Viridien Announces its Q4 & Full Year 2024 Results

Rhea-AI Summary

Viridien reported strong 2024 financial results with overall stable group revenue of $1,117 million. Digital, Data & Environment (DDE) segment showed robust growth with revenue reaching $787 million (+17%), while Sensing & Monitoring (SMO) revenue decreased to $330 million.

Key financial highlights include:

• IFRS revenue: $1,211 million
• EBITDA: $516 million
• Net Income: $51 million
• Net Cash Flow: $56 million
• Net Debt: $921 million

The company exceeded its profitability and cash generation targets, driven by strong commercial successes in Geoscience (+20% revenue growth) and Earth Data (+14% revenue growth). New Businesses achieved 33% revenue growth, exceeding the 30% target. For 2025, Viridien targets approximately $100 million in net cash flow generation and confirms its focus on balance sheet deleveraging.

Positive

• Net cash flow exceeded target at $56 million
• DDE revenue up 17% to $787 million
• Geoscience revenue increased 20% to $404 million
• New Businesses growth of 33%, above 30% target
• Net debt reduced to $921 million from $974 million
• Record high backlog in Geoscience division
• Earth Data after-sales grew 25% to $178 million

Negative

• Sensing & Monitoring revenue down 27% to $330 million
• SMO adjusted EBITDA declined 37% to $35 million
• $75 million in vessel commitment penalty fees
• Overall group revenue remained flat at $1,117 million

Insights

Financial Analyst

Viridien's Q4 and full-year 2024 results demonstrate a company successfully navigating energy market transitions while strengthening its financial foundation. The company achieved $1,117 million in revenue with particularly strong performance in its high-margin Digital, Data & Environment (DDE) segment, which grew 17% to $787 million.

The Geoscience division's exceptional order intake growth (+89% for 2024, +155% in Q4) and record backlog represent a significant leading indicator for 2025 revenue stability. This performance stems from Viridien's technological differentiation in advanced imaging and Full Waveform Inversion (FWI) technologies, providing them pricing power in a competitive market. The 20% revenue growth in this segment demonstrates that E&P companies continue prioritizing high-end subsurface imaging despite overall industry capital discipline.

The company's net cash flow of $56 million is particularly impressive considering it absorbed $75 million in contractual vessel commitment fees. The termination of these fees in 2025 provides immediate upside to their $100 million cash flow target without requiring operational improvements. This structural cost elimination, combined with the SMO restructuring benefits already visible in Q4 results, creates a clear path to their deleveraging goals.

Viridien's strategic diversification into New Businesses (33% growth) positions them to capitalize on energy transition trends, particularly in carbon capture and sequestration (CCS). Their alliance with Baker Hughes creates an integrated CCS offering that addresses the full value chain, potentially accelerating adoption among oil and gas operators under pressure to reduce emissions.

The planned reporting change for Earth Data in 2025—shifting to Cash EBITDA rather than prefunding metrics—aligns with how investors increasingly evaluate this business. The $75 million Cash EBITDA in 2024 (excluding vessel penalties) provides a clearer picture of this segment's cash generation capacity.

With net debt reduced to $921 million and improved credit ratings, Viridien appears positioned to refinance its bonds in 2025 ahead of schedule, which would further reduce interest expenses and strengthen its financial position. The company's technological leadership, backlog visibility, and structural cost improvements create a favorable outlook despite the cyclical nature of energy services markets.

Energy Industry Expert

Viridien's 2024 results reveal a company successfully executing a dual strategy: strengthening its core energy services while aggressively expanding into adjacent growth markets. The 17% growth in their Digital, Data & Environment segment during a period of flat industry capital expenditure demonstrates exceptional market penetration and technological differentiation.

The Geoscience division's order intake surge (+89% annually, +155% in Q4) represents a leading indicator far exceeding industry growth rates. This outperformance stems from Viridien's leadership in Full Waveform Inversion (FWI) technology, which has become increasingly critical as operators target complex reservoirs and near-field exploration opportunities. Their success in securing long-term Dedicated Processing Center contracts creates recurring revenue streams with higher margins than project-based work, improving business predictability.

