Half Year 2026 Saipem SpA Earnings Call Transcript
Key Points
- Saipem SpA (SAPMF) reported a revenue growth of 8% quarter-on-quarter and 3% year-on-year, reaching EUR3.8 billion in Q2.
- The company generated EUR189 million of free cash flow in Q2, contributing to a total of nearly EUR400 million in the first half, representing around two-thirds of their annual guidance.
- Order intake accelerated significantly, with EUR4.1 billion in Q2 and a cumulative order intake of around EUR8 billion by July, surpassing the first nine months of 2025.
- Saipem SpA (SAPMF) achieved full utilization of its construction fleet for the next two years, enhancing revenue visibility for 2027 and 2028.
- The company is on track to exceed the order intake achieved in 2025, with a robust and growing commercial pipeline across various regions including Latin America, Africa, Middle East, and Far East.
- The conflict in the Gulf resulted in extra costs of EUR70 million, impacting profitability, particularly in asset-based services.
- Adjusted EBITDA guidance for 2026 was revised down from EUR1.9 billion to EUR1.75 billion due to the conflict-related costs and the deconsolidation of the shallow water drilling business.
- The Middle East conflict is expected to continue causing extra costs in the second half of the year, similar to the first half.
- The disposal of the shallow water drilling business will result in a loss of revenue contribution in the second half of 2026.
- The company's net results were affected by a provision of EUR35 million for an early retirement scheme, with further costs expected in the second half.
Good morning. This is the chorus call conference operator. Welcome and thank you for joining the Saipem first half 2026 result.
(Operator Instructions) At this time, I would like to turn the conference over to Mr. Alessandro Puliti, CEO of Saipem. Please go ahead, sir.
Thank you and good morning. Thank you for joining the presentation of Saipem first half 2026 results. I'm here in Milan today with our CFO, Paolo Calcagnini and with the other members of the 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 on 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 second quarter. Saipem reported revenue of EUR3.8 billion in Q2, representing a growth of 8% quarter-on-quarter and 3% year
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