Slides
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Note: A TGS title slide should always be used as the cover slide, no matter the division being represented. It’s best to limit the title of the presentation to no more than two (preferably) or three lines. If more space is needed, utilizing the subhead is ideal to include more description. Q4 2025 Results Oslo, Norway K R I S T I A N J O H A N S E N , C E O S V E N B Ø R R E L A R S E N , C F O F E B R U A R Y 1 2 , 2 0 2 6
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Forward-Looking Statements All statements in this presentation other than statements of historical fact are forward-looking statements, which are subject to a number of risks, uncertainties and assumptions that are difficult to predict and are based upon assumptions as to future events that may not prove accurate. These factors include volatile market conditions, investment opportunities in new and existing markets, demand for licensing of data within the energy industry, operational challenges, and reliance on a cyclical industry and principal customers. Actual results may differ materially from those expected or projected in the forward-looking statements. TGS undertakes no responsibility or obligation to update or alter forward-looking statements for any reason. All financial numbers in this presentation are based on pro-forma unless stated otherwise.
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Right click on the image to insert a new photo. Adjust the color of the text (from White to Dark Silver #48525B) to help with readability, if necessary. Please DO NOT place the TGS logo on top of a photo. TGS Q4 2025 Highlights¹ • Q4 Revenues of USD 363 million, driven by strong multi-client performance • Q4 EBITDA of USD 227 million (63% margin) – cost focus preserves margins • Q4 EBIT of USD 72 million (20% margin) • High order inflow of USD 598 million – total order backlog of USD 706 million • 2025 net cash flow² of USD 206 million – net debt reduced to USD 427 million • Maintaining dividend of USD 0.155 per share ¹Financial numbers based on percentage of completion (produced) for ongoing multi-client projects. ² Net cash flow is cash flow from operating activities, minus cash from investing activities, minus interest and lease payments and excluding impact from investing activities related to Mergers and Acquisitions.
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Right click on the image to insert a new photo. Adjust the color of the text (from White to Dark Silver #48525B) to help with readability, if necessary. Please DO NOT place the TGS logo on top of a photo. Providing the insights and solutions needed for today and anticipating the challenges of tomorrow 2025 A Transitional Year STRONG START PRESERVING MARGINS BY REDUCING COST AND CAPEX INCREASING SHAREHOLDER RETURN AND REDUCING DEBT BENEFITTING FROM UNIQUE BUSINESS MODEL WELL POSITIONED FOR 2026 Better than expected Q1 results with solid asset utilization and multi-client sales Gross operating cost and capex reduced by USD 156 and 48 million respectively • Net cash flow of more than USD 200 million • Reduced net debt • Increased dividend by 11% • First strategic partnership signed • Capitalizing on opportunities in all geoscience markets • Strong order inflow and backlog • Robust balance sheet • Continuously optimizing cost and capex MACRO- AND GEOPOLITICAL UNCERTAINTY • Oil price weakness and volatility cause pressure on client spending • Challenging contract streamer and OBN markets
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Business Update
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6 Note: A range of paragraph styles are available for presenting your content. Body copy should be Arial Nova Light and can be sized at 12pt, 14pt or 16pt depending on the amount of content on the slide. See usage instructions on slide 2 for more information on formatting text styles. CTRL + SHIFT + C copies properties of characters, paragraphs, shapes or text frames. To apply these properties, use CTRL + SHIFT + V Q4 2025 Data Acquisition Activity OBN contract MC OBN/onshore projects NES operations MC vessel operations Contract vessel operations