The structural improvement in Viridien's cash flow outlook for 2025 cannot be overstated. The elimination of $75 million in vessel commitment penalties effectively creates immediate cash flow upside without requiring operational improvements. Combined with the $75 million Cash EBITDA from Earth Data in 2024, these two segments alone support much of their $100 million net cash flow target for 2025.

Viridien's strategic alliance with Baker Hughes for carbon capture and sequestration (CCS) solutions differentiates them from pure-play geophysical competitors. This partnership creates an integrated offering spanning site characterization through injection monitoring, addressing the full CCS value chain that operators require to meet emissions reduction targets. Their expansion into minerals and mining leverages similar subsurface imaging technologies but diversifies revenue away from hydrocarbon cycles.

The company's shift to reporting Cash EBITDA for Earth Data aligns with industry best practices and provides greater transparency into the segment's actual cash generation. This metric better reflects the value creation in a business where capital expenditures and revenue recognition often span multiple periods.

The offshore exploration renaissance mentioned in their market outlook particularly benefits Viridien's high-end imaging capabilities. As operators focus on infrastructure-led exploration and near-field opportunities, the demand for advanced processing that can resolve complex subsurface challenges continues to grow, especially in mature basins where remaining prospects require sophisticated imaging to de-risk.

With improved credit ratings and potential early bond refinancing, Viridien is strengthening its financial foundation while positioning for growth in energy transition markets that could ultimately represent their primary business rather than just adjacent opportunities.

Paris (France), February 27^th, 2025, 17h45 CET

2024: A YEAR OF OVERACHIEVEMENTS

2025: ON TRACK TO DELIVER c.$100 MILLION NET CASH FLOW

	Q4	FY1
Revenue2	$339M	$ 1,117M (-1%)
Adjusted EBITDA3	$157M	$455M (+14%)
Net Cash-Flow	$27M	$56M (+73%)

Sophie Zurquiyah, Chief Executive Officer of Viridien, said:

“In 2024, we met our revenue and exceeded our profitability and cash generation targets driven by strong commercial successes at Geoscience, a dynamic performance at Earth Data in both our key basins and prospective regions and the continued focus on operational efficiency at Sensing & Monitoring.

In 2025, Viridien will continue strengthening its technology leadership in its core markets while further developing its New Businesses. We anticipate continued improvements thanks to Geoscience’s record high backlog, Earth Data’s solid pipeline of projects and the termination of contractual fees for vessel commitments, and Sensing & Monitoring’s progress towards their restructuring plan.

In this context, we confirm with confidence our target of c.$100 million of net cash generation and balance sheet deleveraging.”

2024 Highlights²

• Group²
  • IFRS figures: Revenue, EBITDA and Net Income of respectively $1,211 million, $516 million, $51 million. $427 million, $216 million, $29 million in Q4.
  • Overall stable group revenue at $1,117 million.
  • Strong growth at Digital, Data & Environment (DDE) with $787 million revenue (+17%). Consistent momentum for Geoscience (GEO) driven by our preferred advanced technology and numerous commercial successes at Earth Data (EDA).
    • Sensing & Monitoring (SMO) revenue was $330 million, with no mega crews during the year.
    • 33% revenue growth for New Businesses, exceeding our 30% target.
  • Group adjusted EBITDA³ of $455 million. DDE Adjusted EBITDA of $458 million, up 25% driven by the strong performance of both GEO and EDA. SMO adjusted EBITDA of $35 million (vs $56 million) already reflecting the positive impact of the restructuring effort.
  • Net Cash flow of $56 million, including $(75) million contractual fees from vessel commitments, exceeding our initial Net Cash flow target of “reaching a similar level as 2023” (ie. $32 million).
  • Key milestones of our financial roadmap delivered during the year: improved credit rating in Q2, revolving credit facility extended in Q3 and implementation and increase of the bond buyback program in Q3 and Q4.
  • Net debt at $921 million ($974 million in December 2023) and liquidity at $392 million (including $90 million undrawn RCF).  

