Maire Tecnimont

Investor Presentation • Mar 4, 2025

4 March 2025

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.

Mariano Avanzi, as Executive for Financial Reporting, declares: i) 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, and ii) in accordance with paragraph 5-ter, Article 154-bis of the Consolidated Finance Act, that some of the information on the results relating to sustainability performance indicators included in this presentation corresponds to the information contained in the Group's Sustainability Report approved.

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.

FRAMING…

01 THE VISION: MAKE TO INSPIRE F. Di Amato, Chairman and Founder

02 THE PROGRESS: GROWTH IN MOTION A. Bernini, Chief Executive Officer 04 NEXTCHEM: THE FUTURE YOU WANT TO SEE F. Fritelli, Nextchem Managing Director

05 TECNIMONT: DREAMS ARE IN THE MAKING A. Bernini, Chief Executive Officer

03 THE OPPORTUNITY: A FAST TRACK TRANSITION, AT SCALE G. Sale, Corporate and Business Strategy SVP

06 FORWARD: 2025-2034 STRATEGIC PLAN A. Bernini, Chief Executive Officer

01

FRAMING THE VISION: MAKE TO INSPIRE

F. Di Amato, Chairman and Founder

02

FRAMING THE PROGRESS: GROWTH IN MOTION

A. Bernini, Chief Executive Officer

WE MAKE ENERGY TRANSITION HAPPEN

COMBINING TECHNOLOGICAL LEADERSHIP WITH EXECUTION EXCELLENCE

Unique portfolio of low-carbon and circular technologies

We enable

Superior execution track record in the downstream segment

A UNIQUE BUSINESS MODEL

LEVERAGING ON AN INTEGRATED APPROACH TO DELIVER LONG-TERM GROWTH

SUSTAINABLE TECHNOLOGY SOLUTIONS INTEGRATED E&C SOLUTIONS

Selling proprietary technology licensing and equipment

Short cycle (12-18 months)

Reaching new clients globally

High-margin growth driver

Providing engineering, procurement and construction services

Tailored to regional environment

Predictable revenue visibility

2 YEARS DOWN THE ROAD: A STRATEGY THAT DELIVERS… SEQUENTIAL DOUBLE-DIGIT GROWTH AND ENHANCED PROFITABILITY

OK

8

…AND ENSURES FINANCIAL DISCIPLINE

ROBUST OPERATING CASH FLOWS FUELING INVESTMENTS AND SHAREHOLDER RETURN

OUR BACKLOG IS THE BASIS FOR OUR GROWTH

MULTI-YEAR VISIBILITY SECURED WITH THE RIGHT PACE AND TERMS

GROUP BACKLOG (€bn)

1.5x average book-to-bill (order intake/revenues) Gro wth e n gi n e

2.8x R e v e n u e v i s i bi li t y

average backlog cover (backlog/revenues)

~60% sustainability-related¹ Ex po s ure to e n e rgy tran s i ti o n

Year-end backlog. Average book-to-bill and backlog cover are calculated on 2020-2024 figures.

1. Sustainability-related work is defined as the sum of transitional and sustainable work (respectively ~55% and ~5% of 2024 YE backlog). Please refer to the slide in appendix for the criteria used in the determination of transitional and sustainable work.

POWERED BY A HIGHLY SKILLED WORKFORCE

READY TO SERVE A GROWING CLIENT DEMAND

A CONTEXT WHERE MAIRE IS FLOURISHING A WORLD DEMANDING SPEED AND ENERGY DIVERSIFICATION

Seizing momentum from key macro drivers:

Population growth and increasing wealth

Geopolitical scenario and regulatory changes

Seizing greater opportunities for a low-carbon world

feed move make

Widening and diversifying markets:

Rising demand calls for rapid innovation

Clients are expanding business models for growth and diversification

A LONG-LASTING ENERGY CYCLE

HERE TO STAY: SUSTAINED AMIDST GEOPOLITICAL SHIFTS AND RISING ENERGY DEMAND

03

FRAMING THE OPPORTUNITY: A FAST TRACK TRANSITION, AT SCALE

G. Sale, Corporate and Business Strategy SVP

THREE DRIVING FORCES SHAPING OUR WORLD

LEADING A PRAGMATIC TRANSITION TO FEED, MOVE AND MAKE

MAKE

TRANSITIONING INTO PLASTIC CIRCULARITY

Source: OECD Policy Scenarios for Eliminating Plastic Pollution by 2040.

