Saipem: preliminary results for the fourth quarter and financial year 2025

Management update 2025
In 2025, revenue amounted to €15,497 million (€14,549 million in the corresponding period of 2024) and the adjusted EBITDA amounted to €1,716 million (€1,329 million in the corresponding period of 2024). Specifically, there was an improvement in both the Offshore and Onshore Engineering & Construction segments, as commented below in the paragraph "Analysis by sector of activity".

The adjusted net result before non-controlling interests was positive at €311 million, improvement of €5 million compared to €306 million in the corresponding period of 2024. The positive change in adjusted operating profit of €73 million, was offset by the worsening of the balance of financial and tax operations of €121 million, partially mitigated by a €53 million improvement in the balance of equity investment operations. The net profit attributable to minority interests was €1 million, compared to zero in the corresponding period of 2024.
In 2025, non-recurring expenses have not been recognised.

Capital expenditure in 2025 amounted to €364 million (€337 million in the corresponding period of 2024), and was divided as follows:

• €202 million in Asset Based Services;
• €15 million in Energy Carriers;
• €147 million in Offshore Drilling.

Pre-IFRS 16 net financial position as of December 31, 2025, amounted to net cash of €999 million. Net financial position, including IFRS 16 lease liability of €1,497 million, is negative for €498 million. As of December 31, 2025, the lease liability reflects the impact of the purchase agreement for the Deep Value Driller drillship, which is currently under a rental agreement.

Pre-IFRS 16 gross debt as of December 31, 2025, amounted to €1,782 million, liquidity amounted to €2,781 million of which available cash for €1,329 million.

Backlog
In 2025 Saipem was awarded new contracts amounting to €12,936 million (€18,812 million in the corresponding period of 2024). The backlog as of December 31, 2025 amounted to €31,469 million (€34,065 million as of December 31, 2024) broken down as follows: €21,163 million in Asset Based Services, €9,345 million in Energy Carriers and €961 million in Offshore Drilling, of which €12,743 million to be executed in 2025. The Offshore Drilling backlog of €961 million reflects the impact of the cancellation of the Perro Negro 12 jack up rental contract, valued at €35 million, following the notification of the termination for convenience by the Client Saudi Aramco, in the second quarter of 2025.

The backlog including non-consolidated companies as of December 31, 2025 amounted to €31,578 million (€34,257 million as of December 31, 2024).

Events after the reporting period
As announced on February 23, 2026, Saipem has been awarded an additional offshore contract (Contract Release Purchase Order or CRPO) in Saudi Arabia under its existing Long-Term Agreement with Aramco. Saipem’s scope of work includes the Engineering, Procurement, Construction and Installation (EPCI) of a trunkline, comprising approximately 65 kilometers offshore and 12 kilometers onshore, as well as associated subsea facilities in the Safaniya oil field.

In addition, following the agreement on the main terms and conditions relating to the acquisition of the drillship Deep Value Driller, announced to the market on 17 February 2026, and subject to, among others things, the approval by Boards of Directors of Saipem and Deep Value Driller AS, the Board of Directors of Saipem today approved the transaction.

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The criteria for recognition and evaluation adopted in the preparation of the Consolidated results as of December 31, 2025, are unchanged from the 2024 Annual Report - available on the Company's website (www.saipem.com) in the 'Investors' - 'Financial Results' section - to which reference is also made for a joint reading of this press release.

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Luca Caviglia, Manager responsible for the preparation of financial reports of Saipem SpA, declares pursuant to Article 154 bis, subparagraph 2 of the Consolidated Law on Finance that the accounting information in this press release corresponds to the documentary results, books, and accounting records. 

By their nature, forward-looking statements are subject to risk and uncertainty since they are dependent upon circumstances which should or are considered likely to occur in the future and are outside of the Group’s control. These include, but are not limited to: exchange and interest rate fluctuations, commodity price volatility, credit and liquidity risks, HSE risks, the levels of capital expenditure in the oil industry and other sectors, political instability in areas where the Group operates, actions by competitors, success of commercial transactions, risks associated with the execution of projects (including pandemic risks, geopolitical risks, supply chain risks and those risks related to ongoing investment projects), in addition to changes in stakeholders’ expectations and other changes affecting business conditions. Actual results could therefore differ materially from the forward-looking statements. The financial reports contain in-depth analyses of some of the aforementioned risks. Forward-looking statements and data are to be considered in the context of the date of their release.

Conference call and webcast
The results contained in this press release will be presented tomorrow, 25 February 2026, at 10:30 CET time during a conference call and webcast by CEO Alessandro Puliti and CFO Paolo Calcagnini.

The conference call can be joined by webcast, via the Company’s website www.saipem.com, by clicking on the banner ‘FY 2025 Results’ on the home page or following the URL https://87399.choruscall.eu/links/saipem260225.html.

During the conference call and webcast, a presentation will be given that can be downloaded around 30 minutes before the estimated start time, from the webcast window or from the “Investors” – “Financial Results” section of the website www.saipem.com. The presentation will also be available on the authorised storage mechanism “eMarketSTORAGE” (www.emarketstorage.com) and on the website of Borsa Italiana SpA (www.borsaitaliana.it).

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Saipem is a global leader in the engineering and construction of major projects for the energy and infrastructure sectors, both offshore and onshore. Saipem is “One Company” organized into business lines: Asset Based Services, Drilling and Sonsub, Energy Carriers, Offshore Wind, Sustainable Infrastructures. The company has 5 fabrication yards and an offshore fleet of 17 construction vessels owned and 12 drilling rigs, of which 9 owned. Always oriented towards technological innovation, the company’s purpose is “Engineering for a sustainable future”. As such Saipem is committed to supporting its clients on the energy transition pathway towards Net Zero, with increasingly digital means, technologies and processes geared for environmental sustainability. Listed on the Milan Stock Exchange, it is present in more than 50 countries around the world and employs about 30,000 people of over 130 nationalities. 

Website: www.saipem.com 
 

Media Relations 
E-mail: media.relations@saipem.com 

Investor Relations 
Alberto Goretti - Head of Investor Relations and Rating Management 
E-mail: investor.relations@saipem.com  
Phone number: +39 0244231 

Contact point for retail investors  
E-mail: segreteria.societaria@saipem.com