Subsea 7 S.A. (SUBC) Earnings Call Transcripts

Subsea 7 S.A.'s Latest Earnings Call - Q1 FY2026

In Q1 2026, Subsea 7 S.A. reported a revenue of $1.8 billion, reflecting a 17% year-on-year increase, and an adjusted EBITDA of $385 million, up 63% from the prior year. The company has revised its full-year revenue guidance upwards to a range of $7.4 billion to $7.8 billion, from a previous estimate of $7 billion to $7.4 billion, signaling strong operational performance and a robust backlog of $13.5 billion. Management expressed confidence in the outlook, supported by a high visibility on revenue for the remainder of the year, driven by solid project progress in subsea and offshore wind sectors.

Reported metrics

Guidance from management

Subsea 7 has raised its full-year revenue guidance to between $7.4 billion and $7.8 billion, with an adjusted EBITDA margin expected to be approximately 23%. This reflects increased confidence in operational performance and project execution.

What management said

Yes. Thanks, Victoria. So as John said, we're engaged with a number of clients on the prospect list that goes with AR 7. We think that the contractor selections for most of them will be through the second half of this year, but we don't necessarily think that the backlog will come at that time. FID is more likely into '27, in the first part of '27. So definitely, contractor selections, some long lead items later this...

Richard, in terms of assets held for sale at the quarter, it would have met the criteria to be recognized as an asset held for sale. There was less certainty around the disposal process. Regarding the special dividend associated with the merger and linked to the permitted transaction and as a reminder of that is EUR 105 million dividend to Subsea 7 shareholders, that would be paid earlier of the disposal transactio...

What analysts pressed on

Analysts expressed concerns about the sustainability of margin levels beyond 2026 and the potential impact of geopolitical events on project timelines. Questions were raised regarding the timing of contractor selections for upcoming projects and the implications of working capital movements on cash flow.

Main topics on the call

• Revenue Growth — Subsea 7 achieved a revenue of $1.8 billion in Q1 2026, up 17% year-on-year. CEO John Evans noted, "We reported good operational and financial performance in both business units."
• Increased Guidance — The company raised its full-year revenue guidance to $7.4 billion to $7.8 billion, up from $7 billion to $7.4 billion. CFO Mark Foley stated, "Following a strong financial performance in the first quarter... we have revi...
• Strong Backlog — Subsea 7 reported a backlog of $13.5 billion, providing over 90% visibility on revenue for the remainder of 2026. Evans mentioned, "Our order intake remained strong at $1.4 billion, with a further $1.3 billion booked in ...
• Margin Expansion — The adjusted EBITDA margin expanded to 21%, up 6 percentage points year-on-year. Foley highlighted that the margin performance reflects "a more favorable than expected financial contribution from certain projects progres...

Read the full Subsea 7 S.A. transcript (Q1 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 30 Subsea 7 S.A. earnings call transcripts on record, spanning February 26, 2020 to July 30, 2026. Based on this history, Subsea 7 S.A. reports quarterly. The most recent call on file is dated July 30, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

SUBC

Exchange

OB

Country

NO

Sector

Energy

Industry

Energy Equipment and Services

Calls on record

30

First call

February 26, 2020

Most recent

July 30, 2026

Reporting cadence

quarterly