TECNIMONT: THE PAST AND FUTURE OF POLYMERS INNOVATION IN POLYMERS DRIVEN BY SUSTAINABILITY AMBITIONS

PIONEERING

Nobel laureate G. Natta's collaboration with Montecatini, which became part of MAIRE's history

DELIVERING

Hundreds of polyolefins plants delivered, leading position. ~1,500 total plants built in our history

INNOVATING

Delivered plant for innovative polyolefin to boost plastic waste recyclability

NEXTCHEM: CLOSING THE LOOP IN CIRCULARITY RE-THINKING RECYCLING AROUND THE FINAL CUSTOMER NEEDS

...tailored around diverse customer needs Closing the circularity…

FEED AND MOVE

HUGE CHALLENGES TO BE ADDRESSED THROUGH ENERGY DIVERSIFICATION

Sources: United Nations Population Division (UNPD), BNEF Plate of the Future, McKinsey Global Energy Perspective 2023.

FROM DECARBONIZATION TO ELECTRIFICATION

THE ROADMAP TO ENERGY DIVERSIFICATION

THE E-FACTORY FOR CHEMISTRY

CARBON-NEUTRAL MOLECULES VIA SUSTAINABLE AND RELIABLE ELECTRONS

execution excellence will deliver the e-factory for chemistry plants

STEFANO BUONO, CO-FOUNDER AND CEO newcleo INTERVIEW

VIDEO LINK

FRAMING NEXTCHEM: THE FUTURE YOU WANT TO SEE

F. Fritelli, Nextchem Managing Director

BE THE FUTURE YOU WANT TO SEE

VIDEO LINK

DELIVERING ON OUR PROMISES

STRONG GROWTH AND A TOP-NOTCH PROFITABILITY

Fostered by technology portfolio Led by product mix Driven by market appetite

Growth % Margin

FY 2022 pro forma figures. Backlog as of 31 December. Backlog growth calculated as of 31 December.

OUR VALUE PROPOSITION

A WIDE RANGE OF MARKET-READY SUSTAINABLE SOLUTIONS

Broad portfolio of proprietary technologies

delivered by cutting edge innovation and capacity to scale-up

Superior process design capabilities

to develop complex schemes integrating multiple technologies

700+ employees

30+ partnerships with research centers

End-to-end economically viable solutions

from feedstock to final product in high-growth market segments

cumulative awards widely diversified

A DIVERSIFIED OFFERING

TO MEET CUSTOMERS NEEDS IN FAST-GROWING MARKETS

Sustainable Fertilizers and Nitrogen-based Fuels

Leveraging urea leadership. Advancing on nitrate-based fertilizers to reduce emissions. Promoting clean ammonia.

Low-Carbon Energy Vectors

Clean hydrogen, ammonia, methanol, and SAF to decarbonize transportation, chemicals and hard-to-abate.

Sustainable Materials and Circular Solutions

Mechanical upcycling and chemical recycling, creating pathways for material recovery and reuse.

FERTILIZERS REQUIRE STRONG DECARBONIZATION LEVERAGING OUR LEADERSHIP POSITION TO ACCELERATE EMISSION REDUCTION

Source: S&P Global and IEA World Energy Outlook 2024.

1. International Fertilizer Association (IFA) global objective.

2. Based on the additional demand by product divided by the average size of plants. Source: BCG analysis.

COULD AMMONIA BE PART OF THE SOLUTION TO CLIMATE CHALLENGES?

