Saipem Q1 Core Profit Up 24%

Saipem posted Q1 adjusted EBITDA of €434 million, up 24% YoY, with revenue flat at €3.528 billion.
Asset Based Services drove EBITDA growth, rising 33% to €333 million and margin to 16.5% versus 12.8% a year earlier.
Net debt fell to €23 million from €272 million, while free cash flow reached €337 million and net cash (excluding leases) stood at €1.22 billion.
Saipem reaffirmed FY2026 targets of €15.5 billion revenue, €1.9 billion adjusted EBITDA and warned Hormuz closure could disrupt deliveries and raise inflation.