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. 45 27/10/26 MAIRE: 2026 NINE-MONTH CONSOLIDATED FINANCIAL RESULTS RESILIENT PROJECT EXECUTION AND NEXTCHEM’S TECHNOLOGY EXPANSION UNDERPIN REVENUE GROWTH AND PROFITABILITY 2026 GUIDANCE CONFIRMED, WITH GROUP REVENUES AND EBITDA EXPECTED IN THE MID-TO-UPPER PART OF THE RANGE ALREADY ACHIEVED THE 2026 ORDER INTAKE TARGET, WITH €9 BILLION OF NEW AWARDS YEAR TO DATE THE BACKLOG AT €16.4 BILLION, THE ONGOING COMMERCIAL ACTIVITIES AND FURTHER M&A TRANSACTIONS TO SUPPORT GROUP GROWTH • Steady growth in the main economic results, even in a complex operating environment ‒ Revenues: €5.6 billion (+7.7%) ‒ EBITDA: €414.3 million (+15.7%), margin increase from 6.8% to 7.4% ‒ Net income: €243.0 million (+18.6%), margin increase from 3.9% to 4.3% • Nextchem (Sustainable Technology Solutions) revenues of € 476.3 million (+54.0%) and EBITDA of €113.2 million (+41.0%), margin of 23.8% • Tecnimont and KT (Integrated E&C Solutions) revenues of €5.2 billion (+4.8%) and EBITDA of €301.1 million (+8.4%), margin increase from 5.6% to 5.8% • Adjusted net cash position of € 351.8 million as of 30 September 2026 (€3 95.1 million as of 31 December 2025), net of €218.4 million of capex, €194.4 million of dividends and €85.2 million of share buybacks; up €50.6 million compared to the end of June, thanks to strong operating cash flows • Strong nine-month order intake of €8.9 billion leads to a robust backlog of €16.4 billion at the end of September • Nextchem broadens its technology portfolio for critical metals and materials processing through the recently announced acquisition of MEAB, building on the acquisitions of Ballestra and ETEK completed in June • 2026 guidance confirmed, with Group revenues and EBITDA expected in the mid- to-upper part of the range ‒ STS growth trajectory is expected to accelerate further in the fourth quarter, enabled by backlog conversion, a favorable project mix and the increasing contribution from Ballestra ‒ IE&CS project execution is expected to remain resilient , supported by the mitigation actions 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, 27 October 2026 – The Board of Directors of MAIRE S.p.A. (“MAIRE” or the “Company”) met today to review and approve the Group’s Nine -Month Consolidated Financial Report as of 30 September 2026. Alessandro Bernini, MAIRE’s Chief Executive Officer, commented: “Our nine-month 2026 results further confirm the strength and resilience of our business model even in a complex operating environment. In the Middle East, close coordination with clients and logistic rerouting measures enabled us to advance execution, while the increasing contribution from other geographies further supported results. Our commercial performance remained very strong, having already achieved the 9 billion euro order intake target expected for the full year . Our integrated offering capabilities continue to set us apart, as we broaden geographic reach, particularly in South America, and expand our presence in high -potential segments , such as LNG. We have also further strengthened Nextchem’s technology platform through the recent ly announced acquisition of MEAB, enhancing our expertise in critical metals and materials processing and increasing our exposure to markets linked to the secular growth drivers of electrification and AI infrastructure. On the commercial front, we remain focused on leveraging our distinctive technological and execution capabilities to sustain MAIRE’s growth and create long-term value for all our stakeholders.” 9M 2026 CONSOLIDATED RESULTS HIGHLIGHTS (in euro millions, margins as % of revenues) 9M 2026 9M 2025 Change Revenues 5,636.7 5,234.8 +7.7% EBITDA1 414.3 358.1 +15.7% EBITDA Margin 7.4% 6.8% +60bps Net Income 243.0 204.8 +18.6% Capex (including M&A) 218.42 52.93 +4.1x Order Intake 8,944.24 5,810.9 +3,133.3 (in euro millions) 30 September 2026 31 December 2025 Change Adjusted Net Cash5 351.8 395.1 -43.3 Backlog 16,352.9 12,730.7 +3,622.2 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 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 for 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. 3 Including the deferred price for the acquisitions of MyRemono, APS Group and GasConTec, and an earn-out component related to the acquisition of Conser. 4 Including €265.3 million consolidation of Ballestra Group backlog following the acquisition completion in Q2 2026. 