Saipem Spa (SAPMF) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, this is the conference call operator. Welcome and thank you for joining this IPAM 9 months 2025 results presentation. 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 and General Manager. Please go ahead, sir. Thank you and good morning. Thank you for joining us for the presentation of Saipem's results for the first nine months of 2025. I'm here in Milan today with our CFO, Paolo Calcagnini, and with the rest of the Saipem senior management team. During today's session, I will begin by presenting the key operational and financial highlights from the third quarter. Paolo will then examine more closely the financial results. And at the end, I will offer a few closing remarks before we open the floor to your questions. Let me begin with the key financials highlight of the quarter. In Q3, Saipem delivered revenues of €3.8 billion with a growth of 1.6% year-on-year and 2.1% sequentially. EBITDA stood at €437 million, growing 28.5% year-on-year and 5.8% sequentially. In Q3 2025, we posted the highest quarterly EBITDA since 2012. From a balance sheet perspective, we ended the quarter with a stable net cash positive pre-IFRS of €844 million, in line with the guidance communicated. Order intake stood at 3.2 billion euro in Q3, representing a book to bill of 0.9 and an acceleration compared to the previous two quarters. We expect this momentum to continue into Q4. Let's put the Q3 results in a broader perspective. Revenue has kept on climbing up over the last four years, on...