Slide 1: First Half 2026 Results
First Half 2026 Results 28th July 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 First Half 2026 Results
Slide 4: Highlights of 2Q 2026 results
Highlights of 2Q 2026 results 3.8 B€ 402 M€ Revenue EBITDA Adjusted +3.4% Y-on-Y1 10.5% EBITDA margin +8.2% Q-on-Q2 1,078 M€ 4.1 B€ Net Cash pre-IFRS 16 Order Intake 189 M€ Free Cash Flow 1.1x Book-to-Bill (post repayments of lease liabilities) Disruption in the Middle East generated extra costs of
Slide 5: Consistent delivery, quarter after quarter
Consistent delivery, quarter after quarter Revenue (B€) EBITDA Adjusted (M€) Operating Cash Flow1 (M€) EBITDA margin 1Q 22 2Q 26 447 451 449 4.5 6.3% 10.5% 395 392 4.4 370 330 276 3.7 3.73.8 3.8 234 515 221 3.5 3.5 3.5 211 3.4 2.9 424 437 434 3.0 3.0 413 91103 74 2.9 402 2.8 39 2.6 351 2.4 340 286 2
Slide 6: On track to exceed 2025 order intake in 2026
On track to exceed 2025 order intake in 2026 2025 cumulative order intake evolution (B€) 2026 cumulative order intake evolution (B€) > 13 12.9 c. 8.0 7.5 5.7 4.3 2.1 1.7 1Q 1H 9M FY 1Q 1H 1H + July FY (estimate) First Half 2026 6 Results
Slide 7: Recent Offshore E&C order intake
Recent Offshore E&C order intake 2Q awards July awards Greater PAJ Project 200 km off Angola coast Angola Baleine 3 Azule Energy Baleine oil and gas field ≈ 1.0 B$ Ivory Coast CRPO 154 & 155 Longtail Project Safaniya oil field Stabroek block Eni Undisclosed Saudi Arabia Guyana Aramco ExxonMobil ≈ 40
Slide 8: Recent Onshore E&C order intake
Recent Onshore E&C order intake 2Q awards July awards Uthmaniyah Extension of O&M contract Kutei FPSO National EPC Champion Program West Africa East Kalimantan Saudi Arabia West Africa Indonesia Aramco Undisclosed Searah (Eni & Petronas) ≈ 900 M€ ≈ 2.0 B$ Priolo Biorefinery Deoxy Unit for Venice Bio
Slide 9: Disposal of shallow water drilling fleet to ADES
Disposal of shallow water drilling fleet to ADES Transaction Highlights Fleet details Jack-ups owned by Saipem Perro Negro 7 Perro Negro 8 Perro Negro 10 ▪ Disposal to ADES of 100% of Saudi Arabian Saipem Limited, Saipem’s subsidiary dedicated to drilling offshore activities in shallow waters ▪ Disp
Slide 10: Increasing visibility of deep water drilling in 2027 and 2028
Increasing visibility of deep water drilling in 2027 and 2028 Santorini ▪ Santorini drillship to be deployed for a long-term drilling campaign offshore Ivory Coast for Eni ▪ Operations scheduled to begin in early 2027 ▪ Potential deployment of the rig in neighboring countries as well as additional o
Slide 11: Update on Middle East operations
Update on Middle East operations 1H 2026 2H 2026 ▪ Resilient execution of all projects across the region, Strong project notwithstanding a number of temporary suspensions delivery in 1Q ▪ Very robust cash conversion and 2Q… ▪ Critical deliveries through Hormuz completed in July ▪ Project delivery ex
Slide 12: Courseulles-sur-Mer update
Courseulles-sur-Mer update Status update 36 sockets already drilled Sockets 28 remaining to be drilled 23 monopiles already installed Monopiles 41 remaining to be installed Completion Completion expected in 1Q 2027 First Half 2026 12 Results
Slide 13: Commercial pipeline
Commercial pipeline Evolution of commercial pipeline1 Geographical breakdown of commercial pipeline1 63 58 Asia Pacific 53 54 Americas 51 52 12% 17% 29 23 18 20 22 21 Europe, CIS & 30 Central Asia Middle East 28% 63 B€ 12% 15 30-Jun-26 33 33 35 34 31 32 15 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 Mar-26 J
Slide 14: Financial review
Agenda 1 Highlights 2 Financial review 3 Closing remarks 4 Appendix First Half 2026 Results
Slide 15: 1H 2026 results (M€)