From natural gas via our proprietary technologies for low-carbon hydrogen

or

From sun, air and water via our NX Stami Green Ammonia

AMMONIA VIDEO LINK

ENERGY VECTORS ARE POISED FOR ROBUST GROWTH A COMPLETE OFFERING FOR SAF, HYDROGEN, AMMONIA AND METHANOL

2023 2030 2040 +32-34% Methanol +28-30% Hydrogen 2023-2040 CAGR 900+ new plants by 2040¹ +30-32% SAF +60-65% Ammonia Methanol as fuel Hydrogen as energy vector SAF Ammonia as fuel

EXPECTED DEMAND NEXTCHEM'S SOLUTIONS

Traditional fuels minimizing environmental impact

Low-carbon fuels valorizing gas with carbon capture

Circular and bio-fuels

leveraging waste and biomasses as feedstock

E-fuels

from green hydrogen and recycled CO²

Source: S&P Global and IEA World Energy Outlook 2024.

Methanol considered for maritime fuels and hydrogen and ammonia as energy carriers.

1. Based on the additional demand by product divided by the average size of plants. Source: BCG analysis.

COULD METHANOL BE PART OF THE SOLUTION TO CLIMATE CHALLENGES?

METHANOL VIDEO LINK

From biomass feedstock via our NX Circular

or

From natural gas via our NX AdWinMethanol®

To produce Low-carbon methanol

DRIVING INNOVATION IN SUSTAINABLE MATERIALS SUPPORTING CIRCULARITY AND BIOPLASTICS ADOPTION

2023 2030 2040 +4-5% Bioplastics +22-24% Chemical recycling 2023-2040 CAGR 800+ +7-8% Mechanical recycling Chemical recycling Mechanical recycling Bioplastics Advanced polymers Abate polymer emission production Mechanical recycling Upcycling plastic around consumer need Chemical recycling Recycling plastic into recycled monomers Bioplastics Biodegradable and Biobased plastics EXPECTED DEMAND NEXTCHEM'S SOLUTIONS

new plants by 2040¹

Source: BNEF - Petrochemical Feedstock Outlook.

Bioplastics include biobased plastics and biodegradable plastics.

1. Based on the additional demand by product divided by the average size of plants. Source: BCG analysis.

TIME-TO-MARKET GUIDES OUR TECHNOLOGY PROCESS

POSITIONING FOR THE LONG-RUN WHILE ACCELERATING IN ESTABLISHED SEGMENTS

Secure positioning by developing and scaling-up validated technologies for longer-term market needs

~25% o f M & A i n v e s t m e n t s

Accelerate commercialization in growing segments via Nextchem's engineering capabilities and MAIRE's footprint

o f M & A i n v e s t m e n t s

GASCONTEC

ACCELERATED COMMERCIAL DEPLOYMENT OF LOW-CARBON SOLUTIONS

the largest single ultra low-carbon methanol facility under development in the world

15 May 2024 Acquisition closing

26 February 2025

Awarded licensing for NX AdWinMethanol® suite

Basic engineering and proprietary equipment under negotiation…

ACCELERATE

MYREMONO AND HYDEP

OUR BETS FOR CHEMICAL RECYCLING AND GREEN HYDROGEN

Development of proprietary electrolyzer leveraging on HyDEP's expertise in stack design

Fully commercially viable in 2 years

NX FHYVE NXRe PMMA

30 MW electrolyzer module Chemical recycling technology

Reference plant with a recycling capacity equivalent to produce 10 million car taillights per year in 2026

… and then extend application to polystirene

MyRemono acquisition

for PPMA Recycling 2026

Fully commercially viable in 3 years

OUR FORMULA FOR LEADING IN THE ENERGY TRANSITION POISED FOR SUCCESS

Huge market potential

Driven by decarbonization and materials sustainability

Wide and diversified offering

To seize market opportunities in any scenario

Robust technology scale-up model

Anticipating customer needs to foster growth

THE FUTURE YOU WANT TO SEE

05

FRAMING TECNIMONT: DREAMS ARE IN THE MAKING

A. Bernini, Chief Executive Officer

DREAMS ARE IN THE MAKING

VIDEO LINK

BUILDING ON STRENGTH

SUSTAINED GROWTH, MULTI-YEAR VISIBILITY, AND EXPANDING PROFITABILITY

Growth % Margin

FY 2022 pro forma figures. Backlog as of 31 December. Backlog growth calculated as of 31 December.

