Q1 revenue



143.9



136.2



+5.7%



+11.2%



-



(5.5)%








Marine & Offshore delivered a strong 11.2% organic growth in the first quarter of 2026, with:

› Strong double-digit organic growth inNew Construction(51% of divisional revenue), driven by global operating fleet renewal and faster deliveries as capacity expanded rapidly across several shipyards. As of March 31, 2026, the Company secured 3.4 million gross tons of new orders, increasing the backlog to 33.6 million gross tons — a growth of 24.4% compared to the previous year.
› Low-single-digit growth organically inCore In-serviceactivity (39% of divisional revenue), against challenging comparables and due to the
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