Saipem: results for the first half of 2026
First half results show revenue and margins ahead of those recorded in the same period of 2025, underscoring the strength and resilience of Saipem’s execution capabilities.
Against the backdrop of continuing logistical and operational challenges stemming from the conflict in the Middle East, Saipem has been able to ensure the operational continuity of all projects currently in execution and the safety of its personnel.
In the first six months of 2026, Saipem recorded:
- Revenue of more than €7.3 billion, up by 2% compared with the same period last year, as evidence of operational continuity also in areas affected by the conflict.
- Adjusted EBITDA of €836 million, up by 9% compared to last year, despite absorbing extra costs of approx. €70 million arising from logistical and operational difficulties and from enhanced safety measures for personnel in the Middle East.
- Adjusted net result of €131 million.
- Cash generation (free cash flow after the repayment of lease liabilities) of €388 million. The net financial position, which reflects the €330 million in dividends paid in May, improved both before and after lease liabilities.
From a commercial standpoint, the volume of orders booked in the first half of the year amounted to €5.7 billion, up 33% compared with the same period last year, and a further €2.3 billion of orders have already been acquired in July. These results, together with several additional opportunities currently under discussion, reinforce our confidence that the 2026 order intake will exceed that of 2025.
Guidance for 2026 is updated to reflect the impact of extra costs in connection with the ongoing conflict, which affect Adjusted EBITDA with no impact on cash flow generation due to improved cash conversion dynamics.
Highlights
In the first half of 2026, Saipem achieved:
- Revenue: €7,345 million, +1.9% compared to the corresponding half of 2025
- Adjusted EBITDA: €836 million, +9.4% compared to the corresponding half of 2025
- New contracts: equal to €5.7 billion
- Pre-IFRS 16 Net Financial Position as of June 30, 2026: net cash of €1,078 million (improved by €79 million compared to December 31, 2025)
- Post-IFRS 16 Net Financial Position as of June 30, 2026: net debt of €109 million, net of dividend payments of €330 million, improved by €163 million compared to December 31, 2025
In the second quarter of 2026, the Group's results amounted to:
- Revenue: €3,817 million, +3.4% compared to the corresponding quarter of 2025
- Adjusted EBITDA: €402 million, -2.7% compared to the corresponding quarter of 2025
- New contracts for approximately €4.1 billion
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Milan (Italy), July 27, 2026 - The Board of Directors of Saipem SpA, chaired by Elisabetta Serafin, approved today the Consolidated results as of June 30, 2026¹
Results for the second quarter and for the first half 2026:
· Revenue: €7,345 million (€7,211 million in the corresponding half of 2025), of which €3,817 million in the second quarter (€3,693 million in the corresponding quarter of 2025).
· Adjusted EBITDA: €836 million, equal to 11.4% of revenue (€764 million in the corresponding half of 2025, equal to 10.6% of revenue), of which €402 million in the second quarter (€413 million in the corresponding quarter of 2025).
· EBITDA: €801 million, net of charges for redundancies of €35 million.
· Adjusted net result: profit of €131 million (€140 million in the corresponding half of 2025), of which €53 million in the second quarter (€63 million in the corresponding quarter of 2025).
· Net result: profit of €96 million net of charges for redundancies of €35 million.
· Capital expenditure: €133 million (€187 million in the corresponding half of 2025), of which €89 million in the second quarter (€82 million in the corresponding quarter of 2025).
· Post-IFRS 16 net financial position: net debt of €109 million (net debt of €272 million as of December 31, 2025).
· Pre-IFRS 16 net financial position: net cash of €1,078 million (net cash of €999 million as of December 31, 2025).
· New contracts: €5,737 million (€4,301 million in the corresponding half of 2025), of which €4,068 million in the second quarter (€2,177 million in the corresponding quarter of 2025).
· Backlog: €29,861 million (€31,469 million as of December 31, 2025), which increases to €29,960 million including the backlog of non-consolidated companies (€31,578 million as of December 31, 2025).
