Saipem SpA (OTCPK:SAPMF) Q3 2023 Earnings Conference Call October 26, 2023 4:30 AM ET

Company Participants

Alessandro Puliti – Chief Executive Officer and General Manager

Paolo Calcagnini – Chief Financial Officer

Conference Call Participants

Alessandro Pozzi – Mediobanca

Guilherme Levy – Morgan Stanley

Guillaume Delaby – Societe Generale

Roberto Ranieri – Stifel

Peter Testa – One Investments

Richard Dawson – Berenberg

Mark Wilson – Jefferies

Kate Somerville – JPMorgan

Daniel Thomson – BNP Paribas

Massimo Bonisoli – Equita

Paolo Citi – Intermonte

Operator

Good morning. This is the conference operator. Welcome and thank you for joining the Saipem Nine Months 2023 Results Presentation. As a reminder, all participants are in listen-only mode. After the presentation, there will be an opportunity to ask questions. [Operator Instructions]

At this time, I would like to turn the conference over to Mr. Alessandro Puliti, CEO and General Manager. Please go ahead, sir.

Alessandro Puliti

Good morning and welcome to Saipem Nine Months 2023 Results Presentation. I’m here with our CFO, Paolo Calcagnini, and with the rest of Saipem’s top management team.

Starting with the highlights of the third quarter 2023. I’m pleased to report that the third quarter of 2023 was another quarter of strong execution and delivery. We generated a robust revenue growth of 6% year-on-year and 9% quarter-on-quarter, driven by both our offshore and onshore engineering and construction businesses.

EBITDA growth was also strong at 26% year-on-year and 5% quarter-on-quarter, driven by all our businesses. In particular, in the third quarter of 2023, we posted the highest EBITDA since Q4 2019, and we have grown EBITDA for the seventh quarter in a row.

EBITDA margin stood at 7.6% level, reflecting the progress made on E&C Onshore projects. At the end of September, we reached a record level net cash position of EUR125 million, also thanks to the

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