Good day, and thank you for standing by. Welcome to the Viridien Third Quarter 2026 Financial Results Conference Call and Webcast. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be the question-and-answer session. To ask a question during the session, you need to press star, one on your telephone keypad. You will then hear an automated message advising your hand is raised. To withdraw a question, please press star, one, and one again. If you wish to ask a question via the webcast, please use the Q&A box available on the webcast link anytime during the live event. Please be advised that today's conference is being recorded. I would now like to hand the conference over to our first speaker today, Alexandre Leroy, Head of Investor Relations. Please go ahead.
Good morning and good afternoon, everyone. Thank you for joining us for Viridien's Q3 2026 results presentation. I am Alexandre Leroy, Head of Investor Relations. Joining me today from Paris are our CEO, Henning Berg, and our Group CFO, Jérôme Serve, who will take you through our Q3 performance. Before we begin, a few housekeeping items. Today's conference call is being recorded and is accessible by phone and online. A replay will be available shortly on our website, www.viridiengroup.com, where you can also download the presentation slides. Please note that today's presentation contains forward-looking statements. Actual results may differ materially from those expressed or implied. The relevant risk factors are described in our 2025 Universal Registration Document filed with the French Financial Market Authority, the AMF. As usual, we will conclude the presentation with a Q&A session.
Finally, a quick reminder that Viridien primarily comments on segment figures, which reflect our internal management reporting. This differs from the IFRS figures also published today, mainly due to IFRS 16 timing differences in Earth Data revenue recognition. With that, I will hand over to Henning to take you through the key highlights of the quarter. Henning, over to you.
Thank you, Alexandre. Good morning and good afternoon, everyone. Starting with the key highlights of the quarter on slide two. Segment revenue reached $237 million in Q3, with segment adjusted EBITDA of $100 million. Performance was clearly supported by Geoscience, which returned to growth with revenue up 3% year-on-year and 17% versus Q2 2026. Earth Data and Sensing and Monitoring were softer for different reasons, which we will come back to in a moment. Our balance sheet also continued to strengthen over the period. Net Cash Flow reached $35 million in Q3, bringing the nine-month total to $67 million compared to $62 million last year. As a result, net debt declined to $656 million, down 18% year-on-year. We have also announced a further partial early bond redemption for November, consistent with our commitment to further deleverage the group.
The quarter also confirmed the improving backdrop across the sector. We are seeing a clear broadening of commercial opportunities quarter after quarter. In Geoscience, for example, pending bids are up by a high double-digit percentage year-on-year, which provides a supportive backdrop for order intake over the coming months. In Earth Data, commercial momentum continues to build across emerging and frontier basins, supported by emerging exploration upcycle and E&P companies positioning to secure new acreage. In Sensing and Monitoring, while the business remains challenged today by the ongoing conflict in the Middle East, we are also seeing selective large opportunities going forward, particularly around mega-crew tenders in Saudi Arabia. Q3 demonstrated continued financial strengthening and growing signs of commercial recovery. Solid execution and cash generation, combined with strengthening customer activity, gives us confidence in a more supportive Q4 and a further momentum into 2027.
We confirm our full-year objective of $100 million of Net Cash Flow. Turning now to Geoscience on slide four. Q3 confirmed the improvements we have anticipated, with external revenue returning above the $110 million mark at $112 million, up 17% sequentially and 3% year-on-year. This reflects solid execution and the conversion into revenue of backlog built up over previous quarters. Following this strong conversion, backlog stood at $267 million at the end of September. While lower year-on-year, it remains above the year-end 2025 level and has since increased to $283 million at the end of October. Because of several large opportunities and uncertainty related to the exact timing of contracts, it can be helpful to look at backlog trends over several quarters. Commercial activity remained very healthy.
