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26th February 2025 FY 2024 Results and Strategy Update
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FY 2024 Results and Strategy Update 2 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. Disclaimer
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FY 2024 Results and Strategy Update Agenda 1 Highlights of 4Q 2024 Financial review of FY 2024 2 Appendix4 Strategic plan for 2025-20283
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FY 2024 Results and Strategy Update 4 Highlights of 4Q 2024 results 174 M€ Net Debt Reduction (pre-IFRS 16) 683 M€ Net Cash position (pre-IFRS 16) as of 31-Dec-24 5.3 B€ Order Intake 1.2x Book-to-Bill 4.4 B€ Revenue +26% Y-on-Y1 +19% Q-on-Q2 424 M€ EBITDA +48% Y-on-Y1, +25% Q-on-Q2 9.6% EBITDA margin 1) Y-on-Y refers to the delta between 4Q 2024 and 4Q 2023 2) Q-on-Q refers to the delta between 4Q 2024 and 3Q 2024
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FY 2024 Results and Strategy Update 5 (123) (381) (64) 91 103 39 74 370 221234 276 330 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2022 2023 2024 Growth converting into margins and material cash flow generation 1.8 2.4 2.9 2.9 2.6 2.8 3.0 3.5 3.0 3.4 3.7 4.4 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2022 2023 2024 Revenue (B€) EBITDA (M€) Operating Cash Flow1 (M€) 102 142 168 131 191 219 230 286 268 297 340 424 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2022 2023 2024 EBITDA margin 5.6% 9.6% 1) Equal to Net Result, plus D&A and other non-monetary items and Changes in Working Capital ≈ 80% Conversion of EBITDA into Operating Cash Flow in FY 2024
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FY 2024 Results and Strategy Update 6 Three years in-a-row of over-performance FY 2022 FY 2023 FY 2024 Revenue EBITDA Other metrics Guidance(1) Actual Guidance(2) Actual Guidance(3) Actual 10.0 B€ > 550 M€ 595 M€ ≈ 300 M€ 264 M€ > 9 B€ > 11 B€ 11.9 B€ ≈ 850 M€ 926 M€ ≈ 500 M€ 261 M€ > 14.0 B€ 14.5 B€ > 1.3 B€ 1,329 M€ > 760 M€ 809 M€ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ Net Debt (post IFRS-16) Net Debt (post IFRS-16) Operating Cash Flow (post repayment of leases liabilities) 1) As updated in October 2022 2) As declared in February 2023 3) As updated in October 2024
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FY 2024 Results and Strategy Update 7 Dividend proposal for 2024 (M€) Free Cash Flow1 Generated Dividend What has been achieved in 2024 ≈ 300 ≈ 90–1202 333505 Dividend proposal equal to more than 3x the initial guidance 1) After repayment of lease liabilities 2) According to dividend policy approved by Saipem’s Board of Directors on 28 th February 2024 Free Cash Flow1 Retained ≈ 180-210 172 Initial Guidance for 2024
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FY 2024 Results and Strategy Update 8 Major awards in 4Q 2024 Suriname Indonesia United Kingdom Nigeria x x x xBlock 58 oil and gas field Ubadari field East Coast Cluster CCUS Bonga North oil field ≈ 1.9 B$ ≈ 1.0 B$ ≈ 650 M€ Offshore E&C Offshore E&C Offshore E&C Offshore E&C ≈ 900 M$ EPCI, supply, pre-commissioning and assistance for the commissioning and start-up of the Subsea Umbilicals, Risers and Flowlines (SURF) package EPCI of two wellhead production platforms, a wellhead platform for the re-injection of CO2 and approximately 90 km of associated pipelines EPCI of 143 km of 28” offshore pipeline with associated landfalls and onshore outlet facilities for the NEP project, and the EPCI of the water outfall for the NZT project EPCI of risers, flowlines, subsea umbilicals and associated subsea structures for the development of a deepwater oil field, 130 km off the coast of Nigeria TotalEnergies bp bp, Equinor, TotalEnergies Shell = CO2 management related award
