Company continues deleveraging as revenues reflect cautious E&P environment
Viridien has reported a return to positive cash flow in the first quarter of 2026, despite what it describes as a “soft” start to the year in a more cautious market environment.
Net cash flow reached $26 million, compared to -$20 million in Q1 2025, supported by what the company refers to as “disciplined” cash management and improved receivables collection. Net debt (excluding IFRS 16) was reduced to $702 million, down from $735 million at the end of December 2025, following an additional $40.7 million repayment on its USD-denominated bond in March.
Segment revenue for the quarter totalled $214 million, reflecting lower activity levels in line with expectations. Viridien noted that increased caution among E&P companies, along with continued geopolitical uncertainty in the Middle East, affected performance—particularly in its Sensing & Monitoring and Geoscience segments. Segment adjusted EBITDA was reported at $76 million.
The company has reiterated its full-year 2026 guidance, maintaining a net cash flow target of $100 million, with performance expected to be weighted towards the second half of the year, following a similar seasonal pattern to 2025.
Commenting on the results, Chair and CEO Sophie Zurquiyah said the quarter reflected a “soft start” due to market conditions, while pointing to “solid cash generation” and ongoing deleveraging as indicators of the company’s financial discipline.
(Picture of Viridien Board of Directors. Source: Viridien)
