Saipem — Investor Presentation 2026

Apr 22, 2026

SAIPEM

emarket

edr storage

www.seapm.com

SEAPM

First Quarter 2026 Results

22nd April 2026

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emarket
of storage
in
Europe

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 2026

Results

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emarket

of storage

GENMEX

Agenda

1. Highlights
2. Financial review
3. Closing remarks
4. Appendix

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emarket

of storage

in

OEMINIS

Highlights of 1Q 2026 results

3.5 B€
Revenue
+0.3% Y-on-Y¹

1,217 M€
Net Cash pre-IFRS 16
199 M€ Free Cash Flow
(post repayments of lease liabilities)

434 M€
EBITDA
+23.6% Y-on-Y¹
12.3% EBITDA margin

1.7 B€
Order Intake
0.5x Book-to-Bill

1) Y-on-Y refers to the delta between 1Q 2026 and 1Q 2025

First Quarter 2026

Results

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emarket
edr storage
EXPENSE

Consistent and resilient delivery, quarter after quarter

Revenue (B€)

EBITDA (M€)

Operating Cash Flow¹ (M€)

1) Equal to Net Result, plus D&A and other non-monetary items and Changes in Working Capital

First Quarter 2026

Results

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emarket:
sdr sionge
ciemnes

New EPC awards in 2026 YTD

Saudi Arabia	Saudi Arabia	Italy	Guyana
CRPO 156
Safaniya oil field

Aramco
= 500 M$

EPCI of a 48-inch trunkline, comprising approximately 65 km offshore and 12 km onshore, as well as associated subsea facilities | CRPO 154 and 155
Safaniya oil field

Aramco
= 400 M$

EPCI of 1 water injection tie-in platform, 2 water injection wellheads, approximately 5 km of pipeline with diameters of 24-inches and approximately 15 km of 15 kV cables at the Safaniya oil field for CRPO 154. EPCI activities for 4 water injection wellheads, as well as associated subsea facilities, for CRPO 155 | Priolo Biorefinery
Priolo, Sicily

Eni Industrial Evolution
= 700 M€

EPC activities for the new Priolo biorefinery, which will have a capacity of 500,000 tonnes per year, offering high operational flexibility to produce SAF-biojet fuel and HVO-diesel | Longtail Project
Stabroek Block

ExxonMobil
= 150 M$

LNTP for the preliminary detailed engineering and procurement activities for the Longtail project. EPCI of SURF will be covered by the related EPCI contract, which, once approved, will have an expected duration of c. 4 years, with an estimated value of 750-1,500 M$ |

First Quarter 2026
Results

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emarket: edr storage ciemniza

Recent awards in Drilling Offshore

Saipem 12000
2026-2027

Santorini
2026

Scarabeo 8
2029

Perro Negro 4
2026-2027

Angola
2026

Namibia
2029

Mozambique
2029

Cote d'Ivoire
2026
Eni
2026

Norway
2026
Aker BP
2026

Egypt
Petrobel

★ = 350 M$ total contract value

First Quarter 2026

Results

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emarket
wir eionge
10000000000000000000000000000000000000000000000000000000000000000000000000

Update on Middle East operations

Backlog

11.5 B€
31-Mar-26

Vessels and people

Construction vessels

Drilling rigs

Personnel currently employed

$$
\therefore \frac{2}{11} = 7,500
$$

• Leased vessels / rigs

First Quarter 2026

Results

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emarket

of storage

GENMEX

Courseulles-sur-Mer update

Overview

Sockets

24 sockets already drilled

40 remaining to be drilled

Monopiles

15 monopiles already installed

49 remaining to be installed

Completion

Completion expected in Q1 2027

First Quarter 2026

Results

[ = \frac{1}{2}]

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emarket

service

opnns

Commercial pipeline

Evolution of commercial pipeline¹

Geographical breakdown of commercial pipeline¹

1) The commercial pipeline refers to the E&C opportunities relevant to Saipem within the next 18 month

First Quarter 2026

Results

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emarket

edr storage

azemnes

Agenda

1. Highlights
2. Financial review
3. Closing remarks
4. Appendix

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emarket
service
OWNER
OWNER
e

1Q 2026 results (M€)