5 Excluding leasing liabilities – IFRS 16 (€440.3 million as of 30 September 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 SEPTEMBER 20266 MAIRE Group’s reported figures as of 30 September 2026 reflect the consolidation of Ballestra Group and ETEK, including their contribution to the consolidated income statement from 1 July 2026. Revenues were €5.6 billion, up 7.7%, thanks to the consistent progress of projects under execution. EBITDA was €414.3 million, up 15.7%, driven by higher revenues and the efficient management of overhead costs. EBITDA margin was 7.4%, up 60 basis points , also thanks to the stronger contribution from higher value-added services generated by Nextchem. Amortization, Depreciation, Write-downs, and Provisions were €56.6 million, up €7.3 million, mainly due to the start -up of assets for the digitalization of industrial processes , the marketing of new patents and technological developments, as well as the consolidation of Ballestra. EBIT was €357.8 million, up 15.8%, with a margin of 6.3%, up 40 basis points. Net financial charges, also including the result from investments, were €8.5 million, substantially in line. Pre-tax Income was €349.2 million and the tax provision was € 106.3 million. The tax rate was 30.4%, reflecting the various jurisdictions in which the Group’s operations have been carried out. Net Income was €243.0 million, up 18.6%, with a 4.3% margin, up 40 basis points. Group Net Income, after €34.0 million of result attributable to minority shareholders – mainly related to Nextchem and projects in joint venture – was €208.9 million, up 7.9%. Adjusted Net Cash as of 30 September 2026, excluding IFRS 16 leasing liabilities and other minor items, was €351.8 million, compared to €395.1 million as of 31 December 2025 , net of capital expenditures for €218.4 million, dividends for €194.4 million7 and the share buyback program for €85.2 million in the first nine months. Adjusted Net Cash improved €50.6 million compared to €301.1 million as of 30 June 2026, thanks to operating cash flows which more than offset the outflows during the quarter. IFRS 16 leasing liabilities as of 30 September 2026 were €440.3 million, compared to €111.2 million as of 31 December 2025. The increase primarily reflects the new lease agreement signed on 1 July 2026 for MAIRE’s headquarters at the Garibaldi Complex in Milan, securing the Group’s presence at the site for more than 20 years. Capital expenditures for €218.4 million included M&A investments for €166.4 million and organic investments for €52.0 million. M&A investments were related to the acquisitions of 100% of Ballestra Group and a 70% stake in ETEK, the consideration paid for the exercise of the call option on the remaining 16.5% minority interest in Conser, the consideration paid for the remaining 15% minority interest in MyReplast and MyReplast Industries, as well as earn-outs and deferred-price components related to other past acquisitions. Organic investments mainly included internal development and scale-up of proprietary technologies , the development of Rome NODE – Nextchem’s recently inaugurated innovation hub – and digital innovation projects. Consolidated Shareholders’ Equity as of 30 September 2026 was €735.9 million, compared to €773.8 million at 31 December 2025, mainly reflecting the impact of dividend payments and treasury share buybacks in support of the employee incentive plans, partially offset by the positive net result for the period. 6 The changes reported refer to 9M 2026 compared with 9M 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 PERFORMANCE BY BUSINESS UNIT Sustainable Technology Solutions (STS) (in euro millions, margins as % of revenues) 9M 2026 9M 2025 Change Revenues 476.3 309.4 +54.0% EBITDA 113.2 80.3 +41.0% EBITDA Margin 23.8% 26.0% -220bps Revenues were €476.3 million, up 54.0%, mainly driven by technology solutions and services for the production of low-carbon chemicals and fertilizers. EBITDA was €113.2 million, up 41.0%, supported by higher volumes, with a margin of 23.8% as a result of a higher contribution from proprietary equipment in the product mix during the period. Integrated E&C Solutions (IE&CS) (in euro millions, margins as % of revenues) 9M 2026 9M 2025 Change Revenues 5,160.4 4,925.4 +4.8% EBITDA 301.1 277.8 +8.4% EBITDA Margin 5.8% 5.6% +20bps Revenues were €5.2 billion, up 4.8%, driven by the resilient execution of projects in the Middle East and the growing contribution from projects in Algeria and Kazakhstan secured in the past two years. EBITDA was €301.1 million, up 8.4%, 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) 9M 2026 9M 2025 Change Sustainable Technology Solutions 793.74 325.3 +468.4 Integrated E&C Solutions 8,150.5 5,485.5 +2,665.0 Order Intake 8,944.24 5,810.9 +3,133.3 Order Intake in the nine months of 2026 was €8.9 billion. In particular, the order intake of the Sustainable Technology Solutions business unit was €793.7 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 nine months include: • two licensing and Process Design Package contracts in China for nitrates and urea; • 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, USA;
