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27 October 2026 9M 2026 RESULTS RESILIENT EXECUTION, BROADER TECHNOLOGY PORTFOLIO
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9M 2026 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, declares: i) 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, and ii) in accordance with paragraph 5-ter, Article 154-bis of the Consolidated Finance Act, that some of the information on the results relating to sustainability performance indicators included in this presentation corresponds to the information contained in the Group’s Sustainability Report approved. 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 2026 RESULTS 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 RESHAPING OPPORTUNITIES Alessandro Bernini, Chief Executive Officer
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01 9M 2026 RESULTS INTRODUCTORY REMARKS Alessandro Bernini, Chief Executive Officer
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5 PERFORMANCE BACKED BY MULTI-REGION EXECUTION AND TECHNOLOGY EXPANSION 9M 2026 RESULTS INTRODUCTORY REMARKS 9M 2026 HIGHLIGHTS EXPANDING OUR TECHNOLOGY PLATFORM FOR CRITICAL AND STRATEGIC MATERIALS PROCESSING THROUGH THE ACQUISITION OF MEAB 1 €5.6bn revenues +7.7% YoY €414.3m EBITDA +15.7% YoY, 7.4% margin Resilient project execution supported by close coordination with clients in the Middle East and increasing contribution from North Africa and Central Asia Margin expansion underpinned by Nextchem’s technologies growing contribution and operating leverage from large-scale IE&CS projects €16.4bn backlog €8.9bn order intake Strong commercial momentum driven by MAIRE’s distinctive integrated offering, with expansion into the Americas and the LNG segment 1. Announced on 20 October 2026.
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6 CAPTURING INVESTMENTS DRIVEN BY ENERGY SECURITY AND INDUSTRIAL RESILIENCE GROUP ORDER INTAKE AND BACKLOG 9M 2026 RESULTS INTRODUCTORY REMARKS 1. Including €265m consolidation of Ballestra Group’s backlog following the completion of the acquisition in Q2 2026. 2. Sustainability-related work is defined as the sum of transitional and sustainable work (respectively ~10% and ~3%). Please refer to appendix for work classification criteria. 3. Ratio of new awards in 9M 2026 to revenues recognized over the same period. 4. Ratio of backlog at 30 September 2026 to revenues generated over last 12 months. ORDER INTAKE (€bn) 5.8 8.91 9M 2025 9M 2026 15.0 13.8 12.7 16.4 31-Dec-23 31-Dec-24 31-Dec-25 30-Sep-26 Sustainability-related2 >13% 9M 2026 HIGHLIGHTS 2.2x Backlog cover4 1.6x Book-to-bill3 YTD ORDER INTAKE HAS REACHED THE FY2026 TARGET , SUPPORTED BY ACCELERATING FINAL INVESTMENT DECISIONS BACKLOG (€bn)
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02 9M 2026 RESULTS BUSINESS HIGHLIGHTS SUSTAINABLE TECHNOLOGY SOLUTIONS Fabio Fritelli, Managing Director Nextchem
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8 COMBINING ORGANIC MOMENTUM AND STRATEGIC ACQUISITIONS TO EXPAND MARKET REACH GROWTH DRIVEN BY FERTILIZERS AND A BROADER TECHNOLOGY PLATFORM STS ORDER INTAKE AND BACKLOG 9M 2026 RESULTS BUSINESS HIGHLIGHTS | STS ORDER INTAKE (€m) 325.3 528.4 265.31 793.7 9M 2025 9M 2026 BACKLOG (€m) 366.0 786.1 31-Dec-25 30-Sep-26 1. Contribution from the consolidation of Ballestra Group backlog following completion of the acquisition in Q2 2026. 9M 2026 MAIN AWARDS FEED MOVE MAKE
