Maire Tecnimont — Investor Presentation 2021

Jul 29, 2021

H1 2021 FINANCIAL RESULTS

BACK TO GROWTH

1

July 29, 2021

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

• Solid and improving H1 financial performance
  • − Revenues: €1,327.4m (+9.2%)
  • − EBITDA: €80.0m (+9.1%); EBITDA margin: 6.0%
  • − Group Net Income: €40.1m (+99.2%)
• Strong Cash Flow generation of €164.2m drives Net Financial Position and Net Working Capital Improvement in H1
  • − €85.5m decrease in Adjusted Net Debt
  • − €69.1m decrease in Adjusted Net Working Capital
• Highest H1 order intake since 2018: €2.3 billion
  • − €7.0bn Backlog
• Commercial pipeline of €61.7 billion
  • − €55.0 billion in the traditional business
  • − €6.7 billion in Green Energy
• Green Energy expansion continues with new agreements
  • − Low-Carbon Fertilizers
  • − Green Hydrogen
  • − Bio-Polymers and Sustainable Fuels

Back to Growth

KEY CONSOLIDATED FINANCIALS (€M)

4 * Excluding Non-Recourse Project Financing (€9.6m as of 31/12/2020, €9.1m as of 30/6/2021), including an amount to be recovered in India (€15.2m as of 31/12/2020, €15.7m as of 30/6/2021), and excluding Financial Leasing liabilities - IFRS 16 (€135.9m as of 31/12/2020, €132.2m as of 30/6/2021).

SUMMARY

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

ORDER INTAKE

H1 Order Intake (€bn, 2018-2021)

Highest H1 Order Intake Since 2018 ⁶

BARAUNI REFINERY EXPANSION

Project Overview

• Country: India
• Client: Indian Oil Corporation (IOCL)
• Overall Value: USD170 million
• Scope of Work: EPCC activities for the Barauni Refinery Expansion

Key Characteristics

• Implementation of a new polypropylene plant and related product logistics facilities
• The plant will have a capacity of 200,000 tons per year
• Time to Mechanical Completion: 30 months
• The Barauni Refinery Expansion project is part of IOCL's plan to meet the growing domestic demand for addedvalue products needed to boost the Country's manufacturing industry
• Consolidation of our long-term relationship with IOCL: 6th contract signed
• Further confirmation of our undisputed leading position in Petchem in a strategic market

Barauni Refinery - Source: www.iocl.com

Long-Standing Relationship in Our Second Home Market

SINES INDUSTRIAL COMPLEX

Project Overview

• Country: Portugal
• Client: Repsol
• Overall Value: €430 million
• Scope of Work: EPC activities for the Sines Industrial Complex

Key Characteristics

• Implementation of a new polypropylene unit and a new linear polyethylene unit
• Each unit will have a capacity of 300,000 tons per year
• Project completion expected in 2025
• The technologies will ensure maximum energy efficiency and best environmental standards, and will be the first of their kind to be implemented in the Iberian Peninsula
• The Sines Industrial Complex will be one of the most advanced in Europe due to its flexibility and high degree of integration
• Largest industrial investment in Portugal in the last 10 years
• Further confirmation of our leadership in Petchem

Source: Company's Website

Playing a Key Role in Oil&Gas Modernizations ⁸

BACKLOG

Backlog by Business Unit (€m, 31/12/20-30/6/21)

Backlog by Geography (June 2021)

Solid and Diversified Backlog

BACKLOG ANALYSIS – HYDROCARBONS BUSINESS UNIT (TBC)

*Defined as the ratio between Backlog and LTM Reven *Defined as the ratio between Backlog and LTM Revenu ueses

BACKLOG ANALYSIS – HYDROCARBONS BUSINESS UNIT

Hydrocarbons Backlog Breakdown (%, June 2021)

Gas Processing & Monetization: gas treatment, use of natural gas for downstream processes (petchem & fertilizers) Transition Fuels: greenfield plants for the clean fuel production as well as revamping of brownfield plants for the improvement of operation efficiency, CO2 reduction, recovery of bottom of the barrel

Petchem from Oil: use of crude oil for petrochemical products

Other: Gas-oil separation plants, O&G traditional refining unit operations, Power

84% of Hydrocarbons Backlog is Green-Focused 11

COMMERCIAL PIPELINE (HYDROCARBONS BU)

52.6	53.2	54.9	55.0
12.6	13.5	14.3	16.0
12.6	12.5	13.6
			13.5
27.4	27.2	27.0	25.5
Sept '20	Dec '20	Mar '21	June '21
	& Prospect, Prequalification & Pre-Tendering		Tendering Tendered

Commercial Pipeline (€bn, 9/2020-6/2021)

Our Commercial Pipeline Is At Its Highest Level Ever

COMMERCIAL PIPELINE BY GEOGRAPHY (HYDROCARBONS BU)

Our Commercial Efforts are Widely Diversified Across Key Geographies

GREEN ENERGY: Q2 MAIN DEVELOPMENTS

LOW-CARBON FERTILIZERS

• Renewable Power to Fertilizer Plant in Kenia
• Green Ammonia project in LATAM

GREEN HYDROGEN PROJECTS

• Green H² Plant in Italy
• Partnership: Green H² in Low-Carbon Steel production

GREENING THE BROWN CIRCULAR ECONOMY GREEN GREEN

GREEN CIRCULAR DISTRICT

• Integrate technologies for decarbonization and recycling, reducing incineration and landfilling
• Developing 12 Circular District Projects in Italy

