Slide 1: Introduction to MAIRE
November 2025 INTRODUCTION TO MAIRE A TECHNOLOGY AND ENGINEERING GROUP TO MAKE ENERGY TRANSITION HAPPEN FRAME FORWARD – 2025-2034 STRATEGIC PLAN UPDATED WITH 9M 2025 RESULTS
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: Framing…
FRAMING… 01 THE VISION: MAKE TO INSPIRE 02 THE OPPORTUNITY: A FAST TRACK TRANSITION, AT SCALE 03 NEXTCHEM: THE FUTURE YOU WANT TO SEE 04 TECNIMONT: DREAMS ARE IN THE MAKING 05 THE PROGRESS: GROWTH IN MOTION 06 FORWARD: 2025-2034 STRATEGIC PLAN INTRODUCTION TO MAIRE
Slide 4: Framing the Vision: Make to Inspire
01 FRAMING THE VISION: MAKE TO INSPIRE INTRODUCTION TO MAIRE
Slide 5: A History of Growth, Resilience and Innovation
A HISTORY OF GROWTH, RESILIENCE AND INNOVATION Edison (1883), Montecatini (1888), Giulio Natta wins the Chemistry Selas Italia (1971), later KTI, Fabrizio Di Amato launches his and Fiat (1889) are born – Nobel Prize for the invention of Fiat Engineering (1972), entrepreneurial project, which over It
Slide 6: We Make Energy Transition Happen
WE MAKE ENERGY TRANSITION HAPPEN COMBINING TECHNOLOGICAL LEADERSHIP WITH EXECUTION EXCELLENCE Unique portfolio of low-carbon Superior execution track record and circular technologies in the downstream segment INTRODUCTION TO MAIRE MAKE TO INSPIRE 6
Slide 7: A Unique Business Model
A UNIQUE BUSINESS MODEL LEVERAGING ON AN INTEGRATED APPROACH TO DELIVER LONG-TERM GROWTH SUSTAINABLE TECHNOLOGY SOLUTIONS INTEGRATED E&C SOLUTIONS Selling Providing proprietary technology licensing engineering, procurement and equipment and construction services Short cycle (12-18 months) Long cycle
Slide 8: A Fully-Integrated Energy Services Player
A FULLY-INTEGRATED ENERGY SERVICES PLAYER MAIRE GROUP’S PRESENCE ACROSS THE ENTIRE VALUE CHAIN Feasibility and structuring Execution Life cycle support Feasibility study Licensing1 Process Design Package – PDP2 Front End Engineering Construction Operations and Engineering Procurement Design – FEED3
Slide 9: Framing the Opportunity: A Fast Track Transition, at Scale
02 FRAMING THE OPPORTUNITY: A FAST TRACK TRANSITION, AT SCALE INTRODUCTION TO MAIRE
Slide 10: A World Demanding Speed and Energy Diversification
A WORLD DEMANDING SPEED AND ENERGY DIVERSIFICATION A CONTEXT WHERE MAIRE IS FLOURISHING Population growth and increasing wealth Geopolitical scenario and regulatory changes Seizing greater opportunities for a low-carbon world Rising demand calls for rapid innovation Clients are expanding business mo
Slide 11: Key Macro Drivers Supporting Our Proposition
KEY MACRO DRIVERS SUPPORTING OUR PROPOSITION SEIZING OPPORTUNITIES FOR A LOW-CARBON WORLD Today 2050 World population Bn people 8.1 +1.6bn 9.7 +30% food demand ENERGY 2050 DIVERSIFICATION Today Energy demand TWh 25,000 +3x 70,000+ Today 2040 RECYCLING Plastic production Million tonnes 430+ +1.7x 730
Slide 12: From Decarbonization to Electrification
FROM DECARBONIZATION TO ELECTRIFICATION THE ROADMAP TO ENERGY DIVERSIFICATION Decarbonization Gas valorization CO2 valorization E-factory of traditional to low-carbon via green hydrogen for chemistry via energy sources molecules, at scale (e-fuels) nuclear power INTRODUCTION TO MAIRE THE OPPORTUNITY
Slide 13: The E-Factory for Chemistry