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9 9M 2026 RESULTS BUSINESS HIGHLIGHTS | STS CONFIRMING NX STAMI AS A TECHNOLOGY OF CHOICE FOR LANDMARK UREA PROJECTS NEXTCHEM'S TECHNOLOGY SELECTED FOR SABIC AGRI-NUTRIENTS’ 7TH PROJECT LARGE-SCALE FERTILIZER COMPLEX IN SAUDI ARABIA €125m technology package covering licensing, process design package and proprietary equipment, based on NX STAMI Urea technology Two 3,850 tons per day urea production units located in Al Jubail Industrial City, increasing SABIC's fertilizer production and export capabilities Reinforcing Middle East footprint while advancing Saudi Vision 2030 and strengthening global food security goals HIGHLIGHTS
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10 ADVANCING CRITICAL MATERIALS SEPARATION, PURIFICATION AND RECOVERY MEAB’S ACQUISITION FURTHER BROADENING NEXTCHEM'S TECHNOLOGY PORTFOLIO SUPPORTING ELECTRIFICATION AND THE DEVELOPMENT OF DIGITAL AND AI INFRASTRUCTURE 1. Acquisition announced on 20 October 2026. 2. Linked to the company’s future performance over 4 fiscal years. Hydrometallurgical technologies with know-how in solvent extraction for the separation, recovery and purification of critical metals, complementing Nextchem's offering Expanding processing capabilities designed around the specific characteristics of primary or recycled feedstocks including precious metals, rare earth elements and critical materials End-to-end engineering expertise leveraging a team of 20+ engineers, from feasibility studies and process engineering to proprietary equipment packages and pilot-scale solutions c TRANSACTION1 DETAILS €8.0m total consideration €4.0m upfront remaining potential earn-outs2 HIGHLIGHTS 9M 2026 RESULTS BUSINESS HIGHLIGHTS | STS MEAB 100% MEAB AB (Sweden) MEAB GmbH (Germany) process and chemical engineering, R&D projects engineering design and proprietary equipment Closing expected in Q4 2026
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11 R&D, PILOT PLANTS AND PROCESS DEMONSTRATION COME TOGETHER ROME NODE OPENING: WHERE THE JOURNEY BEGAN 40 YEARS AGO 9M 2026 RESULTS BUSINESS HIGHLIGHTS | STS NODE: NEXTCHEM OPERATING RESEARCH & DEVELOPMENT EXCELLENCE THE CORE OF AN INTERNATIONAL R&D NETWORK ACROSS ROME, MILAN, BRESCIA, BASEL, SITTARD AND FRANKFURT HIGHLIGHTS 6,000 sqm center of excellence combining AI-enabled scientific research, engineering expertise and industrial know-how into a single platform, accommodating ~100 professionals Accelerating technology development integrating up to 15 pilot plants and dedicated laboratories supporting the scale-up of innovative technologies to demonstration A milestone in Nextchem’s journey supporting innovation in green hydrogen, sustainable fuels, low-carbon energy carriers, and circular, critical and innovative materials
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03 9M 2026 RESULTS BUSINESS HIGHLIGHTS INTEGRATED E&C SOLUTIONS Alessandro Bernini, Chief Executive Officer
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13 ACTIVELY MANAGING THE OPERATING ENVIRONMENT IE&CS MIDDLE EAST ONSITE OPERATIONS 9M 2026 RESULTS 1. Main projects with ongoing on-site operations. Safeguarding ~2,500 people currently employed in the area CLOSE COORDINATION WITH CLIENTS TO ADVANCE PROJECT EXECUTION, INCLUDING ALTERNATIVE ROUTES AND PROACTIVE MANAGEMENT OF LOGISTICS -RELATED IMPACTS Amiral in advanced construction phase Ras Laffan advancing mechanical completion KEY PROJECT PROGRESS1 AT 30-SEP-2026 Borouge 4 finalizing commissioning, utilities & offsites already in start-up Hail and Ghasha progressing through construction (~80% overall progress) REGION OVERVIEW & LOGISTICS Harvest under pre-commissioning phase BUSINESS HIGHLIGHTS | IE&CS Oversized items via vessel with local logistics support Containerizable items via truck & air freight through alternative routes Gas treatment Ammonia Petrochemical Petrochemical Petrochemical
