Maire Tecnimont

Investor Presentation • Oct 23, 2025

9M 2025 RESULTS

DELIVERING PROFITABLE 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.

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.

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

9M 2025 HIGHLIGHTS

DRIVING PROGRESS, DELIVERING VALUE

Strong project execution

across strategic geographies, led by MENA with Central Asia gaining ground

5.2bn Revenues

+27% YoY

Consistent margin expansion

driven by operating leverage and high value-added services

+33% YoY, 6.8% margin

Healthy net cash position

improved in Q3, thanks to strong operating cash flows

On track to deliver in 2025

GROUP ORDER INTAKE AND BACKLOG

COVERING MULTIPLE REGIONS WITH STRONG GROWTH PROSPECTS

^1. Sustainability-related work is defined as the sum of transitional and sustainable work (respectively ~40% and ~2% of 9M 2025 backlog). Please refer to appendix for work classification criteria.

^2. Of which 0.3% in the United States.

SCALING UP TALENT

CONTINUOUS HEADCOUNT INCREASE TO SERVE GROWING CLIENT DEMAND

GROUP EMPLOYEES

MAIRE's First-Ever Global Open Day on 20 September MAIRE opened its doors worldwide – 23 offices, 6,000+ people, 4 continents – strengthening the sense of community, celebrating people, and deepening the connection with local ties

02

BUSINESS HIGHLIGHTS SUSTAINABLE TECHNOLOGY SOLUTIONS

Fabio Fritelli, Managing Director NEXTCHEM

9M 2025 ORDER INTAKE AND BACKLOG

RELIABILITY OF OUR VALUE PROPOSITION IN CHALLENGING MARKETS

NEW AWARDS TO PRODUCE LOW-CARBON FUELS

BASED ON CUTTING-EDGE NX CIRCULAR GASIFICATION TECHNOLOGY

W A S T E T O S A F P L A N T

Engineering study b y A l t a l t o i n t h e U K

W A S T E T O M E T H A N O L P L A N T

F e a s i b i l i t y s t u d y b y E q u i n o r a n d M a n a i n N o r w a y

tons/year tons/year

HOT TOPICS

TECHNOLOGY OFFERING

C O O P E R A T I O N A G R E E M E N T

f o r t h e d e v e l o p m e n t a n d c o m m e r c i a l i z a t i o n o f m e t h a n o l f u e l c e l l s b a s e d o n a n e w l y designed modularized solution

L A U N C H O F N E X T - N

N E X T C H E M ' s s u b s i d i a r y d e d i c a t e d t o c r e a t i n g n e w I P a n d p r o v i d i n g t e c h n i c a l s e r v i c e s t o n u c l e a r t e c h n o l o g y p r o v i d e r s

1. New-generation nuclear power plants based on newcleo's 200 MWe advanced modular reactor (AMR), for which the first Final Investment Decision is expected around 2029, based on newcleo's plan.

03

BUSINESS HIGHLIGHTS INTEGRATED E&C SOLUTIONS

Alessandro Bernini, Chief Executive Officer

9M 2025 ORDER INTAKE AND BACKLOG

SUSTAINED BY NEW AWARDS IN STRATEGIC REGIONS

9M 2025 RESULTS

• \$125m EPC contract for a hydrogen production unit within the Pengerang biorefinery in Malaysia
• ~\$3.6bn EPC contract for the Silleno petrochemical complex in Kazakhstan
• EPC for the upgrade of SIR's complex in Côte d'Ivoire
• EPCm for a green hydrogen plant in Southern Europe
• ~\$1.1bn EP contract for the Tengiz gas separation complex in Kazakhstan
• EPC for a fluid catalytic cracking unit in Italy

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

HAIL AND GHASHA

WELL ON TRACK WITH SCHEDULE, OVERALL PROGRESS AT (~45%

9M 2025 RESULTS

Accelerating, with equipment and steel structures installation, and piping

274,000 m³ concrete cast on site ~110 Olympic swimming pools

14,000 metric tons steel structures ~2 Eiffel Towers

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

~25%

STRATEGIC EXPANSION IN KAZAKHSTAN

EARLY ACHIEVEMENTS AND SUPPLY CHAIN DEVELOPMENT

S i l l e n o P e t r o c h e m i c a l a n d T e n g i z G a s S e p a r a t i o n p r o j e c t s a r e p r o g r e s s i n g t o b o o s t i n - c o u n t r y i n d u s t r i a l c a p a c i t y