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5 • licensing for biomass-to-syngas for a SAF plant in Canada; • €140 million contract for licensing, Process Design Package and proprietary equipment supply for Fértil Pampa’s large-scale fertilizer plant in Argentina; • licensing, Process Design Package and proprietary equipment supply for a detergent powder plant in Nigeria; • engineering services for a SAF project in Australia; • licensing, Process Design Package and proprietary equipment supply for two urea plants in China; • proprietary equipment supply of three high-pressure urea strippers in Germany; • Process Design Package for a new urea plant in Canada; • a feasibility study for a mechanical plastic upcycling plant in Turkey; • €125 million contract for licensing, Process Design Package and proprietary equipment supply for SABIC’s SAN-7 large-scale fertilizer project in Saudi Arabia. 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 €8.2 billion. The main projects awarded to this business unit in the nine months include: • $1.3 billion EPC for a petrochemical project scheduled for completion in 2031; • $4.3 billion EPC for ADNOC Gas’ Rich Gas Development project in the UAE, including a new natural gas liquids fractionation unit; • $2.3 billion EPC for Saudi Aramco’s Safaniyah Water Injection project in Saudi Arabia, including onshore water treatment and injection facilities and utilities; • €1.2 billion EP for Fertil Pampa’s fertilizer project in Argentina , including commissioning and start-up activities; • early engineering for a large-scale gas monetization plant in South America, expected to roll over into the EPC phase, subject to Final Investment Decision; • a competitive FEED for ADNOC Gas’ East Coast LNG Facility in the UAE; • a FEED for a petrochemical project in Asia, expected to roll over into the EPC phase, subject to Final Investment Decision; • a FEED for Argent LNG ’s export facility in the US A, including Federal Energy Regulatory Commission (FERC) permitting process support. Backlog (in euro millions) 30 September 2026 31 December 2025 Change Sustainable Technology Solutions 786.1 366.0 +420.1 Integrated E&C Solutions 15,566.8 12,364.7 +3,202.1 Backlog 16,352.9 12,730.7 +3,622.2 As a result of the order intake of the period, the Group's Backlog at 30 September 2026 reached €16.4 billion, up €3.6 billion compared to the end of 2025.
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6 UPDATE ON ON-SITE OPERATIONS IN THE MIDDLE EAST With regard to operations across the Middle East, the Company confirms that all personnel, including the subcontractors' workforce, are operating in compliance with applicable security protocols and in constant coordination with clients , and that the main projects with ongoing on -site operations continued to advance through construction and commissioning activities. The availability of materials and key equipment at the sites of projects under construction was ensured by the extensive procurement campaign carried out, particularly in late 2025, and further reinforced by additional deliveries received over the recent months, following the reconfiguration of logistic routes. The Group activated a comprehensive set of additional mitigation measures in close coordination with clients and partners , supporting project execution across the region, while commissioning activities continued across the remaining projects. At the same time, the Group continued to monitor and document both direct and indirect impacts, supporting the ongoing management of cost escalations related to mitigation measures and the ir appropriate contractual recognition. 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 80% a s of the end of September 2026, with engineering and procurement activities nearing completion. Construction activities reached 70% progress, supported by the availability of materials and key equipment on site as well as the implementation of night-shift operations during the summer period. Following the reduced operability of the Strait of Hormuz, Tecnimont activated a range of mitigation measures in close cooperation with the client , including the rerouting of around 1,300 shipments through alternative ports and the successful delivery of approximately 2,800 containers to the site over the past months. These actions, together with the delivery of several oversized and heavy -lift pieces of equipment and additional deliveries expected in the near term , could support an acceleration of execution activities in the coming months. LAUNCH OF THE SHARE BUYBACK PROGRAM On 23 September 2026, MAIRE announced the launch of a treasury share buyback purchase program for a maximum of no. 5,000,000 ordinary shares, dedicated to serve Group share incentive plans. EVENTS AFTER THE CLOSE OF THE PERIOD Acquisition of MEAB AB and MEAB GmbH On 20 October 2026, Nextchem announced that it has signed binding agreements for the acquisition of the entire share capital of MEAB AB (Sweden) and MEAB GmbH (Germany) for a maximum consideration of €8.0 million, consisting of an upfront payment of €4.0 million and an earn-out of up to €4.0 million, with the closing expected in the fourth quarter of 2026. MEAB is a specialized provider of technologies, proprietary equipment and engineering services, with over 50 years of know -how in the development of tailored processes, designed around the characteristics of the specific feedstock or recycled raw material, for the separation, purification and
