Half Year 2025 Saipem SpA Earnings Call Transcript
Key Points
- Saipem SpA (SAPMF) reported a strong performance in Q2 2025 with revenue reaching EUR3.7 billion, marking a 10% year-on-year increase.
- EBITDA grew by 39% year-on-year to EUR413 million, with an improved EBITDA margin of 11.2%.
- The company achieved a record operating cash flow of EUR447 million in Q2 2025.
- Saipem's order intake for Q2 2025 was EUR2.2 billion, maintaining a robust backlog that provides excellent visibility for 2025 and 2026.
- The company is making significant progress in the energy transition sector, securing major projects in CO2 management and engineering services.
- Saipem SpA (SAPMF) anticipates a negative contribution from working capital in the second half of 2025, which could impact cash flow.
- The company is facing challenges with its drilling fleet, including the termination of the Perro Negro 12 contract by Aramco.
- There are concerns about the impact of provisions on the company's financials, with significant net provisions affecting EBITDA.
- The competitive market in Brazil has led to Saipem losing some contracts, highlighting the challenges in maintaining market share.
- The company expects a decline in revenue and EBITDA for the drilling offshore segment in the second half of 2025 due to fleet reductions and maintenance activities.
Good morning. This is the Corrus call conference operator. Welcome and thank you for joining the Saipem first half 2025 results conference call. (Operator Instructions) At this time, I would like to turn the conference over to Mr. Alessandro Puliti, CEO of Saipem. Please go ahead, sir.
Thank you, and good morning. Thank you for joining us for the presentation of Saipem's results for the first half for 2025. I'm here in Milan today with our CFO, Paolo Calcagnini and with the rest of the members of the Saipem senior management team.
As you know today is a special day for all of us after the merger agreement announced last night, but in today's call, we are focusing on Saipem as a standalone company. I will start the presentation covering the key lights of Q2. Paolo will then cover the financial results in more detail. And then I will wrap up with my closing remarks before opening the QA session.
Let's start with the key light. I'm pleased to
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