)
Edge28 Nov 2025
Keeping the Streak Alive: The Story of Duolingo
How Duolingo made language learning addictive, scaled to millions of users, and built a powerful subscription business around everyday practice.
Saipem (SPM) investor relations material
Saipem Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary23 Oct, 2025
Executive summary
Q3 2025 revenue reached €3.8 billion, up 1.6% year-on-year and 2.1% sequentially, with EBITDA at €437 million, a 28.5% year-on-year increase and 5.8% sequentially, marking the highest quarterly EBITDA since 2012.
Revenue for the first nine months of 2025 totaled €10,982 million, up 8–8.4% year-on-year, with EBITDA up 32.7–33% to €1,201 million and net result rising 7–7.3% to €221 million.
Backlog as of September 2025 stood at €30.6–31 billion, providing high revenue visibility for 2026, with the construction fleet fully booked for 2026 and strong bookings for 2027.
Commercial pipeline remains robust at €54 billion, with €13 billion in bids awaiting feedback and 31% related to energy transition and low/zero carbon opportunities.
Major contract wins in Turkey, Guyana, and Azerbaijan, and operational improvements across all business lines.
Financial highlights
Q3 2025 EBITDA margin was 11.6%; nine-month EBITDA margin improved to 10.9% from 8.9% last year.
Operating cash flow for the first nine months was €1.1 billion, with free cash flow at €591–908 million and cash conversion close to 90%.
Net cash position pre-IFRS 16 at end of Q3 was €844 million, up €161 million from December 2024.
Capital expenditure for the nine months was €256–260 million, a 4.1% increase year-on-year.
Average cost of debt in 9M 2025 was 5%, with 99% of debt fixed-rate and euro-denominated.
Outlook and guidance
Guidance for 2025 is confirmed, with management expecting to meet or slightly exceed targets, supported by strong execution and a fully booked construction fleet.
Revenue for 2026 is almost entirely secured by existing contracts.
Q4 2025 expected to be seasonally strong, with mid-to-high single-digit revenue growth in asset-based services and double-digit growth in energy carriers.
Lease liabilities expected to plateau, with no further significant increases in 2026.
2025 guidance includes revenue of approximately €15 billion, EBITDA of €1.6 billion, operating cash flow of €900 million, capex of €500 million, and free cash flow of at least €500 million.
Strategy to reverse declining order intake?
IFRS 16 impact on financial flexibility?
Offshore Drilling vessel utilization outlook?
Deepwater drilling day rate recovery timing?
Client awarding trends: NOC vs IOC impact?
Mozambique restart: expected backlog uplift?
Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.
Next Saipem earnings date
Q4 202527 Feb, 2026
The essential earnings season companion
The #1 app for qualitative research. Live earnings calls, AI chat, transcripts, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
)
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
)
)
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.
Quartr provides global coverage of all investor relation material from public companies.
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Yes, the Quartr mobile app is free on both iOS and Android.
Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.
Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.
Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.
Explore our global coverage