Netherlands' SBM Offshore FY revenue drops 17%

SBM Offshore NV

26/02/2026 06:09

Overview

Netherlands-based deepwater infrastructure firm's FY 2025 revenue fell 17% yr/yr

Directional EBITDA decreased 10% yr/yr, reflecting lower turnkey revenue

Company announced record US$2.57 per share cash return, including dividends and buybacks

Outlook

SBM Offshore forecasts 2026 Directional revenue at approximately $6.5 bln

Company expects 2026 Directional EBITDA to be around $1.8 bln

SBM Offshore plans minimum $2.1 bln cash return to shareholders over next six years

Result Drivers

FPSO PROJECTS - Successful start of three large FPSOs contributed to operational excellence, per CEO Øivind Tangen

LOWER TURNKEY REVENUE - Revenue decrease driven by lower turnkey revenue due to previous year's high revenue from FPSO sales and divestments

STRATEGIC COLLABORATIONS - Collaborations with Cognite and SLB to optimize asset lifecycle management and improve backlog delivery

Company press release: ID:nGNE2Ccz4g

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
FY Directional Revenue
$5.07 bln
FY EPS
$3.91
FY Directional EBITDA
$1.71 bln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 7 "strong buy" or "buy", 1 "hold" and 1 "sell" or "strong sell"

The average consensus recommendation for the oil related services and equipment peer group is "buy"

Wall Street's median 12-month price target for SBM Offshore NV is €34.60, about 7.9% above its February 25 closing price of €32.08

The stock recently traded at 8 times the next 12-month earnings vs. a P/E of 9 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)