	Var.
(in millions of $)	Q1	Q1	%
Exchange rate euro/dollar	1.02	1.04	(5%)
Segment revenue	273	301	ṈO%
DDE	185	214	1c%
Geoscience	88	110	25%
Earth Data	97	104	7%
SMO	89	87	(2%)
Land	45	51	14%
Marine	34	25	(2c%)
Beyond the core	11	11	4%
Segment EBITDAs	105	142	3C%
Adjusted (2) Segment EBITDAS	106	143	35%
DDE	104	137	32%
SMO	10	14	37%
Corporate and other	(8)	(8)	-1%
Segment operating income	28	65	Ṉ3C%
Adjusted (2) Segment operating income	2G	66	Ṉ3O%
DDE	35	66	87%
SMO	2	8	303%
Corporate and other	(9)	(9)	-1%

1. Unaudited figures

2. Adjusted for non-recurring charges and gains

Other KPI (1)	2024	2025	Var.
(in millions of $)	Q1	Q1	%
Geoscience Backlog	227	32G	45%
Total Capex	58	61	5%
EDA Library net book value (2)	471	48G	4%
Liquidity	440	257	-42%
o.w. undrawn RCF	90	110 (3)	22%
Gross debt (2)	1 316	1 120	-Ṉ5%
o.w. accrued interests	43	2	-2c%
o.w. lease liabilities	108	124	15%
Net debt (2)	G66	G74	Ṉ%

1. Unaudited figures

2. Post IFRS15 and 1c

3. :125M RCF fully undrawn, o/w. :15M ancillary guarantee facility

Consolidated IFRS Income Statements (1)	2024	2025	Var.
(in millions of $)	Q1	Q1	%
Exchange rate euro/dollar	1.02	1.04	(5%)
Revenue	24G	258	4%
EBITDA	80	GG	24%
Operating Income	20	56	Ṉ85%
Equity from Investment	(0)	(0)	2%
Net cost of financial debt	(24)	(26)	c%
Other financial income (loss)	0	(46)	-
Income taxes	2	(13)	-
Net Income / Loss from continuing operations	(3)	(2G)	-
Net Income / Loss from discontinued operations	0	1	-
Net Income / (Loss)	(3)	(28)	-
Shareholder's net income / (loss)	(3)	(28)	-
Basic Earnings per share in $	(0.42)	(3.88)	-
Basic Earnings per share in €	(0.38)	(3.74)	-

1. Unaudited figures