Slide 1: Nine Months 2025 Results
Nine Months 2025 Results 23rd October 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 2 Financial review 3 Closing remarks 4 Appendix Nine Months 2025 results
Slide 4: Highlights of 3Q 2025 results
Highlights of 3Q 2025 results 3.8 B€ 437 M€ Revenue EBITDA +1.6% Y-on-Y1 +28.5% Y-on-Y1, +5.8% Q-on-Q2 +2.1% Q-on-Q2 11.6% EBITDA margin 844 M€ 3.2 B€ Net Cash pre-IFRS 16 Order Intake 211 M€ Operating Cash Flow 0.9x Book-to-Bill pre-lease repayments 1) Y-on-Y refers to the delta between 3Q 2025 and
Slide 5: Growth path continues
Growth path continues Revenue (B€) EBITDA (M€) Operating Cash Flow1 (M€) EBITDA margin 447 5.6% 11.6% 395 4.4 370 330 276 3.7 3.73.8 437 221234 3.5 3.5 424 413 211 3.4 3.0 3.0 91 103 2.92.9 2.8 340 351 74 2.6 39 2.4 286 297 268 1.8 219230 (64) 191 168 (123) 142 131 102 (381) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Slide 6: Key EPC awards in 3Q 2025
Key EPC awards in 3Q 2025 Türkiye Guyana Azerbaijan . . . Sakarya field Hammerhead field Shah Deniz field Phase III Stabroek block Shah Deniz Compression project Turkish Petroleum ExxonMobil bp ≈ 1.5 B$ ≈ 500 M$ ≈ 600 M$ T&I of a new 19,000-ton compression platform EPCI of subsea, umbilical, riser a
Slide 7: Recent awards in Drilling Offshore
Recent awards in Drilling Offshore DVD Scarabeo 9 Santorini Scarabeo 8 New contract New contract New contract Extension of existing contract Eni Eni Eni Aker BP Indonesia Libya Ghana & Ivory Coast Norway ≈ 270 M$ total contract value Drilling Offshore fleet utilization visibility strengthened for Q4
Slide 8: Update on Courseulles-sur-Mer
Update on Courseulles-sur-Mer Status update Mobilization of Drilling Equipment to the jack-up 1 vessel “Bold Tern” completed 2 Drilling works resumed in August 2025 A total of 8 sockets already successfully drilled 3 Drilling of socket 9 to commence shortly A total of 4 monopiles (with transition pi
Slide 9: Offshore E&C fleet expected utilisation
Offshore E&C fleet utilisation 100% Fleet fully booked Utilisation above 70-75% is equivalent of running at full 90% capacity, as a certain buffer is required to retain flexibility Offshore E&C fleet expected to manage project schedules 80% 70% utilisation1,2 60% 50% 40% 30% 20% 10% 0% 2025 2026 202
Slide 10: A resilient commercial pipeline and a dynamic bidding environment
A resilient commercial pipeline and a dynamic bidding environment Commercial pipeline1 (B€) Saipem commercial activity update 53 54 51 52 ≈ 13 B€ 30 Aggregate value of bids already submitted (awaiting feedback from customers) Dec-21 Dec-22 Dec-23 Dec-24 Sep-25 Energy Transition & Oil Upstream ≈ 21 B
Slide 11: Agenda
Agenda 1 Highlights 2 Financial review 3 Closing remarks 4 Appendix Nine Months 2025 results
Slide 12: 9M 2025 results (M€)
9M 2025 results (M€) Revenue EBITDA Net Result Operating Cash Flow1 +8% +33% +7% +44% 8.9% margin 10.9% 10,982 10,130 1,201 1,053 905 731 206 221 9M24 9M25 9M24 9M25 9M24 9M25 9M24 9M25 Nine Months 12 1) Equal to Net Result, plus D&A and other non-monetary items and Changes in Working Capital 2025 r
Slide 13: 9M 2025 results – Asset Based Services (M€)
