Saipem (SPM) Q4 2025 earnings summary

Executive summary

• Achieved fourth consecutive year of strong execution and delivery, with FY 2025 revenue up 7% to EUR 15.5 billion and EBITDA up 29% to EUR 1.7 billion, supported by a record-high backlog and robust financial performance.

• Construction fleet was fully booked and drilling fleet utilization improved, supporting operational momentum.

• Net profit reached EUR 310 million, with free cash flow after lease repayments rising to EUR 792 million.

• Significant dividends distributed to shareholders, reflecting improved cash generation.

Financial highlights

• FY 2025 revenue reached EUR 15.5 billion, up 7% year-over-year; EBITDA rose 29% to EUR 1.7 billion, with margin improving to 11.1%.

• Net profit was EUR 310 million, and operating cash flow increased 42% to EUR 1.5 billion.

• Free cash flow after lease repayments was EUR 792 million, and total free cash flow reached EUR 1.24 billion.

• Order intake in Q4 2025 was EUR 5.4 billion, with a book-to-bill ratio of 1.2.

• Net cash position at year-end was nearly EUR 1 billion.

Outlook and guidance

• 2026 revenue guidance is stable at approximately EUR 15.5 billion, with adjusted EBITDA expected to rise to around EUR 1.9 billion.

• Free cash flow after leases projected at around EUR 600 million for 2026.

• CapEx for 2026 expected at EUR 450 million.

• Dividend for 2026 confirmed at EUR 0.17 per share.

• 2026 guidance is almost entirely supported by backlog projects and high fleet utilization.