Saipem

Investor Presentation • Jul 24, 2025

First Half 2025 Results

24th July 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 Half 2025

Results

Agenda

1 Highlights

2 Financial review

3 Closing remarks

4 Appendix

Highlights of 2Q 2025 results

447 M€ Operating Cash Flow 331 M€ dividend payment 2.2 B€ Order Intake 0.6x Book-to-Bill 3.7 B€ Revenue +9.6% Y-on-Y¹ +5.0% Q-on-Q² 413 M€ EBITDA +39.1% Y-on-Y¹ , +17.7% Q-on-Q² 11.2% EBITDA margin

Growth path continues

Update on latest awards

First Half 2025

CO² management: a growing opportunity

Results 7 1) The total value of the project award is 1 B\$ which included not only CO₂ management but also the EPC (Engineering, Procurement, and Construction) of two wellhead platforms and several pipelines that are not directly related to the CO₂ management component. The portion of the award attributable to CO² has been estimated at around 300-350 M\$

Update on Saipem services business

Engineering Services Operations & Maintenance Project Management Consultancy (PMC) ≈ 350 M€ projects acquired in 2025 YTD¹ ≈ 5 M\$ project acquired in Côte d'Ivoire ≈ 1 B\$ award by TotalEnergies in Angola (in 2Q 2024) Clear list of targets in West Africa, Latin America and in the Middle East > 300 M\$ commercial pipeline > 50 M\$ bids submitted in 2025 YTD Achieved 2025 annual budget six months in advance

A dynamic bidding environment

Commercial pipeline¹(B€)

Saipem commercial activity update

≈ 7 B€

Aggregate value of bids submitted in 1H 2025 (awaiting feedback from customers)

≈ 16 B€

Expected aggregate value of bids to be submitted in 2H 2025

Operational update on selected projects

• Four sockets successfully drilled and relevant monopiles and transition pieces have been installed
• Transfer of Drilling Equipment to the Jack Up Vessel "Bold Tern" almost completed
• Sail away expected by end of July 2025
• Restart of drilling offshore works expected in August 2025
• Targeting to complete drilling offshore works by the end of 2026

Client: equinor

Pipelay vessel: Castorone Pipeline length: ≈ 79 Km

Pipes diameter: 14 – 20 inches

Courseulles-sur-Mer Irpa - Aasta Hansteen

Norway

First Half 2025 Results 10

First Half 2025

Results

Agenda

1 Highlights

2 Financial review

3 Closing remarks

4 Appendix

1H 2025 results (M€)

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

1H 2025 results – Drilling Offshore (M€)

1H 2025 results – Energy Carriers (M€)

1H 2025 results – Income Statement

	Group Income Statement
M€	1H 2024	1H 2025	Change
Revenue	6,418	7,211	793
Operating expenses	(5,853)	(6,447)
EBITDA	565	764	199
EBITDA margin	8.8%	10.6%
D&A	(310)	(459)
EBIT	255	305	50
Financial expenses	(73)	(94)
Result from equity investments	10	1
EBT	192	212	20
Income taxes	(74)	(72)
Net Result	118	140	22

Net Debt evolution in 1H 2025

Debt and liquidity as of June 2025

Available Cash

First Half 2025

Results

3 Closing remarks

4 Appendix

Closing remarks

Robust execution supports revenue growth and margin expansion

Strong cash flow conversion and solid balance sheet

Excellent visibility for 2025 and 2026 deriving from record high backlog

Construction fleet fully booked for the next two years

Q&A Session

First Half 2025 Results 21

First Half 2025

Results

Agenda

1 Highlights

2 Financial review

3 Closing remarks

4 Appendix

2Q 2025 results in context (M€)

Q-o-Q comparison

2Q 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

Net Debt evolution in 2Q 2025

First Half 2025

Backlog details (1/5)

Backlog details (2/5)

First Half 2025 Results 29

Backlog details (3/5)

Results 30 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)

Top 20 projects by backlog Clients breakdown by backlog

31 B€ 30-Jun-25

Backlog details (5/5)

		Non-consolidated Backlog By Year Of Execution (M€)
Jul-Dec 2025	2026	2027	2028+
57	47	21	19

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 / Energean	West Africa/Med Sea
		DVD (1)				Eni	Ivory Coast / Ghana
		Scarabeo 9				Burullus	Egypt
		Scarabeo 8				Aker BP	Norway
er at w		Perro Negro 8			to 2027	Aramco	Saudi Arabia
	c	Perro Negro 7 (2)			to 2033	Aramco	Saudi Arabia
	e p S	Perro Negro 10 (2)			to 2028	Aramco / Eni	Saudi Arabia / Mexico
w- o all	Hi	Perro Negro 11 (1)			to 2028	Aramco	Saudi Arabia
h S		Perro Negro 13 (1)			to 2029	Aramco	Saudi Arabia
	D T S	Perro Negro 4				Petrobel	Egypt
w er o at all w h S	c	Pioneer (1) (3)				Eni	Mexico
	e p S	Perro Negro 9 (1) (4)				Aramco	Saudi Arabia
	Hi	Perro Negro 12 (1) (5)				Aramco	Saudi Arabia

New award 2Q 2025

Jack-ups which are (or were) leased by Saipem and that were (or will be) returned to the owner in 2025

1) Leased vessels

Results 33 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

5) Terminated by Saudi Aramco in 2Q 2025 and to be returned to the owner

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

Results 34 1) The commercial pipeline refers to the E&C opportunities that Saipem is expected to bid for in the next 18 months (starting from 3Q25)