Slide 1: FY 2024 Results and Strategy Update
FY 2024 Results and Strategy Update 26th February 2025
Slide 2: Disclaimer
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
Slide 3: Agenda
Agenda 1 Highlights of 4Q 2024 2 Financial review of FY 2024 3 Strategic plan for 2025-2028 4 Appendix FY 2024 Results and Strategy Update
Slide 4: Highlights of 4Q 2024 results
Highlights of 4Q 2024 results 4.4 B€ 424 M€ Revenue EBITDA +26% Y-on-Y1 +48% Y-on-Y1, +25% Q-on-Q2 +19% Q-on-Q2 9.6% EBITDA margin 174 M€ 5.3 B€ Net Debt Reduction (pre-IFRS 16) Order Intake 683 M€ Net Cash position 1.2x Book-to-Bill (pre-IFRS 16) as of 31-Dec-24 1) Y-on-Y refers to the delta betwee
Slide 5: Growth converting into margins and material cash flow generation
Growth converting into margins and material cash flow generation Revenue (B€) EBITDA (M€) Operating Cash Flow1 (M€) EBITDA margin 5.6% 9.6% 4.4 370 424 330 276 3.7 221234 3.5 3.4 340 3.0 3.0 297 91 103 2.9 2.9 2.8 286 74 2.6 268 39 2.4 219230 1.8 191 ≈ 80% 168 (64) 142 131 (123) 102 Conversion of EB
Slide 6: Three years in-a-row of over-performance
Three years in-a-row of over-performance FY 2022 FY 2023 FY 2024 Guidance(1) Actual Guidance(2) Actual Guidance(3) Actual Revenue > 9 B€ ✓ 10.0 B€ > 11 B€ ✓ 11.9 B€ > 14.0 B€ ✓ 14.5 B€ EBITDA > 550 M€ ✓ 595 M€ ≈ 850 M€ ✓ 926 M€ > 1.3 B€ ✓ 1,329 M€ Other ≈ 300 M€ 264 M€ ✓ ≈ 500 M€ 261 M€ ✓ > 760 M€ 8
Slide 7: Dividend proposal for 2024
Dividend proposal for 2024 (M€) Free Cash Flow1 Free Cash Flow1 Dividend Generated Retained Initial Guidance ≈ 300 ≈ 90–1202 ≈ 180-210 for 2024 What has been achieved 505 333 172 in 2024 Dividend proposal equal to more than 3x the initial guidance 1) After repayment of lease liabilities FY 2024 Resu
Slide 8: Major awards in 4Q 2024
Major awards in 4Q 2024 Suriname Indonesia United Kingdom Nigeria xBlock 58 oil and gas field x Ubadari field xEast Coast Cluster CCUS x Bonga North oil field ≈ 1.9 B$ ≈ 1.0 B$ ≈ 650 M€ ≈ 900 M$ bp, Equinor, TotalEnergies bp Shell TotalEnergies Offshore E&C Offshore E&C Offshore E&C Offshore E&C EPC
Slide 9: Record-high backlog grants excellent visibility
Record-high backlog grants excellent visibility Backlog (B€)1 Revenue coverage from current backlog +50% ≈ 90% 34 (Dec-21 - Dec-24) 33 30 30 29 28 25 Coverage of expected 2025 Revenue 24 24 23 22 23 23 from current backlog ≈ 70% Coverage of expected 2026 Revenue Mar-22 Mar-23 Mar-24 Dec-21 Jun-22 Se
Slide 10: Courseulles-sur-Mer Project
Courseulles-sur-Mer Project Key updates Learning curve First socket completed in December 120 1 First monopile installed in January 110 100 Number of days per socket Second socket completed in January 90 2 Third and fourth sockets completed in February 80 70 Second monopile to be installed by the en
Slide 11: Agenda
Agenda 1 Highlights of 4Q 2024 2 Financial review of FY 2024 3 Strategic plan for 2025-2028 4 Appendix FY 2024 Results and Strategy Update
Slide 12: FY 2024 results (M€)
FY 2024 results (M€) Revenue EBITDA Net Result Operating Cash Flow1 +23% +44% Conversion 63% from 80% EBITDA 7.8% margin 9.1% 14,549 1,061 11,874 1,329 306 926 586 179 FY23 FY24 FY23 FY24 FY23 FY24 FY23 FY24 FY 2024 Results and 12 1) Equal to Net Result, plus D&A and other non-monetary items and Cha
Slide 13: FY 2024 results – Asset Based Services (M€)
FY 2024 results – Asset Based Services (M€) Asset Based Services Revenue EBITDA Business Lines Included +33% +55% 8,058 10.1% margin 11.8% Offshore Offshore E&C Wind 954 6,069 614 ▪ Growth supported by execution of recent Oil & Gas awards ▪ Revenue progression led by conventional and subsea projects
