Aircraft impairment of 115,436 recognized; book value 1,468,309, recoverable 1,352,873
In Practise Forensics
Surfacing the accounting concerns and leading indicators of trouble in this filing.
Operating margin declined to -0.9% from +5.3% prior year, -6.2pp
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Reported finance charges revenue grew 22% from 2023 to 2025 while $1.246B in credit losses on forecast changes flowed below the line.
Recurring inventory write-off is excluded from adjusted EBITDA while non-cash FX gain is kept.
Scrapped inventory is classified as restructuring rather than COGS, and outside non-GAAP metrics
Aircraft impairment of 115,436 recognized; book value 1,468,309, recoverable 1,352,873
New merger agreement: Saipem SpA and Subsea7 SA cross-border merger signed July 23, 2025; company to be renamed Saipem7 SpA
New backstop agreement disclosed; maximum potential liability ~$29 billion undiscounted