Slide 1: Full Year 2025 Results
Full Year 2025 Results 25th February 2026
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 Full Year 2025 Results
Slide 4: Highlights of 4Q 2025 results
Highlights of 4Q 2025 results 4.5 B€ 515 M€ Revenue EBITDA +2.2% Y-on-Y1 +21.5% Y-on-Y1, +17.8% Q-on-Q2 +19.7% Q-on-Q2 11.4% EBITDA margin 999 M€ 5.4 B€ Net Cash pre-IFRS 16 Order Intake 201 M€ Free Cash Flow 1.2x Book-to-Bill (post repayments of lease liabilities) 1) Y-on-Y refers to the delta betw
Slide 5: Consistent delivery, quarter after quarter
Consistent delivery, quarter after quarter Revenue (B€) EBITDA (M€) Operating Cash Flow1 (M€) EBITDA margin 447 451 4.4 4.5 2022 2023 2024 2025 395 370 5.4% 7.8% 9.1% 11.1% 330 276 3.7 3.7 3.8 234 515 221 3.5 3.5 211 3.4 2.9 424 437 3.0 3.0 413 91 103 2.9 2.8 74 39 2.6 351 2.4 340 286 297 1.8 230 26
Slide 6: Major awards in 4Q 2025
Major awards in 4Q 2025 Qatar Saudi Arabia Türkiye COMP5 package CRPO 162 and CRPO 165 Sakarya project NFPS Offshore Compression Berri, Abu Safah & Marjan fields Goktepe field QatarEnergy LNG Aramco Turkish Petroleum OTC ≈ 3.1 B$ ≈ 600 M$ ≈ 425 M$ Engineering, Procurement, Fabrication and For CRPO 1
Slide 7: Commercial pipeline
Commercial pipeline Evolution of commercial pipeline1 Commercial pipeline1 composition 53 54 51 52 Energy Transition & Oil Upstream Others 26% 27% 30 54 B€ 31-Dec-25 Gas Upstream 47% Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 Full Year 2025 7 1) The commercial pipeline refers to the E&C opportunities releva
Slide 8: Courseulles-sur-Mer update
Courseulles-sur-Mer update Overview 18 sockets already drilled Sockets 46 remaining to be drilled 10 monopiles already installed Monopiles 54 remaining to be installed Completion Completion expected in Q1 2027 Full Year 2025 8 Results
Slide 9: P-79 FPSO update
P-79 FPSO update Overview Construction of P-79 FPSO awarded by Petrobras to 1 Saipem (in JV with DSME) in June 2021 for the development of Búzios offshore field in Brazil FPSO production capacity of 180 kbopd and 7.2 2 million m3 of gas per day Búzios is the world’s largest deepwater oil field and 3
Slide 10: Agenda
Agenda 1 Highlights 2 Financial review 3 Closing remarks 4 Appendix Full Year 2025 Results
Slide 11: FY 2025 results
FY 2025 results (M€) Revenue EBITDA Net Result Operating Cash Flow1 +7% +29% +1% +42% 9.1% margin 11.1% 15,497 14,549 1,716 1,504 1,329 1,061 306 310 FY24 FY25 FY24 FY25 FY24 FY25 FY24 FY25 Full Year 2025 11 1) Equal to Net Result, plus D&A and other non-monetary items and Changes in Working Capital
Slide 12: FY 2025 results – Asset Based Services
FY 2025 results – Asset Based Services (M€) Asset Based Services Revenue EBITDA Business Lines Included +12% +36% 11.8% margin 14.4% 9,044 8,058 1,299 Offshore Offshore 954 E&C Wind ▪ Positive trajectory driven by strong order intake in Oil & Gas projects leading to a growing backlog, as well as sol
Slide 13: FY 2025 results – Drilling Offshore
FY 2025 results – Drilling Offshore (M€) Drilling Offshore Revenue EBITDA Business Lines Included -10% -5% 36.5% margin 38.2% 918 829 Drilling 335 317 Offshore ▪ Revenue and EBITDA trend reflect the reduction in fleet size due to the Aramco suspensions as well as certain mobilisation costs, partly m
