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TGS
TGS (TGS) investor relations material
TGS Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary12 Feb, 2026
Executive summary
Q4 2025 revenues reached $363 million, driven by strong multi-client performance and a 63% EBITDA margin, while EBIT margin stood at 20%.
Net debt reduced to $427 million, supported by net cash flow of $206 million for 2025.
Order inflow hit $598 million, the highest since pre-COVID, with a year-end backlog of $706 million.
Dividend increased by 11% in 2025, now at $0.155 per share, maintained for Q1 2026.
Net cash flow before dividends exceeded $200 million for the year.
Financial highlights
Segment revenues declined from $492 million in Q4 2024 to $363 million in Q4 2025.
Multi-client sales rose to $270 million in Q4, up from $259 million year-over-year.
Data acquisition revenues dropped significantly, with OBN contract revenues falling from $132 million to $47 million and streamer contract revenues from $131 million to $110 million.
IFRS net income for Q4 2025 was $6.8 million, down 82% year-over-year.
Gross operating expenses reduced to $189 million in Q4, aided by a $15 million release of accruals.
Outlook and guidance
Multi-client investments for 2026 guided at $500–$575 million, with higher vessel utilization expected.
Gross operating costs for 2026 guided at $950 million, activity-driven.
Vessel utilization targeted at 85% in Q1 2026; OBN crew count expected to remain flat at 2–2.5 for 2026.
Long-term net debt target remains $250–$350 million; further shareholder returns planned upon reaching this range.
Market expected to remain challenging in H1 2026, with potential improvement in H2.
Deleveraging vs. dividend increase timeline
MDA asset utilization strategy for 2026
Multi-client investment strategy post-2026
Capitalize on renewed exploration interest?
Path to $250-350M net debt target?
Mitigate contract market pressure with MC strength?
How will TGS capitalize on frontier exploration?
Net debt target: When to expect increased returns?
Sustain Marine Data Acquisition margin gains?
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Next TGS earnings date
Q1 202630 Apr, 2026
TGS
Next TGS earnings date
Q1 202630 Apr, 2026
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Frequently asked questions
TGS ASA is a global provider of energy data and intelligence. The company offers geophysical and geological data, including seismic data, well logs, and other subsurface information, to help energy companies in exploration, production, and development activities. TGS also provides data analytics services and software solutions designed to enhance decision-making in the oil and gas industry, as well as the renewable energy sector. Its services support energy transition efforts, helping clients optimize operations and explore new energy sources such as wind and solar power. The company is headquartered in Asker, Norway, and its shares are listed on the Oslo Stock Exchange.
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