TGS (TGS) ABGSC Nordic Opportunities Seminar presentation summary

Financial performance and key metrics

• Q3 2025 revenues reached $388 million, with EBITDA at $242 million (62% margin) and EBIT at $105 million (27% margin).

• Net debt reduced to $432 million, with a target range of $250–350 million.

• Dividend maintained at $0.155 per share, yielding 7.5%.

• 2025 capex guidance lowered to $110 million, reflecting a $25 million reduction.

• Gross operating expenses guidance for 2025 reduced by $100 million to $950 million.

Operational highlights and market activity

• Order inflow in Q3 2025 was $436 million, with a total backlog of $473 million.

• Multi-client sales for Q3 2025 were $226 million, with a sales-to-investment ratio of 2.1x.

• OBN mid to deepwater market revenues for 2025 expected to be slightly higher than 2023, but down 10–12% from 2024.

• Recent uptick in multi-client activity and pre-funding levels observed.

• Q3 2025 saw strong vessel utilization, with significant contract and multi-client work in Africa, Asia, Brazil, and the Gulf of America.

Segment and business unit performance

• Marine Data Acquisition Q3 2025 revenues: $127 million (streamer contracts), $87 million (OBN contracts).

• New Energy Solutions Q3 2025 revenues: $23 million, with a 27% EBITDA margin.

• Imaging revenues grew to $32 million in Q3 2025, with external imaging revenues doubling year-over-year.

• Multi-client investments for 2025 guided at $425–475 million, with 70% using internal capacity.