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24th July 2025 First Half 2025 Results
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First Half 2025 Results 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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First Half 2025 Results Agenda Highlights1 2 Financial review 3 Closing remarks 4 Appendix
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First Half 2025 Results 4 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 1) Y-on-Y refers to the delta between 2Q 2025 and 2Q 2024 2) Q-on-Q refers to the delta between 2Q 2025 and 1Q 2025
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First Half 2025 Results 5 (123) (381) (64) 91 103 39 74 370 221234 276 330 395 447 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 2022 2023 2024 2025 Growth path continues 1.8 2.4 2.9 2.9 2.6 2.8 3.0 3.5 3.0 3.4 3.7 4.4 3.5 3.7 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 2022 2023 2024 2025 Revenue (B€) EBITDA (M€) Operating Cash Flow1 (M€) 102 142 168 131 191 219 230 286 268 297 340 424 351 413 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 2022 2023 2024 2025 EBITDA margin 5.6% 11.2% 1) Equal to Net Result, plus D&A and other non-monetary items and Changes in Working Capital
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First Half 2025 Results 6 Bio-refinery Expansion EPC Italy Porto Marghera, Venice Enilive 155 M€ EPC activities to expand the Enilive biorefinery in Porto Marghera (Venice), aiming to increase the plant capacity from 400,000 to 600,000 tons per year and to initiate the production of sustainable aviation fuel (SAF) from 2027 Fertilising Project FEED Algeria Bled El Hadba, Oued Keberit, Annaba Sonatrach Not disclosed FEED contract for the design of a new phosphate mining infrastructure in Bled El Hadba, process and support units for fertilizer production in Oued Keberit, upgrading Annaba port, and building rail links to connect extraction and production sites to main railway Update on latest awards CO2 Management EPC UK Point of Ayr, Liverpool Bay Eni 520 M€ EPC and assistance to the Commissioning of a new CO2 Electrical Compression Station to be integrated with both the offshore and onshore segments of the Liverpool Bay CCS project (serving the HyNet industrial cluster)
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First Half 2025 Results 7 bp ≈ 300-350 M$1 EPCI part of Tangguh UCC Project, including Ubadari field development, gas recovery through carbon capture, utilization and storage (EGR / CCUS) and onshore compression bp, Equinor, TotalEnergies ≈ 650 M€ Offshore pipeline for the transportation of CO2. Will contribute to UK’s first zero- emission industrial hub in Northeast England and store ~4 MtCO₂/year from 2028 Stockholm Exergi 600 M€ Large-scale Bioenergy CO2 capture project. One of the first projects combining Bioenergy with Carbon Capture and Storage, leading to negative emissions Eni 520 M€ CO2 Electrical Compression Station, part of one of the UK’s most advanced Carbon Capture and Storage projects CO2 management: a growing opportunity Tangguh UCC 4Q 2024 East Coast Cluster 4Q 2024 Stockholm Exergi 1Q 2025 Liverpool Bay 2Q 2025 Transportation Saipem Scope of Work Re-injection Transportation (143 km of 28” offshore pipeline) Saipem Scope of Work Saipem Scope of Work Ship loading Capture Compression Saipem Scope of Work 1) The total value of the project award is 1 B$ 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 CO 2 has been estimated at around 300-350 M$ Liquid CO2 storage Offshore E&C Onshore E&C
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First Half 2025 Results 8 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 1) Including the FEED study for the Fertilizing Project recently awarded to Saipem by Sonatrach in Algeria Achieved 2025 annual budget six months in advance
