Slide 1: First Quarter 2025 Results
First Quarter 2025 Results 24th April 2025
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 2025 Results
Slide 4: Highlights of 1Q 2025 results
Highlights of 1Q 2025 results 3.5 B€ 351 M€ Revenue EBITDA +15% Y-on-Y1 +31% Y-on-Y1 10.0% EBITDA margin 285 M€ 2.1 B€ Net Debt reduction (pre-IFRS 16) Order Intake 968 M€ Net Cash position 0.6x Book-to-Bill (pre-IFRS 16) as of 31-Mar-25 First Quarter 2025 4 1) Y-on-Y refers to the delta between 1Q
Slide 5: Growth path continues
Growth path continues Revenue (B€) EBITDA (M€) Operating Cash Flow1 (M€) EBITDA margin 5.6% 10.0% 4.4 395 424 370 330 276 3.7 221234 3.5 3.4 3.5 340 351 3.0 3.0 297 91 103 2.9 2.9 2.8 286 74 2.6 268 39 2.4 219230 1.8 191 168 (64) 142 131 (123) 102 (381) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 1Q 2Q 3
Slide 6: Update on recent awards
Update on recent awards Qatar Guyana Italy Sweden x x x x Maintenance of Development of the Bio-refineries upgrade CO2 management at existing offshore fields Hammerhead oil field and conversion bio-cogeneration (Stabroek block) plant in Sweden QatarEnergy ExxonMobil Eni Stockholm Exergi EPCI activit
Slide 7: Recent Energy Carriers order intake aligned with new paradigm
Recent Energy Carriers order intake aligned with new paradigm Risk profile evolution of Latest Energy Carriers awards Energy Carriers order intake 100% Western Europe ✓ 80% Highly Reputable Customers ✓ 60% Value over Volume ✓ 40% 20% Energy-transition related projects ✓ 0% 2018-2021 2022-2024 Latest
Slide 8: Update on Courseulles-sur-Mer
Update on Courseulles-sur-Mer 4 sockets successfully drilled 1 4 monopiles with transition pieces successfully installed Vole Au Vent vessel already returned to owner 2 Bold Tern vessel being set up with drilling machine Planning to restart drilling in late-summer 2025 3 Targeting drilling one socke
Slide 9: Agenda: Financial review
Agenda 1 Highlights 2 Financial review 3 Closing remarks 4 Appendix First Quarter 2025 Results
Slide 10: 1Q 2025 results (M€)
1Q 2025 results (M€) Revenue EBITDA Net Result Operating Cash Flow1 +15% +31% +35% +79% 8.8% margin 10.0% 3,518 3,047 395 351 221 268 77 57 1Q24 1Q25 1Q24 1Q25 1Q24 1Q25 1Q24 1Q25 First Quarter 2025 10 1) Equal to Net Result, plus D&A and other non-monetary items and Changes in Working Capital Resul
Slide 11: 1Q 2025 results – Asset Based Services (M€)
1Q 2025 results – Asset Based Services (M€) Asset Based Services Revenue EBITDA Business Lines Included +20% +39% 11.0% margin 12.8% Offshore Offshore E&C Wind 1,966 1,633 ▪ Growth trajectory driven by larger backlog, mainly associated 251 with strong order intake on Oil & Gas projects 180 ▪ Relativ
Slide 12: 1Q 2025 results – Drilling Offshore (M€)
1Q 2025 results – Drilling Offshore (M€) Drilling Offshore Revenue EBITDA Business Lines Included +0.5% +2% 38.1% margin 38.9% Drilling Offshore 210 211 82 ▪ Revenue and EBITDA trend reflects broadly unchanged fleet 80 size year-on-year ▪ Aramco suspensions impact mitigated by capital light strategy
Slide 13: 1Q 2025 results – Energy Carriers (M€)
1Q 2025 results – Energy Carriers (M€) Energy Carriers Revenue EBITDA Business Lines Included +11% 0.7% margin 1.3% 1,341 1,204 Onshore Sustainable Robotics & E&C Infrastructures Industrialized Solutions ▪ Steady execution of backlog coupled with selective approach on new order intake ▪ Slow but ste
Slide 14: 1Q 2025 results – Income Statement
1Q 2025 results – Income Statement Group Income Statement M€ 1Q 2024 1Q 2025 Change Revenue 3,047 3,518 471 Operating expenses (2,779) (3,167) EBITDA 268 351 83 EBITDA margin 8.8% 10.0% D&A (145) (194) EBIT 123 157 34 Financial expenses (40) (55) Result from equity investments 8 15 EBT 91 117 26 Inc
Slide 15: Net Debt evolution in 1Q 2025
Net Debt evolution in 1Q 2025 Reduction in Net Debt (pre-IFRS 16) 285 M€ Free Cash Flow (post repayment of lease liabilities) 317 M€ (116) 660 (683) (23) (968) 852 32 70 8 (271) (124) Net Debt Lease Liability Net Debt Net Result Changes in Net Capex1 Repayment of Other Net Debt Lease Liability Net D
Slide 16: Debt and liquidity as of March 2025
Debt and liquidity as of March 2025 Liquidity (M€) Gross Debt (M€, nominal amount) 31st March 2025 31st March 2025 3,354 1,827 600 ▪ Avg. tenor: ≈ 3.7 years ▪ Avg. cost of debt: ≈ 5%1 ▪ 99% fixed, 1% floating 1,135 ▪ 99% Euro-denominated 500 500 1,619 500 271 56 none Apr-Dec 2025 2026 2027 2028 2029
Slide 17: Agenda: Closing remarks
