Saipem

Investor Presentation • Feb 29, 2024

FY 2023 Results and Strategy Update

29th February 2024

Disclaimer

This communication does not constitute an offer or an invitation to subscribe for or purchase any securities.

Forward-looking statements contained in this presentation regarding future events and future results are based on current expectations, estimates, forecasts and projections about the industries in which Saipem S.p.A. (the "Company") operates, as well as the beliefs and assumptions of the Company's management.

These forward-looking statements are only predictions and are subject to known and unknown risks, uncertainties, assumptions, contingencies and other factors beyond the Company's control that are difficult to predict as they relate to events and depend on circumstances that will occur in the future. These include, but are not limited to: forex and interest rate fluctuations, economic conditions globally, commodity price volatility, credit and liquidity risks, HSE risks, the levels of capital expenditure in the oil and gas industry and other sectors, social, economic, geographic and/or political instability in areas where the Group operates, actions by competitors, success of commercial transactions, risks associated with the execution of projects (including ongoing investment projects), regulatory developments in Italy and internationally, the outcome of legal proceedings involving the Company; in addition to changes in stakeholders' expectations and other changes affecting business conditions.

Therefore, the Company's actual results may differ materially and adversely from those expressed or implied in any forward-looking statements. They are neither statements of historical fact nor guarantees of future performance and undue reliance should not be placed on them. The Company therefore cautions against relying on any of these forward-looking statements. Any forward-looking statements made by or on behalf of the Company speak only as of the date they are made. The Company undertakes no obligation to update any forward-looking statements to reflect any changes in the Company's expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based. Accordingly, readers should not place undue reliance on forward-looking statements due to the inherent uncertainty therein.

The Financial Reports contain analyses of some of the aforementioned risks.

Forward-looking statements neither represent nor can be considered as estimates for legal, accounting, fiscal or investment purposes. Forward-looking statements are not intended to provide assurances and/or solicit investment.

The Company, its advisors and its representatives decline all liability (for negligence or any other cause) for any loss or damage occasioned by the use of this presentation or its contents.

The Manager responsible for preparing the Company's financial reports declares, in accordance with art. 154- bis, para. 2, of the "Consolidated Financial Act" (Legislative Decree No. 58/1998), that the accounting information contained in this document corresponds to documentary records, ledgers and accounting entries.

Agenda

1 Highlights

Financial review

Strategic update

Appendix

Strong delivery in 4Q 2023

4

Growth converting into material cash flow generation

Growth, delivery and cashflow generation in 2023

Record order intake & backlog 18 B€ Order intake in 2023 65% in Offshore E&C Cash flow generation & gross Steady execution further de-risking the portfolio 30 B€ Backlog 55% in Offshore E&C 586 M€ Operating Cash Flow in 2023 237 M€ Gross Debt reduction in 2023 ≈ 62% legacy backlog¹ reduction from 5 B€ as of Dec-21 to 2 B€ as of Dec-23 ≈ 100 M€ residual cash outflow expected in 2024 related to legacy projects1

debt reduction

6

Two years in-a-row of over-performance

Agenda

1 Highlights

Financial review

Strategic update

Appendix

FY 2023 results (M€)

1. FY 2022 EBITDA exclude non-recurring costs of 52 M€, worth 0.6 p.p. in terms of EBITDA margin. FY 2023 figures do not include adjustments

2. FY 2022 net result excludes non-recurring costs for 70 M€. FY 2023 figures do not include adjustments

9

1. Operating Cash Flow equals to Net Result, plus D&A and other non-monetary items, minus changes in Working Capital

FY 2023 Results and Strategy Update

FY 2023 results – Asset Based Services (M€)

Offshore E&C

Offshore Wind

• Broad-based growth across regions and clients
• Material improvement in EBITDA margin
• Higher incidence of subsea
• Lower incidence of Offshore Wind
• Higher contribution of recently awarded projects
• NNG Offshore Wind installation completed

FY 2023 results – Drilling Offshore (M€)

FY 2023 results – Energy Carriers (M€)

12

FY 2023 results (Income Statement)

