1Q Financial Report (https: //www.groupmaire.com/media/filer public/57/c1/57c11834-1306-4106-9664-5fe5cac82bbd/maire group interim report at march 31 2026

Interim Report at March 31, 2026

1. Group operating performance 4

2. Performance by Business Unit 5

3. Backlog by Business Unit and Region 8

4. Group balance sheet and financial position 14

5. Human Resources 19

6. Subsequent events and outlook 21

7. Statement of the Executive Officer for Financial Reporting in accordance with Article

   154-bis, paragraph 2 of the CFA 24

8. Consolidated Statements 25

Consolidated Income Statement 25

Consolidated Statement of Financial Position 26

Statement of changes in Consolidated Shareholders' Equity 28

Consolidated Cash Flow Statement (indirect method) 29

1. ‌Group operating performance

   The MAIRE Group key financial highlights at March 31, 2026 (compared to the same period of the previous year) are reported below:

   MAIRE GROUP CONDENSED CONSOLIDATED INCOME STATEMENT	March 31, 2026		March 31, 2025		Change
   (YTD in Euro thousands)	% on Revenues		% on Revenues		Change %

   Revenues 1,836,533		1,706,239		130,295	7.6%
   Business Profit (*) 160,355	8.7%	142,395	8.3%	17,960	12.6%
   EBITDA (**) 131,233	7.1%	113,457	6.6%	17,776	15.7%
   Amortization, depreciation, write- (17,902)	(1.0%)	(15,474)	(0.9%)	(2,428)	15.7%
   EBIT 113,332	6.2%	97,984	5.7%	15,348	15.7%
   Net financial expense (3,002)	(0.2%)	(4,567)	(0.3%)	1,565	(34.3%)
   Income before tax 110,329	6.0%	93,417	5.5%	16,913	18.1%
   Current and deferred taxes (33,589)	(1.8%)	(29,428)	(1.7%)	(4,162)	14.1%
   Tax rate (30.4%)		(31.5%)		N/A
   Net income for the period 76,740	4.2%	63,989	3.8%	12,751	19.9%
   Net income attributable to owners of the parent 67,362 company	3.7%	61,539	3.6%	5,823	9.5%
   Net income attributable to non- 9,378	0.5%	2,450	0.1%	6,928	282.8%

   Performance indicators:

   downs and provisions

   controlling interests

   (*) Business Profit means the industrial margin before the allocation of general and administrative costs and research and development expenses; the percentage incidence on revenues is defined as the Business Margin.

   (**) EBITDA is net income for the period before taxes (current, prepaid and deferred), net interest expense, gains and losses on the valuation of holdings, amortization and depreciation and provisions. EBITDA is a measure utilized by management to monitor and assess the operating performance. Management consider EBITDA a key parameter in measuring the Group's performance as not impacted by the effects of differing criteria applied to taxable income, the amount and characteristics of the capital utilized and by amortization and depreciation. As EBITDA is not governed by the Group's accounting standards, the Group calculation criteria may not be uniform with those adopted by other groups and, therefore, may not be comparable.

   Any discrepancies between the figures in this document are due solely to rounding.

   The MAIRE Group's revenues in the first three months of 2026 amounted to Euro 1,836.5 million, an increase of 7.6% compared to the first three months of 2025, driven by the continued execution of the order backlog, including the Hail and Ghasha project, the other major projects in the Middle East, the progress of the Algerian projects acquired in 2024, as well as the increased contribution from the projects acquired in Kazakhstan in 2025.

   Progress on projects in the Middle East continued in the first quarter of 2026 largely without any disruptions, with execution progressing broadly in line with plan despite some minor interruptions.

   The Business Profit at March 31, 2026 was Euro 160.4 million, up 12.6% on Euro 142.4 million for the same period of the previous year, as a result of the greater volumes. The consolidated Business Margin was 8.7%, broadly in line with the final quarters of 2025 but up 40 basis points compared to March 2025 (8.3%).

   General and administrative costs amounted to Euro 26.2 million (Euro 26.5 million as of March 31, 2025), broadly in line with March 2025. They accounted for 1.4% of revenues, an improvement compared with the 1.6% at March 31, 2025.

   Thanks also to efficient overhead cost management, net of R&D costs of Euro 2.9 million (Euro 2.5 million at March 31, 2025), Group's EBITDA was Euro 131.2 million, up 15.7% on the first three months of 2025 (Euro 113.5 million), driven by higher volumes and an altered production mix. The margin was 7.1%,

   increasing 50 basis points on Q1 2025 (6.6%), due also to the contribution of higher value-added services generated by NEXTCHEM.

   Depreciation, amortization, write-downs, and provisions amounted to Euro 17.9 million (including Euro 7.6 million related to the amortization of rights-of-use assets recognized in accordance with IFRS 16), an increase of Euro 2.4 million compared to March 2025 (Euro 15.5 million). This increase is due to the commencement of amortization for new assets supporting the digitalization of industrial processes, new patents and technological developments resulting from their commercialization and amortization related to the allocation of the purchase price of certain acquisitions.

   As outlined above, EBIT at March 31, 2026 was Euro 113.3 million, up 15.7% on Q1 2025 (Euro 98.0 million) and with a margin of 6.2%, up 50 basis points on Q1 2025 (5.7%).

   Net financial expenses of Euro 3 million, a slight improvement compared to Euro 4.6 million in the first three months of 2025, thanks to higher income recorded on cash holdings.

   Income before tax was Euro 110.3 million, against which income taxes of Euro 33.6 million were estimated, an increase of approx. Euro 4.2 million, as a result of the strong operating performance. The effective tax rate is approximately 30.4% (31.5% as of March 31, 2025), a slight improvement compared to previous quarters, taking into account the various jurisdictions in which the Group's activities were conducted.

   Period consolidated net income at March 31, 2026 was Euro 76.7 million, up 19.9% on Euro 64 million in Q1 2025, as a result of that outlined above and with a margin of 4.2%, increasing 40 basis points on March 31, 2025 (3.8%).

   Net income for the period attributable to owners of the Parent Company's shareholders amounted to Euro

   67.4 million, up 9.5% compared to the first three months of 2025 (Euro 61.5 million), while net profit for the period attributable to minority interests amounted to Euro 9.4 million, up compared to the same period of the previous year (Euro 2.5 million) as a result of the launch of several new joint venture initiatives.

2. ‌Performance by Business Unit Introduction

   MAIRE S.p.A. heads an integrated industrial group providing engineering services and large works in various industrial sectors on the domestic and international markets.

   The figures for the business units are in line with the internal reporting structure utilized by Company management and in particular with the reporting used by the highest decision-making level for the taking of business decisions, identified as the CEO.

