Core Insights - The company achieved strong operational performance in 2025, generating significant cash flow dedicated to debt reduction, reflecting the success of its asset-light strategy initiated in 2018 [2][16][19] - For 2026, the company anticipates generating an additional $100 million in net cash flow, which will also be allocated to further deleveraging [2][27] Financial Performance - Q4 2025 revenue was $277 million, down 18% from Q4 2024, while full-year revenue increased by 4% to $1,165 million [6][36] - Adjusted EBITDAs for FY 2025 reached $551 million, a 21% increase year-on-year, with a margin improvement to 47% from 41% in 2024 [6][36] - IFRS net income for FY 2025 was $71 million, up 40% compared to 2024, with a significant increase in net cash flow to $107 million, nearly doubling from $56 million in 2024 [14][16] Segment Performance - The Data, Digital and Energy Transition (DDE) segment reported revenue of $850 million, an 8% increase year-on-year, driven by strong performance across its businesses [4][36] - Geoscience revenue grew by 10% to $444 million, supported by core basin activities and market demand for high-end data [6][7] - The Sensing and Monitoring (SMO) segment saw a revenue decline of 5% to $315 million, with new business activities increasing by 8% [9][10] Cash Flow and Debt Management - The company generated a net cash flow of $107 million in 2025, exceeding its guidance, and significantly reduced net debt to $888 million, a 4% decrease from 2024 [16][21] - The company repaid $97 million of outstanding bonds and an additional $28 million asset-backed facility, demonstrating a commitment to deleveraging [19][20] Governance Changes - The company announced a governance restructuring, with Sophie Zurquiyah transitioning to a non-executive Chair role and Henning Berg appointed as the new CEO effective June 3, 2026 [23][25] Outlook - The company expects a recovery in the second half of 2026, projecting a net cash flow of around $100 million, with plans for expansion in U.S. HPC infrastructure [27][28]