Q1 2026 Saipem SpA Earnings Call Transcript
Key Points
- Saipem SpA (SAPMF) reported a 24% year-on-year growth in EBITDA, reaching EUR434 million, with an improved EBITDA margin of 12.3%.
- The company generated almost EUR200 million in cash flow, ending the quarter with a net cash position of EUR1.2 billion on a pre-lease basis.
- Order intake for the quarter was EUR1.7 billion, with expectations for acceleration in the coming quarters.
- Saipem SpA (SAPMF) secured significant contracts, including three CRPOs from Aramco worth $900 million and a new project with Eni in Sicily.
- The company confirmed its 2026 guidance, supported by strong performance and resilience in the Middle East despite regional conflicts.
- Revenue growth was flat compared to the same period last year, remaining at EUR3.5 billion.
- The drilling offshore business is expected to see a double-digit decline in both revenue and EBITDA for 2026 due to maintenance activities and lower day rates.
- The Strait of Hormuz conflict poses a risk to the delivery of critical components, potentially impacting global logistics and driving up inflation.
- D&A increased by more than 40% year-on-year, driven by fleet growth and changes in lease accounting treatment.
- The company anticipates a negative contribution from working capital in the coming quarters, despite a strong Q1 performance.
Good morning. This is the chorus call conference operator. Welcome, and thank you for joining the Saipem first quarter 2026 results conference call. (Operator Instructions)
At this time, I would like to turn the conference over to Mr. Alessandro Puliti, CEO of Saipem. Please go ahead, sir.
Good morning, and thank you for joining the presentation of Saipem first quarter 2026 results. Iâm here in Milan today with our CFO, Paolo Calcagnini, and with the other members of Saipem top management team. The agenda for this session is the following. I will start with an overview of the key operational and financial highlights of the quarter.
Paolo will then deep dive in the financial performance, and I will conclude the presentation with few closing remarks. We will then open the floor to your questions. Let me begin with the key highlights of the first quarter. Saipem reported revenue of EUR3.5 billion, in line with the same period of last
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