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]

Core Viewpoint - Subsea 7 reported strong financial performance in Q1 2025, with significant revenue growth and improved margins, indicating a positive outlook for the year ahead [3][4]. Financial Performance - Revenue for Q1 2025 was $1.529 billion, a 10% increase from $1.395 billion in Q1 2024 [2][9]. - Adjusted EBITDA reached $236 million, up 46% year-on-year, with an EBITDA margin of 15%, compared to 12% in the previous year [2][4]. - Net operating income was $77 million, significantly higher than $20 million in Q1 2024 [10]. - Net income for the quarter was $17 million, down from $29 million in the prior year [10]. Backlog and Order Intake - The backlog at the end of March 2025 was $10.819 billion, with $4.8 billion expected to be executed in 2025 [2][12]. - The book-to-bill ratio was 0.6x, with order intake of $0.9 billion, comprising new awards of $0.4 billion and escalations of $0.5 billion [12]. Operational Highlights - Strong operational performance was noted in both Subsea and Conventional segments, with Adjusted EBITDA margins of 18% and 10% respectively [4]. - Significant planned vessel maintenance was undertaken to optimize operations ahead of a busy year, while progress was made on various projects across regions [7][8]. Strategic Outlook - The company maintains a positive outlook for long-term energy demand growth, focusing on cost-advantaged sectors and strategic gas developments [5][6]. - Guidance for full year 2025 remains unchanged, with expected revenue between $6.8 billion and $7.2 billion and Adjusted EBITDA margin projected between 18% and 20% [13].