The value of pending commercial opportunities is up massively year-on-year, but more concretely, we also have several tens of millions of dollars of verbal awards that have yet to be formalized. This provides a supportive backdrop for order intake and revenue over the coming quarters. Operational efficiency also continued to improve. Total production per employee reached $409,000 over the first nine months of 2026, up 9% year-on-year, reflecting the continued benefit of our technology investments, the way we leverage AI, and our overall disciplined execution. In a nutshell, Geoscience delivered a very solid quarter, combined revenue growth, high productivity, and healthy commercial momentum. I am particularly pleased with the performance of GEO this quarter. Looking at our commercial pipeline for subsurface imaging in more detail, more than 60% of our pending proposals relate to emerging and frontier areas, while more than 55% involve reprocessing projects.
Turning to slide five, this example illustrates very concrete how the value of reprocessing can create for our clients. We are looking at the exact same underlying seismic dataset, originally processed in 2015 and then reprocessed in 2025 using our latest generation FWI advanced imaging technology. This is a streamer dataset. In 2019, an exploration well was targeted at a presumed prospect in this image. This part of the world has very complex subsurface, but is also very prospective. For those less familiar with looking at a seismic section, the red color is salt. While salt is an excellent seal to trap hydrocarbons, it is also a challenge to image below salt, as the seismic signal gets weak. As you can see on the 2015 image, the visibility below the salt was limited to the technology at the time.
The client did interpret that there was a potential hydrocarbon-bearing structure below the salt and drilled the exploration well in 2019. The well ultimately resulted in a dry hole. Wells of this type can cost more than $200 million each. When we reprocessed the same dataset with the latest proprietary FWI technology in 2025, the subsurface picture changed materially. The new seismic image revealed a previously unresolved salt pedestal close to the targeted prospect, helping explain the drilling outcome and allowing the prospect geometry to be reassessed with significantly greater confidence. This is exactly where the value of reprocessing lies. In some cases, it can avoid the cost and lead time of acquiring new seismic data altogether. More broadly, it allows operators to materially improve their understanding of the subsurface, better de-risk prospect valuation and drilling decision, potentially avoid significant capital losses from unsuccessful drilling.
When it comes to seismic imaging and re-imaging, Viridien is second to none globally. Over the past decade, we have increased our HPC computing capacity by close to 20x , reaching 765 petaflops today, while continuously advancing our algorithms and workflows. The scale and efficiency of our computing infrastructure also accelerate innovation, allow us to extract significant more value and insight from existing datasets, and process increasingly more complex projects. Ultimately, it is this combination of differentiated imaging technology, computing scale, and deep subsurface expertise that delivers a pure subsurface imaging and very tangible value to our clients, while supporting attractive project economics for our Geoscience business. Turning now to Earth Data on slide six. Revenue was $69 million in Q3, compared to $136 million in the prior year period.
The year-on-year comparison is heavily impacted by the high comparison base, as Q3 2025 benefits from exceptional transfer fees related to consolidation in the E&P sector. Beyond this comparison effect, commercial activity remained healthy. Late sales were satisfactory and in line with normal seasonal levels, while prefunding revenue was somewhat lower, reflecting the lower level of investment during the quarter. Multi-client CapEx amounted to $36 million in Q3, down 20% year on year. This reflects our continued investment discipline as well as changes in the mix and phasing of the project pipeline. Our main investments during the quarter, including Guyana Shallow Water 3D, the Frigg OBN project in Norway, and Langkasuka 3D in Malaysia. Looking ahead, we are preparing to launch new projects in Egypt, Honduras, and Uruguay, among others, illustrating the breadth of opportunity across our portfolio.
We remain disciplined in deploying capital, focusing on projects with attractive prefunding, strong client interest, and compelling longer-term late sales potential. At the same time, growing commercial momentum across emerging and frontier basins is expanding the range of opportunities where we can deploy capital selectively. Looking into 2027, we see a constructive commercial backdrop for Earth Data, with improving exploration cycle creating opportunities for both reprocessing and selective new data acquisition. As this translates into new projects, we see the potential for multi-client CapEx to progressively return towards the annual level of around $200 million. Before that, Q4 2026 revenue should already benefit from the usual seasonality in late sales and come in significantly above Q3. Turning now to slide seven for a concrete illustration of the quality and the value of our Earth Data library. The key message here is simple.