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FY 2024 Results and Strategy Update 9 Record-high backlog grants excellent visibility Backlog (B€)1 Revenue coverage from current backlog 23 22 23 23 24 24 25 28 30 29 30 33 34 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Book-to-Bill in 2022-2024 = 1.4x ≈ 90% Coverage of expected 2025 Revenue from current backlog ≈ 70% Coverage of expected 2026 Revenue from current backlog +50% (Dec-21 - Dec-24) 1) Data include drilling onshore figures up to September 2022
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FY 2024 Results and Strategy Update 10 Courseulles-sur-Mer Project Key updates 1 2 3 4 First socket completed in December First monopile installed in January Second socket completed in January Third and fourth sockets completed in February Second monopile to be installed by the end of February, third monopile expected shortly thereafter Vole Au Vent vessel to be returned to owner in 2Q 2025, to be substituted by Bold Tern vessel 5 Saipem scope of work to be completed in 2026 - 10 20 30 40 50 60 70 80 90 100 110 120 Socket I Socket II Socket III Socket IV Number of days per socket Learning curve Target ≈ 7 days per socket
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FY 2024 Results and Strategy Update Agenda 1 Highlights of 4Q 2024 Financial review of FY 2024 2 Appendix4 Strategic plan for 2025-20283
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FY 2024 Results and Strategy Update 12 11,874 14,549 FY23 FY24 FY 2024 results (M€) 586 1,061 FY23 FY24 926 1,329 FY23 FY24 179 306 FY23 FY24 Revenue Operating Cash Flow1EBITDA Net Result 7.8% margin 9.1% +44%+23% 63% Conversion from EBITDA 80% 1) Equal to Net Result, plus D&A and other non-monetary items and Changes in Working Capital
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FY 2024 Results and Strategy Update 13 FY 2024 results – Asset Based Services (M€) +33% +55% Asset Based Services Business Lines IncludedRevenue EBITDA Offshore Wind Offshore E&C 10.1% margin 11.8% 6,069 8,058 FY23 FY24 614 954 FY23 FY24 ▪ Growth supported by execution of recent Oil & Gas awards ▪ Revenue progression led by conventional and subsea projects ▪ EBITDA margin uplift thanks to a more favourable project mix
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FY 2024 Results and Strategy Update 14 301 335 FY23 FY24 ▪ Revenue and EBITDA growth supported by fleet expansion and average day-rate improvement ▪ Operating performance affected by cyclical maintenance activity, start-up costs, as well as impact of temporary suspensions by Saudi Aramco FY 2024 results – Drilling Offshore (M€) +24% +11% Drilling Offshore Business Lines IncludedRevenue EBITDA Drilling Offshore 40.5% margin 36.5% 743 918 FY23 FY24
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FY 2024 Results and Strategy Update 15 FY 2024 results – Energy Carriers (M€) +10% Energy Carriers Business Lines IncludedRevenue EBITDA Onshore E&C Sustainable Infrastructures Robotics & Industrialized Solutions 0.2% margin 0.7% ▪ Steady execution of backlog coupled with selective approach on new order intake ▪ Profitability affected by execution of low-margin projects awarded before 2022 5,062 5,573 FY23 FY24 11 40 FY23 FY24
