Maire Tecnimont

Investor Presentation • Jul 31, 2024

31 July 2024

H1 2024 RESULTS KEEPING UP WITH THE GROWTH

DISCLAIMER

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

This document does not constitute or form part of any offer or invitation to sell, or any solicitation to purchase any security issued by 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 non-occurrence 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.

Fabio Fritelli, 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.

This document makes use of some alternative performance indicators. The management of the Company considers these indicators key parameters to monitor the Group's economic and financial performance. As the represented indicators are not identified as accounting measurements according to IFRS standards, the Group calculation criteria may not be uniform with those adopted by other groups and, therefore, may not be comparable.

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.

AGENDA

INTRODUCTORY REMARKS Alessandro Bernini, CEO 01

OPERATIONAL PERFORMANCE Alessandro Bernini, CEO 02

THE WAY FORWARD Alessandro Bernini, CEO 04

H1 2024 HIGHLIGHTS

KEEPING UP: SOLID DOUBLE-DIGIT GROWTH, MARGIN EXPANSION

€2.6bn	€170.4m	€97.0m
Revenues	EBITDA	Net Income
+33.5% YoY	+40.9% YoY, 6.5% margin	+79.6% YoY, 3.7% margin
Powered by consistent project execution	STS EBITDA +51.8% YoY	Delivering value to shareholders
€357.5m Adjusted Net Cash1 +€19.6m vs. 2023 YE Operating cash flows more than offset capex, share buybacks and dividends	€16.3bn Backlog €3.4bn Order Intake Riding the current investment cycle and increasing multi-year visibility	3 acquisitions HyDEP and GasConTec (STS) Group2 APS (IE&CS) Expanding technology portfolio and engineering capacity

1. Excluding leasing liabilities – IFRS 16 and other minor items. 2. Acquisition completed on 30 July 2024.

OPERATIONAL PERFORMANCE Alessandro Bernini, CEO

GROUP BACKLOG

ROBUST BACKLOG DRIVEN BY STRONG MARKET FUNDAMENTALS H1 ORDER INTAKE MORE THAN OFFSET REVENUES

ORDER INTAKE AND BACKLOG: STS

ADVANCING TECHNOLOGIES FOR AGRICULTURE, INDUSTRY DECARBONIZATION, SUSTAINABLE FUELS AND CIRCULAR MATERIALS

SELECTED AWARD: FERTIGHY'S LOW-CARBON FERTILIZERS

ADVANCING ON SUSTAINABLE AGRICULTURE

LOCATION

France Sustainable Technology Solutions

BUSINESS UNIT

SCOPE AND KEY FEATURES

• NEXTCHEM to perform a Feasibility Study and a Pre-FEED for FertigHy's fertilizer plant
• FertigHy is a cross-value chain consortium composed of European industrial players aimed at addressing global food security with low-carbon fertilizers
• Leveraging on STAMI Green AmmoniaTM and STAMI Nitric AcidTM technologies and integrating hydrogen and electrolyzer know-how
• The plant will produce 500k tons of nitrogen-based fertilizers annually

HIGHLIGHTS

• Production driven by hydrogen obtained from renewable and low-carbon electricity, reducing emissions by up to 1m tons of CO² per year
• Advances sustainability in the fertilizer industry and supports the EU's decarbonization targets, with potential further replication across Europe

H1 2024 RESULTS OPERATIONAL PERFORMANCE

ORDER INTAKE AND BACKLOG: IE&CS

TANGIBLE DOWSTREAM SUPERCYCLE

IE&CS BACKLOG SCHEDULE

SOLID REVENUES VISIBILITY OVER THE NEXT YEARS

Note: based on current management assumptions, excluding major contractual amendments or extraordinary events beyond the reasonable control of the Group which may impact its operations.

SELECTED AWARD: STRATEGIC GAS PROJECT IN ALGERIA ENHANCING EUROPE'S ENERGY SECURITY

LOCATION

BUSINESS UNIT

South of Algiers, Algeria Integrated E&C Solutions

SCOPE AND KEY FEATURES

• Awarded by SONATRACH to a consortium composed of TECNIMONT and Baker Hughes
• Engineering, Procurement and Construction for three gas boosting stations and gathering system upgrade, project located at the Hassi R'mel gas field
• Contract value of \$2.3bn, of which \$1.7bn TECNIMONT's share
• Expected completion in 2027

HIGHLIGHTS

• Compress approximately 188 million standard cubic meters per day of natural gas and upgrade over 300 km of flowlines
• Reinforces MAIRE's position in strategic energy projects, strengthens bilateral country relations, and diversifies Europe's energy sources

H1 2024 RESULTS OPERATIONAL PERFORMANCE

HAIL AND GHASHA GAS TREATMENT PLANT

ADVANCING WELL IN LINE WITH SCHEDULE

1. Hazard and Operability Study. 2. Fire and Explosion Risk Assessment. 3. Detailed list of materials required for a construction project.

