Saipem Confirms Growth Trajectory

(Credit: Saipem)

Saipem has released its preliminary results for the fourth quarter and financial year 2025, confirming, for the fourth consecutive year, the trajectory of growth and improvement in profitability together with a further acceleration in cash generation.

Revenue stood at €15.5 billion in 2025, a growth of 6.5% compared to the previous year, and EBITDA reached €1.7 billion, an increase of 29.1%.

Net profit amounted to €310 million whilst free cash flow after the repayment of lease liabilities reached €792 million, an increase of 56.8% year on year.

The order intake amounted to €13 billion in 2025 and saw a strong acceleration in the last quarter of the year, maintaining the company backlog above €31 billion.

In 2025 Saipem was awarded new contracts amounting to €12,936 million (€18,812 million in the corresponding period of 2024). The backlog as of December 31, 2025 amounted to €31,469 million (€34,065 million as of December 31, 2024) broken down as follows: €21,163 million in Asset Based Services, €9,345 million in Energy Carriers and €961 million in Offshore Drilling, of which €12,743 million to be executed in 2025. The Offshore Drilling backlog of €961 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, in the second quarter of 2025.

The backlog including non-consolidated companies as of December 31, 2025 amounted to €31,578 million (€34,257 million as of December 31, 2024).