2025 second-quarter results Solid performance amid a volatile environment Annual Net Cash Flow objective reaffirmed
Paris (France), July 31, 2025
2025 second-quarter resultsSolid performance amid a volatile environment Annual Net Cash Flow objective reaffirmed
Segment revenue of $274m in Q2 2025, up +6% year-on-year, fueled by Geoscience (GEO) and Sensing & Monitoring (SMO)
Segment adjusted EBITDAs of $107m in Q2 2025 (+14% year-on-year) or 39% margin (c.+270 bps). Profitability increase mostly driven by: 1/ the end of vessel penalties at EDA in January 2025 and 2/ good progress on the restructuring plan at SMO
Net Cash Flow generation of $30m in Q2 2025
Bond maturity extended to October 2030 after end-March 2025 successful refinancing, $125m available RCF1
2025 financial objectives reaffirmed
Sophie Zurquiyah, Chair and CEO of Viridien: "Viridien delivered a solid performance in the second quarter of 2025. Despite a volatile environment, the Group demonstrated resilience, driven by its primary focus on offshore markets and on leading oil companies. Combined with ongoing internal performance improvements, this resulted in robust year-on-year growth in both segment revenue and margins. From a cash perspective, Viridien generated a solid $30 m in Net Cash Flow during the quarter, reinforcing our confidence in reaching our full-year target of $100 m. The combination of a healthy Geoscience backlog and expected licensing activity toward year-end supports our confidence in maintaining momentum on our deleveraging path."
(in millions of $)2
Q2 2025
Q2 2024
Change (%)
H1 2025
H1 2024
Change (%)
Segment figures
Revenue
274
258
+6%
575
532
+8%
Adjusted EBITDAs
107
94
+14%
250
200
+25%
IFRS figures
Revenue
234
317
-26%
492
566
-13%
EBITDAs
68
150
-55%
167
230
-27%
Operating Income
15
52
-72%
71
72
-1%
Net Income
6
35
-83%
-22
32
n.a.
Net Cash Flow
30
-6
n.a.
10
24
-61%
Net Debt
997
941
+6%
997
941
+6%
KEY HIGHLIGHTS PER BUSINESS LINE3
Data, Digital and Energy Transition (DDE)
Segment revenue at $181 m in Q2 2025, up +3% year-on-year driven by Geoscience. New business opportunities are emerging in HPC, while low-carbon initiatives are slowing down due to delays in CCUS projects.
Geoscience (GEO)
Revenue at $115 m (+10%)
Solid performance mostly driven by work performed in Latin America and Middle East
For the past few years, Viridien has seen growing demand for advanced, high-quality, high-end subsurface imaging, especially in the US Gulf, Middle East, North Africa, and South America
Earth Data (EDA)
Revenue at $66 m (-8%), following a strong performance in the first quarter of 2025
New OBN projects started in Norway and the US Gulf
Segment adjusted EBITDAs reached $101 m, up +6% year-on-year, with a margin increase of c.+160 basis points. This performance reflects improving margins in Earth Data, which now fully benefits from the end of the vessel capacity agreement. EDA Cash EBITDA breakeven over the period.
Sensing and Monitoring (SMO)
Segment revenue at $93 m in Q2 2025, a solid +14% increase year-on-year. Activity is mostly driven by the Land segment, with strong deliveries of nodal system in South America and cabled systems in the MENA region, in particular. The Marine segment remains subdued. In New Businesses, Infrastructure monitoring is showing double-digit growth, while our Marlin Offshore Logistics solution achieved encouraging initial commercial success, with a contract signed with ONGC.
Segment adjusted EBITDAs stood at $13 m, more than double last year's figure, reflecting both revenue growth and the gradual positive impact of ongoing restructuring actions. In margin terms, second-quarter EBITDA reached nearly 13.7%, representing a c.+620 bp improvement year-on-year.
Segment adjusted Operating income at $7 m vs -$2m in Q2 2024.
CONSOLIDATED IFRS FIGURES4
Profit & Loss
Consolidated IFRS revenue for the second quarter of 2025 came in at $234m, down -26% year-on-year. EBITDAs stood at $68m, down -55%.
IFRS Net Income reaches $6m, vs $35m in the second quarter of 2024, after accounting for -$53 m of leases and D&A, -$27m net cost of financial debt, +$12m other financial income linked to the partial capitalization of refinancing operation costs and partly offset by forex impacts, and +$6m of deferred tax assets.
(in millions of $)
Q2 2025
Q2 2024
Change (%)
H1 2025
H1 2024
Change (%)
€/$ exchange rate
1.12
1.08
1.08
1.08
Revenue
234
317
-26%
492
566
-13%
EBITDAs
68
150
-55%
167
230
-27%
Operating income
15
52
-72%
71
72
-1%
Equity from investment
-1
0
n.a.
-1
0
n.a.
Net cost of financial debt
-27
-25
+6%
-52
-49
+6%
Other financial income (loss)
12
-1
n.a.
-34
-1
n.s.
Income taxes
6
-8
n.a.
-7
-6
+32%
Net Income (loss) from continuing operations
5
19
-74%
-24
16
n.a.
Net Income (loss) from discontinued operations
1
16
-92%
2
16
-88%
Consolidated Net Income (loss)
6
35
-83%
-22
32
n.a.
Cash Flow and Net debt
Net Cash Flow of $10 m generated in the first half of 2025, including $30 m in the second quarter alone. A solid performance in light of the significant pressure on the Group's working capital, caused by overdue receivables from Mexican National Oil Company PEMEX (c.$50 m as of June 30, 2025) and largely contributing to the negative -$46m change in working capital over the period.
Also worth noting that Net Cash Flow in the first half of 2024 included a one-off positive inflow of $38 m, related to the settlement of a litigation with ONGC.
(in millions of $)
Q2 2025
Q2 2024
Change (%)
H1 2025
H1 2024
Change (%)
Segment EBITDAs
108
91
+19%
250
196
+28%
Income Tax Paid
-4
-9
-52%
-8
-12
-31%
Change in Working Capital & Provisions
1
-3
n.a.
-46
-3
n.s.
Other Cash Items
-1
0
n.a.
-1
0
n.a.
Cash from Operating Activity
103
78
+32%
195
180
+8%
Total Capex
-58
-57
+1%
-119
-115
+3%
Acquisitions and Proceeds of Assets
1
0
n.a.
1
0
n.s.
Cash from Investing Activity
-56
-56
0%
-118
-114
+3%
Paid Cost of Debt
-1
-45
-97%
-40
-43
-8%
Lease Repayment
-16
-16
+5%
-26
-27
-5%
Cash from Financing Activity
-18
-61
-71%
-67
-71
-6%
Discontinued Operations Acquisitions
0
33
-100%
0
30
-100%
Net Cash Flow
30
-6
n.a.
10
24
-60%
Bond maturity significantly extended to October 2030 following the successful refinancing at end-March 2025. Ample liquidity in place, including a $125m RCF5.
(in millions of $)
June 30, 2025
Dec. 31, 2024
Change (%)
June 30, 2024
Change (%)
Liquidity
262
392
-33%
430
-39%
Cash
162
302
-46%
340
-52%
Undrawn RCF
100
90
+11%
90
+11%
Gross Debt
1,158
1,223
-5%
1,281
-10%
Bonds
9876
1,049
-6%
1,126
-12%
Other borrowings
31
31
-1%
32
-3%
Accrued interests
25
18
+33%
20
+24%
Lease liabilities
116
125
-7%
103
+12%
Net Debt
997
921
+8%
941
+6%
OUTLOOK
The oil price environment has ...
