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Saipem
Saipem (SPM) investor relations material
Saipem Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary25 Feb, 2026
Executive summary
Achieved fourth consecutive year of strong execution and delivery, with FY 2025 revenue up 7% to €15.5 billion and adjusted EBITDA up 29% to €1.7 billion, supported by record-high backlog and robust financial performance.
Q4 2025 revenues reached €4.5 billion, up 2% year-on-year and nearly 20% sequentially.
Net profit reached €310 million, with free cash flow after lease repayments rising to €792 million and net cash position at year-end nearly €1 billion.
Order intake in Q4 was €5.4 billion, with a book-to-bill ratio of 1.2, maintaining a backlog above €31 billion.
Significant dividends distributed, with a proposed €0.17 per share for 2025 and 2026.
Financial highlights
EBITDA margin for 2025 expanded to 11.1%, up from 9.1% in 2024.
Operating cash flow for 2025 was €1.5 billion, up 42% year-on-year.
Free cash flow after lease repayments reached €792 million, with a conversion rate of 88%.
Net result increased slightly to €310 million, impacted by one-off items and higher financing costs and taxes.
Net debt (pre-IFRS 16) reduced to €999 million at year-end.
Outlook and guidance
2026 revenue expected to remain stable at approximately €15.5 billion, with adjusted EBITDA guidance of €1.9 billion.
Free cash flow after leases projected at €600 million for 2026, with capex of €450 million.
Dividend for 2026 confirmed at €0.17 per share, matching 2025.
Over 90% of 2026 revenue is covered by existing backlog, with construction fleet fully booked.
Policy to distribute at least 40% of free cash flow as dividends from 2027 onwards.
Future revenue impact of declining backlog
Strategic rationale for Deep Value Driller purchase
Offshore Drilling segment recovery plan
What drives ABS margin growth beyond Q4 2025
Deepwater strategy: Other asset acquisition plans?
Legacy projects: Net impact on 2027 margins?
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Next Saipem earnings date
Q1 202622 Apr, 2026
Saipem
Next Saipem earnings date
Q1 202622 Apr, 2026
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Frequently asked questions
Saipem SpA is an Italy-based engineering and construction company operating primarily in the energy and infrastructure sectors. The company provides services such as offshore and onshore engineering, procurement, construction, and installation (EPCI) for the oil and gas industry, including exploration, production, and refining projects. Saipem is also active in renewable energy, offering solutions for offshore wind and other sustainable energy initiatives. The company is headquartered in Milan, Italy, and its shares are listed on the Borsa Italiana.
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