Published by Global Banking & Finance Review®
Posted on February 24, 2026
1 min readLast updated: April 2, 2026
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Saipem posted a 22% rise in Q4 2025 adjusted EBITDA to €515m, beating consensus. It now targets ~€1.9bn adjusted core earnings in 2026, up from €1.72bn in 2025, while advancing its merger with Subsea 7.
MILAN, Feb 24 (Reuters) - Italian energy contractor Saipem said on Tuesday it expected its adjusted core earnings to rise to roughly 1.9 billion euros ($2.2 billion) this year, from 1.72 billion euros in 2025.
The Milan-based group, which last year signed an agreement to merge with its rival Subsea 7, said its adjusted core profit in the fourth quarter of 2025 rose nearly 22% year-on-year.
Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) came in at 515 million euros, beating an analyst consensus of 482 million euros compiled by LSEG.
($1 = 0.8488 euros)
(Reporting by Francesca Landini, editing by Alvise Armellini)
Saipem reported a 22% year-on-year increase in Q4 2025 adjusted EBITDA to €515 million, beating analyst expectations, and issued stronger guidance for 2026.
Adjusted EBITDA reached €515 million, ahead of the €482 million analyst consensus compiled by LSEG, indicating a stronger-than-expected quarter.
The company expects adjusted core earnings of roughly €1.9 billion in 2026, up from €1.72 billion in 2025, reflecting confidence in its project pipeline.
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