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7 Multi-Client Update Awards & Key Projects • Pelotas Norte Phase I offshore Brazil • Streamer survey mainly targeting open acreage • APEX 1 OBN in Gulf of America • Dense node grid without reliance on underlying streamer data • Completed Megabar Extension Phase I • Joint venture streamer survey in Equatorial Margin area offshore Brazil ¹Financials are based on revenues measured by applying the percentage-of-completion method to early sales and accelerated amortization. ²Multi-client business unit revenues include joint venture revenue on certain projects. Financials in millions USD1 Q4 2025 Q4 2024 Multi-client sales² 270 259 Multi-client investment 117 100 Sales-to-investment LTM 2.0 2.2
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8 Strong Multi-Client Performance • Last Twelve Months sales/investment of 2.0x • In line with average performance • Q4 2025 multi-client sales increased Y-o-Y despite ~15% lower oil price 0.0 0.5 1.0 1.5 2.0 2.5 0 200 400 600 800 1000 1200 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Sales / Investment Sales and investments in MUSD LTM Sales LTM Investment LTM Sales/Investment TGS Sales-to-Investment LTM
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9 Marine Data Acquisition Update Financials in million USD¹ Q4 2025 Q4 2024 OBN contract revenues 47 132 Streamer contract revenues 110 131 Total gross revenues 157 263 Net revenues 68 209 EBITDA margin 35% 25% ¹Financials are based on revenues measured by applying the percentage-of-completion method to early sales and accelerated amortization. Awards & Key Projects • Three-year capacity agreement with Chevron • Streamer and OBN acquisition services • Technology collaboration • Three OBN contracts in Europe • Acquisition campaign for Q2 and Q3 • Streamer 4D contract in Norway • Commence in Q2 2026 with ~65 days duration • Streamer 4D contract offshore Brazil • 2H 2026 start with ~75 days duration
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10 Imaging & Technology Update Financials in million USD Q4 2025 Q4 2024 Gross imaging revenues 32 30 External Imaging revenues 18 15 EBITDA margin 30% 20% Awards & Key Projects • Multi-year agreement with Supermajor for licensing of Imaging AnyWare • Multiple Supermajors use TGS’ software • Reinforces TGS position at forefront of technology innovation • External imaging revenues increased ~65% in 2025 (pro-forma) • Substantial margin improvement • Further growth expected in 2026
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11 New Energy Solutions Update Financials in million USD Q4 2025 Q4 2024 NES contract revenues 2 7 NES multi-client revenues 4 3 Total NES revenues 6 9 EBITDA margin 22% 17% Awards & Key Projects • First wind and metocean campaign in Australia • Commissioned by High Sea Wind • One year deployment • Gipsland region of Victoria • Collaboration with EOLOS to offer wind and metocean campaigns offshore Brazil • TGS manages client relationships • EOLOS supply floating LiDAR systems
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Financials
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13 Note: A range of paragraph styles are available for presenting your content. Body copy should be Arial Nova Light and can be sized at 12pt, 14pt or 16pt depending on the amount of content on the slide. See usage instructions on slide 2 for more information on formatting text styles. CTRL + SHIFT + C copies properties of characters, paragraphs, shapes or text frames. To apply these properties, use CTRL + SHIFT + V Group Financials 92 67 -22 105 72 19% 15% -7% 27% 20% -10% -5% 0% 5% 10% 15% 20% 25% 30% -40 -20 0 20 40 60 80 100 120 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 