Two major recent discoveries in Brazil were drilled on Viridien data. BP's Bumerangue discovery in the Santos Basin was its largest discovery in 25 years. Petrobras' Morpho discovery in the equatorial margin, where they hit three different sections. The Bumerangue dataset is 100% owned by Viridien, while the Morpho dataset is 50% owned by us. Most importantly, on both projects, Viridien did the seismic imaging with our latest technology. This is a very tangible demonstration of the decision-grade quality of our library in complex exploration environments. The scale shown on these sections illustrate how small the actual drilling target can be relative to the overall geology section being evaluated. It is very much a needle-in-a-haystack exercise, which is why imaging quality and subsurface understanding matter so much.
When a single deep offshore exploration well can cost more than $200 million, improving drilling confidence and reducing subsurface uncertainty creates substantial value for our clients. Successful discoveries naturally reinforce the value of the library. They validate the quality of the data, confirm the prospectivity of the basin, and typically attract further industry interest. That, in turn, creates additional sales opportunities for Viridien through further licensing, advanced reprocessing, and potentially new data acquisition. More broadly, our Earth Data library supports E&Ps throughout the exploration cycle, from acreage positioning and prospect maturation through to final drilling decision. This strength extends well beyond Brazil. We have leading data positions in other key basins, including Norway and the U.S. Gulf, built over many years and continuously enhanced by differentiated subsurface imaging capabilities.
This combination of high-quality proprietary data and best-in-class imaging capabilities is at the core of our long-term value of our seismic library. Turning now to Sensing and Monitoring on slide eight. Revenue was $56 million in Q3, down 18% year-on-year, with activity continuing to be affected by the ongoing conflict in the Middle East. At the same time, new businesses represented more than a quarter of the revenue in this quarter and continued to grow. More broadly, the seismic equipment market remains slow, with weak conditions affecting the industry as a whole. This is therefore not specific to SMO. That said, the performance of the business remains well below where we want it to be. We are taking action and have initiated a review of the business. This requires striking the right balance.
We continue to see medium-term opportunities from equipment replacement cycles, new onshore and offshore projects, adjacent applications, and of course, the Saudi mega-crew tenders. Taken together, this could create meaningful opportunities as market conditions recover. Our objective is therefore to further rationalize the business and improve its profitability while preserving the technology, industrial capabilities, and customer relationships needed to capture the recovery when it comes. With that, I'll hand it over to Jérôme for the financial performance review.
Thank you, Henning. Turning to the financial review, starting with segment revenue on slide 10. Segment revenues reached $237 million in Q3 2026, compared with $313 million in the prior year period. Within Data, Digital and Energy Transition, our DDE segment, Q3 revenue was $181 million. As Henning explained, Geoscience returned to growth during the quarter, while Earth Data was lower year-on-year, mainly reflecting the high transfer fee recorded in Q3 2025. Sensing and Monitoring revenue was $56 million in Q3, down 18% year-on-year, with activity continuing to be affected by the situation in the Middle East. Looking now at the first nine months of the year, segment revenue reached $683 million, compared with $888 million in the first nine months of 2025.
DDE revenue was $505 million, down 21% year-on-year, reflecting the lower Earth Data contribution and softer Geoscience activity earlier in the year. Sensing and Monitoring revenue was $178 million, down 28% year-on-year, with the business heavily impacted by the conflict in the Middle East in the beginning of the year. Overall, the nine-month comparison remained below last year, but Q3 marked a positive inflection in the trend, particularly with Geoscience returning to growth on the back of improving customer sentiment and commercial activity. Turning now to profitability on slide 11. Segment adjusted EBITDAs reached $100 million in Q3, compared with $167 million in the prior year. Within DDE, adjusted EBITDAs was $112 million, representing a 62% margin, with Geoscience profitability improving both sequentially and year-on-year.
