Slide 1: H1 2026 Results
30 July 2026 H1 2026 RESULTS NAVIGATING COMPLEXITY, DELIVERING RESILIENT 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 H1 2026 RESULTS
Slide 5: H1 2026 Highlights
H1 2026 HIGHLIGHTS RESILIENT EXECUTION UNDERPINS SOLID PERFORMANCE Continuous project Profitability Backlog close advancement enhancement to record high supported by a well-balanced driven by operating leverage reflecting sustained commercial project mix and close coordination and the growing contri
Slide 6: Group Order Intake and Backlog
GROUP ORDER INTAKE AND BACKLOG RISING DEMAND FOR ENERGY SECURITY AND INDUSTRIAL RESILIENCE ORDER INTAKE (€bn) BACKLOG (€bn) H1 2026 HIGHLIGHTS 8.4 ~17.5 1.2 1.2 July 2.0x July order backlog intake Book-to-bill3 16.3 7.21 15.0 13.8 12.7 2.2x 5.6 Backlog cover4 H1 2025 H1 2026 31-Dec-23 31-Dec-24 31-D
Slide 7: Integrated Fertilizer Project in Argentina
INTEGRATED FERTILIZER PROJECT IN ARGENTINA COMBINING NEXTCHEM’S TECHNOLOGIES WITH TECNIMONT’S ENGINEERING HIGHLIGHTS €1.3bn contract awarded by Fertil Pampa1 SUPPORTING ARGENTINA'S of which €140m attributable to Nextchem’s technology package2 DEVELOPMENT • monetizing gas from Vaca Muerta 6,000 metri
Slide 8: Group Headcount
GROUP HEADCOUNT TALENT EXPANSION SUPPORTING GLOBAL GROWTH GROUP EMPLOYEES ~11,300 ~10,800 ~9,800 ~8,000 ~9,300 ~9,700 ~8,400 ~6,800 CONSOLIDATING NEXTCHEM'S PRESENCE IN CHINA 31-Dec-23 31-Dec-24 31-Dec-25 30-Jun-26 Building on Tecnimont's presence since 1994, the Beijing office Technical and commerc
Slide 9: Business Highlights: Sustainable Technology Solutions
02 BUSINESS HIGHLIGHTS SUSTAINABLE TECHNOLOGY SOLUTIONS Fabio Fritelli, Managing Director Nextchem H1 2026 RESULTS
Slide 10: STS Order Intake and Backlog
STS ORDER INTAKE AND BACKLOG REACHING NEW HIGHS, SUPPORTED BY AN EXPANDED TECHNOLOGY PORTFOLIO ORDER INTAKE (€m) BACKLOG (€m) H1 2026 MAIN AWARDS FEED MOVE MAKE Licensing and PDP for a nitric acid plant in China 556.9 Licensing and PDP for a urea-to-DEF plant in the US Licensing, PDP and PEQ supply
Slide 11: Completion of Ballestra Group's Acquisition
COMPLETION OF BALLESTRA GROUP’S ACQUISITION EXPANDING INTO FERTILIZERS, INORGANIC CHEMISTRY AND STRATEGIC MATERIALS HIGHLIGHTS TRANSACTION DETAILS Full NPK1 spectrum FEED adding phosphate and potassium fertilizers, complementing the existing nitrogen-based offering 100% €148.2m total consideration p
Slide 12: ETEK's Acquisition
ETEK’S ACQUISITION ENTERING THE PRECIOUS METALS RECOVERY MARKET MAKE HIGHLIGHTS TRANSACTION DETAILS Pyro- and hydrometallurgical technologies strengthening resource recovery capabilities beyond plastics recycling and waste gasification 70% €17.5m 100% enterprise value Proven references worldwide ETE
Slide 13: Business Highlights: Integrated E&C Solutions
03 BUSINESS HIGHLIGHTS INTEGRATED E&C SOLUTIONS Alessandro Bernini, Chief Executive Officer H1 2026 RESULTS
Slide 14: IE&CS Middle East Operations
IE&CS MIDDLE EAST OPERATIONS MANAGING A COMPLEX OPERATING ENVIRONMENT REGION OVERVIEW & LOGISTICS KEY PROJECT PROGRESS1 AT 30 JUNE 2026 Safeguarding ~2,500 people currently employed in the area Hail and Ghasha gas development project progressing through construction (~75% overall progress) Harvest a
Slide 15: Hail and Ghasha
HAIL AND GHASHA OVERALL PROGRESS AT ~75% AS OF 30 JUNE 2026 SCALE AND ACTIONS PROTECTING PROGRESS ACHIEVED EXECUTION 529,000 m³ ~600 of concrete shipments re-routed equivalent to >70,000 truckloads1 through alternative ports 129,000 tons ~1,500 of steel structures containers delivered at site equiva
Slide 16: IE&CS Order Intake and Backlog
