Saipem

Investor Presentation • Apr 21, 2022

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FIRST QUARTER 2022 RESULTS

April 21st, 2022

Disclaimer

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This communication does not constitute an offer or an invitation to subscribe for or purchase any securities. The securities referred to herein have not been registered and shall not be registered in the United States under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or in Australia, Canada or Japan or any other jurisdiction in which such offer or solicitation would require the approval of local authorities or would otherwise be unlawful. The securities may not be offered or sold in the United States or to US persons unless such securities are registered under the Securities Act or an exemption from the registration requirements of the Securities Act is available.

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 and business update

Agenda 1Q 2022 results

Appendix

Positive start of the year - 1Q 2022 Highlights

Financing package progressing in line with expected schedule

Irrevocable commitment by Eni and CDP Industria ("Main Shareholders") to subscribe the rights issue pro-rata to their respective stakes (c.43%)

The Main Shareholders paid 646M€ as contribution for future share capital increase at the end of March 2022: Eni 458M€ and CDP Industria ("CDP") 188M€

Eni portion of contribution for future capital increase already authorized to be accounted for as Equity

Liquidity facility up to 855M€ signed on 31 March 2022 with a pool of 8 Italian and international banks, guaranteed by Eni, and drawn for an amount of c. 680M€ on 4 April 2022

500M€ maturing bonds fully repaid on 5 April 2022

SACE board of directors approved - pending relevant ministerial approval - the issuance of a guarantee on the SACE facility in the framework of "Garanzia Italia" that will replace the liquidity facility guaranteed by Eni

S&P Global credit rating improved from BB- (CreditWatch Neg) to BB (outlook positive)

Process underway and Shareholders' Extraordinary Meeting to be held on 17 May 2022

Positive offshore commercial momentum Main awards 1Q 2022

DRILLING OFFSHORE E&C OFFSHORE

Scarabeo 8

• Client: Aker BP
• Location: Norway
• Contract duration: 3 years + 2 1-year options, activities starting from end of 4Q 2022, upon termination of current engagement

Saipem 12000

• Client: Eni
• Location: West Africa
• Contract duration: 6 months + options for 10 additional months, activities starting in April 2022

2 jack-up in Saudi Arabia

• Client: Saudi Aramco
• Location: Saudi Arabia
• Duration: 5 years + options for 2 additional years
• Drilling activities starting in 4Q 2022 for both contracts

Scarborough

• Client: Woodside on behalf of the Scarborough JV
• Location: Australia
• Scope of work: coating, transportation and installation of a 430-km-long trunkline with a 36"/32" diameter at a maximum water depth of 1,400 meters

Leverage strong track record in very large/very long trunklines with the advanced pipelayer Castorone

Yellowtail

• Client: Esso Exploration and Production Guyana Ltd (ExxonMobil)
• Location: Guyana (Stabroek block)
• Scope of work: SURF (EPCI of Subsea Umbilicals, Risers & Flowlines) at a water depth of around 1,800 meters. Saipem's fabrication facility in Guyana to build the deepwater structures

Strengthening our presence in a key Country for subsea developments

Capturing drilling offshore market upside

Well-diversified and sizeable backlog

Agenda

Highlights and business update

1Q 2022 results

Appendix

1Q 2022 group results YoY comparison (M€)

1Q 2022 results – E&C YoY comparison (M€)

• Higher volumes driven by Middle East
• Projects in traditional O&G business progressing well and contributing to adjusted EBITDA
• High single digit margin, despite dilution from offshore wind projects, which are progressing in line with revised schedules but with neutral margin profile

• Revenue increase Asia Pacific, Americas and Europe, offset by Sub-Saharan
• Adjusted EBITDA reduction due to lower progress in Sub-Saharan and lower profitability in Middle East
• Mozambique project still suspended with residual backlog at 3.5 B€
• Backlog review impact weighed on adjusted EBITDA margin

1Q 2022 results – drilling YoY comparison (M€)

78 129 1Q21 1Q22 22 40 1Q21 1Q22 Revenue Adjusted EBITDA

• Revenue increase mainly driven by Saipem 10000, Scarabeo 9 and the start of operations of new drillship Santorini
• Adjusted EBITDA reflects revenue increase due to better utilization

Drilling offshore Drilling onshore

• Revenue increase due to higher activity mainly in Middle East and partly in Latin America
• EBITDA and EBITDA margin reflect revenue trend
• Restart of further rigs in Middle East expected to further support margin

1Q 2022 results – P&L YoY comparison

	Group – Adjusted Income Statement1			Group – Reported Income Statement
M€	1Q 21	1Q 22	Var.	1Q 21	1Q 22
Revenue	1,618	1,942	324	1,618	1,942
Total costs	(1,530)	(1,797)	(267)	(1,545)	(1,810)
EBITDA	88	145	57	73	132
margin	5.4%	7.5%		4.5%	6.8%
D&A	(122)	(131)	(9)	(122)	(131)
EBIT	(34)	14	48	(49)	1
Financial expenses	(31)	(23)	8	(31)	(23)
Result from equity investments	(10)	(43)	(33)	(10)	(43)
EBT	(75)	(52)	23	(90)	(65)
Income taxes	(30)	(33)	(3)	(30)	(33)
Minorities	0	0	0	0	0
Net result	(105)	(85)	20	(120)	(98)

1. Excluding special items of 13 million euro related to Covid-19 costs

Net debt reduced by contribution for future capital increase

1Q 2022 Net Debt Evolution (B€)

Debt maturity profile and liquidity Analysis as of 31 March 2022

Bonds and banking facilities maturities (M€) - Total 3.35B€¹

Liquidity as of 31 March 2022 (B€)

Billion €	1Q 22
Gross Debt o/w	3.71
Bonds and banks	3.35
CDP contribution	0.19
Accruals and other financial debt	0.17
(Total liquidity)	(2.75)
Net Debt (pre IFRS 16)	0.95
IFRS 16	0.30
Net Debt (post IFRS 16)	1.25

1. Restricted liquidity mainly related to projects and local currencies

Closing Remarks

Positive start of the year, Q1 results driven by Offshore E&C and Drilling

Continuing offshore commercial momentum

Financing package progressing as expected

Shareholders' Extraordinary Meeting to be held on 17 May 2022 to resolve on:

• Reduction of the share capital due to losses through the reduction of the number of ordinary shares (ratio 21 ordinary shares for every 100 ordinary shares)
• Attribution to the Board of Directors of the power, to be exercised by 31 March 2023, to increase the share capital by 2 billion euros

Agenda

Highlights and business update

1Q 2022 results

Current E&C backlog including non-consolidated

1Q 2022 backlog distribution by year and breakdown

Sizeable backlog provides support for the mid-term

Non-consolidated Backlog By Year Of Execution

2022	2023	2024+
907	560	288	M€

~ 30 B€ of globally diversified opportunities in the short run

Onshore Drilling fleet utilisation improved

1. Excluding 17 rigs stacked in Venezuela and currently not marketable

2. Simple average: # days sold / # days available for sale

1Q 2022 Results – D&A, Financial Expenses and Taxes (M€)

1. Floaters business included in E&C Onshore

2. Including 3 M€ of IFRS16 impact

1Q 2022 group results QoQ comparison (M€)

1. Includes the impact from backlog review of c. 1 billion Euro

1Q 2022 results by division QoQ comparison (M€)