Saipem stock forecast: 2025 results, Subsea7 merger

Saipem is an Italian energy services company whose latest full-year results and planned Subsea7 merger have kept the stock in focus against a volatile backdrop for the wider sector. Past performance is not a reliable indicator of future results. Explore third-party SPM price targets and technicals.

By Dan Mitchell12 minutes ago

Photo: Shutterstock

Saipem S.p.A. (SPM) is trading at €3.956 in early European trading on 8 April 2026, within an intraday range of €3.842–€4.071 on Capital.com's platform as of 11:01am UTC. Past performance is not a reliable indicator of future results.

Sentiment across the broader energy services sector has come under pressure in recent sessions, with oilfield services equities facing headwinds from falling crude prices and trade-related uncertainty (Morningstar, 4 April 2025). WTI oil slipped below $62 a barrel following US tariff announcements before recovering sharply above $113 after President Trump's address on 2 April 2026, bringing significant volatility to energy-linked equities (Yahoo Finance via YouTube, 2 April 2026). At the company level, Saipem's Board confirmed full-year 2025 revenues of €15,497 million and adjusted EBITDA of €1,716 million – a year-on-year rise of 29.1% – alongside a net cash position of €999 million as of 31 December 2025, according to an official filing on 10 March 2026 (Saipem, 10 March 2026). The pending merger with Subsea7 to form 'Saipem7', expected to close in H2 2026 with anticipated annual synergies of approximately €300 million, remains a notable structural backdrop for the stock (Reuters, 24 February 2026; MarketScreener, 24 February 2026).

Saipem stock forecast 2026–2030: Third-party price targets

As of 8 April 2026, third-party Saipem stock predictions reflect a broadly positive consensus, shaped by the company's record Q4 2025 margin delivery, strong backlog growth, and the pending combination with Subsea7. The following summaries draw exclusively on third-party sources published between 25 March and 8 April 2026.

The Globe and Mail (Kepler Capital rating update)

Kepler Capital Markets raised its SPM stock forecast to €4.10 and maintained a Buy rating on the stock. The revision follows record Q4 2025 margin performance and the analyst's expectations for continued order intake growth through 2026 amid the ongoing Subsea7 merger process (The Globe and Mail, 28 March 2026).

MarketBeat (52-week high and consensus snapshot)

MarketBeat reported that Saipem OTC shares (SAPMF) hit a new 52-week high of $4.36, with the three-analyst consensus standing at Buy, with two rating the stock Strong Buy and one Hold. The stock was trading above its 50-day moving average of $3.73 and 200-day moving average of $3.10 on that date, with Kepler Capital Markets' December 2025 upgrade to Strong Buy noted as the most recent rating change (MarketBeat, 26 March 2026).

MarketScreener (broker consensus, 17 analysts)

MarketScreener reports a mean consensus rating of Buy from 17 analysts covering SPM, with an average 12-month price target of €3.799 based on the 7 April 2026 close of €4.025. The estimate range runs from a low of €2.520 to a high of €4.610, with covering brokers including Kepler Cheuvreux, Mediobanca, RBC Capital Markets, Stifel Nicolaus, and AlphaValue/Baader Europe (MarketScreener, 7 April 2026).

Investing.com (aggregated analyst consensus)

Investing.com aggregates forecasts from 17 analysts and reports an average 12-month price target of approximately €3.80 for Saipem, with a high estimate of €4.61 and a low near €2.52. The platform notes the majority rating as Buy, with the range reflecting differing assumptions on the earnings trajectory, leverage reduction, and the timeline and financial impact of the pending Subsea7 merger (Investing.com, 8 April 2026).

Takeaway: across these Saipem stock predictions, the 12-month consensus target for Saipem clusters around €3.80, with the upper range reaching €4.61. Common threads include record margin performance, backlog execution, and the Subsea7 combination as the key structural variable.

Predictions and third-party forecasts are inherently uncertain, as they cannot fully account for unexpected market developments. Past performance is not a reliable indicator of future results.

SPM stock price: Technical overview

The SPM stock price trades at €3.956 as of 11:01am UTC on 8 April 2026, according to Capital.com's platform feed. Price sits above the full moving-average stack on the daily chart, with the 20/50/100/200-day simple moving averages running at approximately €3.61 / €3.42 / €2.94 / €2.65 respectively, all signalling buy on TradingView's daily summary, and the 20-over-50 alignment intact, which keeps the near-term trend constructive.

Momentum indicators on TradingView show the 14-day relative strength index at 69.3, in firm-to-stretched territory, while the average directional index at 31.7 indicates that an established trend is in place. The Hull moving average (9) at €4.027 sits just above last price, a nuance that may reflect near-term mean-reversion pressure at current levels.

On the topside, the classic R1 pivot at €4.223 is the nearest reference above current price; a daily close through this level would put the R2 area near €4.531 in view. On pullbacks, the classic pivot point at €3.666 represents initial support, followed by the 50-day simple moving average shelf near €3.42. If price falls below that level, it would bring the S1 pivot at €3.358 into scope as the next reference (TradingView, 8 April 2026).

This is technical analysis for informational purposes only and does not constitute financial advice or a recommendation to buy or sell any instrument.

