Saipem: the Board of Directors approves the consolidated results for the third quarter and first nine months of 2025

Revenue and associated profit levels are not consistent over time, as they are influenced not only by market performance but also by climatic conditions and individual project schedules in the Engineering and Construction sector, and by contract expiry and renegotiation timing in the Drilling sector.

Management update 2025

In the first nine months of 2025, revenue amounted to €10,982 million (€10,130 million in the corresponding period of 2024) and the adjusted EBITDA amounted to €1,201 million (€905 million in the corresponding period of 2024). Specifically, there was an improvement in both the Offshore and Onshore Engineering & Construction segments, as commented below in the paragraph "Analysis by sector of activity".

The adjusted net result was positive at €221 million, improvement of €15 million compared to €206 million in the corresponding period of 2024. The positive change in adjusted operating profit of €47 million, to which is added the effect of the improvement in the balance of tax operations of €14 million, is partly offset by the worsening of the balance of financial operations of €46 million.

In the first nine months, non-recurring expenses have not been recognised.

Capital expenditure in the first nine months of 2025 amounted to €256 million (€246 million in the corresponding period of 2024), and was divided as follows:

• €137 million in Asset Based Services;
• €7 million in Energy Carriers;
• €112 million in Offshore Drilling.

Pre-IFRS 16 net financial position as of September 30, 2025, amounted to net cash of €844 million. Net financial position, including IFRS 16 lease liability of €1,255 million, amounted to net debt of €411 million.

Pre-IFRS 16 gross debt as of September 30, 2025, amounted to €1,760 million, liquidity to €2,604 million of which available cash for €1,355 million.

Backlog
In the first nine months of 2025 Saipem was awarded new contracts amounting to €7,510 million (€13,522 million in the corresponding period of 2024). The backlog as of September 30, 2025 amounted to €30,558 million (€34,065 million as of December 31, 2024) broken down as follows: €20,010 million in Asset Based Services, €9,419 million in Energy Carriers and €1,129 million in Offshore Drilling, of which €3,719 million to be executed in the fourth quarter of 2025. The Offshore Drilling backlog of €1,129 million reflects the impact of the cancellation of the Perro Negro 12 jack up rental contract, valued at €35 million, following the notification of the termination for convenience by the Client Saudi Aramco, in the second quarter of 2025.

The backlog including non-consolidated companies as of September 30, 2025 amounted to €30,686 million (€34,257 million as of December 31, 2024).

Guidance for 2025 confirmed
Saipem confirms the guidance for 2025 already announced on 25 February 2025, which comprises: 

• Revenue of approx. €15 billion 
• EBITDA of approx. €1.6 billion
• Operating Cash Flow (after the repayment of lease liabilities) of approx. €900 million 
• Capex of approx. €500 million 
• Free Cash Flow (after the repayment of lease liabilities) of at least €500 million 

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The criteria for recognition and evaluation adopted in the preparation of the Consolidated results as of September 30, 2025, are unchanged from the 2024 Annual Report - available on the Company's website (www.saipem.com) in the 'Investors' - 'Financial Results' section - to which reference is also made for a joint reading of this press release.

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Luca Caviglia, Manager responsible for the preparation of financial reports of Saipem SpA, declares pursuant to Article 154 bis, subparagraph 2 of the Consolidated Law on Finance that the accounting information in this press release corresponds to the documentary results, books, and accounting records. 

By their nature, forward-looking statements are subject to risk and uncertainty since they are dependent upon circumstances which should or are considered likely to occur in the future and are outside of the Group’s control. These include, but are not limited to: exchange and interest rate fluctuations, commodity price volatility, credit and liquidity risks, HSE risks, the levels of capital expenditure in the oil industry and other sectors, political instability in areas where the Group operates, actions by competitors, success of commercial transactions, risks associated with the execution of projects (including pandemic risks, geopolitical risks, supply chain risks and those risks related to ongoing investment projects), in addition to changes in stakeholders’ expectations and other changes affecting business conditions. Actual results could therefore differ materially from the forward-looking statements. The financial reports contain in-depth analyses of some of the aforementioned risks. Forward-looking statements and data are to be considered in the context of the date of their release.

Conference call and webcast
The results contained in this press release will be presented tomorrow, 23 October 2025, at 11:00 CEST time during a conference call and webcast by CEO Alessandro Puliti and CFO Paolo Calcagnini. The conference call can be joined by webcast, via the Company’s website www.saipem.com, by clicking on the banner ‘Nine Months 2025 Results’ on the home page or following the URL https://87399.choruscall.eu/links/saipem251023.html.

During the conference call and webcast, a presentation will be given that can be downloaded around 30 minutes before the estimated start time, from the webcast window or from the “Investors” – “Financial Results” section of the website www.saipem.com. The presentation will also be available on the authorised storage mechanism “eMarketSTORAGE” (www.emarketstorage.com) and on the website of Borsa Italiana SpA (www.borsaitaliana.it).

Saipem is a global leader in the engineering and construction of major projects for the energy and infrastructure sectors, both offshore and onshore. Saipem is “One Company” organized into business lines: Asset Based Services, Drilling, Energy Carriers, Offshore Wind, Sustainable Infrastructures, Robotics & Industrialized Solutions. The company has 5 fabrication yards and an offshore fleet of 17 construction vessels owned and 12 drilling rigs, of which 9 owned. Always oriented towards technological innovation, the company’s purpose is “Engineering for a sustainable future”. As such Saipem is committed to supporting its clients on the energy transition pathway towards Net Zero, with increasingly digital means, technologies and processes geared for environmental sustainability. Listed on the Milan Stock Exchange, it is present in more than 50 countries around the world and employs about 30,000 people of over 130 nationalities. 

Website: www.saipem.com 

Media Relations 
E-mail: media.relations@saipem.com 

Investor Relations 
Alberto Goretti - Head of Investor Relations and Rating Management 
E-mail: investor.relations@saipem.com  
Phone number: +39 0244231 

Contact point for retail investors  
E-mail: segreteria.societaria@saipem.com