THE E-FACTORY FOR CHEMISTRY CARBON-NEUTRAL MOLECULES VIA SUSTAINABLE AND RELIABLE ELECTRONS THE NUCLEAR OPPORTUNITY CHEMISTRY FROM RENEWABLE FEEDSTOCK Clean power generation Water, air, CO2 leveraged as renewable feedstock for downstream chemical processes Conventional island Fertilizers and balance
Slide 14: A Long-Lasting Energy Cycle
A LONG-LASTING ENERGY CYCLE HERE TO STAY: SUSTAINED AMIDST GEOPOLITICAL SHIFTS AND RISING ENERGY DEMAND GLOBAL ENERGY INVESTMENTS1 ($tn) … +70% CLIENT CAPEX PLANS from 2020 to 2035 projected to sustain peak levels Gas as a key Resource transition fuel monetization rising dominance into materials, en
Slide 15: Framing NEXTCHEM: The Future You Want to See
03 FRAMING NEXTCHEM: THE FUTURE YOU WANT TO SEE VIDEO LINK: BE THE FUTURE YOU WANT TO SEE INTRODUCTION TO MAIRE
Slide 16: Our Value Proposition
OUR VALUE PROPOSITION A WIDE RANGE OF MARKET-READY SUSTAINABLE SOLUTIONS Broad portfolio Superior End-to-end of proprietary process design economically viable technologies capabilities solutions delivered by cutting edge innovation to develop complex schemes from feedstock to final product and capac
Slide 17: A Diversified Offering
A DIVERSIFIED OFFERING TO MEET CUSTOMERS NEEDS IN FAST-GROWING MARKETS Sustainable Fertilizers Low-Carbon Sustainable Materials and Nitrogen-based Fuels Energy Vectors and Circular Solutions Leveraging urea leadership. Clean hydrogen, ammonia, Mechanical upcycling and Advancing on nitrate-based meth
Slide 18: Fertilizers Require Strong Decarbonization
FERTILIZERS REQUIRE STRONG DECARBONIZATION LEVERAGING OUR LEADERSHIP POSITION TO ACCELERATE EMISSION REDUCTION EXPECTED DEMAND NEXTCHEM’S SOLUTIONS Ammonia for fertilizers Urea and Nitrates 2023-2040 CAGR Traditional fertilizers maximizing energy efficiency +1% Ammonia +1-2% Low-carbon fertilizers U
Slide 19: Energy Vectors Are Poised for Robust Growth
ENERGY VECTORS ARE POISED FOR ROBUST GROWTH A COMPLETE OFFERING FOR SAF, HYDROGEN, AMMONIA AND METHANOL EXPECTED DEMAND NEXTCHEM’S SOLUTIONS Methanol as fuel Hydrogen as energy vector 2023-2040 CAGR Traditional fuels SAF minimizing environmental impact Ammonia as fuel +32-34% Methanol +28-30% Low-ca
Slide 20: Driving Innovation in Sustainable Materials
DRIVING INNOVATION IN SUSTAINABLE MATERIALS SUPPORTING CIRCULARITY AND BIOPLASTICS ADOPTION EXPECTED DEMAND NEXTCHEM’S SOLUTIONS Bioplastics Chemical recycling Mechanical recycling 2023-2040 CAGR Advanced polymers Abate polymer emission production +4-5% Bioplastics +22-24% Bioplastics Chemical recyc
Slide 21: A Robust Technology Development Model
A ROBUST TECHNOLOGY DEVELOPMENT MODEL FROM PROVEN CONCEPTS TO INDUSTRIAL-SCALE SOLUTIONS Technology 1 8 Readiness 2 3 4 5 6 7 9 Commercial roll-out Level (TRL) Strategic research Technology development Deployment Incremental innovation Strategic innovation supported by research centers Scale-up tech
Slide 22: Time-to-Market Guides Our Technology Process
TIME-TO-MARKET GUIDES OUR TECHNOLOGY PROCESS POSITIONING FOR THE LONG-RUN WHILE ACCELERATING IN ESTABLISHED SEGMENTS SECURE ACCELERATE Technology Readiness Level 5 6 7 8 99 (TRL) Secure positioning by developing Accelerate commercialization in growing and scaling-up validated technologies segments v
Slide 23: Pacifico Mexinol
