Saipem Shares Financial Results for First Half of 2025

Saipem achieved a semester of further growth, confirming the constant progression in operating and financial performance over the last three years which enabled, in the month of May, the distribution of the largest dividend in the company's history.

Revenue stood at USD$8.47 billion (€7.2 billion), and EBITDA reached USD$898 million (€764 million), the latter growing by 35% compared to the first six months of last year. Net profit amounted to USD$164 million (€140 million), an increase of 19% year-on-year.

The first half of the year also saw a robust cash generation, with free cash flow reaching USD$900 million (€766 million), compared to USD$318 million (€271 million) in the same period last year.

The order intake in the first half of the year amounted to USD$5.1 billion (€4.3 billion), leading to a consolidated backlog of USD$36 billion (€31 billion).

With regard to the first half of 2025, the Group achieved:

• Revenue: USD$8479 million (€7,211 million), +12.4% compared to the corresponding half of 2024
• Adjusted EBITDA: USD$898 million (€764 million), +35.2% compared to the corresponding half of 2024
• New contracts: equal to USD$5.1 billion (€4.3 billion)
• Pre-IFRS 16 Net Financial Position as of June 30, 2025: net cash of USD$1016 million (€854 million; improved by USD$209 million/€171 million compared to December 31, 2024)
• Post-IFRS 16 Net Financial Position as of June 30, 2025: net debt of USD$241 million (€205 million), net of dividend payments of USD$389 million (€331 million), improved by USD$121 million (€103 million) compared to December 31, 2024

In the second quarter of 2025, the Group's results amounted to:

• Revenue: USD$4342 million (€3,693 million), +9.6% compared to the corresponding quarter of 2024
• Adjusted EBITDA: USD$485 million (€413 million), +39.1% compared to the corresponding quarter of 2024
• New contracts for approximately USD$2.6 billion (€2.2 billion)

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