Maire S.p.a. · MIL:MAIRE
Maire — H1 2025 Earnings Presentation
29 slides from Maire's earnings presentation, Jul 31, 2025
Slide 1: H1 2025 Results: Raising the Bar
31 July 2025 H1 2025 RESULTS RAISING THE BAR
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 H1 2025 RESULTS
Slide 5: H1 2025 Highlights
H1 2025 HIGHLIGHTS STRONG FUNDAMENTALS FUELING GROWTH AND MARGIN EXPANSION Solid project Increased Enhanced revenue execution profitability visibility driven by projects in the Middle East thanks to operating leverage new awards in Asia, Africa and Europe and North Africa and high value-added servic
Slide 6: Group Order Intake and Backlog
GROUP ORDER INTAKE AND BACKLOG SIGNIFICANT NEW AWARDS IN HIGH-GROWTH REGIONS ORDER INTAKE (€bn) BACKLOG (€bn) Europe vs 7% 5% Dec-24 Asia Americas2 Middle East vs 1% 31% 5.6 15.7 vs 1% vs 69% Dec-24 1% 44% 13.8 Dec-24 Dec-24 3.4 Africa vs 22% 19% Dec-24 H1 2 0 2 4 H1 2 0 2 5 3 1 -De c -2 4 3 0 -Ju n
Slide 7: Group Headcount
GROUP HEADCOUNT WORKFORCE GROWTH AND PROFESSIONALS ONBOARDING FUEL OPERATIONAL STRENGTH GROUP EMPLOYEES ~9,800 ~10,200 400+ ~8,000 H 1 2 0 2 5 headcount increase ~6,500 85 ~8,700 nationalities ~8,400 ~6,800 ~5,500 ~700 STS people 3 1 -De c -2 2 3 1 -De c -2 3 3 1 -De c -2 4 3 0 -Ju n -2 5 Te ch n ic
Slide 8: Business Highlights: Sustainable Technology Solutions
02 BUSINESS HIGHLIGHTS SUSTAINABLE TECHNOLOGY SOLUTIONS Fabio Fritelli, Managing Director NEXTCHEM H1 2025 RESULTS
Slide 9: H1 2025 Order Intake and Backlog (STS)
H1 2025 ORDER INTAKE AND BACKLOG GROWTH DRIVEN BY LOW-CARBON ENERGY VECTORS IN CHALLENGING MARKETS ORDER INTAKE (€m) BACKLOG (€m) PDP for a fertilizer plant in China Licensing for a hydrogen production unit in Malaysia PEQ for a low-carbon fuel plant in Sub-Saharan Africa 3-year service contract for
Slide 10: Pacifico Mexinol Award
PACIFICO MEXINOL AWARD THE WORLD’S LARGEST ULTRA-LOW CARBON METHANOL PLANT 1. To be included in order intake and backlog at the Final Investment Decision. PEQ: proprietary equipment. 2. Final Investment Decision. 3. European Union’s International Sustainability & Carbon Certification. H1 2025 RESULT
Slide 11: Hot Topics
HOT TOPICS TECHNOLOGY OFFERING E-FACTORY FOR CHEMISTRY NX eBLUE via nuclear energy low-carbon H2 reduction >> >> >> >> H1 2025 RESULTS BUSINESS HIGHLIGHTS | STS 11
Slide 12: Business Highlights: Integrated E&C Solutions
03 BUSINESS HIGHLIGHTS INTEGRATED E&C SOLUTIONS Alessandro Bernini, Chief Executive Officer H1 2025 RESULTS
Slide 13: H1 2025 Order Intake and Backlog (IE&CS)
H1 2025 ORDER INTAKE AND BACKLOG SURGE OF STRATEGIC AWARDS IN NEW GEOGRAPHIES ORDER INTAKE (€bn) BACKLOG (€bn) EPC for a hydrogen production unit in Malaysia EPC for the Silleno petrochemical complex in Kazakhstan 5.4 15.3 EPC for a complex upgrade in Sub-Saharan Africa 13.5 3.2 EPCm for a green hyd
Slide 14: Silleno and Tengiz
SILLENO AND TENGIZ NEW AWARDS IN KAZAKHSTAN Ethane pipeline 210 km End-markets consumer goods E: Engineering; P: Procurement, C: Construction. H1 2025 RESULTS BUSINESS HIGHLIGHTS | IE&CS 14
Slide 15: Hail and Ghasha
HAIL AND GHASHA WELL ON TRACK WITH SCHEDULE, OVERALL PROGRESS AT ~33% OVER 18 MILLION SAFE MAN-HOURS ACHIEVED OCT 2023 2024 2025 2026 2027 2028 Award Expected completion H1 UPDATES Engineering is advancing well, with some activities ahead of schedule: E 69% progress Procurement is advancing, with ma
Slide 16: Backlog Phasing
BACKLOG PHASING STRONG REVENUE VISIBILITY ENHANCED BY THE RECENT AWARDS H2 2025 2026 2027+ Total IE&CS backlog €15.3bn As of 30 June 2025 ~20-22% MENA projects moving into procurement and construction ~38-40% MENA continuing to drive execution. Central Asia to contribute more in H2 ~40% All major pr
