Slide 1: First Half 2024 Results
First Half 2024 Results 25th July 2024
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 2 Financial review 3 Closing remarks 4 Appendix First Half 2024 Results
Slide 4: Highlights of 2Q 2024 results
Highlights of 2Q 2024 results 3.4 B€ 297 M€ Revenue EBITDA +22% Y-on-Y1 +36% Y-on-Y1, +11% Q-on-Q2 +11% Q-on-Q2 8.8% EBITDA margin 110 M€ 5.1 B€ Net Cash Flow3 Order Intake 394 M€ Net Cash position 1.5x Book-to-Bill (pre-IFRS 16) as of Jun-24 Note: 1) Y-on-Y refers to the delta between 2Q 2024 and 2
Slide 5: Update on major recent awards
Update on major recent awards Ammonia Ndungu Kaminho LTA Project May 2024 May 2024 June 2024 July 2024 Angola Angola Saudi Arabia Northern Europe Ndungu field Cameia and Golfinho fields Abu Safa, Berri & Manifa fields 850 M$ 3.7 B$ 500 M$ 250 M€ Azule Energy (Eni, bp) TotalEnergies Saudi Aramco Undi
Slide 6: EPC contractual model de-risking
EPC contractual model de-risking ≈ 6% ≈ 22% ≈ 36% De-risked De-risked De-risked portion portion portion ▪ Price adjustments (escalation formulas) Procurement ▪ Clients purchasing directly critical items ▪ Pre-agreements with vendors on long-lead items ▪ Reimbursable portions & re-measurable portions
Slide 7: Balance sheet de-leveraging continues
Balance sheet de-leveraging continues Net cash position pre-IFRS 16 (M€) Access to capital markets Financing 1.3 B€ of available cash as of Jun-24 394 ▪ 500 M€ convertible bond issuance (Sep-23) ▪ 500 M€ bond issuance (May-24) 284 216 Guarantees 125 ▪ Broad access to financial guarantees 56 45 34 •
Slide 8: Record level and high-quality backlog
Record level and high-quality backlog 29.8 30.5 28.8 27.6 All-time high Backlog at 30 B€ 25.4 24.0 24.1 23.0 22.7 13.5 12.7 14.2 47% 12.5 13.0 13.3 13.1 Asset Based Services 67% 15.3 15.4 currently makes > 50% of total backlog (from 33% 53% of two years ago) 15.1 16.3 16.1 16.3 11.0 12.4 10.7 33% 7.
Slide 9: Offshore E&C fleet expected utilisation
Offshore E&C fleet utilisation 80% Utilisation above 70-75% is equivalent of running at full capacity, as a 25-30% buffer is required to retain flexibility to manage project schedules 70% Visibility on utilisation of Offshore E&C fleet expected utilisation1,2 key offshore E&C vessels 60% increased m
Slide 10: Courseulles-sur-Mer offshore wind project
Courseulles-sur-Mer offshore wind project Key updates and timeline Construction and assembling of drilling 1 system completed in 1Q 2024 in the UK Drilling System ▪ 2,000 tons overall weight ▪ 9.5 meters bore diameter All 64 monopiles and transition pieces ready ▪ 36 meters socket length 2 at marsha
Slide 11: Agenda
Agenda 1 Highlights 2 Financial review 3 Closing remarks 4 Appendix First Half 2024 Results
Slide 12: 1H 2024 results (M€)
1H 2024 results (M€) Revenue EBITDA Net Result Operating Cash Flow1 +20% +38% 7.7% margin 8.8% 6,418 5,347 565 455 410 118 142 40 1H23 1H24 1H23 1H24 1H23 1H24 1H23 1H24 First Half 12 1. Operating Cash Flow equals to Net Result, plus D&A and other non-monetary items, minus changes in Working Capital
Slide 13: 1H 2024 results – Asset Based Services
1H 2024 results – Asset Based Services (M€) Asset Based Services Revenue EBITDA Business Lines Included +32% +50% 9.9% margin 11.3% Offshore Offshore 3,449 E&C Wind 2,622 391 260 ▪ Revenue growth supported by conventional and subsea Oil & Gas projects as well as growth of backlog ▪ EBITDA margin upl
Slide 14: 1H 2024 results – Drilling Offshore
1H 2024 results – Drilling Offshore (M€) Drilling Offshore Revenue EBITDA Business Lines Included +24% +18% 39.3% margin 37.2% Drilling 446 Offshore 359 166 141 ▪ Revenue and EBITDA growth supported by fleet expansion and average daily rate improvement ▪ Solid operating performances partially offset
