Financials Subsea 7 S.A.

Equities

SUBC

LU0075646355

Oil Related Services and Equipment

Real-time Oslo Bors Other stock markets 13:39:13 16/01/2026 GMT			5-day change	1st Jan Change
221.60 ^NOK	+0.27%		+5.52%	+9.06%

12-30	Fearnley Securities Lifts Subsea 7 PT, Maintains Buy Rating	MT
12-30	Fearnley Raises Price Target for Subsea 7 to 248 Norwegian Kroner (232), Reiterates Buy - BN	FW

Projected Income Statement: Subsea 7 S.A.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	3,466	5,010	5,136	5,974	6,837	7,079	7,325	7,488
Change	-	44.53%	2.51%	16.31%	14.45%	3.54%	3.47%	2.22%
EBITDA ¹	337.1	521	559	714.4	1,090	1,437	1,605	1,626
Change	-	54.55%	7.29%	27.8%	52.58%	31.87%	11.67%	1.3%
EBIT ¹	-428.4	72	93.2	104.7	445.5	749.6	928.4	957.1
Change	-	116.81%	29.44%	12.34%	325.5%	68.27%	23.85%	3.1%
Interest Paid ¹	-19.8	-15.4	-14	-46	-76.8	-66.44	-52.17	-45.17
Earnings before Tax (EBT) ¹	-1,072	100.7	136.3	80	368.2	672.6	891.7	935.3
Change	-	109.39%	35.35%	-41.31%	360.25%	82.67%	32.57%	4.89%
Net income ¹	-1,093	31.8	57.1	15.4	201.4	441.4	597.8	618.3
Change	-	102.91%	79.56%	-73.03%	1,207.79%	119.18%	35.43%	3.42%
Announcement Date	25/02/21	03/03/22	02/03/23	29/02/24	27/02/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	1,014	996	1,198	1,451	1,365	1,194	1,247	1,404	1,291	1,246	1,518	1,578	1,631	1,395	1,739	1,834	1,869	1,529	1,756	1,840	1,961	1,598	1,825	1,864	1,900
Change	-	-1.81%	20.28%	21.12%	-5.93%	-12.54%	4.46%	12.59%	-8.04%	-3.47%	21.8%	3.95%	3.38%	-14.49%	24.66%	5.46%	1.89%	-18.18%	14.83%	4.8%	6.56%	-18.51%	14.23%	2.14%	1.93%
EBITDA ¹	164.5	102	90.3	185	143	86	134	171	169	106.8	162	201	244.6	162	292	321	315	236	359.7	407	427.7	319.5	416.4	438	379
Change	-	-37.99%	-11.47%	104.87%	-22.7%	-39.86%	55.81%	27.61%	-1.17%	-36.8%	51.69%	24.07%	21.69%	-33.77%	80.25%	9.93%	-1.87%	-25.08%	52.42%	13.15%	5.08%	-25.29%	30.32%	5.19%	-13.47%
EBIT ¹	-34.6	-9	-28.1	78	31	-30.9	18	53	52.9	-15.3	24.3	64	54.7	20	136	163	126	77	186	232	257.3	157	243.6	263.5	204.5
Change	-	73.99%	-212.22%	377.58%	-60.26%	-199.68%	158.25%	194.44%	-0.19%	-128.92%	258.82%	163.37%	-14.53%	-63.44%	580%	19.85%	-22.7%	-38.89%	141.56%	24.73%	10.91%	-38.97%	55.09%	8.18%	-22.39%
Charge d'intérêts ¹	-8	-4.8	-0.7	-5	-5	-3.9	-6.4	-2.9	-1.2	-7.8	-8.4	-11.6	-18.2	-14	-24	-20.2	-18.6	-16.7	-15.6	-12.2	-12	-10	-9	-9	-8
Earnings before Tax (EBT) ¹	-89.3	2.5	-27.8	106.4	19.6	-27.6	58.2	27.2	78.5	-26.1	51.4	46.5	8.3	55	104.1	168.1	40.9	32.2	202.3	181.4	244	147.2	232.8	254	198
Change	-	102.8%	-1,212%	482.73%	-81.58%	-240.82%	310.87%	-53.26%	188.6%	-133.25%	296.93%	-9.53%	-82.15%	562.65%	89.27%	61.48%	-75.67%	-21.27%	528.26%	-10.33%	34.49%	-39.64%	58.08%	9.12%	-22.05%
Net income ¹	-102.9	2	-11.8	45	-3.1	-14.9	41.2	3.2	27.6	-19.9	18.2	34.4	-17.3	27	63	93.3	22	19.1	133.9	112.9	171.2	97.86	164.5	176.5	128
