Q3 2025 Saipem SpA Earnings Call Transcript
Key Points
- Saipem SpA (SAPMF) reported a 28.5% year-on-year increase in EBITDA for Q3 2025, marking the highest quarterly EBITDA since 2012.
- The company achieved an 8% year-on-year increase in revenue for the first nine months of 2025, reaching almost €11 billion.
- Order intake in Q3 2025 stood at €3.2 billion, representing a book-to-bill ratio of 0.9, with expectations for continued momentum into Q4.
- Saipem SpA (SAPMF) has a robust commercial pipeline with €54 billion worth of projects, including €33 billion in offshore activities.
- The company's construction fleet is fully booked for 2026, with significant utilization expected for 2027 and 2028, driven by recent order intake.
- Revenue from the drilling offshore segment decreased by 5% year-on-year for the first nine months of 2025, impacted by a reduction in fleet size and additional mobilization costs.
- Financial expenses increased by €37 million year-on-year, driven by higher interest components related to medium to long-term leases and FX movements.
- The offshore drilling day rates have been flat since the second half of 2025, with a competitive market impacting pricing.
- The company is not planning to take any further vessels in long-term charter, potentially limiting future capacity expansion.
- Working capital volatility was noted, with expectations of a negative contribution in Q4 2025, although smaller than in Q3.
Good morning. This is the conference operator.
Welcome and thank you for joining the SIEM 9 month 2025 results presentation. As a reminder, all participants are in listen-only mode.
After the presentation, there will be an opportunity to ask questions. Should anyone need assistance during the conference call, they may signal an operator by pressing and 0 on their telephone.
At this time I would like to turn the conference over to Mr. Alessandro Politi, CEO and general manager. Please go ahead, sir.
Thank you and good morning.
Thank you for joining us for the presentation of CIPE's results for the 1st 9 months of 2025.
I'm here in Milan today with our CFO Paulo Cartagnini and with the rest of the JPY senior management team.
During today's session, I will begin by presenting the key operational and financial highlights from the 3rd quarter.
Paulo will then examine more closely the
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
