Slide 1: First Quarter 2024 Results
First Quarter 2024 Results 23rd April 2024
Slide 2: Agenda
Agenda 1 Highlights 2 Financial review 3 Closing remarks 4 Appendix First Quarter 2024 Results
Slide 3: Highlights of 1Q 2024 results
Highlights of 1Q 2024 results 3.0 B€ 268 M€ Revenues EBITDA +18% Y-on-Y +40% Y-on-Y 8.8% EBITDA margin 68 M€ 2.0 B€ Net Cash Flow Order Intake 284 M€ Net Cash position 0.7x Book-to-Bill (pre-IFRS 16) as of Mar-24 74% in Offshore E&C First Quarter 3 Y-on-Y refers to the delta between 1Q 2024 and 1Q 2
Slide 4: Update on commercial activity
Update on commercial activity Whiptail East Coast Cluster (Included in 1Q 2024 order intake) Guyana UK ExxonMobil BP, Equinor, TotalEnergies Authorization to proceed Letter of Intent signed in March 2024 received in April 2024 FID expected by September 2024 Asset Based Services Asset Based Services
Slide 5: Agenda
Agenda 1 Highlights 2 Financial review 3 Closing remarks 4 Appendix First Quarter 2024 Results
Slide 6: 1Q 2024 results (M€)
1Q 2024 results (M€) Revenues EBITDA Net Result Operating Cash Flow +18% +40% 3,047 7.4% margin 8.8% 2,582 268 221 191 103 57 0 1Q23 1Q24 1Q23 1Q24 1Q23 1Q24 1Q23 1Q24 First Quarter 6 2024 Results
Slide 7: 1Q 2024 results – Asset Based Services (M€)
1Q 2024 results – Asset Based Services (M€) Asset Based Services Revenues EBITDA Business Lines Included +38% +55% 9.8% margin 11.0% Offshore Offshore 1,633 E&C Wind 180 1,183 ▪ Revenues growth supported by traditional Oil & Gas 116 projects ▪ EBITDA margin uplift thanks to a more favourable mix and
Slide 8: 1Q 2024 results – Drilling Offshore (M€)
1Q 2024 results – Drilling Offshore (M€) Drilling Offshore Revenues EBITDA Business Lines Included +17% +18% 37.8% margin 38.1% Drilling Offshore 210 180 ▪ Revenues and EBITDA growth supported by fleet 80 expansion and average daily rate improvement 68 ▪ Solid operating performances partially offset
Slide 9: 1Q 2024 results – Energy Carriers (M€)
1Q 2024 results – Energy Carriers (M€) Energy Carriers Revenues EBITDA Business Lines Included -1% 0.6% margin 0.7% 1,219 1,204 Onshore Sustainable Robotics & E&C Infrastructures Industrialized Solutions ▪ Good progress on execution of backlog 7 8 ▪ Selective approach in terms of order intake reflec
Slide 10: 1Q 2024 results (Income Statement)
1Q 2024 results (Income Statement) Group Income Statement M€ 1Q 2023 1Q 2024 Change Revenue 2,582 3,047 465 Total costs (2,391) (2,779) (388) EBITDA 191 268 77 EBITDA margin 7.4% 8.8% D&A (100) (145) (45) EBIT 91 123 32 Financial expenses (52) (40) 12 Result from equity investments (2) 8 10 EBT 37 9
Slide 11: Net Debt evolution in 1Q 2024
Net Debt evolution in 1Q 2024 Net Cash Flow 68 M€ Operating Cash Flow 221 M€ 261 209 477 493 61 (216) 92 (284) (202) (19) Net Debt IFRS 16 Net Debt Adjusted Delta Working Capex Other 1 Net Debt IFRS 16 Net Debt 31-Dec-2023 impact 31-Dec-2023 Net Result Capital 31-Mar-2024 impact 31-Mar-2024 (post-IF
Slide 12: Debt and liquidity
Debt and liquidity Liquidity (M€) Gross Debt (M€, nominal amount) Liability management 31st March 2024 31st March 2024 211 M€ reduction vs Dec-23 280 M€ reduction vs Dec-23 2,868 2,137 Full prepayment of 387 M€ SACE facility 150 M€ partial prepayment in 4Q 2023 470 ▪ Avg. tenor: 3.0 years 237 M€ ful
Slide 13: Agenda
Agenda 1 Highlights 2 Financial review 3 Closing remarks 4 Appendix First Quarter 2024 Results
Slide 14: Closing remarks
Closing remarks Strong operational and financial progress in 1Q 2024 Full focus on project delivery, execution excellence and cash flow generation CCUS emerging as a concrete energy transition opportunity for Saipem Strong commercial activity will lead to higher visibility on 2024-2027 strategic pla
Slide 15: Q&A session
Q&A session First Quarter 15 2024 Results
Slide 16: Agenda
Agenda 1 Highlights 2 Financial review 3 Closing remarks 4 Appendix First Quarter 2024 Results
Slide 17: Three Reporting Segments