A HISTORY OF EXCELLENCE

DELIVERING WORLD-CLASS E&C SOLUTIONS

Unique track record

over 1,500 plants delivered in key regions¹

Cutting-edge E&C solutions

for low-emission and large-scale plants

Operational excellence

selectivity-driven with a robust risk management framework

1. Including plants delivered by the sister companies since their establishment.

CUTTING-EDGE E&C SOLUTIONS

DELIVERING THE BEST: TIME AWARENESS, ENERGY EFFICIENCY AND LOW-CARBON DESIGNS

FEED – Front End Engineering Design Achieving cost predictability and optimized project execution

E – Engineering

Combining advanced process know-how, delivering high-efficiency and tailored design

EP – Engineering & Procurement Including strategic supply chain management, ensuring on-time delivery of high-quality items

EPC – Engineering, Procurement & Construction End-to-end project control, cost efficiency and schedule reliability

O&M – Operations & Maintenance

Digital solutions, energy efficiency, live monitoring and predictive maintenance for optimized performance

+ INTEGRATED SOLUTIONS COMBINING NEXTCHEM TECHNOLOGIES

INTEGRATED E&C SOLUTIONS

ONE-STOP SHOP: END-TO-END SERVICES WITH A SINGLE POINT OF REFERENCE

Project development and selected equity initiatives Expertise in securing financing, permits & grants, and industrial partnerships

MET DEVELOPMENT AS A STRATEGIC ENABLER

SELECTED INVESTMENTS FOR INDUSTRIAL INNOVATION

OBJECTIVES

• Opening new markets
• Unlocking proprietary technology proposition
• Building execution references in a new segment

RULES OF ENGAGEMENT

• Integrated project
• Industrial partner (client and/or off-taker)
• Double-digit target return, in excess of Group cost of capital

TERMS AND CONDITIONS

• Minority equity investments
• Involvement of infrastructure funds to reduce the final stake
• Exit 2 years after project completion

A SELECTIVE APPROACH

READY TO SEIZE THE RIGHT OPPORTUNITIES

EARLY ENGAGEMENT

• Early bid/no-bid evaluation
• Engaging clients early to understand their needs

COMPREHENSIVE RISK ASSESSMENT

• Evaluating local context, suppliers and logistics
• Developing mitigation strategies based on lessons learned

OPTIMIZATION TOOLS

• Geography-based Lump-Sum vs. Reimbursable formula
• Cost escalation clauses
• Open-Book for enhanced transparency
• Optimize workload with simultaneous EPC phases
• Secure timely component delivery

To optimal delivery

From selectivity

DESIGNING EXCELLENT PLANTS

THANKS TO MULTIDISCPLINARY ENGINEERING AND DEEP KNOWLEDGE

Engineering hubs near clients and communities

6 in Europe¹ , 2 in India, 1 in UAE and new opening in key regions

1. Including hubs from our sister companies.

Technology-driven for optimized plant performance

Working with NEXTCHEM proprietary or third-party technologies

Leveraging AI to transform processes

~3,500 AI users ~3-hour per week time saving

Skilled and agile talents with deep technical expertise

~8,100 people dedicated to engineering and technical areas

SOURCING GLOBALLY

COST-EFFECTIVE PROCUREMENT WITH A STRONG FOCUS ON LOCAL SUPPLY CHAINS

Extensive network of qualified suppliers with multisource logistics

€4.7bn materials and services cost in 2024

Supply chain repositioning and regional expansion

~70% locally purchased (63% in 2023)

Procurement involvement in project cost estimate to enhance profitability

Digital tools and AI to improve visibility

Supplier training and ESG screening to promote responsible practices

~90% spending subject to ESG criteria (70% in 2023)