Revenue
+0.3%

EBITDA
+24%
10.0% margin 12.3%

Net Result
+1%

Operating Cash Flow¹
-1%

395
1Q25
1Q26

1) Equal to Net Result, plus D&A and other non-monetary items and Changes in Working Capital

First Quarter 2026
Results
[+]

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emarket

ofr storage

cernnns

1Q 2026 results - Asset Based Services (M€)

Revenue

EBITDA

Business Lines Included
Offshore E&C

Offshore Wind

• Progress on projects in the Mediterranean Sea partially offset by completion of Sakarya II in Türkiye
• Margin expansion driven by higher utilisation rate of construction fleet

First Quarter 2026

Results

[+]

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emarket

service

O

1Q 2026 results - Drilling Offshore (M€)

Revenue

Drilling Offshore

Business Lines Included

Drilling Offshore

• Reduction of the fleet size as two jack-ups were returned to their owners in 2025
• Higher maintenance activity concerning the jack-up fleet

First Quarter 2026

Results

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emarket

ofr storage

CENTRES

1Q 2026 results - Energy Carriers (M€)

Energy Carriers

Revenue

-3%

EBITDA

1.3% margin 2.2%

Business Lines Included

Onshore E&C

Sustainable Infrastructures

• Increased contribution of the most recently awarded projects
• Lower contribution from legacy projects

First Quarter 2026

Results

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emarket

ofr storage

OZANINZO

1Q 2026 results - Income Statement

	Group Income Statement
M€	1Q 2025	1Q 2026	Change
Revenue	3,518	3,528	+10
Operating expenses	(3,167)	(3,094)
EBITDA	351	434	+83
EBITDA margin	10.0%	12.3%
D&A	(194)	(277)
EBIT	157	157	-
Financial expenses	(55)	(41)
Result from equity investments	15	8
EBT	117	124	+7
Income taxes	(40)	(46)
Net Result	77	78	+1

First Quarter 2026

Results

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emarket

ofr storage

CENTRE

Net Debt evolution in 1Q 2026

1) The item mostly includes translation effects of 22 M€

First Quarter 2026

Results

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emarket
air storage
azamnsa

Debt and liquidity as of March 2026

Liquidity (M€)

31st March 2026

Gross Debt (M€, nominal amount)

31st March 2026

Financial policy

30 M€

ECA Facility prepaid on 22 April 2026

241 M€

EMTN bonds to be repaid in July 2026

Target to achieve an investment grade credit rating in the medium-term

• Committed RCF (undrawn)
• Cash in JVs and other restricted cash

• Available Cash

• Repair / to be repaid in 2026

• Outstanding Debt

1) Average cost of debt in 1Q 2026

First Quarter 2026

Results

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emarket

edr storage

azermas

Agenda

1. Highlights
2. Financial review
3. Closing remarks
4. Appendix

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emarket
of storage
in the
world

Closing remarks

• Another quarter of strong delivery
• Middle East activities currently running with limited disruptions
• Guidance 2026 confirmed
• Further acceleration in the offshore upstream capex cycle expected

First Quarter 2026
Results

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Frist Quarter 2026
Results
13

Q&A Session

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emarket
edr storage
www.emarket.com

Agenda

1. Highlights
2. Financial review
3. Closing remarks
4. Appendix

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emarket
air storage
cennnne

1Q 2026 results in context (M€)

Q-o-Q comparison

Revenue

EBITDA

Margin (%)

Net Result

Operating Cash Flow

1) Equal to Net Result, plus D&A and other non-monetary items and Changes in Working Capital

First Quarter 2026

Results

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emarket

edr storage

azemnas

1Q 2026 results by reporting segments in context (M€)

Q-o-Q comparison

Asset Based Services

Revenue

EBITDA

Margin %

12.8 13.6 14.9 15.7 16.5

+15% +17% +26% -21%

Drilling Offshore

Revenue

EBITDA

Margin %

38.9 41.2 41.2 30.9 34.6

+26% -29% -19% +22%

Energy Carriers

Revenue

EBITDA

Margin %

1.3 1.7 2.1 2.0 2.2

-1% +1% +21% -19%

First Quarter 2026

Results

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emarket

of storage

expenses

OEMINEX

D&A and financial expenses

1) Including IFRS 16 impact

First Quarter 2026

Results

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emarket

ofl storage

ctemnes

Bank guarantees

Stock of financial guarantees (M€)

