With strong performance in 2024, declining leverage and a reiterated FCF target of ~USD 100m in 2025, VIRI is set to refinance its bond debt in 2025. The main engine of the strong performance was Geoscience, which, in addition to increasing revenue by ~20% in 2024, also almost doubled its backlog. With higher projected growth in Geoscience and an improved margin in SMO more than offsetting projected lower MC sales driven by lower MC investments, we increase our 2025-26e EBITDA estimate by ~6% an ....
02 Mar 2025
Arctic: Viridien - Targeting refinancing in 2025
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Arctic: Viridien - Targeting refinancing in 2025
With strong performance in 2024, declining leverage and a reiterated FCF target of ~USD 100m in 2025, VIRI is set to refinance its bond debt in 2025. The main engine of the strong performance was Geoscience, which, in addition to increasing revenue by ~20% in 2024, also almost doubled its backlog. With higher projected growth in Geoscience and an improved margin in SMO more than offsetting projected lower MC sales driven by lower MC investments, we increase our 2025-26e EBITDA estimate by ~6% an ....