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FY 2024 Results and Strategy Update 16 FY 2024 results – Income Statement Group Income Statement M€ FY 2023 FY 2024 Change Revenue 11,874 14,549 2,675 Operating expenses (10,948) (13,220) EBITDA 926 1,329 403 EBITDA margin 7.8% 9.1% D&A (489) (723) EBIT 437 606 169 Financial expenses (167) (85) Result from equity investments 60 (25) EBT 330 496 166 Income taxes (145) (190) Discontinued operations results (6) - Net Result 179 306 127
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FY 2024 Results and Strategy Update 17 261 (216) (683) 660 (23) 477 (1,029) (32) 304 252 38 Net Debt 31-Dec-2023 (post-IFRS 16) Lease Liability (IFRS 16) Net Debt 31-Dec-2023 (pre-IFRS 16) Adjusted Net Result + D&A Changes in working capital and other non- monetary items Net Capex Repayment of lease liabilities Other Net Debt 31-Dec-2024 (pre-IFRS 16) Lease Liability (IFRS 16) Net Debt 31-Dec-2024 (post-IFRS 16) 1 Free Cash Flow (post repayment of lease liabilities) 505 M€ Net Debt evolution in FY 2024 Reduction in Net Debt (pre-IFRS 16) 467 M€ 1) Capex of 343 M€ net of Divestments of 39 M€
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FY 2024 Results and Strategy Update 18 398 302 15 500 500 500 2025 2026 2027 2028 2029 2030 1) Average cost of debt in FY 2024 2) Debt repayment Jan-25 a) 275 M€ repayment of bond due 2025 b) 76 M€ early repayment of ECA Facility due 2025-2027 Debt and liquidity at December 2024 Liquidity (M€) 31st December 2024 Gross Debt (M€, nominal amount) 31st December 2024 Committed RCF (undrawn) Cash in JVs and other restricted cash Available Cash 2,215 1,688 1,179 470 3,337 ▪ Avg. tenor: ≈ 3.3 years ▪ Avg. cost of debt: ≈ 5%1 ▪ 96% fixed, 4% floating ▪ 97% Euro-denominated Debt already repaid in Jan-25 Outstanding Debt 351 M€ of Gross Debt already repaid(2) in January 2025 (2025 bond and ECA line) New 600 M€ RCF signed in Feb-25 (replacing previous 470 M€ RCF)
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FY 2024 Results and Strategy Update Agenda 1 Highlights of 4Q 2024 Financial review of FY 2024 2 Appendix4 Strategic plan for 2025-20283
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FY 2024 Results and Strategy Update 20 Strategic plan based on four pillars Execution excellence Capitalizing on upstream Oil & Gas up-cycle New paradigm for Onshore E&C and PMC offering Broaden offering on Energy Transition Clear and disciplined capital allocation, with investment-grade credit rating target Corporate simplification and operational flexibility Continuous improvement in Health and Safety 1 2 3 4
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FY 2024 Results and Strategy Update 21 Execution excellence unpacked AI driven application to prevent accidents through specific safety tools HSE Construction & FabricationFleet Engineering 1 Constantly upgrade the fleet to maintain state-of- the-art technology on- board Execution-oriented tendering process Modularization as key to reduce execution risk
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FY 2024 Results and Strategy Update 22 Capitalizing on upstream Oil & Gas up-cycle X x 2 Expanding Saipem’s footprint into new Oil & Gas growth areas Suriname Namibia Total Energies Offshore E&C Saipem hired for the subsea development of the GranMorgu project, located in the Block 58 field Saipem to deploy S-Lay and J-Lay vessels First Oil expected in 2028 Galp Drilling Offshore Santorini hired for drilling activities in Namibia on Pel 83 block Perforation activities started on November 2024 and planned to be completed by 1Q 2025
