Saipem S.p.A.

Saipem’s first half 2025 revenue was EUR 7.2 billion, up 12% year over year, while EBITDA rose 35% to EUR 764 million. EBITDA margin improved to above 10% from 8.8% in H1 last year, and net result was EUR 140 million, up 19%; operating cash flow was EUR 842 million. In Q2 alone, revenue was EUR 3.7 billion, up 10% year over year and 5% sequentially, EBITDA was EUR 413 million, up 39% year over year and 18% sequentially, and EBITDA margin was 11.2%. Management reaffirmed full-year 2025 guidance, expects order intake to accelerate in the second half, and said H2 cash flow will be lower than H1 due to working-capital reversal and higher lease payments.

Alessandro Puliti emphasized that Saipem is delivering sustained growth, stronger cash generation, and a backlog that gives visibility for the next two years. He highlighted strategic progress in CCUS, services, and the derisking of onshore EPC, including more work being done under reimbursable frameworks and growing service-order wins. His tone was confident, especially on the expected second-half pickup in awards and the company’s ability to keep converting backlog into cash.

Paolo Calcagnini said the H1 results were driven mainly by offshore E&C, with EBITDA margin improving to above 10% from 8.8% last year. He noted operating cash flow of EUR 842 million, a pre-IFRS net cash improvement of EUR 171 million to EUR 854 million, gross CapEx of EUR 191 million, disposals of EUR 115 million, and dividends paid of EUR 331 million. He also said liquidity is above EUR 3 billion, available cash is almost EUR 1.3 billion, and H2 cash flow should be only marginally positive because working capital is expected to turn negative and lease payments should almost double versus H1.

Analysts pressed on the unusually strong first-half cash flow, and management said it benefited from positive working capital in Q1 and, to a lesser extent, Q2, but that working capital should reverse in Q3 and Q4. Questions also focused on provisions and legacy projects: management said the Q2 net provisions were significant at portfolio level, mostly tied to a few known situations, and that the remaining onshore legacy backlog is now below EUR 100 million. On Thaioil, Puliti said Saipem is orderly handing over the project after termination in April, while arbitration is only in early stages.