Maire Tecnimont

Investor Presentation • Oct 24, 2024

24 October 2024

MAIRE 9M FINANCIAL RESULTS | ADVANCING NEXTCHEM ENHANCING THE VALUE PROPOSITION TO BOOST OUR COMPETITIVE EDGE

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

01 9M FINANCIAL RESULTS

ADVANCING NEXTCHEM: ENHANCING THE VALUE PROPOSITION TO BOOST OUR COMPETITIVE EDGE 02

03 CLOSING REMARKS

01 9M FINANCIAL RESULTS

Alessandro Bernini, CEO Fabio Fritelli, Group CFO

9M 2024 HIGHLIGHTS

BUILDING STRENGTH: CONSISTENT DOUBLE-DIGIT GROWTH, ENHANCED PROFITABILITY

€4.1bn	€268.8m	€144.5m
Revenues	EBITDA	Net Income
+33.8% YoY	+37.2% YoY, 6.5% margin	+63.1% YoY, 3.5% margin
Driven by consistent project execution	STS EBITDA +36.0% YoY	Generating value for shareholders
€362.7m	€14.8bn	9,300+
Adjusted Net Cash1	Backlog	People
+€24.8m vs. 2023 YE	€3.7bn Order Intake	+1,300 YTD
Operating cash flows more than offset	Riding the current investment cycle	Expanding our engineering capacity,
capex, share buybacks and dividends	to expand multi-year visibility	organically and through M&A

1. Excluding leasing liabilities – IFRS 16 and other minor items.

ORDER INTAKE AND BACKLOG: STS

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

	ORDER INTAKE (€m)		BACKLOG (€m)	MAIN 9M AWARDS
				Scope of work	#	Country	Technology
				Licensing	9	China, Egypt, France, Norway, Italy, USA, Azerbaijan	NX STAMI Urea CPOTM NX NX Circular NX Replast NX SulphurRec
	291.8		378.4	Process design package	6	China, Egypt, UAE, Azerbaijan, Oman	NX STAMI MP Flash Urea NX STAMI Urea NX SulphurRec
225.9		230.4		Proprietary equipment & catalysts	5	China, Egypt, Italy, Middle East	NX STAMI Urea CPOTM NX CONSER catalyst
					Engineering design	2	Norway, Italy
9M 2023	9M 2024	31-Dec-23 Backlog Cover Trailing 12 months	30-Sep-24 1.2x	Feasibility study	5	Indonesia, Italy, France, Middle East, North America	PTUTM NX NX SAFTM BIO NX Circular NX STAMI Green Ammonia NX STAMI Nitrates NX CONSER Duetto
		9M 2024 RESULTS ADVANCING NEXTCHEM		FINANCIAL RESULTS			6

ORDER INTAKE AND BACKLOG: IE&CS

DOWNSTREAM MARKET EXPANSION SUPPORTED BY LOW-CARBON PROJECTS AND GAS MONETIZATION STRATEGIES

HAIL AND GHASHA GAS TREATMENT PLANT

PROGRESSING WELL IN LINE WITH THE SCHEDULE. ONE MILLION SAFE MAN-HOURS ACHIEVED IN SEPTEMBER

COMMERCIAL PIPELINE MARKET OPPORTUNITIES WORTH €57.7BN

€bn MAIRE commercial opportunities

GROUP P&L RESULTS

SUSTAINED GROWTH BACKED BY PROJECT EXECUTION AND GROWING PROFITABILITY

• Revenues increase driven by steady project execution
• EBITDA growth supported by operating leverage
• Profitability fostered by the contribution of high valueadded services
• Net profit increased thanks to higher operating margins and improved financial management

% Growth % Margin

3.1

SUSTAINABLE TECHNOLOGY SOLUTIONS FUELED BY GROWTH

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

INTEGRATED E&C SOLUTIONS

STEADY PROJECT EXECUTION

% Growth % Margin

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

EXPANDING OUR TECHNOLOGY PORTFOLIO AND ENGINEERING CAPACITY

NET CASH POSITION

ROBUST CASH FLOW FROM OPERATIONS, WITH OVER €110M RETURNED TO SHAREHOLDERS VIA SHARE BUYBACKS AND DIVIDENDS

CASH FLOW BRIDGE (€m, EX-IFRS 16)

WORKING CAPITAL (€m)³

1. Excluding leasing liabilities - IFRS 1 (€134.2m as o 30 September 2024 and €129.1m as o 31 December 2023) and ot er minor items.

