Saipem ended 2024 with revenues up 23% on year to 14,5 billion euros and an adjusted EBITDA up 44% to 1,3 billion with a Net income which increased by 70% to 306 million euros. Orders acquired also grew to 18,8 billion euros, with the order portfolio reaching an all-time high of 34 billion euros, confirming the objectives of the 2025-2028 strategic plan.
Change the dividend policy
Thanks to the record accounts Saipem has decided to improve the dividend distribution policy: shareholders will receive at least 40% of free cash flow, after repayment of lease liabilities. Accordingly, the board of directors will propose to shareholders a dividend payment of €333 million in 2025 (based on 2024 results) and foresees a coupon of at least $300 million in 2026 (based on 2025 results). Saipem also aims to reduce gross debt of approximately 650 million euros by repaying all liabilities maturing in the period 2025-2027, thus aiming for an investment grade rating,
Saipem improves 2025 guidance
In the wake of the accounts, the group also updated 2025 guidance on the rise, expecting revenues equal to approximately 15 billion euros, a ebitda equal to approximately 1,6 billion euros and a operating cash flow (net of rental fees) of approximately 900 million euros. The investments are estimated at around 500 million euros. Over the course of the plan Saipem estimates acquisition of new orders for approximately 50 billion euros, orders in the low/zero carbon segments equal to approximately 30% of the total, and revenues for at least 15 billion euros in 2028, with an EBITDA expected at around 2 billion euros.
Meloni: the agreement with Subsea7 demonstrates the vitality of the Italian System
Saipem, which has just announced theoperation with Subsea7, the President of the Council, Giorgia Meloni, also received appreciation. “I welcome with great satisfaction the news of the merger agreement between the Italian Saipem and the Norwegian Subsea7, an extremely significant operation that will allow the creation of the first global company in the energy engineering sector,” said the Prime Minister. “This agreement represents further evidence of the solidity and vitality of the Italian System and of the economic, productive and industrial excellence that is part of it.”
The stock, which had reacted with a price surge upon learning of the operation, then moved negative. Pending the accounts (released after the stock exchange closed), yesterday Saipem recorded a 1,9% drop to 2,27 euros. Subsea7 also recorded a negative sign, falling to 16,35 dollars, -2,65%, and to 182 Norwegian crowns (-4,8%) on the Oslo stock exchange.
