Viridien Société anonyme (VIRDY) Q4 2024 Earnings Call Transcript

2025-02-28 11:04:43 ET

Viridien Société anonyme (VIRDY)

Q4 2024 Earnings Conference Call

February 27, 2025 12:00 PM ET

Company Participants

Jean Baptiste Roussille - Corporate Finance & Investor Relations

Sophie Zurquiyah - Chief Executive Officer

Jérôme Serve - Chief Financial Officer

Conference Call Participants

Kevin Roger - Kepler Cheuvreux

Jean-Luc Romain - CIC Market Solutions

Guillaume Delaby - Bernstein

Baptiste Lebacq - Oddo BHF

Daniel Thomson - BNP Paribas

Kevin Roger - Kepler Cheuvreux

Presentation

Jean Baptiste Roussille

Yes, thank you. Good morning and good afternoon, ladies and gentlemen. Welcome to this presentation of Viridien's full year 2024 results. I'm Jean Baptiste Roussille, In-Charge of Corporate Finance and Investor Relations. I'm here today in Paris with Sophie Zurquiyah, our CEO; and Jérôme Serve, our Group CFO. They will provide you an overview of the results, as well as some comments on our outlook. And following this presentation, we'll be pleased to take your questions.

And now, I leave you with Sophie.

Sophie Zurquiyah

Thank you Jean Baptiste and welcome everyone and thank you for joining this presentation. Market environment remained stable in 2024, characterized by a backdrop of continued discipline investment. Despite some volatility in the macro environment during the second half of the year, with oil prices fluctuating due to geopolitical tensions and moderate over supply, our clients maintained stable spending patterns within our sector, driven by increased confidence in long-term and longer cycle offshore investments. We are seeing a gradual pickup in the early phases of exploration efforts, particularly among European IOCs, with the continued focus on efficiency, scalability, low carbon and cost discipline.

Let me start with the highlights of 2024, a year marked by successes, where we met or exceeded our key targets. Our revenue remained stable with notable outperformance on profitability and net cash flow generation. It is worth highlighting our commercial successes at Geoscience and Earth Data, as well as the ongoing restructuring at SMO, which is enhancing profitability and flexibility. Overall, we successfully delivered on the key milestones from the financial roadmap that we presented a year ago.

Let me move on to Slide 6. In this presentation, we will mainly highlight full year performance, as it more accurately represents market trends and the company's overall performance. There are several positive signs for our sector. Clients are increasingly prioritizing quality. They are willing to commit to longer time frames, indicating increased visibility and the size of projects is growing. Notably, order intake remained solid throughout the year, particularly during the fourth quarter.

Over the year, Geoscience confirmed its strength and ability to drive the group's performance with 20% revenue growth for the second consecutive year, Earth Data revenue increased by 14%, driven by strong investments. As anticipated, Sensing and Monitoring experienced a decline in revenue due to a high comparison base with the delivery of mega-crew in 2023. Overall, our full year revenue was nearly flat at $1.117 billion, aligning with our revenue guidance at the beginning of the year....

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