Core Insights - Subsea 7 reported strong financial results for Q4 2025 and the full year, with significant increases in revenue and profitability compared to the previous year [1][3][4] Financial Performance - Q4 2025 revenue reached $1,962 million, a 5% increase from Q4 2024's $1,869 million [2] - Full year 2025 revenue was $7,086 million, up 4% from $6,837 million in 2024 [12] - Adjusted EBITDA for Q4 2025 was $477 million, up over 50% from $315 million in Q4 2024, with a margin of 24% [3][9] - Full year Adjusted EBITDA was $1,480 million, a 36% increase from $1,090 million in 2024, with a margin of 21% [3][12] - Net income for Q4 2025 was $148 million, compared to $26 million in Q4 2024 [2][9] - Full year net income was $404 million, up from $217 million in 2024 [12] Operational Highlights - The company achieved a backlog of $13.8 billion at the end of 2025, with $6.9 billion expected to be executed in 2026 [3][11] - The book-to-bill ratio for 2025 was 1.3x, indicating strong order intake relative to revenue [2][14] - Vessel utilization rates were 89% for Subsea and Conventional vessels and 84% for Renewables in Q4 2025 [7] Cash Flow and Dividends - Free cash flow generation in 2025 was $1.2 billion, leading to net cash of $21 million including lease liabilities [3][4] - A dividend of NOK 13.00 per share, approximately $400 million, is proposed for payment in May 2026 [15] Market Outlook - The company expects revenue for 2026 to be in the range of $7.0 to $7.4 billion, with an Adjusted EBITDA margin of approximately 22% [3][17] - The company remains committed to securing new high-quality contracts despite ongoing regulatory clearance for a proposed merger with Saipem S.p.A. [16]