Slide 1: Nine Months 2024 Results
Nine Months 2024 Results 24th October 2024
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 Nine Months 2024 Results
Slide 4: Highlights of 3Q 2024 results
Highlights of 3Q 2024 results 3.7 B€ 340 M€ Revenue EBITDA +23% Y-on-Y1 +48% Y-on-Y1, +14% Q-on-Q2 +10% Q-on-Q2 9.2% EBITDA margin 115 M€ 6.4 B€ Net Cash Flow3 Order Intake 509 M€ Net Cash position 1.7x Book-to-Bill (pre-IFRS 16) as of 30-Sep-24 Guidance for 2024 upgraded on the back of strong resul
Slide 5: Details of major awards in 3Q 2024
Details of major awards in 3Q 2024 Saudi Arabia Qatar Marjan, Zuluf & Safaniyah fields North Field offshore reservoir ≈ 3.0 B$ ≈ 4.0 B$ Offshore E&C Offshore E&C EPCI of offshore infrastructure EPCI of 6 platforms, 350 km amongst subsea (e.g. PDMs, flowlines, wellhead pipelines, cables and fiber opt
Slide 6: Order intake exceeding 13 B€ in 9M 2024
Order intake exceeding 13 B€ in 9M 2024 Business Lines Countries Project Type1 Drilling Offshore 1% Energy Carriers Energy Carriers Latin America Others 7% Middle ≈ 100% 4% (Onshore E&C) 9% East related to upstream projects 50% Integrated ≈ 60% 23% Asset Based Projects Services 27% 68% related to op
Slide 7: Record-high backlog grants excellent visibility
Record-high backlog grants excellent visibility Backlog (B€) Datapoints +46% 33 ≈ 61% Engineering of backlog related to full utilisation1 of 30 30 Asset Based Services capacity until mid-2026 29 28 projects (Offshore E&C) 25 24 24 23 23 23 22 Yards2 E&C fleet3 > 80% expected fully booked in 2025-202
Slide 8: Resilient and diversified commercial pipeline
Resilient and diversified commercial pipeline Current commercial pipeline1 Evolution of commercial pipeline (B€) Energy Transition 52 54 & Others Oil Upstream 26% 27% 41 54 B€ 30-Sep-24 23 Gas Upstream 47% ≈ 40% of upstream pipeline Sep-21 Sep-22 Sep-23 Sep-24 related to optimization of existing oil
Slide 9: Courseulles-sur-Mer update
Courseulles-sur-Mer update Key updates Drilling test successfully performed in August in the designated 1 testing area. The jack-up has then been permitted to move to the location of the first mono-pile 2 Final commissioning of drilling machine in September and October Drilling of the first socket i
Slide 10: Scarborough project completed by the Castorone
Scarborough project completed by the Castorone Pipelaying activity Scarborough field Castorone Endeavour Western Australia 433 km Pluto LNG Water Depth (m) Western Australia Kilometer Point (km) Deep water Shallow water Pipeline length 433 Km Pipelaying activity ≈ 12 months “Amongst the five longest
Slide 11: Drilling offshore update
Drilling offshore update Shallow Water Deep Water Perro Negro 7 Perro Negro 9 Perro Negro 10 Scarabeo 8 Santorini Currently working in Temporarily suspended Temporarily suspended Extension by 12 months Farm-out to Galp in Saudi Arabia from 2Q 2024 from 2Q 2024 until the end of 2026 Namibia in 4Q 202
Slide 12: Agenda
Agenda 1 Highlights 2 Financial review 3 Closing remarks 4 Appendix Nine Months 2024 Results
Slide 13: 9M 2024 results (M€)
9M 2024 results (M€) Revenue EBITDA Net Result Operating Cash Flow1 +21% +41% Conversion 7.7% margin 8.9 % 34% from 81 % 10,130 EBITDA 905 8,363 731 640 206 216 79 9M23 9M24 9M23 9M24 9M23 9M24 9M23 9M24 Nine Months 13 1) Operating Cash Flow equals to Net Result, plus D&A and other non-monetary item
Slide 14: 9M 2024 results – Asset Based Services
9M 2024 results – Asset Based Services (M€) Asset Based Services Revenue EBITDA Business Lines Included +34% +54% 10.0% margin 11.5% Offshore Offshore 5,517 E&C Wind 635 4,116 413 ▪ Growth supported by ramp-up of execution of recent Oil & Gas awards ▪ Revenue progression led by conventional and subs
Slide 15: 9M 2024 results – Drilling Offshore