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FY 2024 Results and Strategy Update 23 New paradigm for Onshore E&C and PMC offering Attractive risk-reward profile Synergistic with Saipem EPC track record Leveraging on Saipem client base Can apply to onshore and offshore alike Onshore E&C strategy Order intake evolution Project Management Consultancy 2022 2024 2028 % of total Onshore E&C order intake EPC lump sum EPC derisked O&M and PMC 3 2 3 Derisking through contractual schemes O&M as source of recurring Revenue Growing share of PMC4 1 Value over Volume 2019-2021 2022-2024 2025-2028 ≈ 6.0 B€ average per annum ≈ 3.5 B€ average per annum ≈ 3.3 B€ average per annum
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FY 2024 Results and Strategy Update 24 Project Delivery Broaden offering on Energy Transition4 MoU with Geolog & Ignis H2 Energy on Geothermal energy IVHY 100 leveraging Nel’s H2 technology unveiled Business Development 1 2 3 4 5 Continue to pursue CCUS opportunities Grow in Blue & Green Fertilizers Solutions Expand biofuels / SAF footprint Selectiveness in LNG opportunities and partners Integrated WTG and Foundations design in collaboration with turbine manufacturers Recent activities Strategic drivers STAR 1 technology for floating offshore wind CO2 capture plant for Ren-Gas with BluenzymeTM Funding received for Bluenzyme C02 project with Hera CO2 transport & storage for NEP and NZT Biorefinery EPC for eni Urea plant project for Perdaman 6 offshore wind projects completed (1 underway) Large-scale green ammonia storage tank Large-scale CO2 capture for Stockholm exergi
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FY 2024 Results and Strategy Update 25 50 B€ expected order intake for 2025-2028 of which 14-15 B€ in Low & Zero Carbon projects Order intake built on solid assumptions Offshore E&C Drilling Offshore Offshore Wind Onshore E&C Sustainable Infrastructures Robotics & Industrialized Solutions 26.0 B€ 52% of total 2.8 B€ 6% of total 3.5 B€ 7% of total 13.0 B€ 26% of total 2.0 B€ 4% of total 2.7 B€ 5% of total Asset Based Services Energy CarriersDrilling Offshore Previous plan (2024-2027) order intake assumed to be equal to 50 B€
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FY 2024 Results and Strategy Update 26 Financial targets 1) Equal to Net Result, plus D&A and other non-monetary items and Changes in Working Capital, minus repayment of lease liabilities 2) Equal to Net Result, plus D&A and other non-monetary items and Changes in Working Capital, minus Capex, plus Divestments, minus repayment of lease liabilities 2025 Guidance Medium-term targets2024 Actual ≈ 15.0 B€ > 15.0 B€ (2028)Revenue 14.5 B€ ≈ 1.6 B€ ≈ 2.0 B€ (2028)EBITDA 1.3 B€ ≈ 900 M€ > 3.7 B€ (cumulated 2025-2028) Operating Cash Flow (post repayment of lease liabilities)1 809 M€ ≈ 500 M€ ≈ 1.5 B€ (cumulated 2025-2028)Capex 343 M€ > 500 M€ > 2.2 B€ (cumulated 2025-2028) Free Cash Flow (post repayment of lease liabilities)2 505 M€
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FY 2024 Results and Strategy Update 27 Dividend1 of 333 M€ (350 M$) to be paid in 2025 (on 2024 results) Dividend1 of at least 300 M$ to be paid in 2026 (on 2025 results) From 2027 onwards, distribute to shareholders at least 40% of Free Cash Flow post repayment of lease liabilities Capital allocation & financial policy Shareholders Remuneration Credit Rating Financial Policy 1) Subject to Board of Directors and Shareholders’ approval 2) Excluding local credit lines Maintain a minimum level of Available Cash of 1 B€ Reduce Gross Debt (pre-lease liabilities) by ≈ 650 M€, by year-end 2027 Target to achieve an investment grade credit rating in the medium-term
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FY 2024 Results and Strategy Update 28 Q&A Session