Earth Data remained highly profitable, although the year-on-year comparison was significantly impacted by the high transfer fee recorded in Q3 last year. Sensing and Monitoring recorded a negative adjusted EBITDAs of $5 million in Q3, reflecting the lower revenue base generating pressure on profitability. As mentioned by Henning, we have launched an operational review to improve performance and position the business to capture growth opportunity as market conditions recover. Looking at the first nine months as a whole, segment adjusted EBITDAs reached $268 million. While nine months profitability remains below last year, Q3 confirmed the strong profitability and operating leverage of Geoscience. Looking ahead, we expect group profitability to improve in Q4, supported by higher revenue levels for both Earth Data and Sensing and Monitoring. Turning now to our IFRS figures on slide 12. In Q3, the IFRS 15 impact was very limited. IFRS revenue was $236 million.
Sorry. IFRS EBITDAs was $98 million, reflecting a negative timing impact of $2 million compared with our segment reporting. Looking at the first nine months, IFRS revenue reached $771 million, and IFRS EBITDAs, $348 million. The positive difference versus segments reporting mainly reflects the completion of our Laconia survey in the U.S., which triggered approximately $150 million of positive recognition under IFRS 15 and booked in Q2. This was partly offset by around $60 million of negative timing differences related to our ongoing projects in Norway and Guyana, where revenue recognition remains deferred under IFRS 15. IFRS OPINC was $25 million for the first nine months, close to the segment OPINC at $27 million. Once again, IFRS creates significant swings at OPINC level since survey are partly amortized on delivery, which was the case for our Laconia survey this year with $150 million of amortization booked in Q2.
On the financial results side, note that the first nine months of 2025 included the non-recurring costs associated with our bond refinancing. At the end, group net income came in - $10 million in Q3 and - $46 million over the nine months. Turning now to cash flow on slide 13. Net cash flow reached $67 million over the first nine months of 2026, compared with $62 million last year. As you can see on the bridge, the $148 million decline in segment adjusted EBITDAs was more than offset by improvement in working capital and lower investment. Change in working capital contributed to a further $104 million year-on-year, reflecting strong collection in Earth Data, as well as the full collection of the remaining PEMEX overdue during the period.
Net CapEx and lease payments contributed to a further $44 million compared with last year, mainly reflecting lower Earth Data investments, partly offset by higher industrial investment, including the expansion of our HPC infrastructure in the U.S. The cost of debt was broadly stable year-on-year, the benefit from lower debt outstanding being offset by higher interest rates and foreign exchange effect. Other cash items contributed to a further $4 million, mostly being linked to taxes. Overall, despite significantly lower EBITDA, disciplined investment and normalization of working capital allowed us to generate higher net cash flow year-on-year, reaching $67 million at the end of September. Finally, turning now to the balance sheet on slide 14. Gross debt, excluding IFRS 15, stood at $861 million at the end of September, compared with $908 million at the end of 2025.
Net debt declined to $656 million at the end of September, from $735 million at the end of 2025 and $778 million at the end of 2024. This continued reduction reflects the net cash flow generated over the period and our clear focus on deleveraging. Consistent with this priority, we have announced a further 10% early redemption of the euro-denominated bond tranche, leveraging the clause we have in our bond documentation. About EUR 43 million will be redeemed during the month of November at 103 over par. This is another step in our deleveraging trajectory. Going forward, continued net cash flow generation will remain primarily directed towards further strengthening the balance sheet, as deleveraging remains our top capital allocation priority. With that, I will hand back to Henning for the outlook.
Thank you, Jérôme. Turning to slide 16 to conclude on the outlook. We continue to see improving momentum across emerging and frontier basins, where E&P companies are advancing projects, positioning to secure new acreage, and increasingly looking at seismic reimaging of data, as well as selective new data acquisition. At the same time, our core mature basins remain supportive. They continue to generate opportunities for high-end imaging, reservoir optimization, and redevelopment, as operators seek to maximize the value of existing infrastructure while addressing natural field depletion and growing energy security needs. We see two supportive dynamics: an exploration cycle gaining momentum across frontier and emerging basins, and a resilient underlying level of activity in mature basins. More broadly, sector sentiment continues to improve. Stronger customer engagement and sustained commercial activity gives us increased confidence in a more supportive market environment in Q4, with further momentum expected into 2027.
