Finance
Energy contractor Saipem posts 39% rise in second-quarter core profit
Published by Global Banking & Finance Review®
Posted on July 23, 2025
2 min readLast updated: January 22, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on July 23, 2025
2 min readLast updated: January 22, 2026
Saipem's Q2 core profit increased by 39%, driven by offshore growth, with EBITDA at 413 million euros. New contracts fell to 2.2 billion euros.
MILAN (Reuters) -Italian energy contractor Saipem reported a 39% annual rise in its second-quarter core earnings and confirmed its guidance for this year on Wednesday.
Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) came in at 413 million euros ($485 million) between April and June, beating an analyst consensus of 395 million euros compiled by LSEG.
Saipem's offshore and engineering and construction businesses were the drivers of growth in the second quarter as the group pressed ahead to complete orders achieved in the previous quarters.
New contracts acquired in the period dropped to 2.2 billion euros compared with 4 billion euros in the same period of last year, and were concentrated on its Energy Carriers business.
They included engineering, procurement and construction activities to expand Eni's biorefinery near Venice and a job related to Eni's carbon capture and storage project in Liverpool Bay, northern England.
The Milan-based group, which in February announced a preliminary agreement to merge with Norway's Subsea 7, said its net income rose 3% to 63 million euros in the second quarter compared with the same period of last year.
($1 = 0.8513 euros)
(Reporting by Francesca LandiniEditing by Keith Weir)
Saipem's adjusted EBITDA for the second quarter was 413 million euros, exceeding the analyst consensus of 395 million euros.
New contracts acquired in the second quarter dropped to 2.2 billion euros, down from 4 billion euros in the same period last year.
Saipem's offshore and engineering and construction businesses were the primary drivers of growth in the second quarter.
Saipem reported a net income of 63 million euros for the second quarter, which is a 3% increase compared to the same period last year.
Recent projects included engineering, procurement, and construction activities to expand Eni's biorefinery near Venice and a job related to Eni's carbon capture and storage project in Liverpool Bay.
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