Slide 14: FY 2025 results – Energy Carriers
FY 2025 results – Energy Carriers (M€) Energy Carriers Revenue EBITDA Business Lines Included +1% 0.7% margin 1.8% 5,573 5,624 Onshore Sustainable E&C Infrastructures ▪ Steady execution of backlog coupled with selective approach 100 on order intake ▪ Improvement in profitability driven by lower inci
Slide 15: FY 2025 results – Income Statement
FY 2025 results – Income Statement Group Income Statement M€ FY 2024 FY 2025 Change Revenue 14,549 15,497 948 Operating expenses (13,220) (13,781) EBITDA 1,329 1,716 387 EBITDA margin 9.1% 11.1% D&A (723) (1,037) EBIT 606 679 73 Financial expenses (85) (189) Result from equity investments (25) 28 EB
Slide 16: Net Debt evolution in FY 2025
Net Debt evolution in FY 2025 Reduction in Net Debt (pre-IFRS 16) 316 M€ Free Cash Flow 226 (post repayment of lease liabilities) 498 792 M€ 272 (23) 660 (683) 1,271 (999) 333 143 449 263 (1,504) 1 Net Debt Lease Liability Net Debt Net Result, Net Capex Repayment of Other 2 Dividend paid Net Debt Le
Slide 17: Debt and liquidity as of December 2025
Debt and liquidity as of December 2025 Liquidity (M€) Gross Debt (M€, nominal amount) Financial policy 31st December 2025 31st December 2025 3,381 1,794 600 ▪ Avg. tenor: ≈ 3.0 years ▪ Avg. cost of debt: ≈ 5%1 ▪ 99% fixed, 1% floating Repay all gross debt 1,452 ▪ 99% Euro-denominated coming due in 2
Slide 18: Agenda
Agenda 1 Highlights 2 Financial review 3 Closing remarks 4 Appendix Full Year 2025 Results
Slide 19: Dividend proposal
Dividend proposal 2025 2026 Cumulated 2025 - 2026 Free Cash Flow1 505 M€ 792 M€ 1,297 M€ (in 2024) (in 2025) (2024-2025) 0.17 € per share 0.17 € per share2 Dividend 333 M€ 330 M€2 663 M€ Pay-out ratio 66% 42% 51% From 2027 onwards policy to distribute to shareholders at least 40% of Free Cash Flow p
Slide 20: Guidance for 2026
Guidance for 2026 2024 Actual 2025 Actual 2026 Guidance Revenue 14.5 B€ 15.5 B€ ≈ 15.5 B€ EBITDA Adj. 1.3 B€ 1.7 B€ ≈ 1.9 B€ Operating Cash Flow 809 M€ 1,055 M€ ≈ 1.0 B€ (post repayment of lease liabilities)1 Capex 343 M€ 382 M€ ≈ 450 M€3 Free Cash Flow 505 M€ 792 M€ ≈ 600 M€3 (post repayment of lea
Slide 21: Closing remarks
Closing remarks Fourth year in a row of strong execution and delivery Dividends to shareholders for 663 M€ in 2025-2026 Excellent visibility deriving from near record-high backlog Construction fleet fully booked, utilisation of drilling fleet improving Full Year 2025 21 Results
Slide 22: Q&A Session
Q&A Session Full Year 2025 22 Results
Slide 23: Agenda
Agenda 1 Highlights 2 Financial review 3 Closing remarks 4 Appendix Full Year 2025 Results
Slide 24: 4Q 2025 results in context
4Q 2025 results in context (M€) Q-o-Q comparison Revenue EBITDA Net Result Operating Cash Flow1 Margin (%) 9.6 10.0 11.2 11.6 11.4 -20% +5% +2% +20% -17% +18% +6% +18% 4,419 4,515 515 447 451 3,693 3,771 424 437 3,518 413 395 351 330 211 100 89 77 81 63 4Q24 1Q25 2Q25 3Q25 4Q25 4Q24 1Q25 2Q25 3Q25 4
Slide 25: 4Q 2025 results by reporting segments in context
