Slide 1: Introduction to MAIRE
May 2025 INTRODUCTION TO MAIRE A TECHNOLOGY AND ENGINEERING GROUP TO MAKE ENERGY TRANSITION HAPPEN FRAME FORWARD – 2025-2034 STRATEGIC PLAN UPDATED WITH Q1 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 The Roots The Growth LATE 19TH CENTURY 1920s - 1950s 1963 1971 - 1973 1983 - 2003 Three pioneers of the Italian Giacomo Fauser develops an Giulio Natta wins the Chemistry The Italian engineering Fabrizio Di Amato launches his industry are born: Edison (
Slide 6: A History of Growth, Resilience and Innovation
A HISTORY OF GROWTH, RESILIENCE AND INNOVATION The Acquisitions The New Era 2004 - 2007 2008 - 2010 2011 - 2017 2018 - 2020 2021 2023 - 2024 The Group announces a new Maire makes key The Group expands The Group's turnaround The beginning of a journey The launch of the Evolve strategy and organizatio
Slide 7: 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 7
Slide 8: 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 9: 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 10: Framing the Opportunity: A Fast Track Transition, at Scale
02 FRAMING THE OPPORTUNITY: A FAST TRACK TRANSITION, AT SCALE INTRODUCTION TO MAIRE
Slide 11: 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 12: Three Driving Forces Shaping Our World
THREE DRIVING FORCES SHAPING OUR WORLD LEADING A PRAGMATIC TRANSITION TO FEED, MOVE AND MAKE ENERGY TRANSITION SOLUTIONS INTRODUCTION TO MAIRE THE OPPORTUNITY: A FAST TRACK TRANSITION, AT SCALE 12
Slide 13: Make: Transitioning into Plastic Circularity
MAKE TRANSITIONING INTO PLASTIC CIRCULARITY Today 2040 +1.7x Plastic Production 430+ 730+ DESIGN Million tonnes FOR CIRCULARITY ENHANCE Recycling Only 10% RECYCLING Source: OECD Policy Scenarios for Eliminating Plastic Pollution by 2040. INTRODUCTION TO MAIRE THE OPPORTUNITY: A FAST TRACK TRANSITION
Slide 14: Tecnimont: The Past and Future of Polymers
TECNIMONT: THE PAST AND FUTURE OF POLYMERS INNOVATION IN POLYMERS DRIVEN BY SUSTAINABILITY AMBITIONS PIONEERING DELIVERING INNOVATING Nobel laureate G. Natta’s Hundreds of polyolefins plants Delivered a plant for innovative collaboration with Montecatini, delivered, confirming our leading polyolefin
Slide 15: NEXTCHEM: Closing the Loop in Circularity
NEXTCHEM: CLOSING THE LOOP IN CIRCULARITY RE-THINKING RECYCLING AROUND THE FINAL CUSTOMER NEEDS Closing the circularity… ...tailored around diverse customer needs INTRODUCTION TO MAIRE THE OPPORTUNITY: A FAST TRACK TRANSITION, AT SCALE 15
Slide 16: Feed and Move
FEED AND MOVE HUGE CHALLENGES TO BE ADDRESSED THROUGH ENERGY DIVERSIFICATION Today 2050 +1.6 World 8.1 +30% 9.7 population food Bn people demand ENERGY DIVERSIFICATION 3x Energy 70,000 25,000 demand TWh Sources: United Nations Population Division (UNPD), BNEF Plate of the Future, McKinsey Global Ene
Slide 17: From Decarbonization to Electrification
FROM DECARBONIZATION TO ELECTRIFICATION THE ROADMAP TO ENERGY DIVERSIFICATION Decarbonization Gas valorization CO2 valorization The 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 OPPORTU
Slide 18: The E-Factory for Chemistry
THE E-FACTORY FOR CHEMISTRY CARBON-NEUTRAL MOLECULES VIA SUSTAINABLE AND RELIABLE ELECTRONS Newcleo + Nextcleo technologies NEXTCHEM technologies Fertilizers JVC NEXTCHEM-newcleo Hydrogen Chemicals Fuels & energy Small modular reactors Conversion production production using reprocessed of nuclear en
Slide 19: 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 20: 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 21: 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 22: 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 23: 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 24: Could Ammonia Be Part of the Solution to Climate Challenges?