H1 2024 RESULTS OPERATIONAL PERFORMANCE

COMMERCIAL PIPELINE MARKET OPPORTUNITIES WORTH €57.5BN

ONGOING COMMITMENT TO HUMAN CAPITAL

CONTINUOUSLY INCREASING OUR TECHNICAL COMPETENCES, POWERED BY AI

MAIRE EMPLOYEES ~5,500 ~6,800 ~7,300 31-Dec-22 31-Dec-23 30-Jun-24 ~8,000 8,500+ Technical and commercial Staff ~6,500 Microsoft CopilotTM Over 30% enabled users

OUR PATH TO SCALE-UP GENERATIVE AI

• ~3,400 licenses mainly in Italy and India
• Creation and collection of use cases in departments ongoing
• Integration in Group's organizational procedures starting in 2025

BENEFITS

• Improve productivity
• Speed-up deliveries
• Boost quality and accuracy

HUMAN IN THE LOOP

Integrating human intelligence with machine learning to ensure ethical standards, accuracy and adaptability

APS GROUP ACQUISITION

ENHANCING ENGINEERING CAPACITY AND FOOTPRINT IN EASTERN EUROPE

HIGHLIGHTS

• KT - Kinetics Technology has acquired APS Evolution, the parent company of APS Designing Energy (Italy) and KTI Poland
• The acquisition adds almost 300 highly skilled professionals to MAIRE's workforce, enhancing capabilities in various engineering fields
• APS Evolution boasts a strong track record in the petrochemical segment (focusing on innovative rubbers) and green chemistry (biofuels and bioplastics)
• First half 2024 total revenues were €61.7m and backlog €137.3m
• Purchase price of €7.7m, of which €1.2m paid at closing and €6.5m due in 4 instalments by 2030

OPPORTUNITIES

• Expand MAIRE's project management and engineering capacity in process, automation, mechanical, piping, electrical, and civil fields
• Strengthen MAIRE's commercial footprint in Eastern Europe and Italy

03 FINANCIAL RESULTS Fabio Fritelli, CFO

GROUP P&L RESULTS

OUTSTANDING GROWTH BACKED BY PROJECT EXECUTION, PROFITABILITY RISING

• Revenues increase driven by steady project execution of a bigger backlog
• EBITDA growth supported by operating leverage
• Profitability fostered by an increased contribution of high value-added services
• Net Profit benefitting from higher operating margins and net financial income

% Growth % Margin

H1 2024 RESULTS FINANCIAL RESULTS

SUSTAINABLE TECHNOLOGY SOLUTIONS SPEEDING UP

• Revenues increase driven by a growing demand for technology solutions, mainly in nitrogen fertilizers, CO² capture and circular fuels
• Ongoing delivery of a strong EBITDA profitability, thanks to product mix

INTEGRATED E&C SOLUTIONS

CONSISTENT PROJECT EXECUTION

• Revenues increase driven by steady project execution, including engineering and procurement activities of Hail and Ghasha
• EBITDA margin supported by operating leverage and contribution from projects awarded last year

% Growth % Margin

NET CASH POSITION

STRONG OPERATING CASH GENERATION AND OVER €110M RETURNED TO SHAREHOLDERS THROUGH SHARE BUY-BACK AND DIVIDENDS

1. Including the deferred and earn-out components of the above-mentioned acquisition prices at nominal value.

H1 2024 RESULTS FINANCIAL RESULTS

NET WORKING CAPITAL

GOOD CASH FLOW MANAGEMENT BENEFITTING WORKING CAPITAL EFFICIENCY

ADJUSTED NET TRADE WORKING CAPITAL¹ (€m)

1. Net Trade Working Capital adjusted to be comparable with the Adjusted Net Cash Position shown in this document. Trade Payables and Advances to Suppliers include also other minor items.

H1 2024 RESULTS	FINANCIAL RESULTS	22

THE WAY FORWARD Alessandro Bernini, CEO

THE WAY FORWARD

SOLID GROWTH SUPPORTED BY CURRENT BACKLOG

• Revenues of both business units are expected to accelerate progressively in H2
• STS will benefit, among others, from the contribution of the companies which entered the NEXTCHEM's Group business perimeter
• IE&CS will be supported by the current backlog, particularly by the progress of engineering and procurement activities of projects awarded in 2023, including Hail and Ghasha
• Capex will focus on the expansion of technology portfolio and digital innovation
• Net cash will continue to be supported by strong operating cash flows
• Solid commercial pipeline is expected to deliver new projects, in line with our aim for a book-to-bill ratio³ of ~1x in FY 2024

2024 GUIDANCE
REVENUES	€5.7 – 6.1bn
STS IE&CS	€340 – 360m €5.4 – 5.7bn
EBITDA	€360 – 405m
STS IE&CS	€75 – 90m €285 – 315m
CAPEX1	€140 – 170m
STS IE&CS	€110 – 120m €30 – 50m
ADJUSTED NET CASH2	Above 2023 YE (€337.9m)

2024 Guidance confirmed

1. Including M&A. 2. Excluding leasing liabilities – IFRS 16 and other minor items. 3. Book-to-bill as ratio of order intake over revenues.