   The Group concentrates its operations in two business units ("BU's"). Specifically: i) "Integrated E&C Solutions", covering executive general contractor operations; and ii) "Sustainable Technology Solutions", covering all of the Group's sustainable technology solutions/operations, in addition to the high value-added/innovative services primarily focused on the energy transition, so as to achieve economies of scope and synergies on projects with integrated technologies and processes, in addition to greater operational efficiency and reduced overheads. The features of these sectors are outlined below:

   1. Sustainable Technology Solutions ("STS"): which is headed by NEXTCHEM, in which the Group's technology solutions and expertise are concentrated, as well as high value-added services primarily supporting the energy transition. STS operates in three lines of business: Sustainable Fertilizers, dedicated to nitrogen fertilizers such as urea and ammonia; Low-Carbon Energy Vectors, dedicated to fuels and chemicals such as hydrogen, methanol, Sustainable Aviation Fuel (SAF) and biofuels; and Sustainable Materials and Circular Solutions, dedicated to circular economy solutions such as the mechanical and chemical recycling of plastics. Given the technological nature of the offering, which includes the sale of proprietary licenses and equipment and associated engineering services, the business unit presents low volumes and high margins.

   2. Integrated E&C Solutions ("IE&CS"): which is headed by TECNIMONT and KT Kinetics Technology and has executive responsibility for the development and management of long-term energy plant projects, with a strong track record in petrochemicals, gas processing and monetization and fertilizers. The IE&CS business unit offers Engineering, Procurement and Construction (EPC) and,

      to a lesser extent, Operations and Maintenance (O&M) services. Due to the nature of its activities, this business unit generates high volumes.

      The Group assesses the performance of the operating segments based on the Segment operating result. Segment revenues are those directly deriving from or attributable to the Segment and from core operations generated by agreements with third parties. Segment costs are charges from segment operations incurred from third parties. For Group operations, amortization, depreciation, provisions for risks, interest income and expense and income taxes are borne by the corporate entity as excluded from operating activities.

      (YTD in Euro thousands)

      Integrated E&C Solutions

      Sustainable Technology Solutions

      Total

      The MAIRE Group key financial highlights by Business Unit at March 31, 2026 (compared to the same period of the previous year) are reported below:

      Absolute	% on Revenues	Absolute	% on Revenues	Absolute	% on Revenues
      March 31, 2026
      Revenues 1,695,953		140,580		1,836,533
      Business Margin 121,010	7.1%	39,345	28.0%	160,355	8.7%
      EBITDA 98,944	5.8%	32,289	23.0%	131,233	7.1%
      March 31, 2025
      Revenues 1,610,097		96,142		1,706,239
      Business Margin 113,211	7.0%	29,184	30.4%	142,394	8.3%
      EBITDA 90,527	5.6%	22,931	23.9%	113,456	6.6%
      Change Q1 2026 vs Q1 2025
      Revenues 85,857	5.3%	44,438	46.2%	130,295	7.6%
      Business Margin 7,800	6.9%	10,162	34.8%	17,959	12.6%
      EBITDA 8,417	9.3%	9,357	40.8%	17,776	15.7%

      Integrated E&C Solutions (IE&CS) Business Unit

      As of March 31, 2026, revenues amounted to Euro 1,696 million, an increase of 5.3% compared to the same period of the previous year (Euro 1,610.1 million as of March 31, 2025), driven by the continued execution of the order backlog, including the Hail and Ghasha project, other major projects in the Middle East, progress on the Algerian projects acquired in 2024, and the increased contribution from the projects acquired in Kazakhstan in 2025.

      The Business Profit was Euro 121 million, up 6.9% on the same period of the previous year (Euro 113.2 million at March 31, 2025), essentially due to the increased volumes as outlined above. Profitability stood at 7.1%, broadly in line with the final quarters of 2025 but up 10 basis points compared to March 2025 (7%).

      Taking account also of general and administrative and R&D costs, EBITDA amounted to Euro 98.9 million, increasing 9.3% on the same period of the previous year (Euro 90.5 million at March 31, 2025), essentially due to the greater volumes and the benefit also of higher operating leverage. The margin was 5.8%, an increase of 20 basis points compared to the figure recorded in the first three months of 2025 (5.6%).

      Hail and Ghasha project update

      The Hail and Ghasha project, awarded to Tecnimont in October 2023 for $8.7 billion, had achieved an overall progress of approximately 70% as of the end of March 2026. Engineering and procurement activities

      are nearing completion. Construction activities have reached nearly 50% completion, supported by steady progress on civil works and mechanical and electrical installations. Heavy lifting operations are now nearing completion, along with the ongoing piping and cabling work. Completion is expected in H1 2028.

      Sustainable Technology Solutions (STS) Business Unit:

      As of March 31, 2026, revenues amounted to Euro 140.6 million, an increase of 46.2% compared to the same period of the previous year (Euro 96.1 million as of March 31, 2025), driven primarily by technology solutions and services for low-carbon chemicals and fertilizers.

      The Business Profit was Euro 39.3 million, up 34.8% on the same period of the previous year (Euro 29.2 million at March 31, 2025), as a result of the higher volumes. The margin was 28%.

      Taking into account general and administrative costs and R&D costs as well, EBITDA amounted to Euro 32.3 million, an increase of 40.8% compared to the same period of the previous fiscal year (Euro 22.9 million as of March 31, 2025), with a profit margin of 23%, driven by higher actual volumes and the greater contribution of proprietary equipment to the product mix for the period.

      Value of Production by Region:

      The regional breakdown of Revenues at March 31, 2026 compared to the previous year is illustrated below:

      Revenues by Region (Euro thousands)	2026	% revenue	Q1	2025	% revenue	Change Euro thousands %
      Europe	205,059	11.2%	200,386		11.7%	4,674	2.3%
      Middle East	1,008,842	54.9%	1,146,443		67.2%	(137,601)	-12.0%
      The Americas	29,168	1.6%	41,591		2.4%	(12,423)	-29.9%
      Africa	304,042	16.6%	274,069		16.1%	29,973	10.9%
      Asia	282,847	15.4%	43,751		2.6%	239,096	546.5%
      Others/Not Disclosed	6,576	0.4%	0		0.0%	6,576	N/A
      Total Group revenues	1,836,533		1,706,239			130,295

      The percentage of revenues by region reflects the development of the current backlog. In particular, there was a decrease in the Middle East region following the significant progress made in previous years, which was more than offset by the volumes achieved in Africa during the period thanks to the growing contribution of projects in Algeria, as well as the substantial increase in activities related to projects acquired in Central Asia (Kazakhstan) during the previous financial year.

      
      
      
3. ‌Backlog by Business Unit and Region

   The following table illustrates the Group backlog value by Business Unit as at March 31, 2026, along with the comparative data as at December 31, 2025 and as of the previous year:

   Backlog by Business Unit

   Backlog movements (Euro thousands)	Sustainable Technology Solutions (STS)	Integrated E&C Solutions (IE&CS)	Total Group
   Backlog as of December 31, 2025	366,022	12,364,712	12,730,733
   	88,011	4,747,442	4,835,453
   Revenues	(140,580)	(1,695,953)	(1,836,533)
   Backlog as of March 31, 2026	313,452	15,416,200	15,729,653

   (*) The adjustments for the first three months of 2026 primarily reflect adjustments related to the impact of exchange rates on the backlog, adjustments for revenues not included in the initial order backlog (production and sales activities of MyReplast Industries S.r.l.), and other minor adjustments.

