Saipem — Earnings Release 2024

Apr 23, 2024

First Quarter 2024 Results

23rd April 2024

First Quarter 2024 Results

Agenda

1 Highlights

2 Financial review

3 Closing remarks

4 Appendix

Highlights of 1Q 2024 results

East Coast Cluster

Update on commercial activity

Whiptail (Included in 1Q 2024 order intake)

CCUS emerging as a concrete energy transition opportunity for Saipem

First Quarter 2024 Results

Agenda

1 Highlights

2 Financial review

3 Closing remarks

4 Appendix

1Q 2024 results (M€)

1Q 2024 results – Asset Based Services (M€)

Asset Based Services

Offshore E&C

Offshore Wind

• Revenues growth supported by traditional Oil & Gas projects
• EBITDA margin uplift thanks to a more favourable mix and operating leverage

1Q 2024 results – Drilling Offshore (M€)

+17% +18% Drilling Offshore Revenues EBITDA Business Lines Included 180 210 68 80 Drilling Offshore 37.8% margin 38.1% ▪ Revenues and EBITDA growth supported by fleet expansion and average daily rate improvement ▪ Solid operating performances partially offset by cyclical maintenance activity for a semi-sub and start-up costs for a jack-up

1Q23 1Q24

1Q23 1Q24

1Q 2024 results – Energy Carriers (M€)

1Q 2024 results (Income Statement)

	Group Income Statement
M€	1Q 2023	1Q 2024	Change
Revenue	2,582	3,047	465
Total costs	(2,391)	(2,779)	(388)
EBITDA	191	268	77
EBITDA margin	7.4%	8.8%
D&A	(100)	(145)	(45)
EBIT	91	123	32
Financial expenses	(52)	(40)	12
Result from equity investments	(2)	8	10
EBT	37	91	54
Income taxes	(37)	(34)	3
Net Result	-	57	57

Net Debt evolution in 1Q 2024

Debt and liquidity

First Quarter 2024 Results

Agenda

1 Highlights

2 Financial review

3 Closing remarks

4 Appendix

Closing remarks

Full focus on project delivery, execution excellence and cash flow generation

CCUS emerging as a concrete energy transition opportunity for Saipem

Strong commercial activity will lead to higher visibility on 2024-2027 strategic plan

Q&A session

2024 Results 15

First Quarter

First Quarter 2024 Results

Agenda

1 Highlights

2 Financial review

3 Closing remarks

4 Appendix

Reporting according to business lines and IFRS 8

Three Reporting Segments

Business Lines

1Q 2024 results in context (M€)

Q-o-Q comparison

-

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

1Q 2024 results by reporting lines in context (M€)

Q-o-Q comparison

1,183

1Q 2024 D&A, financial expenses and taxes

Financial guarantees

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

First Quarter

Backlog details (1/5)

Backlog details (2/5)

Backlog details (3/5)

Backlog by customer type

Backlog by energy type

2024 Results 24 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

First Quarter

Backlog details (4/5)

Top 20 projects by backlog Clients breakdown by backlog

29 B€ 31-Mar-24

Backlog details (5/5)

Non-consolidated Backlog By Year Of Execution (M€)
2024	2025	2026	2027+
52	27	0	0

Backlog progressively shifting towards Offshore E&C

Offshore E&C backlog grew by 9 B€ from Dec-21 to Mar-24…

…increasing weight from 33% of total to 56% of total

-

• 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0

5.0 10.0 15.0 20.0 25.0 30.0 35.0

Average Offshore E&C order intake of 2.4 B€ from Mar-22 to Mar-24…

…representing 66% of total intake

First Quarter 2024 Results 27

E&C market near-term¹ opportunities worth ≈ 54 B€

Robust project pipeline, weighed towards offshore

First Quarter