Maire S.p.a. · MIL:MAIRE
Maire — 9M 2025 Earnings Presentation
28 slides from Maire's earnings presentation, Oct 23, 2025
Slide 1: 9M 2025 Results
23 October 2025 9M 2025 RESULTS DELIVERING PROFITABLE GROWTH
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 2025 RESULTS
Slide 5: 9M 2025 Highlights
9M 2025 HIGHLIGHTS DRIVING PROGRESS, DELIVERING VALUE Strong Consistent Healthy project execution margin expansion net cash position across strategic geographies, led by driven by operating leverage improved in Q3, MENA with Central Asia gaining ground and high value-added services thanks to strong
Slide 6: Group Order Intake and Backlog
GROUP ORDER INTAKE AND BACKLOG COVERING MULTIPLE REGIONS WITH STRONG GROWTH PROSPECTS ORDER INTAKE (€bn) BACKLOG (€bn) Europe vs 7% 6% Dec-24 Asia Americas2 Middle East vs 1% 34% 5.8 13.8 13.9 vs 1% vs 69% Dec-24 1% Dec-24 40% Dec-24 3.7 Africa vs 22% 19% Dec-24 9M 2024 9M 2025 3 1 -De c -2 4 3 0 -S
Slide 7: Scaling Up Talent
SCALING UP TALENT CONTINUOUS HEADCOUNT INCREASE TO SERVE GROWING CLIENT DEMAND GROUP EMPLOYEES Technical and com m ercial Staff ~10,500 ~9,800 ~700 ~8,000 9M 2025 h e a d count ~6,500 in cre a se ~9,000 ~8,400 ~6,800 ~5,500 MAIRE’s First-Ever Global Open Day on 20 September MAIRE opened its doors wo
Slide 8: Business Highlights: Sustainable Technology Solutions
02 BUSINESS HIGHLIGHTS SUSTAINABLE TECHNOLOGY SOLUTIONS Fabio Fritelli, Managing Director NEXTCHEM 9M 2025 RESULTS
Slide 9: 9M 2025 Order Intake and Backlog
9M 2025 ORDER INTAKE AND 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 fu
Slide 10: New Awards to Produce Low-Carbon Fuels
NEW 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 9M 2025 RESULTS BUSINESS HIGHLIGHTS | STS 10
Slide 11: Hot Topics
HOT TOPICS TECHNOLOGY OFFERING COOPERATION AGREEMENT LAUNCH OF NEXT-N for the development and commercialization NEXTCHEM’s subsidiary dedicated to creating of methanol fuel cells based on a newly new IP and providing technical services designed modularized solution to nuclear technology providers 1.
Slide 12: Business Highlights: Integrated E&C Solutions
03 BUSINESS HIGHLIGHTS INTEGRATED E&C SOLUTIONS Alessandro Bernini, Chief Executive Officer 9M 2025 RESULTS
Slide 13: 9M 2025 Order Intake and Backlog
9M 2025 ORDER INTAKE AND 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
Slide 14: 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 15: Strategic Expansion in Kazakhstan
STRATEGIC EXPANSION IN KAZAKHSTAN EARLY ACHIEVEMENTS AND SUPPLY CHAIN DEVELOPMENT Silleno Petrochemical and Tengiz Gas Separation projects are progressing to boost in-country industrial capacity MoC with Samruk-Kazyna to develop energy infrastructures Local Value Shared Growth Forum held in Atyrau w
Slide 16: Financial Results
04 FINANCIAL RESULTS Mariano Avanzi, Chief Financial Officer 9M 2025 RESULTS
Slide 17: Group P&L
GROUP P&L CONSISTENT GROWTH DRIVEN BY PROJECT EXECUTION AND RISING MARGINS REVENUES (€bn) EBITDA (€m) NET INCOME (€m) Revenue increase driven by +26.7% +33.2% +41.8% steady project execution EBITDA growth supported by operating leverage Net profit benefitting from 5.2 358.1 204.8 higher operating ma
Slide 18: Sustainable Technology Solutions
SUSTAINABLE TECHNOLOGY SOLUTIONS KEEPING THE PACE: REVENUE GROWTH AND EBITDA EXPANSION REVENUES (€m) EBITDA (€m) Revenue growth led by low-carbon +22.9% +31.2% and circular fuels, fertilizers and CO2 capture EBITDA growth supported by higher revenues 309.4 80.3 Profitability driven by contribution 2
Slide 19: Integrated E&C Solutions
INTEGRATED E&C SOLUTIONS EXECUTION EXCELLENCE AND PROJECT SCALE SUSTAIN SOLID RESULTS REVENUES (€bn) EBITDA (€m) Revenue growth driven +26.9% +33.8% by steady execution of projects in MENA with Central Asia gaining ground EBITDA increase supported 4.9 277.8 by project mix 3.9 207.6 Profitability ben
Slide 20: 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 21: Update on Financial Strategy
UPDATE ON FINANCIAL STRATEGY EXTENDING DEBT DURATION AND LOWERING COST THROUGH A NEW SUSTAINABILITY-LINKED BOND MEDIUM/LONG TERM LOANS AND BOND MATURITIES (€m) Rationale NEW Sustainability-Linked Bond Sustainability-Link ed Bond due 2028 Refinancing existing indebtedness on more favorable Sustainabi
Slide 22: The Way Forward
05 THE WAY FORWARD Alessandro Bernini, Chief Executive Officer 9M 2025 RESULTS
Slide 23: 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 24: 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 25: Appendix
APPENDIX 9M 2025 RESULTS
Slide 26: Income Statement
INCOME STATEMENT 9M RESULTS Q2 2025 Q3 2025 Cha nge 9M 2024 9M 2025 Cha nge €m % €m % €m % €m % €m % €m % G RO UP Revenues 1,737.9 100.0% 1,790.6 100.0% 52.7 3.0% 4,133.0 100.0% 5,234.8 100.0% 1,101.8 26.7% Operating costs (1,619.2) (93.2%) (1,664.6) (93.0%) (45.4) 2.8% (3,864.2) (93.5%) (4,876.6) (
Slide 27: 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 28: 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