Subsea 7 S.A. Announces Fourth Quarter and Full Year 2025 Results

Luxembourg – 26 February 2026 – Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY, ISIN: LU0075646355, the Company) 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%.

(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.

John Evans, Chief Executive Officer, said:

Subsea7 delivered a strong performance in the final quarter of 2025, resulting in Adjusted EBITDA for the full year of $1.5 billion, up 36% on the prior year and driving free cash flow generation of $1.2 billion. We ended the year with a solid balance sheet, with net cash of $21 million, an improvement of $622 million from the prior year end.

Subsea and Conventional achieved its fifth consecutive year of growth with revenue rising by 5% to $5.8 billion in 2025 and an Adjusted EBITDA margin of 23%, up from 16% in 2024. Our Renewables business also reported solid results marking a third year of progress, with growth in Adjusted EBITDA of 9% and a margin of 17%, up from 15% last year.

From the low levels of 2020 to the healthy state of the industry in 2025, Subsea7 has benefited from an upcycle in the deepwater market, alongside growth in offshore wind. Against this industry backdrop, our differentiated strategy has enabled us to win high-quality work, achieve optimal execution, and reinforce strong relationships with key clients. We closed the year with an order book approaching $14 billion of high-quality projects, providing excellent visibility on the years ahead and this, along with high tendering activity, support our confidence in the outlook for the Group.

Fourth quarter 2025 vessel utilisation
In the fourth quarter, our fleet remained busy with 89% utilisation of the Subsea and Conventional vessels and 84% utilisation of vessels within Renewables. Seven Vega transited to Türkiye and began installation of pipeline and production lines for the Sakarya Phase 2 project, while Seven Oceans transited to Brazil for Mero 4. Seven Navica completed rigid pipeline installation at Zephryus in the US, while Seven Arctic was active on the Cypre project in Trinidad and Tobago. Seven Borealis and Seven Pacific worked in Angola. Also during the quarter, the final two of four PLSVs commenced new three-year contracts for Petrobras in Brazil.

In Renewables, Seaway Alfa Lift completed the installation of the last transition pieces at Dogger Bank C in the UK, while Seaway Ventus continued installing foundations at East Anglia THREE. In the US, Seaway Aimery completed cable lay at the Revolution project, while in Taiwan Seaway Phoenix continued cable lay at Hai Long and Seaway Strashnov underwent planned maintenance. 

Fourth quarter 2025 financial review
Revenue was $2.0 billion, up 5% when compared with the prior year period. Adjusted EBITDA of $477 million equated to a margin of 24%, up from 17% in Q4 2024. After depreciation, amortisation and impairment charges of $201 million, net operating income was $276 million, equating to 14% of revenue, up from 7% in the prior year period. After net foreign exchange losses of $50 million, net finance costs of $20 million and an effective tax rate of 28%, net income was $148 million.

Net cash generated from operating activities in the fourth quarter was $797 million, including a $420 million favourable movement in net working capital. Net cash used in investing activities was $30 million mainly related to purchases of property, plant and equipment, while net cash used in financing activities was $339 million including dividend payments of $192 million and lease payments of $77 million. During the quarter, cash and cash equivalents increased by $424 million to $970 million and, at 31 December 2025, net cash was $21 million, including lease liabilities of $365 million.

Fourth quarter order intake was $1.9 billion comprising new awards of $1.3 billion and escalations of $0.6 billion resulting in a book-to-bill ratio of 1.0 times. Backlog at the end of December was $13.8 billion, of which $6.9 billion is expected to be executed in 2026, $4.3 billion in 2027 and $2.6 billion in 2028 and beyond.

Full year 2025 financial review
Revenue was $7.1 billion, up 4% from 2024. Adjusted EBITDA of $1,480 million equated to a margin of 21%, up from 16% in 2024. After depreciation, amortisation and impairment charges of $710 million, net operating income was $771 million, equating to 11% of revenue, up from 7% in 2024. After net foreign exchange losses of $84 million, net finance costs of $65 million and an effective tax rate of 35%, net income was $404 million.

Net cash generated from operating activities in the full year was $1,471 million, including a $234 million favourable movement in net working capital. Net cash used in investing activities was $214 million, including $281 million related to purchases of property, plant and equipment. Net cash used in financing activities was $874 million including dividend payments of $376 million and lease payments of $292 million. During the year, cash and cash equivalents increased by $394 million to $970 million.

