Core Insights - Subsea 7 S.A. reported strong financial results for Q3 2025, with significant growth in Adjusted EBITDA and a record backlog, indicating robust operational performance and future revenue potential [1][5][6]. Financial Performance - Revenue for Q3 2025 was $1.84 billion, slightly up from $1.83 billion in Q3 2024 [3]. - Adjusted EBITDA reached $407 million, a 27% increase year-on-year, with an Adjusted EBITDA margin of 22%, up from 18% in Q3 2024 [3][5][11]. - Net income for Q3 2025 was $109 million, compared to $98 million in the same period last year [3][11]. - The company’s backlog at the end of September 2025 was $13.9 billion, with a book-to-bill ratio of 2.1 times for the quarter [3][13]. Operational Highlights - The company maintained high vessel utilization rates across various global projects, including significant activities in Norway and Brazil [9][10]. - In the Renewables sector, the company successfully completed the installation of monopiles at Dogger Bank C in the UK, showcasing its operational capabilities despite market challenges [10]. Future Outlook - Full-year 2025 revenue is projected to be between $6.9 billion and $7.1 billion, with Adjusted EBITDA margins expected to range from 20% to 21% [5][14]. - The company anticipates continued positive momentum supported by a strong backlog and active tendering for future projects [8][14].

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