IE&CS ORDER INTAKE AND BACKLOG DRIVEN BY CLIENTS' NEED TO SECURE EXECUTION CAPACITY ORDER INTAKE (€bn) BACKLOG (€bn) H1 2026 MAIN AWARDS 7.9 ~16.8 1.2 1.2 Petrochemical EPC project July July order backlog intake Oil & Gas EPC projects, including the optimization of existing facilities 6.7 15.6 12.4
Slide 17: IE&CS Backlog Schedule
IE&CS BACKLOG SCHEDULE INCREASED VISIBILITY THANKS TO THE STRONG ORDER INTAKE SECURED YEAR-TO-DATE IE&CS backlog July order intake H2 2026 2027 2028+ €15.6bn €1.2bn As of 30 June 2026 As of 30 July 2026 ~20% ~40% ~40% KEY EXPECTED PROJECT PROGRESS Provided no worsening of current geopolitical situat
Slide 18: Financial Results
04 FINANCIAL RESULTS Mariano Avanzi, Chief Financial Officer H1 2026 RESULTS
Slide 19: Group P&L
GROUP P&L DEMONSTRATING RESILIENCE THROUGH PROFITABLE GROWTH REVENUES (€bn) EBITDA (€m) NET INCOME (€m) +6.9% +14.7% +18.3% 3.7 266.2 157.2 3.4 232.1 132.9 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 Sustainability-related1 ~50% 6.7% 7.2% 3.9% 4.3% Mid-to-high single-digit +50bps Double-digit gr
Slide 20: Sustainable Technology Solutions
SUSTAINABLE TECHNOLOGY SOLUTIONS GROWTH BACKED BY A UNIQUE TECHNOLOGY PORTFOLIO REVENUES (€m) EBITDA (€m) +46.9% +39.9% Revenues increase in a challenging environment, sustained by low-carbon chemicals and fertilizers 285.7 68.0 Profitability 194.5 48.6 reflecting an increased contribution from prop
Slide 21: Integrated E&C Solutions
INTEGRATED E&C SOLUTIONS EXECUTION RESILIENCE IN A COMPLEX ENVIRONMENT REVENUES (€bn) EBITDA (€m) +4.5% +8.0% Revenue increase driven by continued project activity in the Middle East and growing contribution from Africa and Asia 3.2 3.4 183.5 198.2 +20bps profitability supported by operating leverag
Slide 22: Net Cash Position and Capex
NET CASH POSITION AND CAPEX OPERATING CASH FLOW SUPPORTING TECH EXPANSION AND SHAREHOLDER RETURNS CASH FLOW BRIDGE (€m, ex-IFRS 16) CAPEX (€m)4 IE&CS organic 204.0 STS M&A STS organic (19.3) 9.0 (204.0) Including total consideration 417.5 (12.7) paid for Ballestra Group, upfront (194.4) price for 70
Slide 23: Reshaping Opportunities
05 RESHAPING OPPORTUNITIES Alessandro Bernini, Chief Executive Officer H1 2026 RESULTS
Slide 24: Group Commercial Pipeline
GROUP COMMERCIAL PIPELINE MOST OF THE MARKET OPPORTUNITIES CAN BENEFIT FROM OUR INTEGRATED OFFERING BY HALF-YEAR (€bn) BY GEOGRAPHY (€bn, Jun-26) 11.5 Europe Power 5.7 North America SAF & biofuels SAF Circular 8.5 Asia LNG Critical minerals Circular 60.7 61.3 23.5 Middle East Refinery upgrades Gas t
Slide 25: Outlook
OUTLOOK CONSISTENT PROGRESS, BUILDING ON OUR DISTINCTIVE DNA H1 results confirm Nextchem platform Ready for further solid performance strengthened growth Steady execution, strong order Ballestra and ETEK acquisitions Broadening geographic footprint and intake and a diversified backlog, completed, ex
Slide 26: Appendix
APPENDIX H1 2026 RESULTS
Slide 27: 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 Loan 524.4 Bank facilities 275.0 271.6 1,564.9 1,372.6 1,153.8 125.0 915.5 190.0 55.9 35.9 49.6 55.0 124.4 49.6 81
Slide 28: Income Statement
INCOME STATEMENT H1 RESULTS Q1 2026 Q2 2026 Change QoQ H1 2025 H1 2026 Change YoY €m % €m % €m % €m % €m % €m % GROUP Revenues 1,836.5 100.0% 1,845.8 100.0% 9.3 0.5% 3,444.1 100.0% 3,682.4 100.0% 238.2 6.9% Operating costs (1,705.3) (92.9%) (1,710.9) (92.7%) (5.6) 0.3% (3,212.0) (93.3%) (3,416.2) (9
Slide 29: 2026 Guidance Confirmed
2026 GUIDANCE CONFIRMED AS ANNOUNCED TO THE MARKET WITH THE 2026-2035 STRATEGIC PLAN STS IE&CS GROUP REVENUES Strong visibility, with a progressive acceleration in H2 € 670 – 700m € 6.8 – 7.0bn € 7.5 – 7.7bn EBITDA Reflecting an evolving business mix, € 150 – 165m € 395 – 410m € 545 – 575m operating
Slide 30: 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 31: 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