Against this backdrop, we confirm our full- year objective of generating $100 million of Net Cash Flow. With that, we are now happy to take your questions.
Thank you. Dear participants, as a reminder, if you wish to ask a question over the phone, please press star, one, one on your telephone keypad and wait for your name to be announced. To withdraw a question, please press star, one, and one again. Alternatively, you can submit your questions via the webcast. Once again, if you would like to ask a question over the phone, please press star, one, and one. Now we are going to take our first question, and it comes from the line of Mick Pickup from Barclays. Your line is open. Please ask your question.
Good evening. A couple, if I may. Obviously, look, a lot of your clients are talking about improvements in AI, improvements in data quality, and coupling that with more focus on exploration CapEx. Can you just talk about some of the conversations you have been having? I wonder if we get a scale of how much they are going to be stepping up exploration and what you think the opportunity set is, as a first question.
Yeah. Thank you, Mick. AI is something we use across all our businesses. We use it mostly as part of our workflows. We do not think AI is going to replace seismic imaging anytime soon, but it has a big improvement in terms of some of the steps in the workflow. This is mostly related to either quality control or seeing patterns in big data sets, where obviously AI is much better than a human can do. Now, we also are working, as the rest of the industry, I think, how we move into more the seismic foundation models, which is something we have been working on for quite some time. We do have a good solution, I think, in that space. We are working with a few customers to develop that further, and we see a great value in that.
Now, the seismic foundation model is more the interpretation of the seismic image, of the image cube of data. It does not necessarily replace the imaging itself. We also believe that the better data you have coming into your model, the better output you have as well. The quality of the seismic image is becoming even more important as you move into the seismic foundation models.
Yeah, totally. I was looking at it on AI, because I think the BP comment was, "What excites me about AI is what we are finding on the seismic." I think the Chevron comment was, "AI is finding stuff that our geologists cannot find."
By definition, that should lead to more demand for better images from you, does it not?
Yeah, I would think so. I think that is a good comment. I think definitely, the interpretation of the seismic data, finding patterns, finding opportunities, AI can help you a lot. We are working on a lot of things like that as well. It is an area of the industry that moves fast, and we are trying to lead that as well. But definitely bringing more opportunities and more need for good seismic imaging. Yeah.
Yeah. Thank you. Then just quickly on Earth Data, the investments, obviously low investments this quarter. You talked about heading back towards EUR 200 million next year. What are you thinking about for full year this year?
So, it's a bit early to tell you where we will end this year, but something around EUR 150 million, maybe slightly lower. We're facing basically, to explain this lower amount, I would blame the mix and phasing. For example, we were public on a deal we signed with the Egyptian government more than nine months ago, if I'm correct, and the project has not started yet. A number of permits to be delivered so that we can start, but we're on the verge of starting. The mix, if you look at the projects we've been doing over the first nine months and the one we have in the pipeline, they're actually more frontier exploration driven, rather, and so using streamers, rather than OBN. As you know, OBN are more expensive as well.
For example, we've not been active in the Gulf of Mexico this year, versus previous year, where we had a significant investment there. So, mix and phasing are explaining this lower CapEx investment.
Thank you. Now we're going to take our next question. The question comes from the line of Guillaume Delaby from Bernstein. Your line is open. Please ask your question.
Yes. Good evening, gentlemen. One question. Maybe could you provide us a little bit, as you did in Q2? In Q2, I remember I asked the question whether it was 15% or 50%. This time my question is going to be, let's say, more qualitative. Could you maybe share with us some elements which have surprised you or which you have found particularly interesting when you discuss with your clients? Is there some specific types of discussions versus others? Is it rather, I think you mentioned frontier. Is it essentially some kind of regions? Maybe if you could share maybe one or two anecdotes about your current commercial discussions. Thank you.
