Earnings release
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Registered Office: Viale Castello della Magliana, 27, 00148 Rome, Italy T +39 06 412235300 F +39 06 412235610 Share Capital € 19.920.679,32, fully paid-up Tax Code, VAT number and Rome Company register number: 07673571001 www.groupmaire.com PRESS RELEASE – No. 30 30/07/26 MAIRE: FIRST HALF 2026 CONSOLIDATED FINANCIAL RESULTS SOLID PERFORMANCE SUPPORTED BY CONTINUOUS PROJECT ADVANCEMENT, PROFITABILITY IMPROVEMENT AND STRONG ORDER INTAKE 2026 GUIDANCE CONFIRMED • Steady growth in the main economic results, even in a complex operating environment ‒ Revenues: €3.7 billion (+6.9%) ‒ EBITDA: €266.2 million (+14.7%), with a margin increase from 6.7% to 7.2% ‒ Net income: €157.2 million (+18.3%), with a margin increase from 3.9% to 4.3% • Nextchem (Sustainable Technology Solutions) revenues of € 285.7 million (+46.9%) and EBITDA of €68.0 million (+39.9%), with a margin of 23.8% • Tecnimont and KT (Integrated E&C Solutions) revenues of €3.4 billion (+4.5%) and EBITDA of €198.2 million (+8.0%), with a margin increase from 5.6% to 5.8% • Adjusted net cash position of €301.1 million as of 30 June 2026 (€395.1 million as of 31 December 2025), net of €204.0 million of capex, €194.4 million of dividends and €81.1 million of share buy-backs • Strong first‑half order intake of €7.2 billion, leading to a backlog of €16.3 billion at end of June, close to record-high levels • New awards announced in July brought the year -to-date order intake to €8.4 billion, reinforcing confidence in achieving at least €9 billion of order intake in FY 2026 • Nextchem significantly expanded its technology portfolio by completing the acquisition of 100% of Ballestra Group, bringing top-tier solutions in fertilizers and chemistry for strategic materials, as well as a 70% stake in ETEK, entering the segment of critical and precious metals recovery • 2026 guidance confirmed ‒ STS growth trajectory in the second half will be supported by the contribution from the recently acquired companies (Ballestra Group and ETEK) ‒ IE&CS performance will be driven by resilient projects’ execution thanks to the mitigation actions already implemented with clients in the Middle East, as well as by the increasing contribution from projects in other geographies
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2 Milan, 30 July 2026 – The Board of Directors of MAIRE S.p.A. (“MAIRE” or the “ Company”) met today to review and approve the Group’s Half Year Consolidated Financial Report as of 30 June 2026. Alessandro Bernini, MAIRE’s Chief Executive Officer, commented: “In the first half of 2026 , MAIRE demonstrated its ability to deliver resilient growth, advancing projects in a complex geopolitical environment. Disciplined execution, close collaboration with our clients and the adoption of alternative routes in the Middle East ensured project continuity. 8.4 billion euro of awards secured in the first seven months of the year support our confidence in achieving at least 9 billion euro of new orders in 2026 , confirming the commercial momentum of MAIRE’s integrated offering, which combines proprietary technologies with best -in-class engineering and execution capabilities. Nextchem’s technology portfolio, further enhanced through recent acquisitions of Ballestra and ETEK, i s expanding our market reach and unlocking new opportunities in high -growth markets. Looking ahead, we remain focused on creating long-term value in a market increasingly shaped by the need for energy security and industrial resilience.” H1 2026 CONSOLIDATED RESULTS HIGHLIGHTS (in euro millions, margins as % of revenues) H1 2026 H1 2025 Change Revenues 3,682.4 3,444.1 +6.9% EBITDA1 266.2 232.1 +14.7% EBITDA Margin 7.2% 6.7% +50bps Net Income 157.2 132.9 +18.3% Capex (including M&A) 204.02 31.23 +6.5x Order Intake 7,215.84 5,632.5 +1,583.3 (in euro millions) 30 June 2026 31 December 2025 Change Adjusted Net Cash5 301.1 395.1 -93.9 Backlog 16,270.9 12,730.7 +3,540.2 1 EBITDA is net income for the period before taxes (current and deferred), net financial expenses, gains and losses on the valu ation of holdings, amortization and depreciation and provisions. 2 Including Ballestra Group purchase price, the upfront payment for the acquisition of 70% of ETEK, the consideration paid for the exercise of the call option on the remaining 16.5% minority interest in Conser, the consideration paid on the remaining 15.0% minority interest in MyReplast and MyReplast Industries, as well as earn -outs related to the acquisition of Conser and GasConTec, and a deferred price component for the acquisition of MyRemono. 3 Including the deferred price for the acquisition of MyRemono. 4 Including €265.3 million contribution from Ballestra Group backlog following the acquisition completion in Q2 2026. 5 Excluding leasing liabilities – IFRS 16 (€114.2 million as of 30 June 2026 and €111.2 million as of 31 December 2025) and other minor items.
