Saipem Spa (SAPMF) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, this is the Coruscall conference operator. Welcome and thank you for joining the SIPEM first quarter 2025 results conference call. As a reminder, all participants are in listen-only mode. After the presentation, there will be an opportunity to ask questions. Should anyone need assistance during the conference call, they may signal an operator by pressing star and zero on their telephone. At this time, I would like to turn the conference over to Mr. Alessandro Puliti, CEO of Saipem. Please go ahead, sir. Good morning and welcome to the presentation of Saipem results for the first quarter of 2025. Paolo Calcagnini, our CFO, and the rest of the top management team are here with me today in Milan. I will start by giving you the key highlights. Paolo will then cover the financial results in more details, and we will then wrap up the presentation with few closing remarks. After our prepared remarks, there will be time for a Q&A session. Let's start with the key highlights. I'm pleased to report that in Q1 2025, SITEM recorded the strongest performance of the last decade in terms of first quarter revenue, EBITDA and cash flow. Revenue stood at 3.5 billion euro, growing by 15% year on year. stood at 351 million euro growing by 31% year on year. EBITDA margin reached a level of 10% an improvement of 40 basis points compared to the previous quarter. In Q1 we further reduced our net debt position by 285 million euro. At the end of March we held 1.6 billion euro of available cash in our balance sheet the order intake in the first three months stood at 2.1 billion euro in line with the first quarters of the last three years our backlog remains close to record high levels providing excellent visibility for both 2025 and 2026 which is particularly important for us con...