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First Half 2025 Results 9 A dynamic bidding environment Commercial pipeline1 (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 3Q 2025) 30 51 52 53 53 Dec-21 Dec-22 Dec-23 Dec-24 Jun-25 Oil Upstream 21% Gas Upstream 51% Energy Transition & Others 28% 53 B€ 30-Jun-25 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
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First Half 2025 Results 10 Norway Bodø 340km Norwegian Sea Aast Hansteen platform Client: equinor Pipelay vessel: Castorone Pipeline length: ≈ 79 Km Pipelay technology: ITP pipe-in-pipe Pipes diameter: 14 – 20 inches Pre-fabrication: 2,208 triple joints Pipelaying activity: ≈ 3 months Max Water depth: ≈ 1,364 meters Irpa subsea production template 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 Courseulles-sur-Mer Irpa - Aasta Hansteen
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First Half 2025 Results Agenda Highlights1 2 Financial review 3 Closing remarks 4 Appendix
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First Half 2025 Results 12 6,418 7,211 1H24 1H25 1H 2025 results (M€) 455 842 1H24 1H25 565 764 1H24 1H25 118 140 1H24 1H25 Revenue Operating Cash Flow1EBITDA Net Result 8.8% margin 10.6% +35%+12% 1) Equal to Net Result, plus D&A and other non-monetary items and Changes in Working Capital +85%+19%
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First Half 2025 Results 13 391 539 1H24 1H25 1H 2025 results – Asset Based Services (M€) +18% +38% Asset Based Services Business Lines IncludedRevenue EBITDA Offshore Wind Offshore E&C 11.3% margin 13.2% 3,449 4,083 1H24 1H25 ▪ Positive trajectory driven by strong order intake in Oil & Gas projects, as well solid project execution ▪ Relatively stable Revenue mix between SURF and Conventional
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First Half 2025 Results 14 166 185 1H24 1H25 ▪ Revenue and EBITDA trend reflects broadly unchanged fleet size year-on-year ▪ Aramco suspensions impact mitigated by capital light strategy 1H 2025 results – Drilling Offshore (M€) +3% +11% Drilling Offshore Business Lines IncludedRevenue EBITDA Drilling Offshore 37.2% margin 40.1% 446 461 1H24 1H25
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First Half 2025 Results 15 1H 2025 results – Energy Carriers (M€) +6% Energy Carriers Business Lines IncludedRevenue EBITDA Onshore E&C Sustainable Infrastructures Robotics & Industrialized Solutions 0.3% margin 1.5% ▪ Steady execution of backlog coupled with selective approach on new order intake ▪ Slow but steady improvement in profitability driven by decreased incidence of low-margin pre-2022 projects 2,523 2,667 1H24 1H25 8 40 1H24 1H25
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First Half 2025 Results 16 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
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First Half 2025 Results 17 (23) (854) 205 660 (683) (599) (243) 76 167 97 331 1,059 Net Debt 31-Dec-2024 (post-IFRS 16) Lease Liability (IFRS 16) Net Debt 31-Dec-2024 (pre-IFRS 16) Net Result + D&A Changes in working capital and other non- monetary items Net Capex Repayment of lease liabilities Other Dividend paid Net Debt 30-Jun-2025 (pre-IFRS 16) Lease Liability (IFRS 16) Net Debt 30-Jun-2025 (post-IFRS 16) 1 Net Debt evolution in 1H 2025 Reduction in Net Debt (pre-IFRS 16) 171 M€ 1) Gross Capex of 191 M€ net of Divestments of 115 M€ Free Cash Flow (post repayment of lease liabilities) 599 M€