MUSD EBIT and margin 63 57 65 61 36 60 59 63 60 58 53 75 45 16 62 0 50 100 150 200 250 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 MUSD Depreciation & Amortization Depreciation Straight-line amortization Accelerated amortization & impairment 225 193 155 147 136 52 59 81 70 53 277 252 236 217 189 0 50 100 150 200 250 300 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 MUSD Operating expenses Net operating expenses Eliminations 261 270 136 217 263 231 181 172 171 100 492 451 308 388 363 0 100 200 300 400 500 600 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 MUSD Net revenue Multi-client Contract
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14 Produced - Segment Revenues
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15 Note: A range of paragraph styles are available for presenting your content. Body copy should be Arial Nova Light and can be sized at 12pt, 14pt or 16pt depending on the amount of content on the slide. See usage instructions on slide 2 for more information on formatting text styles. CTRL + SHIFT + C copies properties of characters, paragraphs, shapes or text frames. To apply these properties, use CTRL + SHIFT + V 463 283 307 247 124 100 263 894 631 0 200 400 600 800 1,000 1,200 Gross Capitalization Net MUSD Cost of sales Personnel costs Other operating expenses 2025 2024 612 431 348 308 139 107 253 1,098 846 Gross Capitalization Net Continued Focus on Cost Optimization • Continued focus on cost efficiency and asset optimization has resulted in substantial cost reductions • 2026 guidance: Gross operating expenses of approximately USD 950 million Operating expenses 2025¹ ¹ 2024 operating expenses based on pro–forma financials
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16 Produced - Profit & Loss (MUSD) Q4 2025 Q4 2024 Change YTD 2025 Pro forma YTD 2024 Change Multi-client revenues 263.6 261.4 1% 883.8 970.1 -9% Contract revenues 99.3 230.9 -57% 625.8 836.5 -25% Total revenues 362.9 492.3 -26% 1,509.6 1,806.7 -16% Cost of sales 48.2 138.3 -65% 283.5 431.3 -34% Personnel cost 59.9 57.0 5% 247.0 307.7 -20% Other operational costs 27.7 29.9 -8% 100.2 106.7 -6% EBITDA 227.1 267.1 -15% 878.9 961.0 -9% Straight-line amortization 58.0 59.8 -3% 240.8 273.9 -12% Accelerated amortization 59.2 49.6 20% 192.8 188.2 2% Impairments 2.3 3.4 -31% 4.6 4.6 0% Depreciation 35.9 62.7 -43% 219.5 228.1 -4% Operating profit (EBIT) 71.6 91.6 -22% 221.2 266.2 -17% Financial income 2.0 (1.5) -235% 11.9 12.7 -6% Financial expenses -19.9 -18.2 9% -88.6 -93.4 -5% Exchange gains/losses -1.5 (3.4) -54% -7.6 -16.3 -54% Result before taxes 52.2 68.6 -24% 136.9 169.1 -19%
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17 Produced – Cash Flow (MUSD) Q4 2025 Q4 2024 YTD 2025 YTD 2024 Produced EBITDA 227.1 267.1 878.9 811.2 Paid tax (21.6) (16.1) (83.2) (32.6) Change in balance sheet items (37.3) (69.7) 54.2 (149.9) Cash flow from operating activities 168.3 181.3 850.0 628.7 Capitalized multi-client investments (116.7) (82.7) (446.8) (330.9) Non-cash capitalization of multi-client investments 41.9 6.0 71.7 18.9 Paid multi-client investments capitalized in other periods (0.5) (8.7) (0.0) (19.6) Paid multi-client investments (75.3) (85.3) (375.2) (331.6) Capex (20.5) (38.4) (94.2) (103.9) Investments through M&A - - - 28.6 Interest received 0.6 3.9 9.5 7.1 Cash flow from investment activities (95.2) (119.8) (459.9) (399.7) Net change in interest-bearing-debt (5.6) (67.1) 11.3 (20.8) Repayment of leases (27.8) (27.8) (128.2) (102.7) Interest paid (8.5) (18.1) (55.7) (59.8) Dividend payments (30.5) (27.5) (121.7) (91.6) Other changes in equity and buybacks - - - (18.8) Cash flow from financing activities (72.4) (140.4) (294.2) (293.7) Net change in cash and cash equivalents 0.6 (83.9) 95.8 (64.7) Cash and cash equivalents at the beginning of period 212.7 213.8 122.8 196.7 Net realized currency gains/(losses) (1.0) (7.0) (6.3) (9.2) Cash and cash equivalents at the end of the period 212.3 122.8 212.3 122.8
