Viridien (VIRI) Q2 2025 earnings summary

Executive summary

• Achieved Q2 2025 segment revenue of $274m, up 6% year-over-year, with strong Geoscience and Sensing & Monitoring performance and reaffirmed $100m net cash flow target for 2025.

• Adjusted segment EBITDAS rose 14% to $107m in Q2, with margin improvement and strong cash generation, supported by operational discipline and restructuring.

• Net cash flow reached $30m in Q2 and $10m in H1, reflecting benefits from an asset-light model, backlog strength, and refinancing.

• Continued technological leadership with new product launches, notably the Accel land node, and successful restructuring actions.

• Resilience demonstrated amid volatile oil prices, with a robust Geoscience backlog and anticipated licensing activity.

Financial highlights

• Q2 2025 segment revenue: $274m (+6% YoY); H1 2025 segment revenue: $575m (+8% YoY); adjusted segment EBITDAS: $107m in Q2 (+14% YoY), $250m in H1 (+25% YoY).

• Net cash flow for H1 2025 was $10m, with $30m in Q2; net debt at June 30, 2025: $997m, liquidity at $262m, and $100m undrawn RCF.

• IFRS 15 adjustment: -$83m on revenue and EBITDA in H1 2025, mainly due to ongoing surveys in the U.S. Gulf and Norway.

• IFRS net income for H1 2025 was -$22m, impacted by negative revenue adjustments on major surveys.

• Gross debt stood at $1,158m, with extended maturity to October 2030.

Outlook and guidance

• Confident in achieving $100m net cash flow for 2025, expecting $90m in H2, supported by backlog, seasonality, and operational improvements.

• Oil price volatility persists but remains above $60/bbl, supporting continued exploration and development activity.

• Growth expected from Geoscience technology, Earth Data late sales, and broad land activity in Sensing & Monitoring.

• Transfer fees from industry M&A and licensing rounds expected to support H2 results.