28thJuly 2026First Half 2026
Results
First Half 2026
Results
2This 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 the industries in which Saipem S.p.A. (the “Company”) operates, as well as the beliefs and assumptions of the Company’s management .
These forward -looking statements are only predictions and are subject to known and unknown risks, uncertainties, assumptions, contingencies and other factors beyond the Company’s control that are difficult to predict as they relate to events and depend on circumstances that will occur in the future . These include, but are not limited to: forex and interest rate fluctuations, economic conditions globally, commodity price volatility, credit and liquidity risks, HSE risks, the levels of capital expenditure in the oil and gas industry and other sectors, social, economic, geographic and/or political instability in areas where the Group operates, actions by competitors, success of commercial transactions, risks associated with the execution of projects (including ongoing investment projects), regulatory developments in Italy and internationally, the outcome of legal proceedings involving the Company ; in addition to changes in stakeholders’ expectations and other changes affecting business conditions .
Therefore, the Company’s actual results may differ materially and adversely from those expressed or implied in any forward -looking statements . They are neither statements of historical fact nor guarantees of future performance and undue reliance should not be placed on them . The Company therefore cautions against relying on any of these forward -looking statements . Any forward -looking statements made by or on behalf of the Company speak only as of the date they are made . The Company undertakes no obligation to update any forward -looking statements to reflect any changes in the Company’s expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based . Accordingly, readers should not place undue reliance on forward -looking statements due to the inherent uncertainty therein .
The Financial Reports contain analyses of some of the aforementioned risks.
Forward -looking statements neither represent nor can be considered as estimates for legal, accounting, fiscal or investment purposes . Forward -looking statements are not intended to provide assurances and/or solicit investment .
The Company, its advisors and its representatives decline all liability (for negligence or any other cause) for any loss or damage occasioned by the use of this presentation or its contents .
The Manager responsible for preparing the Company’s financial reports declares, in accordance with art. 154- bis, para. 2, of the “Consolidated Financial Act” (Legislative Decree No. 58/1998), that the accounting information contained in this document corresponds to documentary records, ledgers and accounting entries .Disclaimer
First Half 2026
Results
Agenda
Highlights1
2Financial review
3Closing remarks
4Appendix
First Half 2026
Results
4Highlights of 2Q 2026 results
1,078 M€
Net Cash p re-IFRS 16 189M€ Free Cash Flow (post repayments of lease liabilities)4.1 B€
Order Intake
1.1x Book -to-Bill3.8 B€
Revenue
+3.4% Y-on-Y1
+8.2% Q-on-Q2402 M€
EBITDA Adjusted
10.5% EBITDA margin 1)Y-on-Y refers to the delta between 2Q 2026 and 2Q 2025 2)Q-on-Q refers to the delta between 2Q 2026 and 1Q 2026Disruption in the Middle East generated extra costs of c. 70 M€
First Half 2026
Results
5(123)
(381)(64)91 103
3974370
221234276330 395 447
211 451
392449