At 31 December 2025, backlog was $13.8 billion. Full year order intake was $9.0 billion comprising new awards of $7.0 billion and escalations of $2.0 billion resulting in a book-to-bill ratio of 1.3 times.

Commitment to shareholder returns
At the Annual General Meeting on 12 May 2026, the Board of Directors will propose a dividend of NOK 13.00 per share, equating to approximately $400 million, payable in May 2026. This is equivalent to an approximate dividend yield of 5%.

Guidance
While regulatory clearance for the proposed merger with Saipem S.p.A. is still in progress, management remains firmly committed to delivering ongoing projects to clients and continuing to secure new high-quality contracts.

With a robust backlog of nearly $14 billion, we have high visibility on anticipated revenue this year of approximately $7.0 to 7.4 billion. We expect our Adjusted EBITDA margin to continue to improve and reach approximately 22% in 2026. With a disciplined approach to reinvestment, we expect capital expenditure of $350 to 380 million in 2026, yielding another year of significant cash generation. Overall, we are confident that the resilience of the energy market, combined with our differentiated offering and our strong track record of delivery, continues to position Subsea7 for success.

Conference Call Information
Date: 26 February 2026         

Time: 11:00 UK Time, 12:00 CET

Access the webcast at subsea7.com or https://edge.media-server.com/mmc/p/vb9jzg9r/

Register to dial-in https://register-conf.media-server.com/register/BI8af53d4dabbc4ad88582479f14519e6c

For further information, please contact:

Special Note Regarding Forward-Looking Statements

This document may contain ‘forward-looking statements’ (within the meaning of the safe harbour provisions of the U.S. Private Securities Litigation Reform Act of 1995). These statements relate to our current expectations, beliefs, intentions, assumptions or strategies regarding the future and are subject to known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements may be identified by the use of words such as ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’, ‘future’, ‘goal’, ‘intend’, ‘likely’, ‘may’, ‘plan’, ‘project’, ‘seek’, ‘should’, ‘strategy’, ‘will’, and similar expressions. The principal risks which could affect future operations of the Group are described in the ‘Risk Management’ section of the Group’s Annual Report. Factors that may cause actual and future results and trends to differ materially from our forward-looking statements include (but are not limited to): (i) our ability to deliver fixed-price projects in accordance with client expectations and within the parameters of our bids, and to avoid cost overruns; (ii) our ability to collect receivables, negotiate variation orders and collect the related revenue; (iii) our ability to recover costs on significant projects; (iv) capital expenditure by oil and gas companies, which is affected by fluctuations in the price of, and demand for, crude oil and natural gas; (v) unanticipated delays or cancellation of projects included in our backlog; (vi) competition and price fluctuations in the markets and businesses in which we operate; (vii) the loss of, or deterioration in our relationship with, any significant clients; (viii) the outcome of legal proceedings or governmental inquiries; (ix) uncertainties inherent in operating internationally, including economic, political and social instability, boycotts or embargoes, labour unrest, changes in foreign governmental regulations, corruption and currency fluctuations; (x) the effects of a pandemic or epidemic or a natural disaster; (xi) liability to third parties for the failure of our joint venture partners to fulfil their obligations; (xii) changes in, or our failure to comply with, applicable laws and regulations (including regulatory measures addressing climate change); (xiii) operating hazards, including spills, environmental damage, personal or property damage and business interruptions caused by adverse weather; (xiv) equipment or mechanical failures, which could increase costs, impair revenue and result in penalties for failure to meet project completion requirements; (xv) the timely delivery of vessels on order and the timely completion of ship conversion programmes; (xvi) our ability to keep pace with technological changes and the impact of potential information technology, cyber security or data security breaches; (xvii) global availability at scale and commercial viability of suitable alternative vessel fuels; and, (xviii) the effectiveness of our disclosure controls and procedures and internal control over financial reporting. Many of these factors are beyond our ability to control or predict. Given these uncertainties, you should not place undue reliance on the forward-looking statements. Each forward-looking statement speaks only as of the date of this document. We undertake no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Attachments

• SUBC 4Q25 Presentation
• SUBC Earnings Release Q4 2025