TGS (TGS) SB1 Markets Energy Conference 2026 presentation summary

Business overview and market position

• Operates as a fully integrated energy data company with about 1,600 employees and a fleet of seven 3D streamer vessels.

• Holds the world's largest multi-client data library and leads in imaging through HPC partnerships.

• Listed on the Oslo Stock Exchange with a market cap of approximately $2.4 billion.

• Multi-client business is the largest global buyer of seismic capacity, consuming more 3D vessel capacity than any IOC.

• Vertically integrated model enables optimal resource allocation and portfolio optimization.

Market trends and industry outlook

• Oil and gas exploration is regaining priority among majors, with renewed interest in frontier areas despite short-term cash flow constraints.

• IEA's 2025 World Energy Outlook projects no peak in oil and gas demand, with higher fossil fuel demand in 2050 compared to previous forecasts.

• Streamer market volume has declined nearly 50% since 2019, while OBN activity for 2026 is expected to match 2025 levels.

• Active contract streamer tender values increased toward the end of 2025, indicating a robust opportunity pipeline.

• Numerous global license rounds are scheduled for 2025–2026, supporting continued exploration activity.

Financial performance and guidance

• 2025 total revenues reached $1,526.9 million, up 16% year-over-year, with EBITDA of $896.2 million, a 29% increase.

• Net income for 2025 was $18.3 million, down 81% from the prior year, mainly due to higher amortization and financial expenses.

• Cash flow from operating activities in 2025 was $850 million, up 35% year-over-year.

• 2026 guidance includes multi-client investment of $500–575 million, gross operating costs targeted at $950 million, and a long-term net debt range of $250–350 million.

• Shareholder distributions will continue through dividends and share buybacks.