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First Half 2025 Results 18 28 271 none 500 500 500 Jul-Dec 2025 2026 2027 2028 2029 2030 1) Average cost of debt in 1H 2025 Debt and liquidity as of June 2025 Liquidity (M€) 30th June 2025 Gross Debt (M€, nominal amount) 30th June 2025 Committed RCF (undrawn) Cash in JVs and other restricted cash Available Cash 1,799 1,266 1,340 600 3,206 ▪ Avg. tenor: ≈ 3.5 years ▪ Avg. cost of debt: ≈ 5%1 ▪ 99% fixed, 1% floating ▪ 99% Euro-denominated Outstanding Debt
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First Half 2025 Results Agenda Highlights1 2 Financial review 3 Closing remarks 4 Appendix
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First Half 2025 Results 20 Closing remarks Strong cash flow conversion and solid balance sheet Robust execution supports revenue growth and margin expansion Excellent visibility for 2025 and 2026 deriving from record high backlog Construction fleet fully booked for the next two years Order intake expected to accelerate in 2H 2025 Guidance for 2025 confirmed
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First Half 2025 Results 21 Q&A Session First Half 2025 Results
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First Half 2025 Results Agenda Highlights1 2 Financial review 3 Closing remarks 4 Appendix
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First Half 2025 Results 23 Q-o-Q comparison 2Q 2025 results in context (M€) 234 276 330 395 447 2Q24 3Q24 4Q24 1Q25 2Q25 3,371 3,712 4,419 3,518 3,693 - 1,000 2,000 3,000 4,000 5,000 6,000 2Q24 3Q24 4Q24 1Q25 2Q25 297 340 424 351 413 2Q24 3Q24 4Q24 1Q25 2Q25 61 88 100 77 63 2Q24 3Q24 4Q24 1Q25 2Q25 Revenue Operating Cash Flow1EBITDA Net Result +19% -20%+10% +5% +25% -17%+14% +18% 8.8 9.2 9.6 10.0 11.2 Margin (%) 1) Equal to Net Result, plus D&A and other non-monetary items and Changes in Working Capital
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First Half 2025 Results 24 Revenue 2Q 2025 results by reporting segments in context (M€) 0 14 18 18 22 1,816 2,068 2,541 1,966 2,117 211 244 319 251 288 236 223 249 211 250 86 82 87 82 103 1,319 1,421 1,629 1,341 1,326 Energy CarriersDrilling Offshore Q-o-Q comparison +23% -23% +31% -21% +12% -15% +6% -6% +15% -18% 11.6 11.8 12.6 12.8 13.6 Margin % EBITDA Revenue EBITDA Revenue EBITDA +14% +16% -6% -5% +8%+8% +15% +18% +26% -1% 36.4 36.8 34.9 38.9 41.2 Margin % 0.0 1.0 1.1 1.3 1.7 Margin % Asset Based Services
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First Half 2025 Results 25 D&A and financial expenses D&A1 Financial expenses1 76 32 202 310 98 43 318 459 Drilling Offshore Energy Carriers Asset Based Services Total D&A 1H24 1H251H 2025 M€ 1H 2025 M€ 1) Including IFRS 16 impact 42 94 50 2 Financing costs Project hedging costs Exchange Differences Financial expenses
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First Half 2025 Results 26 Bank guarantees 5,461 7,234 7,019 7,995 7,393 7,898 8,294 7,447 43% 34% 31% 35% 31% 27% 24% 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 Jun 2025 Guarantees Guarantees/ backlog Stock of financial guarantees (M€) Diversified pool of institutions providing guarantees Stock of financial guarantees by division 12% 10% 7% 4% 4% 19% 44% Bank 1 Bank 2 Bank 3 Bank 4 Bank 5 Pool of insurance companies Other institutions 51%46% 3% Asset Based Services Energy Carriers Other 7.4 B€ 7.4 B€ Guarantees/backlog = 19% Guarantees/backlog = 33%
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First Half 2025 Results 27 (116) (854) 205 852 (968) (328) (119) 68 97 65 331 1,059 Net Debt 31-Mar-2025 (post-IFRS 16) Lease Liability (IFRS 16) Net Debt 31-Mar-2025 (pre-IFRS 16) Net Result + D&A Changes in working capital and other non- monetary items Net Capex Repayment of lease liabilities Other Dividends paid Net Debt 30-Jun-2025 (pre-IFRS 16) Lease Liability (IFRS 16) Net Debt 30-Jun-2025 (post-IFRS 16) 1 Net Debt evolution in 2Q 2025 Change in Net Debt (pre-IFRS 16) 114 M€ 1) Capex of 82 M€ net of Divestments of 14 M€ Free Cash Flow (post repayment of lease liabilities) 282 M€
