Saipem (SPM) Q4 2025 earnings summary

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.