26 Feb Subsea 7 S.A. Announces Fourth Quarter and Full Year 2025 Results
(Oilandgaspress) – Subsea 7 S.A. announced today results of Subsea7 Group (the Group, Subsea7) for the fourth quarter and full year which ended 31 December 2025. Unless otherwise stated the comparative period is the full year which ended 31 December 2024.
Highlights
- Fourth quarter Adjusted EBITDA of $477 million, up more than 50% on the prior year period, equating to a margin of 24%. Strong performances in both Subsea and Conventional and Renewables, with margins of 26% and 20% respectively.
- Full year Adjusted EBITDA of $1,480 million, up 36% on the prior year, equating to a margin of 21%.
- Free cash flow generation in 2025 of $1.2 billion resulting in net cash of $21 million including lease liabilities of $365 million.
- Dividend of NOK 13.00 per share, equating to approximately $400 million and payable in one instalment in May 2026.
- High-quality backlog of $13.8 billion including $6.9 billion for execution in 2026, providing high revenue visibility on the next twelve months. A backlog of $4.3 billion for execution in 2027, up 27% compared with the prior year equivalent.
- Guidance for full year 2026 reaffirmed, with revenue expected to be within a range of $7.0 to 7.4 billion, with Adjusted EBITDA margin of approximately 22%.
| Fourth Quarter | Year Ended | |||
| For the period (in $ millions, except Adjusted EBITDA margin and per share data) | Q4 2025 Unaudited | Q4 2024 Unaudited | 2025 Audited | 2024 Audited |
| Revenue | 1,962 | 1,869 | 7,086 | 6,837 |
| Adjusted EBITDA(a) | 477 | 315 | 1,480 | 1,090 |
| Adjusted EBITDA margin(a) | 24% | 17% | 21% | 16% |
| Net operating income | 276 | 126 | 771 | 446 |
| Net income | 148 | 26 | 404 | 217 |
| Earnings per share – in $ per share | ||||
| Basic | 0.49 | 0.07 | 1.39 | 0.68 |
| Diluted(b) | 0.49 | 0.07 | 1.38 | 0.67 |
| At (in $ millions) | 2025 31 Dec | 2024 31 Dec | ||
| Backlog(a) | 13,769 | 11,175 | ||
| Book-to-bill ratio(a) | 1.3x | 1.2x | ||
| Cash and cash equivalents | 970 | 575 | ||
| Borrowings | (584) | (722) | ||
| Net cash/(debt) excluding lease liabilities(a) | 386 | (147) | ||
| Net cash/(debt) including lease liabilities(a) | 21 | (602) | ||
(a) For explanations and reconciliations of Adjusted EBITDA, Adjusted EBITDA margin, Backlog, Book-to-bill ratio and Net cash/(debt) refer to the ‘Alternative Performance Measures’ section of the Condensed Consolidated Financial Statements.
(b) For the explanation and a reconciliation of diluted earnings per share refer to Note 7 ‘Earnings per share’ to the Condensed Consolidated Financial Statements.
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