Maire S.p.a. · MIL:MAIRE
Maire — Maire Tecnimont — 9M 2026 Earnings Presentation
33 slides from Maire's earnings presentation, Oct 27, 2026
Slide 1: 9M 2026 Results
27 October 2026 9M 2026 RESULTS RESILIENT EXECUTION, BROADER TECHNOLOGY PORTFOLIO
Slide 2: Disclaimer
DISCLAIMER This document has been prepared by MAIRE S.p.A. (the “Company”) solely for use in the presentation of the MAIRE Group (the “Group”) and its financial results. This document does not constitute or form part of any offer or invitation to sell, or any solicitation to purchase any security is
Slide 3: Agenda
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 A
Slide 4: Introductory Remarks
01 INTRODUCTORY REMARKS Alessandro Bernini, Chief Executive Officer 9M 2026 RESULTS
Slide 5: 9M 2026 Highlights
9M 2026 HIGHLIGHTS PERFORMANCE BACKED BY MULTI-REGION EXECUTION AND TECHNOLOGY EXPANSION Resilient project Margin Strong commercial execution expansion momentum supported by close coordination underpinned by Nextchem’s driven by MAIRE’s with clients in the Middle East and technologies growing contri
Slide 6: Group Order Intake and Backlog
GROUP ORDER INTAKE AND BACKLOG CAPTURING INVESTMENTS DRIVEN BY ENERGY SECURITY AND INDUSTRIAL RESILIENCE ORDER INTAKE (€bn) BACKLOG (€bn) 9M 2026 HIGHLIGHTS 1.6x Book-to-bill3 8.91 16.4 15.0 13.8 12.7 2.2x 5.8 Backlog cover4 9M 2025 9M 2026 31-Dec-23 31-Dec-24 31-Dec-25 30-Sep-26 Sustainability-rela
Slide 7: Business Highlights: Sustainable Technology Solutions
02 BUSINESS HIGHLIGHTS SUSTAINABLE TECHNOLOGY SOLUTIONS Fabio Fritelli, Managing Director Nextchem 9M 2026 RESULTS
Slide 8: STS Order Intake and Backlog
STS ORDER INTAKE AND BACKLOG GROWTH DRIVEN BY FERTILIZERS AND A BROADER TECHNOLOGY PLATFORM ORDER INTAKE (€m) BACKLOG (€m) 9M 2026 MAIN AWARDS FEED MOVE MAKE 793.7 265.31 786.1 528.4 325.3 366.0 9M 2025 9M 2026 31-Dec-25 30-Sep-26 COMBINING ORGANIC MOMENTUM AND STRATEGIC ACQUISITIONS TO EXPAND MARKE
Slide 9: Large-Scale Fertilizer Complex in Saudi Arabia
LARGE-SCALE FERTILIZER COMPLEX IN SAUDI ARABIA NEXTCHEM'S TECHNOLOGY SELECTED FOR SABIC AGRI-NUTRIENTS’ 7TH PROJECT HIGHLIGHTS €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
Slide 10: MEAB's Acquisition
MEAB’S ACQUISITION ADVANCING CRITICAL MATERIALS SEPARATION, PURIFICATION AND RECOVERY HIGHLIGHTS TRANSACTION1 DETAILS Hydrometallurgical technologies with know-how in solvent extraction for the separation, recovery and €8.0m purification of critical metals, complementing Nextchem's offering total co
Slide 11: Rome NODE Opening: Where the Journey Began 40 Years Ago
ROME NODE OPENING: WHERE THE JOURNEY BEGAN 40 YEARS AGO R&D, PILOT PLANTS AND PROCESS DEMONSTRATION COME TOGETHER 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
Slide 12: Business Highlights: Integrated E&C Solutions
03 BUSINESS HIGHLIGHTS INTEGRATED E&C SOLUTIONS Alessandro Bernini, Chief Executive Officer 9M 2026 RESULTS
