Viridien (VIRI) Q2 2026 earnings summary

Executive summary

• Q2 2026 segment revenue was $232 million, with adjusted EBITDA at $92 million, reflecting ongoing geopolitical uncertainty and project delays, especially in the Middle East, but commercial momentum improved and deleveraging continued.

• Geoscience backlog rose to $306 million at end-June 2026, up 19% since December 2025, signaling a pick-up in exploration activity and strong order intake.

• Net cash flow reached $32 million in H1 2026, up from $10 million last year, supported by disciplined investment and an asset-light business model; net debt (excluding IFRS 16) reduced to $692 million at June-end.

• The company maintains its full-year 2026 net cash flow objective of $100 million, assuming normalized working capital and collection of receivables.

Financial highlights

• H1 2026 segment revenue was $446 million, down 22% year-over-year; Q2 segment revenue was $232 million, down 15% year-over-year.

• IFRS revenue for H1 2026 was $536 million, up 9% year-over-year, with Q2 IFRS revenue at $336 million, up 43% year-over-year due to Laconia project completion.

• H1 segment adjusted EBITDA was $168 million (vs. $250 million last year); Q2 segment-adjusted EBITDA was $92 million (vs. $107 million last year).

• Net income for Q2 2026 was -$26 million, compared to $6 million in Q2 2025; H1 2026 net loss was -$36 million, a 64% increase in loss year-over-year.

• Earth Data library net book value at $371 million, down 27% year-over-year.

Outlook and guidance

• Full-year 2026 net cash flow target of $100 million reaffirmed, including U.S. HPC expansion and Pemex collections.

• Market fundamentals remain supportive, with E&P companies accelerating acreage acquisition and governments reopening basins.

• Exploration activity and tender pipeline are increasing, especially in Geoscience and Sensing & Monitoring.