Subsea 7 S.A. Reports Second Quarter 2026 Results
Subsea 7 S.A. announced second quarter 2026 results with adjusted EBITDA increasing 31% year-on-year to $471 million. The company also raised its full-year guidance.
Luxembourg – Subsea 7 S.A. released its financial results for the second quarter and first half of 2026, ending June 30, 2026. The company reported adjusted EBITDA of $471 million for the second quarter, a 31% increase compared to the same period last year. The margin improved to 24%, up from 21% in the second quarter of 2025.
Both the Subsea and Conventional and Renewables segments demonstrated strong performance, with revenue growth of 9% and 14% year-on-year, respectively, and continued margin expansion. Order intake reached $2.1 billion, equating to a book-to-bill ratio of 1.1x for the quarter and 0.9x for the first half. Subsea 7's high-quality backlog stands at $13.6 billion, with $3.9 billion scheduled for execution in 2026, providing good revenue visibility.
Stuart Fitzgerald, Chief Executive Officer, commented on the results: "We have delivered another solid quarterly performance, underpinned by a favorable market environment, active risk management, and a focus on excellence in project delivery. This has enabled us to raise our full-year 2026 adjusted EBITDA margin guidance." He added that the company's backlog provides strong visibility for the future.
The company also announced an increase in its full-year 2026 adjusted EBITDA margin guidance to approximately 24%, up from the previous forecast of 23%. At the end of the period, the company's backlog stood at $13.6 billion. Net cash, including lease liabilities, remained broadly unchanged from the first quarter at $190 million, despite dividend payments of approximately $414 million in May.