TGS announces Q3 2025 results

23 Oct 2025 07:00 CEST

OSLO, Norway (23 October 2025) - TGS today reports interim financial results for
Q3 2025.

Financial highlights:

* Recovery after weak second quarter - Q3 revenues of USD 388 million, a 26%
sequential growth
* Solid multi-client performance with sales-to-investment of 1.9x year-to-date
* Order inflow of USD 436 million during Q3 2025 - total order backlog of USD
473 million
* Strong cash flow reducing net debt to USD 432 million, compared to USD 479
million at the end of Q2 2025
* Solid balance sheet allows for stable dividend payment of USD 0.155 per
share to be paid in Q4 2025
* Continued scrutiny of cash outflow - capex guidance for 2025 reduced to USD
110 million from USD 135 million

"In a quarter marked by macroeconomic uncertainty and volatile oil prices, we
are pleased to report solid financial results. Our multi-client segment
performed well, primarily driven by strong library sales. Higher-than-
anticipated asset utilization and continued robust growth in imaging activity
contributed to contract revenues exceeding our initial expectations.

Additionally, strong cash flow led to a significant reduction in net debt,
reinforcing our finan­cial resilience and dividend capacity. While we continue
to observe encouraging signals in ongoing client discussions, the short-term
outlook remains uncertain due to pressure on E&P companies' cash flows from low
oil prices. Nevertheless, we remain confident in the long-term outlook, as
increased investments in new oil and gas resources will be essential to meet
long-term demand forecasts," says Kristian Johansen, CEO of TGS.


Management presentation
CEO Kristian Johansen and CFO Sven Børre Larsen will present the results today
at 09:00 a.m. CEST at House of Oslo, Ruseløkkveien 34 in Oslo, Norway.

The presentation is open to the public and will be webcasted live. Access and
registration for webcast attendees are available by copying and pasting the link
below into your browser, or use the link on the front page of www.tgs.com:

A recorded version of the presentation will be available on TGS.com
(http://www.tgs.com) after the live event.
https://channel.royalcast.com/landingpage/hegnarmedia/20251023_4/

The Q3 2025 earnings release and presentation are available on www.newsweb.no
and www.tgs.com.

For more information, visit TGS.com (http://www.tgs.com) or contact:

Bård Stenberg
Vice President IR & Business Intelligence
Tel: +47 992 45 235
E-mail: investor@tgs.com

About TGS
TGS provides advanced data and intelligence to companies active in the energy
sector. With leading-edge technology and solutions spanning the entire energy
value chain, TGS offers a comprehensive range of insights to help clients make
better decisions. Our broad range of products and advanced data technologies,
coupled with a global, extensive and diverse energy data library, make TGS a
trusted partner in supporting the exploration and production of energy resources
worldwide. For further information, please visit www.tgs.com
(https://www.tgs.com/).

Forward Looking Statement
All statements in this press release 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.

More information:
Access the news on Oslo Bors NewsWeb site

657747_Q3 2025 Earnings Release.pdf
657747_Q3 2025 Presentation.pdf