Saipem Spa (SAPMF) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, this is the Chorus Call Conference Operator. Welcome and thank you for joining the CYPEM Full Year 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 send an operator by pressing star and zero on your 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 thank you for joining the presentation of Saipem Full ER 2025 results. I am here in Milan today with our CFO Paolo Calcagnini and with the other members of Saipem senior management team. Today's session will be structured as follows. I will begin with an overview of the key operational and financial highlights of the four quarters. Paolo will then provide more details on the financial results. and then I will wrap up the presentation with a few closing remarks, including the guidance for 2026. We will then open the floor to all your questions. Let's begin with the key highlights of the four quarters. In Q4, Saipem posted revenues of €4.5 billion, growing by 2% year-on-year and almost 20% sequentially. EBITDA in Q4 stood at €515 million, growing 21% year-on-year and 18% sequentially, corresponding to an EBITDA margin of 11.4%. Our balance sheet remains very strong. At the end of 2025, we recorded a net cash position of almost 1 billion euro, thanks to a free cash flow generation of more than 200 million euro in Q4. The order intake in the fourth quarter stood at €5.4 billion, representing a book-to-bill of 1.2 and a strong acceleration compared to the previous three quarters. Let's now look at the Q4 results in the context of what has been ac...