Q4 2025 Saipem SpA Earnings Call Transcript
Key Points
- Saipem SpA (SAPMF) posted a strong Q4 2025 with revenues of EUR4.5 billion, marking a 2% year-on-year growth and a 20% sequential increase.
- The company achieved an EBITDA of EUR515 million in Q4, reflecting a 21% year-on-year growth and an 18% sequential increase, with an EBITDA margin of 11.4%.
- Saipem SpA (SAPMF) maintained a robust balance sheet with a net cash position of nearly EUR1 billion at the end of 2025, supported by a free cash flow generation of over EUR200 million in Q4.
- The order intake in Q4 2025 was EUR5.4 billion, representing a book-to-bill ratio of 1.2, indicating strong demand and future revenue potential.
- The company has a solid commercial pipeline with EUR54 billion worth of opportunities, including EUR32 billion in offshore and EUR22 billion onshore projects, suggesting a promising outlook for future growth.
- Revenue for the drilling offshore segment declined by 10% in 2025 compared to the previous year, with a 5% drop in EBITDA, indicating challenges in this segment.
- The company anticipates a double-digit decline in both revenues and EBITDA for the drilling offshore segment in 2026, due to maintenance activities and lower day rates.
- Net result remained broadly stable year-on-year, affected by one-off non-monetary items below EBITDA and higher financing costs and taxes.
- Financial expenses increased significantly by EUR104 million year-on-year in 2025, driven by higher project hedging costs and exchange differences.
- Lease liabilities increased by EUR611 million to almost EUR1.3 billion at the end of 2025, reflecting the expansion of the chartered vessel fleet, which could impact future liquidity.
Good morning. This is the chorus call conference operator. Welcome, and thank you for joining the Saipem full year 2025 results conference call. As a reminder, all participants are in listen-only mode. (Operator Instructions) At this time, I would like to turn the conference over to Mr. Alessandro Puliti, CEO of Saipem. Please go ahead, sir.
Good morning. Thank you for joining the presentation of Saipem full year 2025 results. I'm here in Milan today with our CFO, Paolo Calcagnini, and with the other members of Saipem senior management team. Today's session will be structured as follows.
I will begin with an overview of the key operational and financial highlights of the fourth quarter. Paolo will then provide more details on the financial results. I will wrap up the presentation with few closing remarks, including the guidance for 2026. We will open the floor to all your questions.
Let's begin with the key highlights of the fourth
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