Saipem

Investor Presentation • Apr 24, 2025

First Quarter 2025 Results

24th April 2025

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 Quarter 2025

Results

Agenda

1 Highlights

2 Financial review

3 Closing remarks

4 Appendix

Highlights of 1Q 2025 results

Growth path continues

Update on recent awards

Recent Energy Carriers order intake aligned with new paradigm

Update on Courseulles-sur-Mer

4 sockets successfully drilled 4 monopiles with transition pieces successfully installed

Vole Au Vent vessel already returned to owner Bold Tern vessel being set up with drilling machine

Planning to restart drilling in late-summer 2025 Targeting drilling one socket per week

60 sockets to be drilled 60 monopiles to be installed

Targeting to complete drilling in 2026

First Quarter 2025

Results

Agenda

1 Highlights

2 Financial review

3 Closing remarks

4 Appendix

1Q 2025 results (M€)

1Q 2025 results – Asset Based Services (M€)

1Q 2025 results – Drilling Offshore (M€)

1Q 2025 results – Energy Carriers (M€)

1Q 2025 results – Income Statement

	Group Income Statement
M€	1Q 2024	1Q 2025	Change
Revenue	3,047	3,518	471
Operating expenses	(2,779)	(3,167)
EBITDA	268	351	83
EBITDA margin	8.8%	10.0%
D&A	(145)	(194)
EBIT	123	157	34
Financial expenses	(40)	(55)
Result from equity investments	8	15
EBT	91	117	26
Income taxes	(34)	(40)
Net Result	57	77	20

Net Debt evolution in 1Q 2025

Debt and liquidity as of March 2025

Available Cash

First Quarter 2025

Results

Agenda

1 Highlights

2 Financial review

3 Closing remarks

4 Appendix

Closing remarks

Robust execution supports Revenue growth and margin expansion

Strong cash flow conversion, continuous deleveraging and solid balance sheet

Excellent visibility for 2025 and 2026 deriving from record high backlog

Construction fleet fully booked for the next two years

First Quarter 2025

Results

Agenda

1 Highlights

2 Financial review

3 Closing remarks

4 Appendix

1Q 2025 results in context (M€)

Q-o-Q comparison

1Q 2025 results by reporting segments in context (M€)

Q-o-Q comparison

D&A and financial expenses

Bank guarantees

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

0

3,000

6,000

9,000

Backlog details (1/5)

Backlog details (2/5)

Oil 35%

Backlog details (3/5)

Results 27 1) Those mainly refer to Sustainable Infrastructures, Offshore Wind and other non oil and gas energy projects 2) Mostly referred to Sustainable Infrastructures, CCUS, biorefineries and fertilizing plants

Backlog details (4/5)

31-Mar-25

First Quarter 2025 Results 28

Backlog details (5/5)

Non-consolidated Backlog By Year Of Execution (M€)
Apr-Dec 2025	2026	2027	2028+
62	76	-	21

Drilling offshore fleet

Drilling Vessel Engagement Map (2024-2025)

			2024	2025	2026	Current Client	Current Area
nt e er m n at o w r vi p- n e E e h D a ars Ultr H d n a		Saipem 12000				Azule	Angola
		Saipem 10000				Eni / Petrobel	Italy / Egypt
		Santorini				Eni / Galp	Worldwide
		DVD (1)				Eni	Ivory Coast
		Scarabeo 9				Burullus	Egypt
		Scarabeo 8				Aker BP	Norway
er at w w- o all h		Perro Negro 8			to 2027	Aramco	Saudi Arabia
		Perro Negro 7 (2)			to 2033	Aramco	Saudi Arabia
	c e p	Perro Negro 10 (2)			to 2028	Aramco / Eni	Saudi Arabia / Mexico
	S Hi	Perro Negro 11 (1)			to 2028	Aramco	Saudi Arabia
		Perro Negro 12 (1)			to 2027	Aramco	Saudi Arabia
S		Perro Negro 13 (1)			to 2029	Aramco	Saudi Arabia
	D T S	Perro Negro 4				Petrobel	Egypt

Pioneer (1) (3) Eni Mexico

Perro Negro 9 (1) (4) Aramco Saudi Arabia

Committed

Optional period

Jack-ups which are (or were) leased by Saipem and that were (or will be) returned to the owner

1) Leased vessels

Hi Spec

Shallow

-water

Results 30 2) Temporary suspended by Aramco for up to 12 months (temporary suspension starting in 2Q 2024 for PN10 and in 2Q 2025 for PN7)

3) Asset will be returned to the owner

4) Suspended by Aramco in 2Q 2024 and then returned to owner

Stable commercial pipeline

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

Robust and stable project pipeline, weighed towards offshore