Italian energy services group Saipem reported first-half (H1) 2026 revenues of €7.35 billion, up 1.9% from a year earlier, as strong order intake offset extra costs tied to Middle East disruptions. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 9.4% to €836 million, while adjusted net profit came in at €131 million.

The company booked €5.7 billion in new contracts in the first six months and an additional €2.3 billion in July, lifting its order backlog to €29.9 billion as of June 30. Free cash flow after lease repayments reached €388 million, with net cash of €1.08 billion pre-IFRS 16.

Adjusted EBITDA rose to €836 million, up 9% from a year earlier, even after absorbing about €70 million in additional costs stemming from logistical hurdles and enhanced safety measures for staff in the Middle East.

Second-quarter (Q2) revenues grew 3.4% to €3.82 billion, though adjusted EBITDA slipped 2.7% to €402 million.

Saipem revised its 2026 guidance, now targeting revenues of around €15.5 billion and adjusted EBITDA of €1.75 billion, compared to a previous estimate of €1.9 billion, Reuters said.

Saipem, a global engineering group, designs, builds and operates complex energy infrastructure and plants across both offshore and onshore markets.