Maire Tecnimont — Earnings Release 2018

Mar 14, 2019

March 14, 2019

DISCLAIMER

This document has been prepared by Maire Tecnimont S.p.A. (the "Company") solely for use in the presentation of its financial results.

This document does not constitute or form part of any offer or invitation to sell, or any solicitation to purchase any shares in the Company.

The information contained and the opinions expressed in this document have not been independently verified. In particular, this document may contain forward-looking statements that are based on current estimates and assumptions made by the management of the Company to the best of its knowledge. Such forward-looking statements are subject to risks and uncertainties, the nonoccurrence or occurrence of which could cause the actual results – including the financial condition and profitability of the Group – to differ materially from or be more negative than those expressed or implied by such forward-looking statements. This also applies to the forward-looking estimates and forecasts derived from third-party studies. Consequently, neither the Company nor its management can give any assurance regarding the future accuracy of the estimates of future performance set forth in this document or the actual occurrence of the predicted developments.

Dario Michelangeli, as Executive for Financial Reporting, declares - in accordance with paragraph 2, Article 154-bis of Legislative Decree No. 58/1998 ("Consolidated Finance Act") - that the accounting information included in this presentation corresponds to the underlying accounting records.

The data and information contained in this document are subject to variations and integrations. Although the Company reserves the right to make such variations and integrations when it deems necessary or appropriate, the Company assumes no affirmative disclosure obligation to make such variations and integrations.

KEY MESSAGES

• Growth in Consolidated Revenues and EBITDA
• − Revenues: €3.6bn (+3.4%)
• − EBITDA: €205.7m (+8.4% vs. pro-forma 2017*)
• − Net Income: €117.4m (+20.2% vs. pro-forma 2017**)
• High order intake
• − €3.0bn
• Solid backlog
• − €6.6bn
• Very strong commercial pipeline
• − €41.2bn
• Successfully launched Green Chemistry expansion
• Proposed Dividend: €39.1m, equal to € 0.119 per share

Solid Set of 2018 Numbers

3

** Adjusted to also exclude a €18.9 million (net of taxes) one-off positive effect of certain derivative transactions related to the convertible bond

^* Adjusted to retroactively apply IFRS 15 to 2017 (negative effect of €3.6 million at 2017 EBITDA level)

KEY CONSOLIDATED FINANCIALS (€M)

* Adjusted to retroactively apply IFRS 15 to 2017 (negative effect of €3.6 million at 2017 EBITDA level)

** Adjusted to also exclude a €18.9 million (net of taxes) one-off positive effect of certain derivative transactions related to the convertible bond *** Excluding €36.3 million in Non-Recourse Project Financing for the Alba Bra Hospital project, and including €16.2 million to be recovered in India

MAIRE TECNIMONT – FY 2018 FINANCIAL RESULTS

4

SUMMARY

• 1. Operational Performance Pierroberto Folgiero, CEO
• 1. Financial Results Alessandro Bernini, CFO
• 1. Final Remarks Pierroberto Folgiero, CEO

HSE PERFORMANCE (TE&C BU)

ORDER INTAKE

Good Order Intake Inflow Provides Support to our Top Line

2018 ORDER INTAKE ANALYSIS

Main Projects Awarded

Name	Client	Country	Business	Type
Heydar Aliyev Baku Oil Refinery	Socar	Azerbaijan	Oil&Gas Refining	EPC
New Delayed Coking Unit	JSC Gazprom Neft – Omsk Refinery	Russia	Oil&Gas Refining	EPCM
New HDPE, upgrading PP	JG Summit Petrochemical Corporation	Philippines	Petrochemical	EPC
Polypropylene Unit	Borouge 5	Abu Dhabi	Petrochemical	EPC
Upgrading of 2 Refineries	Lukoil	Russia	Oil&Gas Refining	EPC
HDPE, PP Units	Mittal Energy	India	Petrochemical	EPCC
LPG Train	Sonatrach	Algeria	Oil&Gas Refining	EPC
Petrochemical Complex	Exxon Mobil	USA	Petrochemical	EP

Order Intake by Geography

BACKLOG

Backlog by Geography (Dec. 2018)

Solid and Diversified Backlog

BACKLOG ANALYSIS – TE&C BUSINESS UNIT

Backlog by Type (€m, 30/6-31/12/18)

Book to Bill Ratio* (30/6-31/12/18)

Good mix between E, EP, and EPC Excellent cover for future revenues

*Defined as the ratio between Backlog and LTM Revenues *Defined as the ratio between Backlog and LTM Revenues