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14 OVERALL PROGRESS AT ~80% AS OF 30 SEPTEMBER 2026 HAIL AND GHASHA 1. Strait of Hormuz. High temp. and humidity during July and August SCALE AND PROGRESS ACHIEVED ACTIONS PROTECTING EXECUTION Steel structures main installations completed Night-shift operations to protect construction pace ~2,800 containers delivered after reduced operability of the SoH1 +1,300 vs June 2026 Civil/concrete activities substantially completed ~1,300 shipments re-routed through alternative ports +700 vs June 2026 9M 2026 RESULTS BUSINESS HIGHLIGHTS | IE&CS OVERSIZED AND HEAVY-LIFT EQUIPMENT DELIVERIES WELL UNDERWAY , SUPPORTING PROJECT PROGRESS
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15 STRONG MOMENTUM, WITH GROWING EXPOSURE TO LNG AND THE AMERICAS IE&CS ORDER INTAKE AND BACKLOG 9M 2026 RESULTS BUSINESS HIGHLIGHTS | IE&CS ORDER INTAKE (€bn) 5.5 8.2 9M 2025 9M 2026 BACKLOG (€bn) 12.4 15.6 31-Dec-25 30-Sep-26 1. Federal Energy Regulatory Commission (FERC) permitting process. Note: EPC (E: Engineering; P: Procurement; C: Construction). ENERGY SECURITY AND GAS MONETIZATION CONTINUE TO DRIVE INVESTMENT DECISIONS WORLDWIDE 9M 2026 MAIN AWARDS $4.3bn EPC for the Rich Gas Development project in the UAE including a new natural gas liquids (NGL) fractionation train at Ruwais $1.3bn EPC for a petrochemical project scheduled for completion in 2031 $2.3bn EPC for the Safaniyah Water Injection project in Saudi Arabia including onshore water treatment and injection facilities & utilities €1.2bn Fertil Pampa’s fertilizer project in Argentina including engineering, procurement, commissioning and start-up activities FEED for Argent LNG export facility in the USA, including FERC1 support following the agreement previously announced in January 2026 FEED for a petrochemical project in Asia, including cost estimation expected to roll over into the EPC phase, subject to FID Competitive FEED for the East Coast LNG Facility in UAE expected to take approximately 12-15 months Early engineering for a large-scale gas monetization plant in South America expected to roll over into the EPC phase, subject to FID
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16 HIGH-VALUE LIQUIDS RECOVERY FROM RICH NATURAL GAS RICH GAS DEVELOPMENT PROJECT IN THE UAE 9M 2026 RESULTS BUSINESS HIGHLIGHTS | IE&CS HIGHLIGHTS $4.3bn EPC award1 by ADNOC Gas with completion expected in 2030 5th Ruwais NGL fractionation unit for the treatment, separation and liquefaction of hydrocarbon components Production of Natural Gas Liquids primarily including ethane, propane, butane, isobutane, and pentane Capacity of 23k tons per day serving a wide range of manufacturing industries TECNIMONT: A RECOGNIZED PARTNER, ENABLING THE RECOVERY OF HIGHER -VALUE LIQUIDS FROM COMPLEX GAS STREAMS 1. Award announced on 4 March 2026. Note: EPC (E: Engineering; P: Procurement; C: Construction).
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17 SUSTAINING PRODUCTION AT THE WORLD'S LARGEST OFFSHORE FIELD SAFANIYAH WATER INJECTION PROJECT IN SAUDI ARABIA 9M 2026 RESULTS BUSINESS HIGHLIGHTS | IE&CS HIGHLIGHTS $2.3bn EPC award1 by Saudi Aramco with completion expected in late 2029 Two packages covering onshore water treatment and injection along with associated utilities Transport-optimized solutions facilitating logistics and site assembly Enhancing reservoir pressure maintenance to support long-term production capacity for a strategic field DELIVERING CRITICAL INFRASTRUCTURE TO SUPPORT LONG-TERM PRODUCTION CAPACITY 1. Award announced on 20 May 2026, with the subsequent scope of work integration communicated on 4 June 2026. Note: EPC (E: Engineering; P: Procurement; C: Construction). Picture source: Saudi Aramco website.