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FY 2024 Results and Strategy Update Agenda 1 Highlights of 4Q 2024 Financial review of FY 2024 2 Appendix4 Strategic plan for 2025-20283
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FY 2024 Results and Strategy Update 30 X X Reporting according to business lines and IFRS 8 Six(*) Business Lines X Offshore Wind Onshore E&C Sustainable Infrastructures Offshore E&C Drilling Offshore Robotics & Industrialized Solutions Asset Based Services Drilling Offshore Energy Carriers Three Reporting Segments (*) On 1st July 2024, the Drilling Offshore business line was created
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FY 2024 Results and Strategy Update 31 Q-o-Q comparison 4Q 2024 results in context (M€) 370 221 234 276 330 4Q23 1Q24 2Q24 3Q24 4Q24 3,511 3,047 3,371 3,712 4,419 - 1,000 2,000 3,000 4,000 5,000 6,000 4Q23 1Q24 2Q24 3Q24 4Q24 286 268 297 340 424 4Q23 1Q24 2Q24 3Q24 4Q24 100 57 61 88 100 4Q23 1Q24 2Q24 3Q24 4Q24 Revenue Operating Cash Flow1EBITDA Net Result +11% +10%-13% +19% +11% +14%-6% +25% 8.1 8.8 8.8 9.2 9.6 Margin (%) 1) Equal to Net Result, plus D&A and other non-monetary items and Changes in Working Capital
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FY 2024 Results and Strategy Update 32 Revenue 4Q 2024 results by reporting segments in context (M€) 0 8 0 14 18 1,953 1,633 1,816 2,068 2,541 201 180 211 244 319 207 210 236 223 249 85 80 86 82 87 1,351 1,204 1,319 1,421 1,629 Energy CarriersDrilling Offshore Q-o-Q comparison +11% +14% +17% +16% +12% -6% +8% -5% +10% +8% 10.3 11.0 11.6 11.8 12.6 Margin % EBITDA Revenue EBITDA Revenue EBITDA -16% -10% +1% -6% -11%+23% +31% +12% +6% +15% 41.1 38.1 36.4 36.8 34.9 Margin % 0.0 0.7 0.0 1.0 1.1 Margin % Asset Based Services
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FY 2024 Results and Strategy Update 33 D&A, financial expenses and taxes D&A1 Taxes Financial expenses1 ▪ Taxes of 190 M€ in FY 2024 123 53 313 489 155 72 496 723 Drilling Offshore Energy Carriers Asset Based Services Total D&A FY23 FY24FY 2024 M€ FY 2024 M€ 73 85 37 ( 25 ) Financing costs Project hedging costs Exchange Differences Financial expenses 1) Including IFRS 16 impact
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FY 2024 Results and Strategy Update 34 320 477 660 (119) (28) 304 (252) 4 431 Dec-22 Repayments in FY23 Write offs and exchange differences Extensions, renewals and new contracts Dec-23 Repayments in FY24 Write offs and exchange differences Extensions, renewals and new contracts Dec-24 Lease liabilities1 in 2023 and 2024 1) Lease liability includes both leasing commitments on vessels as well as leasing commitments on buildings, yards and land Average weighted duration of leases for construction vessels 0.8 Years (Dec-22) 1.3 Years (Dec-23) 1.0 Years (Dec-24)
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FY 2024 Results and Strategy Update 35 Bank guarantees 5,461 7,234 7,019 7,995 7,393 7,898 8,294 43% 34% 31% 35% 31% 27% 24% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 0 3,000 6,000 9,000 Dec 2018 Dec 2019 Dec 2020 Dec 2021 Dec 2022 Dec 2023 Dec 2024 Guarantees Guarantees/ backlog Stock of financial guarantees (M€) Diversified pool of institutions providing guarantees Stock of financial guarantees by division 12% 10% 7% 5% 3% 19% 44% Bank 1 Bank 2 Bank 3 Bank 4 Bank 5 Pool of insurance companies Other institutions 47% 50% 3% Asset Based Services Energy Carriers Other 8.3 B€ 8.3 B€ Guarantees/backlog = 17 % Guarantees/backlog = 41 %
