Saipem — Investor Presentation 2022

Feb 28, 2023

FULL YEAR 2022 RESULTS AND STRATEGY UPDATE

February 28th, 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.

Agenda

4Q & Full year 2022 highlights

Financial and business performance

Strategic update

Closing remarks

Appendix

2.9 B€ Group Revenues¹

150 M€

Group Adjusted EBITDA¹

Driven by offshore

6.0 B€

+72% YoY

+3% QoQ

Order Intake1

~ 14 B€² in FY 2022, 1.4x Book-to-bill

56 M€

Net Cash pre-IFRS 16

264 M€ Net debt post-IFRS 16

1. Revenues, adjusted EBITDA and order intake do not include discontinued operations (Drilling Onshore)

⁴ 2. FY 2022 order intake (o/w E&C Offshore 8.4 B€, E&C Onshore 3.7 B€ and Drilling Offshore 1.7 B€), excluding discontinued operations (Drilling Onshore) and pre-cancellation of ~ 1 B€ backlog in 1Q22. FY 2022 order intake net of order cancellations is ~ 13 B€

FY 2022: delivery on strategic plan commitments (1/2)

1. Excluding discontinued operations (Drilling Onshore)

2. FY 2022 guidance: revenue >9 B€ (excluding discontinued operations), adjusted EBITDA >550 M€ (excluding discontinued operations), net debt post-IFRS 16 c.300 M€

3. Post-IFRS 16

4. Pre cancellations of ~ 1 B€ backlog in 1Q 2022 in E&C Onshore

FY 2022: delivery on strategic plan commitments (2/2)

Leveraging offshore drilling

• Offshore Drilling fleet: zero idleness¹ in 2022

• Booked 87%² in 2023 and 70%² in 2024

Phased approach for offshore wind

• 3 projects completed, others in line with revised schedule
• Commercial agreement with Seaway7

in KCA Deutag Cash actions to unlock liquidity

• Drilling onshore sale for 550 M\$ cash +10% stake
• 2 projects in Russia closed
• 2 non-consolidated³ under exit De-risking
• 1. Contractual idleness
• 1. Including optional periods
• 1. Non-consolidated residual backlog in Russia < 0.3 B€

4Q & Full year 2022 highlights

Financial and business performance

Strategic update

Closing remarks

Appendix

FY 2022 group results (M€)

1. Excluding special items. See slide 35 in the appendix for special items and slide 11 for reported results

FY 2022 results – Offshore (M€)

E&C Offshore

• Revenue increased by 80% YoY, with 4Q confirming strong progress
• Higher volumes across all regions, driven by Middle East
• Oil & gas projects progressing well and supporting EBITDA performance
• Results in 2021 impacted by execution issues in offshore wind and fabrication bottlenecks in Far East, also due to pandemic
• Significant physical progress of offshore wind projects in 2022

Drilling Offshore

• Overall positive year-on-year results on the wake of market upcycle, good operating performance and improved pricing
• Zero idleness and the start of operations of new drillship Santorini boosted revenues
• Adjusted EBITDA mainly reflects revenue increase

FY 2022 results – Onshore (M€)

E&C Onshore

• n.m. margin 0.0% Revenue increased YoY driven by project progress mainly in Middle East and Latam; Mozambique decreased due to suspension from April 21
• Adjusted EBITDA improvement YoY, with 2021 backlog review still weighing on margins
• Mozambique project still suspended with residual backlog at 3.5B€

FY 2022 results – P&L YoY comparison (excluding drilling onshore)

	Adjusted1 Group –
	Income Statement
M€	FY 21	FY 22	Var.
Revenue	6,528	9,980	3,452
Total costs	(7,802)	(9,385)	(1,583)
EBITDA	(1,274)	595	1,869
margin	n.m.	6.0%
D&A	(400)	(445)	(45)
EBIT	(1,674)	150	1,824
Financial expenses	(137)	(195)	(58)
Result from equity investments	9	(65)	(74)
EBT	(1,802)	(110)	1,692
Income taxes	(59)	(153)	(94)
Minorities	0	0	0
Discontinued operations	(53)	124	177
Net Result	(1,914)	(139)	1,775

Group – Reported Income Statement
FY 21 FY 22
6,528	9,980
(8,252)	(9,437)
(1,724)	543
n.m.	5.4%
(495)	(445)
(2,219)	98
(137)	(195)
9	(65)
(2,347)	(162)
(59)	(153)
0	0
(61)	106
(2,467)	(209)