	Group – Adjusted Income Statement		Group – Reported Income Statement
M€	FY 2022	FY 2023	Change	FY 2022	FY 2023	Change
Revenue	9,980	11,874	1,894	9,980	11,874	1,894
Total costs	(9,385)	(10,948)	(1,563)	(9,437)	(10,948)	(1,547)
EBITDA	595	926	331	543	926	383
EBITDA margin	6.0%	7.8%		5.4%	7.8%
D&A	(445)	(489)	(44)	(445)	(489)	(44)
EBIT	150	437	287	98	437	339
Financial expenses	(195)	(167)	28	(195)	(167)	28
Result from equity investments	(65)	60	125	(65)	60	125
EBT	(110)	330	440	(162)	330	492
Income taxes	(153)	(145)	8	(153)	(145)	8
Discontinued operations	124	(6)	(130)	106	(6)	(112)
Net Result	(139)	179	318	(209)	179	388

Net Debt evolution in 2023

14 1. Reductions of provisions for losses

1. Disposals mostly referred to drilling onshore divestments and disposal of FPSO Cidade De Vitoria

2. Includes accounting impact of equity-linked bond (-72 M€), repayment of lease liabilities (+119 M€) and exchange differences (+41 M€)

Debt and liquidity

Agenda

1 Highlights

Financial review

Strategic update

Appendix

Major strategic developments of the last two years

FY 2023 Results and Strategy Update

A strategic plan based on five pillars

Health and Safety and Business Ethics as the bedrock of Saipem's way of operating

FY 2023 Results and Strategy Update

Strategic pillars unpacked

1 Execution Excellence	Stronger integration of Saipem competencies Optimise assets utilization and rejuvenate fleet	30 B€ Record high backlog
2 One Saipem	Exploit commercial and operational synergies in integrated offshore & onshore field developments projects	20% ≈ Expected contribution of One Saipem projects to 2024-2027 revenues
3 Operational & Financial Flexibility	Capital-light model, financial discipline and rationalization of global footprint	≈ 30% E&C key vessels leased (Dec-23) 270 M€ Run rate cost reduction target
4 Innovation & Energy Transition Solutions	Focus on Offshore Wind, CCUS, Green & Blue H2 and Ammonia Further develop portfolio of innovative technologies for the Energy Transition	16 B€ Expected order intake in "low & zero carbon" projects
5 Dividends	Robust cash flow generation expected in 2024-2027 Reinstate an attractive and sustainable stream of dividends to shareholders	30-40% Of Free Cash Flow (post Leases) to be paid in dividends

Vessel strategy: capacity, flexibility and rejuvenation

…with a capital-light and flexible approach…

…reducing the average age of the fleet

Leased vessels contribute to rejuvenate the overall fleet

Capturing market momentum whilst retaining flexibility

JSD 6000

Latest-generation deepwater heavy-lift and pipelaying vessel Delivery of leased vessel to Saipem in mid-2024 Schedule already fully booked until mid-2026

9 key E&C vessels owned 4 key E&C vessels leased

Average lease maturity extended to 1.3 years (0.8 years as of Dec-22)

Strategy Update

Saipem's solutions for transitioning away from fossil fuels

Backlog size and quality grants high visibility

• ≈ 90% coverage of expected 2024 revenues
• ≈ 60% coverage of 2024-2027 revenues

• Coverage level to increase further in 1H 2024

• 60% of current backlog in offshore

• 70% of current backlog acquired in 2022-2023

• Legacy projects < 10% of total backlog

Order intake built on solid assumptions and on proven track record

Financial targets

EMARKE ЖR
CERTIFIED

	2024 Guidance	Medium-term targets
Revenues	12.7 – 13.3 B€	4-5% CAGR (2023-2027)
EBITDA margin	≈ 10%	≈ 12% (in 2027)
Operating Cash Flow (post Leases)1	740 - 780 M€	≈3 B€ (cumulated 2024-2027)
Capex	440 - 480 M€	≈1.4 B€ (cumulated 2024-2027)
Dividends2	Distribute to shareholders ≈30-40% of Free Cash Flow (post Leases) for 2024-2027 starting from 2025 (on the back of 2024 results)