COULD AMMONIA BE PART OF THE SOLUTION TO CLIMATE CHALLENGES? From natural gas via our proprietary technologies for low-carbon hydrogen Guarantees food security for a growing population or From sun, air and water via our NX Stami Green Ammonia Meets energy demands while slashing the emissions To prod
Slide 25: 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 26: Could Methanol Be Part of the Solution to Climate Challenges?
COULD METHANOL BE PART OF THE SOLUTION TO CLIMATE CHALLENGES? Decarbonizes the transportation sector: From biomass feedstock via our NX Circular Ground or From natural gas via our NX AdWinMethanol® Maritime To produce Low-carbon methanol Aviation VIDEO LINK INTRODUCTION TO MAIRE NEXTCHEM: THE FUTURE
Slide 27: 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 28: 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 29: 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 30: GasConTec
GASCONTEC ACCELERATED COMMERCIAL DEPLOYMENT OF LOW-CARBON SOLUTIONS the largest single ultra low-carbon methanol facility under development in the world 15 May 2024 26 February 2025 ® Basic engineering and proprietary equipment under negotiation… ACCELERATE INTRODUCTION TO MAIRE NEXTCHEM: THE FUTURE
Slide 31: 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 32: 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 33: Delivering on Our Promises
DELIVERING ON OUR PROMISES STRONG GROWTH AND A TOP-NOTCH PROFITABILITY REVENUES (€m) EBITDA (€m) BACKLOG (€m) 2.0x 2.4x 2.1x 357.6 85.6 331.8 261.8 65.1 230.4 182.9 159.8 35.4 FY 2022 FY 2023 FY 2024 FY 2022 FY 2023 FY 2024 31-Dec-22 31-Dec-23 31-Dec-24 19.3% 24.9% 23.9% Growth % Margin FY 2022 pro
Slide 34: Q1 2025 Performance in Line with Expectations
Q1 2025 PERFORMANCE IN LINE WITH EXPECTATIONS DRIVEN BY LOW-CARBON SOLUTIONS REVENUES (€m) EBITDA (€m) +35.8% +25.3% +65.2% +17.5% Revenue growth led by low-carbon and circular fuels, CO2 capture and fertilizers EBITDA growth fostered by increase in volumes 96.1 22.9 76.8 19.5 Profitability driven b
Slide 35: Q1 2025 Order Intake and Backlog
Q1 2025 ORDER INTAKE AND BACKLOG DRIVING TRANSITIONAL SOLUTIONS FORWARD WORLDWIDE ORDER INTAKE (€m) BACKLOG (€m) Process Design Package to upgrade a fertilizer plant in China, based on NX Stami Urea technology Licensing for a hydrogen production unit in Malaysia, based on NX Reform technology Licens
Slide 36: Capex
CAPEX EXPANDING OUR TECHNOLOGY OFFERING TO SUPPORT FUTURE GROWTH FY 2023-2024 (€m) Q1 2024-2025 (€m) 2023-2024 ACQUISITIONS Conser (83.5%, April 2023) HyDEP (80%, April 2024) Enhancing our technology Strengthening our process portfolio in biodegradable engineering capabilities in plastic monomers el
Slide 37: 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 38: 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 39: 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 40: Integrated E&C Solutions
INTEGRATED E&C SOLUTIONS 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 INTRO
Slide 41: 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 42: 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 43: 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 44: 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 45: 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 Rate1 Reducing exposure 3 package