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18 EARLY ENGAGEMENT IN STRATEGIC PROJECT DEVELOPMENTS BUILDING MOMENTUM IN LNG 9M 2026 RESULTS BUSINESS HIGHLIGHTS | IE&CS FEED contract including technical support to the Federal Energy Regulatory Commission (FERC) permitting process Argent LNG 25 million tons per annum export facility at Port Fourchon, one of the United States’ hurricane-resilient energy hubs Direct EPC roll-over subject to client's FID, with Tecnimont’s scope of work covering engineering, technology integration and PMC services LOUISIANA, USA POSITIONING TECNIMONT TO CAPTURE FUTURE LNG EXECUTION OPPORTUNITIES , BUILDING ON GAS PROCESSING AND MODULAR ENGINEERING CAPABILITIES Competitive FEED with expected completion in 12-15 months before progressing to the next project phase East Coast LNG Facility part of ADNOC’s “Zero Hormuz” strategy, enhancing export flexibility through direct access to the Gulf of Oman Potential evolution into EPC subject to competitive tender process and client’s FID, Tecnimont scope of work may evolve into EPC FUJAIRAH, UAE Note: FEED (Front-End Engineering Design); FID (Final Investment Decision).
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04 9M 2026 RESULTS FINANCIAL RESULTS Mariano Avanzi, Chief Financial Officer
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20 REVENUE GROWTH LED BY PROJECT EXECUTION, PROFITABILITY BOOSTED BY TECHNOLOGY GROUP P&L 9M 2026 RESULTS FINANCIAL RESULTS High single-digit revenue growth REVENUES (€bn) +7.7% +60bps EBITDA margin expansion EBITDA (€m) 6.8% 7.4% Double-digit growth before €34.0m minorities2 NET INCOME (€m) Growth % Margin 5.2 5.6 9M 2025 9M 2026 358.1 414.3 9M 2025 9M 2026 +15.7% 3.9% 4.3% 204.8 243.0 9M 2025 9M 2026 +18.6% Sustainability-related1 ~47% 1. Sustainability-related work is defined as the sum of transitional and sustainable work (respectively ~44% and ~3% of 9M revenues). Please refer to appendix for work classification criteria. 2. Related to Nextchem and JVs.
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21 CONTINUED STRONG DOUBLE-DIGIT GROWTH SUSTAINABLE TECHNOLOGY SOLUTIONS 9M 2026 RESULTS FINANCIAL RESULTS 309.4 476.3 9M 2025 9M 2026 80.3 113.2 9M 2025 9M 2026 Growth % Margin REVENUES (€m) +54.0% EBITDA (€m) 26.0% 23.8% +41.0% Revenue growth sustained by low-carbon chemicals and fertilizers Profitability reflects a higher contribution from proprietary equipment in the product mix
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22 MULTI-REGION EXECUTION DRIVING GROWTH INTEGRATED E&C SOLUTIONS 9M 2026 RESULTS FINANCIAL RESULTS Growth % Margin Revenue increase driven by resilient project execution in the Middle East and growing contribution from North Africa and Central Asia REVENUES (€bn) +4.8% +20bps margin sustained by operating leverage and efficiencies EBITDA (€m) 5.6% 5.8% 4.9 5.2 9M 2025 9M 2026 277.8 301.1 9M 2025 9M 2026 +8.4%
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23 395.1 556.0 (81.9) (218.4) (19.4) (194.4) (85.2) 351.8 Adj. net cash 31-Dec-25 Operating cash flows and FX Taxes Cash flow from investments Net financial charges Dividends Share buy-back Adj. net cash 30-Sep-26 NET CASH POSITION AND CAPEX 9M 2026 RESULTS FINANCIAL RESULTS CASH FLOW BRIDGE (€m, ex-IFRS 16) SOLID OPERATING CASH FLOWS SUSTAIN INVESTMENTS AND SHAREHOLDER RETURNS 1. Excluding leasing liabilities - IFRS 16 (€111.2m as of 31 December 2025 and €440.3m as of 30 September 2026) and other minor items. 2. Including the impact from the consolidation of Ballestra Group 3. Of which €187.6m paid to MAIRE shareholders and €6.8m paid on minority interests. 4. 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. 