Viridien - comment

No surprises from Viridien, as the business generated cash and bought back bonds in 2025. It intends to do the same in 2026, assuming the business environment is positive. Having achieved its USD100m Net Cash Flow guidance for 2025, Viridien is guiding for the same in 2026. OCF was USD141m, which was $55m above our forecast, largely due to working capital moves being $55m better than we forecast. The working capital was boosted by the settlement of receivables from oil majors that had remained outstanding from previous quarters. Guidance for 2026 was downbeat for H1 (energy price volatility), with H2 expected to improve. If there is continued caution for the majors, the impact on the Sensing and Monitoring business will be more significant.