Saipem closes the first half with revenues up 1.9% to 7.34 billion euros. The gross operating margin rose 9.4% to 836 million, while new orders acquired totalled 5.7 billion euros, compared to 4.3 billion in the same period of the previous year. The overall order backlog fell from 31.46 to 29.86 billion compared to end-2025, and from 31.58 to 29.96 billion including non-consolidated companies.
This is stated in a press release which notes that "despite persistent logistical and operational difficulties related to the conflict in the Middle East," the group has "ensured operational continuity across all projects currently underway and the safety of its personnel."
The crisis in the Middle East is also affecting the group's forecasts. The revenue estimate remains unchanged at 15.5 billion, while the gross operating margin estimate has been lowered from 1.9 to 1.75 billion, with operating cash flow maintained at 1 billion, capital expenditure at 450 million euros and net cash flow at 450 million.
According to the group, the revision reflects "the impact of extra costs related to the ongoing conflict," which affect the gross operating margin but "do not impact cash generation, thanks to improved cash flow conversion."
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