Saipem

Investor Presentation • Jul 25, 2024

25th July 2024

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, contingencies and other factors beyond the Company's control that are difficult to predict as 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, economic conditions globally, commodity price volatility, credit and liquidity risks, HSE risks, the levels of capital expenditure in the oil and gas industry and other sectors, social, economic, geographic and/or 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), regulatory developments in Italy and internationally, the outcome of legal proceedings involving the Company; 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 and undue reliance should not be placed on them. The Company therefore cautions against relying on any of these forward-looking statements. 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 or damage 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.

First Half 2024 Results

Agenda

1 Highlights

2 Financial review

3 Closing remarks

4 Appendix

Highlights of 2Q 2024 results

Note:

Update on major recent awards

First Half

Ndungu	Kaminho	LTA	Ammonia Project
May 2024	May 2024	June 2024	July 2024
Angola Ndungu field	Angola Cameia and Golfinho fields	Saudi Arabia Abu Safa, Berri & Manifa fields	Northern Europe
850 M\$	3.7 B\$	500 M\$	250 M€
Azule Energy (Eni, bp)	TotalEnergies	Saudi Aramco	Undisclosed Client
Offshore E&C	Offshore E&C + Onshore E&C	Offshore E&C	Onshore E&C
EPC and T&I of 60 km of rigid carbon steel pipelines and other SURF components	EPC for FPSO vessel (plus O&M) and EPCI for 30 km of SURF infrastructure	EPCI of a 50 km crude trunkline and production optimisation programs	EPC of a large-scale green ammonia storage tank and associated facilities
= Integrated Award (Onshore & Offshore)

EPC contractual model de-risking

Balance sheet de-leveraging continues

Net cash position pre-IFRS 16 (M€)

Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24

Access to capital markets

Financing

• 500 M€ convertible bond issuance (Sep-23)
• 500 M€ bond issuance (May-24)

Guarantees

• Broad access to financial guarantees
  • Pool of >30 global banks and insurers

  • 7 B€ stock of financial guarantees (as of Jun-24)

  • 1.5 B€ of newly issued guarantees in the last 12 months

Record level and high-quality backlog

Asset Based Services backlog (B€) Other backlog (B€)

from 2022 onwards

Offshore E&C fleet utilisation

Notes:

2024 Results 9 1) Analysis based on the 9 largest construction vessels owned by Saipem (i.e. chartered vessels and minor owned vessels excluded)

2) Analysis based on days of planned utilisation (including planned maintenance)

Courseulles-sur-Mer offshore wind project

Key updates and timeline

1

2

3

4

• Construction and assembling of drilling system completed in 1Q 2024 in the UK
  • All 64 monopiles and transition pieces ready at marshalling areas
  • Drilling system mobilised on jack-up vessel and currently on location in France Commissioning ongoing
  • Support fleet mobilised and ready to start operations
• 5 Expected project completion in mid-2025

Drilling System

• 2,000 tons overall weight
• 9.5 meters bore diameter
• 36 meters socket length
• 35 meters operating water depth

Monopiles

• 780-980 tons weight
• 7.0-7.8 meters diameter
• 62-68 meters height

Wind farm area

• 45 sq. km
• 19 km from French coast

First Half 2024 Results

Agenda

1 Highlights

2 Financial review

3 Closing remarks

4 Appendix

1H 2024 results (M€)

2024 Results 12 1. Operating Cash Flow equals to Net Result, plus D&A and other non-monetary items, minus changes in Working Capital

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

+32% +50% Asset Based Services Revenue EBITDA Business Lines Included Offshore E&C 9.9% margin 11.3% 2,622 3,449 1H23 1H24 260 391 1H23 1H24

Offshore

Wind

• Revenue growth supported by conventional and subsea Oil & Gas projects as well as growth of backlog
• EBITDA margin uplift thanks to a more favourable project mix

1H 2024 results – Drilling Offshore (M€)

Drilling Offshore

+24% +18% Revenue EBITDA Business Lines Included 39.3% margin 37.2% 359 446 1H23 1H24 141 166 1H23 1H24

