Energy Services | Europe 2Q26 Preview

Research evidence excerpt

Energy Services | Europe 2Q26 Preview

IdeaPreviewMto earnings

Focus KPI Focus KPI Surprise Likely impact to consensus EPS*

Subsea 7 SUBC.OL

Comments on ongoing merger process

In-line Largely unchanged

with Saipem

• Earnings date: 30th July (before market)

• What happened last quarter: shares were up ~2.5% in USD, vs. Brent flat, after the company raised guidance

for the year.

• On the day of results, we expect the focus to remain on commentary regarding new orders, as well as any

indications on the merger process with Saipem.

SBM Offshore NV SBMO.AS

Commentary on new orders In-line Largely unchanged

• Earnings date: 6th August (before market)

• What happened last quarter: shares were up 1% in USD (vs. Brent at -1.8%) in the 1Q trading update, as SBM

disclosed two new MPF hulls had been ordered.

• We slightly cut estimates for the year, due to a later than expected signature of the SEAP contracts with

Petrobras compared to what we had penciled in our model.

• Focus will be on commentary regarding new prospects (Venus), outlook for the FPSO market, and shareholder

remuneration.

Saipem SPMI.MI

Any sort of earnings guidance change

related to the SoH

• Earnings date: 27th July (after market)

• What happened last quarter: shares followed Brent prices, and closed the day up >6% in USD terms, after the

company did not downgrade guidance for 2026 on the back of Hormuz closure.

• We think there is still a risk that guidance for the year is downgraded, as shipping around the Strait is not yet

fully normalised. That is not reflected in our numbers.

• Similarly to Technip in 1Q, the market could give it a pass, we suspect.

Technip Energies NV TE.PA

• What happened last quarter: shares closed flat, in line with Brent, despite volatile performance throughout the