Slide 1: First Half 2025 Results
First Half 2025 Results 24th July 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 First Half 2025 Results
Slide 4: Highlights of 2Q 2025 results
Highlights of 2Q 2025 results 3.7 B€ 413 M€ Revenue EBITDA +9.6% Y-on-Y1 +39.1% Y-on-Y1, +17.7% Q-on-Q2 +5.0% Q-on-Q2 11.2% EBITDA margin 447 M€ 2.2 B€ Operating Cash Flow Order Intake 331 M€ dividend payment 0.6x Book-to-Bill 1) Y-on-Y refers to the delta between 2Q 2025 and 2Q 2024 First Half 2025
Slide 5: Growth path continues
Growth path continues Revenue (B€) EBITDA (M€) Operating Cash Flow1 (M€) EBITDA margin 447 5.6% 11.2% 395 4.4 370 424 413 330 276 3.7 3.7 221234 3.5 3.4 3.5 340 351 3.0 3.0 297 91 103 2.9 2.9 2.8 286 74 2.6 268 39 2.4 219230 1.8 191 168 (64) 142 (123) 131 102 (381) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4
Slide 6: Update on latest awards
Update on latest awards CO2 Management EPC Bio-refinery Expansion EPC Fertilising Project FEED UK Italy Algeria Point of Ayr, Liverpool Bay Porto Marghera, Venice Bled El Hadba, Oued Keberit, Annaba Eni Enilive Sonatrach 520 M€ 155 M€ Not disclosed FEED contract for the design of a new EPC and assis
Slide 7: CO2 management: a growing opportunity
CO2 management: a growing opportunity Offshore E&C Onshore E&C Tangguh UCC East Coast Cluster Stockholm Exergi Liverpool Bay 4Q 2024 4Q 2024 1Q 2025 2Q 2025 bp bp, Equinor, TotalEnergies Stockholm Exergi Eni ≈ 300-350 M$1 ≈ 650 M€ 600 M€ 520 M€ EPCI part of Tangguh UCC Offshore pipeline for the Larg
Slide 8: Update on Saipem services business
Update on Saipem services business Engineering ≈ 350 M€ Achieved 2025 annual budget Services projects acquired six months in advance in 2025 YTD1 Project Management ≈ 5 M$ > 50 M$ > 300 M$ Consultancy project acquired bids submitted commercial pipeline (PMC) in Côte d’Ivoire in 2025 YTD Operations &
Slide 9: A dynamic bidding environment
A dynamic bidding environment Commercial pipeline1 (B€) Saipem commercial activity update 52 53 53 51 ≈ 7 B€ 30 Aggregate value of bids submitted in 1H 2025 (awaiting feedback from customers) Dec-21 Dec-22 Dec-23 Dec-24 Jun-25 Energy Transition & Oil Upstream Others 21% 28% 53 B€ ≈ 16 B€ 30-Jun-25 E
Slide 10: Operational update on selected projects
Operational update on selected projects Courseulles-sur-Mer Irpa - Aasta Hansteen ▪ 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 Ju
Slide 11: Agenda
Agenda 1 Highlights 2 Financial review 3 Closing remarks 4 Appendix First Half 2025 Results
Slide 12: 1H 2025 results
1H 2025 results (M€) Revenue EBITDA Net Result Operating Cash Flow1 +12% +35% +19% +85% 7,211 8.8% margin 10.6% 6,418 842 764 565 455 140 118 1H24 1H25 1H24 1H25 1H24 1H25 1H24 1H25 First Half 2025 12 1) Equal to Net Result, plus D&A and other non-monetary items and Changes in Working Capital Result
Slide 13: 1H 2025 results – Asset Based Services
1H 2025 results – Asset Based Services (M€) Asset Based Services Revenue EBITDA Business Lines Included +18% +38% 11.3% margin 13.2% Offshore Offshore E&C Wind 4,083 3,449 539 391 ▪ Positive trajectory driven by strong order intake in Oil & Gas projects, as well solid project execution ▪ Relatively
Slide 14: 1H 2025 results – Drilling Offshore
1H 2025 results – Drilling Offshore (M€) Drilling Offshore Revenue EBITDA Business Lines Included +3% +11% 37.2% margin 40.1% Drilling Offshore 446 461 185 166 ▪ Revenue and EBITDA trend reflects broadly unchanged fleet size year-on-year ▪ Aramco suspensions impact mitigated by capital light strateg
Slide 15: 1H 2025 results – Energy Carriers
1H 2025 results – Energy Carriers (M€) Energy Carriers Revenue EBITDA Business Lines Included +6% 0.3% margin 1.5% 2,667 2,523 Onshore Sustainable Robotics & E&C Infrastructures Industrialized Solutions ▪ Steady execution of backlog coupled with selective approach on new order intake 40 ▪ Slow but s
Slide 16: 1H 2025 results – Income Statement
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 I
Slide 17: Net Debt evolution in 1H 2025
Net Debt evolution in 1H 2025 Reduction in Net Debt (pre-IFRS 16) 171 M€ Free Cash Flow (post repayment of lease liabilities) 599 M€ 205 660 (683) 1,059 (854) (23) 331 97 167 76 (599) (243) Net Debt Lease Liability Net Debt Net Result Changes in Net Capex1 Repayment of Other Dividend paid Net Debt L
Slide 18: Debt and liquidity as of June 2025