   Backlog by business unit (Euro thousands)	Backlog at March 31, 2026	Backlog at December 31, 2025	Change March 26 vs December 25 Euro % thousands		Backlog at March 31, 2025	Change March 26 vs March 25 Euro % thousands
   Sustainable Technology Solutions (STS)	313,452	366,022	(52,569)	-14.4%	359,348	(45,896)	-12.8%
   Integrated E&C Solutions (IE&CS)	15,416,200	12,364,712	3,051,489	24.7%	15,017,253	398,947	2.7%
   Total Group	15,729,653	12,730,733	2,998,919	23.6%	15,376,601	353,051	2.3%

   
   
   

   New order intake, including adjustments and extensions to existing contracts, during the first three months of 2026 amounted to approximately Euro 4,835.5 million, an increase of 48% compared to the same period of the previous fiscal year, of which Euro 4,747.4 million was in the Integrated E&C Solutions BU and Euro 88 million was in the Sustainable Technology Solutions BU.

   As of March 31, 2026, the Order Backlog stood at Euro 15,729.7 million, which remains among the highest levels recorded by the Group, up 23.6% or approximately Euro 2,998.9 million compared to December 31, 2025.

   Backlog by Region

   movements Europe (Euro thousands)	Middle East	The Americas	Africa	Asia	Others/Not Disclosed	Total
   Backlog as of 783,792	4,791,768	180,218	2,733,550	4,241,405	0	12,730,733
   Order intake and 72,491	(107,076)	17,058	16,396	124,997	4,711,587	4,835,453

   The following tables illustrate the Group backlog value by Region as at March 31, 2026, along with the comparative data as at December 31, 2025 and as of the previous year:

   Backlog

   December 31, 2025

   adjustments (*)

   Revenues	(205,059)	(1,008,842)	(29,168)	(304,042)	(282,847)	(6,576)	(1,836,533)
   Backlog as of March 31, 2026	651,224	3,675,850	168,109	2,445,904	4,083,555	4,705,011	15,729,653

   (*) The adjustments for the first three months of 2026 primarily reflect adjustments related to the impact of exchange rates on the backlog, adjustments for revenues not included in the initial order backlog (production and sales activities of MyReplast Industries S.r.l.), and other minor adjustments.

   Backlog by region (Euro thousands)	Backlog at March 31, 2026	Backlog at December 31, 2025	Change March 26 vs December 25 Euro % thousands		Backlog at March 31, 2025	Change March 26 vs March 25 Euro % thousands
   Europe	651,224	783,792	(132,568)	-16.9%	813,021	(161,797)	-19.9%
   Middle East	3,675,850	4,791,768	(1,115,918)	-23.3%	8,050,764	(4,374,914)	-54.3%
   The Americas	168,109	180,218	(12,109)	-6.7%	136,314	31,794	23.3%
   Africa	2,445,904	2,733,550	(287,646)	-10.5%	3,348,284	(902,380)	-27.0%
   Asia	4,083,555	4,241,405	(157,850)	-3.7%	3,028,218	1,055,337	34.9%
   Others/Not Disclosed	4,705,011	0	4,705,011	N/A	0	4,705,011	N/A
   Total Group	15,729,653	12,730,733	2,998,919	23.6%	15,376,601	353,051	2.3%

   
   
   Order Intake by Business Unit and Region

   Order intake and adjustments
   March 31, (Euro thousands) 2026	% of	March 31, 2025	% of	Change March 26 vs March 25	%
   	Total		Total		Change
   Integrated E&C Solutions 4,747,442	98.2%	3,135,759	96.2%	1,611,683	51.4%
   Sustainable Technology 88,011	1.8%	123,697	3.8%	-35,686	-28.8%
   Total 4,835,453	100%	3,259,456	100%	1,575,996	48%

   The table below indicates the value of the awards to the Group broken down by Business Unit and by Region as at March 31, 2026 and comparative data with the same period of the previous year:

   (IE&CS)

   Solutions (STS)

   March 31,		March 31,		Change March 26
   2026	% of	2025	% of	vs March 25	%

   Order intake and adjustments by Region

   (Euro thousands)

   Total

   Total

   Change

   Europe 72,491 1.5% 49,228 1.5% 23,263 47.3%

   Middle East	(107,076)	-2.2%	(279,641)	-8.6%	172,565	-61.7%
   The Americas	17,058	0.4%	35,425	1.1%	(18,366)	-51.8%
   Africa	16,396	0.3%	596,044	18.3%	(579,648)	-97.2%
   Asia	124,997	2.6%	2,858,401	87.7%	(2,733,404)	-95.6%
   Others/Not Disclosed	4,711,587	97.4%	0	0.0%	4,711,587	N/A
   Total	4,835,453	100%	3,259,457	100%	1,575,996	48%

   New order intake, including adjustments and extensions to existing contracts, during the first three months of 2026 amounted to approximately Euro 4,835.5 million, an increase of 48% compared to the same period of the previous fiscal year, of which Euro 4,747.4 million was in the Integrated E&C Solutions BU and Euro 88 million was in the Sustainable Technology Solutions BU.

   Specifically, for the Sustainable Technology Solutions business unit, led by NEXTCHEM, the main projects awarded in the first quarter include:

   • award of a contract in China for the license and process design package (PDP) for a new nitric acid plant. The project involves the application of Stamicarbon's state-of-the-art single-pressure production technology, part of the NX STAMI™ Nitrates series, which uses oxygen instead of air in the process, enabling high energy recovery and low operating costs;

   • signing of an additional contract, also in China, to provide the license and PDP, as well as technical support services, for the modernization of a nitrogen fertilizer complex in northern China. The project involves upgrading the efficiency of an existing urea plant using the proprietary NX STAMI™ Urea technology, which significantly reduces steam and energy consumption, thereby optimizing both CAPEX and OPEX;

   • through its subsidiary CONSER, a licensor of technologies for high-value chemical derivatives and biodegradable plastics, NEXTCHEM has been awarded a licensing and Process Design Package contract for the implementation of its proprietary NX CONSER™ MAN and NX CONSER™ Duetto technologies for the co-production of dimethyl succinate (DMS) and 1,4-butanediol (BDO) by a leading state-owned chemical company in China. The agreement covers the integrated production of BDO and DMS, enabling downstream applications such as polybutylene succinate (PBS) and other specialty polymers, thereby supporting the transition to bio-based and circular materials. Subsequent tenders are also planned for the supply of catalysts and proprietary equipment;

   • through its subsidiaries Stamicarbon and KT Tech, NEXTCHEM has been awarded contracts to provide licenses, process design packages (PDPs), and proprietary critical equipment for the development of three large-scale industrial complexes for a major client in West Africa, two of which are dedicated to the production of granular urea and one of which is an integrated complex for the co-production of ammonia and methanol. The contracts are based entirely on NEXTCHEM's proprietary technologies. The total value of the contract is Euro 485 million, of which Euro 10 million, relating to engineering activities already underway, will be recognized in the pre-FID phase, while the remainder will be recognized at the time of the Final Investment Decision.

