2026 first-quarter resultsSolid cash generation and continued deleveraging in a soft market environment
Net Cash Flow generation of $26m compared to -$20m in Q1 2025, driven by disciplined cash management and efficient receivables collection
Further reduction in Net Debt (excluding IFRS 16) to $702m vs $735m at end-December 2025, with an additional $40.7m repaid in March on the USD-denominated bond tranche
Segment revenue of $214m, reflecting a slow start to the year as anticipated, with additional uncertainty stemming from the ongoing conflict in the Middle East, impacting SMO and GEO
Profitability reflecting lower revenue, with segment adjusted EBITDAs of $76m
FY 2026 guidance for Net Cash Flow generation of $100m, with a seasonal profile similar to 2025, reiterated
Sophie Zurquiyah, Chair and CEO of Viridien: "As expected, we experienced a soft start to the year, due to increased caution from E&P companies in recent months. The situation in the Middle East added further uncertainty, notably for Sensing & Monitoring and Geoscience. In this context, we delivered solid cash generation, underscoring the strength of our asset-light model and disciplined cash management. We also continued to deleverage, allocating an additional $41m to bond repayment, reducing net debt to around $700m. 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."
(in millions of $)1
Q1 2026
Q1 2025
Change (%)
Segment figures
Revenue
214
301
-29%
Adjusted EBITDAs
76
143
-47%
IFRS figures
Revenue
200
258
-22%
EBITDAs
63
99
-36%
Operating Income
20
56
-65%
Net Income
-10
-28
+65%
Net Cash Flow
26
-20
n.a.
Net Debt2 (excluding IFRS 16)
702
848
-17%
KEY HIGHLIGHTS PER BUSINESS LINE3
Data, Digital and Energy Transition (DDE): Impacted by market environment and project phasing
Segment revenue at $153
Geoscience (GEO)
Revenue at $98m
Q1 activity was driven by large projects in Brazil and the US Gulf. Africa also showed good momentum, with increasing engagement from IOCs, particularly in the Angolan basin. However, Q1 figures were down year-on-year due to delays in client project approvals in recent months, further accentuated by the escalation of the conflict in the Middle East
Viridien demonstrated agility, maintaining computing power at 690 petaflops during the period, while productivity per employee remained steady at $388k
Earth Data (EDA)
Revenue at $54m
Capex spending was limited during the period, reflecting the phasing of multi-client projects and resulting in lower prefunding revenue, mainly generated from projects in the US Gulf, Norway and Uruguay. Late sales reflected the usual negative seasonality of the first quarter. Q1 2025 also represented a challenging comparison base
Segment adjusted EBITDAs at $89m (36% margin) given the significantly lower EDA contribution, while profitability at GEO held very well. EDA Cash EBITDA, however, came in at a positive $15m, also reflecting the flexibility embedded in the business model.
Sensing and Monitoring (SMO): Impacted by a slow market and the Middle East conflict
Segment revenue at $61m. Oil & Gas business contracted in both land and marine markets, in a soft market environment further impacted by the ongoing conflict in the Middle East. New businesses remained well oriented, growing mid-single digit and presenting 20% of SMO's total revenue over the period.
Segment adjusted EBITDAs at -$7m, reflecting the significantly lower level of activity and adverse forex (with the US dollar averaging 1.18 over the quarter versus 1.04 a year ago, while SMO's cost base is primarily in euros).
Segment adjusted operating income at -$13m.
CONSOLIDATED IFRS FIGURES4
Profit & Loss: Net income of -$10m, but improved threefold vs last year
Consolidated IFRS revenue for Q1 2026 came in at $200m, with a $13m negative impact related to IFRS15 restatements (primarily related to the Laconia project in the US Gulf, still in imaging phase). IFRS EBITDAs at $63m and reflecting the same restatement impact vs the segment figure. IFRS Net Income reached -$10m vs -$28m a year ago, after mainly accounting for -$42m of leases and D&A, -$25m net cost of financial debt, and -$3m of income taxes.
(in millions of $)
Q1 2026
Q1 2025
Change (%)
€/$ exchange rate
1.18
1.04
+14%
Revenue
200
258
-22%
EBITDAs
63
99
-36%
Operating income
20
56
-65%
Equity from investment
0
0
n.s.
Net cost of financial debt
-25
-26
-2%
Other financial income (loss)
-1
-46
-98%
Income taxes
-3
-13
-74%
Net Income (loss) from continuing operations
-10
-29
+66%
Net Income (loss) from discontinued operations
0
1
n.s.
