TGS announces Q4 2025 results

12 Feb 2026 07:00 CET

OSLO, Norway (12 February 2026) - TGS today reports interim financial results
for Q4 2025.

Financial highlights:

* Q4 Revenues of USD 363 million, driven by strong multi-client performance
(sales-to-investment of 2.0x for the full year 2025)
* Solid order inflow of USD 598 million in Q4 2025 - total order backlog
increased to USD 706 million
* Net cash flow of USD 206 million in 2025
* Improved balance sheet resilience by reducing net debt by USD 73 million in
2025, to USD 427 million
* Stable dividend payment of USD 0.155 per share to be paid in Q1 2026
* 2026 guidance:

* Multi-client investment in the range of USD 500-575 million supported by
strong customer commitments, up from USD 447 million in 2025
* Significant increase in vessel utilization driven by high multi-client
activity - OBN activity expected to be in-line with 2025
* Gross operating cost of approximately USD 950 million - Capex at
approximately the same level as in 2025.

"Considering the difficult market conditions, I am satisfied with our Q4 2025
results. We gained significant traction with customers, achieving an order
inflow of USD 598 million - our best quarter since before the pandemic. Our
multi-client business performed well, and strong momentum at year-end meant our
sales-to-investment ratio met our annual goal of 2.0x. Although contract
revenues in Marine Data Acquisition were affected by reduced proprietary seismic
survey activity, our integrated business model allowed us to improve asset
utilization, thanks to increased demand for multi-client projects. The Imaging
division benefited from a sharpened strategic approach, producing a 65% growth
in pro-forma external revenue for 2025.

Throughout the year, we maintained our focus on cost and capital efficiency,
which led to a substantial reduction in costs. Consequently, we generated a net
cash flow before dividends of more than USD 200 million and lowered net debt to
USD 427 million by year-end, despite revenue declines and challenging market
conditions.

Due to oil price uncertainty and elevated geopolitical risks, we do not expect
notable improvements in market conditions in the near future. However, as the
global oil market is expected to move toward a more balanced state in the latter
part of 2026, and as our clients increasingly prioritize reserve health and
exploration for new resources, I am optimistic about a sustained recovery in
demand over the longer term," says Kristian Johansen, CEO of TGS.

Management presentation
CEO Kristian Johansen and CFO Sven Børre Larsen will present the results at
09:00 a.m. CET today at Thon Hotel Vika Atrium, Munkedamsveien 45, 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:
https://qcnl.tv/p/miug3wdVpOfCTZvPDri7vw

The Q4 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, VP IR & Business Intelligence
Mobile: +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

665493_Q4 2025 Presentation.pdf
665493_TGS Earnings Release Q4 2025 final version.pdf