Q&A Session

FY 2023 Results and Strategy Update FY 2023 results and strategy update

2 3 4

1 Highlights

Agenda

Financial review

Strategic update

Appendix

Reporting according to business lines and IFRS 8

Offshore: business guidelines for 2024–2027

▪ Improve operational performance to enhance value delivery from the 16 B€ backlog ▪ Ensure full fleet utilization ("zero-idleness") also for 2026-2027 ▪ Selectively increase E&C fleet size with a capital-light model to capture further opportunities ▪ Exploit One Saipem competitive advantage in delivering large offshore/onshore full field development projects Offshore E&C

▪ Exploit consolidated track record and proprietary technology on large size foundations

▪ Increase commercial focus on decommissioning in the North Sea and CCUS

• Enter the offshore substation HVAC and HVDC markets
• Exploit in-house Floating Wind technology & solutions

Offshore

Wind

• Exploit strong market demand
• Disposal of minority stake in shallow water business

Onshore: business guidelines for 2024–2027

• Early engagement (pre-FEED/FEED) for Power-to-X initiatives
• Promote proprietary solutions (Hydrone-R, Flatfish)
• Promote the global utilisation of emergency pipeline repair system (EPRS)

Industrialized

Solutions

Group results in 2023

Q-o-Q comparison (M€)

Results by reporting lines in 2023

Q-o-Q comparison (M€)

D&A, financial expenses and taxes

Net Debt evolution in Q4 2023

33

Lease liabilities in 2023

Average weighted duration of E&C vessels leases

Financial guarantees

Diversified pool of institutions providing guarantees Stock of financial guarantees by division

E&C market near-term¹ opportunities worth ≈ 52 B€

Robust and stable project pipeline, weighed towards offshore

Backlog details (1/5)

Backlog details (2/5)

Backlog details (3/5)

Backlog by customer type

Backlog by energy type

39 1. Those mainly refer to infrastructure projects and other non oil and gas energy producers 2. Mostly referred to sustainable infrastructure projects and fertilizing plants

FY 2023 Results and Strategy Update

Backlog details (4/5)

30 B€ 31-Dec-23

Backlog details (5/5)

Non-consolidated Backlog By Year Of Execution (M€)
2024	2025	2026	2027+
55	35	0	0

Backlog progressively shifting towards Offshore E&C

Offshore E&C backlog grew by 9 B€ in the last 2 years…

…increasing weight from 33% of total to 55% of total

Average Offshore E&C order intake of 2.5 B€ per quarter in the last 2 years…

…representing 65% of total intake

FY 2023 Results and Strategy Update

Saipem Sustainability Plan 2024-2027

3 PILLARS

Climate Change Mitigation & Environmental Protection People Centrality Value Creation

1. Path to Net Zero

1. Biodiversity and Pollution prevention

2. 1. Health & Safety
3. 1. Valuing People
4. 1. Diversity & Inclusion
5. 1. Human and Labour Rights

7. Responsible supply chain

• 1. Business ethics
• 1. Innovation
• 1. Cybersecurity
• 1. Local impact

• Net Zero by 2050 for Scope 1, 2 and 3 GHG emissions

• 50% reduction of Scope 1 and 2 by 2035 (baseline 2018)
• Carbon Neutrality of Scope 2 by 2025

GHG emissions reduction path

Saipem ESG results by agency

Saipem rating	Average sector rating	Scale
A  (6,7)	BBB	CCC < AAA
19.4	27.1	100 < 0
62 	48	0 < 100
77	25	0 < 100
B	C	D < A
89.7 	68.1	0 < 100
6.6	5	0 < 10
B- 	C	D- < A+

Drilling vessel engagement map (2023-2025)

Saipem owned fleet (key vessels)

Offshore E&C Drilling Offshore

Installation and Lifting

Subsea Field Development

Constellation

Pipelayers

Deep Water Semisub

Deep Water Drillship

Shallow Water

One Saipem – track record of integrated projects and expected pipeline

		Drilling Offshore	Asset Based Services	Energy Carriers
			Recent awards
Zohr Field (2016)	Egypt	✓	✓
Baleine Field (2022)	Ivory Coast	✓	✓	✓
Quiluma & Mabuqueiro Fields (2022)	Angola		✓	✓
Cassiopea (2022)	Italy	✓	✓
Hail and Gasha (2023)	UAE		✓	✓
			Targets
Target project 1 (2024)	≈ 4.5 B€
Target project 2 (2024-2025)
Target project 3 (2025)
Target project 4 (2026)