2025 first-quarter results
Viridien reported strong Q1 2025 results with revenue of $301M (+10%) and adjusted EBITDA of $143M (+35%). Two major milestones were achieved: termination of the vessel capacity agreement and successful bond refinancing. The company completed its transition to an asset-light model.
Key financial highlights:
- Digital, Data and Energy Transition revenue: $214M (+16%)
- Geoscience revenue: $110M (+25%)
- Earth Data revenue: $104M (+7%)
- Sensing & Monitoring revenue: $87M (-2%)
Net cash flow was $(20)M, including a $42M interest payment. Net debt stood at $974M with liquidity of $257M. The company successfully refinanced its bonds with new $450M (10%) and €475M (8.5%) senior secured notes due October 2030. For full-year 2025, Viridien targets approximately $100M in Net Cash Flow generation, assuming moderate oil market fluctuations.
Viridien ha riportato risultati solidi nel primo trimestre 2025 con un fatturato di 301 milioni di dollari (+10%) e un EBITDA rettificato di 143 milioni di dollari (+35%). Sono stati raggiunti due importanti traguardi: la cessazione dell'accordo sulla capacità delle navi e il rifinanziamento con successo delle obbligazioni. L'azienda ha completato la transizione verso un modello a basso impatto patrimoniale.
Punti chiave finanziari:
- Ricavi Digital, Data e Transizione Energetica: 214 milioni di dollari (+16%)
- Ricavi Geoscienze: 110 milioni di dollari (+25%)
- Ricavi Earth Data: 104 milioni di dollari (+7%)
- Ricavi Sensing & Monitoring: 87 milioni di dollari (-2%)
Il flusso di cassa netto è stato di -20 milioni di dollari, includendo un pagamento di interessi di 42 milioni di dollari. Il debito netto si è attestato a 974 milioni di dollari con una liquidità di 257 milioni di dollari. L'azienda ha rifinanziato con successo le obbligazioni con nuove note senior garantite da 450 milioni di dollari (10%) e 475 milioni di euro (8,5%) con scadenza ottobre 2030. Per l'intero 2025, Viridien punta a generare un flusso di cassa netto di circa 100 milioni di dollari, ipotizzando fluttuazioni moderate del mercato petrolifero.
Viridien reportó sólidos resultados en el primer trimestre de 2025 con ingresos de 301 millones de dólares (+10%) y un EBITDA ajustado de 143 millones de dólares (+35%). Se lograron dos hitos importantes: la terminación del acuerdo de capacidad de embarcaciones y la exitosa refinanciación de bonos. La compañía completó su transición a un modelo con menor dependencia de activos.
Aspectos financieros clave:
- Ingresos de Digital, Datos y Transición Energética: 214 millones de dólares (+16%)
- Ingresos de Geociencia: 110 millones de dólares (+25%)
- Ingresos de Earth Data: 104 millones de dólares (+7%)
- Ingresos de Sensing & Monitoring: 87 millones de dólares (-2%)
El flujo de caja neto fue de -20 millones de dólares, incluyendo un pago de intereses de 42 millones de dólares. La deuda neta se situó en 974 millones de dólares con una liquidez de 257 millones de dólares. La empresa refinanció exitosamente sus bonos con nuevas notas senior garantizadas de 450 millones de dólares (10%) y 475 millones de euros (8.5%) con vencimiento en octubre de 2030. Para todo el año 2025, Viridien apunta a generar aproximadamente 100 millones de dólares en flujo de caja neto, asumiendo fluctuaciones moderadas en el mercado petrolero.
Viridien은 2025년 1분기에 매출 3억 1천만 달러(+10%)와 조정 EBITDA 1억 4,300만 달러(+35%)라는 강력한 실적을 보고했습니다. 두 가지 주요 이정표를 달성했는데, 선박 용량 계약 종료와 성공적인 채권 재융자가 그것입니다. 회사는 자산 경량화 모델로의 전환을 완료했습니다.