Slide 15: 1H 2024 results – Energy Carriers
1H 2024 results – Energy Carriers (M€) Energy Carriers Revenue EBITDA Business Lines Included +7% 0.4% margin 0.3% 2,523 2,366 Onshore Sustainable Robotics & E&C Infrastructures Industrialized Solutions ▪ Steady execution of backlog coupled with selective 9 8 approach on new order intake leading to
Slide 16: 1H 2024 results (Income Statement)
1H 2024 results (Income Statement) Group Income Statement M€ 1H 2023 1H 2024 Change Revenue 5,347 6,418 1,071 Total costs (4,937) (5,853) EBITDA 410 565 155 EBITDA margin 7.7% 8.8% D&A (218) (310) EBIT 192 255 63 Financial expenses (87) (73) Result from equity investments 13 10 EBT 118 192 74 Income
Slide 17: Net Debt evolution in 1H 2024
Net Debt evolution in 1H 2024 Net Cash Flow 178 M€ Operating Cash Flow 455 M€ 261 148 477 542 (216) 80 197 (394) (428) (27) Net Debt Lease Liability Net Debt Adjusted Delta Working Capex Other 1 Net Debt Lease Liability Net Debt 31-Dec-2023 (IFRS 16) 31-Dec-2023 Net Result Capital 30-Jun-2024 (IFRS
Slide 18: Debt and liquidity at the end of 2Q 2024
Debt and liquidity at the end of 2Q 2024 Liquidity (M€) Gross Debt (M€, nominal amount) 30th June 2024 30th June 2024 206 M€ increase vs Mar-24 130 M€ increase vs Mar-24 3,074 2,267 470 ▪ Avg. tenor: ≈ 4 years ▪ Avg. cost of debt: ≈ 5%1 500 ▪ 94% fixed, 6% floating ▪ 97% Euro-denominated 1,339 500 N
Slide 19: Overview of recent liability management exercise
Overview of recent liability management exercise Actual Gross Debt (M€, nominal amount) Actual Gross Debt (M€, nominal amount) As of 31st March 2024 As of 30th June 2024 Average Debt Maturity Average Debt Maturity 800 Available cash: 1,049 M€ ≈ 3 years 800 Available Cash: 1,265 M€ ≈ 4 years Equivale
Slide 20: Agenda
Agenda 1 Highlights 2 Financial review 3 Closing remarks 4 Appendix First Half 2024 Results
Slide 21: Revenue, margins and cash flow conversion
Revenue, margins and cash flow conversion Revenue (B€) EBITDA (M€) Operating Cash Flow1 (M€) EBITDA margin 564 M€ total Operating Cash Flow (2022 – 1H 2024) 5.6% 8.8% 3.5 370 3.4 297 3.0 3.0 286 2.9 2.9 268 221 234 2.8 2.6 2.4 230 91 103 219 74 39 191 1.8 168 142 131 (64) 102 (123) (381) 1Q 2Q 3Q 4Q
Slide 22: On track to meet 2024 guidance and medium-term targets
On track to meet 2024 guidance and medium-term targets Cash flow generation and de-leveraging continues Strong order intake with a materially de-risked profile Steady progress on legacy projects execution Guidance 2024 confirmed Increased visibility on strategic plan targets First Half 22 2024 Resul
Slide 23: Q&A Session
Q&A Session First Half 23 2024 2024 Results results
Slide 24: Agenda
Agenda 1 Highlights 2 Financial review 3 Closing remarks 4 Appendix First Half 2024 Results
Slide 25: Reporting according to business lines and IFRS 8
Reporting according to business lines and IFRS 8 Three Reporting Segments Five 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 First Half 25 2024 Resul
Slide 26: 2Q 2024 results in context (M€)
2Q 2024 results in context (M€) Q-o-Q comparison Revenue EBITDA Net Result Operating Cash Flow Margin (%) 4,500 7.9 7.6 8.1 8.8 8.8 4,000 +9% +16% -13% +11% +5% +24% -6% +11% 3,500 3,000 100 2,500 3,511 2,000 3,371 297 370 3,047 3,016 286 268 2,765 1,500 230 219 234 221 61 57 1,000 40 39 500 74 39 -
Slide 27: 2Q 2024 results by reporting segments in context
2Q 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 % 10.0 10.2 10.3 11.0 11.6 40.8 42.4 41.1 38.1 36.4 0.2 0.1 0.0 0.7 0.0 +4% +31% -16% +11% +6% +31% -10%
Slide 28: 1H 2024 D&A and financial expenses
