Q1 2026 Subsea 7 SA Earnings Call Transcript
Key Points
- Subsea 7 SA (ACGYF) reported a significant year-on-year growth in adjusted EBITDA by over 60%, reaching $385 million with a margin of 21%.
- The company has a robust backlog of $13.5 billion, providing high visibility on future revenues and operations.
- Order intake remained strong at $1.4 billion, with an additional $1.3 billion booked in early Q2, indicating continued demand for services.
- Revenue for Q1 2026 was $1.8 billion, up 17% compared to the same quarter last year, driven by solid project progress.
- The company has revised its full-year guidance upwards, expecting revenue between $7.4 billion and $7.8 billion and an adjusted EBITDA margin of approximately 23%.
- Other gains and losses were a negative $67 million, primarily due to improvements in embedded derivatives, reflecting currency fluctuations.
- The net operating loss for the Renewables segment was $6 million, despite a slight increase in EBITDA margin.
- There was an expected unfavorable movement in working capital of $54 million, which has been a recurring feature in the first quarter over the past couple of years.
- The company anticipates an annualized unfavorable movement in working capital of $100 million to $200 million for the year.
- Depreciation and amortization guidance has increased due to the reclassification of assets as held for sale and the addition of a new leased vessel.
Good day, and thank you for standing by. Welcome to the Subsea 7 Q1 2026 results conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to the speaker today, Katherine Tonks. Please go ahead.
Welcome, everyone, and thank you for joining us. With me on the call today are John Evans, our CEO; Mark Foley, our CFO; and Stuart Fitzgerald, currently CEO of Seaway7. The results press release is available to download on our website along with the slides that we'll be using during today's call.
Please note that some of the information discussed on the call today will include forward-looking statements that reflect our current views. These statements involve risks and uncertainties that may cause actual results or trends to differ materially from our forecast. For more information, please refer to the risk factors discussed in Subsea 7's annual report or in today's quarterly press release. I'll now turn the call
| 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