PACIFICO MEXINOL THE WORLD’S LARGEST ULTRA-LOW CARBON METHANOL PLANT, AWARDED ONE YEAR AFTER THE GASCONTEC ACQUISITION Note: licensing awarded in Q1 2025, basic engineering and proprietary equipment awarded in Q3 2025, subject to Final Investment Decision. 1. To be included in order intake and backl
Slide 24: MyRemono and HyDEP
MYREMONO AND HYDEP OUR BETS FOR CHEMICAL RECYCLING AND GREEN HYDROGEN NX FHYVE NXRe PMMA 30 MW electrolyzer module Chemical recycling technology Development of proprietary electrolyzer Reference plant with a recycling capacity equivalent leveraging on HyDEP’s expertise in stack design to produce 10
Slide 25: Beyond Technologies, We Develop Platforms
BEYOND TECHNOLOGIES, WE DEVELOP PLATFORMS VERSATILE, MULTI-APPLICATION SOLUTIONS TO ACCELERATE MARKET PENETRATION PLATFORM ROLL-OUT We unlock its potential TECHNOLOGY across multiples DEVELOPMENT applications MARKET We develop it from the concept SCREENING to a market-ready solution We identify mark
Slide 26: Delivering on Our Promises
DELIVERING ON OUR PROMISES STRONG GROWTH AND A TOP-NOTCH PROFITABILITY REVENUES (€m) EBITDA (€m) +43.1% +36.6% +31.1% +22.9% +84.1% +31.4% +36.0% +31.2% 357.6 85.6 80.3 309.4 261.8 251.7 65.1 61.2 182.9 192.0 45.0 35.4 FY 2022 FY 2023 FY 2024 9M 2023 9M 2024 9M 2025 FY 2022 FY 2023 FY 2024 9M 2023 9
Slide 27: A Growing Backlog
A GROWING BACKLOG RELIABILITY OF OUR VALUE PROPOSITION IN CHALLENGING MARKETS ORDER INTAKE (€m) BACKLOG (€m) PDP for a fertilizer plant in China Several proprietary equipment awards to upgrade existing plants Licensing for a hydrogen production unit in Malaysia PEQ for a low-carbon fuel plant in Sub
Slide 28: NX eBlue Award
NX eBLUE AWARD LOW-CARBON HYDROGEN PRODUCTION IN THE U.S. Major international energy company reduction >> >> >> >> Note: awarded in Q3 2025. INTRODUCTION TO MAIRE NEXTCHEM: THE FUTURE YOU WANT TO SEE 28
Slide 29: Awards to Produce Low-Carbon Fuels
AWARDS TO PRODUCE LOW-CARBON FUELS BASED ON CUTTING-EDGE NX CIRCULAR GASIFICATION TECHNOLOGY WASTE TO SAF PLANT WASTE TO METHANOL PLANT Engineering study Feasibility study by Altalto in the UK by Equinor and Mana in Norway tons/year tons/year Note: awarded in Q3 2025 and Q4 2025 respectively. INTROD
Slide 30: Expanding Our Technology Offering
EXPANDING OUR TECHNOLOGY OFFERING CAPEX SUPPORTING FUTURE GROWTH FY 2023-2024 (€m) 9M 2024-2025 (€m) 2023-2024 ACQUISITIONS Conser (83.5%, April 2023) HyDEP (80%, April 2024) 68.5 Enhancing our technology Strengthening our process 60.2 56.9 portfolio in biodegradable engineering capabilities in plas
Slide 31: Framing Tecnimont: Dreams Are in the Making
04 FRAMING TECNIMONT: DREAMS ARE IN THE MAKING VIDEO LINK: DREAMS ARE IN THE MAKING INTRODUCTION TO MAIRE
Slide 32: A History of Excellence
A HISTORY OF EXCELLENCE DELIVERING WORLD-CLASS E&C SOLUTIONS Unique track record Cutting-edge E&C solutions over 1,500 plants delivered in key regions 1 for low-emission and large-scale plants ~450 ~350 ~700 Fertilizers Gas & Oil Petrochemicals Operational excellence Market 40%+ 60%+ 60%+ selectivit
Slide 33: Cutting-Edge E&C Solutions
CUTTING-EDGE E&C SOLUTIONS DELIVERING THE BEST: TIME AWARENESS, ENERGY EFFICIENCY AND LOW-CARBON DESIGNS FEED – Front End Engineering Design Profitability Achieving cost predictability and optimized project execution FEED E – Engineering Combining advanced process know-how, delivering high-efficienc
