Saipem H1 2026 results
- Revenue €7,345 million, up 1.9% vs H1 2025.
- Adjusted EBITDA €836 million, up 9.4% vs H1 2025.
- New contracts €5,737 million in H1 and a further €2.3 billion secured in July.
- Pre‑IFRS 16 net cash €1,078 million; post‑IFRS 16 net debt €109 million after €330 million dividends.
First‑half results
Revenue for the first six months was €7,345 million (+1.9% year‑on‑year) and adjusted EBITDA was €836 million (+9.4%). Adjusted net profit was €131 million; reported net profit was €96 million after €35 million of redundancy charges. Q2 revenue amounted to €3,817 million and Q2 adjusted EBITDA to €402 million.
Cash and balance sheet
Pre‑IFRS 16 net cash as of 30 June was €1,078 million (improved €79 million vs 31 Dec 2025). Including IFRS 16 leases, net debt was €109 million after the €330 million dividend paid in May. Free cash flow after lease repayments was €388 million in H1; liquidity available cash stood at €1,291 million.
Commercial performance and backlog
New contracts in H1 totalled €5,737 million (up 33% vs prior year); an additional €2.3 billion of orders were acquired in July. Q2 new awards were ~€4,068 million. Backlog at 30 June was €29,861 million (€29,960 million including non‑consolidated companies), with €7,321 million scheduled for the remainder of 2026.
Guidance and Middle East impact
2026 guidance is: revenue ≈€15.5 billion; adjusted EBITDA ≈€1.75 billion (updated down to reflect estimated extra costs from the Middle East conflict and the deconsolidation of the shallow‑water drilling business); operating cash flow after lease repayments ≈€1.0 billion; capex ≈€450 million; free cash flow ≈€600 million (excludes expected disposal proceeds). Recovery of extra costs is subject to client negotiations and not assumed in guidance.
Next steps
A conference call and webcast to present the results is scheduled for 28 July 2026 at 10:30 CEST.
Source: Saipem
