- Order intake >€6bn and backlog >€20bn, revenue €1.8bn, EBITDA €149m, free cash flow €132m (89% of EBITDA).
- Middle East disruptions defer ~€500-600m of revenue beyond 2026 if normalized by end of Q2, causing site stoppages and incremental safety costs.
- Revised 2026 guidance: Project Delivery revenue €5.7-6.3bn with EBITDA margin 6.5%-7.5%; Technology, Product & Services revenue €1.9-2.2bn with ~14.5% margin.
- Commercial wins focused on LNG and Sustainable Aviation Fuels, materially strengthening multi-year visibility.
Q1 results
Revenue €1.8bn, EBITDA €149m and free cash flow €132m (89% conversion from EBITDA); order intake exceeded €6bn and backlog surpassed €20bn.
Middle East impact
Operational disruptions caused temporary site stoppages and logistical challenges; crisis-management measures were implemented and sites are nearing full mobilization. Two impact channels were identified: deferred project execution revenue and incremental safety and business-continuity costs; the company estimates ~€500–600m of revenue may be deferred beyond 2026 if the situation normalizes by end of Q2, with project-margin impact expected to be substantially mitigated.
2026 guidance (conditional)
Project Delivery revenue guidance revised to €5.7–6.3bn (previously €6.3–6.7bn) with an EBITDA margin of 6.5%–7.5% (previously ~8%); Technology, Product & Services revenue guidance set at €1.9–2.2bn (previously €2.0–2.2bn) with an EBITDA margin around 14.5% (unchanged).
Commercial activity
Q1 awards exceeded €6bn with notable wins in LNG and Sustainable Aviation Fuels, strengthening multi-year backlog visibility.
