Saipem

Investor Presentation • Feb 26, 2025

26th February 2025

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.

FY 2024 Results and Strategy Update

Highlights of 4Q 2024 results

174 M€ Net Debt Reduction (pre-IFRS 16) 683 M€ Net Cash position (pre-IFRS 16) as of 31-Dec-24 5.3 B€ Order Intake 1.2x Book-to-Bill 4.4 B€ Revenue +26% Y-on-Y¹ +19% Q-on-Q² 424 M€ EBITDA +48% Y-on-Y¹ , +25% Q-on-Q² 9.6% EBITDA margin

Growth converting into margins and material cash flow generation

Three years in-a-row of over-performance

Strategy Update 6 1) As updated in October 2022 2) As declared in February 2023 3) As updated in October 2024

Dividend proposal for 2024 (M€)

Dividend proposal equal to more than 3x the initial guidance

Major awards in 4Q 2024

Suriname	Indonesia	United Kingdom	Nigeria
xBlock 58 oil and gas field	x Ubadari field	xEast Coast Cluster CCUS
≈ 1.9 B\$	≈ 1.0 B\$	≈ 650 M€	≈ 900 M\$
TotalEnergies	bp	bp, Equinor, TotalEnergies	Shell
Offshore E&C	Offshore E&C	Offshore E&C	Offshore E&C
EPCI, supply, pre-commissioning and assistance for the commissioning and start-up of the Subsea Umbilicals, Risers and Flowlines (SURF) package	EPCI of two wellhead production platforms, a wellhead platform for the re-injection of CO and 2 approximately 90 km of associated pipelines	EPCI of 143 km of 28" offshore pipeline with associated landfalls and onshore outlet facilities for the NEP project, and the EPCI of the water outfall for the NZT project	EPCI of risers, flowlines, subsea umbilicals and associated subsea structures for the development of a deepwater oil field, 130 km off the coast of Nigeria

Record-high backlog grants excellent visibility

≈ 90% Coverage of expected 2025 Revenue from current backlog

≈ 70%

Coverage of expected 2026 Revenue from current backlog

Book-to-Bill in 2022-2024 = 1.4x

Courseulles-sur-Mer Project

Key updates 1 2 3 4 First socket completed in December First monopile installed in January Second socket completed in January Third and fourth sockets completed in February Second monopile to be installed by the end of February, third monopile expected shortly thereafter Vole Au Vent vessel to be returned to owner in 2Q 2025, to be substituted by Bold Tern vessel 5 Saipem scope of work to be completed in 2026 - 10 20 30 40 50 60 70 80 90 100 110 120 Socket I Socket II Socket III Socket IV Number of days per socket Learning curve Target ≈ 7 days per socket

FY 2024 Results and Strategy Update 10

FY 2024 Results and Strategy Update

Agenda

1 Highlights of 4Q 2024

2 Financial review of FY 2024

3 Strategic plan for 2025-2028

4 Appendix

FY 2024 results (M€)

FY 2024 results – Asset Based Services (M€)

Offshore

Offshore Wind

• Growth supported by execution of recent Oil & Gas awards
• Revenue progression led by conventional and subsea projects
• EBITDA margin uplift thanks to a more favourable project mix

FY 2024 results – Drilling Offshore (M€)

301 335 FY23 FY24 ▪ Revenue and EBITDA growth supported by fleet expansion and average day-rate improvement ▪ Operating performance affected by cyclical maintenance activity, start-up costs, as well as impact of temporary suspensions by Saudi Aramco +24% +11% Drilling Offshore Revenue EBITDA Business Lines Included Drilling Offshore 40.5% margin 36.5% 743 918 FY23 FY24

FY 2024 results – Energy Carriers (M€)

FY 2024 results – Income Statement

	Group Income Statement
M€	FY 2023	FY 2024	Change
Revenue	11,874	14,549	2,675
Operating expenses	(10,948)	(13,220)
EBITDA	926	1,329	403
EBITDA margin	7.8%	9.1%
D&A	(489)	(723)
EBIT	437	606	169
Financial expenses	(167)	(85)
Result from equity investments	60	(25)
EBT	330	496	166
Income taxes	(145)	(190)
Discontinued operations results	(6)	-
Net Result	179	306	127

