Saipem opens 2025 with momentum, closing a first quarter decidedly positive on all fronts. The Italian energy engineering company, close to merging with the Norwegian Subsea7, recorded a net profit of 77 million euros, up 35% compared to the same period in 2024 and significantly higher than analysts' estimates, which stood at 56 million. revenues grew by 15,5% on an annual basis, reaching 3.518 million euros. Operating performance was also strong: theAdjusted EBITDA stands at 351 million euros (+31%), while the operating cash flow consolidates at 395 million. For the entire financial year, the operating cash flow – net of rental fees – is expected to be around 900 million euros.
Solid order book, 2025 guidance confirmed
In the first three months of the year, Saipem acquired new orders for 2,1 billion of euros, bringing the overall portfolio to 33 billion.
Also the net financial position shows a significant improvement: +968 million euros pre-Ifrs, up from 683 million at the end of 2024, and +116 million post-Ifrs, compared to the 23 million recorded in December.
Outlook for the full year 2025 confirmed: revenues expected at around 15 billion euros, EBITDA forecast at 1,6 billion, investments of around 500 million and free cash flow of at least 500 million.
Conversion of savings shares: new ratio 1:70
In parallel with the publication of the accounts, the Board of Directors approved the modification of the conversion ratio of savings shares into ordinary shares. The new relationship It will be 1:70, compared to the previous 1:60. The proposal will be submitted to the vote of the extraordinary and special meetings of savings shareholders, called for May 8, 2025.
