FIRST QUARTER 2023 RESULTS

April 20th, 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

Agenda Financial and business performance

Appendix

1Q 2023 results highlights (1/2)

2.6 B€

Group Revenues¹

+42% YoY

191 M€

+66% YoY 7.4% EBITDA margin Group EBITDA¹

45 M€

Net Cash pre-IFRS 16

285 M€ Net debt post-IFRS 16

Substantially flat vs 31 Dec. 22

2.7 B€

Order Intake

Book-to-bill >1x 66% in offshore

1Q 2023 results highlights (2/2)

Commercial refocus, quality new awards:

66% in offshore
~ 20% in low/zero carbon activities
~ 75% for IOCs and NOCs
70% in our core geographies

Wind offshore continuing to deliver: Seagreen project completed, 114 jackets installed with Saipem 7000

Backlog-review projects progressing according to plan

Positive operating cash flow fully covering capex

Highlights

Agenda Financial and business performance

Appendix

1Q 2023 group results¹ (M€)

Excluding 1Q22 special items. See slide 11 for reported results

1Q 2023 results (M€)

Asset Based Services

Revenue increased by 46% YoY
Higher volumes across all regions
Oil & gas projects progressing well and supporting EBITDA performance
Offshore wind projects progressing as per schedule

1Q 2023 results (M€)

Offshore Drilling

Business Lines included Offshore Drilling

Revenue increased by 40% YoY
Overall positive year-on-year results thanks to improved pricing upcycle and full contribution of new drillship Santorini
Adjusted EBITDA mainly reflects revenue increase and solid operating performance

1Q 2023 results (M€)

Energy Carriers

Revenue increased by 38%
Higher volumes across Middle East, Sub-Saharan Africa and Americas
Progress on backlog-review projects impacting EBITDA margin

1Q 2023 results – P&L YoY comparison

	Adjusted1 Group –
	Income Statement
M€	1Q 22	1Q 23	Var.
Revenue	1,824	2,582	758
Total costs	(1,709)	(2,391)	(682)
EBITDA	115	191	76
margin	6.3%	7.4%
D&A	(100)	(100)	0
EBIT	15	91	76
Financial expenses	(23)	(52)	(29)
Result from equity investments	(43)	(2)	41
EBT	(51)	37	88
Income taxes	(29)	(37)	(8)

Minorities	0	0	0
Discontinued operations2	(5)	0	5

Group – Reported
Income Statement
1Q 22	1Q 23	Var.
1,824	2,582	758
(1,722)	(2,391)	(669)
102	191	89
5.6%	7.4%
(100)	(100)	0
2	91	89

(23)	(52)	(29)
(43)	(2)	41
(64)	37	101
(29)	(37)	(8)
0	0	0
(5)	0	5

Excluding 1Q22 special items
Discontinued operations include the results of the Drilling Onshore discontinued business

1Q 2023 Net Debt Evolution

^1. Related to Kuwait activities disposal closed in 1Q23

Other including cash special items, repayment of lease liabilities, cash flow from own funds and exchange differences

Debt maturities

1Q 2023 average cost of debt, including treasury hedging and fees

Available cash & cash equivalent

Main awards in first quarter 2023 Weighed towards offshore

Offshore awards: 66% of total¹

Reporting segment Asset Based Services

LAPA SW and Irpa Pipeline

900 M\$

Integrated SURF + SPS project in Brazil and 80-kms-long pipeline in Norway

Agogo, Heather decommissioning and Aramco LTA

650 M\$

Deepwater field development in Angola, decommissioning in UK and platform EPCI in Saudi Arabia

Reporting segment Offshore Drilling

Drilling contract for 7 th gen drillship Deep Value Driller 400 M\$²

In Ivory Coast

Reporting segment Energy Carriers

Florence HS/HC railway link and station

530 M€

High-speed train in Italy

Percentage calculated on total 1Q 2023 awards including change orders; slide showing main awarded contracts only
This value is gross of the leasing costs of the Deep Value Driller vessel that will be used for the operations