Saipem SpA, chaired by Elisabetta Serafin, approved 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).
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.
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).