Subsea 7 S.A. (SUBCY) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome, everyone, and thank you for joining us. With me on the call today are John Evans, our CEO, Mark Foley, our CFO, and Stuart Fitzgerald, CEO of Seaway7. The results press release is available to download on our website along with the slides that we'll be using during today's call. Please note that some of the information discussed on the call today will include forward-looking statements that reflect our current views These statements involve risks and uncertainties that may cause actual results or trends to differ materially from our forecasts. For more information, please refer to the risk factors discussed in Subsea Seven's annual report or today's quarterly press release. I'll now turn the call over to John. Thank you, Catherine, and good morning and good afternoon, everyone. I will start with a summary of the fourth quarter and full year results before passing over to Mark for more details of our financial performance. Turning to slide three, Subsea 7 delivered four-quarter adjusted EBITDA of $477 million, resulting in a full-year EBITDA of $1.48 billion, up 36% year-on-year. The combination of revenue growth and margin expansion was driven by a good performance in both subsea and conventional and renewables. With continued momentum and new awards and a book to build 1.3 times, we grew our year-end backlog to $13.8 billion. This order book of high-quality projects gives us excellent visibility on 2026 and beyond. Supported by a robust backlog and tendering pipeline, as well as our optimism in the longer-term output for the group, Turn into slide four. After a solid fourth quarter with new orders of $1.9 billion, order intake in the full year was $9 billion, up 10% year-on-year, and equating to a book-to-bill of 1.3 times. We have a combined backlog for ex...