1H 2026 results (M€) Revenue EBITDA Adjusted Net Result Adjusted Operating Cash Flow1 +2% +9% -6% - 10.6% margin 11.4% 7,211 7,345 842 841 836 764 140 131 1H25 1H26 1H25 1H26 1H25 1H26 1H25 1H26 First Half 2026 15 Results 1) Equal to Reported Net Result, plus D&A and other non-monetary items and Cha
Slide 16: 1H 2026 results – Asset Based Services (M€)
1H 2026 results – Asset Based Services (M€) Asset Based Services Revenue EBITDA Adjusted Business Lines Included +5% +25% 13.2% margin 15.7% 4,299 4,083 Offshore Offshore 674 E&C Wind 539 ▪ Progress on projects in Latin America, the Far East and North Africa partially offset by completion of Sakarya
Slide 17: 1H 2026 results – Drilling Offshore (M€)
1H 2026 results – Drilling Offshore (M€) Drilling Offshore Revenue EBITDA Adjusted Business Lines Included -19% -42% 40.1% margin 28.8% 461 372 185 Drilling Offshore 107 ▪ Reduction of the fleet size as two jack-ups were returned to their owners in 2H 2025 ▪ Lower activity of certain units also link
Slide 18: 1H 2026 results – Energy Carriers (M€)
1H 2026 results – Energy Carriers (M€) Energy Carriers Revenue EBITDA Adjusted Business Lines Included +0.3% 1.5% margin 2.1% 2,667 2,674 Onshore Sustainable 55 E&C Infrastructures 40 ▪ Increased contribution by projects in Italy and in the Far East offset by lower contribution of certain projects i
Slide 19: 1H 2026 results – Income Statement
1H 2026 results – Income Statement Group Income Statement Group Income Statement (Adjusted) (Reported) M€ 1H 20251 1H 2026 Delta Y-on-Y 1H 2026 Delta vs Adjusted Revenue 7,211 7,345 134 7,345 Operating expenses (6,447) (6,509) (6,544) (35) EBITDA 764 836 72 801 (35) EBITDA margin 10.6% 11.4% 10.9% D
Slide 20: Net Debt evolution in 1H 2026
Net Debt evolution in 1H 2026 Increase in Net Cash (pre-IFRS 16) 79 M€ 272 109 1,271 Free Cash Flow 1,187 (999) (post repayment of lease liabilities) (1,078) 388 M€ 330 (21) 305 148 (657) (184) Net Debt Lease Liability Net Debt Net Result Working Capital Capex Repayment of Dividends Other1 Net Debt
Slide 21: Debt and liquidity as of June 2026
Debt and liquidity as of June 2026 Liquidity (M€) Gross Debt (M€, nominal amount) 30th June 2026 30th June 2026 1,778 3,470 ▪ Avg. tenor: ≈ 2.5 years 600 ▪ Avg. cost of debt: ≈ 5%1 ▪ 100% fixed, 0% floating ▪ 98% Euro-denominated 1,579 500 500 Of which 241 M€ repaid on 15th July 2026 500 1,291 278 n
Slide 22: Closing remarks
Agenda 1 Highlights 2 Financial review 3 Closing remarks 4 Appendix First Half 2026 Results
Slide 23: Guidance 2026 update
Guidance 2026 update Old New Comments (as of 24-Feb-26) (as of 27-Jul-26) Revenue ≈ 15.5 B€ ≈ 15.5 B€ Revenue guidance confirmed assuming projects’ execution to remain resilient, in line with 1H 2026 EBITDA Adjusted ≈ 1.9 B€ ≈ 1.75 B€ Approx. 150 M€ of EBITDA revision due to: • extra costs related t
Slide 24: Closing remarks
Closing remarks Resilient project delivery and structurally improved cash flow conversion Meaningful acceleration in order intake since April, on track to exceed 2025 volumes Growing and well diversified commercial pipeline Shallow water drilling disposal to accelerate strategic focus on deep water
Slide 25: Q&A Session
Q&A Session First Half 2026 25 Results
Slide 26: Appendix
Agenda 1 Highlights 2 Financial review 3 Closing remarks 4 Appendix First Half 2026 Results
Slide 27: 2Q 2026 results in context (M€)
2Q 2026 results in context (M€) Q-o-Q comparison Revenue EBITDA Adjusted Net Result Adjusted Operating Cash Flow1 Margin (%) 11.2 11.6 11.4 12.3 10.5 +2% +20% -22% +8% +6% +18% -16% -7% 4,515 515 447 451 449 3,771 3,817 437 434 3,693 413 3,528 402 392 211 89 78 81 63 53 2Q25 3Q25 4Q25 1Q26 2Q26 2Q25
Slide 28: 2Q 2026 results by reporting segments in context (M€)
