Saipem: Board of Directors approves consolidated financial statements for 2021, draft financial statements for 2021 and convenes shareholders' meeting

Key consolidated economic and financial data
Revenues: €6,875 million (€7,342 million in 2020)
Adjusted EBITDA negative €1,192 million (positive €614 million in 2020) and negative €901 million in the fourth quarter. Result of backlog review on E&C projects weighed on the fourth quarter and the year by €1,020 million
Adjusted operating income (EBIT) 2021 negative €1,713 million (positive €23 million in 2020)
The net result registered a loss of €2,467 million (loss of €1.136 million of 2020)
Post-IFRS-16 net debt of €1,541 million (€1,226 million as of December 31, 2020), an improvement on the third quarter (€1,673 million)
Acquisition of new orders in 2021 of €7,208 million (€8,659 million in 2020), fourth quarter acquisitions more than five times higher than in the third quarter, confirmed expectations of a recovery in oil and gas investments

Saipem SpA's 2021 financial statements closed with a loss of €2,382 million, thus fulfilling the requirements of Article 2446 of the Civil Code

Limited year-end backlog exposure for projects in Russia, which accounts for around 1% of the IFRS backlog and around 8% of the backlog including non-consolidated companies

On February 24, 2022, Saipem announced the completion of the backlog review - initiated by management in January 2022 in anticipation of the results of the performance of contracts acquired in previous years - with no further impact with respect to the announcement on January 31, 2022.

• The review covered 22 projects, representing approximately 80% of the value of the total existing consolidated backlog at September 30, 2021 and approximately 88% of the consolidated backlog of the E&C segments at the same date, specifically approximately 74% of the offshore E&C backlog and approximately 95% of the onshore E&C backlog

• The result of the backlog review was the revision of the margins of 8 projects, which resulted in a negative impact on adjusted EBITDA 2021 of approximately €1 billion, due to expected whole-life losses recognized in the fourth quarter of 2021

• Of the negative impact on adjusted EBITDA 2021 of €1 billion, approximately €580 million relates to offshore wind projects and approximately €440 million relates to onshore E&C projects

San Donato Milanese, March 25, 2022 - The Board of Directors of Saipem SpA, chaired by Silvia Merlo, yesterday approved the Group's consolidated financial statements as of December 31, 2021, which close with a loss of €2,467 million (loss of €1,136 million in 2020) and the draft statutory financial statements of Saipem SpA, which close with a loss of €2,382 million (loss of €171 million in 2020), prepared in accordance with international accounting standards (International Financial Reporting Standards - IFRS approved by the EU). The Financial Statements of Saipem SpA therefore closed with losses exceeding one third of the share capital, thus fulfilling the requirements of Article 2446 of the Italian Civil Code.

In the same meeting, the Board of Directors also approved the consolidated financial statements prepared in accordance with the new European provisions for the standardisation of communication languages (ESEF regulation - European Single Electronic Format), which provide for the adoption of the "inline XBRL" standard and the labelling of the consolidated financial statements using the IFRS taxonomy adopted by ESMA.

The consolidated financial statements and the draft financial statements of Saipem SpA have been submitted to the Board of Statutory Auditors and the Independent Auditors, together with the Management Report. The Annual Financial Report will be made available to the public within the terms of the law at the Company's registered office, on the Company's website, www.saipem.com, at the authorized storage mechanism "eMarket STORAGE" (www.emarketstorage.com) and on the website of Borsa Italiana SpA (www.borsaitaliana.it).

The Board of Directors approved the Report on Corporate Governance and Ownership Structure as well as the Non-Financial Statement prepared pursuant to Legislative Decree no. 254/2016, integrated as a separate chapter in the Management Report. The Board of Directors also approved the voluntary document 2021 Sustainability Report, which Saipem has been publishing since 2006 and which provides extensive reporting for the benefit of international stakeholders on the company's commitments and strategy towards business sustainability and the energy transition, describing the excellence of the services offered to the market and the skills of its people, factors that contribute to the creation of shared value. The Report on remuneration policy and compensation paid will be submitted to the Board of Directors for examination and approval in the coming days. These documents will be published at the same time as the Annual Report.