Maire Tecnimont

Investor Presentation • Jul 31, 2025

31 July 2025

H1 2025 RESULTS RAISING THE BAR

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 Alessandro Bernini, Chief Executive Officer

02 BUSINESS HIGHLIGHTS | SUSTAINABLE TECHNOLOGY SOLUTIONS Fabio Fritelli, Managing Director NEXTCHEM

03 BUSINESS HIGHLIGHTS | INTEGRATED E&C SOLUTIONS Alessandro Bernini, Chief Executive Officer

04 FINANCIAL RESULTS Mariano Avanzi, Chief Financial Officer

05 THE WAY FORWARD Alessandro Bernini, Chief Executive Officer

01 INTRODUCTORY REMARKS

Alessandro Bernini, Chief Executive Officer

H1 2025 HIGHLIGHTS

STRONG FUNDAMENTALS FUELING GROWTH AND MARGIN EXPANSION

Solid project execution

driven by projects in the Middle East and North Africa

+31.3% YoY

Increased profitability

thanks to operating leverage and high value-added services

232.1m EBITDA

+36.2% YoY, 6.7% margin

Enhanced revenue visibility

new awards in Asia, Africa and Europe diversifying our geographical footprint

182.9m¹ deployed to reward shareholders and empower employees

1. Including €119.5m dividends (of which €114.5m paid to MAIRE shareholders and €5.0m paid on minority interests) and €63.4m share buy-back program dedicated to the employee incentive plans.

H1 2025 RESULTS	INTRODUCTORY REMARKS	5

GROUP ORDER INTAKE AND BACKLOG

SIGNIFICANT NEW AWARDS IN HIGH-GROWTH REGIONS

1. Sustainability-related work is defined as the sum of transitional and sustainable work (respectively ~40% and ~5% of H1 2025 backlog). Please refer to appendix for work classification criteria.

2. Of which less than 0.3% in the United States.

H1 2025 RESULTS	INTRODUCTORY REMARKS	6

GROUP HEADCOUNT

WORKFORCE GROWTH AND PROFESSIONALS ONBOARDING FUEL OPERATIONAL STRENGTH

Awarded on ¹

1. MAIRE and NEXTCHEM obtained the UNI/PdR 125:2022 Certification, issued by the third-party body DNV, within the framework of "the guidelines on the gender equality management system".

H1 2025 RESULTS	INTRODUCTORY REMARKS	7

02 BUSINESS HIGHLIGHTS SUSTAINABLE TECHNOLOGY SOLUTIONS

Fabio Fritelli, Managing Director NEXTCHEM

H1 2025 ORDER INTAKE AND BACKLOG

GROWTH DRIVEN BY LOW-CARBON ENERGY VECTORS IN CHALLENGING MARKETS

PDP: Process Design Package; PEQ: Proprietary Equipment.

PACIFICO MEXINOL AWARD THE WORLD'S LARGEST ULTRA-LOW CARBON METHANOL PLANT 1. To be included in order intake and backlog at the Final Investment Decision. PEQ: proprietary equipment.

• 1. Final Investment Decision.
• 1. European Union's International Sustainability & Carbon Certification.

HOT TOPICS

TECHNOLOGY OFFERING

reduction

03 BUSINESS HIGHLIGHTS INTEGRATED E&C SOLUTIONS

Alessandro Bernini, Chief Executive Officer

H1 2025 ORDER INTAKE AND BACKLOG

SURGE OF STRATEGIC AWARDS IN NEW GEOGRAPHIES

E: Engineering; P: Procurement; C (m): Construction (management).

H1 2025 RESULTS	BUSINESS HIGHLIGHTS IE&CS	13

SILLENO AND TENGIZ

E: Engineering; P: Procurement, C: Construction.

HAIL AND GHASHA

WELL ON TRACK WITH SCHEDULE, OVERALL PROGRESS AT ~33% OVER 18 MILLION SAFE MAN-HOURS ACHIEVED

BACKLOG PHASING

STRONG REVENUE VISIBILITY ENHANCED BY THE RECENT AWARDS

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.

H1 2025 RESULTS	BUSINESS HIGHLIGHTS IE&CS	16

FINANCIAL RESULTS

Mariano Avanzi, Chief Financial Officer

GROUP P&L

STRONG TOP-LINE AND OPERATIONAL EFFICIENCY BOOST BOTTOM-LINE GROWTH

H1 2025 RESULTS FINANCIAL RESULTS

SUSTAINABLE TECHNOLOGY SOLUTIONS

DELIVERING OVER 20% GROWTH IN REVENUES AND EBITDA

Revenue growth led by low-carbon and circular fuels, fertilizers and CO² capture

• EBITDA growth supported by higher revenues
• Profitability driven by contribution of licensing and high value-added services in the mix

