Saipem: review of ongoing projects – backlog review – initiated in January 2022 has been completed without showing any further impact from what was communicated on January 31, 2022

Preliminary management accounts consolidated adjusted EBITDA for 2021 negative for €1,192 million, affected by the difficulties on specific projects in the offshore wind and onshore E&C emerged in the backlog review (management accounts consolidated adjusted EBITDA in the fourth quarter negative for €901 million; positive for around €120 million excluding those specific contracts). Net financial position improved compared to the third quarter

Good offshore E&C performance in the fourth quarter - excluding wind - with strong acceleration of contract acquisitions, equal to around €1.4 billion, compared to €0.2 billion in the third quarter

Recovery of drilling confirmed in the fourth quarter versus third quarter

Defined the guidelines for the review of the 2022-25 Strategic plan, which will be approved on March 15, 2022 and lays the foundations for the financing package to strengthen the Company’s financial and capital structure

Discussions continue in a constructive way with the shareholders exercising joint control - ENI SpA and CDP Industria SpA - and with the banks with regards to the financing package

In January 2022 Saipem initiated a review that covered a total of 22 projects, which represent around 80% of the total consolidated backlog as of September 30, 2021, or around 88% of the consolidated backlog of the E&C segments as of the same date. The review has been completed and has not shown any additional impact from what was communicated on January 31, 2022.

Full year preliminary 2021 ended with management accounts consolidated adjusted revenues of €6,875 million, down 6.4% compared to full year 2020. Management accounts consolidated adjusted EBITDA for 2021 was negative by €1,192 million.

Full year 2021 preliminary results were significantly impacted by the fourth quarter, which reported a negative management accounts consolidated adjusted EBITDA of €901 million, affected by a negative impact of €1,020 million resulting from increased difficulties on certain specific offshore wind and onshore E&C projects that emerged with the backlog review. This, in accordance with the international accounting standards, led to the recognition in the fourth quarter of the bulk of the cost increase and lower overall revenues, expected in future years on these specific projects until their completion.

Excluding the impact described above, management accounts consolidated adjusted EBITDA in the fourth quarter would have been positive by approximately €120 million, confirming the overall strength of the portfolio of activities managed by Saipem, supported by the results of drilling and offshore E&C, excluding wind.

The net financial position post IFRS-16 stood at approximately €1.5 billion at the end of 2021, an improvement from approximately €1.7 billion as of the end of September 2021. Liquidity at the end of 2021 amounted to €2.3 billion, of which approximately €0.7 billion available and the remainder restricted mainly in joint venture projects.

The operating performance in the fourth quarter shows signs of improvement compared to the third quarter in the offshore and onshore drilling, as well as a good performance of the offshore E&C, excluding offshore wind.

In the drilling segments, in addition to improved results in the fourth quarter, there are positive market dynamics with increased demand and prospects for full utilization of the operating fleet.

Acquisitions of new contracts in 2021 amounted to approximately €7.2 billion (book-to-bill > 1), with a strong acceleration in the fourth quarter (€2.3 billion, more than 5 times versus third quarter), confirming the recovery of demand in offshore E&C oil & gas and Saipem's centrality to major clients in this segment.

The Board of Directors also approved the guidelines of the review of the Strategic Plan 2022-2025 initiated following the backlog review.

The Plan is based overall on the dynamics of Saipem's reference markets presented in October 2021 and, specifically, on the growing trends in the offshore E&C and offshore drilling, and on the following guidelines:

• Reduction of structural costs, with an increase in the target for 2022 to over €150 million
• Increase of focus on the project acquisition in offshore, both E&C and drilling, characterized by a higher profitability thanks to Saipem’s consolidated competitive position
• Increased selectivity in the project acquisition of onshore E&C, giving priority to higher-tech projects in the LNG and gas valorization segments, where Saipem can leverage proprietary technologies
• Repositioning on low-risk offshore wind business in 2022-23, and adoption of a renewed commercial and execution strategy to capture market growth potential in the second half of the Plan
• Reaffirmed Saipem's industrial focus on energy transition and circular economy, also through the development of modular and industrialized solutions, in particular on CCUS value chain, plastic recycling technologies and subsea robotics
• Active management of the asset portfolio, to support cash flow generation in the 2022-25 Plan horizon

The guidelines for the review of the 2022-25 Plan, will be based on a more balanced risk-return profile and on a path of deleveraging.

The new organization based on business lines rather than on divisions is confirmed, with the aim of increased efficiency, centralized risk control and development of innovative and flexible execution models, in line with the needs of the energy transition.

The revision of the Strategic Plan 2022-25 lays the foundations for the financing package to strengthen Saipem's financial and capital structure, for which discussions continue in a constructive way with the shareholders exercising joint control - ENI SpA and CDP Industria SpA - and with the banks.

The updated 2022-25 Plan and the financing package will be proposed for approval at the Board of Directors on March 15, 2022, when the Board of Directors will also examine for approval the consolidated financial statements and the draft statutory financial statements for 2021, which is expected to close with a loss of more than a third of the share capital, and will convene a Shareholders’ Meeting for the approval of full year 2021 financial statements and to take appropriate steps in accordance with the law.

The presentation to the market is confirmed for March 16, 2022.

1 Adjusted results are management accounts which do not include "special items", items of income arising from events or transactions that are non-recurring or that are not considered to be representative of the ordinary course of business (e.g. write downs of fixed assets, contingent liabilities in relation to pending judgments, health & safety costs, redundancy costs)