Viridien: Revenue Down 22%, Cash Flow Multiplied by More Than Three
Viridien published on July 30 second quarter 2026 results marked by persistent weakness in activity, but positive inflection in cash flow and stable operating margin in the second quarter. Despite a 22% decline in half-year revenue, the group generated 32 million dollars of net cash flow in the first half, compared to 10 million a year earlier (more than 200%), driven by the flexibility of its streamlined business model in an uncertain geopolitical context.
Activity Down but Q2 Margins Stable
Revenue from operations stood at 232 million dollars in the second quarter, down 15% year-on-year, while the first half total reached 446 million, a decline of 22% compared to the same period in 2025. The contraction primarily reflects the persistent impact of the Middle East conflict on the Sensing & Monitoring division, which saw its Oil & Gas activity decline by 46% annually.
Adjusted EBITDA from operations stood at 92 million dollars in Q2, down 14% year-on-year, while the adjusted EBITDA margin came in at approximately 39.7%, nearly stable compared to 39.1% in the second quarter of 2025. Over the half-year, adjusted EBITDA from operations reached 168 million dollars, compared to 250 million a year earlier, a decline of 33%.
Half-Year Net Cash Flow Raised to 32 M$ and Net Debt Reduced
Net cash flow reached 6 million dollars in Q2 despite the payment of a portion of bond coupons during the quarter. The half-year total stands at 32 million dollars, compared to 10 million a year earlier, a progression of 233%, driven by a targeted investment policy and the flexibility of the group's streamlined business model. This cash inflow enabled Viridien to continue reducing its net debt excluding IFRS 16, brought down to 692 million dollars at end of June, compared to 856 million a year earlier (a decline of 19%). The group's liquidity remains solid, including a 125 million dollar revolving credit facility, of which 100 million is undrawn.
The group also reduced its total investments to 91 million dollars over the half-year, compared to 119 million last year, reflecting this increased discipline. Viridien maintains its 2026 objective of generating 100 million dollars of net cash flow.
Geoscience Carries Growing Order Book, SMO Remains Weakened
The Geoscience division displays an order book of 306 million dollars at end of June 2026, up 19% compared to end of December 2025 and up 33% compared to end of March 2026. This increase reflects sustained order intake from international and national oil companies in the Gulf of Mexico, Africa and the Middle East, although geopolitical uncertainties continue to weigh on the awarding of new projects. Earth Data generated cash EBITDA of 14 million dollars in Q2, compared to a balanced level a year earlier, supported by a disciplined approach to multi-client investments.
Conversely, Sensing & Monitoring remains a weak point, with revenue of 61 million dollars in Q2, down 34% year-on-year, the Oil & Gas branch declining by 46%, although New activities (representing 32% of the segment) are growing by 34% year-on-year. The segment's adjusted EBITDA stands at break-even, and the operating result stands at -6 million dollars, reflecting the persistent difficulties in the marine and land seismic services market.