Saipem share price history (2024–2026)

SPM’s stock price opened 2025 at around €2.66 before beginning a prolonged slide. The stock drifted lower through the first quarter of 2025, dropping from the high-€2.30s in February to a two-year low of approximately €1.61 in early April 2025 amid a broad energy sector sell-off tied to trade tariff uncertainty and falling oil prices.

A gradual recovery took shape from mid-April 2025 onwards. SPM climbed back through the €2 mark in May, consolidated in the low-to-mid €2.30s for much of the summer, and pushed towards €2.50 by late autumn. The stock closed 2025 at €2.42, roughly 3.6% below its December 2024 close of €2.51 – a modest pullback following a volatile year.

2026 has brought considerably stronger momentum. SPM opened the year at €2.50, broke above €3 in February, and extended gains through March, reaching €4.07 intraday on 2 April before pulling back modestly. SPM closed at €3.956 on 8 April 2026, approximately 58.5% up year to date and around 125.9% above its close of €1.75 on 8 April 2025.

Past performance is not a reliable indicator of future results.

Saipem (SPM): Capital.com analyst view

Saipem's share price performance in 2026 has been notable, with SPM gaining over 58% year to date as of 8 April 2026, supported by record 2025 earnings, a strong order backlog, and positive broker sentiment ahead of the proposed merger with Subsea7. The combination, expected to close in H2 2026, carries potential synergies of around €300 million annually, which analysts cite as a structural tailwind. However, merger timelines carry execution risk, and regulatory scrutiny – including a CMA inquiry in the UK – could delay or complicate the process, which could weigh on the stock if outcomes disappoint.

At the same time, Saipem's revenues and margins are closely tied to activity levels in the offshore oil and gas sector, meaning a sustained fall in crude prices or a pullback in capital expenditure by energy majors could pressure earnings. Broader macro headwinds, including trade tariff uncertainty and slowing global growth, add further complexity. Growing exposure to offshore wind, hydrogen, and carbon capture projects may also provide some diversification from traditional hydrocarbon cycles.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Past performance is not a reliable indicator of future results.

Summary – Saipem 2026

Saipem (SPM) trades at €3.956 as of 11:01am UTC on 8 April 2026, up around 58.5% year to date and approximately 125.9% above its level on 8 April 2025.
TradingView's daily moving-average stack is fully aligned to the buy side; the 14-day RSI sits at 69.3, in firm-to-stretched territory, while the ADX at 31.7 indicates an established trend.
Key price drivers include record Q4 2025 earnings – adjusted EBITDA up 29.1% year on year – a growing order backlog, and the pending combination with Subsea7, which is scheduled for completion in H2 2026.
Broader headwinds include crude oil price volatility, trade tariff uncertainty, and regulatory scrutiny of the Subsea7 merger, including a CMA inquiry in the UK.

Past performance is not a reliable indicator of future results.

FAQ

Who owns the most Saipem stock?

Saipem’s shareholder base can change over time, so readers should check the latest company filings for the most up-to-date position. In general, ownership in listed companies such as Saipem is often concentrated among institutional investors, strategic shareholders, and asset managers rather than retail traders. Because stakes can rise or fall after disclosures, it is more accurate to refer to official shareholder records than to rely on static ownership figures in an evergreen article.

What is the 5 year Saipem share price forecast?

There is no single reliable five-year SPM stock forecast. Longer-term forecasts depend on several variables, including offshore energy spending, project execution, crude oil prices, balance sheet trends, and the outcome of the proposed Subsea7 combination. Third-party analyst targets cited in this article focus on the next 12 months rather than five years. For that reason, any long-range view should be treated as uncertain and used as one input among many, not as a fixed expectation.

Is Saipem a good stock to buy?

Whether Saipem is a good stock to buy depends on an individual’s goals, risk tolerance, time horizon, and view of the energy services sector. The article highlights supportive factors such as record 2025 earnings, backlog growth, and merger-related synergies, but it also outlines risks including commodity price volatility, macro uncertainty, and execution risk around the Subsea7 deal. That balance means Saipem may appeal to some market participants, while others may judge the risk profile differently.

Could Saipem stock go up or down?

Saipem stock could move in either direction, depending on how company-specific and market-wide factors develop. On one hand, stronger margins, continued order intake, and progress on the planned Subsea7 merger could support the share price. On the other, weaker crude prices, lower energy investment, regulatory delays, or broader risk-off sentiment could weigh on performance. Technical levels can help traders identify possible support and resistance, but they do not remove uncertainty or predict future moves with certainty.

Should I invest in Saipem stock?

That is a personal decision rather than a general conclusion. This article is for informational purposes only and does not provide investment advice or a recommendation. Before deciding whether to invest in Saipem, it is worth reviewing your financial objectives, time horizon, and tolerance for loss, as well as the company’s latest results and sector conditions. Investors and traders may also want to compare Saipem with peers and consider how exposure to energy services fits within a broader portfolio.

Can I trade Saipem CFDs on Capital.com?

Yes, you can trade Saipem CFDs on Capital.com. Trading share CFDs lets you speculate on price movements without owning the underlying asset and to take long or short positions. However, contracts for difference (CFDs) are traded on margin, and leverage amplifies both profits and losses. You should ensure you understand how CFD trading works, assess your risk tolerance, and recognise that losses can occur quickly.