Net Debt evolution in FY 2024

Debt and liquidity at December 2024

2) Debt repayment Jan-25

Strategy Update 18 a) 275 M€ repayment of bond due 2025

b) 76 M€ early repayment of ECA Facility due 2025-2027

FY 2024 Results and Strategy Update

Agenda

1 Highlights of 4Q 2024

2 Financial review of FY 2024

3 Strategic plan for 2025-2028

4 Appendix

Strategic plan based on four pillars

Execution excellence unpacked 1

AI driven application to prevent accidents through specific safety tools HSE Construction & Fabrication Fleet Engineering Constantly upgrade the fleet to maintain state-ofthe-art technology onboard Execution-oriented tendering process

Modularization as key to reduce execution risk

Capitalizing on upstream Oil & Gas up-cycle 2

Expanding Saipem's footprint into new Oil & Gas growth areas

New paradigm for Onshore E&C and PMC offering 3

EPC lump sum EPC derisked O&M and PMC

Derisking through contractual schemes O&M as source of recurring Revenue

4 Growing share of PMC

1 Value over Volume

2

3

Attractive risk-reward profile Synergistic with Saipem EPC track record Leveraging on Saipem client base Can apply to onshore and offshore alike

FY 2024 Results and Strategy Update 23

4 Broaden offering on Energy Transition

FY 2024 Results and Strategy Update 24

Order intake built on solid assumptions

Previous plan (2024-2027) order intake assumed to be equal to 50 B€

50 B€ expected order intake for 2025-2028

of which 14-15 B€ in Low & Zero Carbon projects

Financial targets

	2024 Actual	2025 Guidance	Medium-term targets
Revenue	14.5 B€	≈ 15.0 B€	> 15.0 B€ (2028)
EBITDA	1.3 B€	≈ 1.6 B€	≈ 2.0 B€ (2028)
Operating Cash Flow (post repayment of lease liabilities)1	809 M€	≈ 900 M€	> 3.7 B€ (cumulated 2025-2028)
Capex	343 M€	≈ 500 M€	≈ 1.5 B€ (cumulated 2025-2028)
Free Cash Flow (post repayment of lease liabilities)2	505 M€	> 500 M€	> 2.2 B€ (cumulated 2025-2028)

Strategy Update 26 1) Equal to Net Result, plus D&A and other non-monetary items and Changes in Working Capital, minus repayment of lease liabilities 2) Equal to Net Result, plus D&A and other non-monetary items and Changes in Working Capital, minus Capex, plus Divestments, minus repayment of lease liabilities

Capital allocation & financial policy

Shareholders Remuneration

Dividend¹ of 333 M€ (350 M\$) to be paid in 2025 (on 2024 results)

Dividend¹ of at least 300 M\$ to be paid in 2026 (on 2025 results)

From 2027 onwards, distribute to shareholders at least 40% of Free Cash Flow post repayment of lease liabilities

Financial Policy

Maintain a minimum level of Available Cash of 1 B€

Reduce Gross Debt (pre-lease liabilities) by ≈ 650 M€, by year-end 2027

Credit Rating

Target to achieve an investment grade credit rating in the medium-term

FY 2024 Results and

Q&A Session

Strategy Update 28

FY 2024 Results and Strategy Update

Agenda

1 Highlights of 4Q 2024

2 Financial review of FY 2024

3 Strategic plan for 2025-2028

4 Appendix

Reporting according to business lines and IFRS 8

4Q 2024 results in context (M€)

Q-o-Q comparison

4Q 2024 results by reporting segments in context (M€)

Q-o-Q comparison

Asset Based Services			Drilling Offshore		Energy Carriers
Revenue	EBITDA	Revenue	EBITDA	Revenue	EBITDA
	Margin % 10.3 11.0 11.6 11.8 12.6		Margin % 41.1 38.1 36.4 36.8 34.9		Margin % 0.0 0.7 0.0 1.0 1.1
-16% +11% +14% +23%	-10% +17% +16% +31%	+1% +12% -6% +12%	-6% +8% -5% +6%	-11% +10% +8% +15%

