TGS ASA — Earnings Release 2025

Feb 12, 2026

TGS announces Q4 2025 results

TGS announces Q4 2025 results

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.