• Revenue and EBITDA growth supported by fleet expansion and average daily rate improvement
• Solid operating performances partially offset by cyclical maintenance activity, start-up costs for a jack-up, as well as impact of temporary suspensions by Saudi Aramco

1H 2024 results – Energy Carriers (M€)

▪ Sustainable Infrastructures strongly contributing to growth and profitability

1H 2024 results (Income Statement)

	Group Income Statement
M€	1H 2023	1H 2024	Change
Revenue	5,347	6,418	1,071
Total costs	(4,937)	(5,853)
EBITDA	410	565	155
EBITDA margin	7.7%	8.8%
D&A	(218)	(310)
EBIT	192	255	63
Financial expenses	(87)	(73)
Result from equity investments	13	10
EBT	118	192	74
Income taxes	(78)	(74)
Net Result	40	118	78

Net Debt evolution in 1H 2024

Debt and liquidity at the end of 2Q 2024

Committed RCF (undrawn)

Cash in JVs and other restricted cash

Available Cash

Bank debt Bond Convertible bond

Overview of recent liability management exercise

Bank debt Bond Convertible bond

First Half 2024 Results 19

First Half 2024 Results

Agenda

1 Highlights

2 Financial review

3 Closing remarks

4 Appendix

Revenue, margins and cash flow conversion

On track to meet 2024 guidance and medium-term targets

Cash flow generation and de-leveraging continues

Steady progress on legacy projects execution

Q&A Session

First Half 2024 Results

Agenda

1 Highlights

2 Financial review

3 Closing remarks

4 Appendix

Reporting according to business lines and IFRS 8

2Q 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

2Q 2024 results by reporting segments in context (M€)

Q-o-Q comparison

Asset Based Services		Drilling Offshore		Energy Carriers
Revenue	EBITDA	Revenue	EBITDA	Revenue	EBITDA
+4% +31% -16% +11%	Margin % 10.0 10.2 10.3 11.0 11.6 +6% +31% -10% +17%	-1% +17% +1% +12%	Margin % 40.8 42.4 41.1 38.1 36.4 +3% +13% -6% +8%	+17% +0% -11% +10%	Margin % 0.2 0.1 0.0 0.7 0.0
953 6 81 633 1, 4 9 1, 49 43 1, 1, 1,	1 01 21 0 2 8 3 4 1 5 4 1 1	6 3 0 7 2 0 21 9 7 2 7 7 1 1	6 5 0 8 8 5 73 8 7	5 51 9 4 4 31 7 3 3 0 4 1, 1, 1, 2 1,1 1,

2

2

0

8

0

1H 2024 D&A and financial expenses

Net Debt evolution in 2Q 2024

Lease liabilities¹ in 2023 and 1H 2024

Average weighted duration of E&C vessels leases

Bank guarantees

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

Backlog details (1/5)

Backlog details (2/5)

Oil 32%

Backlog details (3/5)

Backlog by customer type

Backlog by energy type

2024 Results 34 2. Referring mainly to Sustainable Infrastructures projects and fertilizing plants

First Half

Backlog details (4/5)

Top 20 projects by backlog Clients breakdown by backlog

12%

Client 3 Client 4 Client 5 Client 6 Client 7

Client 1 Client 2

Client 8

Other clients (#21)

30.5 B€ 30-Jun-24

11%

7%

7%

5%

4%

Backlog details (5/5)

Non-consolidated Backlog By Year Of Execution (M€)
Jul-Dec 2024	2025	2026	2027+
38	43	54	21

Drilling offshore fleet

Drilling Vessel Engagement Map (2023-2025)

²⁰²⁴ Results 37 1. Leased vessels 2. Temporary suspended by Saudi Aramco for up to 12 months (temporary suspension starting in 2Q 2024 for PN10 and PN9 and in 4Q 2024 for PN7)

E&C market near-term¹ opportunities worth ≈ 53 B€

2024 Results 38 1. Six quarters ahead, starting from 3Q 2024

First Half