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7 recovery of precious metals, rare earths and critical materials, essential to support electrification and the development of digital and AI infrastructure. Nextchem inaugurates Rome NODE (Nextchem Operating Research & Development Excellence) On 22 October 2026, Nextchem has inaugurated NODE in Rome, a center of excellence to accelerate the development and validation of innovative technologies combining AI-enabled scientific research, engineering expertise and industrial know-how into a single platform. The new Rome center is part of the NODE – Nextchem Operating Research & Development Excellence – ecosystem, Nextchem’s European applied research network, which currently connects six specialized and complementary centers to support technologies through to industrial scale-up. OUTLOOK The results delivered in the first nine months of 2026 confirm the solidity of the Group’s business model. Steady project execution, a diversified backlog and strong commercial momentum underpinned a robust financial performance in a complex operating environment. In the Middle East, the mitigation measures implemented in close coordination with clients and partners are expected to support further project progress over the coming months. At the same time, in the fourth quarter, the Integrated E&C business is expected to benefit from the continued ramp - up of activities across other geographies, particularly in Central Asia and North Africa. The growth trajectory of Sustainable Technology Solutions is expected to accelerate further in the fourth quarter, driven by backlog conversion, a favorable project mix and the increasing contribution from Ballestra. In light of the above, 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 , with Group revenues and EBITDA expected to be in the mid-to-upper end of the range. At the same time, the Group remains focused on ongoing commercial activities and on pursuing further M&A transactions aimed at supporting its growth in the years ahead. 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 11,453 employees as of 30 September 2026, an increase of 698 professionals compared to 31 December 2025, also thanks to the acquisition of Ballestra Group.
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8 *** CONFERENCE CALL AND WEBCAST The top management of MAIRE will present the 9M 2026 Results during a conference call today at 5:30pm CET. The live stream of the event can be accessed at the following link: MAIRE 9M 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 9M 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). *** 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 Interim Financial Report as of 30 September 2026 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 11,500 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 September 2026 30 September 2025 Revenues 5,555,267 5,147,522 Other operating revenues 81,454 87,266 Total Revenues 5,636,721 5,234,788 Raw materials and consumables (1,614,631) (2,074,860) Service costs (2,776,281) (2,082,978) Personnel expenses (660,119) (616,713) Other operating costs (171,344) (102,093) Total costs (5,222,376) (4,876,644) Amortization, depreciation and write-downs (56,076) (48,800) Write-down of current assets (514) (429) Provision for risks and charges 0 (39) EBIT 357,755 308,876 Financial income 41,148 63,171 Financial expenses (60,510) (69,524) Investment income/(expenses) 10,835 (1,874) INCOME BEFORE TAX 349,228 300,649 Income taxes, current and deferred (106,264) (95,803) NET INCOME 242,964 204,846 Group 208,932 193,605 Minorities 34,033 11,241 Basic earnings per share 0.638 0.592 Diluted earnings per share 0.638 0.592