11 1. Excluding special items of 70 M€ mainly related to Covid-19 costs (29 M€) and redundancy costs (50 M€). Out of 70 M€, 52 M€ is at EBITDA and EBIT level and 18 M€ in discontinued operations. See slide 35 for special items

4Q 2022 Net Debt Evolution

1. Others including cash special items, repayment of lease liabilities, cash flow from own funds and exchange differences

Available liquidity provides ample room to manage upcoming maturities

Cash in JV and others

Available cash & cash equivalent

1. Pro-forma liquidity includes actual liquidity at year-end 2022 and the new facilities signed in February 2023 (new term loan, 70% guaranteed by SACE, and new undrawn RCF)

2. FY 2022 average cost of debt, including treasury hedging and fees

Selective commercial strategy brought ~ 14 B€ of order intake in 2022¹

Order intake FY 2022¹

8.4B€ E&C Offshore

1.7B€ Drilling Offshore

3.7B€² E&C Onshore Awards concentrated in Saipem's sweet spots, as targeted in the business plan: ~ 73% in Offshore (E&C and drilling)

Achieved over a third of 2022-25 E&C Offshore plan acquisitions in year one³

1. Pre-cancellation of ~ 1 B€ backlog in 1Q22

2. FY 2022 E&C offshore acquisitions ~ 8.4 B€ vs ~ 24 B€ 2022-25 target for E&C offshore (as per March 2022 Strategic Plan)

^1. Order intake do not include discontinued operations (Drilling Onshore). FY 2022 order intake pre-cancellation of ~ 1 B€ backlog in 1Q22 (in E&C Onshore). Order intake net of order cancellations is ~ 13 B€

Backlog shifting towards offshore

IFRS Backlog portfolio

As of 31st December 2022

As of 31st December 2021

22,985 M€ 10,756 45% 1,494 6% 11,767 49% Drilling Offshore E&C Offshore E&C Onshore 24.0 B€ 51% Offshore

Detail as of 31st December 2022

Note: 31st December 2022 backlog does not include the residual backlog (114 M€) of drilling onshore geographies still under disposal (Latam)

Non-consolidated backlog @ 31 December 2022 equal to 359M€, of which 251 M€ in Russia (~ 800 M€ of non-consolidated projects in Russia removed in 9M 2022, see slide 34)

Offshore wind projects well under execution

Large projects in backlog nearing completion¹

1. Average work-weighted physical progress 85%, considering offshore wind projects in backlog that have already started offshore activities 16

E&C market near-term¹ opportunities worth ~ 51 B€ Growing project pipeline momentum, weighed towards offshore

1. From 41 B€ in 9M22 presentation to 51 B€ in FY22 presentation

Agenda

4Q & Full year 2022 highlights

Financial and business performance

Strategic update

Closing remarks

Appendix

Progressing along the strategic path outlined in March 2022

Asset Based Services - E&C Offshore growth

Exploit the positive market context and growing clients' demand, while strengthening Saipem competitive positioning in subsea

Ensuring the possibility to utilise HVO¹ as biofuel for our vessels in collaboration with Eni²to meet net zero target

Focus acquisitions in Africa, Guyana and Middle East secure execution capabilities

• Subsea projects in West Africa, Guyana
• Leverage presence in Middle East and West / North Africa targeting large-size platforms
• Trunklines market upcycle in Mediterranean region, North Europe, Americas and Far East
• New trunklines and platforms linked to CCUS and H2 ammonia hubs

Secure execution capabilities

• New deepwater heavy lift and pipelay vessel (leased) to execute new awards globally

Strengthen positioning and offering in subsea

• Consolidate position in reeling market
• Integrated projects:
• maintain our commercial flexibility, open to cooperations

• strengthen current commercial alliances

• Hydrotreated Vegetable Oil

Expected order intake 2023-26 24.1 B€ (50% of total acquisitions) of which: SURF 11.3 B€

Conventional 12.8 B€

Asset Based Services - Exploit positive Drilling Offshore momentum

Exploit positive market momentum and possible fleet monetization opportunities

Ensuring the possibility to utilise HVO² as biofuel for our vessels in collaboration with Eni³to meet net zero target