5. Including a deferred price component for the acquisition of APS Group. 6. Including a deferred price component for the acquisition of MyRemono and GasConTec, and an earn-out component related to the acquisition of Conser. 7. Including 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% 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. 8. Sustainability-related capex are defined as the sum of transitional and sustainable investments. Please refer to appendix for work classification criteria. Adj. net cash 31-Dec-251 Operating cash flows2 and FX Taxes Capex Net financial charges Dividends3 Share buyback Adj. net cash 30-Sep-261 37.1 39.0 166.4 12.0 13.0 52.9 218.4 9M 2025 9M 2026 CAPEX (€m)4 Sustainability-related8 Including the total consideration paid for Ballestra Group, a 70% stake in ETEK, and other components related to past acquisitions7 ~52% IE&CS organic STS M&A STS organic 1.96 12.0 1.95 IE&CS M&A
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05 9M 2026 RESULTS RESHAPING OPPORTUNITIES Alessandro Bernini, Chief Executive Officer
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25 €61.4BN OF OPPORTUNITIES ACROSS DIVERSIFIED GEOGRAPHIES AND MARKETS GROUP COMMERCIAL PIPELINE 9M 2026 RESULTS BY PERIOD (€bn) RESHAPING OPPORTUNITIES BY GEOGRAPHY (€bn, 30-Sep-26) SAF LNG Critical minerals North America5.9 Power Circular & biofuels Critical minerals Europe10.8 Gas treatment LNG N-P-K Fertilizers Middle East23.4 N-P-K Fertilizers Gas treatment Chemicals & Soaps Africa7.9 N-P-K Fertilizers Circular & biofuels Critical minerals Asia8.7 Gas treatment SAF & biofuels Chemicals South America4.7 POSITIONED TO CAPTURE LARGE -SCALE PROJECTS EXPECTED TO BE SANCTIONED IN 2027 60.7 61.4 31-Dec-25 30-Sep-26
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26 SOLID FOUNDATIONS, EXPANDING OPPORTUNITIES OUTLOOK 9M 2026 RESULTS RESHAPING OPPORTUNITIES 1. As announced on 4 March 2026 with the 2026-2035 Strategic Plan. 2026 GUIDANCE CONFIRMED 1 GROUP REVENUES AND EBITDA EXPECTED IN THE MID-TO-UPPER END OF THE RANGE Resilient execution, with Middle East mitigation measures and solid progress in Central Asia and North Africa further supporting Q4 Nextchem to accelerate further in Q4, supported by backlog conversion, project mix and increasing contribution from Ballestra Strong commercial pipeline supports further expansion across new geographies and high-growth segments, including LNG Enhanced STS technology platform Building momentum for 2027 and beyond Robust IE&CS performance
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9M 2026 RESULTS Q&A
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9M 2026 RESULTS APPENDIX
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29 SOUND LIQUIDITY AND ROBUST BALANCE SHEET FINANCIAL STRUCTURE 9M 2026 RESULTS APPENDIX 915.5 1,153.8 1,372.6 1,681.2 31-Dec-23 31-Dec-24 31-Dec-25 30-Sep-26 LIQUIDITY (€m) MEDIUM/LONG TERM LOANS AND BOND MATURITIES (€m) Total €997.0m as of 30 September 2026 vs €728.3m as of 31 December 2025 A solid foundation for both operations and future investments 0.4 35.9 49.6 81.7 124.4 247.5 182.5 275.0 0.4 35.9 49.6 329.2 581.9 2026 2027 2028 2029 2030+ Sustainability-linked Bond Sustainability-linked Schuldschein Loans Bank facilities
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30 GROWING TALENT BASE SUPPORTING OPERATIONAL STRENGTH GROUP HEADCOUNT 9M 2026 RESULTS ~700 PEOPLE ADDED IN 9M 2026 DRIVEN BY RECENT ACQUISITIONS GROUP EMPLOYEES APPENDIX 90+ Nationalities ~45% Headcount increase1 Technical and commercial Staff ~6,800 ~8,400 ~9,300 ~9,900 ~8,000 ~9,800 ~10,800 ~11,500 31-Dec-23 31-Dec-24 31-Dec-25 30-Sep-26 1. From 31 December 2023 to 30 September 2026.
