Saipem (SPM) Q2 2025 earnings summary

Executive summary

• Achieved strong H1 2025 results with revenue of €7.2bn (+12.4% YoY), EBITDA of €764m (+35%), and net profit of €140m (+19%).

• Free cash flow reached €766m, up from €271m in H1 2024.

• Backlog stands at €31.1bn as of June 30, 2025, providing strong revenue visibility for 2025 and 2026.

• Largest dividend in company history (€331m) distributed in May 2025.

• Commercial pipeline robust at €53bn, with significant tenders in final negotiation stages.

Financial highlights

• Q2 2025 revenue: €3.7bn (+9.6% YoY, +5% sequentially); H1 2025 revenue: €7.2bn (+12.4% YoY).

• Q2 2025 EBITDA: €413m (+39% YoY, +18% sequentially); H1 2025 EBITDA: €764m (+35% YoY).

• H1 2025 net profit: €140m (+19% YoY).

• H1 2025 free cash flow: €766m (vs €271m in H1 2024).

• Net cash (pre-IFRS 16): €854m as of June 30, 2025; net debt (post-IFRS 16): €205m.

Outlook and guidance

• 2025 guidance confirmed, with results in line with the 2025–2028 Strategic Plan.

• Order intake expected to accelerate in H2 2025, with backlog covering almost all 2025 and 2026 revenue.

• Revenue, EBITDA, and cash flow growth expected to continue; anticipate negative working capital impact and higher lease payments in H2.

• Double-digit revenue growth and further EBITDA margin improvement expected in Asset Based Services in H2.