2. Includin € .7m o net inancial c ar es and €7.8m o di idends on minorit interests.

3. Net Trade Working Capital adjusted to be comparable with the Adjusted Net Cash Position shown in this document.

2024 GUIDANCE CONFIRMED

SOLID GROWTH SUPPORTED BY CURRENT BACKLOG

Step-up in the last quarter, growing contribution from Hail and Ghasha

Revenues EBITDA Margin

Profitability in line with the first 9M

In line with Q3

02

ADVANCING NEXTCHEM: ENHANCING THE VALUE PROPOSITION TO BOOST OUR COMPETITIVE EDGE

Alessandro Bernini, MAIRE CEO Fabio Fritelli, MAIRE CFO and NEXTCHEM Managing Director

Pejman Djavdan and Barbara Cucchiella, Sustainable Fertlizers Andrea Vena and Cristina Guazzotti, Low Carbon Energy Vectors Massimo Di Amato and Alessia Borgogna, Circular Solutions

Mohammed Nafid, STS Middle East Region Vice President

NEXTCHEM'S JOURNEY…

INTEGRATING INTERNAL AND EXTERNAL COMPETENCES SINCE 2018 TO ENHANCE MAIRE'S TECHNOLOGY PLATFORM

…and more to come!

…IS BEARING ITS FRUITS…

STRONG GROWTH AND TOP NOTCH PROFITABILITY

…WHILE THE BEST IS YET TO COME

A HUGE POTENTIAL, BACKED BY STRONG MACRO DRIVERS AND GOVERNMENT SUPPORT

\$1.1 trillion

2024-2030 annualized energy investments in our reference markets¹

in the most conservative Economic Transition Scenario

1. Including fossil fuel processes, carbon capture and storage, hydrogen, production and recycling facilities for aluminum, cement, petrochemical and steel (both conventional and clean). Economic Transition Scenario relies on economically competitive and commercially at-scale clean technologies. Source: BNEF New Energy Outlook 2024.

OUR VALUE PROPOSITION TO ENABLE ENERGY TRANSITION

PROVIDING END-TO-END, ECONOMICALLY VIABLE SOLUTIONS FROM FEEDSTOCK TO FINAL PRODUCT

A STREAMLINED STRUCTURE

THREE BUSINESS LINES SERVING MAJOR DRIVING FORCES

Sustainable Fertilizers

Low Carbon Energy Vectors

Circular Solutions

FEED MOVE MAKE

DRIVING INNOVATION ACROSS THREE CORE PILLARS TO SEIZE THE DECARBONIZATION OPPORTUNITY

Sustainable Fertilizers

Innovating in ammonia

Low Carbon Energy Vectors

Hydrogen and CO2 valorization

Sustainable plastics innovation

Circular Solutions

Circularity by transforming waste

Sustainable material recovery

WORKING SYNERGICALLY TO BOOST OUR EDGE

MAXIMIZING CROSS-SELLING OPPORTUNITIES AND REVENUE DIVERSIFICATION

SUSTAINABLE FERTILIZERS

NITROGEN-BASED SOLUTIONS

Technology solutions		Markets served
		AGRICULTURE	ENERGY	MANUFACTURING	TRANSPORTATION
including Ultra Low Energy design and fluid bed granulation technology	maximizing energy efficiency
NitratesTM NX STAMI	Optimizing nitric acid production
	(through ATR or CPO)1
Green AmmoniaTM	ammonia production
	UreaTM NX STAMI NX STAMI Ammonia NX STAMI	Leaders in fertilizer technology, Ammonia from low carbon hydrogen Futureproof carbon-free

1. ATR – "Auto T ermal Re ormin " and CPO – "Catal tic Partial O idation".

LOW CARBON ENERGY VECTORS

HYDROGEN SUITE AND LOW CARBON FUELS

Growth drivers	Technology solutions	Markets served
			ENERGY	HARD TO ABATE	TRANSPORTATION
• Decarbonization of hard to abate and transportation sectors	NX CPOTM Catalytic partial oxidation	Small scale hydrogen production through syngas for hard to abate
• Increasing demand for hydrogen in chemical, iron and steel production • Increasing use of hydrogen for power generation	NX ReformTM Steam methane reforming	Small-medium scale hydrogen production from gas (available with carbon capture)
	NX AdWinHydrogen® Autothermal reforming	Large scale low carbon hydrogen from gas with high efficiency and capture rates
	NX HyDEP	Reliable and cost-effective electrolysis modules for green hydrogen
	NX AdWinMethanol® Autothermal reforming	Large scale methanol synthesis from gas for a new low carbon fuel
	SAF BIOTM NX HEFA process, also with pre-treat	Unlocking sustainability of aviation through cost-effective small scale plants