• MoC with Samruk-Kazyna to develop energy infrastructures (conventional and sustainable)

• MoU with Kazakh-British Technical University to cooperate in research, education, and energy transition initiatives

• Local Value Shared Growth Forum held in Atyrau with 700 participants and 500 companies

• Integration with local suppliers and broad participation of local companies to ongoing tenders

MoC: memorandum of cooperation; MoU: memorandum of understanding.

04 FINANCIAL RESULTS

Mariano Avanzi, Chief Financial Officer

GROUP P&L

CONSISTENT GROWTH DRIVEN BY PROJECT EXECUTION AND RISING MARGINS

• Revenue increase driven by steady project execution
• EBITDA growth supported by operating leverage
• O Net profit benefitting from higher operating margins

9M 2025 RESULTS

1. Sustainability-related work is defined as the sum of transitional and sustainable work (respectively ~50% and ~5%). Please refer to the appendix for the criteria used in the determination of transitional and sustainable work.

SUSTAINABLE TECHNOLOGY SOLUTIONS

KEEPING THE PACE: REVENUE GROWTH AND EBITDA EXPANSION

• 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

EXECUTION EXCELLENCE AND PROJECT SCALE SUSTAIN SOLID RESULTS

• Revenue growth driven by steady execution of projects in MENA with Central Asia gaining ground
• EBITDA increase supported by project mix
• Profitability benefitting from operating leverage

% Growth % Margin

9M 2025 RESULTS FINANCIAL RESULTS

NET CASH POSITION AND CAPEX

9M 2025 RESULTS

HEALTHY NET CASH POSITION POST DIVIDENDS AND BUYBACK

11 MAIRE

^1. Excluding leasing liabilities - IFRS 16 (€114.9m as of 30 September 2025, €120.9m as of 30 June 2025 and €136.6m as of 31 December 2024) and other minor items.

^2. 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.

^3. Sustainability-related work is defined as the sum of transitional and sustainable work (~45% each respectively). Please refer to the appendix for the criteria used in the determination of transitional and sustainable work.

UPDATE ON FINANCIAL STRATEGY

EXTENDING DEBT DURATION AND LOWERING COST THROUGH A NEW SUSTAINABILITY-LINKED BOND

Rationale

• Refinancing existing indebtedness on more favorable terms (i.e. SLB due 2028)
• Extending average debt duration
• Consolidating our presence in the bond market

Sustainability-linked financing framework - KPIs

28% reduction in absolute Scope 1 and 2 emissions by 2028 from 2024 baseline

20% of suppliers with Science-Based Targets by 2028, based on Scope 3 Cat. 1 emissions

MEDIUM/LONG TERM LOANS AND BOND MATURITIES (€m)

Disclaimer: the issuance of the new "Sustainability-Linked" bond, in support of the Group's medium-to-long-term financial strategies, has been approved by the Board of Directors of MAIRE S.p.A. and disclosed to the market today, 23 October 2025, by means of a press release in accordance with applicable regulatory requirements (the "Press Release"). It should be noted that the issuance of the new bonds is subject, among other things, to the receipt of the necessary approvals and authorizations from the competent Authorities, including the approval of the related Prospectus by the Commission de Surveillance du Secteur Financier ("CSSF") of the Luxembourg Stock Exchange and the completion of the passporting procedure of the Prospectus with CONSOB. The new bonds will not be registered under the U.S. Securities Act 1933 and may not be offered or sold in the U.S. without registration or exemption from registration and in accordance with the applicable laws of each state of the U.S. and any other jurisdiction. For further information in relation to the new "Sustainability-Linked" bond please refer to the Press Release.