(€ million)
| Second quarter 2026 | First quarter 2026 | Second quarter 2025 | 2nd quarter 2026 vs 2nd quarter 2025 (%) |
First half 2026 | First half 2025 | First half 2026 vs First half 2025 (%) |
|
| Revenue | 3,817 | 3,528 | 3,693 | 3.4 | 7,345 | 7,211 | 1.9 |
| EBITDA | 367 | 434 | 413 | (11.1) | 801 | 764 | 4.8 |
| Adjusted EBITDA | 402 | 434 | 413 | (2.7) | 836 | 764 | 9.4 |
| Operating result (EBIT) | 83 | 157 | 148 | (43.9) | 240 | 305 | (21.3) |
| Adjusted operating result (EBIT) | 118 | 157 | 148 | (20.3) | 275 | 305 | (9.8) |
| Net result | 18 | 78 | 63 | (71.4) | 96 | 140 | (31.4) |
| Adjusted net result | 53 | 78 | 63 | (15.9) | 131 | 140 | (6.4) |
| Free cash flows | 356 | 337 | 379 | (6.1) | 693 | 766 | (9.5) |
| Pre-IFRS 16 net debt (cash) | (1,078) | (1,217) | (854) | 26.2 | (1,078) | (854) | 26.2 |
| Post-IFRS 16 net debt (cash) | 109 | 23 | 205 | (46.8) | 109 | 205 | (46.8) |
| Capital expenditure | 89 | 44 | 82 | 8.5 | 133 | 187 | (28.9) |
| New contracts | 4,068 | 1,669 | 2,177 | 86.9 | 5,737 | 4,301 | 33.4 |
Revenue and associated profit levels are not consistent over time, as they are influenced not only by market performance but also by weather conditions and individual project schedules in the Engineering and Construction sector, and by contract expiry and renegotiation timing in the Drilling activity.
Management update 2026
In the first half of 2026, revenue amounted to €7,345 million (€7,211 million in the corresponding half of 2025) and the adjusted EBITDA amounted to €836 million (€764 million in the corresponding half of 2025). Specifically, there was an improvement in both the Offshore and Onshore Engineering & Construction segments, as commented below in the paragraph "Analysis by business segment". The period result reflects the extra costs incurred as a consequence of the conflict in the Middle East, which adversely affected the performance for the period.
The adjusted net result was positive at €131 million, reduction of €9 million compared to €140 million in the corresponding half of 2025. In addition to the negative variation recorded in the adjusted operating result of €30 million, there was an increase in income tax of €15 million, partially offset by the improvement of the net financial result of €28 million and in the result from investments of €8 million.
The net result amounting to €96 million, reflects non-recurring charges of €35 million compared to adjusted net result, mainly attributable to the provision for costs related to the redundancy plan agreed with trade unions in the fourth quarter of 2025.
Capital expenditure in the first half of 2026 amounted to €133 million (€187 million in the corresponding half of 2025), and was divided as follows:
- €81 million in Asset Based Services;
- €3 million in Energy Carriers;
- €49 million in Offshore Drilling.
Pre-IFRS 16 net financial position as of June 30, 2026, amounted to net cash of €1,078 million. Net financial position, including IFRS 16 lease liability of €1,187 million, amounted to net debt of €109 million.
Pre-IFRS 16 gross debt as of June 30, 2026, amounted to €1,792 million, liquidity to €2,870 million of which available cash for €1,291 million.
Backlog
In the first half of 2026 Saipem was awarded new contracts amounting to €5,737 million (€4,301 million in the corresponding half of 2025). The backlog as of June 30, 2026 amounted to €29,861 million (€31,469 million as of December 31, 2025) broken down as follows: €18,663 million in Asset Based Services, €10,112 million in Energy Carriers and €1,086 million in Offshore Drilling, of which €7,321 million to be executed in in the remaining months of 2026.
The backlog including non-consolidated companies as of June 30, 2026 amounted to €29,960 million (€31,578 million as of December 31, 2025).
(€ million)
| Asset Based Services | Energy Carriers | Offshore Drilling | Total | |
|---|---|---|---|---|
| Adjusted EBIT | 260 | 1 | 14 | 275 |
| Charges for redundancies | 8 | 23 | 4 | 35 |
| Total non-recurring charges | (8) | (23) | (4) | (35) |
| Reported EBIT | 252 | (22) | 10 | 240 |
Guidance for 2026
The updated Guidance for 2026 is as follows:
- Revenue of approx. €15.5 billion
- Adjusted EBITDA of approx. €1.75 billion
- Operating Cash Flow (after the repayment of lease liabilities) of approx. €1.0 billion
- Capex of approx. €450 million
- Free Cash Flow (after the repayment of lease liabilities) of approx. €600 million
Revenue guidance is confirmed anticipating that execution of projects in the Middle East remains resilient, in line with the first half of the year.