Consolidated Net Income (loss)
-10
-28
+65%
Cash Flow Statement and Debt: Solid Net Cash Flow generation, Gross Debt brought further down
Net Cash Flow of $26m generated in Q1 2026 vs -$20m a year ago. As a reminder, Q1 2025 integrated a $39m cash out linked to the anticipated payment of interests catalyzed by the early bond refinancing at the end of March 2025. Given the slower start to the year, the Q1 2026 Net Cash Flow generation proves resilient, mirroring a disciplined cash management approach from Viridien and the increased flexibility provided by its asset-light business model. Additional outstanding receivables were successfully recovered from PEMEX, reflecting sustained engagement and the critical role of Viridien as a key supplier.
(in millions of $)
Q1 2026
Q1 2025
Change (%)
Segment EBITDAs
77
142
-46%
Income tax paid
-8
-4
92%
Change in working capital & provisions
11
-47
n.a.
Other cash items
0
0
n.a.
Cash from Operating Activity
81
91
-12%
Total capex
-40
-61
-34%
Acquisitions and proceeds of assets
1
-1
n.a.
Cash from Investing Activity
-39
-62
-36%
Paid cost of debt
-1
-39
-97%
Lease repayment
-14
-10
45%
Other financing activities
0
0
n.a.
Cash from Financing Activity
-15
-49
-68%
Discontinued operations acquisitions
0
0
-62%
Net Cash Flow
26
-20
n.a.
Refinancing costs paid (fees + call premium)
-1
-34
-96%
Repayment and issuance of debt
-42
-110
-62%
Forex and other
-1
8
-108%
Net increase (decrease) in Cash
-18
-155
-89%
The 10% annual optional redemption at 103% included in Viridien's bond documentation renewed, for a 12-month period, on March 25, 2026. As early as the end of March, the Group leveraged this option and repaid an additional principal amount of $40.7m of the then-outstanding bonds, fully executing the option on the USD-denominated tranche. As of the date of publication of this press release, the remaining outstanding principal on the bonds amounts to $366m for the USD-denominated tranche (annual coupon of 10%) and €430m ($494m) for the EUR-denominated tranche (annual coupon of 8.5%).
With Gross Debt (excluding IFRS 16) of $857m at end-March 2026, the Group reduced its leverage by close to $140m year-on-year and by close to $310m compared with end-March 2024.
The solid operational execution, continued deleveraging trajectory, and significant strengthening of its financial profile led S&P to upgrade the Company's long-term credit rating to "B" with a stable outlook in early April, from "B-" with a positive outlook previously. In parallel, the rating on the Company's senior secured notes was raised to "B+" from "B" previously. A week earlier, Moody's confirmed Viridien's corporate rating at "B2" with a stable outlook, maintaining its assessment of the Group's credit profile while highlighting the increased resilience of its business model and the relevance of its strategy. Last December, Fitch Ratings also confirmed its rating at "B" with a stable outlook,
As of March 31, 2026, Viridien maintained a strong liquidity position, including a $125m RCF5.
(in millions of $)
Mar. 31, 2026
Mar. 31, 2025
Change (%)
Dec. 31, 2025
Change (%)
Liquidity
255
257
-1%
273
-7%
Cash
155
147
+6%
173
-10%
Undrawn RCF
100
110
-9%
100
0%
Gross Debt
1,002
1,119
-10%
1,061
-6%
Bonds
8456
964
-12%
895
-6%
Other borrowings
12
31
-62%
13
-9%
Lease liabilities
145
124
+17%
135
+7%
Net Debt7
847
972
-13%
888
-5%
OUTLOOK
The situation in the Middle East remains uncertain, and Viridien continues to closely monitor developments.
While some delays in project approvals may persist in the near term, these are primarily related to timing effects rather than underlying demand.
Beyond the near term, structural drivers are supportive. Current tensions highlight the importance of energy security and supply diversification. Combined with accelerating field depletion and a prolonged period of underinvestment, this is expected to drive a renewed cycle in exploration spending across both frontier and mature basins.
In this context, the Group reiterates its 2026 guidance of $100m in Net Cash Flow generation, with a seasonal profile similar to 2025.
***
Q1 2026 conference call detailsThe 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 May 5, 2026, and closed the consolidated financial statements as of March 31, 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 second-quarter results: July 30, 2026 (after market close)
About ViridienViridien (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).
DisclaimerCertain 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 FinanceAlexandre Leroy[email protected]+33 6 85 18 44 31
Media contact
Brunswick Aurélia de Lapeyrouse - +33 6 21 06 40 33Hugues Boëton - +33 6 79 99 27 15Tristan Roquet Montégon - +33 6 37 00 52 57[email protected]
APPENDICES
Quarterly financial statements are unaudited and not subject to any review.
Key Segment P&L figures
(in millions of $)
Q1 2026
Q1 2025
Change (%)
€/$ exchange rate