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FY 2024 Results and Strategy Update 36 Drilling Offshore 6% Asset Based Services 62% Integrated projects 21% Energy Carriers 11% Order intake: 2019-2021 vs 2022-2024 Order Intake (2019–2021) Order Intake (2022–2024) Asset Based Services 38% Drilling Offshore 3% Energy Carriers 59% 31 B€(1) 49 B€(1) 1) The amount excludes the drilling onshore order intake, amounting to 1.7 B€ in FY19, 207 M€ in FY20, 256 M€ in FY21 and 699 M€ in FY22
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FY 2024 Results and Strategy Update 37 41% 19% 6% <1%2% 1% 9% 6% 6% 3% 3% 2% 1% Conventional Subsea Others1 Backlog details (1/5) 1) Including biorefineries and sonsub and subsea technologies Total of 34 B€ 31-Dec-24 Legend Asset Based Services Energy Carriers Drilling Offshore Backlog breakdown by project type 20% Related to One Saipem integrated onshore & offshore projects 11% Related to Low & Zero Carbon projects
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FY 2024 Results and Strategy Update 38 Backlog details (2/5) Pre 2022 11% 2022 12% 2023 27% 2024 49% 66%4% 30% North Africa 3% Italy 3% Far East 6% Americas 13% Europe 9% Sub Saharan Africa 25% Middle East 41% Backlog by business line Backlog by geography Backlog by year of acquisition Energy Carriers Asset Based Services Drilling Offshore 34 B€ 31-Dec-24 34 B€ 31-Dec-24 34 B€ 31-Dec-24
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FY 2024 Results and Strategy Update 39 Backlog by customer type National Oil Companies 46% International Oil Companies & Independent Companies 48% Others1 6% Backlog details (3/5) Oil 37% Gas 48% Low/zero carbon2 11% Drilling 4% 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 by energy type 34 B€ 31-Dec-24 34 B€ 31-Dec-24
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FY 2024 Results and Strategy Update 40 - 1.0 2.0 3.0 4.0 5.0 Project 20 Project 19 Project 18 Project 17 Project 16 Project 15 Project 14 Project 13 Project 12 Project 11 Project 10 Project 9 Project 8 Project 7 Project 6 Project 5 Project 4 Project 3 Project 2 Project 1 (B€) Asset Based Services Energy Carriers Drilling Offshore Backlog details (4/5) 23% 18% 13% 9% 5% 5% 5% 4% 18% Client 1 Client 2 Client 3 Client 4 Client 5 Client 6 Client 7 Client 8 Other clients (#22) Clients breakdown by backlogTop 20 projects by backlog 34 B€ 31-Dec-24
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FY 2024 Results and Strategy Update 41 7.6 7.8 5.1 2.0 4.0 3.7 1.1 1.5 0.5 0.3 0.1 0.4 2025 2026 2027 2028+ Asset Based Services Energy Carriers Drilling Offshore 11.8 3.9 6.3 12.1 1) Backlog does not include the non-consolidated backlog as of 31st December 2024 equal to 192 M€ Non-consolidated Backlog By Year Of Execution (M€) Backlog details (5/5) Backlog1 (as of 31-Dec-24): distribution by year of expected execution (B€) 2025 2026 2027 2028+ 68 103 - 21
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FY 2024 Results and Strategy Update 42 1) Leased vessels 2) Temporary suspended by Saudi Aramco for up to 12 months (temporary suspension starting in 2Q 2024 for PN10 and in 2Q 2025 for PN7) 3) Suspended by Saudi Aramco in 2Q 2024 and then returned to owner 4) Asset has or will be returned to the owner Drilling offshore fleet Drilling Vessel Engagement Map (2024-2025) Current Client Current Area Ultra Deep-water and Harsh Environment 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 Shallow-water Hi Spec Perro Negro 8 Saudi Aramco Saudi Arabia Perro Negro 7 (2) Saudi Aramco Saudi Arabia Pioneer (1) (4) Eni Mexico Perro Negro 10 (2) Saudi Aramco/ Eni Saudi Arabia/ Mexico Perro Negro 9 (1) (3) Saudi Aramco Saudi Arabia Perro Negro 11 (1) Saudi Aramco Saudi Arabia Perro Negro 12 (1) Saudi Aramco Saudi Arabia Perro Negro 13 (1) Saudi Aramco Saudi Arabia STDPerro Negro 4 Petrobel Egypt 2024 2025 2026 to 2027 to 2028 to 2028 to 2033 to 2027 to 2029 Committed Optional period