BUILDING LARGE SCALE PROJECTS SAFELY AND EFFICIENTLY

Top-tier HSE standards for construction activities

Lost Time Injury Rate¹ 4.5x better than benchmark²

Prioritizing pre-cast solutions to lower on-site manhours

Reducing exposure to construction risks

Modular approach for efficient construction

3 packages for Hail and Ghasha project

On-site training for skill development

4.1m hours in 2024

1. LTIR: Lost Time Injury Rate. 2. IOGP: International Association of Oil & Gas Producers.

TESTIMONIAL FROM THE SITE MARIA SELLI, GROUP HSE & SA AND PROJECT QUALITY VP

VIDEO LINK

HAIL AND GHASHA GAS TREATMENT PLANT

WELL ON TRACK WITH SCHEDULE, OVERALL PROGRESS AT 17% FIVE MILLION SAFE MAN-HOURS ACHIEVED IN DECEMBER

Engineering on track, with some activities ahead of schedule, 48% completion

Procurement 74% complete, with all long lead Items ordered; manufacturing at 12%, initial steel and piping shipments arrived on-site

Construction advancing at 5%, most sub-contracts awarded; key works underway on facilities, basins, foundations, and structural assembly

VIDEO LINK

IE&CS BACKLOG SCHEDULE

GOOD VISIBILITY OVER THE NEXT YEARS

2025-2026 KEY PROJECT CONTRIBUTIONS

• UAE: Hail and Ghasha advancing in procurement and construction
• Saudi Arabia and Qatar: Amiral and Ras Laffan progressing in procurement and construction
• Algeria: Rhourde El Baguel, Hassi R'mel and Linear Alkyl Benzene advancing in engineering, procurement, and construction

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.

FRAME FORWARD 2025 CAPITAL MARKETS DAY	TECNIMONT: DREAMS ARE IN THE MAKING	50

GROUP COMMERCIAL PIPELINE

MARKET OPPORTUNITIES WORTH €58.5BN

06

FRAMING FORWARD: 2025-2034 STRATEGIC PLAN

A. Bernini, Chief Executive Officer

2025 GUIDANCE

STEADY PROGRESS AND MARGIN EXPANSION

	STS	IE&CS	GROUP
REVENUES	€490 – 510m	€5.9 – 6.1bn	€6.4 – 6.6bn	Steady increase throughout the year, strong visibility driven by current backlog
EBITDA % of Revenues	€110 – 125m 22 – 25%	€310 – 330m 5.3 – 5.4%	€420 – 455m 6.6 – 6.9%	Supported by higher value-added services and operating leverage
CAPEX1	€85 – 95m	€45 – 55m	€130 – 150m	Focused on technology portfolio expansion and digital innovation
ADJUSTED NET CASH2			In line with 2024 YE	Operating cash flows more than offsetting capex, dividends and share buy-back
1. 2. Excluding leasing liabilities –	Including bolt-on M&A transactions. In case of acquisitions involving deferred price components and/or earn-outs, the total consideration is considered. IFRS 16 and other minor items.

SOLID GROWTH ONGOING AFTER 2 YEARS OF BEATING TARGETS

GROUP REVENUES AND EBITDA CONTINUE TO INCREASE

% CAGR 2023-2032 plan 2024-2033 plan % Margin

Sustainability-related revenues are defined as the sum of transitional and sustainable work. Please refer to the slide in appendix for the criteria used in the determination of transitional and sustainable work.

SUSTAINABLE TECHNOLOGY SOLUTIONS

NEXTCHEM SAILING TOWARDS THE BILLION-EURO LEAGUE

% CAGR % Margin 2023-2032 plan 2024-2033 plan

FY 2022 pro forma figures.

INTEGRATED E&C SOLUTIONS

ON TRACK TO DOUBLE EBITDA IN THE NEXT 10 YEARS

FRAME FORWARD | 2025 CAPITAL MARKETS DAY 2025-2034 STRATEGIC PLAN

€1BN CUMULATED CAPEX TO SUSTAIN GROWTH INVESTMENTS CONCENTRATED IN THE FIRST HALF OF THE PLAN

Capex not including potential transformational M&A transactions. 1. Gross amount not including dividends and divestment proceeds from equity investments in projects. 2. Recurring R&D investments to be capitalized. Sustainability-related capex are defined as the sum of transitional and sustainable investments. Please refer to the slide in appendix for the criteria used in the determination of transitional and sustainable work.