Slide 13: IE&CS Middle East Onsite Operations
IE&CS MIDDLE EAST ONSITE OPERATIONS ACTIVELY MANAGING THE OPERATING ENVIRONMENT REGION OVERVIEW & LOGISTICS KEY PROJECT PROGRESS1 AT 30-SEP-2026 Safeguarding ~2,500 people currently employed in the area Gas treatment Hail and Ghasha progressing through construction (~80% overall progress) Ammonia Ha
Slide 14: Hail and Ghasha
HAIL AND GHASHA OVERALL PROGRESS AT ~80% AS OF 30 SEPTEMBER 2026 SCALE AND ACTIONS PROTECTING PROGRESS ACHIEVED EXECUTION Civil/concrete activities ~1,300 shipments re-routed substantially completed through alternative ports +700 vs June 2026 Steel structures ~2,800 containers delivered main install
Slide 15: IE&CS Order Intake and Backlog
IE&CS ORDER INTAKE AND BACKLOG STRONG MOMENTUM, WITH GROWING EXPOSURE TO LNG AND THE AMERICAS ORDER INTAKE (€bn) BACKLOG (€bn) 9M 2026 MAIN AWARDS $1.3bn EPC for a petrochemical project scheduled for completion in 2031 $4.3bn EPC for the Rich Gas Development project in the UAE including a new natura
Slide 16: Rich Gas Development Project in the UAE
RICH GAS DEVELOPMENT PROJECT IN THE UAE HIGH-VALUE LIQUIDS RECOVERY FROM RICH NATURAL GAS 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 Li
Slide 17: Safaniyah Water Injection Project in Saudi Arabia
SAFANIYAH WATER INJECTION PROJECT IN SAUDI ARABIA SUSTAINING PRODUCTION AT THE WORLD'S LARGEST OFFSHORE FIELD 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-optim
Slide 18: Building Momentum in LNG
BUILDING MOMENTUM IN LNG EARLY ENGAGEMENT IN STRATEGIC PROJECT DEVELOPMENTS LOUISIANA, USA FUJAIRAH, UAE FEED contract Competitive FEED including technical support to the Federal Energy Regulatory with expected completion in 12-15 months Commission (FERC) permitting process before progressing to the
Slide 19: Financial Results
04 FINANCIAL RESULTS Mariano Avanzi, Chief Financial Officer 9M 2026 RESULTS
Slide 20: Group P&L
GROUP P&L REVENUE GROWTH LED BY PROJECT EXECUTION, PROFITABILITY BOOSTED BY TECHNOLOGY REVENUES (€bn) EBITDA (€m) NET INCOME (€m) +7.7% +15.7% +18.6% 5.6 414.3 243.0 5.2 358.1 204.8 9M 2025 9M 2026 9M 2025 9M 2026 9M 2025 9M 2026 Sustainability-related1 ~47% 6.8% 7.4% 3.9% 4.3% High single-digit +60
Slide 21: Sustainable Technology Solutions
SUSTAINABLE TECHNOLOGY SOLUTIONS CONTINUED STRONG DOUBLE-DIGIT GROWTH REVENUES (€m) EBITDA (€m) +54.0% +41.0% Revenue growth sustained by low-carbon chemicals and fertilizers 476.3 113.2 Profitability 80.3 reflects a higher contribution 309.4 from proprietary equipment in the product mix 9M 2025 9M
Slide 22: Integrated E&C Solutions
INTEGRATED E&C SOLUTIONS MULTI-REGION EXECUTION DRIVING GROWTH REVENUES (€bn) EBITDA (€m) +4.8% +8.4% Revenue increase driven by resilient project execution in the Middle East and growing contribution from North Africa and Central Asia 4.9 5.2 277.8 301.1 +20bps margin sustained by operating leverag
