# Saipem reports €434 million adjusted EBITDA in first-quarter 2026 results

> Revenue remained near the prior-year level while the company reported improved margins and a larger pre-lease net cash position.

- Topic: Corporate
- Event date: 2026-04-21
- First published on EPC Feed: 2026-10-28T15:45:20.416Z
- Updated: 2026-10-28T15:45:20.416Z
- Companies: Saipem
- Countries: Italy
- Page: https://epcfeed.com/news/saipem-first-quarter-2026-revenue-ebitda-results


Saipem reported first-quarter 2026 revenue of €3.528 billion and adjusted EBITDA of €434 million in results released on 21 April. Revenue increased 0.3% from €3.518 billion in the corresponding quarter of 2025. Adjusted EBITDA rose 23.6% from €351 million, lifting the margin to 12.3% from 10.0%. The financial period ends on 31 March; the April date records approval and publication of the results rather than an additional month of operating performance.

Net profit reached €78 million, compared with €77 million a year earlier. Capital expenditure was €44 million, down from €105 million in the first quarter of 2025. Saipem allocated €25 million of investment to Asset Based Services, €1 million to Energy Carriers and €18 million to Offshore Drilling. These figures describe the quarter's capital spending and should be distinguished from the much larger value of new customer orders and work remaining in the backlog.

New contracts totalled €1.669 billion, compared with €2.124 billion in the corresponding quarter of the previous year. Consolidated backlog stood at €29.610 billion at the end of March, rising to €29.709 billion when non-consolidated companies were included. The consolidated figure comprised €19.654 billion in Asset Based Services, €8.748 billion in Energy Carriers and €1.208 billion in Offshore Drilling. Saipem identified €10.201 billion for execution during the remaining months of 2026.

The pre-IFRS 16 net financial position was net cash of €1.217 billion. Including lease liabilities, Saipem reported net debt of €23 million. The contrast reflects the treatment of leases in the two definitions and does not mean the company reported two contradictory balances on the same basis. The release also stated liquidity of €3.010 billion, including €1.449 billion of available cash, providing further context for the quarter-end financial position.

Management retained its annual guidance at the date of the April release while noting risks from a prolonged Strait of Hormuz closure, including component deliveries and logistics disruption. That outlook is a historical management expectation attached to these quarterly results, not a statement that later full-year outcomes are already known. The release records improved quarterly margins and cash positioning alongside lower year-on-year order intake, with project schedules, contract timing and external operating conditions remaining relevant to performance across subsequent periods.

## Sources

1. [Saipem: results for the first quarter of 2026](https://www.saipem.com/en/media/press-releases/2026-04-21/saipem-results-first-quarter-2026). Company release, Saipem, Published 2026-04-21, Read 2026-10-28.