9M 2025 results – Asset Based Services (M€) Asset Based Services Revenue EBITDA Business Lines Included +15% +38% 11.5% margin 13.8% 6,338 875 5,517 Offshore Offshore E&C Wind 635 ▪ Positive trajectory driven by strong order intake in Oil & Gas projects leading to a growing backlog, as well as solid
Slide 14: 9M 2025 results – Drilling Offshore (M€)
9M 2025 results – Drilling Offshore (M€) Drilling Offshore Revenue EBITDA Business Lines Included -5% +4% 37.1% margin 40.4% 669 638 Drilling 248 258 Offshore ▪ Revenue and EBITDA trend reflect the reduction in fleet size due to the Aramco suspensions partly mitigated by higher day rates and higher
Slide 15: 9M 2025 results – Energy Carriers (M€)
9M 2025 results – Energy Carriers (M€) Energy Carriers Revenue EBITDA Business Lines Included +2% 0.6% margin 1.7% 3,944 4,006 Onshore Sustainable E&C Infrastructures 68 ▪ Steady execution of backlog coupled with selective approach on new order intake 22 ▪ Improvement in profitability driven by decr
Slide 16: 9M 2025 results – Income Statement
9M 2025 results – Income Statement Group Income Statement M€ 9M 2024 9M 2025 Change Revenue 10,130 10,982 852 Operating expenses (9,225) (9,781) EBITDA 905 1,201 296 EBITDA margin 8.9% 10.9% D&A (488) (737) EBIT 417 464 47 Financial expenses (104) (141) Result from equity investments 24 15 EBT 337 3
Slide 17: Net Debt evolution in 9M 2025
Net Debt evolution in 9M 2025 Reduction in Net Debt (pre-IFRS 16) 161 M€ Free Cash Flow (post repayment of lease liabilities) 591 M€ 411 (23) 1,255 660 (683) (844) 333 97 317 145 (958) (95) Net Debt Lease Liability Net Debt Net Result Changes in Net Capex 1 Repayment of Other 2 Dividend paid Net Deb
Slide 18: Agenda
Agenda 1 Highlights 2 Financial review 3 Closing remarks 4 Appendix Nine Months 2025 results
Slide 19: Closing remarks
Closing remarks Strong execution supports revenue growth and EBITDA margin expansion Excellent visibility deriving from record-high backlog Construction fleet fully booked, improved utilisation of drilling fleet Sustained level of commercial activity expected to lead to an acceleration in the order
Slide 20: Q&A Session
Q&A Session Nine Months 20 2025 2025 Results results
Slide 21: Agenda
Agenda 1 Highlights 2 Financial review 3 Closing remarks 4 Appendix Nine Months 2025 results
Slide 22: 3Q 2025 results in context (M€)
3Q 2025 results in context (M€) Q-o-Q comparison Revenue EBITDA Net Result Operating Cash Flow1 Margin (%) 6,000 9.2 9.6 10.0 11.2 11.6 5,000 +19% -20% +5% +2% +25% -17% +18% +6% 4,000 3,000 4,419 3,771 437 3,712 3,693 424 3,518 413 2,000 447 351 395 340 330 276 211 1,000 100 88 81 77 63 - 3Q24 4Q24
Slide 23: 3Q 2025 results by reporting segments in context (M€)
3Q 2025 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 % 11.8 12.6 12.8 13.6 14.9 36.8 34.9 38.9 41.2 41.2 1.0 1.1 1.3 1.7 2.1 +23% -23% +8% +7% +31% -21% +15%
Slide 24: Debt and liquidity as of September 2025
Debt and liquidity as of September 2025 Liquidity (M€) Gross Debt (M€, nominal amount) 30th September 2025 30th September 2025 1,803 3,204 600 ▪ Avg. tenor: ≈ 3.2 years ▪ Avg. cost of debt: ≈ 5%1 ▪ 99% fixed, 1% floating ▪ 99% Euro-denominated 1,249 500 500 500 1,355 271 32 none Oct-Dec 2025 2026 20
