Subsea 7 SA

Latest Results (20.11.2025):

Subsea 7 SA — third quarter of 2025: the Group reported strong Q3 2025 results with revenue of $1,840m, Adjusted EBITDA of $407m (up 27% year‑on‑year) and an Adjusted EBITDA margin of 22%. Net income was $109m (EPS $0.38), backlog reached a record $13.9bn and net debt including leases improved to $505m. Management reiterated full‑year 2025 revenue guidance and provided 2026 revenue expectations supported by a robust order book.

Headline result

Q3 2025 revenue $1,840m (flat vs Q3 2024); Adjusted EBITDA $407m (+27% YoY) and margin 22% (vs 18% a year earlier). Net income $109m; basic/diluted EPS $0.38.

Profitability by segment

Both Subsea and Conventional and Renewables contributed: Adjusted EBITDA margins of 24% (Subsea) and 17% (Conventional & Renewables), driving the overall margin expansion of ~460 basis points YoY.

Orders and backlog

Q3 order intake $3.8bn (new awards $3.3bn + $0.5bn escalations) producing a book‑to‑bill of 2.1x in the quarter. Backlog at 30 Sep 2025 was $13.9bn, with $2.0bn expected in the remainder of 2025, $6.0bn in 2026 and $5.9bn in 2027+.

Cash flow and balance sheet

Net cash from operations in Q3 was $283m (including an $82m unfavourable working capital movement). Cash and equivalents rose to $546m. Net debt including lease liabilities improved to $505m (0.4x Adjusted EBITDA last 12 months), down from $695m at Q2 2025 and $857m at Q3 2024.

Guidance

Full‑year 2025 revenue expected $6.9–7.1bn with Adjusted EBITDA margin 20–21%. Based on firm 2026 backlog, expected 2026 revenue $7.0–7.4bn with an Adjusted EBITDA margin of ~22%.

Operational highlights

High vessel utilisation and project activity across Norway, UK, Angola and Brazil. Renewables activity included completion of 87 monopiles at Dogger Bank C and progress at East Anglia THREE and Revolution cable works; new Petrobras PLSV contract started in Brazil.