LOW CARBON ENERGY VECTORS

CARBON CAPTURE, SULPHUR RECOVERY AND ADVANCED POLYMERS

CIRCULAR SOLUTIONS

VALORIZING WASTE

Growth drivers	Technology solutions		Markets served
			HARD TO ABATE	ENERGY	MANUFACTURING	TRANSPORTATION
• Regulatory push to reduce waste volumes	NX CircularTM	Valorization of waste through gasification and conversion of syngas into hydrogen, methanol, ethanol, or SAF
• Regulations promoting circular solutions	NX BioEnergy	Production of bioenergy from waste biomass
• Large availability of feedstock	NX ReplastTM	Upcycling rigid plastic waste into valuable products
• Need for clean and constant energy production	NX Re SuiteTM	Chemical recycling of plastic waste into monomers
• Growing corporate

commitments to use recycled plastics

POSITIONING OUR SOLUTIONS ON THE PATH TO NET ZERO BLUE BRIDGING THE GAP TO GREEN, WASTE-TO-X TRANSITIONING TO E-FUELS

A COMPREHENSIVE OFFERING

SUPPORTING CLIENTS AT VARIOUS PROJECT STAGES WITH A DIVERSIFIED SERVICE MIX

1. Substances ic speed up a c emical reaction. 2. Desi ned b NEXTCHEM's companies and produced b specialized suppliers.

STRENGTHENING LOCAL PRESENCE

TO LEVERAGE RELATIONSHIPS WITH TRADITIONAL CLIENTS AND ENGAGE NEW PROSPECTS

SIGNIFICANT GROWTH EXPECTED IN ALL BUSINESS LINES DRIVEN BY MARKET DEMAND AND SUPPORTED BY THE FLEXIBILITY OF OUR OFFERING

2024-2033 BUSINESS PLAN – STS REVENUES

03 CLOSING REMARKS

Alessandro Bernini, CEO

APPENDIX

CONSISTENTLY INCREASING OUR HEADCOUNT

TO EXPAND OUR ENGINEERING CAPACITY

NET WORKING CAPITAL

STABLE TREND THANKS TO A GOOD CASH FLOW MANAGEMENT

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.

9M 2024 RESULTS ADVANCING NEXTCHEM	APPENDIX

FINANCIAL STRUCTURE

AMPLE LIQUIDITY AND SOUND BALANCE SHEET, FURTHER OPTIMIZED IN Q3

+ Signed € 00m Sustainability-Linked Revolving Credit Facility in October, increasing financial flexibility

INCOME STATEMENT

9M RESULTS

				9M 2023		9M 2024		Change
			€m	%	€m	%	€m	%
GROUP
Revenues			3,088.9	100.0%	4,133.0	100.0%	1,044.0	33.8%
Operating costs			(2,893.0)	(93.7)%	(3,864.2)	(93.5%)	(971.2)	33.6%
EBITDA			195.9	6.3%	268.8	6.5%	72.9	37.2%
Depreciation and amortization			(39.1)	(1.3%)	(45.3)	(1.1%)	(6.2)	15.8%
EBIT			156.8	5.1%	223.4	5.4%	66.7	42.5%
Net financial income/(charges)			(29.7)	(1.0)%	(7.7)	(0.2%)	21.9	-73.9%
EBT			127.1	4.1%	215.7	5.2%	88.6	69.7%
Tax provision			(38.5)	(1.2)%	(71.2)	(1.7%)	(32.7)	85.0%
Net Income			88.6	2.9%	144.5	3.5%	55.9	63.1%
Group Net Income			82.2	2.7%	137.6	3.3%	55.4	67.4%
STS
Revenues			192.0	100.0%	251.7	100.0%	59.7	31.1%
EBITDA		45.0	23.4%	61.2	24.3%	16.2	36.0%
IE&CS
Revenues			2,896.9	100.0%	3,881.3	100.0%	984.3	34.0%
EBITDA			150.9	5.2%	207.6	5.3%	56.7	37.5%
	9M 2024 RESULTS ADVANCING NEXTCHEM			APPENDIX				38

MAIRE S.p.A.

HEADQUARTERS

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

www.groupmaire.com

Investor-relations@groupmaire.com