Saipem reported first‑quarter 2026 results, with revenue of €3,528 million, a 0.3 % increase year‑on‑year, and adjusted EBITDA of €434 million, up 23.6 % from the same period in 2025. The engineering and construction group, which serves both offshore and onshore energy markets, highlighted that its performance reflects a mix of stable demand in the oil and gas sector and growing activity in renewable projects. Key figures for the quarter include new contracts worth €1,669 million, a backlog of €29,610 million, net cash of €1,217 million under pre‑IFRS 16, and a net debt of €23 million post‑IFRS 16. Capital expenditure was €44 million, down from €105 million in Q4 2025. Management noted that a prolonged closure of the Strait of Hormuz could disrupt the delivery of critical components and worldwide logistics, potentially driving up inflation and affecting project timelines. Looking ahead, Saipem confirmed its 2026 guidance of approximately €15.5 billion in revenue, €1.9 billion in adjusted EBITDA, and €450 million in capex, underscoring confidence in continued investment in energy infrastructure.