Maire Tecnimont — Investor Presentation 2021

Apr 29, 2021

Q1 2021 FINANCIAL RESULTS

Working to Ensure a Successful 2021 and Beyond

1

April 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 Q1 financial performance
  • − Revenues: €625.7m
  • − EBITDA: €37.8m; EBITDA margin: 6.0%
  • − Net Income: €17.7m (+62.3%)
• Strong Cash Flow generation of €51.7m drives Net Financial Position Improvement
  • − €264.4m decrease in Net Debt in the last 12 months
• Highest ever YTD order intake: €2.2 billion
• Commercial pipeline of €61.4 billion
  • − €54.9 billion in the traditional business
  • − €6.5 billion in Green Energy
• Green Energy expansion continues
  • − New agreements signed, from Latin America to India
  • − Maximum coordination between NextChem and other subsidiaries
• €38.1 million dividend approved by AGM and paid on April 22nd

Working to Ensure a Successful 2021 and Beyond

SUMMARY

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

ORDER INTAKE

0

0.5

1

1.5

2

2.5

3

3.5

Order Intake vs. Guidance Revenues (€m, 2021)

* Calculated on the mid-point of the Management Revenue guidance of €2.8-3.0bn provided on March 10, 2021

YTD Order Intake Already 76% of 2021 Mid-Guidance Revenues ⁵

BAKU REFINERY UPGRADES

Project Overview

• Country: Azerbaijan
• Client: SOCAR
• Overall Value: USD160m
• Scope of Work: 2 EPC contracts as part of the Modernization and Reconstruction of the Heydar Aliyev Oil Refinery in Baku

Key Characteristics

• First contract: FCC gasoline hydrotreating unit
• Second contract: LPG mercaptan oxidation unit and an amine treatment and LPG pre-treatment unit
• These units are crucial to upgrade the quality of gasoline to the EURO-5 standard
• Maire Tecnimont is already executing in the same refinery an EPC project awarded in 2018
• We have been awarded 7 contracts by SOCAR since 2015, including these 2
• Strengthened our footprint in Azerbaijan and in the crucial resources transformation sector, leveraging on our distinctive technological know how.

Source: Maire Tecnimont web-site

6 We Help to Improve Environmental Performance and Implement Green Solutions

Project Overview

• Country: Nigeria
• Client: NNPC Nigerian National Petroleum Company
• Overall Value: USD1.5bn
• Scope of Work: EPC for a full rehabilitation of the Port Harcourt Refinery Complex

• The project is aimed at restoring a minimum of 90% of the complex nameplate capacity
• The Port Harcourt Complex is composed of 2 refineries with an overall capacity of ≈ 210k barrels per day
• The project will be delivered in 3 phases: 24,32 and 44 months
• Follow-up of FEED work performed by Tecnimont in 2019/20
• The project will be executed maximizing the Local Content, with the inclusion and development of the local Communities
• Confirmation of our leadership in refinery revamping, leveraging on our technological Know-How to ensure more efficient and environmentallycompliant performing processes and products

Source: PHRC

Strengthened Our Footprint in Africa

POLYPROPYLENE UNITS – JUBAIL INDUSTRIAL CITY II

Project Overview

• Country: Kingdom of Saudi Arabia
• Client: Advanced Global Investment Company
• Overall Value: Approx. USD500m
• Scope of Work: EPC of two polypropylene units located inside the Integrated PDH-PP complex in Jubail Industrial City II

Key Characteristics

• Engineering services, equipment and Out-of-Kingdom material supply
• In-Kingdom material supply, construction activities up to start up and guarantee test run
• The two polypropylene units will have a capacity of 400,000 tons per year each
• Project completion is expected by 2024
• New milestone reached in a strategic country which confirms our leadership in polyolefins, our technologydriven approach and our distinctive competencies in managing large, complex projects
• It allows our Group to play a key role in the significant wave of downstream investments in Saudi Arabia

Source: Google Maps

PARA-XYLENE PLANT - PARADIP

Project Overview

• Country: India
• Client: Indian Oil Corporation Limited
• Overall Value: USD450m
• Scope of Work: EPC of a new Para-Xylene plant in Paradip

Key Characteristics

• Engineering, Procurement, Construction and Commissioning up to the Performance Guarantees Test Run
• The plant will have a capacity of 800,000 tpy
• Expected to be completed in 33 months
• The Para-Xylene will be used to feed the adjacent Purified Terephthalic Acid plant
• Significant boost to the Country's manufacturing industry
• 5th contract with IOCL
• Leverage on our unparalleled leadership and expertise in petrochemicals, as well as on our extensive presence in India