Slide 34: An Integrated Offering
AN INTEGRATED OFFERING ONE-STOP SHOP: END-TO-END SERVICES WITH A SINGLE POINT OF REFERENCE Adoption of proprietary technologies Involvement in the EPC activities Project development and selected equity initiatives Expertise in securing financing, permits & grants, and industrial partnerships INTRODU
Slide 35: MET Development as a Strategic Enabler
MET DEVELOPMENT AS A STRATEGIC ENABLER SELECTED INVESTMENTS FOR INDUSTRIAL INNOVATION OBJECTIVES • Opening new markets Low-carbon fertilizers in France • Unlocking proprietary technology proposition Pre-FEED & project structuring ongoing • Building execution references in a new segment RULES OF ENGA
Slide 36: A Selective Approach
A SELECTIVE APPROACH READY TO SEIZE THE RIGHT OPPORTUNITIES EARLY ENGAGEMENT • Early bid/no-bid evaluation • Engaging clients early to understand their needs COMPREHENSIVE RISK ASSESSMENT • Evaluating local context, suppliers and logistics • Developing mitigation strategies based on lessons learned
Slide 37: Designing Excellent Plants
DESIGNING EXCELLENT PLANTS THANKS TO MULTIDISCPLINARY ENGINEERING AND DEEP KNOWLEDGE ENGINEERING HUBS NEAR TECHNOLOGY-DRIVEN FOR LEVERAGING AI SKILLED AND AGILE TALENTS CLIENTS AND COMMUNITIES OPTIMIZED PLANT PERFORMANCE TO TRANSFORM PROCESSES WITH DEEP TECHNICAL EXPERTISE 6 in Europe1, 2 in India,
Slide 38: Sourcing Globally
SOURCING GLOBALLY COST-EFFECTIVE PROCUREMENT WITH A STRONG FOCUS ON LOCAL SUPPLY CHAINS EXTENSIVE NETWORK SUPPLY CHAIN PROCUREMENT INVOLVEMENT SUPPLIER TRAINING AND OF QUALIFIED SUPPLIERS REPOSITIONING AND IN PROJECT COST ESTIMATE TO ESG SCREENING TO PROMOTE WITH MULTISOURCE LOGISTICS REGIONAL EXPAN
Slide 39: Building Large Scale Projects
BUILDING LARGE SCALE PROJECTS SAFELY AND EFFICIENTLY TOP-TIER HSE STANDARDS PRIORITIZING PRE-CAST SOLUTIONS MODULAR APPROACH ON-SITE TRAINING FOR CONSTRUCTION ACTIVITIES TO LOWER ON-SITE MANHOURS FOR EFFICIENT CONSTRUCTION FOR SKILL DEVELOPMENT 2024 Lost Time Injury Rate Reducing exposure 3 packages
Slide 40: Building on Strength
BUILDING ON STRENGTH SUSTAINED GROWTH AND MARGIN EXPANSION REVENUES (€bn) EBITDA (€m) +21.9% +38.6% +34.0% +26.9% +20.3% +43.7% +37.5% +33.8% 5.5 300.7 4.9 277.8 4.0 3.9 209.3 207.6 3.3 173.9 2.9 150.9 FY 2022 FY 2023 FY 2024 9M 2023 9M 2024 9M 2025 FY 2022 FY 2023 FY 2024 9M 2023 9M 2024 9M 2025 5.
Slide 41: Well Diversified Backlog
WELL DIVERSIFIED BACKLOG SUSTAINED BY NEW AWARDS IN STRATEGIC REGIONS ORDER INTAKE (€bn) BACKLOG (€bn) $125m EPC contract for a hydrogen production unit within the Pengerang biorefinery in Malaysia ~$3.6bn EPC contract for the Silleno petrochemical complex in Kazakhstan 5.5 13.5 13.5 EPC for the upg
Slide 42: Silleno and Tengiz
SILLENO AND TENGIZ 2025 AWARDS IN KAZAKHSTAN Ethane pipeline 210 km End-markets consumer goods E: Engineering; P: Procurement, C: Construction. INTRODUCTION TO MAIRE TECNIMONT: DREAMS ARE IN THE MAKING 42
Slide 43: Hail and Ghasha
HAIL AND GHASHA WELL ON TRACK WITH SCHEDULE, OVERALL PROGRESS AT OCT 2023 2024 2025 2026 2027 2028 Award Expected completion 9M UPDATES E Advancing steadily, with some activities ahead of schedule ~81% P Well underway, with manufacturing in progress and bulk material shipments ~93% C Accelerating, w
