Subsea 7 SA

Latest Results (04.04.2026):

Subsea 7 S.A. — Fourth quarter 2025: the company reported a strong quarter and year, with Q4 revenue of $1.96 billion (+5% year‑on‑year) and Adjusted EBITDA of $477 million (+51% y/y; 24% margin). For full‑year 2025 revenue was $7.09 billion (+4%) and Adjusted EBITDA $1,480 million (+36%; 21% margin). Free cash flow for 2025 was $1.2 billion, year‑end cash was $970 million and net cash including lease liabilities was $21 million. The Board has proposed a NOK 13.00 per share dividend payable May 2026.

Key financials (Q4 2025 / FY 2025)

Q4 2025 Adjusted EBITDA $477m (24% margin) vs $315m in Q4 2024; Q4 net income $148m (EPS diluted $0.49). FY 2025 Adjusted EBITDA $1,480m (21% margin) and net income $404m (diluted EPS $1.38).

Cash flow and balance sheet

Free cash flow in 2025 was $1.2bn (Q4 free cash flow $732m). Cash & cash equivalents at 31‑Dec‑2025 were $970m; borrowings $584m; net cash excluding lease liabilities $386m and net cash including lease liabilities $21m. Reported liquidity (cash + undrawn facilities) about $1.6bn.

Backlog and contract intake

High‑quality backlog of $13.8bn at 31‑Dec‑2025 (including $6.9bn expected to be executed in 2026). Q4 order intake $1.9bn (book‑to‑bill 1.0x); full‑year order intake $9.0bn (book‑to‑bill 1.3x).

Shareholder returns

Board to propose dividend of NOK 13.00 per share (approx. $400m) at the Annual General Meeting in May 2026; the company reported substantial dividend payments in 2025 and remains committed to returns.

Operational performance

Q4 vessel utilisation strong: Subsea & Conventional ~89% and Renewables ~84%. Subsea & Conventional revenue in Q4 was $1.57bn (+9% y/y) and delivered the bulk of margin improvement; Renewables remained active with continued project progress.

2026 guidance and strategic note

Guidance reaffirmed for 2026: revenue expected $7.0–7.4bn and Adjusted EBITDA margin of ~22%. Management notes the proposed merger with Saipem S.p.A. remains subject to regulatory clearance but day‑to‑day operations and project delivery continue.

Items affecting comparability and risks

Q4 other gains/losses included $50m of foreign exchange losses (FY FX losses $84m). Effective tax rates were ~28% in Q4 and ~35% for FY 2025. The company reiterates principal risks (project execution, FX, regulatory and market exposure) in its disclosures.