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Subsea 7 (SUBC) investor relations material
Subsea 7 Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary20 Nov, 2025
Executive summary
Adjusted EBITDA for Q3 2025 was $407 million, up 27% year-on-year, with a 22% margin, driven by strong project execution and high-quality backlog.
Q3 2025 revenue was $1.84 billion, flat year-on-year.
Order intake reached $3.8 billion, with a book-to-bill ratio of 2.1x and a record backlog of $13.9 billion, including $6 billion for execution in 2026.
Over 80% revenue visibility for 2026, with strong momentum expected into 2026.
Guidance for 2025 was raised, with margin expansion and robust performance in both Subsea and Renewables.
Financial highlights
Net income for Q3 2025 was $109 million after $175 million in D&A, $38 million FX losses, $12 million net finance costs, and $73 million tax.
Free cash flow in Q3 2025 was $236 million, with a cash conversion ratio of 0.8x.
Net debt including lease liabilities was $505 million at quarter-end, down from $857 million a year ago.
Cash and equivalents rose to $546 million; liquidity at $1.1 billion as of September 30.
Diluted EPS for Q3 2025 was $0.38, up from $0.31 in Q3 2024.
Outlook and guidance
2025 revenue guidance narrowed to $6.9–$7.1 billion; Adjusted EBITDA margin raised to 20–21%.
2026 revenue expected at $7–$7.4 billion, with Adjusted EBITDA margin of ~22%.
2025 capex guidance reduced to $300–$320 million; 2026 capex forecast at $350–$380 million.
Over 80% of 2026 revenue is already visible in the backlog.
Administrative expenses for 2025 expected at $290–310 million, excluding $30 million in merger-related costs.
Saipem merger: What are the key next steps?
Renewables margin strategy given Q3 decline
Backlog mix-shift: What are the margin implications?
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Frequently asked questions
Subsea 7 S.A. delivers offshore projects and services for the evolving energy industry worldwide. The company provide integrated, tailored solutions including engineering, project management, construction and installation, hook-up and commissioning, umbilical supply and installation, pipelay and subsea construction, diving, ROVs and subsea technologies. This capability is available to all sectors of the oil and gas industry; from major operators through to independent production companies with sizable portfolios of subsea assets for life-of-field operations.
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