Leading the Way in Petrochemicals

BACKLOG

Backlog by Business Unit (€m, 31/12/20-31/3/21)

Backlog by Geography (Mar. 2021)

* Not including Alba/Bra Hospital in the Green Energy BU, deconsolidated in June 2020

Solid and Diversified Backlog

BACKLOG ANALYSIS – HYDROCARBONS BUSINESS UNIT

Backlog by Type (€m, 31/12/20-31/3/21)

Backlog Cover* (31/12/20-31/3/21)

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

*Defined as the ratio between Backlog and LTM Reven *Defined as the ratio between Backlog and LTM Revenu ueses ** Including April 2021 Order Intake

BACKLOG ANALYSIS – HYDROCARBONS BUSINESS UNIT

Hydrocarbons Backlog Breakdown (%, Mar.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

86% of Hydrocarbons Backlog is Green-Focused 12

COMMERCIAL PIPELINE (HYDROCARBONS BU)

27.1 27.4 27.2 27.0 12.4 12.6 12.5 13.6 12.5 12.6 13.5 14.3 Jun '20 Sept '20 Dec '20 Mar '21 52.0 53.2 54.9 52.6

Commercial Pipeline (€bn, 6/2020-3/2021)

Prospect, Prequalification & Pre-Tendering Tendering Tendered &

Our Commercial Pipeline Is At Its Highest Level Ever

COMMERCIAL PIPELINE BY GEOGRAPHY (HYDROCARBONS BU)

Our Commercial Efforts are Widely Diversified Across Key Geographies

MAIN Q1 GREEN ENERGY AGREEMENTS

GREENING THE

• Production of Chemicals, Ammonia and Green Hydrogen from renewable feedstock
• Goal is to develop green chemistry in India
• Additional involvement from Stamicarbon and MetDev
  -

BROWN CIRCULAR ECONOMY

• Global deployment of Chemical Recycling projects based on Pyrolysis
• Initial focus: 2 plants (EU and Latam)
• NextChem as technology and EPC partner

GREEN GREEN

• FEED to realize a Renewable Diesel Biorefinery in Latin America
• 200k tpy capacity
• NextChem as EPC contractor

At the Forefront of the Technological Green Energy Innovation

COMMERCIAL PIPELINE (GREEN ENERGY)

Commercial Pipeline (€bn, 12/20-3/21) Pipeline by Geography (Mar.2021)

Growing Pipeline, European and Asian Focus

SUMMARY

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

CONSOLIDATED INCOME STATEMENT

€m	Q1 2020	Q1 2021	∆%	Comments
Revenues	706.0	625.7	(11.4%)	• Revenues affected by revenue mix, project phasing and on going pandemic • Contract Gross Profitability up due to operating efficiencies and revenue mix
Contract Gross Profit	82.9	77.1	(7.0%)
As a %	11.7%	12.3%	+60bps
G&A	(19.7)	(20.3)	+2.7%
R&D	(1.9)	(2.2)	+20.3%	G&As slightly up as 2020 • included Cost Savings Plan
EBITDA	42.5	37.8	(11.0%)	R&D mainly driven by Green • Energy development activities
EBITDA %	6.0%	6.0%	=
Net Financial Charges	(15.4)	(2.2)	(85.9%)	• EBITDA profitability in line with guidance
Profit Before Taxes	15.9	25.7	62.1%
Tax Provision	(5.0)	(8.0)	n.m.	• Net financial charges driven by positive derivatives valuation and higher deposits
Effective Tax Rate	31.2%	31.1%	-10bps
Net Income	10.9	17.7	62.3%	Tax Rate in line with • historical average 18
Group Income	10.9	18.1	65.3%

Comments

• Revenues affected by revenue mix, project phasing and ongoing pandemic
• 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 in line with guidance
• Net financial charges driven by positive derivatives valuation and higher deposits
• Tax Rate in line with historical average

Cash Flow Bridge (€m, Q1 2021, ex-IFRS 16)

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

Strong Cash Flow Generation of €51.7 million in Q1

SUMMARY

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

FINAL REMARKS

• Solid quarter delivering expected profitability
• €2.3bn YTD 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: further improvement by year-end
  • − Provided no worsening of current conditions

Maire Tecnimont Group's Headquarters

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

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www.mairetecnimont.com