     The two large nitrogen fertilizer plants will include four hydrogen units based on NX AdWinHydrogen® technology, four ammonia units based on NX STAMI™ Ammonia technology, four urea melt lines, and six urea granulation units based on NX STAMI™ Urea technology, with a total urea production capacity exceeding 3 million metric tons per year;

   • Nextchem has been awarded two feasibility studies in South Africa and Southeast Asia for the development of state-of-the-art mechanical upcycling and compounding plants based on its proprietary NX Replast™ technology. The projects aim to recover post-consumer and post-industrial end-of-life polyolefin materials by transforming them into high-quality compounds with technical properties equivalent to those of virgin materials. NX Replast™ is a comprehensive solution for the rapid implementation of advanced mechanical upcycling and compounding plants, capable of recovering value from plastic waste by transforming it into technical compounds, which offer a distinct advantage over standard commodity grades.

     The project in South Africa aims to process approximately 25 thousand tons per year (KTPA) of post-consumer and post-industrial polyolefin materials, producing high-quality compounds. Developed by a leading local industrial operator, it represents one of the first circular-economy initiatives in the region, helping to promote resource efficiency and the use of sustainable materials in an economically competitive manner. Nextchem's feasibility study will include process configuration, cost assessment, and preliminary engineering work.

     In addition, Nextchem has been selected by a major Southeast Asian operator to develop a feasibility study for a 40 KTPA mechanical upcycling and compounding plant, also based on NX Replast™ technology;

   • in addition, the company has secured various contracts for engineering studies and the supply of proprietary equipment.

     For the Integrated E&C Solutions business unit, the main contracts awarded in the first quarter include:

   • two multi-billion-dollar EPC contracts, with completion scheduled for 2030 and 2031, for which further details will be provided in the near future, once certain formalities currently being finalized between the parties involved have been completed;

   • through its subsidiary Tecnimont Services, Tecnimont was awarded a contract worth USD 50 million for the redevelopment study of the Guaracara refinery, located in Point-à-Pierre, Trinidad and Tobago. The scope of the work includes a technical and operational assessment of the plants and equipment at the Guaracara complex, as well as a study for the refinery's modernization (Phases 1 and 2 of the project), with a capacity of approximately 150,000 barrels per day. The analysis will identify areas requiring retrofitting and upgrades and will assess the compliance of existing technologies with the plant's long-term operational and performance objectives. The activities also include an assessment of energy efficiency and environmental performance, as well as the design of advanced water collection and cooling systems, all to be implemented in accordance with the most stringent international standards. Based on this analysis, Tecnimont Services will prepare preliminary CAPEX and OPEX estimates to support the refinery's redevelopment and restart activities. Phases 1 and 2 are expected to be completed by early 2027; thereafter, work may extend to the Front-End Engineering Design (FEED) and Engineering, Procurement and Construction (EPC) phases, through to the Operations & Maintenance (O&M) activities for the redevelopment of the entire complex.

     OTHER BUSINESS AGREEMENTS:

   • TECNIMONT S.p.A. has signed a preliminary agreement (term sheet) with Argent LNG, LLC ("Argent LNG"), marking TECNIMONT's strategic entry into the global liquefied natural gas (LNG) market. The term sheet lays the groundwork for TECNIMONT's participation in Argent LNG's project to develop an LNG export facility located in Port Fourchon, Louisiana - a strategic energy hub due to its resilience to hurricanes in the United States. The long-term collaboration between TECNIMONT and Argent LNG encompasses the engineering and advancement of the project, from the authorization phase by the Federal Energy Regulatory Commission (FERC) to the development of the Front-End Engineering Design (FEED), for which contracts are expected to be finalized shortly, in order to support the final investment decision;

   • Memorandum of Understanding with Baker Hughes: On February 3, 2026, MAIRE announced the signing of a non-exclusive Memorandum of Understanding between Tecnimont and Baker Hughes to collaborate on modular and scalable LNG projects worldwide. The agreement aims to explore joint initiatives that combine Tecnimont's EPC expertise with advanced liquefaction technologies to meet the growing demand for flexible, efficient, and lower-carbon LNG infrastructure;

   • NEXTCHEM and Siemens Energy have signed a Memorandum of Understanding (MoU) to foster collaboration between the two companies. The agreement establishes a framework for combining complementary expertise, with the aim of identifying synergies and launching joint initiatives in the fields of energy and material circularity. The cooperation covers a broad technological spectrum, ranging from low-carbon fuels such as hydrogen, methanol, ammonia, and their derivatives to the development of sustainable and circular materials for industrial applications. The scope also includes advanced thermal cycles for next-generation modular nuclear reactors, both Small Modular Reactors and Advanced Modular Reactors. Another key focus of the collaboration is the integration of energy systems based on methanol-fueled fuel cells, a promising solution for

   marine propulsion and on-board auxiliary systems. The partnership will also encompass advanced digital platforms, including digital twins, artificial intelligence, and remote operation technologies, as well as initiatives aimed at improving the efficiency of energy-intensive sectors such as data centers and hard-to-abate industries.

4. ‌Group balance sheet and financial position

   The table below represents the key financial indicators of the MAIRE Group as at March 31, 2026 and December 31, 2025:

   MAIRE GROUP CONSOLIDATED RECLASSIFIED STATEMENT OF FINANCIAL POSITION	March 31, 2026	December 31, 2025	Change 2026 - 2025
   (In Euro thousands)
   Non-current assets	1,039,676	1,018,090	21,586
   Inventories/Advances to Suppliers	604,187	731,564	(127,378)
   Contract Assets	2,889,339	2,857,823	31,516
   Trade receivables	1,608,618	1,480,334	128,284
   Cash and cash equivalents	1,353,198	1,372,616	(19,419)
   Other current assets	598,885	699,716	(100,831)
   Current assets	7,054,227	7,142,055	(87,827)
   Assets held for sale, net of eliminations	0	0	0
   Total assets	8,093,903	8,160,145	(66,242)
   Shareholders' equity attributable to owners of the Parent Company	699,822	712,835	(13,014)
   Shareholders' equity attributable to non-controlling interests	70,962	60,963	9,999
   Financial debt - non-current portion	304,261	399,055	(94,795)
   Other non-current financial liabilities	293,261	292,695	566
   Non-current financial liabilities - Leasing	81,155	82,323	(1,168)
   Other non-current liabilities	349,671	326,505	23,166
   Non-current liabilities	1,028,347	1,100,577	(72,230)
   Short-term debt	282,090	250,829	31,262
   Current financial liabilities - Leasing	31,349	28,865	2,484
   Other current financial liabilities	221,933	231,537	(9,604)
   Client advance payments	446,591	541,360	(94,769)
   Contract Liabilities	675,516	646,266	29,250
   Trade payables	3,999,807	3,992,404	7,402
   Other current liabilities	637,486	594,508	42,978
   Current liabilities	6,294,773	6,285,770	9,003
   Liabilities held for sale, net of eliminations	0	0	0
   Total Shareholders' Equity and Liabilities	8,093,903	8,160,145	(66,242)