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10 Consolidated Balance Sheet (1/2) (in euro thousands) 30 September 2026 31 December 2025 ASSETS NON-CURRENT ASSETS Property, plant and equipment 103,285 69,180 Goodwill 498,201 364,740 Other intangible assets 231,612 191,272 Right-of-use – Leasing 428,443 108,864 Investments in associates 35,827 36,970 Financial instruments – Derivatives (non-current assets) 10,069 1,532 Other non-current financial assets 103,138 96,265 Other non-current assets 114,891 71,142 Deferred tax assets 91,730 78,124 Total Non-Current Assets 1,617,196 1,018,090 CURRENT ASSETS Inventories 37,297 12,595 Advance payments to suppliers 510,654 718,969 Contractual assets 3,333,662 2,857,823 Trade receivables 1,915,576 1,480,334 Current tax assets 349,166 310,022 Financial instruments – Derivatives (current assets) 42,085 80,707 Other current financial assets 67,919 30,704 Other current assets 288,573 278,282 Cash and cash equivalents 1,681,161 1,372,616 Total Current Assets 8,226,094 7,142,055 Non-current assets classified as held for sale 0 0 TOTAL ASSETS 9,843,290 8,160,145
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11 Consolidated Balance Sheet (2/2) (in euro thousands) 30 September 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 (156,567) (133,173) Valuation reserve (6,431) (5,345) Total shareholders’ equity and reserves 129,843 154,325 Retained earnings/(accumulated losses) 308,428 298,243 Net income/(loss) 208,932 260,267 Total Group net equity 647,204 712,835 Minorities 88,714 60,963 Total net equity 735,918 773,798 NON-CURRENT LIABILITIES Financial debt - non-current portion 694,302 399,055 Provisions for charges - beyond 12 months 6,664 4,307 Deferred tax liabilities 72,893 75,920 Post-employment and other employee benefits 15,206 13,353 Other non-current liabilities 299,466 231,206 Financial instruments – derivatives (non-current liabilities) 134 1,719 Other non-current financial liabilities 292,426 292,695 Non-current financial liabilities - Leasing 415,546 82,323 Total non-current liabilities 1,796,637 1,100,577 CURRENT LIABILITIES Short-term debt 330,444 250,829 Current financial liabilities – Leasing 24,757 28,865 Provisions for charges - within 12 months 67 60 Tax payables 173,409 140,810 Financial instruments – derivatives (current liabilities) 7,630 2,509 Other current financial liabilities 220,579 231,537 Client advance payments 884,622 541,360 Contractual liabilities 732,249 646,266 Trade payables 4,468,960 3,992,404 Other current liabilities 468,020 451,129 Total current liabilities 7,310,736 6,285,770 Liabilities associated with non-current assets classified as held for sale 0 0 TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES 9,843,290 8,160,145
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12 Consolidated Cash Flow Statement (in euro thousands) 30 September 2026 30 September 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 242,964 204,846 Adjustments: - Amortisation of intangible assets 23,883 19,375 - Depreciation of non-current tangible assets 7,079 6,284 - Depreciation of right-of-use - Leasing 25,113 23,141 - Provisions 514 468 - (Revaluations)/Write-downs on investments (10,835) 1,874 - Financial charges 60,510 69,524 - Financial (Income) (41,148) (63,171) - Income and deferred tax 106,264 95,803 - Capital (gains)/losses 42 (154) - Translation of financial statements in foreign currency (4,601) (24,934) - (Increase)/decrease inventories/supplier advances 201,462 15,270 - (Increase)/decrease in trade receivables (395,126) (236,051) - (Increase)/decrease in contract assets receivables (522,655) (399,023) - Increase/(decrease) in other liabilities 73,362 33,617 - (Increase)/decrease in other assets (46,842) (78,772) - Increase/(decrease) in trade payables/advances from clients 678,407 246,295 - Increase/(decrease) in payables for contract liabilities 23,813 349,678 - Increase/(decrease) in provisions (including post-employment benefits) 7,386 43,019 - Income taxes paid (81,867) (98,373) CASH FLOW FROM OPERATIONS (B) 347,727 208,714 INVESTMENTS (Investment)/disposal of non-current tangible assets (21,138) (6,780) (Investment)/disposal of intangible assets (31,413) (42,338) (Investment)/disposal in associated companies 527 1,466 (Investments)/disposal of companies net of cash and cash equivalents acquired (55,935) (3,781) CASH FLOW FROM INVESTMENTS (C) (107,959) (51,433) FINANCING Repayments of principal of financial leasing liabilities (25,372) (22,305) Payments of financial charges on financial leasing liabilities (7,401) (4,335) Financial income received 26,309 12,801 Financial charges paid (47,262) (57,424) Increase/(decrease) in short-term debt 105,164 39,102 Repayments of long-term debt (371,288) (4,072) Proceeds from long-term debt 636,444 63,360 Proceeds from bonds 680,200 395,600 Repayment of bonds (684,100) (317,400) Change in other financial assets and liabilities 35,716 (11,105) Dividends (194,393) (120,028) Treasury shares buyback (85,240) (63,350) CASH FLOW FROM FINANCING (D) 68,776 (89,155) INCREASE / (DECREASE) IN CASH AND CASH EQUIVALENTS (B+C+D) 308,544 68,124 CASH AND CASH EQUIVALENTS AT YEAR END (A+B+C+D) 1,681,161 1,221,903 of which cash and cash equivalents of discontinued operations 0 0 CASH AND CASH EQUIVALENTS REPORTED IN THE FINANCIAL STATEMENTS 1,681,161 1,221,903