Slide 46: Building on Strength
BUILDING ON STRENGTH SUSTAINED GROWTH, MULTI-YEAR VISIBILITY, AND EXPANDING PROFITABILITY REVENUES (€bn) EBITDA (€m) BACKLOG (€bn) +21.9% +38.6% +20.3% +43.7% 1.7x 5.5 300.7 14.8 13.5 4.0 209.3 3.3 173.9 8.5 FY 2022 FY 2023 FY 2024 FY 2022 FY 2023 FY 2024 31-Dec-22 31-Dec-23 31-Dec-24 5.3% 5.2% 5.4%
Slide 47: Remarkable Performance in Q1 2025
REMARKABLE PERFORMANCE IN Q1 2025 STEADY PROJECT EXECUTION BOOSTED PROFITABILITY REVENUES (€bn) EBITDA (€m) Revenue growth driven by steady +31.7% +35.7% +35.5% +44.6% execution of projects in the Middle East and increasing contribution of contracts in Algeria EBITDA increase supported by 1.6 90.5 p
Slide 48: Q1 2025 Order Intake and Backlog
Q1 2025 ORDER INTAKE AND BACKLOG FUELING GROWTH IN NEW STRATEGIC REGIONS ORDER INTAKE (€bn) BACKLOG (€bn) Engineering, Procurement, Construction and Commissioning for a hydrogen production unit in ~1.8 Q2 awards Malaysia up to 5 May1 Engineering, Procurement and Construction for a petrochemical comp
Slide 49: Hail and Ghasha Gas Treatment Plant
HAIL AND GHASHA GAS TREATMENT PLANT WELL ON TRACK WITH SCHEDULE, OVERALL PROGRESS AT ~25% (VS 17% AS OF 2024 YE) 10 MILLION SAFE MAN-HOURS ACHIEVED OCT 2023 2024 2025 2026 2027 2028 Award Expected completion Q1 UPDATES E Engineering remains on track, with some activities ahead of schedule P Procurem
Slide 50: Group Commercial Pipeline ~€8bn
GROUP COMMERCIAL PIPELINE MARKET OPPORTUNITIES WORTH €59BN AS OF QUARTER END (€bn) Europe & Caspian CO capture 14.8 SAF2 & Biofuels Gas treatment Americas Middle East Asia 59.0 58.5 Fertilizers Gas treatment Petrochemicals 4.3 SAF 22.4 12.4 Polyolefins Refinery upgrades Polyolefins Fertilizers Ferti
Slide 51: Framing the Progress: Growth in Motion
05 FRAMING THE PROGRESS: GROWTH IN MOTION INTRODUCTION TO MAIRE
Slide 52: 2 Years Down the Road: A Strategy That Delivers
2 YEARS DOWN THE ROAD: A STRATEGY THAT DELIVERS SEQUENTIAL DOUBLE-DIGIT GROWTH AND ENHANCED PROFITABILITY REVENUES (€bn) EBITDA (€m) NET INCOME (€m) +23.0% +38.5% +31.1% +40.8% +43.3% +64.0% 5.9 386.4 212.4 4.3 274.4 3.5 129.5 209.3 90.4 FY 2022 FY 2023 FY 2024 FY 2022 FY 2023 FY 2024 FY 2022 FY 202
Slide 53: Starting Strong in Q1 2025
STARTING STRONG IN Q1 2025 SUSTAINED GROWTH WITH OVER 35% INCREASE IN REVENUES AND MARGINS REVENUES (€bn) EBITDA (€m) NET INCOME (€m) +31.9% +35.0% +41.6% +38.2% +77.7% +37.3% 1.7 113.5 64.0 1.3 82.1 46.6 1.0 58.0 26.2 Q1 2023 Q1 2024 Q1 2025 Q1 2023 Q1 2024 Q1 2025 Q1 2023 Q1 2024 Q1 2025 6.1% 6.5%
Slide 54: 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 55: Our Backlog Is the Basis for Our Growth
OUR BACKLOG IS THE BASIS FOR OUR GROWTH MULTI-YEAR VISIBILITY SECURED WITH THE RIGHT PACE AND TERMS GROUP BACKLOG (€bn) ~1.8 Q2 awards up to 5 May1 1.5x average book-to-bill (order intake/revenues) 15.0 15.4 2.8x 13.8 average backlog cover 9.5 8.6 (backlog/revenues) 6.0 31-Dec-20 31-Dec-21 31-Dec-22
Slide 56: Powered by a Highly Skilled Workforce
POWERED BY A HIGHLY SKILLED WORKFORCE READY TO SERVE A GROWING CLIENT DEMAND GROUP EMPLOYEES ~9,800 ~10,000 50%+ ~8,000 3y headcount increase ~6,500 85 ~8,400 ~8,500 nationalities ~6,800 ~5,500 ~700 3 1 -De c -2 2 3 1 -De c -2 3 3 1 -De c -2 4 3 1 -Ma r -2 5 people dedicated to STS Technical and com