   MAIRE GROUP CONDENSED CONSOLIDATED RECLASSIFIED STATEMENT OF FINANCIAL POSITION	March 31, 2026	December 31, 2025	Change 2026 - 2025
   (In Euro thousands)
   Non-current assets	859,266	849,151	10,115
   Net working capital	(358,746)	(345,891)	(12,855)
   Employee provisions	(13,378)	(13,353)	(25)
   Net Invested Capital	487,142	489,907	(2,764)
   Shareholders of the parent company net equity	699,822	712,835	(13,014)
   Non-controlling interests capital and reserves	70,962	60,963	9,999
   Adjusted net financial position (*)	(396,145)	(395,079)	(1,066)
   Lease financial liabilities - IFRS 16	112,504	111,188	1,316
   Coverings	487,142	489,907	(2,764)

   (*) As the Net Financial Position is not governed by the Group's accounting standards, the Group calculation criteria may not be uniform with those adopted by other groups and, therefore, may not be comparable.

   Fixed assets increased by Euro 10.1 million compared to the end of the previous reporting period, due to increases in intangible fixed assets resulting from investments in technology and new software to support the business and corporate security, net of amortization for the period. Tangible fixed assets increased due to improvements to owned and leased buildings, as well as the purchase of various office furniture and equipment, in support of the Group's expansion and increased resources. Tangible fixed assets under construction also increased, due to the costs incurred for the establishment of a research and innovation district for the development of technologies to support the energy transition, known as the "Green Innovation District" ("GID"), and to the costs related to the plant currently being developed by MyRemono

   S.r.l. for the construction of a new continuous chemical recycling plant, with a maximum nominal capacity of 5,000 tons per year, for the production of recycled MMA. There was also an increase in the value of rights of use - recognized in accordance with IFRS 16 - as a result of new subscriptions, net of amortization for the period.

   Net working capital improved during the first quarter of 2026, with cash generation of approximately Euro

   12.9 million, driven by operating activities on the main projects in progress, which have not yet benefited from the advances related to the projects acquired in early 2026.

   Therefore, net invested capital decreased overall by approximately Euro 2.8 million compared to December 31, 2025, thanks to the performance of working capital in the first quarter of 2026, which more than offset the investments for the period described above.

   Group Shareholders' equity at March 31, 2026 amounts to Euro 699,822 thousand, a net decrease of Euro 13,014 thousand compared to December 31, 2025 (Euro 712,835 thousand).

   Non-controlling interests Shareholders' equity at March 31, 2026 amounts to Euro 70,962 thousand, a net increase of Euro 9,999 thousand compared to December 31, 2025 (Euro 60,963 thousand).

   Total consolidated Shareholders' Equity, considering minority interests, at March 31, 2026 amounts to Euro 770,783 thousand, a decrease of Euro 3,015 thousand compared to December 31, 2025 (Euro 773,798 thousand).

   The overall change in consolidated Shareholders' Equity was affected by: (i) the net income in the period of Euro 76.7 million, (ii) the decrease in the Cash Flow Hedge reserve of the derivative instruments, which mainly relates to the temporary mark-to-market gains of the derivative instruments to hedge the currency risk of the revenues and costs from the projects and the risk of raw material cost movements, net of the relative tax effect for Euro 1.8 million.

   The currency movements positively impacted the translation reserve of financial statements in foreign currencies, supported by the adoption of the current exchange rate conversion method for the overseas companies which prepare their financial statements in a functional currency other than the Euro for Euro

   1.3 million.

   During the period, the Group also purchased 5.6 million treasury shares for a consideration of Euro 81.1 million, which have not yet been used to service the MAIRE share-based compensation and incentive plans adopted by the Group, thereby generating a further negative change in shareholders' equity of Euro 81.1 million during the quarter.

   To this end, on February 26, 2026 - as part of the treasury share purchase program pursuant to Article 5 of Regulation (EU) No. 596/2014 (the "MAR"), announced to the market on November 28, 2025, and launched on December 1, 2025, for a maximum of 10,000,000 ordinary shares (the "Program") to service the existing Share Incentive Plans, MAIRE S.p.A. (the "Company" or "MAIRE") announced - pursuant to and for the purposes of Article 2, paragraph 3, of Commission Delegated Regulation (EU) No. 1052/2016 of March 8, 2016 (the "EU Regulation 1052") - that, during the period from December 1, 2025, to February 26, 2026, inclusive, it had purchased a total of 7,700,000 treasury shares (representing 2.343% of the total number of ordinary shares) on the Euronext Milan (EXM) market, organized and managed by Borsa Italiana S.p.A., at a weighted average price of Euro 14.050, for a total share value of Euro 108,184,457.12. Following the purchases made, the number of shares constituting the pool to be allocated to the existing Share Incentive

   Plans has been reached, in line with the estimated needs. Therefore, the Company has announced the closure of the Program with respect to this tranche. The Company reserves the right to reopen the Program with respect to additional shares to be allocated for the same purpose, which will be the subject of a specific notice to the market.

   As of February 26 and March 31, 2026, the Company held 7,952,160 treasury shares.

   The adjusted Net Financial Position as of March 31, 2026, shows net cash and cash equivalents of Euro 396.1 million, an increase of Euro 1.1 million compared to December 31, 2025.

   Operating cash generation in 2026, amounting to Euro 101 million, substantially offset the main cash outflows for the period, including disbursements related to the buyback program in the amount of Euro

   81.1 million and investments during the period for the in-house development of technologies, new software, and related developments to support the business and corporate security.

   The Net Financial Position is outlined in the following table:

   MAIRE GROUP NET FINANCIAL POSITION	March 31, 2026	December 31, 2025	Change
   (In Euro thousands)
   Short-term debt	282,090	250,829	31,262
   Current financial liabilities - Leasing	31,349	28,865	2,484
   Other current financial liabilities	221,933	231,537	(9,604)
   Financial instruments - Derivatives (Current liabilities)	3,082	2,509	573
   Financial debt - non-current portion	304,261	399,055	(94,795)
   Financial instruments - Derivatives (Non-current liabilities)	117	1,719	(1,602)
   Other non-current financial liabilities	293,261	292,695	566
   Non-current financial liabilities - Leasing	81,155	82,323	(1,168)
   Total debt	1,217,248	1,289,531	(72,282)
   Cash and cash equivalents	(1,353,198)	(1,372,616)	19,419
   Temporary cash investments	(2,072)	(2,024)	(47)
   Other current financial assets	(6,886)	(28,679)	21,793
   Financial instruments - Derivatives (Current assets)	(37,775)	(80,707)	42,932
   Financial instruments - Derivatives (Non-current assets)	(4,479)	(1,532)	(2,947)
   Other non-current financial assets	(75,197)	(66,652)	(8,544)
   Total cash and cash equivalents	(1,479,607)	(1,552,211)	72,604
   Other financial liabilities of discontinued operations	0	0	0
   Other financial assets of discontinued operations	0	0	0
   Net Financial Position	(262,359)	(262,680)	322
   "Project Financing - Non Recourse" financial payables	(5,106)	(5,381)	275
   Other non-current assets - Expected repayments	(16,177)	(15,830)	(347)
   Financial payables - Warrants	0	0	0
   Finance lease payables IFRS 16	(112,504)	(111,188)	(1,316)
   Adjusted Net Financial Position	(396,145)	(395,079)	(1,066)

   As the Net Financial Position is not governed by the Group's accounting standards, the Group calculation criteria may not be uniform with those adopted by other groups and, therefore, may not be comparable.

