Saipem

Investor Presentation • Oct 26, 2023

1

NINE MONTHS 2023 RESULTS

October 26th, 2023

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 and other factors beyond the Company' control that are difficult to predict because 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, commodity price volatility, credit and liquidity risks, HSE risks, the levels of capital expenditure in the oil and gas industry and other sectors, 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), the Coronavirus outbreak (including its impact across our business, worldwide operations and supply chain); 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. The Company therefore caution against relying on any of these forward-looking statements. Factors that might cause or contribute to such differences include, but are not limited to, economic conditions globally, the impact of competition, political and economic developments in the countries in which the Company operates, and regulatory developments in Italy and internationally. 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 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.

Highlights

Financial performance

Operational update

Closing remarks

Appendix

3Q 2023 results highlights

3.0 B€

+6% Y-o-Y +9% Q-o-Q Group Revenues

230 M€

+26% Y-o-Y, +5% Q-o-Q 7.6% EBITDA margin Group EBITDA

125 M€

171 M€ Net Debt post-IFRS 16 Net Cash pre-IFRS 16

5.2 B€

Book-to-bill 1.7x >80% in offshore Order Intake

Summary of activity of 2023 YTD

1. As of September 30th, 2023, plus Hail & Ghasha 4.1 B\$ project awarded on October 5th, 2023

2. "Legacy projects" refers to the problematic projects identified through the backlog review announced in January 2022

Material progress in cash flow generation

Reported operating cash flow Reported operating cash flow, exc. impact of legacy projects

⁶ 1. The issuance of the 500 M€ equity-linked bond led to an improvement of the Net Financial Position equal to the difference between the 500 M€ cash-in and the 421 M€ recorded as debt. Such positive impact on the Net Financial Position will reduce to zero over the life of the instrument

Highlights

Financial performance

Operational update

Closing remarks

Appendix

9M 2023 group results (M€)

9M 2023 results (M€)

Asset Based Services

• Revenue growth supported by virtually all key geographies, project types and top clients
• EBITDA margin improved thanks to more favorable revenue mix (higher share of subsea and lower share of offshore wind year on year) and operating leverage

• De-risking of offshore wind project continues

• No adjustments in 9M23. Adjustments in 9M22 amount to 17 M€ for EBITDA. 9M 2022 results have been restated to reflect the new organisational structure and do not include the subsea robotics business

9M 2023 results (M€)

Drilling Offshore

• Acceleration in Revenues and EBITDA growth
  • Higher day-rates (three deep-water vessels increased their rates since beginning of 2022)
  • Higher utilisation of key vessels (Scarabeo 8, Scarabeo 9, Perro Negro 8)
• Growth partially offset by ordinary maintenance activity and vessel conversion
  • Sea Lion 7 and Perro Negro 9 undergoing ordinary maintenance in 2023
  • Scarabeo 5 no longer part of drilling fleet in 2023 (being converted in FPU for Eni)

9M 2023 results (M€)

Energy Carriers

• Higher volumes in Middle East, Sub-Saharan Africa and Americas
• Acceleration on backlog-review projects in 9M 2023 diluting EBITDA margin vs 9M 2022
• Margin recovery also impacted by key projects either on hold or with limited contribution to 9M 2023

9M 2023 results – P&L Y-o-Y comparison

	Adjusted1 Group –
	Income Statement
M€	9M 22	9M 23	Var.
Revenue	7,043	8,363	1,320
Total costs	(6,598)	(7,723)	(1,125)
EBITDA	445	640	195
margin	6.3%	7.7%
D&A	(331)	(336)	(5)
EBIT	114	304	190
Financial expenses	(116)	(133)	(17)
Result from equity investments	(24)	30	54
EBT	(26)	201	227
Income taxes	(98)	(117)	(19)
Minorities	0	0	0
Discontinued operations2	23	(5)	(28)
Net Result	(101)	79	180

Group – Reported
Income Statement
9M 22	9M 23

9M 22	9M 23	Var.
7,043	8,363	1,320
(6,631)	(7,723)	(1,092)
412	640	228
5.8%	7.7%
(331)	(336)	(5)
81	304	223
(116)	(133)	(17)
(24)	30	54
(59)	201	260
(98)	(117)	(19)
0	0	0
19	(5)	(24)
(138)	79	217