OUTLOOK ON COMMERCIAL ACTIVITY (TE&C BU)

21.2 24.9 25.6 9.5 8.0 7.4 9.3 7.2 8.2 Jun '18 Sep '18 Dec '18 39.9 40.0 41.2

Commercial Activity (€bn, June-Dec 2018)

Prospect, Prequalification & Pre-Tendering Tendering Tendered &

Our Commercial Pipeline Remains High

COMMERCIAL ACTIVITY'S GEOGRAPHICAL BREAKDOWN (TE&C)*

Our Commercial Efforts are Widely Diversified Across Key Geographies

*Figures include prospect prequalification and pre-tendering, tendering, and tendered 12

SUMMARY

• 1. Operational Performance Pierroberto Folgiero, CEO
• 2. Financial Results Alessandro Bernini, CFO
• 1. Final Remarks Pierroberto Folgiero, CEO

CONSOLIDATED INCOME STATEMENT

€m	2017	2018	∆%
Revenues	3,527.2	3,646.6	3.4%
Business Profit	263.6*	284.1	7.8%
G&A	(68.3)	(72.7)
R&D	(5.4)	(5.7)
EBITDA	189.8*	205.7	8.4%
EBITDA %	5.4%	5.6%
EBIT	168.7*	185.5	9.9%
Net Financial (Charges)/Income	(23.0)**	(12.8)	44.3%
Profit Before Taxes	145.8**	172.7	18.5%
Tax Provision	(48.1)	(55.3)	15.1%
Effective Tax Rate	33.0%	32.0%
Net Income	97.7**	117.4	20.2%

* Adjusted to retroactively apply IFRS 15 to 2017 (negative effect of €3.6 million at 2017 EBITDA level)

14 ** Adjusted to also exclude a 28.3 million (pre-tax) and €18.9 million (post-tax) one-off positive effect of certain derivative transactions related to the convertible bond and originally included in the Net Financial Charges

NET CASH POSITION

* Excluding €36.3 million in Non-Recourse Project Financing for the Alba Bra Hospital project, and including €16.2 million of expected insurance 15 refunds for an event that took place in India

MAIRE TECNIMONT – FY 2018 FINANCIAL RESULTS

NEW BUSINESS UNITS REPORTING FROM FY2019

SUMMARY

• 1. Operational Performance Pierroberto Folgiero, CEO
• 1. Financial Results Alessandro Bernini, CFO
• 3. Final Remarks Pierroberto Folgiero, CEO

GREEN CHEMISTRY: AREAS OF ACTIVITY

Bio Industry (use of biological components as feedstock) Circular Economy (re-use of wastes) Greening the Brown (industrial processes pollution reduction) Renewable energies Solar / Wind Other RES Bio industry (use of biological components as feedstock) Enzymes* Bio-fuels Bio-polymers Fertilizers Bio-Coating Bio-chemicals Circular economy (re-use of wastes) Other MSW Plastics Greening the brown (industrial processes pollution reduction) Energy efficiency Treatment Carbon footprint reduction Remediation Create Improve Reduce

MARKET FRAMEWORK

KEY GREEN INDUSTRIES

* Enzymes: required element supporting bio-industries not based on bio feedstock

GREEN CHEMISTRY BUSINESS MODEL

INVESTMENT SCALE INVESTMENT SCALE

MECHANICAL PLASTICS RECYCLING: MYREPLAST

• First step in the Circular Economy
• Based on an economically sustainable business model
• Flexibility: the plant can treat various types of incoming plastic waste
• Size: one of the largest plants in Europe
• Production: 40,000 tons of recycled polymers per year
• Output quality: very high, with a recycling efficiency of 95%
• Location: Bedizzole (Brescia), Italy

Maire Tecnimont as an Accelerator in the Circular Economy

FINAL REMARKS

• Good 2018 results
• − Resilience of our business
• − Strong competitive positioning
• − Success of our business model
• Solid commercial pipeline
• − New projects expected
• − Strong prospects in Petrochemicals (Core Business)
• Expansion into Green Chemistry has started
• 2019 Guidance
• − Revenues: €3.8-4.0bn
• − EBITDA*: €210-230m
• − Net Cash*: €80-100m

2019 is Expected to be Another Solid Year

*Not considering the IFRS 16 effects from January 1, 2019

Maire Tecnimont Group's Headquarters

Via Gaetano De Castillia, 6A 20124 Milan info@mairetecnimont.it

Investor Relations T +39 02 6313-7823 02 6313-7823 Investor-relations@mairetecnimont.It

www.mairetecnimont.com