Slide 14: FY 2024 results – Drilling Offshore (M€)
FY 2024 results – Drilling Offshore (M€) Drilling Offshore Revenue EBITDA Business Lines Included +24% +11% 40.5% margin 36.5% Drilling 918 Offshore 743 335 301 ▪ Revenue and EBITDA growth supported by fleet expansion and average day-rate improvement ▪ Operating performance affected by cyclical main
Slide 15: FY 2024 results – Energy Carriers (M€)
FY 2024 results – Energy Carriers (M€) Energy Carriers Revenue EBITDA Business Lines Included +10% 0.2% margin 0.7% 5,573 5,062 Onshore Sustainable Robotics & E&C Infrastructures Industrialized Solutions ▪ Steady execution of backlog coupled with selective approach 40 on new order intake ▪ Profitabi
Slide 16: FY 2024 results – Income Statement
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
Slide 17: Net Debt evolution in FY 2024
Net Debt evolution in FY 2024 Reduction in Net Debt (pre-IFRS 16) 467 M€ Free Cash Flow (post repayment of lease liabilities) 261 505 M€ 477 (23) (216) 660 38 252 (683) 304 (1,029) (32) Net Debt Lease Liability Net Debt Adjusted Changes in Net Capex1 Repayment of Other Net Debt Lease Liability Net D
Slide 18: Debt and liquidity at December 2024
Debt and liquidity at December 2024 Liquidity (M€) Gross Debt (M€, nominal amount) 31st December 2024 31st December 2024 2,215 3,337 ▪ Avg. tenor: ≈ 3.3 years 470 351 M€ of Gross Debt already repaid(2) ▪ Avg. cost of debt: ≈ 5%1 in January 2025 (2025 bond and ECA line) ▪ 96% fixed, 4% floating ▪ 97%
Slide 19: Agenda
Agenda 1 Highlights of 4Q 2024 2 Financial review of FY 2024 3 Strategic plan for 2025-2028 4 Appendix FY 2024 Results and Strategy Update
Slide 20: Strategic plan based on four pillars
Strategic plan based on four pillars 1 2 3 4 Execution Capitalizing on New paradigm for Broaden offering on excellence upstream Oil & Gas Onshore E&C and Energy Transition up-cycle PMC offering Clear and disciplined capital allocation, with investment-grade credit rating target Corporate simplificat
Slide 21: Execution excellence unpacked
1 Execution excellence unpacked Construction & HSE Fleet Engineering Fabrication AI driven application to Execution-oriented prevent accidents through tendering process specific safety tools Constantly upgrade the fleet to maintain state-of- Modularization as key to the-art technology on- reduce exe
Slide 22: Capitalizing on upstream Oil & Gas up-cycle
2 Capitalizing on upstream Oil & Gas up-cycle Suriname Namibia X x Galp Total Energies Drilling Offshore Offshore E&C Santorini hired for drilling activities Saipem hired for the subsea development in Namibia on Pel 83 block of the GranMorgu project, located in the Block 58 field Perforation activit
Slide 23: New paradigm for Onshore E&C and PMC offering
3 New paradigm for Onshore E&C and PMC offering Onshore E&C strategy Order intake evolution 1 Value over Volume 2 Derisking through contractual schemes ≈ 6.0 B€ ≈ 3.5 B€ ≈ 3.3 B€ average per annum average per annum average per annum 3 O&M as source of recurring Revenue 2019-2021 2022-2024 2025-2028
Slide 24: Broaden offering on Energy Transition
4 Broaden offering on Energy Transition Recent activities Strategic drivers 1 Continue to pursue CCUS opportunities Project Delivery CO2 transport & storage 6 offshore wind projects for NEP and NZT completed (1 underway) Urea plant project for Perdaman 2 Grow in Blue & Green Fertilizers Solutions La
Slide 25: Order intake built on solid assumptions
Order intake built on solid assumptions Previous plan (2024-2027) order intake assumed 50 B€ expected order intake for 2025-2028 to be equal to 50 B€ of which 14-15 B€ in Low & Zero Carbon projects Asset Based Services Drilling Offshore Energy Carriers Offshore Offshore Drilling Onshore Sustainable
