Saipem Spa (SAPMF) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, this is the Coruscall conference operator. Welcome and thank you for joining the CYPEM first half 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. Thank you and good morning. Thank you for joining us for the presentation of Saipem's results for the first half of 2025. I'm here in Milan today with our CFO Paolo Calcagnini and with the rest of the members of the Saipem senior management team. As you know, today is a special day for all of us, after the merger agreement announced last night. But in today's call, we are focusing on Saipem as a standalone company. I will start the presentation covering the key highlights of Q2, Paolo will then cover the financial results in more detail, and then I will wrap up with my closing remarks before opening the Q&A session. Let's start with the key highlights. I am pleased to report, in the second quarter, Saipem recorded a very strong performance in terms of revenue, EBITDA and cash flow generation. on top of having made the largest dividend payment in its history. Revenue stood at 3.7 billion euro, growing by 10% year-on-year and 5% sequentially. EBITDA stood at 413 million euro, growing by 39% year-on-year and 18% sequentially. EBITDA margin stood at 11.2%, a significant improvement compared to the previous quarter margin of 10%. In Q2, operating cash flow reached the record level of €447 million. The order intake in the second quarter stood at €2.2 billion, in ...