Yeah. Thanks, Guillaume. So, yeah, so we still see a very, very healthy commercial pipeline for GEO. We obviously look at our backlog and booking, but probably more important for us is to look at our commercial pipeline behind that. So these are the opportunities we are discussing with our customers, obviously at different maturity, but we see an extremely healthy pipeline, I have to say, on the GEO side. Now, they are a mix of, we see an increased mix, I would say, of frontier and emerging areas, and a lot of reprocessing requests in those areas. At the same time, we have a fairly stable and healthy pipeline, I would say, of near infrastructure opportunities for the same. So we sort of see both.
But in terms of areas of the world, obviously the equatorial margin is very, very active, both on the West Africa side as well as the Brazil, Guyana, Suriname, up the coast there, Uruguay included. So, that's probably the most active areas we see today. And I would say it's not only one country or one place, it's quite a few and growing number of countries and basins, I would say, that's becoming very active.
Okay. That's very clear. I turn it over. Thank you.
Thank you.
Thank you. Dear participants, as a reminder, if you wish to ask a question over the phone, please press star, one. Alternatively, you can submit your questions via the webcast. Dear speakers, at this moment, we do not have any questions. Oh, my apologies. We just come through with one extra question on audio lines. Just give us a moment. It comes line of Baptiste Lebacq from Oddo BHF. Your line is open. Please ask your question.
Yes. Hello. Just one question or clarification. When you say that for SMO, an operational review is underway to further strengthen the business, does it mean that in this context of poor demand right now, you are, I don't know, maybe hiring more people, and in extension, it means more costs, or fixed costs, and we are waiting maybe for a massive rebound in order to have a better recovery in terms of margins? How can we reconciliate that in terms of margins in incoming quarters? Thank you.
Yeah. Thank you, Baptiste. So, I think in terms of SMOs, we have had low revenues for the last three quarters in the business, lower than our expectation. Some of that has obviously been driven by the conflict in the Middle East, where we see a lot of the projects being delayed. I don't think many of them are canceled, but they're being delayed. Obviously, the longer the conflict keeps going, the more delays they look, right? Based on that, we have started to relook at the cost footprint of that SMO business to see what else we can do, at the same time making sure we keep our customer relationship, we keep the future opportunity to deliver the projects that we believe is in the pipeline, and also make sure we have a good view on the business going forward.
That's what we are doing at the moment.
Thank you.
Thank you. Now we are going to take our next question, and it comes from the line of Mick Pickup from Barclays. Your line is open. Please ask your question.
Yeah. Excuse me. If there is a short queue, I am going to jump in again. First question, just on late sales. Obviously, 4Qs are seasonally often the biggest of the quarters. Have you got any optimism into 4Q on late sales for this year? Secondly, I think part of your optimism, I will say hope on SMO, is these mega-crews in Saudi, given the protracted situation out there. Are these just speculative bids at the moment, or do you think they are going to turn into real projects?
Maybe I'll start with the mega-crews first, and then Jérôme can take the late sales. On the Saudi mega-crews, there's three mega-crews in the pipeline. One bid has been submitted, and we expect it to be awarded in November. The two other bids are straight behind it. We expect them to be submitted before the end of the year and then awarded in 2027. After the award, it takes probably up to nine months before the equipment is delivered. There's a delay on the timing of the revenue recognition, of course, in this bid. But the bids are happening. Of course, as you know, Saudi Arabia is probably one of those places where the conflict is still most or still visible.
There's a bit of delay because of that, but we expect it to be awarded, the first one now in November.
On the late sales question, yes, we do expect a pickup in late sales in Q4 based on the active discussion we have with our clients. As you know, they did budget 2026 on a $60 oil price, and so they made a bit of extra money, which we understand could be used for some purchases of surveys. Hopefully it will be good news for us in Q4 on the late sales front.
Thank you.
Thank you. Dear participants, as a reminder, if you wish to ask a question, please press star one, one on your telephone keypad. Alternatively, you can submit your questions via the webcast. At this moment, I would like to hand over to Alexandre Leroy for any written questions.
Thank you. We have a few questions online. First, to close the SMO topic, Kevin from Kepler is asking to confirm that the operating review we saw at SMO is not linked to the fact that we might see the mega-crew tenders postponed.