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18 Note: A range of paragraph styles are available for presenting your content. Body copy should be Arial Nova Light and can be sized at 12pt, 14pt or 16pt depending on the amount of content on the slide. See usage instructions on slide 2 for more information on formatting text styles. CTRL + SHIFT + C copies properties of characters, paragraphs, shapes or text frames. To apply these properties, use CTRL + SHIFT + V 2025 Net Debt Development – Targeted Capital Structure 500 453 479 432 427 350 250 78 30 5 30 77 30 36 30 200 250 300 350 400 450 500 550 Net debt Q4 24 FCFE Dividend Net debt Q1 25 FCFE Dividend Net debt Q2 25 FCFE Dividend Net debt Q3 25 FCFE Dividend Net debt Q4 25 High net debt target Low net debt target USD million Reducing net debt towards targeted range (MUSD) Net debt target of USD 250-350 million Increase shareholder return in the targeted interval
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19 IFRS - Balance Sheet Change from (MUSD) 31-Dec-25 30-Sep-25 30-Sep-25 31-Dec-24 Goodwill 555.9 555.9 0% 560.1 Multi-client library 1,149.3 1,106.3 4% 1,196.8 Deferred tax asset 237.1 256.8 -8% 249.7 Right-of-use-asset 184.4 199.9 -8% 150.2 Other non-current assets 1,052.2 1,019.9 3% 1,052.0 Total non-current assets 3,178.8 3,138.9 1% 3,208.8 Cash and cash equivalents 212.3 212.7 0% 212.7 Accounts receivable and accrued revenues 384.2 334.2 15% 513.4 Other current assets 158.2 162.9 -3% 102.9 Total current assets 754.7 709.8 6% 829.0 TOTAL ASSETS 3,933.6 3,848.7 2% 4,037.8 Total equity 1,980.8 1,999.8 -1% 2,075.6 Deferred taxes 16.9 39.2 -57% 45.8 Lease liability 116.1 129.8 -11% 61.4 Non-current liabilities 638.2 636.0 0% 590.1 Total non-current liabilities 771.2 805.0 -4% 697.2 Taxes payable, withheld payroll tax, social security and VAT 185.1 155.6 19% 121.6 Lease liability 89.8 91.1 -1% 109.5 Deferred revenue 578.4 445.1 30% 532.2 Other current liabilities 328.4 352.2 -7% 501.6 Total current liabilities 1,181.6 1,043.9 13% 1,265.0 TOTAL EQUITY AND LIABILITIES 3,933.6 3,848.7 2% 4,037.8
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20 The Board has resolved to maintain the quarterly dividend of USD 0.155 per share • Ex date 19 February 2026 – payment date 5 March 2026 TGS has returned more than USD 1.6 bn to shareholders through dividends and buybacks since 2010 ¹Quarterly dividends defined in USD from 2016. Annual dividends defined in NOK prior to 2016, converted to USD with the FX rate at ex-dividend dates. ²Dividend yield annualized based on the weighted yield at the time of announcement of quarterly dividends. Dividends Dividend Per Share1 Dividend Yield2 0.155 0.61 0.93 0.98 1.37 1.42 1.15 0.60 0.60 0.80 1.08 0.75 0.56 0.56 0.56 0.56 0.62 0.155 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 USD per share Year of payment 3.5% 3.6% 4.0% 3.9% 4.9% 5.2% 3.7% 2.8% 2.6% 4.0% 4.5% 4.6% 4.3% 3.8% 5.3% 7.5% 5.6% 0% 1% 2% 3% 4% 5% 6% 7% 8% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Year of payment
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Outlook
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22 Material Change in Oil & Gas Perception • In IEA’s 2025 World Energy Outlook oil and gas demand do not peak¹ • One year earlier, oil and gas demand peaked in 2030¹ • 2025 WEO assumes higher demand for all fossil fuels in 2050 vs. 2024 WEO • At the expense of renewables • Simultaneously, energy companies highlight the exploration challenge 0 50 100 150 200 250 2010 2023 2024 2035 E 2040 E 2050 E EJ Oil Natural gas Coal Nuclear Renewables Other Total energy demand by fuel type – World Energy Outlook 2025 Change in fuel type in 2050 World Energy Outlook 2025 vs. 2024 ¹Based on IEA’s Current Policies Scenario. -15 0 15 30 45 Oil & natural gas Coal Nuclear Other Renewables Mboe/d Up 25% Up 47% Up 16% Up 40% Down 25% Source: IEA World Energy Outlook 2025. Source: IEA World Energy Outlook 2024 and 2025.