• Digital, Data and Energy Transition (DDE)
  • Revenue at $787 million was up 17% with strong growth at GEO (+20%) and EDA (+14%). Q4 revenue, $238 million (+19%).
  • Adjusted EBITDA at $458 million was up 25%. Profitability impacted by $(54) million in penalty fees from vessel commitments vs $(44) million in 2023. Q4 EBITDA $150 million (+28%).         $(12) million penalty vs $(13) million in Q4 2023.
    • Geoscience:
      • Revenue at $404 million (+20%). $107 million in Q4 (+10%).
      • GEO performance continues to be driven by technology differentiation. Order intakes, +89% in 2024, +155% in Q4, benefited from best-in-class imaging technology which the industry requires to solve subsurface challenges, increased activity in the Middle East and the renewal of long-term contracts for Dedicated HPC Processing Centers (DPCs).

• New Businesses in GEO confirm the positive market dynamics in Carbon Sequestration with several projects in Norway, US Gulf and in Asia Pacific, as well as in Minerals & Mining with the award of programs in Australia and Oman. Alliance signed with Baker Hughes to offer high-quality and fully integrated Carbon Capture and Sequestration solutions to clients.

• Earth Data:
  • Revenue at $383 million (+14%). $131 million in Q4 (+27%).
  • Prefunding revenue grew to $205 million (+6%). 81% of Capex. After-Sales grew to $178 million (+25%) in a flat market.
  • $252 million Capex, including the large Laconia Ocean Bottom Nodes (OBN) project in the US Gulf, the North Viking Graben streamer survey in Norway, and numerous global reprocessing projects.
  • New Businesses in EDA completed the mining project in Southeast Arizona and delivered several Carbon Sequestration projects in the North Sea, US Gulf and Asia.

• Sensing and Monitoring (SMO)
  • Revenue at $330 million was down 27%, following delivery of “mega crew” systems in 2023.        $100 million in Q4 (-16%).
  • Adjusted EBITDA at $35 million was down 37%. $18 million in Q4 (+104%).
  • Q4 EBITDA performance shows that the restructuring plan is on track to achieve expected cost reductions and operational flexibility.
  • New Businesses in SMO represented 17% of revenue and experienced strong momentum with deliveries for the geothermal market and infrastructure monitoring.
• Market trends
  • E&P Capex environment expected to be stable year-on-year in 2025, as the longer-term energy industry upcycle extends.
  • Evolving Industry Trends:
    • Offshore exploration gaining momentum in key regions like the US Gulf, Brazil, Norway as well as frontiers areas such as the Equatorial Margin and the East Mediterranean Sea.
    • Middle East growth expected with investments in advanced imaging and digital solutions.
    • Demand expected to be strong for High-end geophysical technologies, such as OBN and Full Waveform Inversion (FWI), that mitigate risks and optimize field development.
  • New Businesses:
    • Continued market growth potential in CSS with new imaging contracts and project pipeline driven by most Oil & Gas operators investing to reduce carbon emissions and address societal pressures.
    • Increased interest from the Minerals & Mining sector for subsurface characterization.
    • Infrastructure Monitoring market consistently increasing by double digits annually across various sectors.
    • Digital solutions / HPC markets expanding rapidly fueled mainly by the explosion of AI applications.
• New reporting KPI for EDA
  • Starting in Q1 2025, we will change the reporting KPIs for EDA:
    • To align with market practice, Revenue split between Prefunding and After-sales will no longer be reported.

• Cash EBITDA (i.e. EBITDA – Capex) will be reported to provide more clarity on our financial performance. ($97 million and $75 million in 2023 and 2024 respectively, excluding penalty fees from vessel commitments).

• Full year 2025 financial outlook
  • In 2025, based on a stable E&P Capex environment, performance is expected to be driven by:
    • Geoscience: growth backed by industry leading technology and strong backlog.

• Earth Data: stronger Cash EBITDA KPI, with end of vessel commitment penalty fees.
  • Sensing & Monitoring: further savings expected from the restructuring plan.
  • New Businesses: growth and first year positive contribution to the group’s profitability.