9M 2024 results – Drilling Offshore (M€) Drilling Offshore Revenue EBITDA Business Lines Included +25% +15% 40.3% margin 37.1% Drilling Offshore 669 536 248 216 ▪ Revenue and EBITDA growth supported by fleet expansion and average day-rate improvement ▪ Operating performance affected by cyclical main
Slide 16: 9M 2024 results – Energy Carriers
9M 2024 results – Energy Carriers (M€) Energy Carriers Revenue EBITDA Business Lines Included +6% 0.3% margin 0.6% 3,944 3,711 Onshore Sustainable Robotics & E&C Infrastructures Industrialized Solutions 22 ▪ Steady execution of backlog coupled with selective approach on new order intake leading to r
Slide 17: 9M 2024 results – Income Statement
9M 2024 results – Income Statement Group Income Statement M€ 9M 2023 9M 2024 Change Revenue 8,363 10,130 1,767 Total costs (7,723) (9,225) EBITDA 640 905 265 EBITDA margin 7.7% 8.9% D&A (336) (488) EBIT 304 417 113 Financial expenses (133) (104) Result from equity investments 30 24 EBT 201 337 136 I
Slide 18: Net Debt evolution in 9M 2024
Net Debt evolution in 9M 2024 Net Cash Flow 293 M€ Operating Cash Flow 731 M€ 261 124 477 633 (216) 189 249 (509) (694) (37) Net Debt Lease Liability Net Debt Adjusted Delta Working Capex Other 1 Net Debt Lease Liability Net Debt 31-Dec-2023 (IFRS 16) 31-Dec-2023 Net Result Capital 30-Sep-2024 (IFRS
Slide 19: Debt and liquidity at the end of 3Q 2024
Debt and liquidity at the end of 3Q 2024 Liquidity (M€) Gross Debt (M€, nominal amount) 30th September 2024 30th September 2024 85 M€ increase vs Jun-24 35 M€ decrease vs Jun-24 3,159 2,232 470 ▪ Avg. tenor: ≈ 3.5 years ▪ Avg. cost of debt: ≈ 5%1 ▪ 95% fixed, 5% floating 500 ▪ 98% Euro-denominated 1
Slide 20: Agenda
Agenda 1 Highlights 2 Financial review 3 Closing remarks 4 Appendix Nine Months 2024 Results
Slide 21: Growth, margins and cash flow
Growth, margins and cash flow Revenue (B€) EBITDA (M€) Operating Cash Flow1 (M€) EBITDA margin 3.7 5.6% 9.2% 3.5 370 3.4 340 3.0 276 3.0 297 2.9 2.9 286 221 234 2.8 268 2.6 2.4 230 91 103 74 219 39 1.8 191 168 142 (64) 131 102 (123) ≈ 80% Conversion of EBITDA into Operating Cash Flow (381) in 9M 202
Slide 22: Upgrade of 2024 guidance
Upgrade of 2024 guidance Business lines Revenue > 14.0 B€ ✓ Higher than top of previous guidance range Asset Based Services (excluding Offshore Wind) accelerating compared to initial budget Energy Carriers making steady progress on the EBITDA > 1.3 B€ ✓ Higher than mid-point of previous guidance ran
Slide 23: Closing remarks
Closing remarks Record level backlog provides excellent visibility E&C fleet capacity fully booked for 2025-2026, and largely booked for 2027-2028 Substantial and resilient commercial pipeline Steady progress on the execution of legacy projects Acceleration of cash flow conversion and continuous del
Slide 24: Q&A Session
Q&A Session Nine Months 24 2024 2024 Results results
Slide 25: Agenda
Agenda 1 Highlights 2 Financial review 3 Closing remarks 4 Appendix Nine Months 2024 Results
Slide 26: Reporting according to business lines and IFRS 8
Reporting according to business lines and IFRS 8 Three Reporting Segments Six(*) Business Lines Drilling X Drilling Offshore Offshore Asset Based Offshore Offshore X Services E&C Wind Robotics & X Energy Carriers Onshore Sustainable Industrialized E&C Infrastructures Solutions Nine Months 26 (*) On
Slide 27: 3Q 2024 results in context (M€)
3Q 2024 results in context (M€) Q-o-Q comparison Revenue EBITDA Net Result Operating Cash Flow Margin (%) 5,000 7.6 8.1 8.8 8.8 9.2 4,500 +16% -13% +11% +10% +24% -6% +11% +14% 4,000 3,500 3,000 2,500 3,712 340 3,511 100 370 2,000 3,371 3,047 297 3,016 286 88 268 276 1,500 230 234 221 61 57 1,000 39
Slide 28: 3Q 2024 results by reporting segments in context