Debt and liquidity as of June 2025 Liquidity (M€) Gross Debt (M€, nominal amount) 30th June 2025 30th June 2025 1,799 3,206 600 ▪ Avg. tenor: ≈ 3.5 years ▪ Avg. cost of debt: ≈ 5%1 ▪ 99% fixed, 1% floating ▪ 99% Euro-denominated 1,340 500 500 500 1,266 271 28 none Jul-Dec 2025 2026 2027 2028 2029 20
Slide 19: Agenda
Agenda 1 Highlights 2 Financial review 3 Closing remarks 4 Appendix First Half 2025 Results
Slide 20: Closing remarks
Closing remarks Robust execution supports revenue growth and margin expansion Strong cash flow conversion and solid balance sheet 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
Slide 21: Q&A Session
Q&A Session First Half 2025 21 Results
Slide 22: Agenda
Agenda 1 Highlights 2 Financial review 3 Closing remarks 4 Appendix First Half 2025 Results
Slide 23: 2Q 2025 results in context
2Q 2025 results in context (M€) Q-o-Q comparison Revenue EBITDA Net Result Operating Cash Flow1 Margin (%) 6,000 8.8 9.2 9.6 10.0 11.2 5,000 +10% +19% -20% +5% +14% +25% -17% +18% 4,000 3,000 4,419 3,712 3,693 424 3,518 413 3,371 2,000 447 351 395 340 297 330 276 234 1,000 100 88 77 63 61 - 2Q24 3Q2
Slide 24: 2Q 2025 results by reporting segments in context
2Q 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 % 11.6 11.8 12.6 12.8 13.6 36.4 36.8 34.9 38.9 41.2 0.0 1.0 1.1 1.3 1.7 +14% +23% -23% +8% +16% +31% -21
Slide 25: D&A and financial expenses
D&A and financial expenses 1H 2025 1H24 1H25 M€ 459 318 310 D&A1 202 76 98 32 43 Drilling Offshore Energy Carriers Asset Based Services Total D&A 1H 2025 M€ 2 94 Financial 42 50 expenses1 Financing Project Exchange Financial costs hedging costs Differences expenses First Half 2025 25 1) Including IF
Slide 26: Bank guarantees
Bank guarantees Stock of financial guarantees (M€) 10 0% 7,995 7,898 8,294 7,447 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 J
Slide 27: Net Debt evolution in 2Q 2025
Net Debt evolution in 2Q 2025 Change in Net Debt (pre-IFRS 16) 205 114 M€ (116) 1,059 Free Cash Flow (854) 852 (968) (post repayment of lease liabilities) 282 M€ 331 65 97 68 (328) (119) 1 Net Debt Lease Liability Net Debt Net Result Changes in Net Capex Repayment of Other Dividends paid Net Debt Le
Slide 28: Backlog details (1/5)
Backlog details (1/5) Others1 18% Related to One Saipem 3% integrated onshore & 2% 2% 2% offshore projects 3% 5% 37% Backlog 7% Total of Conventional 16% breakdown by project type 31 B€ Related to Low & Zero Carbon projects 9% 30-Jun-25 1% 2% < 1% 7% Legend 19% Asset Based Services Subsea Energy Car
Slide 29: Backlog details (2/5)
Backlog details (2/5) Backlog by business line Backlog by geography Backlog by year of acquisition North Africa Italy 3% 4% Energy Asset Based Far East Carriers Services 6% Pre 2025 10% 2022 10% 2022 9% 33% Americas 13% Middle East 38% 2023 64% Europe 2024 22% 12% 49% Drilling 3% Offshore Sub Sahara
Slide 30: Backlog details (3/5)
Backlog details (3/5) Backlog by customer type Backlog by energy type Others1 Drilling 8% 3% National Oil Low/zero Companies carbon2 Oil 42% 16% 34% Gas International Oil 47% Companies & Independent Companies 50% 31 B€ 31 B€ 30-Jun-25 30-Jun-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 21% Client 1 23% Project 7 Client 2 Project 8 Client 3 Project 9 Project 10 4% Client 4 Project 11 5% Client 5 Project 12 Client 6 Project 13 5% 18% Client 7 Proj
Slide 32: Backlog details (5/5)
Backlog details (5/5) Backlog1 (as of 30-Jun-25): distribution by year of expected execution (B€) 12.9 0.3 4.0 6.7 6.7 0.2 0.1 4.8 2.0 2.2 0.4 8.6 2.1 4.5 4.4 2.3 Jul-Dec 2025 2026 2027 2028+ Asset Based Services Energy Carriers Drilling Offshore Non-consolidated Backlog By Year Of Execution (M€) Ju
Slide 33: Drilling offshore fleet
Drilling offshore fleet Drilling Vessel Engagement Map (2024-2025) 2024 2025 2026 Current Client Current Area and Harsh Environment Saipem 12000 Azule Angola Ultra Deep-water Saipem 10000 Eni / Petrobel Italy / Egypt Santorini Eni / Energean West Africa/Med Sea DVD (1) Eni Ivory Coast / Ghana Commit
Slide 34: E&C market near-term opportunities worth ≈ B€
E&C market near-term1 opportunities worth ≈ 53 B€ Europe, CIS & Central Asia ≈ 4.7 B€ ▪ Conventional ▪ SURF ▪ Renewables & green Asia Pacific Americas ▪ Pipelines ≈ 6.3 B€ ≈ 1.8 B€ ≈ 3.9 B€ Middle East ▪ Conventional ▪ Downstream ▪ SURF ▪ SURF ▪ Upstream ≈ 12.4 B€ ▪ Pipelines ▪ Infrastructures ≈ 0.9
Slide 35: SAIPEM
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