• Financial objective: net cash flow of c.$100m.

• Viridien will continue to focus on cash flow generation and deleveraging. Thanks to 2024 financial performance and the favorable debt market, our bond refinancing could be realized in 2025, before our previous Q1 2026 indication.

• Full Year 2024 Conference call
  • The press release and the presentation will be available on our website www.viridiengroup.com at 5:45 pm (CET).
  • An English language analysts conference call is scheduled today at 6.00 pm (CET).
  • Participants should register for the call here to receive a dial-in number and code, or participate via the live webcast from here.
  • A replay of the conference call will be made available the day after for a period of 12 months in audio format on the Company's website.
    
    

The Board of Directors met on February 27, 2025 and approved the consolidated financial statements ending December 31, 2024. The Statutory Auditors are in the process of issuing a report with an unqualified opinion.

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 resource, digital, energy transition and infrastructure challenges. Viridien employs around 3,400 people worldwide and is listed as VIRI on the Euronext Paris SA (ISIN ISIN: FR001400PVN6).

Contact:

 VP Corporate Finance

Jean-Baptiste Roussille
jean-baptiste.roussille@viridiengroup.com

Q4 & FY 2024- Financial Results

  

Key Segment P&L figures (In million $)	2023 Q4	2024 Q4	Var. %	2023 FY	2024 FY	Var. %
Exchange rate euro/dollar	1,07	1,09	2%	1,08	1,09	1%
Segment revenue	320	339	6%	1 125	1 117	(1%)
DDE	201	238	19%	672	787	17%
Geoscience	98	107	10%	335	404	20%
Earth Data	103	131	27%	337	383	14%
Prefunding	62	49	(20%)	194	205	6%
After-Sales & other	41	82	99%	143	178	25%
SMO	119	100	(16%)	453	330	(27%)
Land	42	55	32%	176	157	(10%)
Marine	66	29	(56%)	230	117	(49%)
Beyond the core	11	16	45%	48	56	17%
Segment EBITDA	122	128	5%	400	422	5%
Adjusted * Segment EBITDA	121	157	30%	400	455	14%
DDE	117	150	28%	367	458	25%
SMO	9	18	-	56	35	(37%)
Corporate and other	(5)	(11)	-	(24)	(38)	(59%)
Segment operating income	15	33	-	138	113	(18%)
Adjusted* Segment Opinc	14	89	-	138	173	25%
DDE	21	89	-	140	206	47%
SMO	(1)	11		24	4	(83%)
Corporate and other	(6)	(11)	-	(26)	(38)	(44%)
*Adjusted for non-recurring charges and gains.

  

Other KPI (In million $)	2023 Q4	2024 Q4	Var. %	2023 FY	2024 FY	Var. %
Geoscience Backlog	184	351	90%	184	351	90%
Total Capex	(42)	(81)	(92)%	(232)	(285)	(23)%
Industrial capex	(8)	(4)	51%	(44)	(17)	61%
R&D capex	(4)	(5)	(5)%	(17)	(16)	7%
Earth Data (Cash)	(29)	(72)	-	(171)	(252)	(47)%
Earth Data Cash predunding rate	210%	68%		113%	81%
EDA Library net book value*	458	456	(0)%	458	456	(0)%
Liquidity	422	392		422	392
o.w. undrawn RCF	95	90		95	90
Gross debt*	(1 301)	(1 223)		(1 301)	(1 223)
o.w. accrued interests	(20)	(18)		(19)	(18)
o.w. lease liabilities	(103)	(125)		(103)	(125)
Net debt*	974	921		974	921
Net debt*/Segment adjusted EBITDA				x2.4	x2.0
*Post IFRS15/16

