Saipem Spa (SAPMF) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning. This is the Coral's Call Conference Operator. Welcome and thank you for joining the SIPM First Quarter 2026 Results Conference Call. As a reminder, all participants are in listen-only mode. After the presentation, there will be an opportunity to ask questions. Should anyone need assistance during the conference call, they may signal an operator by pressing star and zero on their telephone. At this time, I would like to turn the conference over to Mr. Alessandro Puliti, CEO of Saipem. Please go ahead, sir. Good morning, and thank you for joining the presentation of Saipem first quarter 2026 results. I'm here in Milan today with our CFO, Paolo Carcagnini, and with the other members of Saipem 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 in 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 first quarter. Saipem reported revenue of 3.5 billion euro, in line with the same period of last year. Despite the conflict in the Gulf, we made strong progress on all our projects in the region, recording 1.1 billion euro revenue in Q1 in the Middle East. EBITDA in the first quarter stood at 434 million euro, a year-on-year growth of 24%. EBITDA margin stood at 12.3%, representing an increase of 2.3 percentage points year-on-year and an increase of 0.9 percentage points quarter on quarter. The strong performance at EBITDA level is the result of the strong level of utilization of our construction fleet, as well as the improved project mix. Thanks to the generation of almost 200 million euro of cash flow,...