Maire S.p.a. · MIL:MAIRE
Maire — Q1 2026 Earnings Presentation
27 slides from Maire's earnings presentation, Apr 29, 2026
Slide 1: Q1 2026 Results
29 April 2026 Q1 2026 RESULTS RESILIENT EXECUTION, CONSISTENT DELIVERY
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 Q1 2026 RESULTS
Slide 5: Q1 2026 Highlights
Q1 2026 HIGHLIGHTS A RESILIENT BUSINESS DELIVERING SOLID RESULTS Steady project Further margin Increased backlog execution expansion visibility supported by a well-balanced driven by operating leverage strengthened by Q1 order intake, project mix, with activities and a growing contribution with new
Slide 6: Group Order Intake and Backlog
GROUP ORDER INTAKE AND BACKLOG SUSTAINED BY INCREASING GLOBAL ENERGY NEEDS ORDER INTAKE (€bn) BACKLOG (€bn) Q1 2026 HIGHLIGHTS 0.3 Ballestra Group1 2.6x Book-to-bill3 4.8 15.0 15.7 13.8 12.7 3.5 2.2x Backlog cover4 Q1 2025 Q1 2026 31-Dec-23 31-Dec-24 31-Dec-25 31-Mar-26 Sustainability-related2 >20%
Slide 7: IE&CS Middle East Operations
IE&CS MIDDLE EAST OPERATIONS PROJECTS ADVANCING IN A COMPLEX OPERATING ENVIRONMENT REGION OVERVIEW KEY PROJECT PROGRESS1 AT 31 MARCH 2026 ~2,400 people currently employed in the area Hail and Ghasha gas development project continuing through construction (~70% overall progress) Harvest ammonia proje
Slide 8: Business Highlights: Sustainable Technology Solutions
02 BUSINESS HIGHLIGHTS SUSTAINABLE TECHNOLOGY SOLUTIONS Fabio Fritelli, Managing Director Nextchem Q1 2026 RESULTS
Slide 9: STS Order Intake and Backlog
STS ORDER INTAKE AND BACKLOG DRIVEN BY FERTILIZERS AND SPECIALTY CHEMICALS IN CHALLENGING MARKETS ORDER INTAKE (€m) BACKLOG (€m) Q1 2026 MAIN AWARDS ~580 Proforma Licensing and PDP in China FEED incl. Ballestra Group1 based on proprietary nitrates and urea technologies Licensing, PDP and PEQ supply
Slide 10: The Largest Contract Ever Awarded to Nextchem
THE LARGEST CONTRACT EVER AWARDED TO NEXTCHEM THREE LARGE-SCALE PLANTS FOR NITROGEN FERTILIZERS IN WEST AFRICA SCOPE OF WORK NX AdWin Hydrogen® Technology licensing, process design packages and proprietary equipment Low-carbon hydrogen with autothermal reforming NX AdWin® Combined TOTAL VALUE Co-pro
Slide 11: Business Highlights: Integrated E&C Solutions
03 BUSINESS HIGHLIGHTS INTEGRATED E&C SOLUTIONS Alessandro Bernini, Chief Executive Officer Q1 2026 RESULTS
Slide 12: IE&CS Order Intake and Backlog
IE&CS ORDER INTAKE AND BACKLOG DRIVEN BY CLIENTS’ COMMITMENT TO INVEST IN GAS AND ADVANCED MATERIALS PLANTS ORDER INTAKE (€bn) BACKLOG (€bn) Q1 2026 MAIN AWARDS FEED €4.7bn EPC projects with completion in 2030-2031 further details to be provided in due course, upon completion of certain formalities
Slide 13: Successful Delivery of Rijeka Refinery in Croatia
SUCCESSFUL DELIVERY OF RIJEKA REFINERY IN CROATIA CONFIRMING KT’S EXECUTION TRACK RECORD KEY HIGHLIGHTS Project completed in March EPC awarded by INA for the refinery upgrade, including a new delayed coking unit, process unit revamping, storage and loading facilities Efficiency and environmental per
Slide 14: Financial Results
04 FINANCIAL RESULTS Mariano Avanzi, Chief Financial Officer Q1 2026 RESULTS
Slide 15: Group P&L