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23 Exploration Moving Up on The Priority List • Oil majors becoming more positive on exploration • Evidenced by improving interest in frontier areas • Low oil price and cash flow limiting momentum in the short-term Cash flow generation vs. capital allocation selected IOCs ¹ ¹Accmulated for ExxonMobil, Chevron, TotalEnergies, Shell, bp, Equinor, ENI, Petrobras. Source: Bloomberg. 0 100 200 300 400 500 600 700 USD bn Dividends¹ Share buy-backs¹ Capex¹ CFFO¹ “Less pleased with the fact that we haven't found the bigger plays that allow us to potentially create big new hubs. And so, that's the space we need to continue to work on to improve.” Wael Sawan, CEO Shell “We need to ramp up some of the exploration activity beyond just the focus on near infrastructure opportunities. So, we'll move to a more balanced approach of mature areas that are well known and also early entry into high-impact frontier areas.” Mike Wirth, CEO Chevron “Now is the focus to deliver on that growth, finding more attractive exploration opportunities within those selected areas.” Anders Opedal, CEO Equinor
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24 Streamer Market Flattens – OBN Market Under Pressure Streamer market: • Streamer market decline almost 50% since 2019 • 2026 volume expected to be in-line with 2025 OBN market: • 2H 2026 activity is not fully visible yet • Some significant 2027 opportunities can be moved to 2026 pending permits • Fragmented supply side – improving discipline 0 50 100 150 200 250 2019 2020 2021 2022 2023 2024 2025 2026 E Vessel months Contract vessel months Contract bids not won Development in contract vessel months for the industry Development in normalized OBN crew months for the industry 0 20 40 60 80 100 120 140 2020 2021 2022 2023 2024 2025 2026E secured + opport. Normalized OBN crew months
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25 Resilient Cash Flow Despite Challenging Markets 162 157 90 206 106 86 105 56 269 243 195 262 0 50 100 150 200 250 300 2022 2023 2024 2025 USD m Net CF before dividend Interest paid Free Cash Flow LTM Gross operating costs (pro-forma) Cash Flow (pro-forma)1 1,051 1,098 1,085 1,054 982 0 200 400 600 800 1,000 1,200 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 2025 guidance MUSD July update ~950 May update ~1,000 Original ~1,050 • Vertically integrated business model facilitates for optimal allocation of resources • Efficient and flexible cost base enabled by technology adoption and a strong balance sheet TGS well positioned to benefit from a market recovery 894 1. 2024 Cash flow excluding total costs of USD 52 million related to PGS merger and subsequent refinancing
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26 Note: A range of paragraph styles are available for presenting your content. Body copy should be Arial Nova Light and can be sized at 12pt, 14pt or 16pt depending on the amount of content on the slide. See usage instructions on slide 2 for more information on formatting text styles. CTRL + SHIFT + C copies properties of characters, paragraphs, shapes or text frames. To apply these properties, use CTRL + SHIFT + V Exclusive Supplier to the World’s Largest Buyer of Seismic Capacity • TGS’ multi-client business is the world’s by far largest buyer of seismic – approximately 1.5x the largest IOC • TGS normally consume significantly more 3D vessel capacity than the current fleet of six • 2024 and 2025 are exceptions • Being a leader in both MC and contract allows for portfolio optimization • Multi-client: higher return (2x over time), longer payback, higher risk • Contract work: lower return, quicker payback, lower risk TGS 3D vessel usage (pro-forma)1 1. 3D vessel years used by TGS and PGS for either contract or multi-client purposes 0 2 4 6 8 10 12 14 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Vessel years MC Contract TGS current active fleet
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27 MULTI-CLIENT INVESTMENT CAPITAL EXPENDITURES GROSS OPERATING COST UTILIZATION • Investment in the range of USD 500-575 million • Supported by strong customer commitments • At approximately the same level as in 2025 • Target ~USD 950 million • Significant increase in streamer vessel utilization – driven by high multi-client activity • OBN activity expected to be in- line with 2025 2026 Guidance Long-term net debt target range of USD 250 – 350 million Shareholder distribution from dividend and share buy-backs