3Q 2024 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 % 10.2 10.3 11.0 11.6 11.8 42.4 41.1 38.1 36.4 36.8 0.1 0.0 0.7 0.0 1.0 +31% -16% +11% +14% +31% -10% +1
Slide 29: 9M 2024 D&A and financial expenses
9M 2024 D&A and financial expenses 9M 2024 9M23 9M24 M€ 488 331 336 D&A1 202 91 109 43 48 Drilling Offshore Energy Carriers Asset Based Services Total D&A 9M 2024 M€ (16) 104 Financial 73 47 expenses1 Financing Project Exchange Financial costs hedging costs Differences expenses Nine Months 29 1) Inc
Slide 30: Net Debt evolution in 3Q 2024
Net Debt evolution in 3Q 2024 Net Cash Flow 115 M€ Operating Cash Flow 276 M€ 148 124 542 633 (394) 109 52 (509) (266) (10) Net Debt Lease Liability Net Debt Adjusted Delta Working Capex Other 1 Net Debt Lease Liability Net Debt 30-Jun-2024 (IFRS 16) 30-Jun-2024 Net Result Capital 30-Sep-2024 (IFRS
Slide 31: Lease liabilities in 2023 and 9M 2024
Lease liabilities1 in 2023 and 9M 2024 292 128 (143) 7 633 (119) 176 477 (28) 320 Dec-22 Payments in Write offs and Extention & New Dec-23 Payments in Write offs and New Sep-24 FY23 exchange renewals of contracts 9M24 exchange contracts differences existing differences contracts Average weighted dur
Slide 32: Bank guarantees
Bank guarantees Stock of financial guarantees (M€) 9,000 7,995 7,898 7,895 10 0% 7,234 7,019 7,393 90 % Guarantees 80 % 6,000 5,461 70 % 43% 60 % 34% 35% 50 % 31% 31% 27% 24% 40 % Guarantees/ 3,000 30 % backlog 20 % 10 % 0 0% Dec 2018 Dec 2019 Dec 2020 Dec 2021 Dec 2022 Dec 2023 Sep 2024 Diversified
Slide 33: Backlog details (1/5)
Backlog details (1/5) Others 22% Related to One Saipem integrated onshore & 3% 2% offshore projects 3% 1% 7% Upstream Backlog 8% Total of 43% Conventional 6% breakdown by project type 33.2 B€ Related to Low & Zero Carbon projects 10% 30-Sep-24 2% <1% 3% 4% Legend 14% Asset Based Services Energy Carr
Slide 34: Backlog details (2/5)
Backlog details (2/5) Backlog by business line Backlog by geography Backlog by year of acquisition North Africa Italy Energy Asset Based 3% 3% Far East 3% Carriers Services Pre 2022 Europe 14% 8% 34% Americas 2022 Middle East 10% 9M 2024 16% 46% 37% 61% Sub Saharan 2023 5% Africa 33% 27% Drilling Of
Slide 35: Backlog details (3/5)
Backlog details (3/5) Backlog by customer type Backlog by energy type Drilling Low/zero 5% carbon² Others1 6% 6% Oil 34% International Oil Companies & Independent National Oil Companies Companies 42% 52% Gas 55% 33.2 B€ 33.2 B€ 30-Sep-24 30-Sep-24 1) Those mainly refer to Sustainable Infrastructures
Slide 36: 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 15% Project 6 21% Client 1 Project 7 Client 2 Project 8 3% 4% Client 3 Project 9 Project 10 Client 4 Project 11 6% Client 5 Project 12 Client 6 Project 13 20% 6% Client 7 P
Slide 37: Backlog details (5/5)
Backlog details (5/5) Backlog1 (as of 30-Sep-24): distribution by year of expected execution (B€) 12.7 0.6 9.6 4.2 0.3 7.1 3.2 0.5 3.8 2.3 0.2 7.9 1.5 6.1 4.3 2.1 Oct-Dec 2024 2025 2026 2027+ Asset Based Services Energy Carriers Drilling Offshore Non-consolidated Backlog By Year Of Execution (M€) Oc
Slide 38: Drilling offshore fleet
Drilling offshore fleet Drilling Vessel Engagement Map (2023-2025) 2023 2024 2025 Current Client Current Area Saipem 12000 Azule Angola and Harsh Environment Ultra Deep-water Saipem 10000 Eni Italy Santorini Eni/Galp Worldwide DVD (1) to 2026 Eni Ivory Coast Committed Scarabeo 9 Burullus Egypt New a
Slide 39: E&C market near-term opportunities worth ≈ 54 B€
E&C market near-term1 opportunities worth ≈ 54 B€ Europe, CIS & Central Asia ≈ 5.6 B€ Visibility at peak levels ▪ Conventional ▪ ▪ Pipelines Renewables & green Asia Pacific Low-single-digit increase Americas for both Offshore and Onshore ≈ 3.4 B€ ≈ 3.6 B€ ≈ 2.7 B€ Middle East (vs Jul-24) ▪ Conventio
Slide 40: Saipem
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