주요 재무 하이라이트:
- 디지털, 데이터 및 에너지 전환 매출: 2억 1,400만 달러(+16%)
- 지구과학 매출: 1억 1,000만 달러(+25%)
- Earth Data 매출: 1억 400만 달러(+7%)
- 센싱 및 모니터링 매출: 8,700만 달러(-2%)
순현금 흐름은 이자 지급 4,200만 달러를 포함해 -2,000만 달러였습니다. 순부채는 9억 7,400만 달러이며, 유동성은 2억 5,700만 달러입니다. 회사는 4억 5,000만 달러(10%) 및 4억 7,500만 유로(8.5%)의 선순위 담보 채권을 2030년 10월 만기로 성공적으로 재융자했습니다. 2025년 전체 목표는 석유 시장의 중간 변동성을 가정할 때 약 1억 달러의 순현금 흐름을 창출하는 것입니다.
Viridien a annoncé de solides résultats pour le premier trimestre 2025 avec un chiffre d'affaires de 301 millions de dollars (+10 %) et un EBITDA ajusté de 143 millions de dollars (+35 %). Deux étapes majeures ont été franchies : la résiliation de l'accord sur la capacité des navires et le refinancement réussi des obligations. L'entreprise a achevé sa transition vers un modèle allégé en actifs.
Points financiers clés :
- Chiffre d'affaires Digital, Données et Transition Énergétique : 214 millions de dollars (+16 %)
- Chiffre d'affaires Géosciences : 110 millions de dollars (+25 %)
- Chiffre d'affaires Earth Data : 104 millions de dollars (+7 %)
- Chiffre d'affaires Sensing & Monitoring : 87 millions de dollars (-2 %)
Le flux de trésorerie net s'est élevé à -20 millions de dollars, incluant un paiement d'intérêts de 42 millions de dollars. La dette nette s'établit à 974 millions de dollars avec une liquidité de 257 millions de dollars. L'entreprise a réussi à refinancer ses obligations avec de nouvelles obligations senior garanties de 450 millions de dollars (10 %) et 475 millions d'euros (8,5 %) arrivant à échéance en octobre 2030. Pour l'année complète 2025, Viridien vise une génération de flux de trésorerie net d'environ 100 millions de dollars, en supposant des fluctuations modérées du marché pétrolier.
Viridien meldete starke Ergebnisse für das erste Quartal 2025 mit einem Umsatz von 301 Mio. USD (+10 %) und einem bereinigten EBITDA von 143 Mio. USD (+35 %). Zwei wichtige Meilensteine wurden erreicht: die Beendigung der Vereinbarung zur Schiffskapazität und die erfolgreiche Refinanzierung von Anleihen. Das Unternehmen hat den Übergang zu einem asset-light Modell abgeschlossen.
Wesentliche finanzielle Highlights:
- Umsatz Digital, Daten und Energiewende: 214 Mio. USD (+16 %)
- Umsatz Geowissenschaften: 110 Mio. USD (+25 %)
- Umsatz Earth Data: 104 Mio. USD (+7 %)
- Umsatz Sensing & Monitoring: 87 Mio. USD (-2 %)
Der Netto-Cashflow betrug -20 Mio. USD, einschließlich einer Zinszahlung von 42 Mio. USD. Die Nettoverschuldung lag bei 974 Mio. USD bei einer Liquidität von 257 Mio. USD. Das Unternehmen refinanzierte erfolgreich seine Anleihen mit neuen vorrangig besicherten Schuldverschreibungen über 450 Mio. USD (10 %) und 475 Mio. EUR (8,5 %) mit Fälligkeit im Oktober 2030. Für das Gesamtjahr 2025 strebt Viridien unter der Annahme moderater Schwankungen am Ölmarkt einen Netto-Cashflow von etwa 100 Mio. USD an.
- Revenue increased 10% to $301M in Q1 2025
- Adjusted EBITDA grew 35% to $143M
- Successful bond refinancing completed with new 2030 maturity
- Digital, Data and Energy Transition revenue up 16% to $214M
- Geoscience revenue increased 25% to $110M
- Earth Data revenue grew 7% to $104M
- Cost reduction improved Sensing & Monitoring EBITDA by 37%
- Expected Net Cash Flow of $100M for full-year 2025
- Strong backlog in Geoscience segment
- Negative Net Cash Flow of -$20M in Q1 (vs +$30M previous year)
- Net debt remains high at $974M
- Sensing & Monitoring revenue declined 2%
- Negative working capital impact in Q1
- Net Income remained negative at -$28M
Insights
Viridien reports 10% revenue growth, 35% EBITDA growth, and completed key financial milestones with successful refinancing and vessel agreement termination.