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Order Backlog & Inflow Total backlog as reported and including PGS from 1 July 2024. Total Backlog in MUSD Order Inflow in MUSD Expected timing of Marine Data Acquisition backlog revenue recognition 283 240 196 355 275 140 368 423 489 302 133 436 598 0 100 200 300 400 500 600 700 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 451 458 417 475 545 459 612 750 749 600 425 473 706 0 100 200 300 400 500 600 700 800 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1 2026 Q2 2026 H2 2026 2027+
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29 TGS Booked Positions¹ • Q1 streamer geo-markets: • Contract work in Africa and Asia • Multi-client in Brazil and Africa • Q1 OBN geo-markets: • Contract work in GoA • Multi-client in GoA • Expect multi-client investment of USD 150- 190 million in Q1 2026 • Expected utilization Q1 2026 • Vessel utilization ~85% • Normalized OBN crew count of ~1.8 ¹As of 4 February 2026. ²Booked positions are for six active 3D streamer vessels and include contracts, planned steaming and yard time, as well as multi-client programs TGS has firm plans to do and vessel capacity is allocated, but where all pre-funding is not necessarily secured. Streamer and OBN plans are subject to changes depending on project execution and other external factors TGS is not in control of. Booked streamer work in vessel months Booked OBN work – Normalized crew count 0 2 4 6 8 10 12 14 16 18 Q1 26E Q2 26E Vessel months Streamer contract Streamer multi-client Planned steaming and yard 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 Q1 26E Q2 26E Normalized crew count OBN contract OBN multi-client
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Right click on the image to insert a new photo. Adjust the color of the text (from White to Dark Silver #48525B) to help with readability, if necessary. Please DO NOT place the TGS logo on top of a photo. Summary Q4 2025 • Strong multi-client performance • Net debt reduced to USD 427 million • High order inflow – good visibility into 2026 • Short-term market development sensitive to oil price, long-term market outlook remains positive • Maintaining dividend of USD 0.155 per share
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Thank you Energy Starts With Us Questions?
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Appendix
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IFRS Backlog & Inflow Total backlog as reported and including PGS from 1 July 2024. IFRS - Early Sales backlog accounts for USD 820 million of the total backlog Total Backlog in MUSD Order Inflow in MUSD Timing of expected recognition of Early Sales contract backlog Q1 2026 Q2 2026 H2 2026 2027+ 283 240 196 355 275 140 368 423 489 302 133 436 598 0 100 200 300 400 500 600 700 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 567 633 623 752 839 827 970 1302 1301 1138 937 965 1291 0 200 400 600 800 1000 1200 1400 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25
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34 IFRS – Profit & Loss¹ ¹Produced revenues is USD 362.9 million in Q4 2025. Produced revenue is calculated measuring the part of multi-client sales committed prior to completion of a project on a percentage of completion basis. ²Produced accelerated amortization is USD 59.2 million in Q4 2025. Produced Accelerated amortization of multi-client library is calculated on percentage of completion basis. (MUSD) Q4 2025 Q4 2024 Change YTD 2025 YTD 2024 Change Total revenues 272.2 490.7 -45% 1,526.9 1,318.2 16% Cost of sales 48.2 138.3 -65% 283.5 322.5 -12% Personnel cost 59.9 57.0 5% 247.0 208.9 18% Other operational costs 27.7 29.9 -8% 100.2 92.6 8% EBITDA 136.4 265.4 -49% 896.2 694.2 29% Straight-line amortization 58.0 59.8 -3% 240.8 204.9 18% Accelerated amortization 13.4 49.0 -73% 248.9 103.9 139% Impairments 2.3 3.4 -31% 4.6 4.6 0% Depreciation 35.9 62.7 -43% 219.5 185.2 19% Operating result 26.9 90.4 -70% 182.4 195.6 -7% Financial income 4.8 1.6 201% 13.7 8.4 63% Financial expenses -19.9 -18.2 9% -88.6 -44.2 100% Exchange gains/losses -1.5 -3.4 -54% -7.6 -9.2 -18% Gains/(losses) from JV -2.8 -3.1 -8% -1.9 -3.1 -39% Result before taxes 7.4 67.4 -89% 98.1 147.5 -34% Tax cost 0.6 29.4 -98% 79.8 53.3 50% Net income 6.8 38.0 -82% 18.3 94.2 -81% EPS (USD) 0.03 0.19 0.09 0.53 EPS fully diluted (USD) 0.03 0.19 0.09 0.52