D&A, financial expenses and taxes

Lease liabilities¹ in 2023 and 2024

Average weighted duration of leases for construction vessels

Bank guarantees

Stock of financial guarantees (M€)

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

0

3,000

6,000

9,000

Order intake: 2019-2021 vs 2022-2024

Backlog details (1/5)

Backlog details (2/5)

Backlog details (3/5)

Backlog by energy type

Strategy Update 39 1) Those mainly refer to Sustainable Infrastructures, Offshore Wind and other non oil and gas energy projects 2) Mostly referred to Sustainable Infrastructures, CCUS, biorefineries and fertilizing plants

Backlog details (4/5)

Top 20 projects by backlog Clients breakdown by backlog

34 B€ 31-Dec-24

Backlog details (5/5)

Non-consolidated Backlog By Year Of Execution (M€)
2025	2026	2027	2028+
68	103	-	21

Drilling offshore fleet

Drilling Vessel Engagement Map (2024-2025)

			2024	2025	2026	Current Client	Current Area
nt e er m at n o w r vi p- n e E e h D a		Saipem 12000				Azule	Angola
		Saipem 10000				Eni/Petrobel	Italy/Egypt
		Santorini				Eni/Galp	Worldwide
	ars	DVD (1)				Eni	Ivory Coast
Ultr d	H	Scarabeo 9				Burullus	Egypt
n a		Scarabeo 8				Aker BP	Norway
		Perro Negro 8			to 2027	Saudi Aramco	Saudi Arabia
		Perro Negro 7 (2)			to 2033	Saudi Aramco	Saudi Arabia
		Pioneer (1) (4)				Eni	Mexico
er at w	c e p	Perro Negro 10 (2)			to 2028	Saudi Aramco/ Eni	Saudi Arabia/ Mexico
w- o	S Hi	Perro Negro 9 (1) (3)				Saudi Aramco	Saudi Arabia
all h S		Perro Negro 11 (1)			to 2028	Saudi Aramco	Saudi Arabia
		Perro Negro 12 (1)			to 2027	Saudi Aramco	Saudi Arabia
		Perro Negro 13 (1)			to 2029	Saudi Aramco	Saudi Arabia
	D T S	Perro Negro 4				Petrobel	Egypt

Committed

Optional period

1) Leased vessels

Strategy Update 42 2) Temporary suspended by Saudi Aramco for up to 12 months (temporary suspension starting in 2Q 2024 for PN10 and in 2Q 2025 for PN7)

3) Suspended by Saudi Aramco in 2Q 2024 and then returned to owner

4) Asset has or will be returned to the owner

Commercial pipeline (1 of 2)

Saipem Sustainability Plan 2025-2028

"OUR JOURNEY TO A SUSTAINABLE BUSINESS"

• Path to Net Zero
• Biodiversity and Pollution prevention
• Circular economy
• Water Management

• Health & Safety
• Valuing People
• Diversity, Equality & Inclusion
• Human and Labour Rights

• Responsible supply chain
• Business ethics
• Innovation
• Security
• Local impact

+100 Objectives and Targets

Integrated into the Variable Incentive Plan, part of the Company Remuneration Policy

GHG emissions reduction path

Saipem ESG rating by agency

emarket sdir scorage
CERTIFIED

Saipem rating	Average sector rating 1	Scale
A (6)	BBB	CCC < AAA
20.7	27.1	100 < 0
67	50	0 < 100
79	29	0 < 100
B	C	D < A
86.1	65.6	0 < 100
6.9	5.1	0 < 10
B	C	D- < A+

Strategy Update 47 1) Sector Average of Refinitiv and Bloomberg has been calculated on the basis of selected peers' ratings (sector average not public)

2) Rating ESG of Sustainalytics is based on risk evaluation, thus the lowest is the best

3) Bloomberg score (6.9) is the average of ESG score (5.78/10) and ESG Disclosure score (80.85/100)

FY 2024 Results and