Viridien delivered strong Q1 2025 results with
The refinancing replaced
While Q1 net cash flow was
Segment performance shows robust growth:
- Digital, Data and Energy Transition: Revenue
$214M (+16% ), EBITDA$137M (+32% ) - Geoscience: Revenue
$110M (+25% ) - Earth Data: Revenue
$104M (+7% ), Cash EBITDA$39M (+12% ) - Sensing & Monitoring: Revenue
$87M (-2% ), EBITDA$14M (+37% )
The termination of vessel commitment penalty fees directly benefits Earth Data profitability, while cost reductions drive margin improvement in Sensing & Monitoring despite slightly lower revenue.
Management maintains its full-year 2025 guidance of approximately
Paris (France), April 29, 2025
A SOLID START TO THE YEAR, WITH SUCCESSFUL REFINANCING
AND VESSEL CAPACITY AGREEMENT TERMINATED
| Q11 | ||
| Revenue2 | ||
| Adjusted EBITDA2 | ||
| Net Cash Flow | Including a |
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
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
- IFRS Revenue, EBITDA and Net Income of respectively
- Group Adjusted EBITDA of
$143 million , up35% , 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
- Digital, Data and Energy Transition (DDE)
- Revenue at
$214 million , up16% with growth both at Geoscience (+25% ) and Earth Data (+7% ) - Adjusted EBITDA at
$137 million , up32% - 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
- Revenue at
- 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
- Revenue at
- Geoscience:
- Revenue at
- 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
- Revenue at
- 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
- In 2025, assuming a stable E&P Capex environment, performance is expected to be driven by:
- 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
- Net Cash Flow of approximately
- 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 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 here to 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 (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: FR001400PVN6).
Investors contact:
VP Investor Relations and Corporate Finance
Alexandre Leroy
alexandre.leroy@viridiengroup.com
+33 6 85 18 44 31
Q1 2025 - Financial Results
| Key Segment P&L figures (1) (in millions of $) | 2024 | 2025 | Var. % |
| Q1 | Q1 | ||
| Exchange rate euro/dollar | 1.09 | 1.04 | ( |
| Segment revenue | 273 | 301 | |
| DDE | 185 | 214 | |
| Geoscience | 88 | 110 | |
| Earth Data | 97 | 104 | |
| SMO | 89 | 87 | ( |
| Land | 45 | 51 | |
| Marine | 34 | 25 | ( |
| Beyond the core | 11 | 11 | |
| Segment EBITDAs | 105 | 142 | |
| Adjusted (2) Segment EBITDAS | 106 | 143 | |
| DDE | 104 | 137 | |
| SMO | 10 | 14 | |
| Corporate and other | (8) | (8) | - |
| Segment operating income | 28 | 65 | |
| Adjusted (2) Segment operating income | 29 | 66 | |
| DDE | 35 | 66 | |
| SMO | 2 | 8 | |
| Corporate and other | (9) | (9) | - |
| 1) Unaudited figures 2) Adjusted for non-recurring charges and gains |
| Other KPI (1) (in millions of $) | 2024 | 2025 | Var. % |
| Q1 | Q1 | ||
| Geoscience Backlog | 227 | 329 | |
| Total Capex | 58 | 61 | |
| EDA Library net book value (2) | 471 | 489 | |
| Liquidity | 440 | 257 | - |
| o.w. undrawn RCF | 90 | 110 (3) | |
| Gross debt (2) | 1 316 | 1 120 | - |
| o.w. accrued interests | 43 | 2 | - |
| o.w. lease liabilities | 108 | 124 | |
| Net debt (2) | 966 | 974 | |
| 1) Unaudited figures 2) Post IFRS15 and 16 3) |
| Consolidated IFRS Income Statements (1) (in millions of $) | 2024 | 2025 | Var. % |
