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23 October 2025 9M 2025 RESULTS DELIVERING PROFITABLE GROWTH
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9M 2025 RESULTS 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. DISCLAIMER
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9M 2025 RESULTS 01 INTRODUCTORY REMARKS Alessandro Bernini, Chief Executive Officer 02 BUSINESS HIGHLIGHTS | SUSTAINABLE TECHNOLOGY SOLUTIONS Fabio Fritelli, Managing Director NEXTCHEM 04 FINANCIAL RESULTS Mariano Avanzi, Chief Financial Officer 05 THE WAY FORWARD Alessandro Bernini, Chief Executive Officer AGENDA 03 BUSINESS HIGHLIGHTS | INTEGRATED E&C SOLUTIONS Alessandro Bernini, Chief Executive Officer
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01 9M 2025 RESULTS INTRODUCTORY REMARKS Alessandro Bernini, Chief Executive Officer
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59M 2025 RESULTS INTRODUCTORY REMARKS 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 358m EBITDA +33% YoY, 6.8% margin Healthy net cash position improved in Q3, thanks to strong operating cash flows 342m Adj. Net Cash as of 30-Sept-25 On track to deliver in 2025
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6 GROUP ORDER INTAKE AND BACKLOG 9M 2025 RESULTS INTRODUCTORY REMARKS COVERING MULTIPLE REGIONS WITH STRONG GROWTH PROSPECTS ORDER INTAKE (€bn) BACKLOG (€bn) 13.8 13.9 31 -Dec -24 30 -Sep -25 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. > 3.7 5.8 9M 2024 9M 2025 Africa vs 22% Dec-24 Middle East vs 69% Dec-24 Asia 34% vs 1% Dec-24 Americas2 vs 1% Dec-24 Backlog at 30-Sep-25% 40% 19% 1% Europe vs 7% Dec-246%
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7 ~5,500 ~6,800 ~8,400 ~9,000 ~6,500 ~8,000 ~9,800 ~10,500 31 -Dec -22 31 -Dec -23 31 -Dec -24 30 -Sep -25 SCALING UP TALENT 9M 2025 RESULTS INTRODUCTORY REMARKS 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 T echnical and com m ercial Staff ~700 9M 2025 headcount increase
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02 9M 2025 RESULTS BUSINESS HIGHLIGHTS SUSTAINABLE TECHNOLOGY SOLUTIONS Fabio Fritelli, Managing Director NEXTCHEM
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9 9M 2025 ORDER INTAKE AND BACKLOG RELIABILITY OF OUR VALUE PROPOSITION IN CHALLENGING MARKETS ORDER INTAKE (€m) 291.8 325.3 9M 2024 9M 2025 BACKLOG (€m) 331.8 387.9 31 -Dec -24 30 -Sep -25 9M 2025 RESULTS BUSINESS HIGHLIGHTS | STS Sustainable Fertilizers and Nitrogen-based Fuels Low-Carbon Energy Vectors Sustainable Materials and Circular Solutions Licensing for a hydrogen production unit in Malaysia PEQ for a low-carbon fuel plant in Sub-Saharan Africa 3-year service contract for sulphur recovery in Saudi Arabia Engineering study for CO2 capture in Italy Licensing and PDP for a maleic anhydride plant in China Licensing and PDP to produce low-carbon hydrogen in the U.S. Engineering study for a SAF plant in the UK High-value added services for a waste-to-chemical in Europe PDP for a fertilizer plant in China Several proprietary equipment awards to upgrade existing plants
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10 NEW AWARDS TO PRODUCE LOW-CARBON FUELS 9M 2025 RESULTS BUSINESS HIGHLIGHTS | STS 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 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 BASED ON CUTTING-EDGE NX CIRCULAR GASIFICATION TECHNOLOGY tons/year tons/year
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11 HOT TOPICS TECHNOLOGY OFFERING 9M 2025 RESULTS BUSINESS HIGHLIGHTS | STS 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.
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03 9M 2025 RESULTS BUSINESS HIGHLIGHTS INTEGRATED E&C SOLUTIONS Alessandro Bernini, Chief Executive Officer
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13 9M 2025 ORDER INTAKE AND BACKLOG SUSTAINED BY NEW AWARDS IN STRATEGIC REGIONS 9M 2025 RESULTS BACKLOG (€bn)ORDER INTAKE (€bn) 13.5 13.5 31 -Dec -24 30 -Sep -25 3.4 5.5 9M 2024 9M 2025 BUSINESS HIGHLIGHTS | IE&CS $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).
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14 9M 2025 RESULTS BUSINESS HIGHLIGHTS | IE&CS HAIL AND GHASHA WELL ON TRACK WITH SCHEDULE, OVERALL PROGRESS AT 9M UPDATES 2024 2025 2026 2027 2028 Award Expected completion OCT 2023 E: Engineering; P: Procurement; C: Construction. E Advancing steadily, with some activities ahead of schedule ~ 8 1 % P Well underway, with manufacturing in progress and bulk material shipments~ 9 3 % C Accelerating, with equipment and steel structures installation, and piping~ 2 5 % 2 7 4 , 0 0 0 ~110 Olympic swimming pools 1 4 , 0 0 0 ~2 Eiffel Towers m3 metric tonsconcrete cast on site steel structures
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15 STRATEGIC EXPANSION IN KAZAKHSTAN EARLY ACHIEVEMENTS AND SUPPLY CHAIN DEVELOPMENT 9M 2025 RESULTS BUSINESS HIGHLIGHTS | IE&CS S i l l e n oP 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.