GROUP P&L SOLID PERFORMANCE SUPPORTED BY RESILIENT OPERATIONS REVENUES (€bn) EBITDA (€m) NET INCOME (€m) +7.6% +15.7% +19.9% 1.7 1.8 131.2 76.7 113.5 64.0 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Sustainability-related1 ~50% 6.6% 7.1% 3.8% 4.2% High single-digit +50bps Double-digit growth rev
Slide 16: Sustainable Technology Solutions
SUSTAINABLE TECHNOLOGY SOLUTIONS FUELED BY A UNIQUE TECHNOLOGY PORTFOLIO WITH GLOBAL REACH REVENUES (€m) EBITDA (€m) +46.2% +40.8% Excellent growth in a challenging scenario, sustained by fertilizers and low-carbon chemicals 140.6 32.3 Profitability 96.1 22.9 driven by a higher contribution of propr
Slide 17: Integrated E&C Solutions
INTEGRATED E&C SOLUTIONS PROJECTS PROGRESSING IN A COMPLEX ENVIRONMENT REVENUES (€bn) EBITDA (€m) +5.3% +9.3% Revenue growth driven by steady project execution 1.6 1.7 90.5 98.9 +20bps profitability supported by operating leverage and efficiencies Q1 2025 Q1 2026 Q1 2025 Q1 2026 5.6% 5.8% Growth % M
Slide 18: Net Cash Position and Capex
NET CASH POSITION AND CAPEX CASH GENERATION SUSTAINING INVESTMENTS AND BUY-BACK CASH FLOW BRIDGE (€m, ex-IFRS 16) CAPEX (€m) (8.8) (22.8) (3.0) 22.8 116.7 (81.1) 5.0 12.6 8.4 395.1 396.1 5.2 IE&CS organic 9.4 7.4 STS M&A STS organic Adj. Net Cash Operating Taxes Cash Flow Net Financial Share Adj. Ne
Slide 19: Reshaping Opportunities
05 RESHAPING OPPORTUNITIES Alessandro Bernini, Chief Executive Officer Q1 2026 RESULTS
Slide 20: Group Commercial Pipeline
GROUP COMMERCIAL PIPELINE TARGETING €61BN MARKET OPPORTUNITIES BY QUARTER (€bn) BY GEOGRAPHY (€bn, Mar-26) 11.7 Europe Power 5.6 North America SAF & biofuels SAF Circular 9.1 Asia LNG Fertilizers Fertilizers 60.7 61.0 22.3 Middle East Refinery upgrades Gas treatment Petrochemicals Polyolefins Fertil
Slide 21: Outlook
OUTLOOK LEVERAGING OUR CORE CAPABILITIES TO NAVIGATE COMPLEXITY AND DELIVER RESULTS Strong Q1 Project execution Nextchem growth performance advances acceleration providing a solid foundation with Middle East projects supported particularly in H2 2026, also for 2026 and confirming resilient by secure
Slide 22: Appendix
APPENDIX Q1 2026 RESULTS
Slide 23: Income Statement
INCOME STATEMENT Q1 RESULTS Q1 2025 Q1 2026 Change YoY €m % €m % €m % GROUP Revenues 1,706.2 100.0% 1,836.5 100.0% 130.3 7.6% Operating costs (1,592.8) (93.4%) (1,705.3) (92.9%) (112.5) 7.1% EBITDA 113.5 6.6% 131.2 7.1% 17.8 15.7% Depreciation and amortization (15.5) (0.9%) (17.9) (1.0%) (2.4) 15.7%
Slide 24: Hail and Ghasha
HAIL AND GHASHA OVERALL PROGRESS AT ~70% AS OF 31 MARCH 2026 2024 2025 2026 2027 2028 Award Q1 2026 Expected Q4 2023 completion Q1 2026 UPDATE E ~95% Moving toward completion P ~98% C ~50% Progressing, driven by progress across civil works, mechanical and electrical installation E: Engineering; P: P
Slide 25: 2026 Guidance Confirmed
2026 GUIDANCE CONFIRMED AS ANNOUNCED TO THE MARKET WITH THE 2026-2035 STRATEGIC PLAN Consolidation of Ballestra Group expected from Q2 20261 STS IE&CS GROUP REVENUES Strong visibility, with a progressive acceleration through the year € 670 – 700m € 6.8 – 7.0bn € 7.5 – 7.7bn EBITDA Reflecting an evol
Slide 26: 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, pla
Slide 27: MAIRE S.p.A.
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