| Q1 | Q1 | ||
| Exchange rate euro/dollar | 1.09 | 1.04 | ( |
| Revenue | 249 | 258 | |
| EBITDA | 80 | 99 | |
| Operating Income | 20 | 56 | |
| Equity from Investment | (0) | (0) | |
| Net cost of financial debt | (24) | (26) | |
| Other financial income (loss) | 0 | (46) | - |
| Income taxes | 2 | (13) | - |
| Net Income / Loss from continuing operations | (3) | (29) | - |
| 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
| Cash Flow items (1) (in millions of $) | 2024 | 2025 | Var. % |
| Q1 | Q1 | ||
| Segment EBITDA | 105 | 142 | |
| Income Tax Paid | (3) | (4) | ( |
| Change in Working Capital & Provisions | (0) | (47) | - |
| Other Cash Items | (1) | (1) | |
| Cash provided by Operating Activity | 102 | 91 | ( |
| Total Capex | (58) | (61) | ( |
| Acquisitions and Proceeds of Assets | 0 | (1) | - |
| Cash from Investing Activity | (58) | (62) | ( |
| Paid Cost of Debt | 2 | (39) | - |
| Lease Repayment | (12) | (10) | |
| Cash from Financing Activity | (10) | (49) | - |
| Discontinued Operations Acquisitions | (3) | (0) | |
| Net Cash Flow | 30 | (20) | - |
| Financing cash flow | (3) | (129) | - |
| Forex and other | (4) | (6) | - |
| Net increase/(decrease) in cash | 23 | (155) | - |
1) Unaudited figures
CONSOLIDATED FINANCIAL STATEMENTS - March 31, 2025
Unaudited Interim Consolidated statement of operations
| Three months ended March 31, | |||
| (In millions of US$, except per share data) | Notes | 2025 | 2024 |
| Operating revenues | 257.5 | 248.6 | |
| Other income from ordinary activities | 0.1 | 0.1 | |
| Total income from ordinary activities | 257.6 | 248.7 | |
| Cost of operations | (171.0) | (192.8) | |
| Gross profit | 86.6 | 55.9 | |
| Research and development expenses - net | (4.0) | (4.9) | |
| Marketing and selling expenses | (7.7) | (8.8) | |
| General and administrative expenses | (18.1) | (21.3) | |
| Other revenues (expenses) - net | 5 | (0.3) | (1.1) |
| Operating income (loss) | 56.4 | 19.8 | |
| Cost of financial debt - gross | (27.4) | (27.4) | |
| Income provided by cash and cash equivalents | 1.6 | 3.1 | |
| Cost of financial debt, net | (25.8) | (24.3) | |
| Other financial income (loss) | 6 | (46.2) | (0.0) |
| Income (loss) before incomes taxes and share of income (loss) from companies accounted for under the equity method | (15.5) | (4.5) | |
| Income taxes | (12.9) | 2.1 | |
| Net income (loss) before share of income (loss) from companies accounted for under the equity method | (28.4) | (2.4) | |
| Net income (loss) from companies accounted for under the equity method | (0.2) | (0.2) | |
| Net income (loss) from continuing operations | (28.6) | (2.6) | |
| Net income (loss) from discontinued operations | 0.7 | 0.0 | |
| Consolidated net income (loss) | (28.0) | (2.6) | |
| Attributable to: | |||
| Owners of Viridien S.A. | $ | (27.8) | (3.0) |
| Non-controlling interests | $ | (0.2) | 0.4 |
| Net income (loss) per share | |||
| Basic (a) | $ | (3.88) | (0.42) |
| Diluted (a) | $ | (3.88) | (0.42) |
| Net income (loss) from continuing operations per share | |||
| Basic (a) | $ | (3.97) | (0.42) |
| Diluted (a) | $ | (3.97) | (0.42) |
| Net income (loss) from discontinued operations per share (a) | |||
| Basic (a) | $ | 0.09 | (0.00) |
| Diluted (a) | $ | 0.09 | (0.00) |
(a) As a result of the July 31, 2024 reverse share split, the calculation of basic and diluted earnings per share for 2023 has been adjusted retrospectively. The number of ordinary shares outstanding has been adjusted to reflect the proportionate change in the number of shares
