Core Insights - Viridien reported solid performance in Q2 2025, achieving a net cash flow of $30 million, reaffirming its full-year target of $100 million despite a volatile environment [2][21] - The company experienced year-on-year growth in segment revenue and margins, driven by a focus on offshore markets and leading oil companies [2][7] Financial Performance - Segment revenue for Q2 2025 was $274 million, up 6% from $258 million in Q2 2024, while H1 2025 revenue increased by 8% to $575 million [30] - Adjusted EBITDAs for Q2 2025 reached $107 million, a 14% increase year-on-year, with a margin of 39% [7][30] - Consolidated IFRS revenue for Q2 2025 was $234 million, down 26% from $317 million in Q2 2024, with EBITDAs at $68 million, a decrease of 55% [13][30] Segment Performance - Data, Digital and Energy Transition (DDE) segment revenue was $181 million in Q2 2025, a 3% increase year-on-year, driven by Geoscience [4][30] - Geoscience (GEO) segment revenue was $115 million, up 10% from $105 million in Q2 2024, with a strong backlog supporting future growth [30] - Sensing and Monitoring (SMO) segment revenue increased by 14% to $93 million, primarily driven by land segment activities [10][30] Cash Flow and Debt Management - The company generated a net cash flow of $30 million in Q2 2025, with a total of $10 million for H1 2025, despite significant working capital pressures [15][18] - Net debt increased by 6% to $997 million as of June 30, 2025, compared to $941 million at the end of 2024 [19][30] - Bond maturity was extended to October 2030 following successful refinancing, with $125 million available in revolving credit facilities [7][18] Market Outlook - The oil price environment remains volatile but consistently above $60 per barrel, supporting exploration and development commitments from oil and gas companies [21] - Viridien expects to maintain momentum in generating cash flow, supported by a healthy Geoscience backlog and anticipated licensing activity [2][21]