Reporting according to business lines and IFRS 8 Business Lines Drilling Drilling Drilling Offshore Offshore Offshore Three Reporting Segments AssetAsset Based Offshore Offshore Based Services Services E&C Wind Energy Robotics & Energy Carriers Onshore Sustainable Carriers Industrialized E&C Infrast
Slide 18: 1Q 2024 results in context (M€)
1Q 2024 results in context (M€) Q-o-Q comparison Revenues EBITDA Net Result Operating Cash Flow Margin (%) 4,500 7.4 7.9 7.6 8.1 8.8 4,000 +7% +9% +16% -13% +15% +5% +24% -6% 3,500 3,000 100 2,500 370 3,511 2,000 3,047 3,016 286 268 2,765 2,582 1,500 230 221 219 191 57 1,000 40 39 103 74 500 39 0 -
Slide 19: 1Q 2024 results by reporting lines in context (M€)
1Q 2024 results by reporting lines in context (M€) Q-o-Q comparison Asset Based Services Drilling Offshore Energy Carriers Revenues EBITDA Revenues EBITDA Revenues EBITDA Margin (%) Margin (%) Margin (%) 9.8 10.0 10.2 10.3 11.0 37.8 40.8 42.4 41.1 38.1 0.6 0.2 0.1 0.0 0.7 +22% +4% +31% -16% +24% +6%
Slide 20: 1Q 2024 D&A, financial expenses and taxes
1Q 2024 D&A, financial expenses and taxes 1Q 2024 1Q23 1Q24 M€ 145 94 100 D&A 59 28 36 13 15 Drilling Offshore Energy Carriers Asset Based Services Total D&A 1Q 2024 M€ Financial 9 1 40 30 expenses1 Financing Project Exchange Financial costs hedging costs Differences expenses Taxes ▪ Taxes at 34 M€
Slide 21: Financial guarantees
Financial guarantees Stock of financial guarantees (M€) 9,000 7,995 7,898 7,805 100% 7,234 7,019 7,393 80% 5,461 Guarantees 6,000 43% 60% 34% 31% 35% 31% 27% 27% 40% 3,000 Guarantees/ 20% backlog 0 0% Dec 2018 Dec 2019 Dec 2020 Dec 2021 Dec 2022 Dec 2023 Mar 2024 Diversified pool of institutions pro
Slide 22: Backlog details (1/5)
Backlog details (1/5) Others 18% Related to One Saipem integrated onshore & 3% 1% offshore projects 4% 5% 34% 11% Backlog Total of 11% breakdown by project type 29 B€ Related to Low & Zero Carbon projects 31-Mar-24 13% 3% 4% 15% Legend 1% 6% Asset Based Services Energy Carriers Sealines Drilling Off
Slide 23: Backlog details (2/5)
Backlog details (2/5) Backlog by business line Backlog by geography Backlog by year of acquisition North Africa Energy Asset Based 4% Italy 5% Carriers Services Far East 6% 2024 6% Pre 2022 Middle 24% 38% East Europe 40% 10% 56% Americas 2023 13% 46% 2022 Sub 24% Saharan 6% Africa 22% Drilling Offsh
Slide 24: Backlog details (3/5)
Backlog details (3/5) Backlog by customer type Backlog by energy type Drilling Others1 6% 9% Oil Low/zero carbon² 21% 11% National Oil Companies 49% International Oil Companies & Independent Companies 42% Gas 62% 29 B€ 29 B€ 31-Mar-24 31-Mar-24 1. Those mainly refer to infrastructure projects and ot
Slide 25: Backlog details (4/5)
Backlog details (4/5) Top 20 projects by backlog Clients breakdown by backlog Project 1 Project 2 Client 1 Project 3 Project 4 Client 2 Project 5 14% Project 6 23% Client 3 Project 7 Project 8 Client 4 Project 9 13% Project 10 29 B€ Client 5 Project 11 31-Mar-24 5% Project 12 Project 13 Client 6 5%
Slide 26: Backlog details (5/5)
Backlog details (5/5) Backlog1 (as of 31-Mar-24): distribution by year of expected execution (B€) 10.4 9.1 0.5 0.6 3.6 6.2 3.3 0.2 2.7 3.1 6.3 0.5 5.2 3.3 1.2 1.4 Apr-Dec 2024 2025 2026 2027+ Asset Based Services Energy Carriers Drilling Offshore Non-consolidated Backlog By Year Of Execution (M€) 20
Slide 27: Backlog progressively shifting towards Offshore E&C
Backlog progressively shifting towards Offshore E&C 35.0 100% 29.8 28.8 30.0 27.6 Offshore E&C 24.0 24.1 25.4 80% 25.0 22.7 22.2 23.0 22.7 backlog grew by 20.0 12.5 13.5 12.7 60% 13.0 9 B€ from Dec-21 15.3 13.3 13.1 15.0 15.3 14.3 15.4 40% to Mar-24… 10.0 15.1 16.3 16.1 20% 11.0 12.4 …increasing wei
Slide 28: E&C market near-term opportunities worth ≈ 54 B€
E&C market near-term1 opportunities worth ≈ 54 B€ Robust project pipeline, weighed towards offshore Europe, CIS & Central Asia ≈ 3.9 B€ Asia Pacific Visibility at peak levels ▪ Conventional ▪ Pipelines ≈ 4.8 B€ ▪ Renewables & green Americas ▪ Conventional Low-single-digit increase for both ≈ 4.0 B€
Slide 29: Saipem
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