Viridien (Euronext Paris: VIRI), the advanced technology, digital and Earth data company employing around 3,000 people worldwide, reported its third-quarter 2026 results on 3 November 2026, confirming solid cash generation and continued progress on deleveraging. Net Cash Flow reached $35m in Q3, bringing the nine-month total to $67m against $62m in the same period of 2025. The company confirmed its full-year 2026 Net Cash Flow objective of $100m, while announcing a further partial early bond redemption targeting the euro-denominated tranche in November, underlining its commitment to reducing debt.

Key Points

  • Viridien (Euronext Paris: VIRI, reference 0RI9) is an Earth data, digital and advanced technology group listed in Paris
  • Net Debt (excluding IFRS 16) declined 18% year on year to $656m at end-September 2026, from $804m a year earlier
  • Geoscience revenue rose 3% year on year to $112m in Q3; segment adjusted EBITDAs fell 40% to $100m, largely due to exceptional transfer fees in Q3 2025
  • Investors should watch Q4 Earth Data revenue performance and the outcome of the Sensing & Monitoring operational review

Geoscience Backlog Reaches $283m at End-October as Computing Capacity Hits 765 Petaflops

Viridien's Geoscience division was the standout performer in the quarter, with revenue of $112m representing a 3% year-on-year increase and a 17% sequential rise, driven by backlog conversion in mature basins including the US Gulf, Mexico, and Guyana. Backlog stood at $267m at end-September 2026 and grew to $283m by end-October 2026, with additional verbal awards not yet formalised representing several tens of millions of dollars. Computing capacity reached 765 petaflops at end-September, up 21% year on year, while productivity per employee improved to $409,000 from $374,000 a year earlier, the announcement states.

Earth Data Revenue Down 49% Year on Year Owing to Exceptional Q3 2025 Transfer Fees

Earth Data revenue of $69m fell sharply against Q3 2025's $136m, a decline the announcement attributes primarily to exceptionally high transfer fees recorded in the prior-year period rather than underlying commercial deterioration. Earth Data capital expenditure amounted to $36m in Q3, down 20% year on year reflecting changes in project phasing. Cash EBITDA for the segment was $19m compared with $73m in Q3 2025. The announcement notes that late sales remained in line with normal seasonal levels and that commercial momentum continues to build across frontier basins, with the year-to-date E&P backdrop described as supportive for Q4 revenue.

Sensing and Monitoring Posts Adjusted Operating Loss of $11m Amid Middle East Conflict Impact

The Sensing and Monitoring segment reported revenue of $56m, down 18% year on year, with geopolitical uncertainty in the Middle East continuing to suppress market activity. Segment adjusted EBITDAs were -$5m and segment adjusted operating income was -$11m. In response, Viridien has initiated an operational review to adapt the segment's operating model, lower its break-even point, and preserve capabilities for recovery. The announcement identifies this geopolitical exposure as an ongoing constraint, with no timeline disclosed for when market conditions might normalise.

FY 2026 $100m Net Cash Flow Target Confirmed as Viridien Executes November Bond Redemption

Despite the year-on-year revenue decline at group level — IFRS revenue of $236m in Q3 against $266m in Q3 2025 — Viridien confirmed its full-year 2026 Net Cash Flow objective of $100m. Liquidity stood at $305m at end-September 2026, including $205m in cash and a fully undrawn $100m revolving credit facility. Net Debt excluding IFRS 16 fell to $656m from $735m at end-December 2025. A partial early redemption of the euro-denominated bond tranche is planned for November, consistent with the group's stated strategy of allocating Net Cash Flow primarily to debt reduction. Full-year results are scheduled for 25 February 2027.