1. Excluding 9M22 special items

2. Discontinued operations include the results of the Drilling Onshore business

9M 2023 Net Debt Evolution

1. Reductions of provisions for losses

2. Mainly related to the disposal of Latin America and Kuwait drilling onshore activities closed in 1H23

3. Includes positive accounting impact on Net Financial Position of equity-linked bond (79 M€), repayment of lease liabilities (88 M€) and positive impact from exchange differences (2 M€)

Debt maturities and liquidity

601 M€ Debt repaid in Q3 101 M€ Bank loans repaid 500 M€ Bond repaid 500 M€ Equity-linked Bond issued • Avg. tenor: 3.2 years • Avg. cost of debt: ~ 4%¹ • 80% fixed, 20% floating • 97% Euro-denominated Gross debt key metrics @ September 30, 2023

1. Average cost of debt in the 9M 2023, including treasury hedging and fees

Cash in JVs and other restricted cash

Agenda

Highlights

Financial performance

Closing remarks

Appendix

Record order intake year-to date: >15 B€

Backlog - shifting towards E&C offshore (B€)

1. Sep-23 (PF) refers to data as of September 30th, 2023, pro-forma for Hail & Ghasha (allocated 45% in offshore and 55% in onshore)

Hail and Ghasha project One of the largest awards in Saipem's history

Consolidating Saipem presence in UAE leveraging its existing engineering center and logistic base

Saipem share of the project ~ 4.1 B\$ ~ 45% offshore / 55% onshore

Envisaged completion during 2028

Saipem will leverage its - strong competences and track record in technically challenging gas projects - unique capability to deliver integrated onshore and offshore projects

Illustrative image: artificial islands at an ADNOC offshore field. Photo: ADNOC

▪ EPC of 4 drilling centres and 1 processing plant to be built on artificial islands

• More than 300 km of subsea pipelines of which 160 km corrosion resistant alloy and 175 km carbon steel
• More than 12,000 MT of offshore structures
• Cables and umbilicals

Scope of

work¹

Legacy-projects¹ backlog² - material reduction (B€)

1. "Legacy projects" refers to the problematic projects identified during the backlog review announced in January 2022 19

2. Comparability with Revenues limited by the fact that Backlog does not include items such as variation orders, change orders, pending revenues, etc.

Offshore wind projects well under execution

✓

✓

Saint-Brieuc T&I (France)

Fécamp (France) ✓

Formosa (Taiwan) ✓

Seagreen (UK)

Nearing completion

Completed

NNG (UK) Offshore installation completed in mid-October 2023

Dogger Bank (UK) Installation of one remaining topside planned for spring 2024

Ongoing

Courseulles-sur-Mer (France)

Offshore activities expected to start in December 2023

Focus on NNG: offshore installation campaign completed

1. Each tripod jacket foundation consists of 3 holes drilled on the seabed and relative pile casings 21

E&C market near-term¹ opportunities worth ~ 52 B€ Robust project pipeline, weighed towards offshore

Agenda

Highlights

Financial performance

Operational update

Appendix

Closing remarks

Market conditions continue to be supportive

Record level backlog achieved, progressively shifting towards offshore E&C

Legacy projects execution progressing according to plan and gradually exiting portfolio

FY 2023 guidance confirmed

25

Q&A SESSION

NINE MONTHS 2023 RESULTS

October 26th, 2023

Agenda

1H results: highlights

Financial performance

Operational update

Closing remarks

New reporting, according to business lines and IFRS 8

3Q 2023 group results Q-o-Q comparison - (M€)

28

3Q 2023 results by reporting lines Q-o-Q comparison (M€)

3Q 2023 Net Debt Evolution

(M€)

1. Reductions of provisions for losses 30 2. Includes positive accounting impact on net financial position of equity-linked bond (79 M€), repayment of lease liabilities (29 M€) and positive impact from exchange differences (28 M€)

Distribution of backlog by expected year of execution Consolidated backlog as of 30th September 2023: 27,572 M€¹

Distribution of non-consolidated backlog (107 M€) by year of execution

2023	2024+
28	79	M€

9M 2023 Results – D&A, financial expenses and taxes (M€)

• FY 2023 figure expected above FY 2022

1. Including 20 M€ of IFRS 16 impact

Backlog shifting towards offshore

Consolidated Backlog portfolio

As of 30th September 2023

As of 30th September 2023 (pro-forma for Hail & Ghasha)

Backlog well diversified

Consolidated Backlog portfolio by geography

As of 30th September 2023 As of 30th September 2023 (pro-forma for Hail & Ghasha)

Drilling offshore fleet

Drilling Vessel Engagement Map (2023-25)