Saipem reported first-half 2026 new orders of €5.7 billion, a 33% increase compared with the same period in 2025, despite logistical and operational challenges linked to the conflict in the Middle East.
According to the Italian energy services company’s results released on July 27, first-half revenue rose 2% year over year to €7.3 billion, while adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) increased 9% to €836 million. Adjusted net profit reached €131 million.
Saipem said it maintained operations across all projects while protecting personnel working in the Middle East, even as the regional conflict added about €70 million in logistics, operational and safety costs.
Commercial activity remained strong beyond the first half. The company said it had already secured an additional €2.3 billion in new orders during July.
Saipem reports €3.5B revenue, higher earnings in Q1 2026 | OilNOW
Saipem’s order backlog stood at €29.861 billion as of June 30, with €7.321 billion scheduled for execution during the remainder of 2026.
The company updated its 2026 guidance to reflect the impact of the Middle East conflict. Saipem maintained its revenue forecast of about €15.5 billion but lowered its adjusted EBITDA guidance to about €1.75 billion to account for current and expected additional costs.
Saipem expects operating cash flow of about €1 billion, free cash flow of about €600 million and capital expenditure of about €450 million for 2026.
The company said its outlook assumes projects in the Middle East continue without major disruption through the second half of the year; however, potential recovery of conflict-related costs from clients has not been included in the forecast.
“The recoverability of these extra costs cannot be precisely quantified at this stage, as it is subject to the outcome of commercial discussions with clients. While clients are showing signs of support, the recovery of these extra costs has not been incorporated in the guidance set out above,” the report stated.
Saipem is a global engineering and construction company serving the energy and infrastructure sectors. The company operates in more than 60 countries, including Guyana and Suriname, and provides offshore and onshore services for conventional and low-carbon energy projects.