Slide 23: Net Cash Position and Capex
NET CASH POSITION AND CAPEX SOLID OPERATING CASH FLOWS SUSTAIN INVESTMENTS AND SHAREHOLDER RETURNS CASH FLOW BRIDGE (€m, ex-IFRS 16) CAPEX (€m)4 IE&CS M&A IE&CS organic 218.4 STS M&A (81.9) 13.0 STS organic Including the total (218.4) consideration 556.0 (19.4) paid for Ballestra Group, a 70% (194.4
Slide 24: Reshaping Opportunities
05 RESHAPING OPPORTUNITIES Alessandro Bernini, Chief Executive Officer 9M 2026 RESULTS
Slide 25: Group Commercial Pipeline
GROUP COMMERCIAL PIPELINE €61.4BN OF OPPORTUNITIES ACROSS DIVERSIFIED GEOGRAPHIES AND MARKETS BY PERIOD (€bn) BY GEOGRAPHY (€bn, 30-Sep-26) 10.8 Europe Power 5.9 North America Circular & biofuels SAF Critical minerals 8.7 Asia LNG Critical minerals N-P-K Fertilizers 60.7 61.4 23.4 Middle East Circul
Slide 26: Outlook
OUTLOOK SOLID FOUNDATIONS, EXPANDING OPPORTUNITIES Robust IE&CS Enhanced STS Building momentum performance technology platform for 2027 and beyond Resilient execution, with Middle East Nextchem to accelerate further in Q4, Strong commercial pipeline mitigation measures and solid supported by backlog
Slide 27: Appendix
APPENDIX 9M 2026 RESULTS
Slide 28: Financial Structure
FINANCIAL STRUCTURE SOUND LIQUIDITY AND ROBUST BALANCE SHEET LIQUIDITY (€m) MEDIUM/LONG TERM LOANS AND BOND MATURITIES (€m) Sustainability-linked Bond Sustainability-linked Schuldschein Loans 581.9 Bank facilities 275.0 329.2 1,681.2 1,372.6 182.5 1,153.8 247.5 915.5 35.9 49.6 0.4 124.4 49.6 81.7 0.
Slide 29: Group Headcount
GROUP HEADCOUNT GROWING TALENT BASE SUPPORTING OPERATIONAL STRENGTH GROUP EMPLOYEES ~11,500 ~10,800 ~9,800 ~8,000 ~45% Headcount increase1 ~9,300 ~9,900 ~8,400 ~6,800 90+ Nationalities 31-Dec-23 31-Dec-24 31-Dec-25 30-Sep-26 Technical and commercial Staff ~700 PEOPLE ADDED IN 9M 2026 DRIVEN BY RECEN
Slide 30: Income Statement
INCOME STATEMENT 9M RESULTS 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
Slide 31: 2026 Guidance Confirmed
2026 GUIDANCE CONFIRMED AS ANNOUNCED TO THE MARKET WITH THE 2026-2035 STRATEGIC PLAN STS IE&CS GROUP REVENUES € 670 – 700m € 6.8 – 7.0bn € 7.5 – 7.7bn EBITDA € 150 – 165m € 395 – 410m € 545 – 575m 22 – 24% margin 5.8 – 5.9% margin 7.3 – 7.5% margin CAPEX1 € 190 – 220m € 60 – 80m € 250 – 300m ADJ. NE
Slide 32: Sustainability-Related Work Framework
SUSTAINABILITY-RELATED WORK FRAMEWORK BASIS OF PREPARATION SUSTAINABLE We categorize our work under three types – Sustainable, Transitional or Traditional – in Includes hydrogen and hydrogen derivatives1 from electrolysis (green and pink), e-fuels, biofuels, SAF, bioplastics from bio-feedstock, plas
Slide 33: MAIRE S.p.A. contact details
MAIRE S.P.A. Via Gaetano De Castillia, 6A 20124 Milan, Italy t. +39 02 63131 WEBSITE www.groupmaire.com IR CONTACT [email protected]