Saipem reports €5.7 billion first-half orders and updates 2026 EBITDA guidance
Revenue reached €7.345 billion while additional Middle East costs affected the company's revised annual earnings outlook.
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Saipem reported first-half 2026 revenue of €7.345 billion and adjusted EBITDA of €836 million in results released on 27 July. Revenue increased 1.9% compared with the corresponding period of 2025, while adjusted EBITDA rose 9.4%. The adjusted EBITDA margin reached 11.4%, against 10.6% a year earlier. These figures describe the six months ended 30 June and should be distinguished from both the second-quarter figures and management's expectations for the remainder of the year.
Orders secured during the half totalled €5.737 billion, compared with €4.301 billion in the first half of 2025. Saipem reported a backlog of €29.861 billion at the period end, rising to €29.960 billion when non-consolidated companies were included. Within the consolidated backlog, Asset Based Services accounted for €18.663 billion, Energy Carriers €10.112 billion and Offshore Drilling €1.086 billion. The release identified €7.321 billion of backlog for execution during the remaining months of 2026.
Reported profitability differed from adjusted profitability. The adjusted net result was a profit of €131 million, while the reported net result was €96 million after €35 million of redundancy-related charges. Similarly, reported EBITDA was €801 million compared with adjusted EBITDA of €836 million. Keeping the reported and adjusted measures separate avoids treating the company's alternative performance measures as interchangeable with its unadjusted results.
At 30 June, Saipem held a pre-IFRS 16 net cash position of €1.078 billion. Including lease liabilities, it reported net debt of €109 million. The company said its financial position had improved despite €330 million of dividends paid in May. Capital expenditure during the half was €133 million, down from €187 million in the corresponding period of 2025. Those balance-sheet and expenditure measures provide additional context beyond the headline revenue increase.
Management revised expected full-year adjusted EBITDA to approximately €1.75 billion while retaining revenue guidance of approximately €15.5 billion. Saipem linked the revision to additional Middle East costs and the expected deconsolidation of the shallow-water drilling business. It said recovery of additional costs depended on commercial discussions and was not included in guidance. These are the expectations published with the July results, not confirmed full-year outcomes; the announcement expressly separates operating performance already recorded from assumptions about future execution and cost recovery.
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