4Q 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 % 12.6 12.8 13.6 14.9 15.7 34.9 38.9 41.2 41.2 30.9 1.1 1.3 1.7 2.1 2.0 -23% +8% +7% +20% -21% +15% +17%
Slide 26: D&A and financial expenses
D&A and financial expenses FY 2025 FY24 FY25 M€ 1,037 747 723 D&A1 496 155 206 72 84 Drilling Offshore Energy Carriers Asset Based Services Total D&A FY 2025 M€ 18 89 189 Financial 82 expenses1 Financing Project Exchange Financial costs hedging costs Differences expenses Full Year 2025 26 1) Includi
Slide 27: Bank guarantees
Bank guarantees Stock of financial guarantees (M€) 10 0% 7,995 7,898 8,294 7,437 9,000 90 % 7,234 7,019 7,393 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 D
Slide 28: Net Debt evolution in 4Q 2025
Net Debt evolution in 4Q 2025 226 411 498 272 1,255 (844) 1,271 (999) 132 46 118 (451) Net Debt Lease Liability Net Debt Net Result, Net Capex Repayment of Others Net Debt Lease Liability Net Debt DVD Net Debt 30-Sep-2025 (IFRS 16) 30-Sep-2025 D&A, Δ lease liabilities 31-Dec-2025 (IFRS 16) 31-Dec-20
Slide 29: Backlog details (1/6)
Backlog details (1/6) 31 B€ 31-Dec-25 11% LNG Energy 5% Upstream Carriers 4% Floaters 30% Including 3% O&M 14% Drilling 2% Infrastructures Related to OneSaipem Offshore 3% 2% Carbon Capture integrated onshore & 1% Fertilizers offshore projects 2% Others(1) Asset Based Services 43% Conventional 14% 6
Slide 30: Backlog details (2/6)
Backlog details (2/6) Backlog by geography Backlog by year of acquisition North Africa Italy 2% 4% Far East 5% Pre 2022 8% 2022 2025 7% Americas 12% 30% 2023 Middle 15% East 38% Europe 17% 2024 Sub Saharan 40% Africa 22% 31 B€ 31 B€ 31-Dec-25 31-Dec-25 Full Year 2025 30 Results
Slide 31: Backlog details (3/6)
Backlog details (3/6) Backlog by customer type Backlog by energy type Others1 Drilling 7% 3% Low/zero National Oil carbon2 Oil Companies 14% 30% 46% Gas International Oil 53% Companies & Independent Companies 47% 31 B€ 31 B€ 31-Dec-25 31-Dec-25 1) Those mainly refer to Sustainable Infrastructures, O
Slide 32: Backlog details (4/6)
Backlog details (4/6) Top 20 projects by backlog Clients breakdown by backlog Project 1 Project 2 Project 3 Project 4 Project 5 Project 6 20% Client 1 Project 7 23% Client 2 Project 8 Project 9 Client 3 Project 10 3% Client 4 Project 11 Project 12 5% Client 5 Project 13 Client 6 Project 14 5% Projec
Slide 33: Backlog details (5/6)
Backlog details (5/6) Backlog by currency Others 9% EUR 32% USD 59% 31 B€ 31-Dec-25 Full Year 2025 33 Results
Slide 34: Backlog details (6/6)
Backlog details (6/6) Backlog1 (as of 31-Dec-25): distribution by year of expected execution (B€) 12.7 0.4 10.7 0.2 3.6 3.3 5.1 0.1 2.9 8.7 1.2 0.2 7.2 3.8 1.2 1.5 2026 2027 2028 2029+ Asset Based Services Energy Carriers Drilling Offshore Non-consolidated Backlog By Year Of Execution (M€) 2026 2027
Slide 35: 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 36: 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€ ▪ Pipelines Americas ▪ SURF Asia Pacific ▪ Conventional ▪ Renewable and green ≈ 3.1 B€ ≈ 4.4 B€ Middle East ≈ 3.5 B€ ▪ Pipelines ▪ SURF ▪ SURF ▪ Trunklines ▪ Downstream ≈ 15.1 B€ ▪ Conventional ▪ Infrastructures ▪
Slide 37: Saipem
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