SAIPEM CAPITAL MARKETS DAY NINE MONTHS 2021 RESULTS AND NEW STRATEGIC PLAN

October 28th, 2021

Forward-looking statements

Forward-looking statements contained in this presentation regrading 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.

Today's Speakers

Chief Executive Officer and General Manager

Francesco Caio Antonio Paccioretti

Chief Financial Officer

9M 2021 results

Group strategic guidelines

Group financial highlights

Closing remarks

Q&A

9M 2021 highlights

3Q adjusted EBITDA material enhancement vs 2Q (-25 M€ in 3Q vs -354 M€ in 2Q)
Continuing signs of drilling activity recovery
For the nine months revenues -6% YoY and adjusted EBITDA at -291 M€
Business environment still conditioned by pandemic:
- Delays and cost overruns adding to challenges in offshore wind
- Longer client investment decisions for new projects
- Continued impact from covid direct costs
Mozambique project suspension
Order intake of 4.9 B€, book-to-bill c.1x in 9M
- c. 24.5 B€¹ backlog provides support for the mid-term
Net debt post IFRS-16 c. 1.7 B€, trending as expected in 3Q

9M 2021 results YoY comparison (M€)

9M 2021 results P&L YoY (M€)

		Adjusted1
M€	9M 20	9M 21	Var.
Revenue	5,380	5,064	(316)
Total costs	(4,889)	(5,355)	(466)
EBITDA	491	(291)	(782)
margin	9.1%	n.m.
D&A	(457)	(383)	(74)	Driven by the termination of contract on a leased vessel and asset impairments of 2020
EBIT	34	(674)	(708)
Financial expenses	(133)	(88)	45	Costs for bond buyback in 2020, lower expenses for FX derivatives and leasing in 2021
Result from equity investments	10	(10)	(20)	Loss from projects in JV
EBT	(89)	(772)	(683)
Income taxes	(106)	(90)	16	Lower taxable profits
Minorities	(15)	0	15	No contribution from entities with minority partners
Net result	(210)	(862)	(652)

9M 2021 net result Reconciliation adjusted vs reported

Net Result (M€)

9M21 Adjusted	Health & Safety (Covid-19)	Others1	Write-down2	9M21 Reported



(862)	(61)	(85)
			(113)	(1,121)

Costs from Covid-19, safety first

Cost mainly related to management of pandemic and safeguarding people's health:

Cost of personnel on stand-by (e.g. quarantine, extraordinary charter flights)
Personal protective equipment in excess of the standard quantities
Sanitising work areas

Asset write-down mainly in E&C offshore and onshore in connection with competitiveness program

Of which 95 M€ of assets (included in D&A) and 18 M€ of inventories (included in operating costs)

9M 2021 results – E&C YoY comparison (M€)

Lower volumes in Middle East, North Africa and Italy partially offset by Europe and Americas
Results further impacted by challenges in offshore wind projects and fabrication bottlenecks in Far East also due to pandemic
Projects in traditional O&G business progressing well

• Revenue decrease in Middle East not entirely offset by increase in Sub-Saharan Africa

9M20 9M21

Margin affected by impact of Mozambique project and project extracosts in Middle East
Mozambique project still suspended with residual backlog at 3.6 B€

(42)

9M20 9M21

9M 2021 results – drilling YoY comparison (M€)

Drilling offshore Drilling onshore 234 274 9M20 9M21 61 76 9M20 9M21 Revenue Adjusted EBITDA 26.1% margin 27.7%

Revenue increase mainly driven by Saipem 12000, Saipem 10000 and Scarabeo 8
Continuing recovery on revenues and margin driven by market recovery and improving utilization

Lower activity in Middle East resulting from rig suspensions
EBITDA and EBITDA margin impacted by lower volumes
Restart of activity in Middle East supporting margin in 3Q

9M 2021 net debt evolution (B€)

Operating cashflow partly offset by positive working capital dynamic

2H 2021 outlook¹

Outlook for 2H does not factor further and possible material macro and business deterioration (e.g. from Covid-19)
E&C Onshore including floaters business and XSIGHT

Agenda

9M 2021 results

Group strategic guidelines

Group financial highlights

Closing remarks

Q&A

Towards the new Saipem…what to leverage…what to change

Saipem extraordinary potential is confirmed

But, a step change is now required

Risk discipline from commercial to execution

Tailored approach by project type

Simplification and streamlining

One Saipem

Saipem has always been the «partner of choice» for the most complex technology challenges of energy industry …

Saipem's cutting-edge solutions have always made the difference

…and is already pioneering technologies for the energy transition

…but a radically new energy eco-system calls for a discontinuity..

Oil Companies are executing different and polarized strategies

NOC

IOC

The depth of structural changes in market dynamics are redefining the content and the borders of our industry

Multiple emerging technologies on new energy carriers to be challenged and engineered into bankable and executable projects

New players and evolving client base

Growing appetite for advanced digital solutions and services aimed at reducing Total Cost of Ownership and Carbon Footprint

Sustainable infrastructure systems acquiring a critical role

Flexible strategy and differentiated go-to-market models

We need to clearly address our core business through a dual strategy…

Saipem dual strategy for the energy transition

Technical Sparring Partner of Energy Co's in complex projects

Provider of modular and scalable solutions and digitally-enabled services

Integrator of sustainable infrastructural systems

… evolving accordingly our business model around four pillars

…embedding transition technology in all areas

1 Asset based offer (1/2)

Capture growth cycle with key accounts in core geos

Optimize mix of own / leased assets and utilization rate

Gradual exit from vertically integrated fabrication model

Strengthen offering through partnerships and/or alliances

Reduce fleet carbon footprint

Strategic actions

Long-term drilling contracts SURF Transport & Installation

Asset based offer (2/2) 1

Key Figures
>90%	'22-'25 revenues from top 3 geos
5	Vessels to be scrapped
3	Fabrication yards to be discontinued
85%	'25 vs. '20 Drilling Idleness costs
50%	'25 vs. '20 Vessels Idleness costs
	Comm. agreement announced today w/ Technip FMC

