Saipem’s performance in 2024 confirms, for the third consecutive year, the trajectory of growth and margin recovery of the Group, as well as the acceleration in cash flow generation and the strengthening of the company’s balance sheet.
Revenue stood at €14.5 billion in 2024, and EBITDA adjusted at €1.3 billion, corresponding to a growth year on year of 23% and 44% respectively. Net income in 2024 reached €306 million, increasing by 70% compared to 2023.
With a record order intake of €18.8 billion in 2024, the backlog reached an all-time high of €34 billion, providing excellent visibility on Strategic Plan targets.
The 2025-2028 Strategic Plan confirms the path of derisking of the business profile of the Group, including an acceleration of the repositioning of the Onshore E&C business as well as the introduction of a new Project Management Consultancy service.
The Board of Directors approved an upgraded shareholders remuneration policy that envisages the distribution of at least 40% of Free Cash Flow post repayment of lease liabilities.
In line with the upgraded shareholders remuneration policy, the Board of Directors intends to propose a dividend of €333 million (1) for 2025 (on the 2024 results) and envisages a dividend of at least $300 million1 for 2026 (on the 2025 results).
In addition, with the aim of achieving an investment grade credit rating, Saipem commits to reduce gross debt (pre-IFRS 16) by approximately €650 million by repaying all maturities due in the 2025-2027 period.
Approval of Sustainability Plan for the period 2025-2028.
Highlights
With regard to 2024, the Group achieved:
- Revenue: €14,549 million, +23% compared to the corresponding period of 2023
- Adjusted EBITDA: €1,329 million, +44% compared to the corresponding period of 2023
- New contracts: equal to €18.8 billion
- Pre-IFRS 16 Net Financial Position as of December 31, 2024: net cash of €683 million (improved by €467 million compared to December 31, 2023)
- Post-IFRS 16 Net Financial Position: net cash of €23 million (improved by €284 million compared to December 31, 2023)
In the fourth quarter of 2024 alone, the Group's results amounted to:
- Revenue: €4,419 million, +26% compared to the corresponding quarter of 2023
- Adjusted EBITDA: €424 million, +48% compared to the corresponding quarter of 2023
- New contracts: equal to €5.3 billion
Saipem has updated its strategic guidelines presented in February 2024, confirming the steady improvement of the Group's performance and the favourable market conditions.
Guidance and medium-term targets have consequently been revised upwards.
Specifically, with reference to the year 2025, the Company expects:
- Revenue of approx. €15.0 billion
- EBITDA of approx. €1.6 billion
- Operating Cash Flow (after the repayment of lease liabilities) of approx. €900 million
- Capex of approx. €500 million
- Free Cash Flow (after the repayment of lease liabilities) of at least €500 million
Over the 2025-2028 period:
- Order intake of approx. €50.0 billion
- New contracts in “low/zero carbon” segments of approx. 30% of the total
- Revenue of at least €15.0 billion in 2028
- EBITDA of approx. €2.0 billion in 2028
- Operating Cash Flow (after the repayment of lease liabilities) of at least €3.7 billion (cumulated on 2025-2028)
- Capex of approx. €1.5 billion (cumulated on 2025-2028)
- Free Cash Flow (after the repayment of lease liabilities) of at least €2.2 billion (cumulated on 2025-2028)
- Upgraded shareholders remuneration policy that envisages the distribution of at least 40% of Free Cash Flow post repayment of lease liabilities
- Reduction of gross debt (pre-IFRS 16) by approximately €650 million by repaying all maturities due in the 2025-2027 period
- Commitment to maintain a minimum Available Cash position of €1 billion
- Target to achieve an investment grade credit rating in the medium-term
Click here for full announcement
Source: Saipem