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35 IFRS – Cash Flow (MUSD) Q4 2025 Q4 2024 Change YTD 2025 YTD 2024 Change Operating activities: Profit before taxes 7.4 67.4 -89% 98.1 147.5 -34% Depreciation/amortization/impairment 109.6 175.0 -37% 713.8 498.6 43% Changes in accounts receivable and accrued revenues -50.0 -83.6 -40% 129.1 -115.3 -212% Changes in other receivables -44.3 5.3 -942% -59.8 40.3 -248% Changes in other balance sheet items 167.1 33.4 400% 52.0 90.3 -42% Paid taxes -21.6 -16.1 34% -83.2 -32.6 155% Net cash flows from operating activities 168.3 181.3 -7% 850.0 628.7 35% Investing activities: Investments in tangible and intangible assets -20.5 -38.4 -47% -94.2 -103.9 -9% Investments in multi-client library -75.3 -85.3 -12% -375.2 -331.6 13% Investments through mergers and acquisitions 0.0 0.0 n/a 0.0 86.8 -100% Interest received 0.6 3.9 -85% 9.5 7.1 33% Net change in interest bearing receivables 0.0 0.0 n/a 0.0 -58.2 -100% Net cash flows from investing activities -95.2 -119.8 -21% -459.9 -399.7 15% Financing activities: Loan proceeds 0.0 575.0 -100% 70.0 705.2 -90% Loan repayment -5.6 -633.2 -99% -91.7 -717.2 -87% Restricted cash used for loan repayment 0.0 0.0 n/a 33.0 0.0 n/a Transaction cost related to loans 0.0 -8.9 -100% 0.0 -8.9 -100% Interest paid -8.5 -18.1 -53% -55.7 -59.8 -7% Dividend payments -30.5 -27.5 11% -121.7 -91.6 33% Repayment of lease liabilities -27.8 -32.8 -15% -128.2 -102.7 25% Purchase of own shares 0.0 0.0 n/a 0.0 -0.3 -100% Payment of previous PGS dividend liability 0.0 0.0 n/a 0.0 -18.5 -100% Net cash flows from financing activities -72.4 -145.4 -50% -294.2 -293.7 0% Net change in cash and cash equivalents 0.6 -83.9 -101% 95.8 -64.7 -248% Cash and cash equivalents at the beginning of period 212.7 213.8 0% 122.8 196.7 -38% Net unrealized currency gains/(losses) -1.0 -7.0 -85% -6.3 -9.2 -32% Cash and cash equivalents at the end of period 212.3 122.8 73% 212.3 122.8 73%
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36 Note: A range of paragraph styles are available for presenting your content. Body copy should be Arial Nova Light and can be sized at 12pt, 14pt or 16pt depending on the amount of content on the slide. See usage instructions on slide 2 for more information on formatting text styles. CTRL + SHIFT + C copies properties of characters, paragraphs, shapes or text frames. To apply these properties, use CTRL + SHIFT + V Segment Financials
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37 Note: A range of paragraph styles are available for presenting your content. Body copy should be Arial Nova Light and can be sized at 12pt, 14pt or 16pt depending on the amount of content on the slide. See usage instructions on slide 2 for more information on formatting text styles. CTRL + SHIFT + C copies properties of characters, paragraphs, shapes or text frames. To apply these properties, use CTRL + SHIFT + V Multi-client 259 267 137 226 270 0 50 100 150 200 250 300 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 MUSD Revenue 242 256 126 203 254 0 50 100 150 200 250 300 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 MUSD EBITDA 100 130 114 86 117 0 20 40 60 80 100 120 140 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 MUSD Multi-client investments 2.2x 2.2x 2.0x 2.1x 2.0x 1.8x 1.9x 2.0x 2.1x 2.2x 2.3x Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 MUSD Sales / Investment LTM
