Saipem: results for the first quarter of 2022

Highlights on the results for the first quarter of 2022

• Revenues at €1,942 million (€1,618 million in the first quarter of 2021), growing by 20%, driven by offshore E&C and the two drilling segments

• Adjusted EBITDA of €145 million (€88 million in the first quarter of 2021 and c. €120 million in the fourth quarter of 2021 net of impact of the backlog review); adjusted EBITDA trend essentially follows revenue growth drivers

• Post-IFRS16 net financial debt of €1,251 million (€1,541 million as of December 31, 2021), improving as a consequence of the initial contributions by main shareholders in the context of the package to strengthen the company’s financial and capital structure

• Order intake in the quarter of €2,356 million, particularly in the offshore E&C and drilling segments, confirming the positive market phase

• Backlog of €22,179 million (€23,934 million including the backlog of non-consolidated companies)

The group's package to strengthen the company’s financial and capital structure (the "financing package") continues in line with the Company's planned timetable; in particular:

• Shareholders Eni SpA (“Eni) and CDP Industria SpA ("CDP Industria") have paid-in €646 million for future capital increase by March 31, 2022. Shareholder Eni's portion thereof, equal to €458 million, was converted into a capital contribution (versamento a patrimonio netto) and therefore in a "riserva di patrimonio netto targata"

• Execution of a liquidity facility with a pool of eight Italian and international banks, guaranteed by Eni (the “Liquidity Facility”), for €855 million, disbursed for €680 million on April 4, 2022

• An Extraordinary Shareholders' meeting will be called on May 17, 2022 to resolve on the reduction of the share capital due to losses by reducing the number of ordinary shares, regrouping them in the ratio of 21 ordinary shares for every 100 ordinary shares, further to cancellation of no. 41 treasury shares held by the Company, and granting to the Board of Directors the power, to be exercised by March 31, 2023, to increase, in an indivisible manner, the share capital by €2 billion to be offered as an option to ordinary and savings shareholders against payment, as resolved by the Board of Directors on March 24, 2022

Repaid €500 million bond maturing on April 5, 2022

Upgrade of Saipem's credit rating by S&P Global from BB- (CreditWatch Neg) to BB (Positive Outlook) on April 1, 2022

San Donato Milanese, April 21, 2022 – Yesterday, the Board of Directors of Saipem SpA (“Saipem” or the “Company”), chaired by Silvia Merlo, approved the Group's interim management report as of March 31, 2022 (unaudited).

Results of the first quarter of 2022:

• Revenues: €1,942 million (€1,618 million in the first quarter of 2021)

• EBITDA: €132 million (€73 million in the first quarter of 2021)

• Adjusted EBITDA: €145 million (€88 million in the first quarter of 2021)

• Operating result (EBIT): profit of €1 million (loss of €49 million in the first quarter of 2021)

• Adjusted operating result (EBIT): profit of €14 million (loss of €34 million in the first quarter of 2021)

• Net result: loss of €98 million (loss of €120 million in the first quarter of 2021)

• Adjusted net result: loss of €85 million (loss of €105 million in the first quarter of 2021)

• Capital expenditure: €45 million (€67 million in the first quarter of 2021)

• Net debt inclusive of IFRS16 lease liabilities: €1,251 million (€1,541 million as of December 31, 2021)

• Net debt pre IFRS16 as of March 31, 2022: €956 million (€1,223 million as of December 31, 2021)

• New contracts: €2,356 million (€1,594 million in the first quarter of 2021)

• Backlog: €22,179 million (€22,733 million as of December 31, 2021), which increases to €23,934 million including the non-consolidated companies’ backlog (€24,682 million as of December 31, 2021)