TGS-Strong update, Q2 revenue 11% ahead of consensus-07/08/2026

Research evidence excerpt

TGS-Strong update, Q2 revenue 11% ahead of consensus-07/08/2026

TGS

NEWSFLASH | 8 JUL 2026

Strong update, Q2 revenue 11% ahead of consensus

TGS reports a strong operational update and expects POC revenue of USD 400m in Q2’26 ~11% above cons./PAS primarily

driven by strong multi-client performance in Latin America and Africa, thus we expect high late sales. Vessel utilization

came in above expectations on higher than expected multi-client activity, with OBN crews largely in line, and MC

investments also above. We expect revise revenue up reflecting the beat on both higher late sales and early sales, FCF will

be more up, and EBIT/EPS less on higher accelerated amortization. HOLD, TP NOK 150.

KPIs

OBN normalized crew count Actual PAS

Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q2'26e

Contract # 2.7 3.8 3.5 2.8 1.7 1.8 0.7 0.4 1.1 0.9

Multi Client " 0.2 1.1 1 1 1.5 0.6 0.8

Total crewcount " 2.7 3.8 3.5 3.0 2.8 2.8 1.7 1.9 1.7 1.6

Utilization Actual PAS

Contract % 28% 20% 35% 37% 55% 45% 31% 26% 19% 20%

Multi-Client " 36% 57% 31% 36% 23% 28% 48% 65% 75% 70%

Total 3D utilization 64% 77% 66% 73% 78% 73% 79% 91% 94% 90%

Number of vessels # 7 6 6 6 6 6 6 6 6 6

MC investments Actual PAS

MC investments USDm 92 129 100 130 114 86 117 178 178 155

Prefunding revenues " 107 123 100 130 78 67 111 134 n.a. 124

Prefunding rate 116% 95% 100% 100% 68% 78% 95% 75% n.a. 80%

Key highlights

• The company expects produced revenue of USD ~400m vs. company collected consensus of USD 359m

• The beat is primarily driven by high multi-client performance in Latin America and Africa, thus we expect high late sales in the quarter,

with MC utilization and investments also above we also expect to lift early sales