Saipem closed 2024 with strong financial results, reporting €14.55 billion in revenue, up from €11.87 billion in 2023. Fourth-quarter revenue reached €4.42 billion, a 26% increase year-over-year.
The company said its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) rose to €1.33 billion, being 9.1% of revenue, compared to €926 million (7.8%) in 2023. Fourth-quarter EBITDA climbed to €424 million from €286 million in the same period last year. The net profit for the year reached €306 million, with €100 million recorded in Q4, which matched the previous year’s final quarter.
Saipem said it secured €18.81 billion in new contracts, slightly above the €17.66 billion recorded in 2023. However, fourth-quarter contract intake fell to €5.29 billion from €5.74 billion in Q4 2023. The backlog grew to €34.07 billion, up from €29.80 billion at the end of 2023.
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Capital expenditure dropped to €337 million from €482 million in 2023, with Q4 capex significantly lower at €91 million compared to €276 million in the prior-year quarter.
Looking ahead to 2025, Saipem expects revenue of approximately €15 billion and EBITDA of around €1.6 billion. The company aims to generate at least €500 million in free cash flow and invest €500 million in capital expenditures.
For the 2025-2028 period, Saipem targets €50 billion in new orders, with 30% focused on low-carbon projects. By 2028, it expects revenue to reach at least €15 billion and EBITDA to rise to €2 billion. The company also plans to reduce its gross debt by €650 million and distribute at least 40% of free cash flow to shareholders.
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Saipem said it also stays committed to keeping at least €1 billion in available cash and securing an investment-grade credit rating in the medium term.
The company will be merging with Subsea7 to create Saipem7, a dominant player in the subsea and offshore engineering and construction (E&C) sector.