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38 Note: A range of paragraph styles are available for presenting your content. Body copy should be Arial Nova Light and can be sized at 12pt, 14pt or 16pt depending on the amount of content on the slide. See usage instructions on slide 2 for more information on formatting text styles. CTRL + SHIFT + C copies properties of characters, paragraphs, shapes or text frames. To apply these properties, use CTRL + SHIFT + V Marine Data Acquisition 209 164 133 119 68 54 56 70 96 89 50% 41% 44% 41% 30% 0% 10% 20% 30% 40% 50% 60% 0 50 100 150 200 250 300 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 OBN share MUSD Revenue External revenue Internal revenue OBN share 67 51 50 78 55 - 10 20 30 40 50 60 70 80 90 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 MUSD EBITDA 35% 37% 55% 45% 31% 31% 36% 23% 28% 48% 6% 11% 9% 10% 15% 6% 3% 7% 8% 5% 22% 13% 6% 9% 1% 0 2 4 6 8 10 0% 20% 40% 60% 80% 100% Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 No. of vessels Utilization Utilization 3D vessels Contract Multi-client Steaming Yard Stacked/Standby Number of vessels 3.5 2.8 1.7 1.8 0.7 0.2 1.1 1.0 1.0 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Crew count Normalized OBN crew count Contract Multi-client
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39 Note: A range of paragraph styles are available for presenting your content. Body copy should be Arial Nova Light and can be sized at 12pt, 14pt or 16pt depending on the amount of content on the slide. See usage instructions on slide 2 for more information on formatting text styles. CTRL + SHIFT + C copies properties of characters, paragraphs, shapes or text frames. To apply these properties, use CTRL + SHIFT + V Imaging and NES 15 14 19 20 18 15 10 12 12 13 0 5 10 15 20 25 30 35 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 MUSD IMG Revenue External revenue Internal revenue 9 6 18 23 6 0 5 10 15 20 25 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 MUSD NES revenue 6 6 13 9 9 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% -2 0 2 4 6 8 10 12 14 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 MUSD IMG EBITDA and EBITDA and margin 2 1 6 6 1 0% 5% 10% 15% 20% 25% 30% 35% 0 1 2 3 4 5 6 7 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 MUSD NES EBITDA and margin
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40 3D Streamer Contract Tenders • Volume of bids increased towards year-end 2025 • Integrated business model enables TGS to establish long-term agreements and bid selectively • Solid multi-client opportunity pipeline with attractive pre-funding (not reflected in chart) ¹Active streamer tenders are the dollar value of outstanding bids. The graph includes December 2025. 0 200 400 600 800 MUSD Active tenders¹ Value of active contract streamer tenders ( USDm)
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Overview is showing scheduled rounds only and is not exhaustive. Several countries, particularly in Africa and Latin America, are planning rounds over the next couple of years E U R O P E Norway: • 2026 APA Round announcement expected in 1H with application deadline in Q3 2026 • 26th Round – Q4 2025 (nominations) License Round Activity N O R T H A M E R I C A Canada: • Nova Scotia call for bids closes in April • Call for Nominations in Southern Newfoundland closes August US GOA: • Big Beautiful Gulf (BBG) 2 planned for 11 March 2026 • BBG3 planned for August 2026 US Onshore: • National Petroleum Reserve in Alaska scheduled for 9 March 2026 • 2026 BLM lease sales in March (CO, UT, AR, LA), May (NM, TX), August (MT, ND) S O U T H A M E R I C A Brazil: • 3rd cycle of the Open Acreage of Production Sharing (OPP) – in award/contracting stage • Permanent Concession Offer (OPC) 5 – closed in 2025 • Permanent Concession Offer (OPC) 6 – not yet announced A S I A - P A C I F I C India: • OALP-X ongoing, closes May 2026 Indonesia: • 2026 Third Round closes Feb 2026 • Open door policy (via JSA mechanism) Malaysia: • 2026 MBR – launched February 2026 Timor-Leste: • Bid round planned Q3 2026 Australia: • 2025/2026 round closes Jun 2026 New Zealand: • Open door policy A F R I C A / E A S T M E D Angola: • ANPG announced a new offshore License Round in December 2025. • Permanent Offer Blocks available for direct negotiation • MOU exclusive study period pre- negotiation Congo-Brazzaville: • 2026 License Round planned Cote d’Ivoire: • Open door Gabon: • Open Door Liberia: • Open offshore License Round for 29 blocks in the Liberia and harper basins Madagascar: • License Round planned for 2026 Nigeria: • 2025 License Round underway Tanzania: • License Round planned for 2026 Egypt: • Open blocks licensing program • Red Sea offshore round with deadline in May 2026 Lebanon: • Ongoing License Round Libya: • 2025 License Round ongoing • Planning for 2026 license round