Slide 1: First Quarter 2026 Results
First Quarter 2026 Results 22nd April 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 Quarter 2026 Results
Slide 4: Highlights of 1Q 2026 results
Highlights of 1Q 2026 results 3.5 B€ 434 M€ Revenue EBITDA +0.3% Y-on-Y1 +23.6% Y-on-Y1 12.3% EBITDA margin 1,217 M€ 1.7 B€ Net Cash pre-IFRS 16 Order Intake 199 M€ Free Cash Flow 0.5x Book-to-Bill (post repayments of lease liabilities) First Quarter 2026 4 1) Y-on-Y refers to the delta between 1Q 2
Slide 5: Consistent and resilient delivery, quarter after quarter
Consistent and resilient delivery, quarter after quarter Revenue (B€) EBITDA (M€) Operating Cash Flow1 (M€) EBITDA margin 1Q 22 1Q 26 447 451 4.4 4.5 5.6% 12.3% 395 392 370 330 276 3.7 3.7 3.8 234 515 221 3.5 3.5 3.5 211 3.4 2.9 424 437 434 3.0 3.0 413 91 103 2.9 2.8 74 39 2.6 351 2.4 340 286 297 1.
Slide 6: New EPC awards in 2026 YTD
New EPC awards in 2026 YTD Saudi Arabia Saudi Arabia Italy Guyana CRPO 156 CRPO 154 and 155 Priolo Biorefinery Longtail Project Safaniya oil field Safaniya oil field Priolo, Sicily Stabroek Block Aramco Aramco Eni Industrial Evolution ExxonMobil ≈ 500 M$ ≈ 400 M$ ≈ 700 M€ ≈ 150 M$ EPCI of a 48-inch
Slide 7: Recent awards in Drilling Offshore
Recent awards in Drilling Offshore Saipem 12000 Santorini Scarabeo 8 Perro Negro 4 2026-2027 2026 2029 2026-2027 Angola Namibia Mozambique Cote d’Ivoire Norway Egypt Azule Rhino Rovuma Eni Aker BP Petrobel (Eni) ≈ 350 M$ total contract value First Quarter 2026 7 Results
Slide 8: Update on Middle East operations
Update on Middle East operations Backlog Vessels and people Drilling Construction vessels Energy Offshore 5% 11.5 B€ Carriers 31-Mar-26 8% Saipem De - He Saipem Bautino 3000 Endeavour 1 Drilling rigs Perro Perro Perro Perro Negro 7 Negro 8 Negro 11 Negro 13 Asset Based Services 87% Personnel current
Slide 9: Courseulles-sur-Mer update
Courseulles-sur-Mer update Overview 24 sockets already drilled Sockets 40 remaining to be drilled 15 monopiles already installed Monopiles 49 remaining to be installed Completion Completion expected in Q1 2027 First Quarter 2026 9 Results
Slide 10: Commercial pipeline
Commercial pipeline Evolution of commercial pipeline1 Geographical breakdown of commercial pipeline1 58 Asia Pacific Americas 53 54 51 52 12% 15% 23 18 20 22 21 Europe, CIS & Central Asia 30 11% Middle East 58 B€ 15 34% 31-Mar-26 33 33 32 35 31 15 Africa Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 Mar-26 28%
Slide 11: Financial review
Agenda 1 Highlights 2 Financial review 3 Closing remarks 4 Appendix First Quarter 2026 Results
Slide 12: 1Q 2026 results (M€)
1Q 2026 results (M€) Revenue EBITDA Net Result Operating Cash Flow1 +0.3% +24% +1% -1% 10.0% margin 12.3% 3,518 3,528 434 395 392 351 77 78 1Q25 1Q26 1Q25 1Q26 1Q25 1Q26 1Q25 1Q26 First Quarter 2026 12 1) Equal to Net Result, plus D&A and other non-monetary items and Changes in Working Capital Resul
Slide 13: 1Q 2026 results – Asset Based Services (M€)