No, I think we answered that already. We see the mega-crew tenders happening, yes.
Good. Steve has a couple of questions. There was Steve. Steve would like us to update the community on the European Gauge sale process.
Yeah. We have signed the put agreement for the Gauge sale, and we are expecting it to close within a few months.
Thank you. Second question from Steve, I am going to read it directly. Are you open to opportunistic purchase of bonds in the market post the usage of the one-off free clause of the documentation? In particular, should the current govt yield, let's call it a positive impact on where we trade, and if the cash, of course, is strong enough during the coming months?
Yeah, that is something that we are open to do. We have looked at it in the past. Unfortunately, there was not a lot of seller or at least to make a meaningful purchase, but we have a number of brokers on the case when there is a meaningful ticket to grab. So, yes.
Thank you. Jumping to John. Hello, John. Thank you for your question. John said that we mentioned that the year CapEx might be back into $200 million in 2027. May I ask if it is likely a mix between OBN and towed streamer, especially considering that TGS and Shearwater have both said that the streamer contract market is tightening? So John is overall wondering if we have secured vessel capacity for 2027.
Yeah. No, thanks for that question. A good question. I think Jérôme partially answered part of that question before. There is no lack of opportunities in the market to do multi-client surveys. The lower CapEx reflects really two factors, project phasing and the mix of current portfolio. Next year, we do see that we have a good mix between streamer and OBN opportunities in the market, as well as reprocessing. As some of you know, we are working closely with BGP on one other streamer vessel, so we have booked that capacity into 2027 as well. For OBN, there's more providers in the market that we are working with currently, and we foresee that going the same way in 2027.
On the reprocessing side, we see quite a big interest to do more reprocessing of data, and that's a big focus for us as well in 2027 for our data library.
Thank you, Henning. Next question from Thomas. Hello, Thomas. Thank you for your question. Thomas asked or highlighted that SLB held a digital investor day, as we all know, in the summer. Chevron spoke a lot about its proprietary AI solutions also in recent earnings calls. Thomas is asking if we would consider holding a deep dive, actually, investor event, does refer to our Capital Markets to come, showcasing Viridien's technology, computing power, and our offering on that field.
Yeah. So thanks for that question. As we alluded to last quarter, we will have our own Capital Markets Day in March 2027, where we will present obviously the full company, including our AI capabilities, which I think is beyond anything else that's in the industry today, and we are developing further, obviously on the back of our leading position in high-performance computing, as well as our Geoscience input and our Earth Data library. We believe that having those three components together is really key to how we develop the AI system for the seismic foundation model, and we'll present more around that when we have the Capital Markets Day in March.
Thank you, Henning. There are no further questions online. Operator?
There are no further questions on audio lines as well.
Okay. Before we close, I would like to leave you with three key messages. First, I want to thank all the Viridien employees for their continued commitment and hard work. This quarter again demonstrated our ability to execute Geoscience, return to growth, we generated $35 million in Net Cash Flow, and we continue to strengthen our balance sheet. Second, the market backdrop is improving. Commercial opportunities are broadening across emerging and frontier basins, supported by stronger customer engagement and sustained tendering activity, while mature basins continue to provide a solid underlying base. This gives us increasing confidence in a more supportive environment ahead and further momentum into 2027. Third, Viridien is well-positioned to capture this recovery. Our differentiated technology, leading subsurface expertise, and high-quality Earth Data library gives us strong operating leverage as activity improves.
At the same time, we remain focused on the areas where performance needs to improve, particularly around Sensing and Monitoring, where further actions are under review to strengthen profitability while preserving the capabilities needed to capture future opportunities. Our priorities remain clear: disciplined execution, cash generation, and continued deleveraging. Against this backdrop, we confirm our objective of generating $100 million of Net Cash Flow in 2026. Thank you very much for joining us today, and thank you for your questions. This concludes our call. We look forward to speaking with you again at latest at the end of February for our full year 2026 results.
Thank you, everybody.
Thank you.
Thank you.
This concludes this conference call. Thank you for participating, and now all disconnect. Have a nice day.