Saipem lifts first-half 2026 EBITDA as orders rise 33%, maintains €29.9 billion backlog
Saipem reported first-half 2026 revenue of €7.35 billion and adjusted EBITDA of €836 million, increases of 1.9% and 9.4% respectively from the prior-year period. New contracts rose 33.4% to €5.74 billion, while backlog stood at €29.86 billion at June 30. The company absorbed approximately €70 million of additional Middle East-related costs and updated its full-year adjusted EBITDA guidance to about €1.75 billion. Completion of the shallow-water offshore drilling business disposal remains expected in the third quarter of 2026.
Confirmed results show improved revenue and adjusted EBITDA despite approximately €70 million of additional logistics, operational and personnel-safety costs associated with the Middle East conflict. Saipem's €5.74 billion of first-half awards and €2.3 billion of additional orders secured in July indicate stronger commercial momentum, although the release does not identify the individual contracts, clients or projects. Backlog remained substantial at €29.86 billion, led by €18.66 billion in Asset Based Services, with a further €1.09 billion assigned to Offshore Drilling. Management retained revenue and cash-generation expectations but adjusted EBITDA guidance to reflect conflict-related costs and the anticipated deconsolidation of the shallow-water drilling business. Analyst interpretation: the higher order intake and improved cash position support execution capacity and future offshore procurement activity, but Middle East disruption and uncertainty over cost recovery remain margin risks. The expected third-quarter closing of the shallow-water drilling disposal is a separate milestone to monitor. Relationships extracted from this release are source-supported suggestions pending analyst review, not database-verified records.