SBM Offshore (SBMO) Q2 2025 earnings summary

Executive summary

• Revenue increased 26% year-over-year to $2.3 billion, with EBITDA up 10% to $682 million for H1 2025, driven by disciplined project execution and three major FPSO deliveries.

• Net income attributable to shareholders rose 114% to $274 million, with EPS up 121% to $1.57.

• Net cash backlog stands at $9 billion, providing long-term visibility and resilience.

• Strategic focus remains on deepwater, with expansion into new ocean infrastructure markets and continued investment in Fast4Ward execution model.

• Dividend of EUR 150 million paid and share buyback program ongoing.

Financial highlights

• Revenue for H1 2025 was $2.3 billion, up 26% year-over-year; EBITDA reached $682 million, a 10% increase.

• Net income for H1 2025: $274 million, up $146 million year-over-year.

• Net debt decreased to $5.6 billion from $5.7 billion, with deleveraging expected to continue.

• Net cash backlog at $9 billion; total backlog just above $33 billion.

• Cash return of $280 million in 2025, with a minimum of $1.7 billion planned through 2030.

Outlook and guidance

• 2025 revenue guidance raised to above $5 billion and EBITDA to above $1.6 billion.

• On track to deliver at least $1.7 billion in cash returns from 2025-2030, with $280 million targeted for 2025.

• Free cash flow expected to average $470 million per year up to 2030.

• Deleveraging trend to continue, with net debt projected to decrease by $4 billion by 2030.

• Robust deepwater market outlook with 46 potential contract awards globally through 2028.