INTEGRATED E&C SOLUTIONS

ROBUST PERFORMANCE UNDERPINNED BY EXECUTION EXCELLENCE AND PROJECT SCALE

20 H1 2025 RESULTS FINANCIAL RESULTS % Growth % Margin

NET CASH POSITION AND CAPEX

HEALTHY CASH POSITION UPHELD POST DIVIDENDS AND BUYBACK

1. Excluding leasing liabilities - IFRS 16 (€120.9m as of 30 June 2025 and €136.6m as of 31 December 2024) and other minor items. 2. Of which €114.5m paid to MAIRE shareholders and €5.0m paid on minority interests. 3. Deferred price and earn-out components related to M&A transactions are included at closing of the transactions and may result in a cash outflow in the following periods. 4. Sustainability-related work is defined as the sum of transitional and sustainable work (respectively ~50% and ~40%). Please refer to the appendix for the criteria used in the determination of transitional and sustainable work. 5. H1 2024 figure includes the total acquisition price for HyDEP and GasConTec, as well as for the additional stakes in MyReplast and MyReplast Industries. 6. H1 2025 figure includes the deferred price for the acquisition of MyRemono, closed in 2023.

FINANCIAL RESULTS H1 2025 RESULTS

THE WAY FORWARD

Alessandro Bernini, Chief Executive Officer

GROUP COMMERCIAL PIPELINE

MARKET OPPORTUNITIES WORTH €60.2BN

2025 OUTLOOK

UPWARD REVISION OF REVENUE AND EBITDA GUIDANCE

	STS accelerating in H2. IE&CS confirming the trend. Strong visibility from backlog	Supported by higher value-added services and technologies	Focused on technology portfolio expansion and digital innovation	Operating cash flows more than offsetting capex, share buy-back and dividends
GROUP	€6.8 – 7.0bn (prev. €6.4 – 6.6bn)	€460 – 490m (prev. €420 – 455m)	€130 – 150m	In line with 2024 YE (€375.1m)
		6.8 – 7.0% margin (prev. 6.6 – 6.9%)
STS	€490 – 510m	€110 – 125m	€85 – 95m
		22 – 25% margin
IE&CS	€6.3 – 6.5bn (prev. €5.9 – 6.1bn)	€350 – 365m (prev. €310 – 330m)	€45 – 55m
		5.5 – 5.6% margin (prev. 5.3 – 5.4%)
1.		Including bolt-on M&A transactions. In case of acquisitions involving deferred price components and/or earn-outs, the total consideration is considered.

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

APPENDIX

FINANCIAL STRUCTURE

AMPLE LIQUIDITY AND SOUND BALANCE SHEET

INCOME STATEMENT

H1 RESULTS

		Q1 2025		Q2 2025		Change	H1 2024		H1 2025		Change
	€m	%	€m	%	€m	%	€m	%	€m	%	€m	%
GROUP
Revenues	1,706.2	100.0%	1,737.9	100.0%	31.7	1.9%	2,623.6	100.0%	3,444.1	100.0%	820.5	31.3%
Operating costs	(1,592.8)	(93.4%)	(1,619.2)	(93.2%)	(26.4)	1.7%	(2,453.2)	(93.5%)	(3,212.0)	(93.3%)	(758.8)	30.9%
EBITDA	113.5	6.6%	118.7	6.8%	5.2	4.6%	170.4	6.5%	232.1	6.7%	61.7	36.2%
Depreciation and amortization	(15.5)	(0.9%)	(17.0)	(1.0%)	(1.5)	9.8%	(30.7)	(1.2%)	(32.5)	(0.9%)	(1.8)	5.8%
EBIT	98.0	5.7%	101.7	5.9%	3.7	3.8%	139.7	5.3%	199.7	5.8%	59.9	42.9%
Net financial income/(charges)	(4.6)	(0.3%)	(0.2)	(0.0%)	4.3	(95.0%)	2.9	0.1%	(4.8)	(0.1%)	(7.7)	n.m.
EBT	93.4	5.5%	101.4	5.8%	8.0	8.6%	142.6	5.4%	194.9	5.7%	52.2	36.6%
Tax provision	(29.4)	(1.7%)	(32.5)	(1.9%)	(3.1)	10.6%	(45.7)	(1.7%)	(62.0)	(1.8%)	(16.3)	35.7%
Net Income	64.0	3.8%	68.9	4.0%	4.9	7.7%	97.0	3.7%	132.9	3.9%	35.9	37.0%
Group Net Income	61.5	3.6%	65.2	3.7%	3.6	5.9%	90.9	3.5%	126.7	3.7%	35.8	39.4%
STS
Revenues	96.1	100.0%	98.3	100.0%	2.2	2.3%	158.5	100.0%	194.5	100.0%	36.0	22.7%
EBITDA	22.9	23.9%	25.7	26.1%	2.7	12.0%	38.8	24.5%	48.6	25.0%	9.8	25.2%
IE&CS
Revenues	1,610.1	100.0%	1,639.6	100.0%	29.5	1.8%	2,465.1	100.0%	3,249.7	100.0%	784.6	31.8%
EBITDA	90.5	5.6%	93.0	5.7%	2.5	2.7%	131.6	5.3%	183.5	5.6%	51.9	39.5%
	H1 2025 RESULTS					APPENDIX						28

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