Expand drilling fleet

• Increase drilling fleet, mainly through leased vessels, both shallow and deep-water, to increase capacity to serve clients
• Fleet rejuvenation (average age from 19 in 2018 to 11 by 2024) thanks to:
• New 7 th gen. drillship: Santorini
• New leased 7th gen. drillship: Deep Value Driller
• 3 new leased jackups: Perro Negro 11, 12 and 13
• Strengthen presence in West Africa (deep-water), Norwegian market (harsh environment) and Mediterranean

Explore monetization opportunities

• Potential valorisation of shallow water

Expected order intake 2023-26 2.8 B€ (6% of total acquisitions) Fleet booking¹ 2023 87%

2024 70%

• 1. Utilisation based on active contracts as of 27 February 2023, including optional periods
• 1. Hydrotreated Vegetable Oil
• 1. MoU signed with Eni Sustainable Mobility for use of biofuels on Saipem drilling and construction offshore fleet

Asset Based Services - Progress Offshore Wind strategy

Short-term focus on backlog

Leveraging on lesson learned for new acquisition

Explore partnerships to access required vessels and mitigate risks

Focus on core capabilities

• Target T&I and EPCI of foundations leveraging on Saipem's track record in serial fabrication and offshore installation
• Progressively purse large substation EPCI, in partnership with equipment manufacturers

Joining forces

• Commercial alliance with Seaway7
• Fleet complementarity
• Widening opportunities for mega-projects

Position in the floating wind

• Investments in the development of floating solutions and construction equipment
• Alliances with major shipyards and assembly contractors to improve the EPCI proposition, standardize the supply chain and reduce execution time

Expected order intake 2023-26

3.6 B€ (7% of total acquisitions)

Energy Carriers - Selective E&C onshore, focusing on energy transition

Position Saipem in the energy transition, stabilize cash flows and managing portfolio execution risks

Position Saipem in the energy transition

• Focus on LNG, Gas Monetization (including green and blue solutions), pursue momentum in CCUS
• Explore partnership/M&A in the high-tech energy transition to enrich Saipem's portfolio

Increase recurring revenues

• Growth on Operation & Maintenance and engineering services

Managing portfolio execution risks

• Front-end design competition schemes
• Increase share of cost+ and/or hybrid contracts
• Maximize pre-award agreements with the supply chain
• Partnerships for manpower availability and geographical presence

Building Sustainable Infrastructures

Target NRRP¹ projects, focusing on high-tech railway infrastructures

Potential to expand internationally

Leveraging 30+ years in railways infrastructure

• Mainly focusing on strategic transportation and infrastructure projects and further investments on innovative mobility solutions
• Market boost by NRRP¹ : ~ 15 B€ of expected investments in strategic transportation infrastructures
• Potential opportunities for high-end services in smart infrastructures and technology solutions

International development

• Synergies with current Saipem global footprint

Expected order intake 2023-26

1.6 B€ (3% of total acquisitions)

Develop Robotics and Industrialized Solutions

Industrialized solutions for low-carbon energy with digitally enabled product-to-service business model

Low-carbon and energy transition

• Bluenzyme 200 first product to capture CO2 for the hard-to-abate segment (200t/day)
• Plastic to Liquid: invest in innovative technologies to increase plastic recycling
• Focus on green hydrogen and derivatives (e.g. ammonia, methanol) integrated projects

Robotics and subsea factory

• Integrated EPCI + IMR¹ proposition for deployment and operation of multipurpose resident subsea drones
• Explore M&A to support the investments growth
• Well positioned in the emerging market for subsea asset integrity and security surveillance

Expected order intake 2023-26

1.9 B€ (4% of total acquisitions)

Further accelerating low-carbon commercial effort

Initiatives towards net zero well identified and under execution

• Scope: using biofuels on Saipem drilling and construction offshore fleet

• Focus on operations in the Mediterranean Sea

27

Guidance and Outlook

	Revenues	1 Adj. EBITDA	Capex	2 FCF	Net Debt
2023	> 11 B€	~ 850 M€ Double-digit margin from 2025	~ 450 M€	Breakeven	Positive Net cash pre-IFRS 16 Net debt ~ 500 M€ post-IFRS 16
2026	> 12 B€	> 1.2 B€	1.2 B€ ~ cumulative 2023-26	> 0.6 B€	Positive Net cash > 0.7 B€ post-IFRS 16

1. Excluding special items

2. Free cash flow pre-IFRS 16, computed as EBITDA reported pre-IFRS 16, after capex, delta net working capital, financial charges, taxes and dividends