1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q
2022 2023 2024 2025 2026Consistent delivery, quarter after quarter 1.8 2.4 2.9 2.9 2.6 2.8 3.0 3.5 3.0 3.4 3.7 4.4 3.5 3.7 3.8 4.5
3.5 3.8
1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q
2022 2023 2024 2025 2026Revenue (B€) EBITDA Adjusted (M€) Operating Cash Flow1 (M€) 115 148 182 150 191 219 230 286 268 297 340 424 351 413 437 515 434 402
1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q
2022 2023 2024 2025 2026EBITDA margin
1Q 22 2Q 26
6.3% 10.5%
1)Equal to Reported Net Result, plus D&A and other non -monetary items and Changes in Working Capital
First Half 2026
Results
6On track to exceed 2025 order intake in 2026
2.14.37.512.9
1Q 1H 9M FY2025 cumulative order intake evolution (B€) 2026 cumulative order intake evolution (B€) 1.75.7c. 8.0> 13
1Q 1H 1H + July FY
(estimate)
First Half 2026
Results
72Q awards
CRPO 154 & 155
Safaniya oil field
Aramco
≈ 400 M$Longtail Project
Stabroek block
ExxonMobil
≈ 150 M$Greater PAJ Project 200 km off Angola coast
Azule Energy
≈ 1.0 B$Recent Offshore E&C order intake
July awards
Saudi Arabia
Guyana
Angola
Baleine 3
Baleine oil and gas field Eni UndisclosedIvory Co ast
First Half 2026
Results
8Deoxy Unit for Venice Biorefinery
Venice, Italy
Enilive
Undisclosed2Q awardsRecent Onshore E&C order intake
July awards
Priolo Biorefinery
Priolo, Sicily
Eni Industrial Evolution
≈ 700 M€
ItalyUthmaniyah
National EPC Champion Program
Aramco
≈ 900 M€
Saudi ArabiaExtension of O&M contract
West Africa
Undisclosed
A8 Motorway
Lot 4
CNIR
≈ 245 M€Romania
Kutei FPSO
East Kalimantan
Searah (Eni & Petronas)
≈ 2.0 B$
Indonesia
ItalyWest Africa
First Half 2026
Results
9Disposal of shallow water drilling fleet to ADES Transaction Highlights Fleet details ▪Disposal to ADES of 100% of Saudi Arabian Saipem Limited, Saipem’s subsidiary dedicated to drilling offshore activities in shallow waters ▪Disposal in line with Saipem’s strategy of focusing on deepwater and harsh -environment offshore drilling activities (higher -complexity and higher -value -added
segments)
▪Transaction value of 285 M$, payable in cash at closing ▪Completion expected in 3Q 2026 Perro Negro 7 Perro Negro 8 Perro Negro 10 Perro Negro 11 Perro Negro 13Jack-ups owned by Saipem Jack-ups leased by Saipem Disposal allows Saipem to fully focus on deep water and harsh -environment offshore drilling operations
First Half 2026
Results
10▪Santorini drillship to be deployed for a long-term drilling campaign offshore Ivory Coast for Eni ▪Operations scheduled to begin in early 2027 ▪Potential deployment of the rig in neighboring countries as well as additional optional periods ▪The new contract further strengthens Saipem’s positioning in higher -complexity, higher -value -added activitiesIncreasing visibility of deep water drilling in 2027 and 2028
Santorini
Ivory Coast
Eni
≈ 260 M$
First Half 2026
Results
11Update on Middle East operations
Strong project
delivery in 1Q
and 2Q…
…with some
incremental
costs for
safety and
business
continuity1H 2026 2H 2026 ▪Extra costs associated with the conflict incurred in 1H 2026 of c. 70 M€:
▪Higher rates for barges, tugboats & insurance ▪Temporary storage costs ▪Vessels and project teams stand -by
▪Temporary repatriations
▪Recoverability of these costs subject to commercial discussions with clients▪Resilient execution of all projects across the region, notwithstanding a number of temporary suspensions ▪Very robust cash conversion ▪Critical deliveries through Hormuz completed in July ▪Project delivery expected to remain resilient, in line with 1H 2026