21 9M 2025 RESULTS FINANCIAL RESULTS

05 THE WAY FORWARD

Alessandro Bernini, Chief Executive Officer

GROUP COMMERCIAL PIPELINE AT €60.4BN

2025 ORDER INTAKE TARGET OF AT LEAST , OF WHICH 70% ALREADY SECURED

Group commercial opportunities €bn

Americas

SAF

Fertilizers

Gas treatment

4.8

Strong focus on

UPGRADED 2025 GUIDANCE CONFIRMED

STEADY PROGRESS AND MARGIN EXPANSION

	STS further accelerating. IE&CS in line with past quarters. Strong visibility from backlog	Supported by higher value-added services and technologies	Focused on technology portfolio expansion, including M&A, and digital innovation	Operating cash flows more than offsetting capex, share buy-back and dividends
GROUP	€6.8 – 7.0bn	€460 – 490m 6.8 – 7.0% margin	€130 – 150m	In line with 2024 YE (€375.1m)
STS	€490 – 510m	€110 – 125m 22 – 25% margin	€85 – 95m
IE&CS	€6.3 – 6.5bn	€350 – 365m 5.5 – 5.6% margin	€45 – 55m

Guidance 2025 as upgraded with the release of H1 2025 financial results on 31 July 2025.

^2. Excluding leasing liabilities – IFRS 16 and other minor items.

^1. Including bolt-on M&A transactions. In case of acquisitions involving deferred price components and/or earn-outs, the total consideration is considered.

Q&A

APPENDIX

INCOME STATEMENT

9M RESULTS

	Q2 2025		Q3 2025		Change		9M 2024		9M 2025		Change
	€m	%	€m	%	€m	%	€m	%	€m	%	€m	%
GROUP
Revenues	1,737.9	100.0%	1,790.6	100.0%	52.7	3.0%	4,133.0	100.0%	5,234.8	100.0%	1,101.8	26.7%
Operating costs	(1,619.2)	(93.2%)	(1,664.6)	(93.0%)	(45.4)	2.8%	(3,864.2)	(93.5%)	(4,876.6)	(93.2%)	(1,012.5)	26.2%
EBITDA	118.7	6.8%	126.0	7.0%	7.3	6.2%	268.8	6.5%	358.1	6.8%	89.4	33.2%
Depreciation and amortization	(17.0)	(1.0%)	(16.8)	(0.9%)	0.2	-1.2%	(45.3)	(1.1%)	(49.3)	(0.9%)	(3.9)	8.6%
EBIT	101.7	5.9%	109.2	6.1%	7.5	7.4%	223.4	5.4%	308.9	5.9%	85.4	38.2%
Net financial income/(charges)	(0.2)	(0.0%)	(3.4)	(0.2%)	(3.2)	n.m.	(7.7)	(0.2%)	(8.2)	(0.2%)	(0.5)	6.4%
EBT	101.4	5.8%	105.8	5.9%	4.3	4.3%	215.7	5.2%	300.6	5.7%	84.9	39.4%
Tax provision	(32.5)	(1.9%)	(33.8)	(1.9%)	(1.3)	3.9%	(71.2)	(1.7%)	(95.8)	(1.8%)	(24.6)	34.6%
Net Income	68.9	4.0%	72.0	4.0%	3.1	4.4%	144.5	3.5%	204.8	3.9%	60.3	41.8%
Group Net Income	65.2	3.7%	66.9	3.7%	1.8	2.7%	137.6	3.3%	193.6	3.7%	56.0	40.7%
STS
Revenues	98.3	100.0%	114.9	100.0%	16.6	16.9%	251.7	100.0%	309.4	100.0%	57.7	22.9%
EBITDA	25.7	26.1%	31.7	27.6%	6.0	23.4%	61.2	24.3%	80.3	26.0%	19.1	31.2%
IE&CS
Revenues	1,639.6	100.0%	1,675.7	100.0%	36.1	2.2%	3,881.3	100.0%	4,925.4	100.0%	1,044.1	26.9%
EBITDA	93.0	5.7%	94.3	5.6%	1.3	1.4%	207.6	5.3%	277.8	5.6%	70.2	33.8%

9M 2025 RESULTS APPENDIX 27

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.

28 9M 2025 RESULTS APPENDIX

MAIRE S.p.A.

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

www.groupmaire.com

Investor-relations@groupmaire.com