Italy · Delayed Price · Currency is EUR Saipem SpA Earnings Call Transcripts
Fiscal Year 2026
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Revenue and order intake reached record levels in H1 2026, with strong cash flow and robust project execution despite EUR 70 million in extra costs from Middle East disruptions. EBITDA guidance was revised down to EUR 1.75 billion, but cash flow and revenue guidance remain unchanged.
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Q1 2026 saw stable revenue and strong EBITDA growth, with robust cash flow and a solid net cash position. Guidance for 2026 is confirmed, supported by resilient operations, a healthy order pipeline, and continued strength in the Middle East and Africa.
Fiscal Year 2025
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Q4 and full-year 2025 saw strong revenue and EBITDA growth, robust cash flow, and high order intake, with 2026 guidance supported by a record backlog and high fleet utilization. Offshore E&C remains a key growth driver, while legacy project risks are diminishing.
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Revenue and EBITDA grew strongly in Q3 and the first nine months of 2025, with robust cash flow and a high-quality backlog securing 2026 revenue. Offshore and asset-based services drove margin improvements, while order intake and commercial pipeline remain strong despite some client delays.
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Strong H1 2025 results with double-digit revenue and EBITDA growth, record cash flow, and robust backlog ensure high visibility for 2025–26. Asset-light strategy and selective bidding support resilience amid market uncertainties.
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Q1 2025 saw record revenue (€3.5B, +15% YoY), EBITDA (€351M, +31% YoY), and strong cash flow, with a robust backlog covering 90% of 2025 revenue. Strategic focus on de-risked, energy transition projects and improved credit ratings support a positive outlook.
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A merger between two major offshore energy service providers will create a global leader with a complementary fleet, strong financials, and a balanced 50/50 ownership. The deal targets €300 million in annual synergies, aims for investment-grade ratings, and expects completion in the second half of 2026, pending regulatory and shareholder approvals.
Fiscal Year 2024
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Record 2024 results with revenue up 23% and EBITDA up 44%, driven by offshore E&C and strong cash flow. Backlog at €34 billion, 2025 guidance targets €15 billion revenue and €1.6 billion EBITDA, with robust capital discipline and focus on energy transition.
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Record Q3 results with all-time high order intake, revenue, and EBITDA, driven by offshore E&C. Backlog and commercial pipeline provide strong multi-year visibility, supporting upgraded 2024 guidance for revenue, EBITDA, and cash flow. Focus remains on cash generation, margin improvement, and reducing leverage.
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Revenue and EBITDA grew strongly in H1 2024, driven by offshore activities and record order intake. Cash flow and net financial position improved, with a robust backlog and de-risked contract model supporting positive outlook and 2024 guidance.