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3 CONSOLIDATED FINANCIAL RESULTS AS OF 30 JUNE 20266 MAIRE Group’s reported figures as of 30 June 2026 include the consolidation of Ballestra Group’s and ETEK’s assets and liabilities. No contribution to the consolidated income statement was recognized during the reporting period. Revenues were €3.7 billion, up 6.9%, thanks to the consistent progress of projects under execution. EBITDA was €266.2 million, up 14.7%, driven by higher revenues and the efficient management of overhead costs. EBITDA margin was 7.2%, up 50 basis points , also thanks to the stronger contribution from higher value-added services generated by Nextchem. Amortization, Depreciation, Write-downs, and Provisions were €36.7 million, up €4.2 million, mainly due to the start-up of assets for the digitalization of industrial processes, as well as the marketing of new patents and technological developments. EBIT was €229.5 million, up 14.9%, with a margin of 6.2%, up 40 basis points. Net financial charges , also including the result from investments, were €3.2 million, down €1.6 million, benefiting from higher financial income on cash deposits , lower interest expenses on financial debt’s variable portion, and gains related to the revaluation of certain equity stakes. Pre-tax Income was €226.3 million and the tax provision was €69.1 million. The tax rate was 30.5%, reflecting the various jurisdictions in which the Group’s operations have been carried out. Net Income was €157.2 million, up 18.3%, with a 4.3% margin, up 40 basis points. Group Net Income, after €19.3 million of result attributable to minority shareholders – mainly related to Nextchem and projects in joint venture – was €137.9 million, up 8.8%. Adjusted Net Cash5 as of 30 June 2026 was €301.1 million, compared to €395.1 million as of 31 December 2025, net of capital expenditures of €204.0 million, dividends of €194.4 million7 and the share buy-back program of €81.1 million. M&A investments for €165.9 million, were related to the acquisitions of the 100% of Ballestra Group and the upfront payment for the 70% of ETEK, the consideration paid for the exercise of the call option on the remaining 16.5% minority interest in Conser, the consideration paid on the remaining 15.0% minority interest in MyReplast and MyReplast Industries, as well as earn-outs related to the acquisition of Conser and GasConTec, and a deferred price component for the acquisition of MyRemono. Organic investments for €38.1 million, mainly included internal development and scale- up of proprietary technologies, as well as digital innovation projects. Consolidated Shareholders’ Equity as of 30 June 2026 was €649.6 million, compared to €773.8 million at 31 December 2025, mainly reflecting the impact of dividend payments and treasury shares buybacks in support of the employee incentive plans, partially offset by the positive net result for the period. PERFORMANCE BY BUSINESS UNIT SUSTAINABLE TECHNOLOGY SOLUTIONS (STS) (in euro millions, margins as % of revenues) H1 2026 H1 2025 Change Revenues 285.7 194.5 +46.9% EBITDA 68.0 48.6 +39.9% 6 The changes reported refer to H1 2026 compared with H1 2025, unless otherwise stated. 7 Of which €187.6 million paid to MAIRE shareholders and €6.8 million paid on minority interests.