Diversified pool of institutions providing guarantees

First Quarter 2026

Results

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emarket

ofr storage

CENTRE

Backlog details (1/6)

1) Including, amongst others, biorefineries and ammonia projects

2) Including CCUS (CO₂ transportation) related projects

First Quarter 2026

Results

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emarket

ofr storage

CENTRE

Backlog details (2/6)

Backlog by geography

Backlog by year of acquisition

First Quarter 2026

Results

[5]

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emarket
ofr storage
CENTRE

Backlog details (3/6)

Backlog by customer type

Backlog by energy type

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

First Quarter 2026

Results

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emarket

ofr storage

CENTRE

Backlog details (4/6)

Top 20 projects by backlog

Clients breakdown by backlog

30 B€

31-Mar-26

First Quarter 2026

Results

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emarket

ofr storage

Oo

Backlog details (5/6)

Backlog by currency

30 B€

31-Mar-26

First Quarter 2026

Results

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emarket

ofr storage

CENTRE

Backlog details (6/6)

Backlog¹ (as of 31-Mar-26): distribution by year of expected execution (B€)

Non-consolidated Backlog By Year Of Execution (M€)
Apr - Dec 2026	2027	2028	2029+
45	34	1	19

1) Backlog does not include the non-consolidated backlog as of 31st March 2026 equal to 99 M€

First Quarter 2026

Results

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emarket

and storage

azermas

Drilling offshore fleet

Drilling Vessel Engagement Map (2025-2027)

		2025^{(3)}	2026	2027	Client	Area
Ultra Deep-water
and Harsh Environment	Saipem 12000				Azule, Rhino,
Rovuma (Eni)	Angola, Namibia,
Mozambique
	Saipem 10000				Eni	Italy
	Santorini				Eni, Energean	W. Africa, Med. Sea
	DVD^{(1)}				Eni	W. Africa, Indonesia
	Scarabeo 9				Burullus, Eni	Egypt, Libya
	Scarabeo 8			to 2029 ▶	Aker BP	Norway
Shallow-water
Hi Spec	Perro Negro 8				Aramco	Saudi Arabia
	Perro Negro 7^{(2)}			to 2034 ▶	Aramco	Saudi Arabia
	Perro Negro 10			to 2028 ▶	Aramco, Eni	Saudi Arabia, Mexico
	Perro Negro 11			to 2028 ▶	Aramco	Saudi Arabia
	Perro Negro 13			to 2029 ▶	Aramco	Saudi Arabia
	Perro Negro 4				Petrobel	Egypt

• Committed
• Optional period
• New awards YTD
• Ongoing discussions
• • Leased vessels

1) The contract coverage period in Q4 2025 includes mobilization and preparation for a new campaign in Indonesia. The vessel is expected to be released at the end of the leasing contract (31-Jul-26).

2) Temporary suspension by Aramco starting in 2Q 2025, with activities resumed in early 2026

3) Perro Negro 9 has been returned to the respective owner in 1Q 2025, while Perro Negro 12 and Pioneer in 4Q 2025

First Quarter 2026

Results

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emarket
air storage
opennas

E&C market near-term¹ opportunities worth ≈ 58 B€

Europe, CIS & Central Asia

≈ 1.7 B€

Americas

≈ 2.9 B€

• SURF
• Trunklines

≈ 5.6 B€

• Floaters
• Upstream
• Renewables and green

Middle East

≈ 16.6 B€

• Renewables and green
• Pipelines
• O&M

Africa

≈ 10.8 B€

• Conventional
• SURF

≈ 5.8 B€

• Syngas & Fertilizers
• LNG
• O&M
• Floaters

Asia Pacific

≈ 2.8 B€

• Pipelines
• SURF

≈ 4.0 B€

• Floaters
• Low Carbon Solutions

Office

Offshore E&C
35 B€

Onshore E&C

23 B€

1) The commercial pipeline refers to the E&C opportunities relevant to Saipem within the next 18 months

First Quarter 2026
Results
S

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emarket
adr storage
azamnes

5

SAIPEM