1Q 2026 results – Asset Based Services (M€) Asset Based Services Revenue EBITDA Business Lines Included +2% +33% 12.8% margin 16.5% 1,966 2,014 Offshore Offshore 333 E&C Wind 251 ▪ Progress on projects in the Mediterranean Sea partially offset by completion of Sakarya II in Türkiye ▪ Margin expansio
Slide 14: 1Q 2026 results – Drilling Offshore (M€)
1Q 2026 results – Drilling Offshore (M€) Drilling Offshore Revenue EBITDA Business Lines Included -1% -12% 38.9% margin 34.6% 211 208 Drilling Offshore ▪ Reduction of the fleet size as two jack-ups were returned to 82 72 their owners in 2025 ▪ Higher maintenance activity concerning the jack-up fleet
Slide 15: 1Q 2026 results – Energy Carriers (M€)
1Q 2026 results – Energy Carriers (M€) Energy Carriers Revenue EBITDA Business Lines Included -3% 1.3% margin 2.2% 1,341 1,306 Onshore Sustainable E&C Infrastructures ▪ Increased contribution of the most recently awarded projects 29 ▪ Lower contribution from legacy projects 18 1Q25 1Q26 1Q25 1Q26 Fi
Slide 16: 1Q 2026 results – Income Statement
1Q 2026 results – Income Statement Group Income Statement M€ 1Q 2025 1Q 2026 Change Revenue 3,518 3,528 +10 Operating expenses (3,167) (3,094) EBITDA 351 434 +83 EBITDA margin 10.0% 12.3% D&A (194) (277) EBIT 157 157 - Financial expenses (55) (41) Result from equity investments 15 8 EBT 117 124 +7 I
Slide 17: Net Debt evolution in 1Q 2026
Net Debt evolution in 1Q 2026 Increase in Net Cash (pre-IFRS 16) 272 218 M€ 23 1,271 Free Cash Flow (999) (post repayment of lease liabilities) 199 M€ (1,217) 1,240 138 55 (19) (355) (37) Net Debt Lease Liability Net Debt Net Result Working Capital & Capex Repayment of Other 1 Net Debt Lease Liabili
Slide 18: Debt and liquidity as of March 2026
Debt and liquidity as of March 2026 Liquidity (M€) Gross Debt (M€, nominal amount) Financial policy 31st March 2026 31st March 2026 1,800 3,610 600 ▪ Avg. tenor: ≈ 2.7 years 30 M€ Avg. cost of debt: ≈ 5%1 ▪ ECA Facility prepaid ▪ 99% fixed, 1% floating on 22 April 2026 ▪ 98% Euro-denominated 1,561 5
Slide 19: Closing remarks
Agenda 1 Highlights 2 Financial review 3 Closing remarks 4 Appendix First Quarter 2026 Results
Slide 20: Closing remarks
Closing remarks Another quarter of strong delivery Middle East activities currently running with limited disruptions Guidance 2026 confirmed Further acceleration in the offshore upstream capex cycle expected First Quarter 2026 20 Results
Slide 21: Q&A Session
Q&A Session First Quarter 2026 21 Results
Slide 22: Appendix
Agenda 1 Highlights 2 Financial review 3 Closing remarks 4 Appendix First Quarter 2026 Results
Slide 23: 1Q 2026 results in context (M€)
1Q 2026 results in context (M€) Q-o-Q comparison Revenue EBITDA Net Result Operating Cash Flow1 Margin (%) 10.0 11.2 11.6 11.4 12.3 +5% +2% +20% -22% +18% +6% +18% -16% 4,515 515 447 451 3,693 3,771 437 434 3,518 3,528 413 395 392 351 211 89 78 77 81 63 1Q25 2Q25 3Q25 4Q25 1Q26 1Q25 2Q25 3Q25 4Q25 1
Slide 24: 1Q 2026 results by reporting segments in context (M€)
1Q 2026 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 % 12.8 13.6 14.9 15.7 16.5 38.9 41.2 41.2 30.9 34.6 1.3 1.7 2.1 2.0 2.2 +8% +7% +20% -26% +15% +17% +26%