   Overall, the Adjusted Net Financial Position as of March 31, 2026 shows a decrease in gross debt, primarily due to:

   • A nominal amount of Euro 150 million resulting from the voluntary early repayment of the loan, 80% of the amount of which was supported by SACE's Garanzia Italia guarantee, disbursed in 2023 (as of December 31, 2025, the nominal long-term portion was Euro 100 million and the short-term portion was Euro 50 million);

   • further repayments of principal on outstanding loans, amounting to approximately Euro 0.4 million;

   • repayment of Euro 60 million of the revolving, sustainability-linked credit line maturing in May 2028, for a total amount of Euro 200 million, taken out by Maire, which as of March 31, 2026, had been drawn down in the amount of Euro 78.8 million;

   • reduced utilization of working capital facilities to support short-term needs related to the management of working capital for certain projects, which, as of December 31, 2025, had been utilized in the amount of approximately Euro 34 million;

     At the same time, there were increases related to:

   • increased utilization by NEXTCHEM, in the amount of Euro 6 million, of the loan of up to a maximum of Euro 125 million, 70% of which is backed by SACE's Archimede Guarantee, to support investments in technological innovation and R&D, disbursed in 2025 and of which Euro 50 million had been utilized as of March 31, 2026;

   • on March 17, 2026, Maire S.p.A. entered into a bridge loan agreement with Intesa Sanpaolo S.p.A. for a total amount of Euro 150 million, intended for the early repayment of the SACE SupportItalia loan for the same amount, the repayment of which is scheduled for the next quarter, as soon as the new transaction currently underway for a new Schuldschein issue has been settled;

   • Tecnimont S.p.A.'s drawdown of a revolving credit facility with BBVA for Euro 30 million.

   As of March 31, 2026, the Euro Commercial Paper program had been utilized for an amount of Euro 219.8 million, a decrease of Euro 0.8 million compared to December 31, 2025. The notes mature in various tranches between April 2026 and March 2027; the weighted average interest rate on outstanding financial liabilities is approximately 3.216%; during the first quarter of 2026, notes totaling Euro 144 million were issued, and notes totaling Euro 144.8 million were repaid, with a weighted average interest rate on all financial liabilities of approximately 3.043%.

   The net financial position at the end of March 2026 was impacted by the temporary changes to the fair value of the derivatives, which at March 31, 2026 had a positive value of Euro 39 million and in the first quarter of 2026 decreased by Euro 38.9 million. The change mainly reflects the movement of the derivatives hedging the MAIRE share price risk for purposes related to personnel incentive plans, and of derivative instruments entered into to hedge the currency risk on order revenue and cost fluctuations, influenced by the performance of the Euro against the Dollar.

   Finally, the Financial Position recorded a decrease in cash and cash equivalents, which as of March 31, 2026, amounted to Euro 1,353.2 million, a decrease of Euro 19.4 million compared to December 31, 2025.

   The main cash flow movements are reported below:

   MAIRE GROUP CONDENSED CONSOLIDATED CASH FLOW STATEMENT (YTD in Euro thousands)	March 31, 2026	March 31, Change 2025 2026- 2025
   Cash and cash equivalents at beginning of the period (A)	1,372,616	1,153,779	218,838
   Cash flow from operations activities (B)	100,982	46,519	54,462
   Cash flow from investments activities (C)	(22,758)	(12,572)	(10,186)
   Cash flow from financing activities (D)	(97,642)	33,623	(131,265)
   Increase/(Decrease) in cash and cash equivalents (B+C+D)	(19,419)	67,570	(86,989)
   Cash and cash equivalents at end of the period (A+B+C+D)	1,353,197	1,221,348	131,850
   of which: Cash and cash equivalents of Discontinued Operations	0	0	0
   Cash and cash equivalents at end of period reported in financial statements	1,353,197	1,221,348	131,850

   Cash flows from operating activities showed a positive flow in the first quarter of 2026, amounting to Euro 101 million, driven by the profit for the period and by changes in working capital related to operating activities on the main projects in progress. Cash flows from operating activities also include tax payments, which amounted to Euro 8.8 million in the first quarter of 2026.

   Operating cash generation substantially offset the main cash outflows for the period, including disbursements related to the buyback program in the amount of Euro 81.1 million and investments during the period for the internal development of technologies, new software, and related developments to support the business and corporate security.

   Investments absorbed cash of Euro 22.8 million, mainly in relation to capex for technologies and new software, owned and leased buildings improvements and for the furnishing of offices to support growth and the global expansion of the Group and deferred price components of previous acquisitions.

   Indeed, investments in new technologies and intellectual property rights (patents and licenses) continue, primarily by the Nextchem Group, as well as in new software and related developments to support the business and corporate security, with the aim of enhancing the technological offering with advanced digital solutions in line with the Group's strategy to expand its portfolio of sustainable technologies.

   In addition, disbursements of approximately Euro 8.4 million were recorded in connection with deferred and earn-out components of the purchase prices of certain transactions completed in previous years.

   Finally, financial activities as a whole used up Euro 97.6 million in cash, mainly due to the purchase of 5.6 million treasury shares for a consideration of Euro 81.1 million, the repayment of certain portions of existing loans and new disbursements as previously reported, and the payment of interest and principal on IFRS 16 leases.

5. ‌Human Resources

   At March 31, 2026, the MAIRE Group workforce numbered 10,823, compared to 10,755 at December 31,

   2025, increasing 68, against 377 new hires and 309 departures in the period.

   The workforce at 03/31/2026 of the MAIRE Group, with changes (by category and region) on 12/31/2025, is outlined in the following tables.

   Category

   Workforce

   12/31/2025

   Hires

   Δ

   Reclassification Workforce Workforce Departures personnel 03/31/2026 03/31/2026

   category (*) vs.

   Change in workforce by category (12/31/2025 - 03/31/2026):

   						12/31/2025
   Executives	782	7	13	1	777	-5
   Managers	3,511	64	69	10	3,516	5
   White-collar	6,239	299	226	-11	6,301	62
   Blue-collar	223	7	1	0	229	6
   Total	10,755	377	309	0	10,823	68
   Average headcount	10,271				10,792	521
   of which, by BU:
   IE&CS	10,029	352	297	-3	10,081	52
   STS	726	25	12	3	742	16
   Total	10,755	377	309	0	10,823	68

   (*) Includes promotions, changes in qualification following intra-group transfers/reclassification of Job Titles.