BIO POLYMERS

• PLA Plant in France, FEED by Total Corbion, 100k tons/year
• Bio-Polymer plant in Tatarstan with MC TAIF JSC (TAIF)

SUSTAINABLE FUELS

• Biojet Plant in France, FEED by TotalEnergies, 400k tons/year
• 2G Bio-Ethanol Plant in Latam

MAIN PARTNERS

France

Green Ammonia + 2G Bio-Ethanol LATAM

Green H² Italy

Low-Carbon Fertilizers Kenia

Low-Carbon Solutions for Steel Industry

Biojet, Grandpuits

PLA, Grandpuits France

Bio-Polymers RussiA

Work-In-Progress to Build Up our Energy Transition Backlog ¹⁴

CIRCULAR ECONOMY: OUR GREEN CIRCULAR DISTRICT MODEL

NEXTCHEM DEVELOPED ITS CIRCULAR DISTRICT MODEL NON-RECYCLABLE PLASTICS CHEMICAL CONVERSION

DEVELOPING 12 PROJECTS IN ITALY – BASED ON WASTE TO CHEMICAL APPROACH

• Technologies involved: Plastic Up-Cycling, Waste to Chemical, Green Hydrogen
• 3.1 m tons/year non-recyclable waste recovered
• 2.4 m tons/year CO2 emissions avoided
• Enhancing Domestic production of circular Ethanol, Methanol, H² and Syngas

LEADING

16

COMMERCIAL PIPELINE (GREEN ENERGY)

Commercial Pipeline (€bn, 12/20-6/21) Pipeline by Geography (June 2021)

40%

1%

Middle East

Europe

Growing Pipeline, European and Asian Focus

MAIRE TECNIMONT – H1 2021 FINANCIAL RESULTS

SUMMARY

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

CONSOLIDATED INCOME STATEMENT

€m	H1 2020	H1 2021	∆%	Comments
Revenues	1,216.1	1,327.4	+9.2%	• Revenues starting to incorporate new projects' contribution
Contract Gross Profit	144.1	161.4	+12.0%
As a %	11.8%	12.2%	+40bps	• Contract Gross Profitability up due to operating efficiencies
G&A	(36.1)	(41.1)	+13.6%	and revenue mix
R&D	(3.8)	(4.1)	+7.2%	G&As slightly up as 2020 • included Cost Savings Plan
EBITDA	73.3	80.0	+9.1%
EBITDA %	6.0%	6.0%	=	R&D mainly driven by Green • Energy development activities
Net Financial Charges	(22.0)	(6.1)	(72.4%)	• EBITDA profitability perfectly
Profit Before Taxes	27.6	53.3	+93.4%	in line with guidance
Tax Provision	(8.7)	(16.7)	+91.9%	• Net financial charges driven by positive derivatives valuation and higher deposits
Effective Tax Rate	31.5%	31.2%	-30bps
Net Income	18.9	36.7	+94.1%	Tax Rate in line with • historical average 19
Group Income	20.1	40.0	+99.2%

Comments

• Revenues starting to incorporate new projects' contribution
• Contract Gross Profitability up due to operating efficiencies and revenue mix
• G&As slightly up as 2020 included Cost Savings Plan
• R&D mainly driven by Green Energy development activities
• EBITDA profitability perfectly in line with guidance
• Net financial charges driven by positive derivatives valuation and higher deposits
• Tax Rate in line with historical average

ADJUSTED NET FINANCIAL POSITION

Cash Flow Bridge (€m, H1 2021, ex-IFRS 16)

* Excluding Non-Recourse Project Financing (€9.6m as of 31/12/2020, €9.3m as of 31/3/2021 and €9.1m as of 30/6/2021), including an amount to be recovered in India (€15.2m as of 31/12/2020, €15.9m as of 31/3/2021 and €15.7m as of 30/6/2021), and excluding Financial Leasing liabilities - IFRS 16 (€135.9m as of 31/12/2020, €134.9m as of 31/3/2021 and €132.2m as of 30/6/2021).

Strong Cash Flow Generation of over €164 million in H1

ADJUSTED NET TRADE WORKING CAPITAL* – H121

*Adjusted to be comparable with the Adjusted Net Financial Position shown in this document.

²¹ Net Working Capital Continues to Improve

MAIRE TECNIMONT – H1 2021 FINANCIAL RESULTS

SUMMARY

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

FINAL REMARKS

• Solid H1 shows that growth has picked up
• €2.3bn H1 Order Intake provides a solid foundation to 2021and future revenues
• Green Energy continues to develop
  • − New agreements signed
  • − New projects started
• Strong commercial pipeline expected to deliver new projects both in the traditional and Green Energy businesses
• 2021 Guidance confirmed
  • − Revenues: €2.8-3.0bn
  • − EBITDA margin in line with normalized 2020 percentage (6%)
  • − Net Financial Position: close to breakeven
  • − Provided no worsening of current conditions

Continuing to Build the Road to a Better and Sustainable Future

H1 2021 RESULTS

MAIRE TECNIMONT – H1 2021 FINANCIAL RESULTS

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