Consolidated IFRS Income Statements (In million $)	2023 Q4	2024 Q4	Var. %	2023 FY	2024 FY	Var. %
Exchange rate euro/dollar	1,07	1,09		1,08	1,09
Revenue	265	427	61%	1 076	1 211	13%
EBITDA	68	216	-	351	516	47%
Operating Income	(11)	49	-	119	143	21%
Equity from Investment	(3)	(1)	47%	(2)	(0)	77%
Net cost of financial debt	(20)	(24)	(20%)	(95)	(97)	(2%)
Other financial income (loss)	(2)	5	-	(4)	4	-
Income taxes	11	1	(94%)	(14)	(13)	3%
Net Income / Loss from continuing operations	(25)	29	-	4	36	-
from discontinued operations	10	0	(100%)	12	15	20%
Net income / (loss)	(15)	29	-	16	51	-
Shareholder's net income / (loss)	(15)	29	-	13	50	-
Basic Earnings per share in $	0,00	0,00		1,81	6,97
Diluted Earnings per share in €	0	0,00		1,80	6,93

Cash Flow items (In million $)	2023 Q4	2024 Q4	Var. %	2023 FY	2024 FY	Var. %
Segment EBITDA	122	128	5%	400	422	5%
Income Tax Paid	9	(2)	-	6	(12)	-
Change in Working Capital & Provisions	21	30	42%	3	48	-
Other Cash Items	1	(0)	-	1	(1)	-
Cash provided by Operating Activity	153	155	1%	410	457	11%
Earth Data Capex	(29)	(72)	-	(171)	(252)	(47%)
Industrial Capex & Dev. Costs	(13)	(9)	32%	(61)	(33)	46%
Acquisitions and Proceeds of Assets	5	6	24%	3	7	-
Cash from Investing Activity	(37)	(75)	-	(229)	(278)	-22%
Paid Cost of Debt	(44)	(43)	2%	(91)	(86)	6%
Lease Repayement	(19)	(12)	36%	(57)	(56)	2%
Asset Financing	1	(0)	-	22	(1)	-
Cash from Financing Activity	(63)	(56)	11%	(126)	(142)	-13%
Discontinued Operations Acquisitions	(6)	3	-	(23)	19	-
Net Cash Flow	48	27	-43%	32	56	73%
Financing cash flow	(2)	(49)		(6)	(69)
Forex and other	7	(12)		3	(11)
Net increase/(decrease) in cash	52	(34)		29	(25)

 CONSOLIDATED FINANCIAL STATEMENTS - December 31^st, 2024

6.1 2023-2024 Viridien consolidated financial statements

6.1.1 CONSOLIDATED STATEMENT OF OPERATIONS

In millions of US$	Notes	December 31
		(1)        2024	2023
Operating revenues	18, 19	1,211.3	1,075.5
Other income from ordinary activities		0.1	0.3
Total income from ordinary activities		1,211.4	1,075.8
Cost of operations		(871.2)	(817.4)
Gross profit		340.2	258.4
Research and development expenses – net	20	(17.8)	(26.1)
Marketing and selling expenses		(37.1)	(36.1)
General and administrative expenses		(82.9)	(75.8)
Other revenues (expenses) – net	21	(58.9)	(1.4)
Operating income	19	143.5	119.0
Cost of financial debt – gross		(109.4)	(103.3)
Income from cash and cash equivalents		12.3	8.0
Cost of financial debt – net	22	(97.2)	(95.3)
Other financial income (loss)	23	3.7	(3.8)
Income (loss) before income taxes and share of income (loss) from companies accounted for under the equity method		50.1	19.9
Income taxes	24	(13.4)	(14.0)
Net income (loss) before share of net income (loss) from companies accounted for under the equity method		36.6	5.9
Net income (loss) from companies accounted for under the equity method	8	(0.5)	(2.0)
Net income (loss) from continuing operations		36.1	3.9
Net income (loss) from discontinued operations	5	14.7	12.3
Consolidated net income (loss)		50.8	16.2
Attributable to:
Owners of Viridien S.A		49.8	12.9
Non-controlling interests		1.0	3.3
Weighted average number of shares outstanding (a)	29	7,150,958	7,131,286
Weighted average number of shares outstanding adjusted for dilutive potential ordinary shares (a)	29	7,184,713	7,171,894
Net income (loss) per share (in US$)
(1)        - Base (a)		6.97	1.81
(2)        - Diluted (a)		6.93	1.80
Net income (loss) from continuing operations per share (in US$)
(3)        - Base (a)	$	4.91	0.08
(4)        - Diluted (a)	$	4.89	0.08
Net income (loss) from discontinued operations per share (in US$)
(5)        - Base (a)	$	2.06	1.72
(6)        - Diluted (a)	$	2.05	1.72

(a) As a result of the July 31, 2024 reverse share split, the calculation of basic and diluted earnings per shares for 2023 has been adjusted retrospectively. Number of ordinary shares outstanding has been adjusted to reflect the proportionate change in the number of shares.