   The classification of the qualifications above does not necessarily reflect the contractual classification under Italian employment law, but corresponds to the identification criteria adopted by the Group on the basis of roles, responsibilities and duties

   Italy & Rest of Europe (1) (**)	4,688	126	98	3	4,719	31
   Middle East (2)	1,885	117	63	-4	1,935	50
   Africa (3)	108	48	10	1	147	39
   India, South East, Far East, Rest of Asia and Australia (4)	463	66	56	0	473	10
   America (5)	60	3	2	0	61	1
   Anatolic and Central Asia (6)	3,551	17	80	0	3,488	-63
   Total	10,755	377	309	0	10,823	68
   (**) of which:
   Italy	3,772	96	42	1	3,827	55

   Changes in workforce by region (12/31/2025 - 03/31/2026):

   Region

   Workforce 12/31/2025

   Hires

   Δ

   Reclassification Workforce Workforce Departures personnel 03/31/2026 03/31/2026

   category (*) vs.

   12/31/2025

   (**) Includes promotions, changes in category following intercompany transfers/Job Title reclassification, as well the changes in contracts related to the MAIRE Foundation, which is not included in the consolidation scope.

   1. Includes: Italy - Europe Region.

   2. Includes: South Arabia, Kuwait, Oman, Bahrain Region - UAE, Qatar, Iraq, Jordan Region.

   3. Includes: Africa Region.

   4. Includes: India and Mongolia Region - China Region - Singapore, Malaysia, Brunei, Cambodia and Australia Region - Indonesia, Philippines, Vietnam, Thailand and South Korea Region.

   5. Includes: North and Central America Region - South America Region.

   6. Includes: Central Asia, Caspian and Turkey.

   The table below outlines the workforce by areas of effective engagement at 12/31/2025 and 03/31/2026, with the relative changes.

   Region

   Workforce 12/31/2025

   Workforce 03/31/2026

   Δ Workforce

   03/31/2026 vs.

   12/31/2025

   Italy & Rest of Europe	4,376	4,385	9
   Middle East	2,397	2,487	90
   Africa	124	164	40
   India, South East, Far East, Rest of Asia and Australia	615	630	15
   America	79	69	-10
   Anatolic and Central Asia	3,164	3,088	-76
   Total	10,755	10,823	68

6. ‌Subsequent events and outlook

   NEXTCHEM (MAIRE) IS AWARDED A CONTRACT FOR PRELIMINARY ENGINEERING WORKS AND THE SUPPLY OF PROPRIETARY EQUIPMENT FOR AN SAF PLANT IN INDONESIA BASED ON ITS PROPRIETARY NX PTU™ AND NX SAF™ BIO TECHNOLOGIES, FOLLOWING PREVIOUS AWARDS FOR THE LICENSING AND PROCESS DESIGN PACKAGE

   On April 1, 2026, MAIRE announced that Nextchem, through its subsidiary KT Tech, had been awarded a contract for the front-end engineering design and supply of proprietary equipment for an SAF plant under development in North Sumatra Province, Indonesia. The plant is designed to produce 60,000 metric tons per year of high-efficiency SAF, primarily from palm oil mill effluent (POME) and certified used cooking oil, thereby leveraging local resources and supporting the development of economically viable SAF solutions. The project will leverage Nextchem's proprietary NX PTU™ and NX SAF™ BIO technologies, which have already been licensed for the initiative. The front-end engineering activities will support the achievement of the final investment decision (FID) for the project, which represents a concrete step toward the adoption of advanced, low-carbon technologies for the aviation sector.

   NEXTCHEM (MAIRE) OPENS A NEW OFFICE IN BEIJING TO STRENGTHEN ITS PRESENCE IN INDUSTRIAL TRANSFORMATION AND SUSTAINABLE TECHNOLOGIES IN CHINA AND ASIA, LEVERAGING TECNIMONT'S EXPERIENCE IN THE COUNTRY SINCE 1994

   On April 7, 2026, Nextchem, a MAIRE subsidiary at the helm of the Sustainable Technology Solutions business unit, opened its new office in Beijing, further strengthening the Group's long-standing presence in China, which has been developed since 1994 through Tecnimont (Integrated E&C Solutions business unit), and reaffirming its long-term commitment to the Chinese market and, more broadly, to Asia, a strategic and industrial hub for global value chains. The opening ceremony was attended by Italian diplomatic representatives, Chinese institutional and industrial partners, and the top management of MAIRE and Nextchem, including Fabrizio Di Amato, Founder and Chairman of MAIRE. Guests also included Cristina Carenza, Deputy Head of Mission at the Italian Embassy in China. The opening of the Beijing office marks a significant milestone in MAIRE's growth strategy and reflects Nextchem's ambition to position itself at the forefront of global industrial transformation, in a context characterized by rapidly evolving value chains, by strengthening technological innovation in the energy and critical raw materials sectors. This new presence will enable Nextchem to work even more closely with Chinese customers and partners, leveraging its extensive portfolio of sustainable technologies and solutions developed to meet the specific needs of the local market.

   MAIRE S.P.A. ORDINARY SHAREHOLDERS' MEETING OF APRIL 15, 2026

   On April 15, 2026, MAIRE's Ordinary Shareholders' Meeting was held, which, among other matters, approved the Financial Statements for the year ended December 31, 2025, and the distribution of a dividend of Euro 0.585 per share, an increase of 64.3% compared to the previous year, with a payment date starting on April 22, 2026. Taking into account treasury shares in portfolio at April 21, 2026 (the "record date"), the total amount of the dividend is Euro 187.6 million.

   The Shareholders' Meeting also passed resolutions regarding remuneration and the purchase and disposal of treasury shares.

   THE MAIRE TOWERS: THE GROUP RENEWS ITS ICONIC HEADQUARTERS IN MILAN'S BUSINESS DISTRICT: A LEASE AGREEMENT WITH AN EXTENSION OF MORE THAN 20-YEAR TERM, INCLUDING RENOVATION WORKS AT THE LESSEE'S EXPENSE, TO MAKE THE TOWERS MORE EFFICIENT AND SUSTAINABLE WITH THE GOAL OF ACHIEVING LEED PLATINUM CERTIFICATION, IN LINE WITH MAIRE'S DECARBONIZATION STRATEGY

   On April 17, 2026, MAIRE renewed its lease agreement with Covivio for its headquarters in the Garibaldi Complex, a historic landmark in Milan's business district, thereby consolidating a long-term partnership and confirming its strategic role for the Group's operations. Located in Piazza Sigmund Freud, in the heart of the area between Garibaldi, Porta Nuova, and Isola, the Complex has been MAIRE's main operational hub for over fifteen years. The agreement provides for a long-term extension - exceeding 20 years - of MAIRE's

   lease and the launch of a comprehensive program of redevelopment works on the property, which will be carried out primarily by Covivio starting in 2028, ensuring full operational continuity of the company's activities. The renovations will enable a significant improvement in the energy efficiency of the buildings and a structural reduction in operating costs, particularly for heating and air conditioning, through the adoption of solutions based on renewable energy sources and the upgrading of the building systems. These measures are aimed at achieving LEED PLATINUM certification, the highest rating in terms of sustainability, in line with MAIRE's plan to become Carbon Neutral by 2029. The redevelopment project is part of the Group's broader commitment to incorporate ESG criteria into its operational and infrastructural decisions, fostering sustainable and efficient workplaces that are in line with international best practices. The planned works will also help achieve the environmental sustainability goals promoted by the City of Milan's Air and Climate Alliance, of which MAIRE is a member. Designed in the 1950s and completed in the 1960s, the Towers are among the earliest examples of high-rise office architecture in Milan. For decades, they have defined the city's skyline, standing out as a symbol of modernity long before the construction of the more recent skyscrapers that now characterize the area. MAIRE has been occupying the complex since 2010 and, over time, has contributed to its enhancement as a leading office complex.

