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TGS (TGS) investor relations material
TGS Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary23 Oct, 2025
Executive summary
Q3 2025 revenues reached USD 388 million, up 26% sequentially from Q2, with EBITDA of USD 242 million (62% margin) and EBIT of USD 105 million (27% margin), reflecting aggressive cost control and improved asset utilization.
Net income rose to USD 62 million, up 65% year-over-year, supported by robust cash flow and reduced net debt.
Net debt reduced to USD 432 million, and the quarterly dividend of USD 0.155 per share was maintained.
Strong order inflow of USD 436 million raised the backlog to USD 473 million, reversing weak Q2 performance.
Macroeconomic uncertainty and volatile oil prices continue to impact the short-term outlook, but long-term demand for oil and gas remains strong.
Financial highlights
Multi-client revenues were USD 226 million, driven by strong late sales and a notable transfer fee, with a sales-to-investment ratio of 2.1x.
Produced revenues were USD 388.1 million, with produced EBITDA of USD 241.6 million and produced EBIT of USD 104.5 million.
Net operating expenses dropped to USD 147 million from USD 221 million year-over-year, reflecting efficiency gains and some non-recurring cost reversals.
Cash and cash equivalents at period end were USD 212.7 million, with net cash flow for the quarter at USD 80.7 million.
Net income for Q3 2025 was USD 62 million, with EPS (diluted) of USD 0.31.
Outlook and guidance
2025 capex guidance reduced to USD 110 million from USD 135 million, with about half allocated to streamers and excluding USD 10 million integration-related capex.
Multi-client investment guidance remains at USD 425–475 million, with about 70% expected to be acquired internally.
Gross operating cost guidance is unchanged at USD 950 million for 2025, with expectations to come in below that.
Utilization of the 3D streamer fleet is expected to improve, while OBN activity will be lower year-over-year.
Short-term caution in data purchases is anticipated due to oil price volatility, but long-term demand for exploration data remains robust.
Multi-client investment strategy for 2026
Sustainable quarterly OpEx run rate
OBN market activity outlook for 2026
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Q4 202512 Feb, 2026
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Frequently asked questions
TGS ASA is a global provider of energy data and intelligence. The company offers geophysical and geological data, including seismic data, well logs, and other subsurface information, to help energy companies in exploration, production, and development activities. TGS also provides data analytics services and software solutions designed to enhance decision-making in the oil and gas industry, as well as the renewable energy sector. Its services support energy transition efforts, helping clients optimize operations and explore new energy sources such as wind and solar power. The company is headquartered in Asker, Norway, and its shares are listed on the Oslo Stock Exchange.
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