Change	-	101.94%	-690%	481.36%	-106.89%	-380.65%	376.51%	-92.23%	762.5%	-172.1%	191.46%	89.01%	-150.29%	256.07%	133.33%	48.1%	-76.42%	-13.18%	601.05%	-15.68%	51.64%	-42.84%	68.1%	7.29%	-27.48%
Announcement Date	25/02/21	29/04/21	28/07/21	17/11/21	03/03/22	28/04/22	28/07/22	17/11/22	02/03/23	27/04/23	26/07/23	16/11/23	29/02/24	25/04/24	25/07/24	21/11/24	27/02/25	30/04/25	31/07/25	19/11/25	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Subsea 7 S.A.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-303	-176	-290	552	602	394	260	-210
Change	-	41.91%	-64.77%	290.34%	9.06%	-34.55%	-34.01%	-180.77%
Announcement Date	25/02/21	03/03/22	02/03/23	29/02/24	27/02/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Subsea 7 S.A.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	157.3	157.7	231	581.2	348.7	306.9	367.2	355.8
Change	-	0.25%	46.48%	151.6%	-40%	-11.99%	19.66%	-3.11%
Free Cash Flow (FCF) ¹	289.5	127	255	78.8	517.8	654	691.7	705.2
Change	-	-56.13%	100.79%	-69.1%	557.11%	26.3%	5.77%	1.96%
Announcement Date	25/02/21	03/03/22	02/03/23	29/02/24	27/02/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Subsea 7 S.A.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	9.72%	10.4%	10.88%	11.96%	15.94%	20.31%	21.91%	21.72%
EBIT Margin (%)	-12.36%	1.44%	1.81%	1.75%	6.52%	10.59%	12.67%	12.78%
EBT Margin (%)	-30.92%	2.01%	2.65%	1.34%	5.39%	9.5%	12.17%	12.49%
Net margin (%)	-31.53%	0.63%	1.11%	0.26%	2.95%	6.24%	8.16%	8.26%
FCF margin (%)	8.35%	2.53%	4.97%	1.32%	7.57%	9.24%	9.44%	9.42%
FCF / Net Income (%)	-26.49%	399.37%	446.58%	511.69%	257.1%	148.15%	115.7%	114.06%
Profitability
ROA	-7.21%	0.48%	0.82%	0.2%	2.55%	5.51%	7.39%	7.6%
ROE	-10.2%	0.76%	1.38%	0.36%	4.7%	10.03%	13.77%	14.17%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	0.77x	0.55x	0.27x	0.16x	-
Debt / Free cash flow	-	-	-	7.01x	1.16x	0.6x	0.38x	-
Capital Intensity
CAPEX / Current Assets (%)	4.54%	3.15%	4.5%	9.73%	5.1%	4.34%	5.01%	4.75%
CAPEX / EBITDA (%)	46.66%	30.27%	41.32%	81.35%	31.99%	21.35%	22.88%	21.88%
CAPEX / FCF (%)	54.34%	124.17%	90.59%	737.56%	67.34%	46.93%	53.09%	50.45%
Items per share
Cash flow per share ¹	1.501	0.9813	1.658	2.206	3.107	3.21	3.83	3.67
Change	-	-34.63%	68.97%	33.06%	40.83%	3.3%	19.34%	-4.18%
Dividend per Share ¹	-	0.1121	-	0.5651	1.155	1.222	0.9609	1.087
Change	-	-	-	-	104.45%	5.75%	-21.36%	13.12%
Book Value Per Share ¹	14.19	14.16	14.2	14.45	14.18	14.41	14.14	15.32
Change	-	-0.19%	0.3%	1.75%	-1.88%	1.63%	-1.91%	8.36%
EPS ¹	-3.67	0.11	0.19	0.05	0.67	1.474	1.969	2.05
Change	-	103%	72.73%	-73.68%	1,240%	119.96%	33.63%	4.09%
Nbr of stocks (in thousands)	297,673	295,466	290,206	300,454	295,614	296,136	296,136	296,136
Announcement Date	25/02/21	03/03/22	02/03/23	29/02/24	27/02/25	-	-	-