TGS ASA (OTCPK:TGSNF)

Q4 2025 TGS ASA Earnings Call Transcript

Feb 12, 2026 / 08:00 AM GMT

Release Date Price: $11.14

Transcript

Key Points

Positve

TGS ASA (TGSGY) reported strong multi-client performance with revenues of $363 million in Q4 2025, despite a volatile market and sliding oil prices.
The company achieved an EBITD of $227 million, corresponding to a 63% margin, due to a strong focus on cost management.
TGS ASA (TGSGY) recorded a significant order inflow of $598 million, the strongest since pre-COVID, leading to a total order backlog of $706 million entering 2026.
Net cash flow was $206 million, allowing the company to reduce net debt to $427 million, moving closer to their target range of $250 to $350 million.
The company has a unique business model, being strong in all verticals of the seismic industry, and has signed its first strategic partnership with a supermajor, enhancing its market position.

Negative

TGS ASA (TGSGY) experienced a decline in segment revenues to $363 million in Q4 2025, down from $492 million in the same quarter of the previous year.
There was a significant drop in external revenues in the data acquisition business, from $231 million in Q4 2024 to $100 million in Q4 2025.
The marine data acquisition segment saw a negative development, with OBN contract revenues dropping from $132 million in Q4 2024 to $47 million in Q4 2025.
The company faces a challenging market for both streamer and OBN, particularly in the last three quarters of 2025, impacting overall revenues.
TGS ASA (TGSGY) anticipates a flat or slightly up contract market in 2026, with no significant near-term improvements expected, largely due to oil price uncertainties.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

TGS.OL - TGS ASA
Q4 2025 TGS ASA Earnings Call
Feb 12, 2026 / 08:00AM GMT

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Presentation
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Unidentified_1 [1]
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Good morning and welcome to TGS Q4 2025 presentation. My name is Bart Stenberg, Vice President of Invest relations and Business Intelligence in TGS.

Today's presentation will be given by CEO Christian Johansson and CFO Sven Better Larsen.

Before we start, I would like to give some practical information. For those of you present in the room with us today, please use the microphones provided when asking questions. For those of you on the webcast, you can type in the questions on the platform, and we will address those after management's concluding remarks.

I would also also like to draw your attention to the cautionary statement showing on the screen and available in today's presentation and earnings release. So with that, it's my

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