Subsea 7 — Earnings Release 2025

Feb 26, 2026

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

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%.

Fourth Quarter Year Ended

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For the period (in $ millions, except Q4 2025 Q4 2024 2025 2024

Adjusted EBITDA margin and per share data) Unaudited Unaudited Audited Audited

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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

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2025 2024

At (in $ millions) 31 Dec 31 Dec

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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)

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(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 (https://edge.media-server.com/mmc/p/sdhad4b2)

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:

Katherine Tonks

Head of Investor Relations

Email: ir@subsea7.com (mailto:ir@subsea7.com)

Telephone: +44 20 8210 5568

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.