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4 EBITDA Margin 23.8% 25.0% -120bps Revenues were €285.7 million, up 46.9%, mainly driven by technology solutions and services for the production of low-carbon chemicals and fertilizers. EBITDA was €68.0 million, up 39.9%, supported by higher volumes, with a margin of 23.8% as a result of a higher contribution of proprietary equipment in the product mix during the period. INTEGRATED E&C SOLUTIONS (IE&CS) (in euro millions, margins as % of revenues) H1 2026 H1 2025 Change Revenues 3,396.7 3,249.7 +4.5% EBITDA 198.2 183.5 +8.0% EBITDA Margin 5.8% 5.6% +20bps Revenues were €3.4 billion, up 4.5%, driven by the steady execution of the backlog, including projects in the Middle East and Algeria, as well as the ramp-up of projects secured in 2025 in Kazakhstan. EBITDA was €198.2 million, up 8.0%, with a margin of 5.8%, up 20 basis points, benefitting also from a higher operating leverage. ORDER INTAKE AND BACKLOG ORDER INTAKE (in euro millions) H1 2026 H1 2025 Change Sustainable Technology Solutions 556.94 211.8 +345.1 Integrated E&C Solutions 6,658.9 5,420.7 +1,238.2 Order Intake 7,215.84 5,632.5 +1,583.3 Order Intake in the first half of 2026 was €7.2 billion. In particular, the order intake of the Sustainable Technology Solutions business unit was €556.9 million, also including the consolidation of Ballestra Group’s order portfolio following the closing of the acquisition in the second quarter. The main projects awarded to this business unit in the first half include: • licensing and Process Design Package in China based on proprietary nitrates and u rea technologies; • licensing and Process Design Package to produce specialty chemicals in China; • feasibility studies for two plastic upcycling projects in Southern Africa and South-East Asia; • proprietary equipment supply aimed at enhancing the production capacity of an industrial complex in the Middle East; • early engineering and proprietary equipment supply for a SAF plant in Indonesia; • licensing, Process Design Package and technical services to produce trimellitic anhydride in China; • licensing and Process Design Package for a urea-to-DEF plant in Virginia, US; • licensing for biomass-to-syngas for a SAF plant in Canada; • licensing, Process Design Package and proprietary equipment supply for a large-scale urea plant in Argentina.
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5 Furthermore, Nextchem has been awarded a licensing, Process Design Package and proprietary equipment contract for three large-scale plants for nitrogen fertilizers in West Africa. The contract is subject to a final investment decision, except for engineering activities, which have already started and have been included in the backlog. The Integrated E&C Solutions business unit generated new orders for €6.7 billion, related to EPC contracts in the petrochemical and Oil & Gas segments, including projects for the optimization of existing facilities. BACKLOG (in euro millions) 30 June 2026 31 December 2025 Change Sustainable Technology Solutions 702.6 366.0 +336.6 Integrated E&C Solutions 15,568.3 12,364.7 +3,203.6 Backlog 16,270.9 12,730.7 +3,540.2 As a result of the order intake of the period, the Group's Backlog at 30 June 2026 reached €16.3 billion, up €3.5 billion compared to the end of 2025. UPDATE ON ON-SITE OPERATIONS IN THE MIDDLE EAST With regard to operations across the Middle East, where approximately 2,500 Group engineers and technicians were deployed as of the end of June, the Company confirms that all personnel, including around 53,000 people within the subcontractors' workforce, are operating in compliance with applicable security protocols and in constant coordination with clients. In the first half of the year, the extensive procurement campaign carried out, particularly in late 2025, ensured the availability of sufficient quantities of materials and key equipment at the sites of projects under construction, while commissioning activities continued across the remaining projects . As a result, project execution progressed largely without significant disruption. At the same time, to preserve operational continuity in the coming months , the Group promptly activated a comprehensive set of mitigation measures in close coordination with clients, suppliers and logistics partners. These actions included the rapid reconfiguration of logistic routes, enabling all items suitable for cont ainer transport to be rerouted through alternative trucking and airfreight solutions, while dedicated local arrangements are supporting the maritime transport of oversized equipment. The Group is also documenting mitigation-related impacts for the appropriate contractual recognition of associated costs. Hail and Ghasha project The Hail and Ghasha project, awarded to Tecnimont in October 2023 for $8.7 billion, reached an