Agenda

4Q & Full year 2022 highlights

Financial and business performance

Strategic update

Closing remarks

QoQ comparison - (M€)

4Q 2022 group results

1. Excluding Drilling Onshore (discontinued operations)

2. Excluding special items. See slide 36 in the appendix for special items and slide 11 for reported results

4Q 2022 results by division QoQ comparison (M€)

1. Excluding special items

FY 2022 Net Debt evolution

(M€)

1. Others including cash special items, repayment of lease liabilities, cash flow from own funds and exchange differences

Russia: exit almost completed, in full compliance with the sanctioning framework provisions and timeframe

• Exit completed from consolidated projects
• Exit on non-consolidated projects ongoing, consistently with the provisions and timeframe of the sanctioning framework
• Non-consolidated backlog almost entirely removed
• No new acquisitions in Russia confirmed in Strategic Plan 2023 2026
• Monitoring the continuous evolution of the geopolitical context and sanctioning framework

• Exit completed, no further impacts

Artic LNG 2 – GBS and Topsides

• Residual backlog of ~ 251 M€
• Ongoing negotiation with project partner

FY 2022 backlog distribution

Sizeable backlog provides support for the mid-term

Non-consolidated Backlog By Year Of Execution

2023	2024	2025+
331	17	11	M€

Note: 31st December 2022 backlog does not include the residual backlog (114 M€) of drilling onshore geographies still under disposal (Latam) Non-consolidated backlog @ 31 December 2022 equal to 359 M€, of which 251 M€ in Russia (~ 800 M€ of non-consolidated projects in Russia removed in 9M 2022, see slide 33)

FY 2022 Net Result - Reconciliation Adjusted vs Reported

Net Result (M€)

Drilling Onshore (discontinued operations² )

Costs from Covid-19

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

1. Special items of 70 M€ mainly related to Covid-19 costs (29 M€) and redundancy costs (50 M€). Out of 70 M€, 52 M€ is at EBITDA and EBIT level, while 18 M€ in discontinued operations.

2. Drilling Onshore has been classified as discontinued operations following the sale agreement with KCA Deutag. (First closing on 28th October 2022)

FY 2022 Results – D&A, financial expenses and taxes (M€)

• Taxes at 153 M€ in FY 2022

• FY 2023 expected broadly in line with FY 2022

1. Including 18 M€ of IFRS 16 impact

Taxes¹

Debt maturity profile and liquidity Analysis as of 31 December 2022

Billion €	FY 22
Gross Debt	2.63
o/w Banks	0.53
Bonds	2.00
Accruals and other financial debt	0.10
Total liquidity	(2.69)
Net Debt (pre IFRS 16)	(0.06)
IFRS 16	0.32
Net Debt (post IFRS 16)	0.26

Bonds and banking facilities maturities (M€)

Liquidity as of 31 December 2022 (B€)

Note: FY 2022 average cost of debt ~ 5%, including treasury hedging and fees; average tenor at 31 December 2022 ~ 2.6 years.

1. Restricted liquidity mainly related to projects and local currencies

2. Revolving Credit Facility of 470 M€ and Term loan of 390 M€ (70% guaranteed by SACE)

Drilling offshore fleet booking on the rise

Drilling Vessel Engagement Map (2022-24)

Top-ranked ESG player among peers

ESG Rating1
						2
Saipem	79/100	87/100	4.2/5	79.3/100	61/100	18.1(100<0)
E&C peers average3	23/100	74/100	2.6/5	53.2/100	n.a.	25.9 (100<0)
Saipem ranking4	st 1	st 1	st 1	st 1	st 1	rd 3

ESG culture and achievements recognized externally

1. Rating as of 31 December 2022

2. 1. Rating ESG of Sustainalytics is based on risk evaluation, thus the lowest is the best
3. 1. Sector Average Rating is defined by ESG rating agency or, in case of Refinitiv, Bloomberg and Sustainalytics, is calculated considering the following peers group: TechnipFMC, Subsea 7, Petrofac, Tecnicas Reunidas, Maire Tecnimont, Aker Solutions
4. 39 4. Official ranking communicated to Saipem by ESG rating agencies; peer groups defined by agencies except for Bloomberg e Refinitiv for which it is calculated for the above peer group; Saipem official overall ranking for Refinitiv is 4th