Maire Tecnimont

Investor Presentation • Apr 29, 2025

29 April 2025

Q1 2025 RESULTS STARTING STRONG

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, with certification responsibilities also regarding sustainability 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.

.99 MAIRE/

AGENDA

01 INTRODUCTORY REMARKS A. Bernini, Chief Executive Officer

02 OPERATIONAL PERFORMANCE A. Bernini, Chief Executive Officer

03 FINANCIAL RESULTS M. Avanzi, Chief Financial Officer

Q1 2025 RESULTS

04 THE WAY FORWARD A. Bernini, Chief Executive Officer 01

INTRODUCTORY REMARKS

A. Bernini, Chief Executive Officer

Q1 2025 RESULTS

HIGHLIGHTS

STRONG PERFORMANCE WITH REVENUES, EBITDA AND ORDER INTAKE ON THE RISE

Solid project execution

driven by projects in the Middle East and North Africa

Increased profitability

thanks to operating leverage and high value-added services

113.5m EBITDA

+38.2% YoY, 6.6% margin

Enhanced revenue visibility

new awards in Central Asia and Africa diversifying our geographical footprint

114.5m dividend paid on 24 April, +81% YoY¹

1. Based on €0.356 dividend per share paid in 2025 (55% pay-out ratio), versus €0.197 paid in 2024 (50% pay-out ratio).

Q1 2025 RESULTS INTRODUCTORY REMARKS 5

OPERATIONAL PERFORMANCE

A. Bernini, Chief Executive Officer

GROUP ORDER INTAKE AND BACKLOG

BOOSTING REVENUE VISIBILITY THROUGH A SIZEABLE ORDER INTAKE AND BACKLOG

P r o c u r e m e n t d yn a m i c s

extensive network with multisource logistics, outside the U.S.

~70% l o c a l s o u r c i n g

in-country value, especially in the Middle East

<0.3% I E & C S b a c k l o g i n t h e U . S .

no expected impact from tariffs, one contract, almost completed

1. Sustainability-related work is defined as the sum of transitional and sustainable work (respectively ~45% and ~5% of Q1 2025 backlog). Please refer to the appendix for the criteria used in the determination of transitional and sustainable work.

Q1 2025 RESULTS	OPERATIONAL PERFORMANCE	7

STS ORDER INTAKE AND BACKLOG

DRIVING TRANSITIONAL SOLUTIONS FORWARD WORLDWIDE

IE&CS ORDER INTAKE AND BACKLOG

FUELING GROWTH IN NEW STRATEGIC REGIONS

HAIL AND GHASHA GAS TREATMENT PLANT

WELL ON TRACK WITH SCHEDULE, OVERALL PROGRESS AT ~25% ALMOST TEN MILLION SAFE MAN-HOURS ACHIEVED

GROUP COMMERCIAL PIPELINE

MARKET OPPORTUNITIES WORTH €59BN

03

FINANCIAL RESULTS

M. Avanzi, Chief Financial Officer

Q1 2025 RESULTS

GROUP P&L

SUSTAINED GROWTH: OVER 35% INCREASE IN REVENUES AND MARGINS

SUSTAINABLE TECHNOLOGY SOLUTIONS

Q1 PERFORMANCE DRIVEN BY LOW-CARBON SOLUTIONS

• Revenue growth led by low-carbon and circular fuels, CO² capture and fertilizers
• EBITDA growth driven by higher revenues
• Profitability driven by product mix characterized by proprietary equipment sales

INTEGRATED E&C SOLUTIONS

EXCELLENT PROJECT EXECUTION BOOSTED PROFITABILITY

• Revenue growth driven by steady execution of projects in the Middle East and increasing contribution of contracts in Algeria
• EBITDA increase supported by project mix and operating leverage
• Profitability in line with Q4 2024, higher than FY 2024

NET CASH POSITION

GROWTH SUPPORTED BY HEALTHY OPERATING CASH FLOWS

Q1 2025 RESULTS	FINANCIAL RESULTS	16

THE WAY FORWARD

A. Bernini, Chief Executive Officer

OUTLOOK STEADY PROGRESS AND MARGIN EXPANSION

Q1 operating performance better than expected

particularly in the Middle East

Steady revenue increase and margin expansion

expected going forward, especially in H2 for STS

Robust and diversified backlog

providing a solid support to 2026 revenues and beyond Strong commercial pipeline will deliver new projects

driven by technology solutions and downstream segment's resilient business drivers

2025 Guidance¹ confirmed

1. As announced to the market on 4 March 2025 with the 2025-2034 Strategic Plan.

Q1 2025 RESULTS THE WAY FORWARD 18

Q1 2025 RESULTS

APPENDIX

GROUP HEADCOUNT

EQUIPPED TO HANDLE RISING CUSTOMER DEMAND

Technical and commercial Staff

Recruiting in each discipline to drive success

Empowering innovation with a diverse team

Driving NEXTCHEM forward

FINANCIAL STRUCTURE

AMPLE LIQUIDITY AND SOUND BALANCE SHEET, FURTHER OPTIMIZED IN Q1

INCOME STATEMENT

Q1 RESULTS

		Q1 2024		Q1 2025		Change
	€m	%	€m	%	€m	%
GROUP
Revenues	1,263.6	100.0%	1,706.2	100.0%	442.6	35.0%
Operating costs	(1,181.5)	(93.5%)	(1,592.8)	(93.4%)	(411.3)	34.8%
EBITDA	82.1	6.5%	113.5	6.6%	31.4	38.2%
Depreciation and amortization	(15.3)	(1.2%)	(15.5)	(0.9%)	(0.2)	1.5%
EBIT	66.8	5.3%	98.0	5.7%	31.1	46.6%
Net financial income/(charges)	0.3	0.0%	(4.6)	(0.3%)	(4.8)	n.m.
EBT	67.1	5.3%	93.4	5.5%	26.3	39.2%
Tax provision	(20.5)	(1.6%)	(29.4)	(1.7%)	(9.0)	43.7%
Net Income	46.6	3.7%	64.0	3.8%	17.4	37.3%
Group Net Income	43.8	3.5%	61.5	3.6%	17.8	40.6%
STS
Revenues	76.8	100.0%	96.1	100.0%	19.4	25.3%
EBITDA	19.5	25.4%	22.9	23.9%	3.4	17.5%
IE&CS
Revenues	1,186.9	100.0%	1,610.1	100.0%	423.2	35.7%
EBITDA	62.6	5.3%	90.5	5.6%	27.9	44.6%

Q1 2025 RESULTS	APPENDIX	23

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

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

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

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.

MAIRE S.p.A.

HEADQUARTERS

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

www.groupmaire.com

Investor-relations@groupmaire.com