Slide 26: Financial targets
Financial targets 2024 Actual 2025 Guidance Medium-term targets Revenue 14.5 B€ ≈ 15.0 B€ > 15.0 B€ (2028) EBITDA 1.3 B€ ≈ 1.6 B€ ≈ 2.0 B€ (2028) Operating Cash Flow 809 M€ ≈ 900 M€ > 3.7 B€ (post repayment of lease liabilities)1 (cumulated 2025-2028) Capex 343 M€ ≈ 500 M€ ≈ 1.5 B€ (cumulated 2025-2
Slide 27: Capital allocation & financial policy
Capital allocation & financial policy Dividend1 of 333 M€ (350 M$) to be paid in 2025 (on 2024 results) Shareholders Dividend1 of at least 300 M$ to be paid in 2026 (on 2025 results) Remuneration From 2027 onwards, distribute to shareholders at least 40% of Free Cash Flow post repayment of lease lia
Slide 28: Q&A Session
Q&A Session FY 2024 Results and 28 Strategy Update
Slide 29: Agenda
Agenda 1 Highlights of 4Q 2024 2 Financial review of FY 2024 3 Strategic plan for 2025-2028 4 Appendix FY 2024 Results and Strategy Update
Slide 30: Reporting according to business lines and IFRS 8
Reporting according to business lines and IFRS 8 Three Reporting Segments Six(*) Business Lines Drilling X Drilling Offshore Offshore Asset Based Offshore Offshore X Services E&C Wind Robotics & X Energy Carriers Onshore Sustainable Industrialized E&C Infrastructures Solutions FY 2024 Results and 30
Slide 31: 4Q 2024 results in context (M€)
4Q 2024 results in context (M€) Q-o-Q comparison Revenue EBITDA Net Result Operating Cash Flow1 Margin (%) 6,000 8.1 8.8 8.8 9.2 9.6 5,000 -13% +11% +10% +19% -6% +11% +14% +25% 4,000 3,000 4,419 370 3,712 330 424 3,511 3,371 2,000 3,047 276 340 234 297 221 286 268 1,000 100 100 88 61 57 - 4Q23 1Q24
Slide 32: 4Q 2024 results by reporting segments in context (M€)
4Q 2024 results by reporting segments in context (M€) Q-o-Q comparison Asset Based Services Drilling Offshore Energy Carriers Revenue EBITDA Revenue EBITDA Revenue EBITDA Margin % Margin % Margin % 10.3 11.0 11.6 11.8 12.6 41.1 38.1 36.4 36.8 34.9 0.0 0.7 0.0 1.0 1.1 -16% +11% +14% +23% -10% +17% +1
Slide 33: D&A, financial expenses and taxes
D&A, financial expenses and taxes FY 2024 FY23 FY24 M€ 723 496 489 D&A1 313 123 155 53 72 Drilling Offshore Energy Carriers Asset Based Services Total D&A FY 2024 M€ 37 ( 25 ) 85 Financial 73 expenses1 Financing Project Exchange Financial costs hedging costs Differences expenses Taxes ▪ Taxes of 190
Slide 34: Lease liabilities in 2023 and 2024
Lease liabilities1 in 2023 and 2024 431 (252) 304 660 (119) 477 4 (28) 320 Dec-22 Repayments in Write offs and Extensions, Dec-23 Repayments in Write offs and Extensions, Dec-24 FY23 exchange renewals and new FY24 exchange renewals and new differences contracts differences contracts Average weighted
Slide 35: Bank guarantees
Bank guarantees Stock of financial guarantees (M€) 10 0% 9,000 7,995 7,898 8,294 90 % 7,234 7,019 7,393 Guarantees 80 % 5,461 70 % 6,000 60 % 34% 35% 50 % 31% 31% 27% 24% 40 % 3,000 43% 30 % Guarantees/ backlog 20 % 10 % 0 0% Dec 2018 Dec 2019 Dec 2020 Dec 2021 Dec 2022 Dec 2023 Dec 2024 Diversified
Slide 36: Order intake: 2019-2021 vs 2022-2024
Order intake: 2019-2021 vs 2022-2024 Order Intake (2019–2021) Order Intake (2022–2024) Energy Drilling Offshore Carriers 6% 11% Asset Based Integrated Services projects Energy Carriers 31 B€(1) 38% 21% 49 B€(1) 59% Asset Based Services 62% Drilling Offshore 3% FY 2024 Results and 36 1) The amount ex
Slide 37: Backlog details (1/5)