Slide 25: D&A and financial expenses
D&A and financial expenses 9M 2025 9M24 9M25 M€ 737 526 488 D&A1 331 109 150 48 61 Drilling Offshore Energy Carriers Asset Based Services Total D&A 9M 2025 M€ 71 6 141 Financial 64 expenses1 Financing Project Exchange Financial costs hedging costs Differences expenses Nine Months 25 1) Including IFR
Slide 26: 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 7,326 Guarantees 80 % 5,461 70 % 6,000 60 % 34% 35% 50 % 31% 31% 27% 24% 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 S
Slide 27: Net Debt evolution in 3Q 2025
Net Debt evolution in 3Q 2025 411 205 1,255 1,059 (854) (844) 150 2 148 69 (359) Net Debt Lease Liability Net Debt Net Result Changes in Net Capex Repayment of Dividend paid Net Debt Lease Liability Net Debt 30-Jun-2025 (IFRS 16) 30-Jun-2025 + D&A working capital lease liabilities 30-Sep-2025 (IFRS
Slide 28: Backlog details (1/5)
Backlog details (1/5) 31 B€ 30-Sep-25 8% LNG Energy 6% Upstream Carriers 5% Floaters 31% Including 3% O&M 16% Drilling 2% Infrastructures Related to OneSaipem Offshore 2% Carbon Capture integrated onshore & 4% offshore projects 2% Fertilizers 3% Others(1) Asset Based 39% Conventional 15% Services 65
Slide 29: Backlog details (2/5)
Backlog details (2/5) Backlog by geography Backlog by year of acquisition North Africa Italy 3% 4% Far East 6% Pre 2022 2025 9% 17% 2022 8% Americas 13% Middle East 35% 2023 19% Europe 17% 2024 47% Sub Saharan Africa 22% 31 B€ 31 B€ 30-Sep-25 30-Sep-25 Nine Months 29 2025 results
Slide 30: Backlog details (3/5)
Backlog details (3/5) Backlog by customer type Backlog by energy type Others1 Drilling 7% 4% National Oil Low/zero Companies carbon2 Oil 42% 15% 34% Gas International Oil 47% Companies & Independent Companies 51% 31 B€ 31 B€ 30-Sep-25 30-Sep-25 1) Those mainly refer to Sustainable Infrastructures, O
Slide 31: 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 Client 1 Project 7 23% 22% Client 2 Project 8 Project 9 Client 3 Project 10 Client 4 Project 11 Project 12 4% Client 5 Project 13 4% Client 6 Project 14 17% Proje
Slide 32: Backlog details (5/5)
Backlog details (5/5) Backlog1 (as of 30-Sep-25): distribution by year of expected execution (B€) 13.3 0.3 4.0 8.0 0.2 5.5 3.8 2.2 0.4 0.2 9.0 2.0 1.2 5.6 2.4 3.1 Oct-Dec 2025 2026 2027 2028+ Asset Based Services Energy Carriers Drilling Offshore Non-consolidated Backlog By Year Of Execution (M€) Oc
Slide 33: Drilling offshore fleet
Drilling offshore fleet Drilling Vessel Engagement Map (2024-2026) 2024 2025 2026 Client Area and Harsh Environment Saipem 12000 Azule Angola Ultra Deep-water Saipem 10000 Eni / Petrobel Italy / Egypt Santorini Eni / Energean W. Africa / Med. Sea DVD (1) Eni W. Africa / Indonesia Committed Scarabeo
Slide 34: E&C market near-term opportunities worth ≈ 54 B€
E&C market near-term1 opportunities worth ≈ 54 B€ Europe, CIS & Central Asia ≈ 2.9 B€ ▪ SURF ▪ Conventional ▪ Pipelines Asia Pacific Americas ▪ Renewables & green ≈ 3.5 B€ ≈ 5.3 B€ ≈ 7.3 B€ Middle East ▪ Conventional ▪ Downstream ▪ SURF ▪ SURF ▪ Conventional ▪ Upstream ≈ 11.8 B€ ▪ Pipelines ▪ Infras
Slide 35: = SAIPEM
= SAIPEM = a