NET CASH EVOLUTION

STRONG OPERATING CASH FLOW AND CAPITAL LIGHT GROWTH FUEL HIGH-RETURNS

Adjusted Net Cash excludes leasing liabilities – IFRS 16 and other minor items. Net capex includes project dividends and divestments. 1. Calculated as the ratio of total sustainability-linked funding (drawn and undrawn) to total committed funding.

HEADCOUNT EVOLUTION

EXPANDING CAPACITY AND UNLOCKING VALUABLE ENGINEERING HOURS THROUGH AI

DELIVERING VALUE TO OUR SHAREHOLDERS

CAPITALIZING ON A LONG-LASTING MEGATREND

Note: TSR: Total Shareholder Return (including gross dividends). CMD: Capital Markets Day. 2023 Capital Markets Day held on 2 March 2023; 2024 Capital Markets Day held on 5 March 2024. Data as of 3 March 2025. Source: Bloomberg.

APPENDIX

A ROBUST TECHNOLOGY DEVELOPMENT MODEL

FROM PROVEN CONCEPTS TO INDUSTRIAL-SCALE SOLUTIONS

• Strategic innovation supported by research centers
• Scout technologies to meet customer needs
• Select M&A targets and potential partners
• Scale-up technologies to industrial level
• Develop a complete offering from licensing to equipment
• Accelerate commercialization on a global scale

BEYOND TECHNOLOGIES, WE DEVELOP PLATFORMS

VERSATILE, MULTI-APPLICATION SOLUTIONS TO ACCELERATE MARKET PENETRATION

MARKET SCREENING

We identify market needs and the key technologies to address them

Economically viable low-carbon products

TECHNOLOGY DEVELOPMENT

We develop it from the concept to a market-ready solution

NX CPO for low-carbon syngas

PLATFORM ROLL-OUT

We unlock its potential across multiples applications

NX CPO for steel decarbonization, SAF production efficiency, low-carbon hydrogen and derivatives, flare gas valorization

2 awards in 2024: SARAS and Norsk e-Fuel for SAF Commercial pipeline of 10 opportunities

SUSTAINABLE FERTILIZERS AND NITROGEN-BASED FUELS

NITROGEN-BASED SOLUTIONS

Growth drivers	Technology solutions		Markets served
			AGRICULTURE	ENERGY	MANUFACTURING	TRANSPORTATION
• Population growth	NX STAMI Urea	Leaders in fertilizer technology,
• Decarbonization of	including Ultra Low Energy design and fluid bed granulation technology	maximizing energy efficiency
agriculture • Increasing industrial applications of urea and ammonia	NX STAMI Nitrates	Optimizing nitric acid production
	NX STAMI Ammonia	Ammonia from low carbon hydrogen (through ATR or CPO)1
• Emerging demand for ammonia as energy carrier
	NX STAMI Green Ammonia	Futureproof carbon-free ammonia production

1. ATR – "Auto Thermal Reforming" and CPO – "Catalytic Partial Oxidation".

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 CPO 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 Reform 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 FHYVE	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
	NX SAF BIO 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

SUSTAINABLE MATERIALS AND CIRCULAR SOLUTIONS VALORIZING WASTE

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

A STRONG ESG POSITIONING

DELIVERING ON ALL SUSTAINABILITY PILLARS

2024 MAIN ESG RESULTS

ENABLING MITIGATING

24 technologies for decarbonization, pollution reduction and circularity and 680 KtCO2eq of avoided emissions (estimated Scope 4)

+22% growth of workforce and +26% training 21 CSR initiatives and 53% locally purchased goods and services

86% of total spending subject to ESG screening and ESG 20% of LTI

-37%% vs. 2018¹ Scope 1 & 2 emissions (better than target, in line with 2029 carbon neutrality path)

Over 4M hours of HSE-SA training TRIR and LTIR 4.2X and 4.5X better than benchmark

MAIN RATING

MAIN ESG RATINGS

Gold B³ 7.42/10 ESG Score > peers' average 22.0/100 Medium Risk

1. In line with the Sustainability-Linked Financing Framework: 35% reduction of absolute Scope 1 (tCO2eq) and Scope 2 - market based (tCO2) emissions by 2025 from 2018 baseline .