Backlog details (1/5) Others1 20% Related to One Saipem 2% integrated onshore & 3% 1% offshore projects 3% 6% 6% Backlog Total of 41% Conventional 11% breakdown by project type 9% 34 B€ Related to Low & Zero Carbon projects 31-Dec-24 1% 2% <1% 6% Legend 19% Asset Based Services Subsea Energy Carrier
Slide 38: Backlog details (2/5)
Backlog details (2/5) Backlog by business line Backlog by geography Backlog by year of acquisition North Africa Italy 3% 3% Energy Asset Based Far East Carriers Services 6% Pre 2022 11% 30% Americas 2022 13% 12% 2024 Middle 49% East 41% Europe 9% 4% 66% 2023 Drilling Sub Saharan 27% Offshore Africa
Slide 39: Backlog details (3/5)
Backlog details (3/5) Backlog by customer type Backlog by energy type Others1 Drilling 6% Low/zero 4% carbon2 National Oil 11% Companies 46% Oil 37% Gas International Oil 48% Companies & Independent Companies 48% 34 B€ 34 B€ 31-Dec-24 31-Dec-24 1) Those mainly refer to Sustainable Infrastructures, O
Slide 40: Backlog details (4/5)
Backlog details (4/5) Top 20 projects by backlog Clients breakdown by backlog Project 1 Project 2 Project 3 Project 4 Project 5 Project 6 18% Client 1 23% Project 7 Client 2 Project 8 4% Client 3 Project 9 Project 10 5% Client 4 Project 11 Client 5 Project 12 5% Client 6 Project 13 5% 18% Client 7 P
Slide 41: Backlog details (5/5)
Backlog details (5/5) Backlog1 (as of 31-Dec-24): distribution by year of expected execution (B€) 12.1 11.8 0.5 0.3 4.0 3.7 6.3 0.1 3.9 1.1 0.4 7.6 7.8 5.1 1.5 2.0 2025 2026 2027 2028+ Asset Based Services Energy Carriers Drilling Offshore Non-consolidated Backlog By Year Of Execution (M€) 2025 2026
Slide 42: Drilling offshore fleet
Drilling offshore fleet Drilling Vessel Engagement Map (2024-2025) 2024 2025 2026 Current Client Current Area Saipem 12000 Azule Angola and Harsh Environment Ultra Deep-water Saipem 10000 Eni/Petrobel Italy/Egypt Santorini Eni/Galp Worldwide DVD (1) Eni Ivory Coast Committed Scarabeo 9 Burullus Egyp
Slide 43: Commercial pipeline (1 of 2)
Commercial pipeline (1 of 2) Commercial pipeline1 Evolution of commercial pipeline (B€) Energy Transition Oil Upstream 52 53 51 & Others 22% 26% 30 53 B€ 31-Dec-24 Gas Upstream 52% Dec-21 Dec-22 Dec-23 Dec-24 FY 2024 Results and 43 1) The commercial pipeline refers to the E&C opportunities that Saip
Slide 44: Commercial pipeline (2 of 2)
Commercial pipeline (2 of 2) Offshore E&C Onshore E&C Robust and stable project pipeline, weighed towards offshore 33 B€ 20 B€ Europe, CIS & Central Asia ≈ 2.7 B€ Visibility at peak levels ▪ Conventional ▪ ▪ Pipelines Renewables & green Asia Pacific Americas Offshore pipeline still at peak ≈ 6.7 B€
Slide 45: Saipem Sustainability Plan 2025-2028
Saipem Sustainability Plan 2025-2028 “OUR JOURNEY TO A SUSTAINABLE BUSINESS” Climate Change Mitigation & Environmental Protection People Centrality Value Creation • Path to Net Zero • Health & Safety • Responsible supply chain • Biodiversity and Pollution • Valuing People • Business ethics preventio
Slide 46: GHG emissions reduction path
GHG emissions reduction path Baseline 2018 1.31 M tCO2e Scope 2 Scope 1 & 2 Carbon Neutrality 50% reduction by NET ZERO by 2050 by 2025 2035 GHG emissions (t CO2eq) Phase 1: Retrofit (2018-2030) Phase 2: Renewals (2030-2040) Phase 3: Renewables/Low Carbon (2040-2050) Offsetting Residual Emissions GH
Slide 47: Saipem ESG rating by agency
Saipem ESG rating by agency Saipem rating Average sector rating1 Scale A (6) BBB CCC < AAA 20.7 27.1 100 < 0 67 50 0 < 100 Member of the 79 29 0 < 100 Dow Jones Best- in-Class World and B C D<A Europe Indexes (ex Dow Jones Sustainability Index) 86.1 65.6 0 < 100 6.9 5.1 0 < 10 B- C- D- < A+ 1) Secto
Slide 48: = SAIPEM
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