The accompanying notes are an integral part of the consolidated financial statements.

Consolidated statement of comprehensive income (loss)

In millions of US$	December 31
	(2)        2024 (a)	2023 (a)
Net income (loss) from consolidated statement of operations	50.8	16.2
Other comprehensive income to be reclassified in profit (loss) in subsequent period:
Net gain (loss) on cash flow hedges	0.4	2.0
Variation in translation adjustments	(23.0)	14.2
Net other comprehensive income to be reclassified in profit (loss) in subsequent period (1)	(22.7)	16.2
Other comprehensive income not to be classified in profit (loss) in subsequent period:
Net gain (loss) on actuarial changes on pension plan	3.6	(4.6)
Net other comprehensive income not to be reclassified in profit (loss) in subsequent period (2)	3.6	(4.6)
Total other comprehensive income (loss) for the period, net of taxes (1)+(2)	(19.1)	11.6
Total comprehensive income (loss) for the period	31.8	27.8
Attributable to:
Owners of Viridien S.A	31.3	25.1
Non-controlling interests	0.5	2.7
(a) Including other comprehensive income related to discontinued operations which is not material.

The accompanying notes are an integral part of the consolidated financial statements.

6.1.2 CONSOLIDATED STATEMENT OF FINANCIAL POSITION

In millions of US$	Notes	(3)        Dec 31, 2024	Dec 31, 2023
ASSETS
Cash and cash equivalents	28	301.7	327.0
Trade accounts and notes receivable, net	3, 18	339.9	310.9
Inventories and work-in-progress, net	4	163.3	212.9
Income tax assets	24	22.9	30.8
Other current assets, net	4	74.0	92.1
Assets held for sale, net	5	24.5	-
Total current assets		926.2	973.7
Deferred tax assets	24	43.6	29.9
Other non-current assets, net	16	8.9	6.8
Investments and other financial assets, net	7	25.7	22.7
Investments in companies accounted for under the equity method	8	1.1	2.2
Property plant & equipment, net	9	220.6	206.1
Intangible assets, net	10	535.4	579.7
Goodwill, net	11	1,082.8	1,095.5
Total non-current assets		1,918.1	1,942.9
TOTAL ASSETS		2,844.3	2,916.6
LIABILITIES AND EQUITY
Financial debt – current portion	13	56.9	58.0
Trade accounts and notes payable	3	120.9	86.4
Accrued payroll costs		84.5	89.1
Income taxes payable	24	20.4	12.5
Advance billings to customers		19.2	24.0
Provisions – current portion	16	19.7	8.7
Other current financial liabilities	14	0.5	21.3
Other current liabilities	12	182.5	250.3
Liabilities associated with non-current assets held for sale	5	2.4	-
Total current liabilities		507.0	550.3
Deferred tax liabilities	24	18.4	24.3
Provisions – non-current portion	16	28.8	30.1
Financial debt – non-current portion	13	1,165.6	1,242.8
Other non-current financial liabilities	14	-	0.5
Other non-current liabilities	12	1.7	4.3
Total non-current liabilities		1,214.5	1,302.0
Common stock (a)	15	8.7	8.7
Additional paid-in capital		118.7	118.7
Retained earnings		1,036.5	980.4
Other Reserves		55.2	27.3
Treasury shares		(20.1)	(20.1)
Cumulative income and expense recognized directly in equity		(1.1)	(1.4)
Cumulative translation adjustments		(113.3)	(90.8)
Equity attributable to owners of Viridien S.A.		1,084.7	1,022.8
Non-controlling interests		38.1	41.5
Total Equity		1,122.8	1,064.3
TOTAL LIABILITIES AND EQUITY		2,844.3	2,916.6
(a) Common stock: 11,215,501 shares authorized and 7,165,465 shares with a nominal value of €1.00 outstanding at December 31, 2024.

