Saipem: lowers 2026 EBITDA guidance, with additional costs for M.O. weighing on results
Revenue estimates of 15.5 billion confirmed
(Il Sole 24 Ore Radiocor) - Saipem has updated its guidance for 2026. Specifically, the company led by Alessandro Puliti has revised downwards its estimates for adjusted EBITDA to €1.75 billion; this is to take into account the additional costs already incurred in relation to the crisis in the Middle East, an estimate of the additional costs that could impact the second half of the year, and the deconsolidation of shallow-water drilling activities following the completion of the sale. The revenue forecast is confirmed at €15.5 billion, “on the assumption that project delivery in the Middle East remains resilient, in line with the first half of the year”, the company writes. Operating cash flow (net of lease payments) is expected to be around 1 billion euros, capital expenditure around 450 million euros and free cash flow (net of lease payments) around 600 million. The confirmation of the cash flow guidance is based on a number of factors, including “the excellent results achieved in the first half of the year” and the structural improvement in cash flow conversion resulting from the improved quality of projects and their contractual terms, as well as the optimisation of working capital management, which more than offsets the additional costs linked to the Middle East crisis. The company also points out that, from a commercial perspective, the results achieved in the first seven months of the year, together with the numerous opportunities currently under discussion, “reinforce our confidence that order intake in 2026 will exceed that of 2025”.
Lab-