▪Main risks:
o> 10 inbound Hormuz crossings for certain critical components (Aug –Dec) oPotential extra costs linked to the conflict, in line with 1H 2026
First Half 2026
Results
12Courseulles -sur-Mer update
Status update
Sockets
Completion36 sockets already drilled 28 remaining to be drilled 23 monopiles already installed 41 remaining to be installed Completion expected in 1Q 2027Monopiles
First Half 2026
Results
13Commercial pipeline
Evolution of commercial pipeline1Geographical breakdown of commercial pipeline1 15 33 31 33 32 35 34 15 18 21 20 22 23 29 305152 53 545863 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 Mar-26 Jun-26 Offshore E&C Onshore E&CAmericas 17% Europe, CIS &
Central Asia
12%
Africa
31%Middle East
28%Asia Pacific
12%
63 B€
30-Jun-26
1)The commercial pipeline refers to the E&C opportunities relevant to Saipem within the next 18 months
First Half 2026
Results
Agenda
Highlights1
2Financial review
3Closing remarks
4Appendix
First Half 2026
Results
157,211 7,345
1H25 1H261H 2026 results (M€)
842 841
1H25 1H26764 836
1H25 1H26140 131
1H25 1H26Revenue Operating Cash Flow1 EBITDA Adjusted Net Result Adjusted 10.6% margin 11.4%+9% +2% 1)Equal to Reported Net Result, plus D&A and other non -monetary items and Changes in Working Capital- -6%
First Half 2026
Results
16Offshore
WindOffshore
E&C
539 674
1H25 1H261H 2026 results – Asset Based Services (M€) +5% +25%Asset Based Services Business Lines Included Revenue EBITDA Adjusted 13.2% margin 15.7%
4,083 4,299
1H25 1H26▪Progress on projects in Latin America, the Far East and North Africa partially offset by completion of Sakarya II in Türkiye and Buzios 7 in Brazil ▪Margin expansion driven by a better project mix and higher utilisation rate of construction fleet
First Half 2026
Results
17185
107 1H25 1H261H 2026 results – Drilling Offshore (M€) -19% -42%Drilling Offshore Business Lines Included Revenue EBITDA Adjusted
Drilling
Offshore40.1% margin 28.8% 461 372 1H25 1H26▪Reduction of the fleet size as two jack -ups were returned to their owners in 2H 2025 ▪Lower activity of certain units also linked to ordinary maintenance activity as well as lower day rates
First Half 2026
Results
18Sustainable
InfrastructuresOnshore
E&C1H 2026 results – Energy Carriers (M€)
+0.3%Energy Carriers
Business Lines Included Revenue EBITDA Adjusted 1.5% margin 2.1%
2,667 2,674
1H25 1H264055
1H25 1H26▪Increased contribution by projects in Italy and in the Far East offset by lower contribution of certain projects in Africa and in the Middle East ▪Restart of Mozambique LNG project supporting growth in volumes and margins
First Half 2026
Results
191H 2026 results – Income Statement Group Income Statement
(Adjusted)
M€ 1H 20251 1H 2026 Delta Y -on-Y Revenue 7,211 7,345 134 Operating expenses (6,447) (6,509)
EBITDA 764 836 72
EBITDA margin 10.6% 11.4%
D&A (459) (561)
EBIT 305 275 (30)
EBIT margin 4.2% 3.7% Financial expenses (94) (66) Result from equity investments 1 9
EBT 212 218 6
Income taxes (72) (87) Net Result 140 131 (9)Group Income Statement
(Reported)
1H 2026 Delta vs Adjusted
7,345
(6,544) (35)
801 (35)
10.9%
(561)
240 (35)
3.3%
(66)
9
183 (35)
(87)
96 (35)
Note: 1) Adjusted metrics coincided with Reported metrics in 1H 2025
First Half 2026
Results
201,187272
1,271
(999)
(657)
(184)148305330
(21)(1,078)109
Net Debt
31-Dec-2025
(post-IFRS 16)Lease Liability (IFRS 16)Net Debt
31-Dec-2025
(pre-IFRS 16)Net Result & D&AWorking Capital &
Non-monetary
itemsCapex Repayment of