Slide 57: Framing Forward: 2025-2034 Strategic Plan
06 FRAMING FORWARD: 2025-2034 STRATEGIC PLAN INTRODUCTION TO MAIRE
Slide 58: 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 59: 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 60: 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 61: €1bn Cumulated Capex to Sustain Growth
€1BN CUMULATED CAPEX 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 2
Slide 62: 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 63: Headcount Evolution
HEADCOUNT EVOLUTION EXPANDING CAPACITY AND UNLOCKING VALUABLE ENGINEERING HOURS THROUGH AI GROUP EMPLOYEES +60% Recruiting specialized talents +30% in each discipline to drive success Workload management boosted ~16,000 by growing use of AI and digital tools ~13,000 ~9,800 15% of MBO, 20% of LTI, an
Slide 64: Appendix
APPENDIX INTRODUCTION TO MAIRE
Slide 65: 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 and
Slide 66: 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 67: 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 68: 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 69: A Strong ESG Positioning
A STRONG ESG POSITIONING DELIVERING ON ALL SUSTAINABILITY PILLARS 2024 MAIN ESG RESULTS MAIN ESG RATINGS ENABLING MITIGATING 24 technologies for decarbonization, -37%% vs. 20181 pollution reduction and circularity Scope 1 & 2 emissions and 680 KtCO2eq of avoided (better than target, in line with emi
Slide 70: MET Zero Plan
MET ZERO PLAN TARGETING CARBON NEUTRALITY FOR SCOPE 1 AND SCOPE 2 CO2 EMISSIONS IN 2029 SCOPE 1 AND 2 CO2 EMISSIONS (KtCO2) 36 36 2025 35 35 35 34 34 34 33 33 2025 target already achieved in 2024, -37% reduction vs 2018 -43% expected reduction in 2025, 25 24 8% improvement vs initial target 20 18 Em
Slide 71: 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 72: 2025 Guidance
2025 GUIDANCE STEADY PROGRESS AND MARGIN EXPANSION STS IE&CS GROUP Steady revenues increase, REVENUES €490 – 510m €5.9 – 6.1bn €6.4 – 6.6bn especially in H2 for STS Margin expansion supported by EBITDA €110 – 125m €310 – 330m €420 – 455m higher value-added services and % of Revenues 22 – 25% 5.3 – 5
Slide 73: A Strong Net Cash Position
A STRONG NET CASH POSITION SUPPORTED BY HEALTHY OPERATING CASH FLOWS CASH FLOW BRIDGE (€m, EX-IFRS 16) CAPEX (€m) +43.9% -5.5 -12.6 66.9 -4.6 12.6 -32.1 8.7 5.2 3.9 375.1 387.2 7.4 4.8 Adj. Net Cash Operating Taxes Cash Flow Net Financial Share Adj. Net Cash Q1 2024 Q1 2025 31-Dec-24 1 Cash Flows fr
Slide 74: Financial Structure
FINANCIAL STRUCTURE AMPLE LIQUIDITY AND SOUND BALANCE SHEET, FURTHER OPTIMIZED IN Q1 LIQUIDITY (€m) MEDIUM/LONG TERM LOANS AND BOND MATURITIES (€m) Total €640.1m as of 31 March 2025 vs €598.1m as of 31 December 2024 Sustainability-linked Bond Sustainability-linked Schuldschein Loan Bank facilities 2
Slide 75: Income Statement
INCOME STATEMENT STRONG PERFORMANCE WITH REVENUES AND EBITDA ON THE RISE FY 2023 FY 2024 Change Q1 2024 Q1 2025 Change €m % €m % €m % €m % €m % €m % GROUP Revenues 4,259.5 100.0% 5,900.0 100.0% +1,640.5 +38.5% 1,263.6 100.0% 1,706.2 100.0% +442.6 +35.0% Operating costs (3,985.1) (93.6)% (5,513.7) (9
Slide 76: 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 77: 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