Saipem holds 2026 revenue forecast, trims EBITDA guidance after €70 million Middle East conflict costs
AI Market Summary
Saipem cut its 2026 adjusted EBITDA guidance after incurring ~€70M of Middle East conflict-related security and logistics costs, highlighting how geopolitics is compressing margins for energy contractors even as demand and backlog remain strong. The revision reinforces elevated operational risk and cost inflation across regional energy projects, a factor that can tighten service capacity and influence upstream project economics tied to Brent-linked activity.
Impact level
● Medium
Affected assets
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▼ Bearish
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Saipem reported first-half 2026 revenue of €7.35 billion, up 1.9% year on year, and adjusted EBITDA of €836 million, up 9.4%. The company said it absorbed about €70 million in additional security, logistics and operational costs tied to the Middle East conflict in the first six months. It lowered its full-year adjusted EBITDA outlook while keeping its revenue and cash flow forecasts unchanged. The update underscores how geopolitical risk can weigh on profitability for oil-and-gas engineering contractors.
