Saipem Reports Strong Financial Performance in First Half of 2025
Saipem, a leading global energy services company, has announced impressive financial results for the first half of 2025, showcasing continued growth and profitability. The company’s strong performance in the past three years has paved the way for significant achievements, including the distribution of the largest dividend in its history in May.
During the first six months of 2025, Saipem reported revenue of USD$8.47 billion (€7.2 billion), with EBITDA reaching USD$898 million (€764 million), marking a notable 35% increase compared to the same period last year. Net profit also saw a substantial growth, amounting to USD$164 million (€140 million), up by 19% year-on-year.
One of the highlights of the first half of the year was the robust cash generation, with free cash flow reaching USD$900 million (€766 million), a significant improvement from USD$318 million (€271 million) in the first half of 2024. The company’s order intake for the period totaled USD$5.1 billion (€4.3 billion), resulting in a consolidated backlog of USD$36 billion (€31 billion).
Key Highlights of Saipem’s Performance in the First Half of 2025:
- Revenue: USD$8.47 billion (€7.2 billion), +12.4% compared to the corresponding half of 2024
- Adjusted EBITDA: USD$898 million (€764 million), +35.2% compared to the corresponding half of 2024
- New contracts: USD$5.1 billion (€4.3 billion)
- Pre-IFRS 16 Net Financial Position: net cash of USD$1016 million (€854 million)
Additionally, Saipem reported a post-IFRS 16 Net Financial Position of net debt of USD$241 million (€205 million) as of June 30, 2025, after dividend payments of USD$389 million (€331 million). This represents an improvement of USD$121 million (€103 million) compared to December 31, 2024.
Second Quarter 2025 Performance Highlights:
- Revenue: USD$4.342 billion (€3.693 billion), +9.6% compared to the corresponding quarter of 2024
- Adjusted EBITDA: USD$485 million (€413 million), +39.1% compared to the corresponding quarter of 2024
- New contracts: Approximately USD$2.6 billion (€2.2 billion)
Overall, Saipem’s strong financial performance in the first half of 2025 underscores its continued growth and profitability in the energy services sector. The company’s strategic focus on operational excellence and financial discipline has positioned it for sustained success in the years to come.