The accompanying notes are an integral part of the consolidated financial statements.

6.1.3 CONSOLIDATED STATEMENT OF CASH FLOWS

In millions of US$	Notes	December 31
		(4)        2024	2023
OPERATING ACTIVITIES
Consolidated net income (loss)	1, 19	50.8	16.2
Less: Net income (loss) from discontinued operations	5	(14.7)	(12.3)
Net income (loss) from continuing operations		36.1	3.9
Depreciation, amortization and impairment	1, 19, 28	124.7	91.5
Impairment and amortization of Earth Data surveys	1, 10, 28	261.4	153.1
Amortization and depreciation of Earth Data surveys, capitalized	10	(16.6)	(15.4)
Variance on provisions		14.3	(2.6)
Share-based compensation expenses		3.4	2.8
Net (gain) loss on disposal of fixed and financial assets		(3.7)	(1.7)
Share of (income) loss in companies recognized under equity method		0.5	2.0
Other non-cash items		(0.3)	5.2
Net cash flow including net cost of financial debt and income tax		419.8	238.8
Less: Cost of financial debt		97.2	95.3
Less: Income tax expense (gain)		13.4	14.0
Net cash flow excluding net cost of financial debt and income tax		530.4	348.1
Income tax paid - Net (a)		(12.4)	5.5
Net cash flow before changes in working capital		518.0	353.6
Changes in working capital		(61.2)	54.7
– Change in trade accounts and notes receivable		(128.4)	51.8
– Change in inventories and work-in-progress		28.1	49.2
– Change in other current assets		10.5	(9.9)
– Change in trade accounts and notes payable		26.8	(5.4)
– Change in other current liabilities		1.8	(31.0)
Net cash flow from operating activities		456.7	408.3
INVESTING ACTIVITIES
Total capital expenditures (tangible and intangible assets) net of variation of fixed assets suppliers and excluding Earth Data surveys)	9	(32.9)	(60.9)
Investments in Earth Data surveys	10	(252.1)	(171.1)
Proceeds from disposals of tangible and intangible assets	28	6.8	0.4
Proceeds from divestment of activities and sale of financial assets	28	-	6.2
Dividends received from investments in companies under the equity method		0.5	-
Acquisition of investments, net of cash & cash equivalents acquired	28	-	(1.9)
Variation in other non-current financial assets	28	(8.2)	(5.2)
Net cash-flow used in investing activities		(286.0)	(232.5)
FINANCING ACTIVITIES
Repayment of long-term debt	13, 28	(59.4)	(1.8)
Total issuance of long-term debt	13, 28	0.1	23.9
Lease repayments	13, 28	(55.7)	(57.0)
Financial expenses paid	13, 28	(85.6)	(90.7)
Net proceeds from capital increase:
– from shareholders:		-	0.1
– from non-controlling interests of integrated companies		-	-
Dividends paid and share capital reimbursements:		-	-
– Equity attributable to owners of Viridien S.A.		-	-
– to non-controlling interests of integrated companies		(3.8)	(0.9)
Net cash-flow from (used in) financing activities		(204.4)	(126.4)
Effect of exchange rate changes on cash		(11.0)	2.6
Net cash flows incurred by discontinued operations	5	19.3	(23.0)
Net increase (decrease) in cash and cash equivalents		(25.3)	29.0
Cash and cash equivalents at beginning of year		327.0	298.0
Cash and cash equivalents at end of period		301.7	327.0
(a) Includes a cash inflow of US$6 million in 2024 and US$32 million in 2023 for the research tax credit in France.

The accompanying notes are an integral part of the consolidated financial statements.