See the notes to the Unaudited Interim Consolidated Financial Statements
Unaudited Interim Consolidated statement of comprehensive income (loss)
| Three months ended March 31, | |||
| (In millions of US$) | Notes | 2025 (a) | 2024 (a) |
| Net income (loss) from statements of operations | (28.0) | (2.6) | |
| Net gain (loss) on cash flow hedges | (0.3) | 0.3 | |
| Variation in translation adjustments | 9.9 | (5.8) | |
| Net other comprehensive income (loss) to be reclassified in profit (loss) in subsequent period (1) | 9.6 | (5.5) | |
| Net gain (loss) on actuarial changes on pension plan | (0.5) | 0.0 | |
| Net other comprehensive income (loss) not to be reclassified in profit (loss) in subsequent period (2) | (0.5) | 0.0 | |
| Total other comprehensive income (loss) for the period, net of taxes (1) + (2) | 9.1 | (5.5) | |
| Total comprehensive income (loss) for the period | (18.9) | (8.1) | |
| Attributable to: | |||
| Owners of Viridien S.A. | (18.8) | (8.4) | |
| Non-controlling interests | (0.1) | 0.3 | |
(a) Including other comprehensive income related to discontinued operations which is not material
Unaudited Interim Consolidated statement of financial position
| (In millions of US$) | Notes | March 31, 2025 | December 31, 2024 |
| ASSETS | |||
| Cash and cash equivalents | 146.6 | 301,7 | |
| Trade accounts and notes receivable, net | 343.7 | 339,9 | |
| Inventories and work-in-progress, net | 162.4 | 163,3 | |
| Income tax assets | 13.5 | 22,9 | |
| Other current assets, net | 78.1 | 74,0 | |
| Assets held for sale, net | 26.4 | 24,5 | |
| Total current assets | 770.7 | 926,2 | |
| Deferred tax assets | 39.5 | 43,6 | |
| Other non-current assets, net | 8.6 | 8,9 | |
| Investments and other financial assets, net | 24.2 | 25,7 | |
| Investments in companies under the equity method | 5.9 | 1,1 | |
| Property, plant and equipment, net | 212.1 | 220,6 | |
| Intangible assets, net | 569.3 | 535,4 | |
| Goodwill, net | 1,086.4 | 1,082,8 | |
| Total non-current assets | 1,946.0 | 1,918,1 | |
| TOTAL ASSETS | 2,716.7 | 2,844,3 | |
| LIABILITIES AND EQUITY | |||
| Financial debt – current portion | 3 | 43.8 | 56,9 |
| Trade accounts and notes payables | 101.3 | 120,9 | |
| Accrued payroll costs | 92.4 | 84,5 | |
| Income taxes payable | 17.8 | 20,4 | |
| Advance billings to customers | 18.1 | 19,2 | |
| Provisions — current portion | 18.8 | 19,7 | |
| Other current financial liabilities | 0.0 | 0,5 | |
| Other current liabilities | 207.7 | 182,5 | |
| Liabilities associated with non-current assets held for sale | 2.2 | 2,4 | |
| Total current liabilities | 502.1 | 507,0 | |
| Deferred tax liabilities | 18.4 | 18,4 | |
| Provisions — non-current portion | 30.9 | 28,8 | |
| Financial debt – non-current portion | 3 | 1,076.4 | 1,165,6 |
| Other non-current financial liabilities | 0.0 | 0,0 | |
| Other non-current liabilities | 1.8 | 1,7 | |
| Total non-current liabilities | 1,127.5 | 1,214,5 | |
| Common stock: 11,214,681 shares authorized and 7,161,465 shares with a | 8.7 | 8,7 | |
| Additional paid-in capital | 118.7 | 118,7 | |
| Retained earnings | 1,009.0 | 1,036,5 | |
| Other Reserves | 37.5 | 55,2 | |
| Treasury shares | (20.1) | (20,1) | |
| Cumulative income and expense recognized directly in equity | (1.4) | (1,1) | |
| Cumulative translation adjustment | (103.3) | (113,3) | |
| Equity attributable to owners of Viridien S.A. | 1,049.2 | 1,084,7 | |