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FY 2024 Results and Strategy Update 43 Commercial pipeline (1 of 2) Commercial pipeline1 Evolution of commercial pipeline (B€) 1) The commercial pipeline refers to the E&C opportunities that Saipem is expected to bid for in the next 18 months ( starting from 1Q25) Oil Upstream 22% Gas Upstream 52% Energy Transition & Others 26% 53 B€ 31-Dec-24 30 51 52 53 Dec-21 Dec-22 Dec-23 Dec-24
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FY 2024 Results and Strategy Update 44 Robust and stable project pipeline, weighed towards offshore Commercial pipeline (2 of 2) ≈ 2.7 B€ Europe, CIS & Central Asia ▪ Conventional ▪ Pipelines ▪ Renewables & green ▪ Downstream ▪ Infrastructures ▪ Renewables & green Africa ≈ 9.4 B€ ≈ 2.2 B€ ▪ Conventional ▪ SURF ▪ Floaters ▪ LNG ≈ 2.3B€ ▪ Pipelines ▪ Renewables & green ▪ SURF ▪ Subsea Americas ≈ 16.7 B€ ≈ 7.7 B€ ▪ Conventional ▪ Pipelines ▪ Upstream ▪ LNG ▪ Renewables & Green ▪ Downstream Middle East ▪ Downstream ▪ Upstream ▪ Floaters ≈ 2.3 B€ Asia Pacific ≈ 6.7 B€ ≈ 2.0 B€ ▪ Conventional ▪ SURF ≈ 1.3 B€ ▪ Downstream ▪ Renewables & green 30 51 52 53 Dec-21 Dec-22 Dec-23 Dec-24 Commercial pipeline evolution (B€) ≈ 62% in Offshore Visibility at peak levels Offshore pipeline still at peak Mid single-digit growth in Europe (vs Oct-24) lead by Onshore opportunities Double-digit increase in Africa offsets declines in Americas (vs Oct-24) Offshore E&C 33 B€ Onshore E&C 20 B€ 1) The commercial pipeline refers to the E&C opportunities that Saipem is expected to bid for in the next 18 months ( starting from 1Q25)
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FY 2024 Results and Strategy Update 45 “OUR JOURNEY TO A SUSTAINABLE BUSINESS” Saipem Sustainability Plan 2025-2028 +100 Objectives and Targets Integrated into the Variable Incentive Plan, part of the Company Remuneration Policy Climate Change Mitigation & Environmental Protection People Centrality Value Creation • Path to Net Zero • Biodiversity and Pollution prevention • Circular economy • Water Management • Health & Safety • Valuing People • Diversity, Equality & Inclusion • Human and Labour Rights • Responsible supply chain • Business ethics • Innovation • Security • Local impact
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FY 2024 Results and Strategy Update 46 GHG emissions reduction path GHG emissions (t CO2eq) Offsetting Residual Emissions GHG Emissions Electrification Biofuels (HVO) Baseline 2018 1.31 M tCO2e Phase 1: Retrofit (2018-2030) Phase 2: Renewals (2030-2040) Phase 3: Renewables/Low Carbon (2040-2050) Scope 2 Carbon Neutrality by 2025 Scope 1 & 2 50% reduction by 2035 NET ZERO by 2050
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FY 2024 Results and Strategy Update 47 Saipem ESG rating by agency 1) Sector Average of Refinitiv and Bloomberg has been calculated on the basis of selected peers’ ratings (sector average not public) 2) Rating ESG of Sustainalytics is based on risk evaluation, thus the lowest is the best 3) Bloomberg score (6.9) is the average of ESG score (5.78/10) and ESG Disclosure score (80.85/100) ScaleAverage sector rating1Saipem rating A (6) 20.7 67 79 B 86.1 6.9 B- BBB 27.1 50 29 C 65.6 5.1 C- CCC < AAA 100 < 0 0 < 100 0 < 100 D < A 0 < 100 0 < 10 D- < A+ Member of the Dow Jones Best- in-Class World and Europe Indexes (ex Dow Jones Sustainability Index)