Slide 17: Financial Results
04 FINANCIAL RESULTS Mariano Avanzi, Chief Financial Officer H1 2025 RESULTS
Slide 18: Group P&L
GROUP P&L STRONG TOP-LINE AND OPERATIONAL EFFICIENCY BOOST BOTTOM-LINE GROWTH REVENUES (€bn) EBITDA (€m) NET INCOME (€m) Revenue increase driven by +31.3% +36.2% +37.0% steady project execution EBITDA growth supported by operating leverage Net profit benefitting from 3.4 232.1 132.9 higher operating
Slide 19: Sustainable Technology Solutions
SUSTAINABLE TECHNOLOGY SOLUTIONS DELIVERING OVER 20% GROWTH IN REVENUES AND EBITDA REVENUES (€m) EBITDA (€m) Revenue growth led by low-carbon +22.7% +25.2% and circular fuels, fertilizers and CO2 capture EBITDA growth supported by higher revenues 194.5 48.6 Profitability driven by contribution 158.5
Slide 20: Integrated E&C Solutions
INTEGRATED E&C SOLUTIONS ROBUST PERFORMANCE UNDERPINNED BY EXECUTION EXCELLENCE AND PROJECT SCALE REVENUES (€bn) EBITDA (€m) Revenue growth driven +31.8% +39.5% by steady execution of projects in the Middle East and ramp-up of projects in Algeria EBITDA increase supported 3.2 183.5 by project mix 2.
Slide 21: Net Cash Position and Capex
NET CASH POSITION AND CAPEX HEALTHY CASH POSITION UPHELD POST DIVIDENDS AND BUYBACK CASH FLOW BRIDGE (€m, EX-IFRS 16) CAPEX (€m)3 Disbursed -40.1 26.2 CAPEX 30.2 -30.2 -1.3 179.5 -63.4 -119.5 57.2 9.8 483.0 29.2 375.1 7.2 300.1 43.85 23.0 3.6 -1.06 1 2 1 A d j . n et c a s h O p e ra t i n g T a xe
Slide 22: The Way Forward
05 THE WAY FORWARD Alessandro Bernini, Chief Executive Officer H1 2025 RESULTS
Slide 23: Group Commercial Pipeline
GROUP COMMERCIAL PIPELINE MARKET OPPORTUNITIES WORTH €60.2BN AS OF QUARTER END (€bn) Europe CO2 capture 13.3 SAF & Biofuels Circular Americas Middle East Asia 60.2 Fertilizers 59.0 4.7 Gas treatment Petrochemicals SAF 22.6 13.4 Polyolefins Refinery upgrades Polyolefins Fertilizers Fertilizers Africa
Slide 24: 2025 Outlook
2025 OUTLOOK UPWARD REVISION OF REVENUE AND EBITDA GUIDANCE STS accelerating in H2. Supported by higher Focused on technology Operating cash flows more IE&CS confirming the trend. value-added services and portfolio expansion and than offsetting capex, share Strong visibility from backlog technologie
Slide 25: Appendix
APPENDIX H1 2025 RESULTS
Slide 26: Financial Structure
FINANCIAL STRUCTURE AMPLE LIQUIDITY AND SOUND BALANCE SHEET LIQUIDITY (€m) MEDIUM/LONG TERM LOANS AND BOND MATURITIES (€m) Total €661.6m as of 30 June 2025 vs €598.1m as of 31 December 2024 S u st a in a b ilit y -lin ke d B o n d S u st a in a b ilit y -lin ke d S ch u ld sch e in L o a n B a n k f
Slide 27: Income Statement
INCOME STATEMENT H1 RESULTS Q1 2025 Q2 2025 Cha nge H1 2 0 2 4 H1 2 0 2 5 Cha nge €m % €m % €m % €m % €m % €m % G RO UP Revenues 1,706.2 100.0% 1,737.9 100.0% 31.7 1.9% 2,623.6 100.0% 3,444.1 100.0% 820.5 31.3% Operating costs (1,592.8) (93.4%) (1,619.2) (93.2%) (26.4) 1.7% (2,453.2) (93.5%) (3,212.
Slide 28: Sustainability-Related Work Framework
SUSTAINABILITY-RELATED WORK FRAMEWORK BASIS OF PREPARATION We categorize our work under three types – Includes hydrogen and hydrogen derivatives1 from Sustainable, Transitional or Traditional – in electrolysis (green and pink), e-fuels, biofuels, SAF, relation to the contribution to decarbonization
Slide 29: MAIRE S.p.A. Headquarters
MAIRE S.p.A. HEADQUARTERS Via Gaetano De Castillia, 6 A 20124 Milan, Italy +39 02 63131 www.groupmaire.com Investor-relations@groupmaire.com