What is Saipem's revised 2026 adjusted EBITDA forecast, and what are the main reasons for the downward revision?

Saipem revised its 2026 adjusted EBITDA forecast down to €1.75 billion ($1.99 billion) from a previous estimate of €1.9 billion, citing extra costs linked to the Middle East crisis and the de-consolidation of its recently sold shallow-water drilling business. The company included both incurred costs and estimated future expenses related to the conflict in its updated forecast, noting that the recoverability of these costs remains uncertain and depends on commercial discussions with clients.

How much did Saipem spend in the first half of the year on security and logistics due to the Middle East crisis, and which major clients does it serve in the region?

Saipem spent around €70 million in the first half of the year to enhance personnel security in the Gulf region and overcome logistical difficulties arising from the Iran war. Its key regional clients include Saudi Aramco (2223.SE), QatarEnergy, and Abu Dhabi's ADNOC, among other national energy companies.

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