Saipem (SPM) Q2 2026 earnings summary

Executive summary

• Revenue for H1 2026 reached €7,345 million, up 1.9% year-over-year, with Q2 revenue at €3.8 billion, up 8% quarter-over-quarter and 3.4% year-over-year, reflecting strong project execution despite Middle East conflict disruptions.

• Adjusted EBITDA for H1 2026 was €836 million (11.4% margin), up 9.4% year-over-year, absorbing €70 million in extra costs from Middle East disruptions; Q2 adjusted EBITDA was €402 million (10.5% margin).

• Adjusted net result was €131 million, while net result was €96 million after €35 million in redundancy charges.

• Free cash flow after lease repayments was €388 million in H1, with Q2 at €189 million; net cash (pre-IFRS 16) stood at €1,078 million at June 30, 2026.

• Order intake for H1 2026 was €5.7 billion, up 33% year-over-year, with Q2 at €4.1 billion and cumulative €8 billion by July; backlog at €29.9 billion.

Financial highlights

• H1 2026 revenue: €7,345 million (+1.9% YoY); adjusted EBITDA: €836 million (+9.4% YoY, 11.4% margin); Q2 EBITDA margin: 10.5%.

• Adjusted net result: €131 million; net result: €96 million; operating cash flow H1: €841 million.

• Net cash (pre-IFRS 16): €1,078 million at June 30, 2026; post-IFRS 16 net debt: €109 million.

• Book-to-bill ratio for Q2 2026: 1.1x; backlog: €29,861 million.

• Financial expenses in H1: €66 million; effective tax rate rose to 47.5% due to settlements and profit mix.

Outlook and guidance

• 2026 revenue guidance confirmed at approx. €15.5 billion; adjusted EBITDA guidance revised to €1.75 billion due to Middle East conflict costs and shallow water business deconsolidation.

• Operating cash flow and free cash flow guidance maintained at €1.0 billion and €600 million, respectively.

• Order intake for 2026 expected to exceed 2025, with a robust and diversified commercial pipeline.

• Deepwater drilling fleet expected to be fully booked in 2027, with no major maintenance planned.