H1 2024 RESULTS THE WAY FORWARD 24

APPENDIX

A BROAD PORTFOLIO OF TECHNOLOGIES

CURRENT PROPRIETARY BRANDS

Hydrogen and circular carbon Nitrogen Fuels and

NX STAMI Urea Ultra-low energy urea production

NX STAMI Green Ammonia Small scale green ammonia

NX STAMI Nitrates Nitric acid from ammonia

NX AdWinAmmonia® Large-scale ammonia production NX Reform Conventional H2 via SMR¹

NX eBlue Electric low carbon H²

NX CPO² Low carbon H²

NX AdWinHydrogen® Large-scale low carbon H² via ATR³

NX SulphuRec Advanced sulfur recovery

NX Decarb Carbon capture optimization

NX HyDep Electrolysis modules for green H²

NX SAF Bio Bio-sustainable aviation fuel

NX PTU Pre-treatment of bio-oils

NX AdWinMethanol® Suite Large-scale low carbon methanol production from syngas

NX AdWinCombined® Large-scale combined production of ammonia and methanol

NX Replast Mechanical recycling of plastic NX RePMMA⁴ (Cat-C) Chemical recycling of PMMA⁴ NX CONSER Duetto Biodegradable plastics

NX CONSER Fine Chemicals⁵ Valorization of light hydrocarbons NX CONSER Butyl Rubber Efficient rubber production NX CONSER Aromatics

Plastic performance enhancers

Digital services

1. SMR: Steam Methane Reforming. 2. CPO: Catalytic Partial Oxidation. 3. ATR: Autothermal Reforming. 4. PMMA: Polymethyl methacrylate. 5. Relative to technologies for light hydrocarbons valorisation.

HYDEP ACQUISITION

STRENGTHENING OUR PROCESS ENGINEERING CAPABILITIES IN ELECTROCHEMISTRY

HIGHLIGHTS

• Well-recognized Italian engineering services firm with a solid expertise in green hydrogen, particularly in the design of stacks for major clients
• Acquired in April 2024 for a purchase price of €3.6m plus earn-out, based on technical objectives and payable within 30 months
• Put/call options on remaining 20% stake in HyDEP exercisable within 2027

OPPORTUNITIES

• Enhance engineering solutions for projects based on green hydrogen, from process and mechanical design to validation, prototyping and certification
• Support the development of NEXTCHEM's technology proposition in electrolysis and innovative solutions for the production of low carbon ammonia and methanol

GASCONTEC ACQUISITION

EXPANDING OUR TECHNOLOGY PORTFOLIO IN LOW CARBON SOLUTIONS

HIGHLIGHTS

• German company specialized in low carbon technology development and process engineering acquired in May 2024
• Portfolio of advanced proprietary technologies for low carbon hydrogen and methanol production
• Overall consideration of €30m¹ , of which €15m linked to specific milestones within 2026 and earn-outs up to €15m based on certain licensing agreements within 2031

OPPORTUNITIES

• Portfolio includes over 80 patents, including Autothermal Reforming (ATR) for high-yield hydrogen production with very high rates of carbon capture and minimal energy requirements, as well as technologies for the production of low carbon methanol
• Complements NEXTCHEM's offering, enabling mutual growth and enhancing MAIRE's value proposition in industrial solutions for the energy transition

1. Of which €5m paid at closing.

INCOME STATEMENT

HALF-YEAR RESULTS

		H1 2023		H1 2024		Change
		€m	%	€m	%	€m	%
GROUP
Revenues		1,965.7	100.0%	2,623.6	100.0%	657.9	33.5%
Operating costs		(1,844.8)	(93.8)%	(2,453.2)	(93.5%)	(608.4)	33.0%
EBITDA		120.9	6.2%	170.4	6.5%	49.5	40.9%
Depreciation and amortization		(26.2)	(1.3)%	(30.7)	(1.2%)	(4.5)	17.3%
EBIT		94.8	4.8%	139.7	5.3%	45.0	47.4%
Net financial income/(charges)		(17.4)	(0.9)%	2.9	0.1%	20.3	n.m.
EBT		77.4	3.9%	142.6	5.4%	65.3	84.4%
Tax provision		(23.4)	(1.2)%	(45.7)	(1.7%)	(22.3)	95.3%
Net Income		54.0	2.7%	97.0	3.7%	43.0	79.6%
Group Net Income		51.6	2.6%	90.9	3.5%	39.3	76.3%
STS
Revenues		117.4	100.0%	158.5	100.0%	41.1	35.0%
EBITDA		25.6	21.8%	38.8	24.5%	13.3	51.8%
IE&CS
Revenues		1,848.3	100.0%	2,465.1	100.0%	616.8	33.4%
EBITDA		95.4	5.2%	131.6	5.3%	36.2	38.0%
	H1 2024 RESULTS		APPENDIX				30

MAIRE S.p.A.

HEADQUARTERS

Via Gaetano De Castillia, 6 A 20124 Milan, Italy +39 02 63131

www.groupmaire.com

Investor-relations@groupmaire.com