lease liabilitiesDividends
paymentOther Net Debt
30-Jun-2026
(pre-IFRS 16)Lease Liability (IFRS 16)Net Debt
30-Jun-2026
(post-IFRS 16)Net Debt evolution in 1H 2026 Increase in Net Cash (pre -IFRS 16)
79 M€
1)The item mostly includes translation effects of 22 M€ Free Cash Flow (post repayment of lease liabilities)
388 M€
1
First Half 2026
Results
21278 none500500500
Jul-Dec 2026 2027 2028 2029 2030 1)Average cost of debt in 1H 2026Debt and liquidity as of June 2026
Liquidity (M€)
30th June 2026Gross Debt (M€, nominal amount) 30th June 2026 Committed RCF (undrawn) Cash in JVs and other restricted cash Available CashOutstanding Debt1,2911,5796003,4701,778 ▪Avg. tenor: ≈ 2.5 years ▪Avg. cost of debt: ≈ 5%1 ▪100% fixed, 0% floating ▪98% Euro -denominated Repaid in July 2026Of which 241 M€ repaid on 15thJuly
2026
First Half 2026
Results
Agenda
Highlights1
2Financial review
3Closing remarks
4Appendix
First Half 2026
Results
23Guidance 2026 update Revenue guidance confirmed assuming projects’ execution to remain resilient, in line with 1H 2026 Approx. 150 M€ of EBITDA revision due to:
•extra costs related to the Middle East conflict •deconsolidation of the shallow water drilling business post closing Cash Flow guidance confirmed based on the structural improvement in cash flow conversionRevenue
EBITDA Adjusted
Operating Cash Flow (post repayment of lease liabilities)1
Gross Capex
Free Cash Flow (post repayment of lease liabilities)2≈ 15.5 B€
≈ 1.75 B€
≈ 1.0 B€
≈ 450 M€
≈ 600 M€3
1)Equal to Reported Net Result, plus D&A and other non -monetary items and Changes in Working Capital, minus repayment of lease lia bilities 2)Equal to Reported Net Result, plus D&A and other non -monetary items and Changes in Working Capital, minus Capex, plus Divestment s, minus repayment of lease liabilities 3)Excluding cash in from disposal of shallow water drilling business (expected to close in 3Q 2026)New (as of 27 -Jul-26)Comments
≈ 15.5 B€
≈ 1.9 B€
≈ 1.0 B€
≈ 450 M€
≈ 600 M€Old (as of 24 -Feb-26)
First Half 2026
Results
24Closing remarks
Shallow water drilling disposal to accelerate strategic focus on deep water drilling Strong industry outlook further reinforced by prioritisation of energy security Meaningful acceleration in order intake since April, on track to exceed 2025 volumes Resilient project delivery and structurally improved cash flow conversion Growing and well diversified commercial pipeline Full utilisation of the construction fleet for the next two years
First Half 2026
Results
25
Q&A Session
First Half 2026
Results
First Half 2026
Results
Agenda
Highlights1
2Financial review
3Closing remarks
4Appendix
First Half 2026
Results
27Q-o-Q comparison2Q 2026 results in context (M€) 3,693 3,771 4,515
3,528 3,817
2Q25 3Q25 4Q25 1Q26 2Q26413437515
434 402
2Q25 3Q25 4Q25 1Q26 2Q2663818978
53 2Q25 3Q25 4Q25 1Q26 2Q26Revenue Operating Cash Flow1EBITDA Adjusted Net Result Adjusted +20% -22% +2% +8% +18% -16% +6% -7%11.2 11.6 11.4 12.3 10.5Margin (%) 1)Equal to Reported Net Result, plus D&A and other non -monetary items and Changes in Working Capital447
211451
392449
2Q25 3Q25 4Q25 1Q26 2Q26
First Half 2026
Results
28Revenue2Q 2026 r esults by reporting segments in context (M€) 22 28 32 29
26 2,117
2,255
2,706
2,014
2,285
288 336
424 333
341 250
177 191
208 164
103 73
59 72
35
1,326
1,339
1,618
1,306
1,368 Energy Carriers Drilling OffshoreQ-o-Q comparison +20% -26% +26% -21% +8% +9% -19% +22% +21% -19%13.6 14.9 15.7 16.5 14.9Margin %EBITDA Adj. Revenue EBITDA Adj. Revenue EBITDA Adj.