Slide 44: Framing the Progress: Growth in Motion
05 FRAMING THE PROGRESS: GROWTH IN MOTION INTRODUCTION TO MAIRE
Slide 45: A Strategy That Delivers
A STRATEGY THAT DELIVERS SEQUENTIAL DOUBLE-DIGIT GROWTH AND ENHANCED PROFITABILITY REVENUES (€bn) EBITDA (€m) NET INCOME (€m) +23.0% +38.5% +33.8% +26.7% +31.1% +40.8% +37.2% +33.2% +43.3% +64.0% +63.1% +41.8% 5.9 386.4 212.4 204.8 5.2 358.1 4.3 4.1 274.4 268.8 144.5 3.5 129.5 3.1 209.3 195.9 90.4 8
Slide 46: Ensuring Financial Discipline
ENSURING FINANCIAL DISCIPLINE ROBUST OPERATING CASH FLOWS FUELING INVESTMENTS AND SHAREHOLDER RETURN CAPEX1 (€m) DIVIDENDS2 (€m) NET CASH3 (€m) 1.6x 1.8x 114.5 91.9 €0.356 375.1 per share 337.9 76.6 63.5 40.7 €0.197 per share €0.124 25.2 per share 93.8 FY 2022 FY 2023 FY 2024 FY 2022 FY 2023 FY 2024
Slide 47: Multi-Year Visibility Secured
MULTI-YEAR VISIBILITY SECURED SIGNIFICANT NEW AWARDS IN HIGH-GROWTH REGIONS BACKLOG (€bn) Europe vs 7% 6% Dec-24 Asia Americas2 Middle East vs 1% 15.0 13.9 34% 13.8 vs 1% vs 69% Dec-24 1% Dec-24 40% Dec-24 8.6 Africa vs 22% 19% Dec-24 3 1 -De c -2 2 3 1 -De c -2 3 3 1 -De c -2 4 3 0 -S e p -2 5 > %
Slide 48: Group Commercial Pipeline at €60.4bn
GROUP COMMERCIAL PIPELINE AT €60.4BN 2025 ORDER INTAKE TARGET OF AT LEAST , OF WHICH 70% ALREADY SECURED Europe CO2 capture 13.9 SAF & Biofuels Middle East Circular Gas treatment 25.6 Polyolefins Americas Fertilizers Fertilizers 4.8 Asia SAF Africa Gas treatment Fertilizers Gas treatment 10.1 6.0 Re
Slide 49: Framing Forward: 2025-2034 Strategic Plan
06 FRAMING FORWARD: 2025-2034 STRATEGIC PLAN INTRODUCTION TO MAIRE
Slide 50: Solid Growth Ongoing After 2 Years of Beating Targets
SOLID GROWTH ONGOING AFTER 2 YEARS OF BEATING TARGETS GROUP REVENUES AND EBITDA CONTINUE TO INCREASE REVENUES (€bn) EBITDA (€m) +6-10% +5-9% +10-15% +8-13% Doubling revenues to €11bn+ by 2034 2024-2029 2029-2034 2024-2029 2029-2034 Transitional solutions driving the first 5Y Profitability to reach 1
Slide 51: Sustainable Technology Solutions
SUSTAINABLE TECHNOLOGY SOLUTIONS NEXTCHEM SAILING TOWARDS THE BILLION-EURO LEAGUE REVENUES (€m) EBITDA (€m) +20-25% +12-17% +20-25% +12-17% Targeting €1bn in revenue by 2029 2024-2029 2029-2034 2024-2029 2029-2034 Double-digit growth in the first 5Y Profitability backed by proprietary solutions and
Slide 52: Integrated E&C Solutions
INTEGRATED E&C SOLUTIONS ON TRACK TO DOUBLE EBITDA IN THE NEXT 10 YEARS REVENUES (€bn) EBITDA (€m) +4-7% +4-7% +6-10% +7-11% Reaching €7.5bn in revenues in 2029 2024-2029 2029-2034 2024-2029 2029-2034 with gas projects driving the first half Profitability driven by selectivity and efficient project
Slide 53: Robust Capex Plan to Sustain Growth
ROBUST CAPEX PLAN TO SUSTAIN GROWTH INVESTMENTS CONCENTRATED IN THE FIRST HALF OF THE PLAN GROUP CAPEX1 (€m) 900m – 1bn 2025-2034 group cumulated capex Technology bolt-on M&A (~30%) 450-500m ~90 sustainability-related Technology validation Sustainable 450-500 Technology Solutions Recurring R&D2 2025
Slide 54: Net Cash Evolution
NET CASH EVOLUTION STRONG OPERATING CASH FLOW AND CAPITAL LIGHT GROWTH FUEL HIGH-RETURNS ADJUSTED NET CASH (€m) Includes dividends and divestments from equity stakes in projects, only partially captured in the plan horizon 55 paid in 2025 66 from 2026 onwards ~1,900 From 65 in 2024 To 80 in 2029 ~ 7