   EURO 185 MILLION SUSTAINABILITY-LINKED SCHULDSCHEIN, AIMED AT REFINANCING AND OPTIMIZING THE AVERAGE COST OF DEBT

   On April 20, 2026, MAIRE placed a new Euro 185 million loan in the form of a Sustainability-Linked Schuldschein (a private placement governed by German law). The unsecured senior loan comprises two tranches with maturities of three and five years, both at variable interest rates. The applicable margin over the 6-month Euribor will be 1.50% and 1.70% for the three-year and five-year tranches, respectively. The instrument also includes a pricing mechanism linked to decarbonization targets, in accordance with the Sustainability-Linked Financing Framework adopted in October 20251. The proceeds will be used to support the company's financial needs, primarily for the early repayment of existing lines of credit. The financing was placed with domestic and international banks and financial institutions, primarily in Europe, Asia, and the Middle East, and also received support from Cassa Depositi e Prestiti. The facility also provides for the option to increase the total amount up to Euro 300 million by the end of July 2026, confirming the flexibility built into the financial structure to support the Company's strategic priorities. BNP Paribas, BPER - Corporate & Investment Banking Division, Commerzbank Aktiengesellschaft, Crédit Agricole Corporate and Investment Bank, Intesa Sanpaolo (IMI CIB Division), and UniCredit Bank GmbH acted as arrangers. Crédit Agricole Corporate and Investment Bank acted as sustainability coordinator, and UniCredit Bank GmbH acted as paying agent.

   NEXTCHEM (MAIRE) HAS BEEN AWARDED A LICENSING, PROCESS DESIGN PACKAGE, AND TECHNICAL SERVICES CONTRACT IN CHINA BASED ON ITS PROPRIETARY NX CONSER™ C5+ TECHNOLOGIES

   On April 28, 2026, MAIRE announced that Nextchem, through its subsidiary CONSER, a licensor of technologies for high-value chemical derivatives and biodegradable plastics, had been awarded the licensing, process design package, and provision of technical services contract by a major Chinese player for a new trimellitic anhydride (TMA) production plant in China.

   Nextchem will apply its proprietary technology for Trimellitic Anhydride, part of the NX CONSER™ C5+ portfolio, an advanced solution for the continuous production of TMA developed by CONSER. This technology is recognized for guaranteeing high standards of safety and reliability, supported by the use of innovative construction materials, while also offering significant benefits in terms of electricity, steam, and water consumption.

   TMA is a key intermediate in the production of high-performance, safe plasticizers for polyvinyl chloride (PVC), which are used in electrical, automotive, and medical applications. TMA also plays a strategic role in the production of formulations for coatings and polyester resins.

   The project's development has been structured in two phases, enabling a phased implementation process aligned with the client's overall strategy. The contract provides for the option of supplying the proprietary equipment at a later stage.

   ‌1 The financing agreement provides for an increase in the margin if the following decarbonization targets set out in the Sustainability-Linked Financing Framework are not met by December 31, 2028: (i) A 28% reduction in the MAIRE Group's direct and indirect CO₂ emissions (Scope 1 and Scope 2 GHG emissions) compared to 2024; (ii) Achievement of a 20% share of suppliers, calculated on the basis of emissions associated with purchased goods and services (Scope 3, Cat. 1), who have adopted Science-Based Targets (SBTs).

   Outlook

   With regard to the events currently affecting the Middle East region of the Persian Gulf, we confirm that all personnel, including the workforce of subcontractors, are operating in safe conditions, in compliance with the protocols promptly implemented, and in constant coordination with local authorities and clients.

   During the month of March, progress on projects in the Middle East continued largely without any significant impact. With regard to certain projects with operational activities in those areas, the significant procurement campaign carried out, particularly in the latter part of 2025, has made sufficient quantities of materials available at the construction sites of the projects under construction to ensure the continuity of activities over the coming months, while commissioning activities are underway for the remaining projects. Should the current restrictions on the main supply corridors persist in the medium term, suitable alternative routes have already been identified to mitigate this critical issue.

   Therefore, overall, during the first quarter of the year, the Group's operating performance was in line with expectations.

   With regard to the coming months, for the IE&CS business unit (Tecnimont and KT), in view of the limited impact on ongoing projects in the Middle East, the Group's potential involvement in activities to restore damaged infrastructure, and the growing contribution of projects in the portfolio located in other regions, it is confirmed that the targets set will be maintained.

   The results for the first quarter of 2026 for the STS business unit (Nextchem) do not yet include the consolidation of the Ballestra Group, the acquisition of which is expected to be completed in the second quarter of 2026. This acquisition, combined with an anticipated improvement in fundamentals and the market environment, is expected to result in higher revenues and margins, particularly in the second half of the year.

   In light of the above, the Group confirms its 2026 Guidance, which was already communicated to the market on March 4, 2026, when the 2026-2035 Strategic Plan was presented.

   Sustainable

   Technology Solutions

   Integrated

   E&C Solutions

   Group

   Revenues Euro 670 - 700 million Euro 6.8 - 7.0 billion Euro 7.5 - 7.7 billion

   EBITDA

   % of Revenue

   Euro 150 - 165 million

   22% - 24%

   Euro 395 - 410 million

   5.8% - 5.9%

   Euro 545 - 575 million

   7.3% - 7.5%

   Investments Euro 190 - 220 million Euro 60 - 80 million Euro 250 - 300 million

   Adjusted Net Liquidity In line with the figure as of December 31, 2025 (Euro 395.1 million)

7. ‌Statement of the Executive Officer for Financial Reporting in accordance with Article 154-bis, paragraph 2 of the CFA

   The undersigned Mariano Avanzi, as "Executive Officer for Financial Reporting" of MAIRE S.p.A., declares, in accordance with Article 154-bis, paragraph 2 of the Consolidated Finance Act, that the accounting disclosure in this Interim Report at March 31, 2026 corresponds to the underlying accounting documents, records and entries of the company.

   Milan, April 29, 2026

   The Executive Officer for Financial Reporting

   Mariano Avanzi

8. ‌Consolidated Statements