overall progress of approximately 75% as of the end of June 2026, with engineering and procurement activities nearing completion . Construction activities reached 59% progress, supported by the substantial completion of the main civil works and the continued advancement of mechanical and electrical installations, while heavy lifting operations are nearing completion and piping and cabling activities continue across the site. The availability of materials and key equipment at site supported the continued advancement of construction activities. Following the reduced operability of the Strait of Hormuz , the project team also activated a range of mitigation measures in close cooperation with the client , including the rerouting of around 600 shipments through alternative ports, and approximately 1,500 containers
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6 were successfully delivered to site. These actions are enabling construction activities to continue without major disruption. ACQUISITIONS OF ETEK AND BALLESTRA GROUP On 16 June 2026, Nextchem acquired a 70% stake in ETEK, which holds 100% of SISEMTEK, for a total consideration of €11.1 million, of which €5.0 million paid upfront. ETEK and SISEMTEK bring an integrated proprietary solution to recover high-purity precious and critical metals from ever - growing waste streams, such as electronic equipment (e -waste), mining tailings, spent catalysts, batteries and photovoltaic panels. On 25 June 2026, Nextchem completed the acquisition of the entire share capital of Ballestra Group (“Ballestra”) for a total consideration paid of €148.2 million. The acquisition significantly enhances Nextchem’s portfolio across the full Nitrogen-Phosphorus-Potassium (NPK) fertilizer spectrum, the chemistry for strategic materials and metals processing with technologies for sul phuric and phosphoric acid, as well as fluorine derivatives for lithium-ion batteries, and bio-based detergents. EVENTS AFTER THE CLOSE OF THE PERIOD Placement of a €115 million top-up of MAIRE’s Sustainability-Linked Schuldschein loan On 14 July 2026, MAIRE successfully completed the €115 million top-up placement of the Sustainability-Linked Schuldschein Loan initially placed on 20 April 2026 for €185 million , bringing the total amount of the loan to €300 million, in line with the upsize option envisaged at the time of launch. The loan is structured in two tranches with maturities of three and five years, and pricing is linked to the achievement of specific decarbonization targets. The proceeds have been primarily used for the early repayment of existing facilities. Contracts awarded in July 2026 On 20 July 2026, MAIRE announced that its subsidiary Tecnimont has been awarded a contract by Fértil Pampa S.A.U., a wholly owned subsidiary of Pampa Energ ía S.A., for a large-scale fertilizer complex in Argentina . Tecnimont’s scope of work includes engineering, procurement, commissioning, and start-up activities. Nextchem will provide the urea licensing and process design package, as well as the associated proprietary equipment and primary reformer for syngas production. The total value is approximately €1.3 billion, of which €140 million related to Nextchem’s technology package8. SACDE S.A., a leading Argentinean company, will carry out the construction. Completion is expected in 41 months. OUTLOOK The results delivered in the first half of 2026 demonstrate resilience of the Group’s business model. Steady project execution, strong order intake and a diversified backlog enabled the Group to achieve a solid financial performance even in a complex operating environment. Through close coordination with clients, suppliers and partners, the Group has preserved continuity across its projects in the Middle East. Assuming no significant deterioration of the current situation, 8 Awarded in Q2 2026.
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7 the mitigation measures already implemented, together with the ongoing engagement with clients, are expected to sustain project execution in the coming months. The Group has also significantly strengthened its technology platform through the acquisitions of Ballestra and ETEK. In addition to enhancing Nextchem’s technological capabilities in high-growth segments, both companies are already generating new commercial opportunities and will contribute further support to Nextchem’s growth trajectory in the second half of 2026. In light of the above and considering the increasing contribution from existing projects in other geographies, such as North Africa and Central Asia , the Group confirms its 2026 Guidance, as communicated to the market on 4 March 2026 in connection with the presentation of the 2026-2035 Strategic Plan. 2026 guidance Sustainable Technology Solutions Integrated E&C Solutions Group Revenues €670 – 700 million €6.8 – 7.0 billion €7.5 – 