6.1.4 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

In millions of US$, except for share data	Number of shares issued (a)	Share capital	Additional paid-in capital	Retained earnings	Other reserves	Treasury shares	Income and expense recognized directly in equity	Cumu-lative translation adjust-ment	Viridien S.A. - Equity attributable to owners of Viridien S.A.	Non-controlling interests	Total equity
Balance at January 1, 2023	7,123,573	8.7	118.6	967.9	50.0	(20.1)	(3.4)	(102.4)	1,019.3	39.5	1,058.8
Net gain (loss) on actuarial changes on pension plan (1)				(4.6)					(4.6)		(4.6)
Net gain (loss) on cash flow hedges (2)							2.0		2.0		2.0
Net gain (loss) on translation adjustments (3)								14.8	14.8	(0.6)	14.2
Other comprehensive income (1)+(2)+(3)		-	-	(4.6)	-	-	2.0	14.8	12.2	(0.6)	11.6
Net income (loss) (4)				12.9					12.9	3.3	16.2
Comprehensive income (1)+(2)+(3)+(4)		-	-	8.3	-	-	2.0	14.8	25.1	2.7	27.8
Exercise of warrants	238		0.1						0.1		0.1
Dividends									-	(1.0)	(1.0)
Cost of share based payment	12,951			2.6					2.6		2.6
Transfer to retained earnings of the parent company									-		-
Variation in translation adjustments generated by the parent company					(22.7)				(22.7)		(22.7)
Changes in consolidation scope and other				1.6				(3.2)	(1.6)	0.3	(1.3)
Balance at December 31, 2023	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

(a) Pro forma following Reverse Share Split (see note 2 - Significant events, acquisitions and divestitures).

In millions of US$, except for share data	Number of shares issued (b)	Share capital	Additional paid-in capital	Retained earnings	Other reserves	Treasury shares	Income and expense recognized directly in equity	Cumu-lative translation adjust-ment	Viridien S.A. - 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)				3.6					3.6		3.6
Net gain (loss) on cash flow hedges (2)							0.4		0.4		0.4
Net gain (loss) on translation adjustments (3)								(22.5)	(22.5)	(0.6)	(23.0)
Other comprehensive income (1)+(2)+(3)		-	-	3.6	-	-	0.4	(22.5)	(18.5)	(0.6)	(19.1)
Net income (loss) (4)				49.8					49.8	1.0	50.8
Comprehensive income (1)+(2)+(3)+(4)		-	-	53.4	-	-	0.4	(22.5)	31.3	0.5	31.8
Exercise of warrants
Dividends									-	(3.8)	(3.8)
Cost of share based payment	24,703			2.7					2.7		2.7
Transfer to retained earnings of the parent company									-		-
Variation in translation adjustments generated by the parent company					28.0				28.0		28.0
Changes in consolidation scope and other
Balance at December 31, 2024	7,161,465	8.7	118.7	1,036.5	55.2	(20.1)	(1.1)	(113.3)	1,084.7	38.1	1,122.8

(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, a reversed share split has been implemented, on July 31, 2024, on the basis of 1 new share of €1.00 nominal value for 100 old shares of €0.01 nominal value.

The accompanying notes are an integral part of the consolidated financial statements.

---

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 2023 and 2024 Universal Registration Documents’ glossaries, under section 8.7
³ Adjusted for non-recurring items

Attachment

• Q4 2024 PR_En - VFinal

FAQ

What is Viridien's revenue growth in Digital, Data & Environment (DDE) segment for 2024?

DDE revenue grew 17% to $787 million in 2024, with strong growth in both Geoscience (+20%) and Earth Data (+14%) segments.

How much net cash flow did Viridien generate in 2024?

Viridien generated $56 million in net cash flow, including $(75) million in contractual fees from vessel commitments, exceeding their initial target.

What is Viridien's net cash flow target for 2025?

Viridien targets approximately $100 million in net cash flow generation for 2025.

How did Viridien's New Businesses perform in 2024?

New Businesses achieved 33% revenue growth in 2024, exceeding the company's 30% target.

What was Viridien's net debt position at the end of 2024?

Net debt stood at $921 million, down from $974 million in December 2023, with liquidity at $392 million.