Saipem announces results for the first quarter of 2025

• The results of the first quarter further consolidate the progress made in terms of operating and financial performance, in line with the objectives of the Strategic Plan
• In the first quarter, Saipem achieved a net profit of €77 million (+35% compared to the same period last year), as a result of double-digit growth in revenue and EBITDA
• The quarter also saw a strong acceleration in cash generation, with operating cash flow equal to €395 million
• The level of backlog, amounting to €33 billion, provides excellent visibility for the medium-term

Guidance for 2025 confirmed

Highlights

In the first quarter of 2025, Saipem achieved:

• Revenue: €3,518 million, +15.5% compared to the corresponding quarter of 2024
• Adjusted EBITDA: €351 million, +31% compared to the corresponding quarter of 2024
• New contracts: equal to €2,1 billion
• Pre-IFRS 16 Net Financial Position as of March 31, 2025: net cash of €968 million (improved by €285 million compared to December 31, 2024)
• Post-IFRS 16 Net Financial Position as of March 31, 2025: net cash of €116 million (improved by €93 million compared to December 31, 2024)

Milan (Italy), April 23, 2025 - The Board of Directors of Saipem, chaired by Elisabetta Serafin, approved today the Consolidated results as of March 31, 2025 (unaudited).

Results for the first quarter 2025:

• Revenue: €3,518 million (€3,047 million in the corresponding quarter of 2024).
• Adjusted EBITDA: €351 million, equal to 10% of revenue (€268 million in the corresponding quarter of 2024, equal to 8.8% of revenue).
• Positive net result of €77 million (positive net result of €57 million in the corresponding quarter of 2024).
• Capital expenditure: €105 million (€92 million in the corresponding quarter of 2024).
• Post-IFRS 16 net financial position: net cash of €116 million (net cash of €23 million as of December 31, 2024).
• Pre-IFRS 16 net financial position: net cash of €968 million (net cash of €683 million as of December 31, 2024).
• New contracts: €2,124 million (€2,001 million in the corresponding quarter of 2024).
• Backlog: €32,671 million (€34,065 million as of December 31, 2024), which increases to €32,830 million including the backlog of non-consolidated companies (€34,257 million as of December 31, 2024).

(€ million)

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 quarter of 2025, revenue amounted to €3,518 million (€3,047 million in the corresponding quarter of 2024) and the adjusted EBITDA amounted to €351 million (€268 million in the corresponding quarter 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 €77 million, improvement of €20 million compared to €57 million in the corresponding quarter of 2024. In addition to the positive change in adjusted operating profit of €34 million, there was also the effect of the improvement in the balance of equity investments of €7 million, partly offset by the worsening of the balance of financial and tax operations of €21 million.

In the quarter, non-recurring expenses have not been recognised.

Capital expenditure in the first quarter of 2025 amounted to €105 million (€92 million in the corresponding quarter of 2024), and was divided as follows:

• €44 million in Asset Based Services;
• €2 million in Energy Carriers;
• €59 million in Offshore Drilling.

Pre-IFRS 16 net financial position as of March 31, 2025, amounted to net cash of €968 million. Net financial position, including IFRS 16 lease liability of €852 million, amounted to net cash of €116 million.

Pre-IFRS 16 gross debt as of March 31, 2025, amounted to €1,786 million, liquidity to €2,754 million of which available cash for €1,619 million.

Backlog

In the first quarter of 2025 Saipem was awarded new contracts amounting to €2,124 million (€2,001 million in the corresponding quarter of 2024). The backlog as of March 31, 2025 amounted to €32,671 million (€34,065 million as of December 31, 2024) broken down as follows: €21,053 million in Asset Based Services, €10,384 million in Energy Carriers and €1,234 million in Offshore Drilling, of which €9,408 million to be executed in 2025.

The backlog including non-consolidated companies as of March 31, 2025 amounted to €32,830 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

Original announcement link

Source: Saipem