Agenda 1 Highlights 2 Financial review 3 Closing remarks 4 Appendix First Quarter 2025 Results
Slide 18: Closing remarks
Closing remarks Robust execution supports Revenue growth and margin expansion Strong cash flow conversion, continuous deleveraging and solid balance sheet Excellent visibility for 2025 and 2026 deriving from record high backlog Construction fleet fully booked for the next two years Guidance for 2025
Slide 19: Q&A Session
Q&A Session First Quarter 2025 19 Results
Slide 20: Agenda: Appendix
Agenda 1 Highlights 2 Financial review 3 Closing remarks 4 Appendix First Quarter 2025 Results
Slide 21: 1Q 2025 results in context (M€)
1Q 2025 results in context (M€) Q-o-Q comparison Revenue EBITDA Net Result Operating Cash Flow1 Margin (%) 6,000 8.8 8.8 9.2 9.6 10.0 5,000 +11% +10% +19% -20% +11% +14% +25% -17% 4,000 3,000 4,419 3,712 424 3,518 3,371 2,000 3,047 351 395 340 297 330 268 276 234 221 1,000 100 88 77 61 57 - 1Q24 2Q2
Slide 22: 1Q 2025 results by reporting segments in context (M€)
1Q 2025 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 % 11.0 11.6 11.8 12.6 12.8 38.1 36.4 36.8 34.9 38.9 0.7 0.0 1.0 1.1 1.3 +11% +14% +23% -23% +17% +16% +3
Slide 23: D&A and financial expenses
D&A and financial expenses 1Q 2025 1Q24 1Q25 M€ 194 136 145 D&A1 94 36 37 21 15 Drilling Offshore Energy Carriers Asset Based Services Total D&A 1Q 2025 M€ 55 Financial 29 (2) 28 expenses1 Financing Project Exchange Financial costs hedging costs Differences expenses First Quarter 2025 23 1) Includin
Slide 24: Bank guarantees
Bank guarantees Stock of financial guarantees (M€) 10 0% 9,000 7,995 7,898 8,294 7,997 90 % 7,234 7,019 7,393 Guarantees 80 % 5,461 70 % 6,000 60 % 34% 35% 50 % 31% 31% 27% 24% 24% 40 % 3,000 43% 30 % Guarantees/ backlog 20 % 10 % 0 0% Dec 2018 Dec 2019 Dec 2020 Dec 2021 Dec 2022 Dec 2023 Dec 2024 M
Slide 25: Backlog details (1/5)
Backlog details (1/5) Others1 19% Related to One Saipem 2% integrated onshore & 2% 2% 2% offshore projects 3% 6% 39% Backlog 6% Total of Conventional 13% breakdown by project type 9% 33 B€ Related to Low & Zero Carbon projects 31-Mar-25 1% 2% < 1% 7% Legend 18% Asset Based Services Subsea Energy Car
Slide 26: Backlog details (2/5)
Backlog details (2/5) Backlog by business line Backlog by geography Backlog by year of acquisition North Africa Italy 2025 2% 3% 5% Energy Asset Based Far East Carriers Services 6% Pre 2022 10% 2022 32% Americas 11% 13% Middle East 2024 40% Europe 49% 64% 11% 2023 4% 25% Drilling Offshore Sub Sahara
Slide 27: Backlog details (3/5)
Backlog details (3/5) Backlog by customer type Backlog by energy type Others1 Drilling 8% 4% Low/zero National Oil carbon2 Companies 13% Oil 44% 35% Gas 48% International Oil Companies & Independent Companies 48% 33 B€ 33 B€ 31-Mar-25 31-Mar-25 1) Those mainly refer to Sustainable Infrastructures, O
Slide 28: 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 Project 6 18% Client 1 23% Project 7 Client 2 Project 8 Client 3 Project 9 4% Project 10 Client 4 5% Project 11 Client 5 Project 12 Client 6 5% Project 13 19% Client 7 Proj
Slide 29: Backlog details (5/5)
Backlog details (5/5) Backlog1 (as of 31-Mar-25): distribution by year of expected execution (B€) 12.4 9.4 0.3 0.4 3.7 6.6 2.9 0.1 4.2 2.0 0.4 8.4 6.1 1.9 4.6 1.9 Apr-Dec 2025 2026 2027 2028+ Asset Based Services Energy Carriers Drilling Offshore Non-consolidated Backlog By Year Of Execution (M€) Ap
Slide 30: Drilling offshore fleet
Drilling offshore fleet Drilling Vessel Engagement Map (2024-2025) 2024 2025 2026 Current Client Current Area and Harsh Environment Saipem 12000 Azule Angola Ultra Deep-water Saipem 10000 Eni / Petrobel Italy / Egypt Santorini Eni / Galp Worldwide DVD (1) Eni Ivory Coast Committed Scarabeo 9 Burullu
Slide 31: Stable commercial pipeline
Stable commercial pipeline Commercial pipeline1 Evolution of commercial pipeline (B€) Energy Transition Oil Upstream 51 52 53 53 & Others 24% 27% 30 53 B€ 31-Mar-25 Gas Upstream 49% Dec-21 Dec-22 Dec-23 Dec-24 Mar-25 First Quarter 2025 31 1) The commercial pipeline refers to the E&C opportunities th
Slide 32: E&C market near-term opportunities worth ≈ 53 B€
E&C market near-term1 opportunities worth ≈ 53 B€ Robust and stable project pipeline, weighed towards offshore Europe, CIS & Central Asia ≈ 2.9 B€ Visibility at peak levels ▪ Conventional ▪ ▪ SURF Renewables & green Asia Pacific Americas Offshore pipeline still at peak ≈ 6.3 B€ ≈ 2.6 B€ ≈ 1.9 B€ Mid
Slide 33: Saipem
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