+7% +17% -29% -29% +1% +13% +2% -21% -51% +5%41.2 41.2 30.9 34.6 21.3Margin % 1.7 2.1 2.0 2.2 1.9Margin %Asset Based Services
First Half 2026
Results
29D&A and financial expenses
D&A1
Financial
expenses198 43 318 459 93 54 414 561 Drilling Offshore Energy Carriers Asset Based Services Total
D&A1H25 1H261H 2026
M€
1H 2026
M€ 1)Including IFRS 16 impact3566 229
Financing
costsProject
hedging costsExchange
DifferencesFinancial
expenses
First Half 2026
Results
30Financial guarantees
5,4617,234 7,0197,9957,3937,8988,294
7,437 6,965
43%34% 31%35%31%27% 24% 24% 23%
0%10%20%30%40%50%60%70%80%90%100%
03,0006,0009,000
Dec 2018 Dec 2019 Dec 2020 Dec 2021 Dec 2022 Dec 2023 Dec 2024 Dec 2025 Jun 2026Guarantees
Guarantees/
backlogStock of financial guarantees outstanding (M€) Diversified pool of institutions providing guarantees Stock of financial guarantees by division 12% 9% 7% 6% 5% 13%48%Bank 1
Bank 2
Bank 3
Bank 4
Bank 5
Pool of insurance companies56%41%3%Asset Based Services
Energy Carriers
Other7.0 B€ 7.0 B€ Guarantees /backlog = 21% Guarantees /backlog = 28%
First Half 2026
Results
311,18723
1,240
(1,217)
(302)
(147)93167330 (2)(1,078)109
Net Debt
31-Mar-2026
(post-IFRS 16)Lease Liability (IFRS 16)Net Debt
31-Mar-2026
(pre-IFRS 16)Net Result & D&AWorking Capital &
Non-monetary
itemsCapex Repayment of
lease liabilitiesDividends
paymentOther Net Debt
30-Jun-2026
(pre-IFRS 16)Lease Liability (IFRS 16)Net Debt
30-Jun-2026
(post-IFRS 16)Net Debt evolution in 2Q 2026 Change in Net Debt (pre -IFRS 16)
139 M€
Free Cash Flow (post repayment of lease liabilities)
189 M€
First Half 2026
Results
32Backlog details (1/6) 1)Including, amongst others, ammonia projects and fertilizers 2)Including CCUS (CO2 transportation) related projects11% Related to OneSaipem integrated onshore &
offshore projects
14% Related to Low & Zero Carbon projectsAsset Based
Services
63%Drilling
Offshore
3%Energy
Carriers
34%10% LNG
7% Upstream
6% Floaters
3% O&M
3% Biorefineries
2% Carbon Capture
2% Infrastructures
1% Others(1)
38% Conventional
17% Subsea
7% Sealines(2)
<1% Offshore WindIncluding
Including30 B€
30-Jun-26
First Half 2026
Results
33Backlog details (2/6) Backlog by geography Backlog by year of acquisition
North
Africa
1%Italy
6%Far East
3%
Americas
11%
Europe
16%
Sub Saharan
Africa
25%Middle
East
38%Pre 2022
6%
2022
5%
2023
9%
2024
36%2025
32%2026
12%
30 B€
30-Jun-2630 B€
30-Jun-26
First Half 2026
Results
34Backlog details (3/6) Backlog by customer type Backlog by energy type
National Oil
Companies
45%
International Oil
Companies &
Independent
Companies
49%Others1
6% Oil
33% Gas
49%Low/zero
carbon2
14%Drilling
3% 1)Those mainly refer to Sustainable Infrastructures, Offshore Wind and other non oil and gas energy projects 2)Mostly referred to Sustainable Infrastructures, CCUS andbiorefineries30 B€
30-Jun-2630 B€
30-Jun-26
First Half 2026
Results
35Backlog details (4/6) Top 20 projects by backlog Clients breakdown by backlog
