Flash | 28 Jul 2026 00:00:00 ET │ 12 pages Saipem (SPMI.MI) Revises Down FY26 EBITDA Based on Middle East Conflict; Commercial Activity Remains Buoyant CITI'S TAKE Saipem's 2Q results came in below market expectations, reflecting the impact of Middle East disruptions. Management revised down FY26E EBITDA guidance to incorporate conflict-related costs incurred and those expected in 2H26. The company's backlog remains materially exposed to the Middle East (c.40%) and order intake rebounded sequentially during ...