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31 9M RESULTS INCOME STATEMENT 9M 2026 RESULTS APPENDIX Q1 2026 Q2 2026 Q3 2026 9M 2025 9M 2026 Change YoY €m % €m % €m % €m % €m % €m % GROUP Revenues 1,836.5 100.0% 1,845.8 100.0% 1,954.4 100.0% 5,234.8 100.0% 5,636.7 100.0% 401.9 7.7% Operating costs (1,705.3) (92.9%) (1,710.9) (92.7%) (1,806.2) (92.4%) (4,876.6) (93.2%) (5,222.4) (92.6%) (345.7) 7.1% EBITDA 131.2 7.1% 134.9 7.3% 148.2 7.6% 358.1 6.8% 414.3 7.4% 56.2 15.7% Depreciation and amortization (17.9) (1.0%) (18.8) (1.0%) (19.9) (1.0%) (49.3) (0.9%) (56.6) (1.0%) (7.3) 14.9% EBIT 113.3 6.2% 116.2 6.3% 128.3 6.6% 308.9 5.9% 357.8 6.3% 48.9 15.8% Net financial income/(charges) (3.0) (0.2%) (0.2) 0.0% (5.3) (0.3%) (8.2) (0.2%) (8.5) (0.2%) (0.3) 3.7% EBT 110.3 6.0% 116.0 6.3% 122.9 6.3% 300.6 5.7% 349.2 6.2% 48.6 16.2% Tax provision (33.6) (1.8%) (35.5) (1.9%) (37.2) (1.9%) (95.8) (1.8%) (106.3) (1.9%) (10.5) 10.9% Net Income 76.7 4.2% 80.5 4.4% 85.8 4.4% 204.8 3.9% 243.0 4.3% 38.1 18.6% Group Net Income 67.4 3.7% 70.5 3.8% 71.0 3.6% 193.6 3.7% 208.9 3.7% 15.3 7.9% STS Revenues 140.6 100.0% 145.1 100.0% 190.6 100.0% 309.4 100.0% 476.3 100.0% 166.9 54.0% EBITDA 32.3 23.0% 35.7 24.6% 45.2 23.7% 80.3 26.0% 113.2 23.8% 32.9 41.0% IE&CS Revenues 1,696.0 100.0% 1,700.7 100.0% 1,763.7 100.0% 4,925.4 100.0% 5,160.4 100.0% 235.0 4.8% EBITDA 98.9 5.8% 99.2 5.8% 102.9 5.8% 277.8 5.6% 301.1 5.8% 23.3 8.4%
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32 AS ANNOUNCED TO THE MARKET WITH THE 2026-2035 STRATEGIC PLAN 2026 GUIDANCE CONFIRMED REVENUES EBITDA CAPEX1 ADJ. NET CASH2 STS IE&CS € 670 – 700m € 190 – 220m € 150 – 165m 22 – 24% margin € 6.8 – 7.0bn € 60 – 80m € 395 – 410m 5.8 – 5.9% margin GROUP 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. 9M 2026 RESULTS APPENDIX € 7.5 – 7.7bn € 250 – 300m € 545 – 575m 7.3 – 7.5% margin In line with YE25 (€395.1m)
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339M 2026 RESULTS APPENDIX BASIS OF PREPARATION SUSTAINABILITY-RELATED WORK FRAMEWORK 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 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, precious metals recovery TRANSITIONAL Includes gas processing with carbon capture, LNG, low-carbon hydrogen and hydrogen derivatives1 (blue), carbon capture, biodegradable plastics from fossil feedstock, ultra-low energy urea and nitric acid, phosphate- and potassium-based fertilizers, specialty and NPK2 fertilizers, fluorine technologies TRADITIONAL 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, sulphuric and phosphoric acid, soaps and detergents Not subject to third-party assurance. 1. Including ammonia and methanol. 2. NPK, i.e., Nitrogen (N), Phosphorus (P), and Potassium (K).
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MAIRE S.P.A. Via Gaetano De Castillia, 6A 20124 Milan, Italy t. +39 02 63131 WEBSITE www.groupmaire.com IR CONTACT investor-relations@groupmaire.com