Highlights
- Group performance further improved, with another quarter of growth in terms of revenues, margins, net result and cash generation, confirming the trend already recorded in the first six months of the year
- Positive operating cash flow at the highest level of the last four years, with a positive net cash of €125 million, further increased since last June
- New awards from the beginning of the year equal to €16 billion, with backlog reaching €32 billion
- Excellent revenue visibility for 2024 and 2025
- Guidance for 2023 confirmed
In the third quarter:
- Revenue: €3,016 million, +5.6% compared to €2,856 million in the corresponding period of 2022
- Adjusted EBITDA: €230 million, +26.4% compared to €182 million in the corresponding period of 2022
- A positive net result amounting to €39 million compared to a loss of €8 million in the corresponding period of 2022
In the first nine months:
- Revenue: €8,363 million, +18.7% compared to €7,043 million in the corresponding period of 2022
- Adjusted EBITDA: €640 million, +43.8% compared to €445 million in the corresponding period of 2022
- Positive net result of €79 million compared to a loss of €138 million in the corresponding period of 2022
- New contracts: €11,918 million, +72.1% compared to the corresponding period of 2022. Over 80% of new contracts was in offshore business (E&C and Drilling)
- The backlog grows by over €3.5 billion compared to December 31, 2022
- Pre-IFRS 16 net financial position as of September 30, 2023: positive net cash of €125 million (post-IFRS 16 net debt of €171 million)
On October 18, 2023, Consob, in response to the request made by the Company, communicated the revocation of the obligation to disclose supplementary information in periodic financial reporting, pursuant to Article 114, paragraph 5, of Legislative Decree No. 58/98, to which Saipem was subject from Consob's request on May 10, 2022.