Slide 55: Ready to Serve a Growing Client Demand
READY TO SERVE A GROWING CLIENT DEMAND EXPANDING CAPACITY AND UNLOCKING VALUABLE ENGINEERING HOURS THROUGH AI GROUP EMPLOYEES +60% ~10,500 85 employees nationalities +30% ~16,000 as of 30 September 2025 ~13,000 ~9,800 Skillset enhancement ~8,000 Recruiting and training specialized talents in each di
Slide 56: Upgraded 2025 Guidance Confirmed
UPGRADED 2025 GUIDANCE CONFIRMED STEADY PROGRESS AND MARGIN EXPANSION STS further accelerating. Supported by higher Focused on technology Operating cash flows more IE&CS in line with past quarters. value-added services and portfolio expansion, including than offsetting capex, share Strong visibility
Slide 57: Appendix
APPENDIX INTRODUCTION TO MAIRE
Slide 58: Sustainable Fertilizers and Nitrogen-Based Fuels
SUSTAINABLE FERTILIZERS AND NITROGEN-BASED FUELS NITROGEN-BASED SOLUTIONS Growth drivers Technology solutions Markets served AGRICULTURE ENERGY MANUFACTURING TRANSPORTATION • Population growth NX STAMI Urea Leaders in fertilizer technology, including Ultra Low Energy design • Decarbonization of maxi
Slide 59: Low-Carbon Energy Vectors
LOW-CARBON ENERGY VECTORS HYDROGEN SUITE AND LOW-CARBON FUELS Growth drivers Technology solutions Markets served ENERGY HARD TO ABATE TRANSPORTATION • Decarbonization of NX CPO Small scale hydrogen production through hard to abate and Catalytic partial oxidation syngas for hard to abate transportati
Slide 60: Low-Carbon Energy Vectors
LOW-CARBON ENERGY VECTORS CARBON CAPTURE, SULPHUR RECOVERY AND ADVANCED POLYMERS Growth drivers Technology solutions Markets served ENERGY HARD TO ABATE TRANSPORTATION • Decarbonization of Optimizing and integrating hard to abate sectors NX Decarb core carbon capture unit • Lower climate impact of r
Slide 61: Sustainable Materials and Circular Solutions
SUSTAINABLE MATERIALS AND CIRCULAR SOLUTIONS VALORIZING WASTE Growth drivers Technology solutions Markets served HARD TO ABATE ENERGY MANUFACTURING TRANSPORTATION • Regulatory push to Valorization of waste through gasification reduce waste volumes NX Circular and conversion of syngas into hydrogen,
Slide 62: Net Cash Position and Capex
NET CASH POSITION AND CAPEX HEALTHY NET CASH POSITION POST DIVIDENDS AND BUYBACK CASH FLOW BRIDGE (€m, ex-IFRS 16) CAPEX (€m)2 Net 33.8 disbursed 51.4 CAPEX -40.1 -30.2 -1.3 179.5 -58.3 74.9 -182.9 127.0 -21.2 7.7 -5.1 52.9 10.3 1.9 12.0 375.1 1.9 342.5 44.2 300.1 37.1 12.7 Adj. net cash 1 Operating
Slide 63: Financial Structure
FINANCIAL STRUCTURE SOUND LIQUIDITY AND ROBUST BALANCE SHEET LIQUIDITY (€m) MEDIUM/LONG TERM LOANS AND BOND MATURITIES (€m) Total €661.2m as of 30 September 2025 Sustainability-Link ed Bond Sustainability-Link ed Schuldschein Loan Bank facilities Early voluntary redemption 1,221.9 with the proceeds
Slide 64: 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 65: Adding Value to Shareholders
ADDING VALUE TO SHAREHOLDERS STABLE SHAREHOLDERS’ BASE AND STRONG DIVIDEND POLICY % of % of Shareholder1 ordinary shares voting rights2 GLV Capital S.p.A. (Fabrizio Di Amato) 51.02% 67.51% 82.13% 100% Yousif Mohamed Ali Nasser Al Nowais 4.00% 2.65% Other institutional and retail investors 44.98% 29.
Slide 66: 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