7.7 billion EBITDA % of Revenues €150 – 165 million 22% – 24% €395 – 410 million 5.8% – 5.9% €545 – 575 million 7.3% – 7.5% Capex €190 – 220 million €60 – 80 million €250 – 300 million Adjusted Net Cash In line with 2025 YE (€395.1 million) UPDATE ON THE ORGANIC GROWTH OF THE GROUP To support the Group’s growth, MAIRE continues to invest in acquiring new talent. Headcount reached 11,265 employees as of 30 June 2026, an increase of 510 professionals compared to 31 December 2025. *** CONFERENCE CALL AND WEBCAST The top management of MAIRE will present the H1 2026 Results during a conference call today at 5:30pm CEST. The live stream of the event can be accessed at the following link: MAIRE H1 2026 Results Webcast. Alternatively, you may join by phone using the dial‑in numbers that will be provided upon registration at the following link: MAIRE H1 2026 Results Teleconference. The presentation will be available at the start of the event in the “Investors/Financial Results” (Financial Results | Maire ) section of MAIRE’s website (groupmaire.com). The presentation shall also be made available on the “1info” storage mechanism (www.1info.it). ***
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8 Mariano Avanzi , as Executive for Financial Reporting with, also, responsibility for certification as per paragraph 5 -ter 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 press release corresponds to the underlying accounting records. The Half-Year Financial Report as of 30 June 202 6 will be available to the public at the registered office in Rome, at the operative office in Milan, on the Company’s website www.groupmaire.com in the “Investors/Financial Results” section (Financial Results | Maire), and on the authorized storage device “1info” (www.1info.it), according to the timing allowed by law. 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. This press release includes forecasts. The declarations are based on current estimates and projections of the Group concerning future events and, by their nature, are subject to risk and uncertainty. Actual results may differ significantly than the estimates made in such declarations due to a wide range of factors, including altered macroeconomic conditions and growth trends and other changes in business conditions, in addition to other factors, the majority of which outside the control of the Group. *** MAIRE S.p.A. is a leading engineering group providing technology solutions and project execution in the downstream segment of energy services, as well as in the chemicals and fertilizers industries. The Group operates through two business units: Integrated E&C Solutions and Sustainable Technology Solutions, the latter active in sustainable fertilizers, low carbon energy vectors, and innovative materials and circular solutions. With operations in around 50 countries, MAIRE employs almost 11,300 people. MAIRE is listed on the Milan Stock Exchange (ticker “MAIRE”). For further information: www.groupmaire.com Group Media Relations Tommaso Verani Tel +39 02 6313-7603 mediarelations@groupmaire.com Investor Relations Silvia Guidi Tel +39 02 6313-7823 investor-relations@groupmaire.com The Consolidated Income Statement, Balance Sheet and Cash Flow Statement are presented below.
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9 MAIRE – FINANCIAL STATEMENTS Consolidated Income Statement (in euro thousands) 30 June 2026 30 June 2025 Revenues 3,617,112 3,372,477 Other operating revenues 65,241 71,665 Total Revenues 3,682,354 3,444,141 Raw materials and consumables (1,064,108) (1,448,876) Service costs (1,837,409) (1,286,841) Personnel expenses (435,543) (407,074) Other operating costs (79,120) (69,221) Total costs (3,416,181) (3,212,012) Amortization, depreciation and write-downs (36,134) (32,182) Write-down of current assets (547) (287) Provision for risks and charges 0 0 EBIT 229,492 199,660 Financial income 28,237 41,855 Financial expenses (40,982) (43,116) Investment income/(expenses) 9,544 (3,533) INCOME BEFORE TAX 226,291 194,865 Income taxes, current and deferred (69,092) (61,973) NET INCOME 157,200 132,892 Group 137,904 126,696 Minorities 19,296 6,197 Basic earnings per share 0.422 0.388 Diluted earnings per share 0.422 0.388
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10 Consolidated Balance Sheet (1/2) (in euro thousands) 30 June 2026 31 December 2025 ASSETS NON-CURRENT ASSETS Property, plant and equipment 91,251 69,180 Goodwill 497,868 364,740 Other intangible assets 222,664 191,272 Right-of-use – Leasing 112,178 108,864 Investments in associates 36,590 36,970 Financial instruments – Derivatives (non-current assets) 3,848 1,532 Other non-current financial assets 105,907 96,265 Other non-current assets 112,967 71,142 Deferred tax assets 86,691 78,124 Total Non-Current Assets 1,269,964 1,018,090 CURRENT ASSETS Inventories 30,594 12,595 Advance payments to suppliers 538,937 718,969 Contractual assets 3,063,564 2,857,823 Trade receivables 1,734,397 1,480,334 Current tax assets 301,902 310,022 Financial instruments – Derivatives (current assets) 40,001 80,707 Other current financial assets 11,351 30,704 Other current assets 295,169 278,282 Cash and cash equivalents 1,564,925 1,372,616 Total Current Assets 7,580,839 7,142,055 Non-current assets classified as held for sale 0 0 TOTAL ASSETS 8,850,803 8,160,145