| Non-controlling interests | 38.0 | 38,1 | |
| Total equity | 1,087.2 | 1,122,8 | |
| TOTAL LIABILITIES AND EQUITY | 2,716.7 | 2,844,3 |
See the notes to the Unaudited Interim Consolidated Financial Statements
Unaudited Interim Consolidated statement of cash flows
| Three months ended March 31, | |||
| (In millions of US$) | Notes | 2025 | 2024 |
| OPERATING ACTIVITIES | |||
| Consolidated net income (loss) | (28.0) | (2.6) | |
| Less: Net income (loss) from discontinued operations | (0.7) | (0.0) | |
| Net income (loss) from continuing operations | (28.6) | (2.6) | |
| Depreciation, amortization and impairment | 21.2 | 24.2 | |
| Impairment and amortization of Earth Data Surveys | 24.3 | 39.0 | |
| Depreciation and amortization of Earth Data surveys, capitalized | (4.2) | (3.8) | |
| Variance on provisions | (0.7) | 0.3 | |
| Share-based compensation expenses | 1.1 | 0.9 | |
| Net (gain) loss on disposal of fixed and financial assets | 0.1 | - | |
| Share of (income) loss in companies recognized under equity method | 0.2 | 0.2 | |
| Other non-cash items | 30.9 | 1.2 | |
| Net cash-flow including net cost of financial debt and income tax | 44.3 | 59.4 | |
| Less: Cost of financial debt | 25.8 | 24.3 | |
| Less: Income tax expense (gain) | 12.9 | (2.1) | |
| Net cash-flow excluding net cost of financial debt and income tax | 83.0 | 81.6 | |
| Income tax paid | (4.1) | (3.2) | |
| Net cash-flow before changes in working capital | 78.9 | 78.4 | |
| Changes in working capital | 11.6 | 22.3 | |
| - change in trade accounts and notes receivable | 24.9 | 33.6 | |
| - change in inventories and work-in-progress | 6.3 | 0.2 | |
| - change in other current assets | (0.2) | (2.1) | |
| - change in trade accounts and notes payable | (19.8) | 15.4 | |
| - change in other current liabilities | 0.0 | (24.8) | |
| Net cash-flow from operating activities | 90.5 | 100.7 | |
| INVESTING ACTIVITIES | |||
| Total capital expenditures (tangible and intangible assets) net of variation of fixed assets suppliers | (61.2) | (58.2) | |
| Proceeds from disposals of tangible and intangible assets | 0.0 | 0.5 | |
| Dividends received from investments in companies under the equity method | - | 0.2 | |
| Total net proceeds from financial assets | - | - | |
| Variation in other non-current financial assets | 2.3 | (3.3) | |
| Net cash-flow from investing activities | (58.9) | (60.8) | |
| Three months ended March 31, | |||
| (In millions of US$) | Notes | 2025 | 2024 |
| FINANCING ACTIVITIES | |||
| Repayment of long-term debt | (1,074.2) | (0.2) | |
| Total issuance of long-term debt | 964.2 | - | |
| Call premium | (21.9) | - | |
| Refinancing transaction costs paid | (11.7) | - | |
| Lease repayments | (9.8) | (11.8) | |
| Financial expenses paid | (38.8) | 2.0 | |
| Dividends paid and share capital reimbursements: | |||
| — to owners of Viridien | - | - | |
| — to non-controlling interests of integrated companies | - | - | |
| Net cash-flow from financing activities | (192.2) | (10.0) | |
| Effects of exchange rates on cash | 6.0 | (4.1) | |
| Net cash flows incurred by discontinued operations | (0.3) | (2.9) | |
| Net increase (decrease) in cash and cash equivalents | (155.0) | 22.9 | |
| Cash and cash equivalents at beginning of year | 301.7 | 327.0 | |
| Cash and cash equivalents at end of period | 146.6 | 349.9 | |
See the notes to the Interim Consolidated Financial Statements
Unaudited Interim Consolidated statements of changes in equity
