Saipem achieved a semester of further growth, confirming the constant progression in operating and financial performance over the last three years which enabled, in the month of May, the distribution of the largest dividend in the company's history.
Revenue stood at €7.2 billion, and EBITDA reached €764 million, the latter growing by 35% compared to the first six months of last year. Net profit amounted to €140 million, an increase of 19% year-on-year.
The first half of the year also saw a robust cash generation, with free cash flow reaching €766 million, compared to €271 million in the same period last year.
The order intake in the first half of the year amounted to €4.3 billion, leading to a consolidated backlog of €31 billion.
Guidance for 2025 confirmed.
Highlights
With regard to the first half of 2025, the Group achieved:
- Revenue: €7,211 million, +12.4% compared to the corresponding half of 2024
- Adjusted EBITDA: €764 million, +35.2% compared to the corresponding half of 2024
- New contracts: equal to €4.3 billion
- Pre-IFRS 16 Net Financial Position as of June 30, 2025: net cash of €854 million (improved by €171 million compared to December 31, 2024)
- Post-IFRS 16 Net Financial Position as of June 30, 2025: net debt of €205 million, net of dividend payments of €331 million, improved by €103 million compared to December 31, 2024
In the second quarter of 2025, the Group's results amounted to:
- Revenue: €3,693 million, +9.6% compared to the corresponding quarter of 2024
- Adjusted EBITDA: €413 million, +39.1% compared to the corresponding quarter of 2024
- New contracts for approximately €2.2 billion
The Board of Directors of Saipem, chaired by Elisabetta Serafin, has approved the Interim Consolidated Financial Report as of June 30, 2025[1].
Results for the second quarter and for the first half 2025:
- Revenue: €7,211 million (€6,418 million in the corresponding half of 2024), of which €3,693 million in the second quarter (€3,371 million in the corresponding quarter of 2024).
- Adjusted EBITDA: €764 million, equal to 10.6% of revenue (€565 million in the corresponding half of 2024, equal to 8.8% of revenue), of which €413 million in the second quarter (€297 million in the corresponding quarter of 2024).
- Positive net result of €140 million (€118 million in the corresponding half of 2024), of which €63 million in the second quarter (€61 million in the corresponding quarter of 2024).
- Capital expenditure: €187 million (€194 million in the corresponding half of 2024), of which €82 million in the second quarter (€102 million in the corresponding quarter of 2024).
- Post-IFRS 16 net financial position: net debt of €205 million (net cash of €23 million as of December 31, 2024).
- Pre-IFRS 16 net financial position: net cash of €854 million (net cash of €683 million as of December 31, 2024).
- New contracts: €4,301 million (€7,086 million in the corresponding half of 2024), of which €2,177 million in the second quarter (€5,085 million in the corresponding quarter of 2024).
- Backlog: €31,120 million (€34,065 million as of December 31, 2024), which increases to €31,264 million including the backlog of non-consolidated companies (€34,257 million as of December 31, 2024).
(€ million)
|
second quarter 2025 |
first quarter 2025 |
second quarter 2024 |
2nd quarter 2025 vs 2nd quarter 2024 (%) |
|
first half 2025 |
first half 2024 |
first half 2025 vs first half 2024 (%) |
|
|
|
|
|
|
|
|
|
|
3,693 |
3,518 |
3,371 |
9.6 |
Revenue |
7,211 |
6,418 |
12.4 |
|
413 |
351 |
297 |
39.1 |
EBITDA |
764 |
565 |
35.2 |
|
413 |
351 |
297 |
39.1 |
Adjusted EBITDA |
764 |
565 |
35.2 |
|
148 |
157 |
132 |
12.1 |
Operating result (EBIT) |
305 |
255 |
19.6 |
|
148 |
157 |
132 |
12.1 |
Adjusted operating result (EBIT) |
305 |
255 |
19.6 |
|
63 |
77 |
61 |
3.3 |
Net result |
140 |
118 |
18.6 |
|
63 |
77 |
61 |
3.3 |
Adjusted net result |
140 |
118 |
18.6 |
|
379 |
387 |
136 |
ns |
Free cash flows |
766 |
271 |
ns |
|
(854) |
(968) |
(394) |
ns |
Pre-IFRS 16 net debt (cash) |
(854) |
(394) |
ns |
|
205 |
(116) |
148 |
38.5 |
Post-IFRS 16 net debt (cash) |
205 |
148 |
38.5 |
|
82 |
105 |
102 |
(19.6) |
Capital expenditure |
187 |
194 |
(3.6) |
|
2,177 |
2,124 |
5,085 |
(57.2) |
New contracts |
4,301 |
7,086 |
(39.3) |
|
|
|
|
|
|
|
|
|
Revenue and associated profit levels are not consistent over time, as they are influenced not only by market performance but also by climatic conditions and individual project schedules in the Engineering and Construction sector, and by contract expiry and renegotiation timing in the Drilling sector.
Management update 2025
In the first half of 2025, revenue amounted to €7,211 million (€6,418 million in the corresponding half of 2024) and the adjusted EBITDA amounted to €764 million (€565 million in the corresponding half of 2024). Specifically, there was an improvement in both the Offshore and Onshore Engineering & Construction segments, as commented below in the paragraph 'Analysis by business segment'.
The adjusted net result was positive at €140 million, improvement of €22 million compared to €118 million in the corresponding half of 2024. The positive change in adjusted operating profit of €50 million, to which is added the effect of the improvement in the balance of tax operations of €2 million, is partly offset by the worsening of the balance of financial operations of €30 million.
In the first half, non-recurring expenses have not been recognised.
Capital expenditure in the first half of 2025 amounted to €187 million (€194 million in the corresponding period of 2024), and was divided as follows:
- €96 million in Asset Based Services;
- €5 million in Energy Carriers;
- €86 million in Offshore Drilling.
Pre-IFRS 16 net financial position as of June 30, 2025, amounted to net cash of €854 million. Net financial position, including IFRS 16 lease liability of €1,059 million, amounted to net debt of €205 million.
Pre-IFRS 16 gross debt as of June 30, 2025, amounted to €1,752 million, liquidity to €2,606 million of which available cash for €1,266 million.
Backlog
In the first half of 2025 Saipem was awarded new contracts amounting to €4,301 million (€7,086 million in the corresponding half of 2024). The backlog as of June 30, 2025 amounted to €31,120 million (€34,065 million as of December 31, 2024) broken down as follows: €19,755 million in Asset Based Services, €10,316 million in Energy Carriers and €1,049 million in Offshore Drilling, of which €6,735 million to be executed in the second half of 2025. The Offshore Drilling backlog of €1,049 million reflects the impact of the cancellation of the Perro Negro 12 jack up rental contract, valued at €35 million, following the notification of the termination for convenience by the Client Saudi Aramco.
The backlog including non-consolidated companies as of June 30, 2025 amounted to €31,264 million (€34,257 million as of December 31, 2024).
Guidance for 2025 confirmed
Saipem confirms the guidance for 2025 already announced on 25 February 2025, which comprises:
- 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
Source: Saipem