MET ZERO PLAN

TARGETING CARBON NEUTRALITY FOR SCOPE 1 AND SCOPE 2 CO² EMISSIONS IN 2029

SUSTAINABILITY-RELATED WORK FRAMEWORK BASIS OF PREPARATION

We categorize our work under three types – Sustainable, Transitional or Traditional – in relation to the contribution to decarbonization and circularity objectives

We make this classification based on management's evaluation considering life-cycle assessments of technologies and/or specific project characteristics

Sustainability-related backlog, revenue and capex are calculated aggregating items categorized as Transitional or Sustainable

Sustainable Includes hydrogen and hydrogen derivatives¹ from electrolysis (green and pink), e-fuels, biofuels, SAF, bioplastics from bio-feedstock, plastic upcycling, chemical recycling (depolymerization), Waste-to-X (gasification), renewables and nuclear energy

Transitional Includes gas processing with carbon capture, low-carbon hydrogen and hydrogen derivatives¹ (blue), carbon capture, biodegradable plastics from fossil feedstock, Ultra Low Energy urea and nitric acid

Traditional All other market segments, including, for example: oil refining, chemicals, petrochemicals, hydrogen and hydrogen derivatives¹ produced without carbon capture (grey), sulphur recovery units, traditional urea

Not subject to third-party assurance. 1. Including ammonia and methanol.

CAPEX

EXPANDING OUR TECHNOLOGY PORTFOLIO AND ENGINEERING CAPACITY

Sustainability-related capex are defined as the sum of transitional and sustainable investments. Please refer to the slide in appendix for the criteria used in the determination of transitional and sustainable work.

APPENDIX

NET CASH POSITION

ROBUST CASH FLOW FROM OPERATIONS MORE THAN OFFSETS CAPEX, DIVIDENDS AND SHARE BUYBACKS

CASH FLOW BRIDGE (€m, EX-IFRS 16)

WORKING CAPITAL (€m)³

1. Excluding leasing liabilities - IFRS 16 (€136.6m as of 31 December 2024 and €129.1m as of 31 December 2023) and other minor items.

2. Of which €63.5 million paid to MAIRE shareholders and €18.6 million paid on minority interests.

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

APPENDIX

FINANCIAL STRUCTURE

AMPLE LIQUIDITY AND SOUND BALANCE SHEET

INCOME STATEMENT

FY RESULTS

		FY 2023		FY 2024		Change
	€m	%	€m	%	€m	%
GROUP
Revenues	4,259.5	100.0%	5,900.0	100.0%	+1,640.5	+38.5%
Operating costs	(3,985.1)	(93.6)%	(5,513.7)	(93.5)%	(1,528.6)	+38.4%
EBITDA	274.4	6.4%	386.4	6.5%	+112.0	+40.8%
Depreciation and amortization	(57.9)	(1.4%)	(64.8)	(1.1)%	(6.9)	+11.9%
EBIT	216.5	5.1%	321.6	5.5%	+105.1	+48.5%
Net financial income/(charges)	(30.3)	(0.7)%	(10.3)	(0.2)%	+20.0	(66.1)%
EBT	186.2	4.4%	311.3	5.3%	+125.1	+67.2%
Tax provision	(56.7)	(1.3)%	(98.9)	(1.7)%	(42.2)	+74.4%
Net Income	129.5	3.0%	212.4	3.6%	+82.9	+64.0%
Group Net Income	125.4	2.9%	198.7	3.4%	+73.3	+58.5%
STS
Revenues	261.8	100.0%	357.6	100.0%	+95.8	+36.6%
EBITDA	65.1	24.9%	85.6	23.9%	+20.5	+31.4%
IE&CS
Revenues	3,997.7	100.0%	5,542.5	100.0%	+1,544.8	+38.6%
EBITDA	209.3	5.2%	300.7	5.4%	+91.5	+43.7%

MAIRE S.p.A.

HEADQUARTERS

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

www.groupmaire.com

Investor-relations@groupmaire.com