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First Half 2025 Results 28 37% 19% 7%< 1% 2% 1% 9% 7% 5% 3% 2% 2% 2% 3% Conventional Subsea Others1 Backlog details (1/5) 1) Including biorefineries, ammonia and sonsub and subsea technologies and services Total of 31 B€ 30-Jun-25 Legend Asset Based Services Energy Carriers Drilling Offshore Backlog breakdown by project type 18% Related to One Saipem integrated onshore & offshore projects 16% Related to Low & Zero Carbon projects
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First Half 2025 Results 29 Backlog details (2/5) Pre 2022 10% 2022 9% 2023 22%2024 49% 2025 10% 64% 3% 33% North Africa 3% Italy 4% Far East 6% Americas 13% Europe 12% Sub Saharan Africa 24% Middle East 38% Backlog by business line Backlog by geography Backlog by year of acquisition Energy Carriers Asset Based Services Drilling Offshore 31 B€ 30-Jun-25 31 B€ 30-Jun-25 31 B€ 30-Jun-25
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First Half 2025 Results 30 Backlog by customer type National Oil Companies 42% International Oil Companies & Independent Companies 50% Others1 8% Backlog details (3/5) Oil 34% Gas 47% Low/zero carbon2 16% Drilling 3% 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 31 B€ 30-Jun-25 31 B€ 30-Jun-25
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First Half 2025 Results 31 - 1.0 2.0 3.0 4.0 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% 11%8% 5% 5% 5% 4% 21% Client 1 Client 2 Client 3 Client 4 Client 5 Client 6 Client 7 Client 8 Other clients (#25) Clients breakdown by backlogTop 20 projects by backlog 31 B€ 30-Jun-25
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First Half 2025 Results 32 4.5 8.6 4.4 2.3 2.0 4.0 2.2 2.1 0.2 0.3 0.1 0.4 Jul-Dec 2025 2026 2027 2028+ Asset Based Services Energy Carriers Drilling Offshore 12.9 4.8 6.76.7 1) Backlog does not include the non-consolidated backlog as of 30th June 2025 equal to 144 M€ Non-consolidated Backlog By Year Of Execution (M€) Backlog details (5/5) Backlog1 (as of 30-Jun-25): distribution by year of expected execution (B€) Jul-Dec 2025 2026 2027 2028+ 57 47 21 19
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First Half 2025 Results 33 1) Leased vessels 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 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 / Energean West Africa/Med Sea DVD (1) Eni Ivory Coast / Ghana Scarabeo 9 Burullus Egypt Scarabeo 8 Aker BP Norway Shallow-water Hi Spec Perro Negro 8 Aramco Saudi Arabia Perro Negro 7 (2) Aramco Saudi Arabia Perro Negro 10 (2) Aramco / Eni Saudi Arabia / Mexico Perro Negro 11 (1) Aramco Saudi Arabia Perro Negro 13 (1) Aramco Saudi Arabia STD Perro Negro 4 Petrobel Egypt 2024 2025 2026 to 2027 to 2028 to 2028 to 2033 to 2029 Committed Optional period Shallow- water Hi Spec Pioneer (1) (3) Eni Mexico Perro Negro 9 (1) (4) Aramco Saudi Arabia Perro Negro 12 (1) (5) Aramco Saudi Arabia Jack-ups which are (or were) leased by Saipem and that were (or will be) returned to the owner in 2025 New award 2Q 2025
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First Half 2025 Results 34 E&C market near-term1 opportunities worth ≈ 53 B€ ≈ 4.7 B€ Europe, CIS & Central Asia ▪ Conventional ▪ SURF ▪ Renewables & green ▪ Pipelines ▪ Downstream ▪ Upstream ▪ Infrastructures ▪ Low Carbon Solutions Africa ≈ 9.6 B€ ≈ 2.6 B€ ▪ Conventional ▪ SURF ▪ Low Carbon Solutions ▪ LNG ▪ O&M ≈ 3.9 B€ ▪ SURF Americas ≈ 12.4 B€ ≈ 7.8 B€ ▪ Conventional ▪ Pipelines ▪ Upstream ▪ LNG ▪ O&M ▪ Syngas & Fertilizers Middle East ▪ Floaters ▪ Low Carbon Solutions ≈ 2.6 B€ Asia Pacific ≈ 6.3 B€ ≈ 1.8 B€ ▪ Conventional ▪ SURF ▪ Pipelines ≈ 0.9 B€ ▪ Syngas & Fertilizer 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 3Q25)