| Amounts in millions of US$, except share data | Number of Shares issued | Share capital | Additional paid-in capital | Retained earnings | Other reserves | Treasury shares | Income and expense recognized directly in equity | Cumulative translation adjustment | Equity attributable to owners of Viridien S.A. | Non-controlling interests | Total equity |
| Balance at January 1, 2024 | 7,136,763 | 8.7 | 118.7 | 980.4 | 27.3 | (20.1) | (1.4) | (90.8) | 1,022.8 | 41.5 | 1,064.3 |
| Net gain (loss) on actuarial changes on pension plan (1) | 0.0 | 0.0 | 0.0 | ||||||||
| Net gain (loss) on cash flow hedges (2) | 0.3 | 0.3 | 0.3 | ||||||||
| Net gain (loss) on translation adjustments (3) | (5.7) | (5.7) | (0.1) | (5.8) | |||||||
| Other comprehensive income (1)+(2)+(3) | - | - | - | 0.0 | - | - | 0.3 | (5.7) | (5.4) | (0.1) | (5.5) |
| Net income (4) | (3.0) | (3.0) | 0.4 | (2.6) | |||||||
| Comprehensive income (1)+(2)+(3)+(4) | - | - | - | (3.0) | - | - | 0.3 | (5.7) | (8.4) | 0.3 | (8.1) |
| Exercise of warrants | |||||||||||
| Dividends | - | - | |||||||||
| Cost of share-based payment | 0.8 | 0.8 | 0.8 | ||||||||
| Variation in translation adjustments generated by the parent company | 9.7 | 9.7 | 9.8 | ||||||||
| Balance at March 31, 2024 | 7,136,763(a) | 8.7 | 118.7 | 978.2 | 37.0 | (20.1) | (1.1) | (96.5) | 1,024.9 | 41.8 | 1,066.7 |
| Amounts in millions of US$, except share data | Number of Shares issued | Share capital | Additional paid-in capital | Retained earnings | Other reserves | Treasury shares | Income and expense recognized directly in equity | Cumulative translation adjustment | Equity attributable to owners of Viridien S.A. | Non-controlling interests | Total equity |
| Balance at January 1, 2025 | 7,161,465(b) | 8.7 | 118.7 | 1,036.5 | 55.2 | (20.1) | (1.1) | (113.3) | 1,084.7 | 38.1 | 1,122.8 |
| Net gain (loss) on actuarial changes on pension plan (1) | (0.5) | (0.5) | (0.5) | ||||||||
| Net gain (loss) on cash flow hedges (2) | (0.3) | (0.3) | (0.3) | ||||||||
| Net gain (loss) on translation adjustments (3) | 9.9 | 9.9 | 0.0 | 9.9 | |||||||
| Other comprehensive income (1)+(2)+(3) | (0.5) | - | - | (0.3) | 9.9 | 9.0 | 0.0 | 9.1 | |||
| Net income (loss) (4) | (27.8) | (27.8) | (0.2) | (28.0) | |||||||
| Comprehensive income (1)+(2)+(3)+(4) | (28.4) | (0.3) | 9.9 | (18.8) | (0.1) | (18.9) | |||||
| Dividends | - | - | - | ||||||||
| Cost of share-based payment | 0.7 | 0.7 | 0.7 | ||||||||
| Variation in translation adjustments generated by the parent company | (17.7) | (17.7) | (17.7) | ||||||||
| Changes in consolidation scope and other | 0.2 | 0.2 | 0.2 | ||||||||
| Balance at March 31, 2025 | 7,161,465 | 8.7 | 118.7 | 1,009.0 | 37.5 | (20.1) | (1.4) | (103.3) | 1,049.2 | 38.0 | 1,087.2 |
(a) Pro forma following Reverse Share Split
(b) Reverse Share Split: Pursuant to a delegation from the Combined General Meeting of shareholders of May 15, 2024, and a sub-delegation from the Board of Directors held on the same day, the Company's Chief Executive Officer has decided to implement a reverse share split on the basis of 1 new share of
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
Attachment
FAQ
What is CGG's Q1 2025 revenue and how does it compare to previous performance?
How much debt reduction did CGG achieve through its 2025 refinancing?
What is CGG's cash flow target for 2025?
How is CGG's Geoscience segment performing in Q1 2025?
What new business developments did CGG secure in Q1 2025?
