Slide 1: First Quarter 2023 Results
FIRST QUARTER 2023 RESULTS April 20th, 2023 1
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
Highlights Agenda Financial and business performance Appendix 3
Slide 4: 1Q 2023 results highlights (1/2)
1Q 2023 results highlights (1/2) 2.6 B€ 191 M€ Group Revenues1 Group EBITDA1 +66% YoY +42% YoY 7.4% EBITDA margin 45 M€ 2.7 B€ Net Cash pre-IFRS 16 Order Intake 285 M€ Net debt Book-to-bill >1x post-IFRS 16 66% in offshore Substantially flat vs 31 Dec. 22 4 1. Revenues and EBITDA do not include disc
Slide 5: 1Q 2023 results highlights (2/2)
1Q 2023 results highlights (2/2) Commercial refocus, quality new awards: • 66% in offshore • ~ 20% in low/zero carbon activities • ~ 75% for IOCs and NOCs • > 70% in our core geographies Wind offshore continuing to deliver: Seagreen project completed, 114 jackets installed with Saipem 7000 Backlog-r
Slide 6: Agenda
Highlights Agenda Financial and business performance Appendix 6
Slide 7: 1Q 2023 group results
1Q 2023 group results1 (M€) Revenues Adjusted EBITDA2 Adjusted Net Result2 6.3% margin 7.4% +42% 2,582 +66% 1,824 191 115 0 (80) 1Q22 1Q23 1Q22 1Q23 1Q22 1Q23 1. Excluding discontinued operations (remaining Drilling Onshore activities) 7 2. Excluding 1Q22 special items. See slide 11 for reported res
Slide 8: 1Q 2023 results Asset Based Services
1Q 2023 results (M€) E&C Offshore Offshore Wind Business Asset Based Services Lines included Revenues1 Adjusted EBITDA1 7.9% margin 9.8% +46% 1,183 +81% 116 • Revenue increased by 46% YoY 813 • Higher volumes across all regions 64 • Oil & gas projects progressing well and supporting EBITDA performan
Slide 9: 1Q 2023 results Offshore Drilling
1Q 2023 results (M€) Offshore Drilling Business Offshore Drilling Lines included Revenues Adjusted EBITDA 31.0% margin 37.8% +40% +70% • Revenue increased by 40% YoY 180 • Overall positive year-on-year results thanks to improved pricing upcycle and full contribution of new 129 drillship Santorini 68
Slide 10: 1Q 2023 results Energy Carriers
1Q 2023 results (M€) Onshore Sustainable Robotics & E&C Infrastructures Industrialized Business Solutions Energy Carriers Lines included Revenues1 Adjusted EBITDA1 1.2% margin 0.6% +38% 1,219 • Revenue increased by 38% -36% • Higher volumes across Middle East, Sub-Saharan 882 Africa and Americas 11
Slide 11: 1Q 2023 results – P&L YoY comparison
1Q 2023 results – P&L YoY comparison Group – Adjusted1 Group – Reported Income Statement Income Statement M€ 1Q 22 1Q 23 Var. 1Q 22 1Q 23 Var. Revenue 1,824 2,582 758 1,824 2,582 758 Total costs (1,709) (2,391) (682) (1,722) (2,391) (669) EBITDA 115 191 76 102 191 89 margin 6.3% 7.4% 5.6% 7.4% D&A (
Slide 12: Net Debt Evolution
1Q 2023 Net Debt Evolution (M€) Include cash outflow of Backlog review ~ 120 M€ (reduction of provisions for losses) 264 285 330 320 66 (45) (56) (100) 77 (4) (28) 2 Net debt IFRS 16 Financial net Adjusted Delta WC Capex Cash-in from Other Financial net IFRS 16 Net debt 31-Dec-2022 impact debt Net R
Slide 13: Debt maturities
Debt maturities Pro-forma1 liquidity (M€) Gross debt maturities @March, 31 2023 3,468 Gross debt key metrics 470 New facilities (Feb. 2023) • Avg. tenor: 2.4 years 390 500 • Avg. cost of debt: ~ 4% 2 • 89% fixed, 11% floating 560 15 1,159 • 97% Euro-denominated 566 2,499 M€ 95 1,449 763 Committed RC
Slide 14: Main awards in first quarter 2023
Main awards in first quarter 2023 Weighed towards offshore Offshore awards: 66% of total1 Reporting segment Reporting segment Reporting segment Asset Based Services Offshore Drilling Energy Carriers Business line Business line Business line E&C Drilling Sustainable Offshore Offshore Infrastructures
Slide 15: Backlog shifting towards offshore
Backlog shifting towards offshore IFRS Backlog portfolio As of 31st March 2022 As of 31st March 2023 Detail as of 31st March 2023 39% Offshore 52% Offshore by geography (%) Italy Asset Rest of Europe 6% Drilling Energy 5% Based Onshore Carriers Asset Services Far East 1,452 Based 11,514 9% Middle Ea
Slide 16: Agenda
Highlights Agenda Financial and business performance Appendix 16
Slide 17: New reporting, according to business lines and IFRS
New reporting, according to business lines and IFRS 8 BUSINESS LINES 3 R E P O RT I N G S E G M E N T S Offshore Offshore Drilling Drilling Asset Based E&C Wind Services Offshore Offshore Energy Robotics & E&C Sustainable Industrial Carriers Onshore Infrastructures Solutions 17
Slide 18: 1Q 2023 group results QoQ comparison
1Q 2023 group results1 QoQ comparison - (M€) Revenues Adjusted EBITDA2 Adjusted Net Result2 5.1% margin 7.4% -12% +27% 2,937 2,582 0 191 150 (139) 4Q22 1Q23 4Q22 1Q23 4Q22 1Q23 1. Excluding discontinued operations (Drilling Onshore) 2. Excluding 4Q22 special items. See slide 11 for reported results
Slide 19: 1Q 2023 results by division
1Q 2023 results by division QoQ comparison (M€) Asset Based Services1 Drilling Offshore Revenue Adjusted EBITDA2 Revenue Adjusted EBITDA2 8.4% margin 9.8% 27.7% margin 37.8% -18% +22% -3% 180 +66% 1,434 68 120 148 1,183 116 41 4Q22 1Q23 4Q22 1Q23 4Q22 1Q23 4Q22 1Q23 Energy Carriers3 Revenue Adjusted
Slide 20: 1Q 2023 backlog distribution
1Q 2023 backlog distribution Sizeable backlog provides support for the mid-term Distribution by year and breakdown (M€) 9,017 498 7,719 7,394 372 719 4,579 3,785 3,150 3,562 3,940 3,525 1.00 2.00 3.00 2023 2024 2025+ Asset Based Services Energy Carriers Drilling Offshore Non-consolidated Backlog By
Slide 21: Results – D&A, financial expenses and taxes
1Q 2023 Results – D&A, financial expenses and taxes (M€) 1Q 2023 M€ 100 100 65 59 D&A 1Q 22 19 28 16 13 1Q 23 Offshore Energy Carriers Asset Based Services Total Drilling D&A 1Q 2023 M€ 2 52 20 Financial 30 expenses1 Financing costs 1 Project hedging Exchange Differences Financial expenses costs • T
Slide 22: Drilling offshore fleet
Drilling offshore fleet Drilling Vessel Engagement Map (2023-25) 2023 2024 2025 Client Area Ivory Coast, Saipem 12000 Eni, Azule Angola Ultra Deep-water Saipem 10000 Eni Egypt, Italy and Harsh Env. US GoM, Santorini Eni Worldwide Deep Value Driller1 to 2026 Eni Ivory Coast 1 New leased 7th gen. dril