1H 2024 D&A and financial expenses 1H 2024 1H23 1H24 M€ 310 202 218 D&A1 76 135 56 27 32 Drilling Offshore Energy Carriers Asset Based Services Total D&A 1H 2024 M€ 21 (5) 73 57 Financial expenses1 Financing Project Exchange Financial costs hedging costs Differences expenses First Half 28 1. Includi
Slide 29: Net Debt evolution in 2Q 2024
Net Debt evolution in 2Q 2024 Net Cash Flow 110 M€ Operating Cash Flow 234 M€ 209 148 493 542 19 (284) 105 (394) (226) (8) Net Debt Lease Liability Net Debt Adjusted Delta Working Capex Other 1 Net Debt Lease Liability Net Debt 31-Mar-2024 (IFRS 16) 31-Mar-2024 Net Result Capital 30-Jun-2024 (IFRS 1
Slide 30: Lease liabilities in 2023 and 1H 2024
Lease liabilities1 in 2023 and 1H 2024 109 128 (85) 34 7 (119) 176 542 477 (28) 320 Dec-22 Payments in Write offs and Extention & New Dec-23 Payments in Write offs and Extention & New Jun-24 FY23 exchange renewals of contracts 1H24 exchange renewals of contracts differences existing differences exis
Slide 31: Bank guarantees
Bank guarantees Stock of financial guarantees (M€) 9,000 7,995 7,898 7,671 10 0% 7,234 7,019 7,393 90 % Guarantees 80 % 6,000 5,461 70 % 43% 60 % 34% 35% 50 % 31% 31% 27% 25% 40 % Guarantees/ 3,000 30 % backlog 20 % 10 % 0 0% Dec 2018 Dec 2019 Dec 2020 Dec 2021 Dec 2022 Dec 2023 Jun 2024 Diversified
Slide 32: Backlog details (1/5)
Backlog details (1/5) Others 26% Related to One Saipem 1% integrated onshore & 3% 3% offshore projects 4% 9% 31% Backlog Total of 9% breakdown by Upstream 10% project type 30.5 B€ Related to Low & Zero Carbon projects 30-Jun-24 11% 17% 2% Legend 3%1% 5% Asset Based Services Energy Carriers Sealines
Slide 33: Backlog details (2/5)
Backlog details (2/5) Backlog by business line Backlog by geography Backlog by year of acquisition North Africa Italy Energy Asset Based 3% 4% Far East Carriers Services 5% H1 2024 Pre 2022 18% 19% Middle Europe East 9% 41% 35% Americas 54% 12% 2022 20% Sub 2023 Saharan 43% Africa 5% 32% Drilling Of
Slide 34: Backlog details (3/5)
Backlog details (3/5) Backlog by customer type Backlog by energy type Drilling Others1 5% 7% Low/zero carbon² Oil 9% 32% National Oil Companies 44% International Oil Companies & Gas Independent 54% Companies 49% 30.5 B€ 30.5 B€ 30-Jun-24 30-Jun-24 1. Those mainly refer to Sustainable Infrastructures
Slide 35: Backlog details (4/5)
Backlog details (4/5) Top 20 projects by backlog Clients breakdown by backlog Project 1 Client 1 Project 2 Client 2 Project 3 Project 4 Client 3 Project 5 19% Client 4 Project 6 23% Client 5 Project 7 Project 8 Client 6 Project 9 4% Client 7 Project 10 Client 8 Project 11 30.5 B€ 5% Other clients (#
Slide 36: Backlog details (5/5)
Backlog details (5/5) Backlog1 (as of 30-Jun-24): distribution by year of expected execution (B€) 11.6 0.6 7.5 6.6 4.3 0.2 0.4 4.8 3.3 2.3 0.5 6.6 2.5 3.9 4.0 1.8 Jul-Dec 2024 2025 2026 2027+ Asset Based Services Energy Carriers Drilling Offshore Non-consolidated Backlog By Year Of Execution (M€) Ju
Slide 37: Drilling offshore fleet
Drilling offshore fleet Drilling Vessel Engagement Map (2023-2025) 2023 2024 2025 Current Client Current Area Saipem 12000 Azule Angola and Harsh Environment Ultra Deep-water Saipem 10000 Eni Italy Santorini Eni Worldwide DVD (1) to 2026 Eni Ivory Coast Committed Scarabeo 9 Burullus Egypt New award
Slide 38: E&C market near-term opportunities worth ≈ 53 B€
E&C market near-term1 opportunities worth ≈ 53 B€ Europe, CIS & Central Asia ≈ 4.4 B€ Visibility at peak levels ▪ Conventional ▪ ▪ Pipelines Renewables & green Asia Pacific Low-single-digit increase Americas for Offshore and low-single-digit ≈ 3.6 B€ ≈ 4.6 B€ ≈ 2.2 B€ Middle East decrease in Onshore
Slide 39: Saipem
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