- 1.0 2.0 3.0 4.0Project 20Project 19Project 18Project 17Project 16Project 15Project 14Project 13Project 12Project 11Project 10Project 9Project 8Project 7Project 6Project 5Project 4Project 3Project 2Project 1
(B€)
Asset Based Services Energy Carriers Drilling Offshore25% 21% 13%5%5%5%5%4%17% Client 1
Client 2
Client 3
Client 4
Client 5
Client 6
Client 7
Client 8
Other clients (#25)
30 B€
30-Jun-26
First Half 2026
Results
36USD
57%EUR
31%Others
12%Backlog by currencyBacklog details (5/6)
30 B€
30-Jun-26
First Half 2026
Results
374.9 7.9
4.7 1.1 2.2 3.8 2.1 1.9 0.2 0.3 0.2 0.3 Jul-Dec 2026 2027 2028 2029+ Asset Based Services Energy Carriers Drilling Offshore12.1
3.47.07.3
1)Backlog does not include the n on-consolidated backlog as of 30th June 2026 equal to 99 M€Non-consolidated Backlog By Year Of Execution (M€)Backlog details (6/6) Backlog1 (as of 30 -Jun-26): distribution by year of expected execution (B€) Jul -Dec 2026 2027 2028 2029+ 39 40 1 19
First Half 2026
Results
38Client AreaUltra Deep -water and Harsh EnvironmentSaipem 12000Azule, Rhino, Rovuma (Eni)Angola, Namibia,
Mozambique
Saipem 10000 Petrobel , Eni Mediterrean Sea Santorini Eni, Energean W. Africa, Med. Sea DVD (1) Eni W. Africa, Indonesia Scarabeo 9 Burullus, EniEgypt, Libya,
West Africa
Scarabeo 8 Aker BP NorwayShallow -water Hi SpecPerro Negro 8 Aramco Saudi Arabia Perro Negro 7 (2) Aramco Saudi Arabia Perro Negro 11 Aramco Saudi Arabia Perro Negro 13 Aramco Saudi Arabia Perro Negro 10 (3) Aramco, Eni Saudi Arabia, MexicoSTDPerro Negro 4 Petrobel Egypt 1)The vessel is expected to be returned to the owner in Jul -26 2)Temporary suspension by Aramco starting in 2Q 2025, with activities resumed in early 2026 3)Upon completion of the transaction, the parties will enter into a bareboat charter agreement that will allow Saipem to contin ue its ongoing operations in Mexico with the Perro Negro 10 and to ensure full compliance with its existing commitment with EniDrilling offshore fleet Drilling Vessel Engagement Map (2025 -2027) 2025 2026 2027 to 2029to 2028to 2034
to 2028Committed
Optional period
New award 2Q / July 2026
to 2029
Leased vesselsOngoing discussions
Disposal perimeter
(closing in 3Q 2026)to 2028
Maintenance
First Half 2026
Results
39E&C market near -term1 opportunities worth ≈ 63 B€ ≈ 3.5 B€Europe, CIS & Central Asia ▪Trunklines / pipelines
▪SURF
▪Decomissioning
▪Renewable and green ▪Renewables and green
Africa
≈ 11.7 B€
≈ 7.8 B€▪Conventional
▪SURF
▪Syngas & Fertilizers
▪LNG
▪O&M
▪Floaters
▪Upstream≈ 4.2 B€
▪SURF
▪TrunklinesAmericas
≈ 11.2 B€
≈ 6.4 B€▪Conventional
▪Pipelines
▪LNG
▪Upstream
▪Syngas & Fertilizers ▪Renewables and greenMiddle East
▪Floaters
▪Renewables and green≈ 3.8 B€Asia Pacific
≈ 4.1 B€≈ 3.9 B€
▪Pipelines
▪SURF
▪Conventional
≈ 6.5 B€
▪Floaters
▪Upstream
Offshore E&C
34 B€Onshore E&C
29 B€
1)The commercial pipeline refers to the E&C opportunities relevant to Saipem within the next 18 months