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04 9M 2025 RESULTS FINANCIAL RESULTS Mariano Avanzi, Chief Financial Officer
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17 GROUP P&L 9M 2025 RESULTS FINANCIAL RESULTS CONSISTENT GROWTH DRIVEN BY PROJECT EXECUTION AND RISING MARGINS 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. REVENUES (€bn) 4.1 5.2 9M 2024 9M 2025 +26.7% % Growth % Margin 6.5% EBITDA (€m) 268.8 358.1 9M 2024 9M 2025 +33.2% 6.8% 3.5% NET INCOME (€m) 144.5 204.8 9M 2024 9M 2025 +41.8% 3.9%~ Revenue increase driven by steady project execution EBITDA growth supported by operating leverage Net profit benefitting from higher operating margins
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18 SUSTAINABLE TECHNOLOGY SOLUTIONS 9M 2025 RESULTS FINANCIAL RESULTS KEEPING THE PACE: REVENUE GROWTH AND EBITDA EXPANSION % Growth % Margin Revenue growth led by low-carbon and circular fuels, fertilizers and CO2 capture EBITDA growth supported by higher revenues REVENUES (€m) 251.7 309.4 9M 2024 9M 2025 +22.9% 24.3% EBITDA (€m) 61.2 80.3 9M 2024 9M 2025 +31.2% 26.0% Profitability driven by contribution of licensing and high value-added services in the mix
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19 INTEGRATED E&C SOLUTIONS 9M 2025 RESULTS FINANCIAL RESULTS EXECUTION EXCELLENCE AND PROJECT SCALE SUSTAIN SOLID RESULTS % Growth % Margin Revenue growth driven by steady execution of projects in MENA with Central Asia gaining ground EBITDA increase supported by project mix REVENUES (€bn) 3.9 4.9 9M 2024 9M 2025 +26.9% 5.3% EBITDA (€m) 207.6 277.8 9M 2024 9M 2025 +33.8% 5.6% Profitability benefitting from operating leverage
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20 300.1 127.0 342.5375.1 179.5 -40.1 -30.2 -1.3 -182.9 -58.3 -21.2 -5.1 Adj. net cash 31 -Dec -24 Operating cash flows and FX Taxes Cash flow from invest. Net financial charges Share buy -back and dividends Adj. net cash 30 -Jun -25 Operating cash flows and FX Taxes Cash flow from invest. Net financial charges Adj. net cash 30 -Sep -25 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. NET CASH POSITION AND CAPEX FINANCIAL RESULTS HEALTHY NET CASH POSITION POST DIVIDENDS AND BUYBACK CASH FLOW BRIDGE (€m, ex-IFRS 16) 1 9M 2025 RESULTS 1 CAPEX (€m)2 33.8 51.4 Net disbursed CAPEX 1 12.7 37.1 44.2 1.9 10.3 12.0 7.7 1.9 74.9 52.9 9M 2024 9M 2025 STS organic STS M&A IE&CS organic IE&CS M&A
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21 UPDATE ON FINANCIAL STRATEGY 9M 2025 RESULTS FINANCIAL RESULTS 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 MEDIUM/LONG TERM LOANS AND BOND MATURITIES (€m) 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 0.4 62.6 92.5 88.7 4.1 12.9 70.0 130.0 200.0 2025 2026 2027 2028 2029 2030+ coupon Early voluntary redemption with the proceeds of the NEW SLB NEW Sustainability -Link ed Bond Bank facilities Sustainability -Link ed Schuldschein Loan Sustainability -Link ed Bond due 2028 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.
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05 9M 2025 RESULTS THE WAY FORWARD Alessandro Bernini, Chief Executive Officer
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23 9M 2025 RESULTS THE WAY FORWARD GROUP COMMERCIAL PIPELINE AT €60.4BN 2025 ORDER INTAKE TARGET OF AT LEAST , OF WHICH 70% ALREADY SECURED Asia Middle East Europe Americas Africa 4.8 13.9 10.1 25.6 6.0 Group commercial opportunities Fertilizers SAF Gas treatment Gas treatment O&M Fertilizers Fertilizers Refinery upgrades Petrochemicals CO2 capture SAF & Biofuels Circular Gas treatment Polyolefins Fertilizers €bn Strong focus on
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249M 2025 RESULTS THE WAY FORWARD 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 5.5 – 5.6% margin €6.3 – 6.5bn €350 – 365m €45 – 55mIE&CS Guidance 2025 as upgraded with the release of H1 2025 financial results on 31 July 2025. 1. Including bolt-on M&A transactions. In case of acquisitions involving deferred price components and/or earn-outs, the total consideration is considered. 2. Excluding leasing liabilities – IFRS 16 and other minor items. 22 – 25% margin €490 – 510m €85 – 95mSTS €110 – 125m GROUP €6.8 – 7.0bn €460 – 490m €130 – 150m In line with 2024 YE (€375.1m) 6.8 – 7.0% margin
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9M 2025 RESULTS APPENDIX
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269M 2025 RESULTS 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%
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27 SUSTAINABILITY-RELATED WORK FRAMEWORK 9M 2025 RESULTS APPENDIX BASIS OF PREPARATION Not subject to third-party assurance. 1. Including ammonia and methanol. Sustainability-related backlog, revenue and capex are calculated aggregating items categorized as Transitional or Sustainable 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 We make this classification based on management's evaluation considering life-cycle assessments of technologies and/or specific project characteristics We categorize our work under three types – Sustainable, Transitional or Traditional – in relation to the contribution to decarbonization and circularity objectives 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 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
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MAIRE S.p.A. HEADQUARTERS Via Gaetano De Castillia, 6 A 20124 Milan, Italy +39 02 63131 www.groupmaire.com Investor-relations@groupmaire.com