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11 Consolidated Balance Sheet (2/2) (in euro thousands) 30 June 2026 31 December 2025 SHAREHOLDERS’ EQUITY AND LIABILITIES SHAREHOLDERS' EQUITY Share capital 19,921 19,921 Share premium reserve 272,921 272,921 Other reserves (151,678) (133,173) Valuation reserve (14,085) (5,345) Total shareholders’ equity and reserves 127,079 154,325 Retained earnings/(accumulated losses) 314,271 298,243 Net income/(loss) 137,904 260,267 Total Group net equity 579,255 712,835 Minorities 70,357 60,963 Total net equity 649,612 773,798 NON-CURRENT LIABILITIES Financial debt - non-current portion 637,262 399,055 Provisions for charges - beyond 12 months 7,041 4,307 Deferred tax liabilities 74,942 75,920 Post-employment and other employee benefits 14,429 13,353 Other non-current liabilities 284,552 231,206 Financial instruments – derivatives (non-current liabilities) 991 1,719 Other non-current financial liabilities 293,767 292,695 Non-current financial liabilities - Leasing 79,382 82,323 Total non-current liabilities 1,392,365 1,100,577 CURRENT LIABILITIES Short-term debt 253,159 250,829 Current financial liabilities – Leasing 34,825 28,865 Provisions for charges - within 12 months 17 60 Tax payables 229,771 140,810 Financial instruments – derivatives (current liabilities) 9,399 2,509 Other current financial liabilities 220,879 231,537 Client advance payments 750,743 541,360 Contractual liabilities 712,850 646,266 Trade payables 4,124,980 3,992,404 Other current liabilities 472,202 451,129 Total current liabilities 6,808,826 6,285,770 Liabilities associated with non-current assets classified as held for sale 0 0 TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES 8,850,803 8,160,145
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12 Consolidated Cash Flow Statement (in euro thousands) 30 June 2026 30 June 2025 CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR (A) 1,372,616 1,153,779 OPERATIONS Net Income of Group and Minorities 157,200 132,892 Adjustments: - Amortisation of intangible assets 15,510 12,735 - Depreciation of non-current tangible assets 4,616 4,126 - Depreciation of right-of-use - Leasing 16,008 15,322 - Provisions 547 287 - (Revaluations)/Write-downs on investments (9,544) 3,533 - Financial charges 40,982 43,116 - Financial (Income) (28,237) (41,855) - Income and deferred tax 69,092 61,973 - Capital (gains)/losses (22) (3) - Translation of financial statements in foreign currency 488 (23,479) - (Increase)/decrease inventories/supplier advances 179,883 (9,309) - (Increase)/decrease in trade receivables (213,980) (181,249) - (Increase)/decrease in contract assets receivables (220,350) (281,899) - Increase/(decrease) in other liabilities 62,686 47,866 - (Increase)/decrease in other assets (51,231) (47,519) - Increase/(decrease) in trade payables/advances from clients 285,904 191,150 - Increase/(decrease) in payables for contract liabilities 4,414 223,264 - Increase/(decrease) in provisions (including post-employment benefits) 4,552 18,896 - Income taxes paid (19,337) (40,116) CASH FLOW FROM OPERATIONS (B) 299,180 129,731 INVESTMENTS (Investment)/disposal of non-current tangible assets (16,385) (6,291) (Investment)/disposal of intangible assets (21,464) (23,642) (Investment)/disposal in associated companies (281) (305) (Investments)/disposal of companies net of cash and cash equivalents acquired (55,595) 0 CASH FLOW FROM INVESTMENTS (C) (93,725) (30,238) FINANCING Repayments of principal of financial leasing liabilities (16,353) (14,310) Payments of financial charges on financial leasing liabilities (2,795) (2,864) Financial income received 23,934 10,234 Financial charges paid (35,871) (40,698) Increase/(decrease) in short-term debt 32,754 (47,511) Repayments of long-term debt (315,856) (3,651) Proceeds from long-term debt 522,036 63,324 Proceeds from bonds 468,000 159,200 Repayment of bonds (469,700) (119,600) Change in other financial assets and liabilities 56,211 5,249 Dividends (194,393) (119,466) Treasury shares buyback (81,114) (63,350) CASH FLOW FROM FINANCING (D) (13,146) (173,441) INCREASE / (DECREASE) IN CASH AND CASH EQUIVALENTS (B+C+D) 192,309 (73,949) CASH AND CASH EQUIVALENTS AT YEAR END (A+B+C+D) 1,564,925 1,079,829 of which cash and cash equivalents of discontinued operations 0 0 CASH AND CASH EQUIVALENTS REPORTED IN THE FINANCIAL STATEMENTS 1,564,925 1,079,829