Subsea 7 SA

Latest Results (19.02.2026):

Subsea 7 S.A. — Third Quarter 2025: The company delivered a strong Q3 2025 financial performance with revenue roughly flat at $1.84 billion and Adjusted EBITDA up 27% year‑on‑year to $407 million (22% margin). Net income was $109 million (diluted EPS $0.38). The Group reported record backlog of $13.9 billion, solid cash of $546 million and materially reduced net debt (including lease liabilities) to $505 million. Management reiterated full‑year 2025 revenue guidance and gave 2026 revenue/margin outlook based on firm backlog.

Top‑line and profitability

Q3 revenue: $1.84bn (flat vs Q3 2024). Q3 Adjusted EBITDA: $407m, a 27% increase vs prior year, lifting Adjusted EBITDA margin to 22% (from 18%). Net operating income was $232m; net income $109m after $38m of net foreign exchange losses and a 40% effective tax rate in the quarter.

Cash flow and balance sheet

Q3 net cash from operations: $283m (free cash flow in Q3: $236m). Cash & equivalents: $546m at 30 Sept 2025. Net debt including lease liabilities: $505m (0.4x trailing Adjusted EBITDA), improved sequentially from $695m in Q2 and from $857m year‑on‑year.

Backlog, orders and utilisation

Backlog: $13.9bn at 30 Sept 2025 (record high) with $2.0bn expected in remainder of 2025, $6.0bn in 2026 and $5.9bn in 2027+. Q3 order intake: $3.8bn (book‑to‑bill 2.1x for the quarter; 1.4x YTD). Vessel utilisation in Q3 was 87%.

Guidance and near‑term outlook

2025 guidance: revenue $6.9–7.1bn and Adjusted EBITDA margin 20–21%. Based on firm backlog for 2026, Subsea 7 expects 2026 revenue $7.0–7.4bn with an Adjusted EBITDA margin of approximately 22%.

Operational highlights

Strong execution across Subsea & Conventional and Renewables: Subsea & Conventional delivered higher margins and the bulk of Q3 profitability; Renewables remained busy with major projects (Dogger Bank C, East Anglia THREE, Revolution) though Q3 Renewables revenue declined vs prior year.

Shareholder returns and corporate actions

Dividend: NOK 13.00 per share approved for 2025 (paid in two instalments; second instalment paid 6 Nov 2025). Extraordinary General Meeting (25 Sept 2025) approved the proposed combination with Saipem S.p.A.; conditional additional dividends (€450m and €105m) were also approved subject to completion of the merger.