Adjusted EBITDA guidance is updated to reflect (i) the extra costs incurred in relation to the conflict in the Middle East, as well as an estimate of extra costs that could affect the second half of the year, and (ii) the deconsolidation of the shallow water drilling business after the closing of the disposal.
The recoverability of these extra costs cannot be precisely quantified at this stage, as it is subject to the outcome of commercial discussions with clients. While clients are showing signs of support, the recovery of these extra costs has not been incorporated in the guidance set out above.
The confirmation of the cash generation guidance is based on the following elements: (i) the excellent results achieved in the first half of the year and (ii) the structural improvement in cash flow conversion, resulting from the improved quality of projects and the related contractual terms, as well as the optimization of working capital management, which more than offsets the extra costs related to the Middle East crisis.
For comparability with the guidance previously communicated, the Free Cash Flow guidance does not include the proceeds from the disposal of the shallow-water offshore drilling business, completion of which is expected for the third quarter of 2026.
From a commercial standpoint, the results achieved in the first seven months of the year, together with several additional opportunities currently under discussion, reinforce our confidence that the 2026 order intake will exceed that of 2025.
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The criteria for recognition and evaluation adopted in the preparation of the Consolidated results as of June 30, 2026, are unchanged from the 2025 Annual Report - available on the Company's website (www.saipem.com) in the 'Investors' - 'Financial Results' section - to which reference is also made for a joint reading of this press release.
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Luca Caviglia, Manager responsible for the preparation of financial reports of Saipem SpA, declares pursuant to Article 154 bis, subparagraph 2 of the Consolidated Law on Finance that the accounting information in this press release corresponds to the documentary results, books, and accounting records.
By their nature, forward-looking statements are subject to risk and uncertainty since they are dependent upon circumstances which should or are considered likely to occur in the future and are outside of the Group’s control. These include, but are not limited to: exchange and interest rate fluctuations, commodity price volatility, credit and liquidity risks, HSE risks, the levels of capital expenditure in the oil industry and other sectors, political instability in areas where the Group operates, actions by competitors, success of commercial transactions, risks associated with the execution of projects (including pandemic risks, geopolitical risks, supply chain risks and those risks related to ongoing investment projects), in addition to changes in stakeholders’ expectations and other changes affecting business conditions. Actual results could therefore differ materially from the forward-looking statements. The financial reports contain in-depth analysis of some of the aforementioned risks. Forward-looking statements and data are to be considered in the context of the date of their release.
Conference call and webcast
The results contained in this press release will be presented tomorrow, 28 July 2026, at 10:30 CEST time during a conference call and webcast by CEO Alessandro Puliti and CFO Paolo Calcagnini. The conference call can be joined by webcast, via the Company’s website www.saipem.com, by clicking on the banner ‘1H 2026 Results’ on the home page or following the URL https://87399.choruscall.eu/links/saipem260728.html.
During the conference call and webcast, a presentation will be given that can be downloaded around 30 minutes before the estimated start time, from the webcast window or from the “Investors” – “Financial Results” section of the website www.saipem.com. The presentation will also be available on the authorised storage mechanism “eMarketSTORAGE” (www.emarketstorage.com) and on the website of Borsa Italiana SpA (www.borsaitaliana.it).
Saipem is a global leader in the engineering and construction of major projects for the energy and infrastructure sectors, both offshore and onshore. Saipem is “One Company” organized into business lines: Asset Based Services, Drilling and Sonsub, Energy Carriers, Offshore Wind, Sustainable Infrastructures. The company has 5 fabrication yards and an offshore fleet of 17 construction vessels owned and 12 drilling rigs, of which 9 owned. Always oriented towards technological innovation, the company’s purpose is “Engineering for a sustainable future”. As such Saipem is committed to supporting its clients on the energy transition pathway towards Net Zero, with increasingly digital means, technologies and processes geared for environmental sustainability. Listed on the Milan Stock Exchange, it is present in more than 50 countries around the world and employs about 30,000 people of 125 nationalities.
Website: www.saipem.com
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Investor Relations
Alberto Goretti - Head of Investor Relations and Rating Management
E-mail: investor.relations@saipem.com
Phone number: +39 0244231
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E-mail: segreteria.societaria@saipem.com