Saipem

Earnings Release • Jul 27, 2023

FIRST HALF 2023 RESULTS

July 27th, 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.

1H results: highlights

Financial performance

Operational update

Closing remarks

Appendix

2Q 2023 results highlights

2.8 B€

Group Revenues

+17% YoY +7% QoQ

219 M€

+48% YoY, +15% QoQ 7.9% EBITDA margin Group EBITDA

34 M€

288 M€ Net debt post-IFRS 16 Net Cash pre-IFRS 16 Flat QoQ

4.0 B€

Order Intake

Book-to-bill >1.4x >90% in offshore

1H 2023 results highlights

Strong financial results underpinned by sound operational progress

• Revenue 5.3 B€, +28% YoY (in line with FY23 guidance)
• EBITDA 410 M€, +56% YoY (in line with FY23 guidance)
• Positive operating cash flow contributing to a net debt in line with guidance

Strengthening of balance sheet structure

• 2 new facilities entered into effect in June for a total of 860 M€
• ~3 B€ cash at 30 June (o/w 1.8 B€ available)
• 500 M€ Bond to be reimbursed in September using available cash

Commercial effort reflects strategic refocus, according to business plan New awards: 6.7 B€

• ~ 80% in offshore
• ~ 10% in low/zero carbon activities

• 80% for IOCs and NOCs

• 70% in our core geographies

Offshore wind derisking continues:

• Seagreen project completed
• NNG significant acceleration in the quarter (94% overall progress)

1H results: highlights

Financial performance

Operational update

Closing remarks

Appendix

1H 2023 group results (M€)

1H 2023 results (M€)

Asset Based Services

• Positive contribution to revenue growth from all key geographies, project types and top clients
• Higher utilisation of the fleet (in particular in Q2 2023)
• EBITDA margin still diluted by wind offshore
• Derisking of wind offshore backlog continues

1H 2023 results (M€)

Offshore Drilling

Business Lines included Offshore Drilling

• Revenue increase, both in deepwater and shallow water segments, mainly driven by:
• Higher dayrates
• Higher contribution from Santorini drillship (now owned by Saipem) and Perro Negro 8 jackup
• EBITDA growth driven by operating leverage and fleet mix

1H 2023 results (M€)

Energy Carriers

• Higher volumes across Middle East, Sub-Saharan Africa and Americas
• Progress on backlog-review projects diluting EBITDA margin
• Margin recovery impacted by key projects either on hold or terminated

1H 2023 results – P&L YoY comparison

	Adjusted1 Group – Income Statement
M€	1H 22	1H 23	Var.
Revenue	4,187	5,347	1,160
Total costs	(3,924)	(4,937)	(1,013)
EBITDA	263	410	147
margin	6.3%	7.7%
D&A	(217)	(218)	(1)
EBIT	46	192	146
Financial expenses	(59)	(87)	(28)
Result from equity investments	(24)	13	37
EBT	(37)	118	155
Income taxes	(67)	(78)	(11)
Minorities	0	0	0
Discontinued operations2	(4)	0	4

Group – Reported Income Statement 1H 22 1H 23 Var. 4,187 5,347 1,160 (3,943) (4,937) (994) 244 410 166 5.8% 7.7% (217) (218) (1) 27 192 165 (59) (87) (28) (24) 13 37 (56) 118 174 (67) (78) (11) 0 0 0 (7) 0 7 (130) 40 170

1. Excluding 1H22 special items

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

1H 2023 Net Debt Evolution

1. Reductions of provisions for losses

2. Related to Latin America and Kuwait activities disposal closed in 1H23

3. Other including cash special items, repayment of lease liabilities (59 M€) and exchange differences (26 M€)

Debt maturities and liquidity

• the new committed Revolving Credit Facility of around 470 M€ is undrawn

1. Average cost of debt (1H 2023), including treasury hedging and fees

Agenda

1H results: highlights

Financial performance

Closing remarks

Appendix

Awards year-to date: ~ 7 B€

Backlog shifting towards offshore

IFRS Backlog portfolio

As of 30th June 2022

Offshore wind projects well under execution (1 of 2)

Majority of projects in backlog already completed:

• ✓Saint-Brieuc T&I (France)
• ✓Fécamp (France)
• ✓Formosa (Taiwan)

✓Seagreen (UK)

3 projects remaining to be completed:

Dogger Bank (UK)

Almost completed, installation of one remaining topside planned for spring 2024

• NNG (UK) Significant acceleration in the quarter (94% overall progress) Completion expected in late 2023
• Courseulles-sur-Mer (France) Offshore activities expected to start in late 2023

Offshore wind projects well under execution (2 of 2) Focus on NNG: project close to completion

1. Each tripod jacket foundation consists of 3 holes drilled on the seabed and relative pile casings 2. Activity not included in Saipem scope of work

E&C market near-term¹ opportunities worth ~ 53 B€ Robust project pipeline, weighed towards offshore

Agenda

1H results: highlights

Financial performance

Operational update

Appendix

Closing remarks

Order intake and financial performance in line with strategic plan targets

Market conditions continue to be strong

New awards are improving backlog portfolio quality, in line with plan

Backlog-review projects progressing according to plan and gradually exiting portfolio

Maintaining working capital discipline, notwithstanding increased activity volumes

FY23 guidance confirmed

Agenda

1H results: highlights

Financial performance

Operational update

Closing remarks

New reporting, according to business lines and IFRS 8

2Q 2023 group results QoQ comparison - (M€)

2Q 2023 results by division QoQ comparison (M€)

2Q 2023 Net Debt Evolution

1. Reductions of provisions for losses

2. Related to Latin America activities disposal closed in 2Q23

3. Other including cash special items, repayment of lease liabilities (18 M€) and exchange differences (1 M€)

1H 2023 backlog distribution

Sizeable backlog provides support for the medium-term

Non-consolidated Backlog By Year Of Execution

2023	2024	2025+
51	75	0	M€

1H 2023 Results – D&A, financial expenses and taxes (M€)

• FY 2023 figure expected above FY 2022

1. Including 13 M€ of IFRS 16 impact

Drilling offshore fleet

Drilling Vessel Engagement Map (2023-25)

Top-ranked ESG player among peers

ESG culture and achievements recognized externally

1. Rating as of 30 June 2023

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

3. Sector Average Rating is defined by ESG rating agency or, in case of Refinitiv and Bloomberg, is calculated considering a peers group composed of TechnipFMC, Subsea 7, Petrofac, Tecnicas Reunidas, Maire Tecnimont, Aker Solutions, SBM Offshore and Transocean.