2Q 2026 results by reporting segments in context (M€) Q-o-Q comparison Asset Based Services Drilling Offshore Energy Carriers Revenue EBITDA Adj. Revenue EBITDA Adj. Revenue EBITDA Adj. Margin % Margin % Margin % 13.6 14.9 15.7 16.5 14.9 41.2 41.2 30.9 34.6 21.3 1.7 2.1 2.0 2.2 1.9 +7% +20% -26% +13
Slide 29: D&A and financial expenses
D&A and financial expenses 1H 2026 1H25 1H26 M€ 561 414 459 318 D&A1 98 93 54 43 Drilling Offshore Energy Carriers Asset Based Services Total D&A 1H 2026 M€ 9 66 22 Financial 35 expenses1 Financing Project Exchange Financial costs hedging costs Differences expenses First Half 2026 29 1) Including IF
Slide 30: Financial guarantees
Financial guarantees Stock of financial guarantees outstanding (M€) 10 0% 7,995 7,898 8,294 7,437 9,000 90 % 7,234 7,019 7,393 6,965 Guarantees 80 % 5,461 70 % 6,000 60 % 34% 35% 50 % 31% 31% 27% 24% 24% 23% 40 % 3,000 43% 30 % Guarantees/ backlog 20 % 10 % 0 0% Dec 2018 Dec 2019 Dec 2020 Dec 2021 D
Slide 31: Net Debt evolution in 2Q 2026
Net Debt evolution in 2Q 2026 Change in Net Debt (pre-IFRS 16) 139 M€ 109 23 1,240 1,187 Free Cash Flow (post repayment of lease liabilities) (1,078) (1,217) 189 M€ 330 (2) 167 93 (302) (147) Net Debt Lease Liability Net Debt Net Result Working Capital Capex Repayment of Dividends Other Net Debt Lea
Slide 32: Backlog details (1/6)
Backlog details (1/6) 30 B€ 30-Jun-26 10% LNG Energy 7% Upstream 6% Floaters 11% Carriers 34% Including 3% O&M 3% Biorefineries Related to OneSaipem Drilling 2% Carbon Capture integrated onshore & Offshore 3% 2% Infrastructures offshore projects 1% Others(1) Asset Based 38% Conventional 14% Services
Slide 33: Backlog details (2/6)
Backlog details (2/6) Backlog by geography Backlog by year of acquisition North Pre 2022 Africa Italy 6% 1% 6% Far East 3% 2026 2022 12% 5% Americas 2023 11% 9% Middle East 38% 2025 Europe 32% 16% 2024 36% Sub Saharan Africa 25% 30 B€ 30 B€ 30-Jun-26 30-Jun-26 First Half 2026 33 Results
Slide 34: Backlog details (3/6)
Backlog details (3/6) Backlog by customer type Backlog by energy type Others1 Drilling 6% 3% Low/zero National Oil carbon2 Oil Companies 14% 33% 45% Gas International Oil 49% Companies & Independent Companies 49% 30 B€ 30 B€ 30-Jun-26 30-Jun-26 1) Those mainly refer to Sustainable Infrastructures, O
Slide 35: 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 17% Client 1 Project 7 25% Client 2 Project 8 Project 9 4% Client 3 Project 10 Client 4 Project 11 5% Project 12 Client 5 Project 13 5% Client 6 Project 14 Projec
Slide 36: Backlog details (5/6)
Backlog details (5/6) Backlog by currency Others 12% EUR 31% USD 57% 30 B€ 30-Jun-26 First Half 2026 36 Results
Slide 37: Backlog details (6/6)
Backlog details (6/6) Backlog1 (as of 30-Jun-26): distribution by year of expected execution (B€) 12.1 0.3 7.3 3.8 7.0 0.2 0.2 2.2 2.1 3.4 7.9 0.3 4.9 4.7 1.9 1.1 Jul-Dec 2026 2027 2028 2029+ Asset Based Services Energy Carriers Drilling Offshore Non-consolidated Backlog By Year Of Execution (M€) Ju
Slide 38: Drilling offshore fleet
Drilling offshore fleet Drilling Vessel Engagement Map (2025-2027) 2025 2026 2027 Client Area Azule, Rhino, Angola, Namibia, Saipem 12000 Rovuma (Eni) Mozambique and Harsh Environment Saipem 10000 Petrobel, Eni Mediterrean Sea Ultra Deep-water Santorini to 2028 Eni, Energean W. Africa, Med. Sea Comm
Slide 39: E&C market near-term opportunities worth ≈ 63 B€
E&C market near-term1 opportunities worth ≈ 63 B€ Europe, CIS & Central Asia ≈ 3.5 B€ ▪ Trunklines / pipelines Americas ▪ SURF Asia Pacific ▪ Decomissioning ▪ Renewable and green ≈ 3.9 B€ ≈ 4.2 B€ Middle East ▪ Pipelines ≈ 4.1 B€ ▪ SURF ▪ SURF ▪ Trunklines ≈ 11.2 B€ ▪ Conventional ▪ Renewables and g
Slide 40: SAIPEM
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