Energy carriers (1/2) 2

Key Figures
300+	Refining, Pet-Chem & Fertilizer plants built by Saipem
~€100B -	Addressable market (LNG, Regasification, Fertilizers…)
- 50+	Pre-FEED / FEED/ concept studies already in pipeline to tackle addressable market

Energy carriers (2/2) 2

s n o ti c a c gi e t a r t S	Focus on backlog execution with increased discipline on cost and risk
	Shift Order Intake from volume to value
		Proactive marketing
	Accelerating new paradigm	Tech innovation … Venture Capital … own patents
		Digitalization of processes … and plants

LNG & Regasification Biorefinery & Biochem Green fertilizer

Robotics, Digital and Industrialized solutions (1/4) 3

A new kind of demand

	Floating Wind / Solar Modular Solutions	Concentrated Solar Power Systems	Green Hydrogen Plant Packages (Electrolizer + Renewables)	Small-scale CCS units for hard-to abate applications	Plastic Recycling Industrialized Solutions

e z si t c e oj r p	30 ÷ 450 MW	50 ÷ 200 MW	10 ÷ 100 MW*	200 ÷ 400 CO2 Mtpa	50 ÷ 100 Ktpa
e c n e r e f e R	250 M€ ÷ 1.5 B€	300 M€ ÷ 1 B€	30 ÷ 800 M€	50 ÷ 150 M€	70 ÷ 250 M€

Robotics, Digital and Industrialized solutions (2/4) 3

Strategic actions Develop modular, scalable, industrialized technological solutions

Exploit digitally-enabled service platforms (e.g. subsea robots)…

…to grow recurring monitoring and maintenance services

Build the execution model for the new world

Examples

Industrialized solutions Digital & advanced services Robotics

Robotics, Digital and Industrialized solutions (3/4) 3

Key Figures
70+	CO removal plants designed and built worldwide 2
150+	engineers already engaged in new solutions offering
€200M+	total annual existing service revenues
30+	years of experience in subsea ROV; world's first provider of subsea drone services
€100M+	robotics service recurring revenues opportunities in today's pipeline

Fare clic per modificare lo stile del titolo dello schema 3 Robotics, Digital and Industrialized solutions (4/4) Saipem Floating Wind Offer example

Tactical Make or Buy Mix

Sustainable Infrastructures (1/2) 4

Strategic actions

Exploit PNRR as a launch pad to create a solid backlog

Focus on digitalized, interconnected and sustainable infrastructures

Diversify from energy industry cycles

Examples

High Speed/High Capacity Rail Infrastructures

Integrated, Digitized, Interconnected, Smart, Safe mobility solutions

Infrastructures Technological upgrade

Sustainable Infrastructures (2/2) 4

New Saipem strategy will capture ST cash generating growth, while creating value in the LT addressing the energy transition opportunities

Evolutionary trajectory

Asset based	• Cycle driven cash generation • Active portfolio management • CAPEX discipline	S/MT Growth driven by cycle
Energy carriers	• Value over volume & de-risking • Hybridization and new energy carriers • Tech-based proposition	Stable with significant re-mix
Robotics, Digital & Industrialized Solutions	• Growth and superior resilience • Modular solutions • High-end recurring service revenues	Growth, fast evolving
Sustainable infrastructure	• Italy PNRR launch pad • Long-term diversification driver • Focus on integrated systems	Growth

Towards a more resilient portfolio with an higher value revenue mix

Evolutionary path toward the new Saipem: how we get there

ESG leadership

Saipem strategy on one page

Agenda

9M 2021 results

Group strategic guidelines

Group financial highlights

Closing remarks

Q&A

From a challenging present to a resilient future

• Solid revenue growth

• Cash costs reduction

• Recouping pre-pandemic profitability

• CAPEX plan sustained by cash generation after 2022

Revenue growth

Current backlog provides high future revenue coverage…

High backlog coverage 2022-onwards

…complemented with 23 B€ of selected commercial opportunities

Europe, CIS & Central Asia

Overview of cost competitiveness program

Savings net of implementation costs
Non-strategic international offices

Strategy enabled by new CAPEX plan with expected deleverage towards 2025

Capex mix shifting towards new asset-lighter segments, with c. 1.5 B€ cumulated 2022-25

Deleveraging through c. 0.8 B€ cumulative FCF generation 2022-2025

Balance sheet and liquidity: strong liquidity and well-balanced debt structure

Liquidity

Well-balanced debt maturity profile

First significant maturity in 2022, covered by existing liquidity

Monitoring debt capital markets

Strategic plan as basis to access sustainability-linked funding pools

Restricted liquidity mainly related to projects and local currencies

Towards a resilient profitable future

• Solid revenue growth	• Growth driven by offshore and drilling • c.15% CAGR 21-25
Cash costs reduction •	c.100 M€ net savings in 2022 • c.300 M€ per year by 2025 (run-rate) •
• Recouping pre-pandemic profitability	Close to pre-pandemic EBITDA1 • from 2023 Double-digit profitability by 20241 •
• CAPEX plan sustained by cash generation after 2022	• c.1.5 B€ cumulated CAPEX in 2022-25 • Net debt c.2.2 B€ in 2022 • Targeting < 1 B€ net debt in 2025