Slide 25: D&A and financial expenses
D&A and financial expenses 1Q 2026 1Q25 1Q26 M€ 277 206 194 D&A1 136 37 45 21 26 Drilling Offshore Energy Carriers Asset Based Services Total D&A 1Q 2026 M€ 4 41 13 Financial 24 expenses1 Financing Project Exchange Financial costs hedging costs Differences expenses First Quarter 2026 25 1) Including
Slide 26: 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 7,387 Guarantees 80 % 5,461 70 % 6,000 60 % 34% 35% 50 % 31% 31% 27% 24% 24% 25% 40 % 3,000 43% 30 % Guarantees/ backlog 20 % 10 % 0 0% Dec 2018 Dec 2019 Dec 2020 Dec 2021 Dec 2022 Dec 2023
Slide 27: Backlog details (1/6)
Backlog details (1/6) 30 B€ 31-Mar-26 11% LNG Energy 5% Upstream Carriers 4% Floaters 30% Including 3% O&M 13% Drilling 2% Infrastructures Related to OneSaipem Offshore 4% 2% Carbon Capture integrated onshore & 1% Fertilizers offshore projects 2% Others(1) Asset Based Services 42% Conventional 13% 6
Slide 28: Backlog details (2/6)
Backlog details (2/6) Backlog by geography Backlog by year of acquisition North Africa Italy 1% 4% Far East 2026 Pre 2022 5% 4% 7% 2022 6% Americas 12% 2025 2023 31% 12% Middle East 39% Europe 17% 2024 40% Sub Saharan Africa 22% 30 B€ 30 B€ 31-Mar-26 31-Mar-26 First Quarter 2026 28 Results
Slide 29: Backlog details (3/6)
Backlog details (3/6) Backlog by customer type Backlog by energy type Others1 Drilling 7% 4% Low/zero National Oil carbon2 Oil Companies 13% 31% 46% Gas International Oil 52% Companies & Independent Companies 47% 30 B€ 30 B€ 31-Mar-26 31-Mar-26 1) Those mainly refer to Sustainable Infrastructures, O
Slide 30: 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 19% Client 1 Project 7 24% Client 2 Project 8 Project 9 Client 3 Project 10 3% Client 4 Project 11 Project 12 5% Client 5 Project 13 5% Client 6 Project 14 Projec
Slide 31: Backlog details (5/6)
Backlog details (5/6) Backlog by currency Others 9% EUR 32% USD 59% 30 B€ 31-Mar-26 First Quarter 2026 31 Results
Slide 32: Backlog details (6/6)
Backlog details (6/6) Backlog1 (as of 31-Mar-26): distribution by year of expected execution (B€) 10.2 11.6 0.3 0.3 3.5 3.0 5.1 0.2 2.7 7.7 1.0 6.9 0.3 3.8 1.2 1.2 Apr-Dec 2026 2027 2028 2029+ Asset Based Services Energy Carriers Drilling Offshore Non-consolidated Backlog By Year Of Execution (M€) A
Slide 33: Drilling offshore fleet
Drilling offshore fleet Drilling Vessel Engagement Map (2025-2027) 2025(3) 2026 2027 Client Area Azule, Rhino, Angola, Namibia, Saipem 12000 Rovuma (Eni) Mozambique and Harsh Environment Saipem 10000 Eni Italy Ultra Deep-water Santorini Eni, Energean W. Africa, Med. Sea Committed DVD (1) Eni W. Afri
Slide 34: E&C market near-term opportunities worth ≈ 58 B€
E&C market near-term1 opportunities worth ≈ 58 B€ Europe, CIS & Central Asia ≈ 1.7 B€ ▪ Trunklines / pipelines Americas ▪ Conventional Asia Pacific ▪ Renewable and green ≈ 2.8 B€ ≈ 2.9 B€ Middle East ≈ 4.6 B€ ▪ Pipelines ▪ SURF ▪ SURF ▪ Trunklines ▪ Renewables and green ≈ 16.6 B€ ▪ Pipelines ▪ O&M ▪
Slide 35: Saipem
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