1Q Presentation (https: //www.groupmaire.com/media/filer public/24/62/24621f13-bdde-4a7c-81ca-2c322c76be59/20260429 - maire q1 2026 results presentation

29 April 2026

Q1 2026 RESULTS

RESILIENT EXECUTION, CONSISTENT DELIVERY

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 Avanzi, Chief Financial Officer

05

RESHAPING OPPORTUNITIES

Alessandro Bernini, Chief Executive Officer

Q1 2026 RESULTS

01

INTRODUCTORY REMARKS

Alessandro Bernini, Chief Executive Officer

Q1 2026 RESULTS

Q1 2026 HIGHLIGHTS

A RESILIENT BUSINESS DELIVERING SOLID RESULTS

supported by a well-balanced project mix, with activities

in the Middle East progressing without major disruptions

€1.8bn revenues

+7.6% YoY

driven by operating leverage and a growing contribution

of Nextchem's high value-added services

€131.2m EBITDA

+15.7% YoY, 7.1% margin

strengthened by Q1 order intake, with new project schedules progressively extending workload towards 2030 and 2031

€15.7bn backlog

€4.8bn order intake

RECORD DIVIDEND OF €187.6M PAID ON 22 APRIL, +64% YOY1

1. Based on €0.585 dividend per share paid in 2026 (66% pay-out ratio), versus €0.356 paid in 2025 (55% pay-out ratio).

GROUP ORDER INTAKE AND BACKLOG

SUSTAINED BY INCREASING GLOBAL ENERGY NEEDS

ORDER INTAKE (€bn)

BACKLOG (€bn)

0.3

Ballestra Group1

Q1 2026 HIGHLIGHTS

4.8

3.5

15.0

13.8

12.7

15.7

Q1 2025 Q1 2026

31-Dec-23 31-Dec-24 31-Dec-25 31-Mar-26

2.6x

Book-to-bill3

2.2x

Backlog cover4

Sustainability-related2 >20%

INCREASING REVENUE VISIBILITY, WITH NEW PROJECTS EXTENDING WORKLOAD TOWARDS 2030-2031

1. Subject to the closing of the acquisition, expected in Q2 2026. 2. Sustainability-related work is defined as the sum of transitional and sustainable work (respectively ~18% and ~4% of Q1 2026 backlog). Please refer to appendix for work classification criteria. 3. Ratio of new awards in Q1 2026 to revenues recognized over the same period. 4. Ratio of backlog at 31 March 2026 to revenues generated over the last twelve months, excluding Ballestra Group.

IE&CS MIDDLE EAST OPERATIONS

PROJECTS ADVANCING IN A COMPLEX OPERATING ENVIRONMENT

REGION OVERVIEW

~2,400 people currently employed in the area

KEY PROJECT PROGRESS1 AT 31 MARCH 2026

Hail and Ghasha gas development project

continuing through construction (~70% overall progress)

KSA

Amiral

Qatar

Ras Laffan

UAE

Hail and Ghasha Harvest Borouge 4

Harvest ammonia project

in advanced construction phase

Borouge 4 petrochemical project

in commissioning phase, with start-up in Q2 2026

Amiral petrochemical project

in advanced construction phase

Ras Laffan petrochemical project

approaching mechanical completion

TIMELY AND EFFECTIVE HSE AND SECURITY MEASURES, SAFEGUARDING PEOPLE, CLIENTS AND THE CONTINUITY OF OPERATIONS

1. Main projects with ongoing on-site operations.

02

BUSINESS HIGHLIGHTS SUSTAINABLE TECHNOLOGY SOLUTIONS

Fabio Fritelli, Managing Director Nextchem

Q1 2026 RESULTS

STS ORDER INTAKE AND BACKLOG

DRIVEN BY FERTILIZERS AND SPECIALTY CHEMICALS IN CHALLENGING MARKETS

ORDER INTAKE (€m)

BACKLOG (€m)

~580

Proforma

incl. Ballestra Group1

Q1 2026 MAIN AWARDS

Licensing and PDP in China

based on proprietary nitrates and urea technologies

Licensing, PDP and PEQ supply in West Africa2

for three large-scale plants for nitrogen fertilizers

PEQ supply in the Middle East

to enhance industrial complex production capacity

Licensing and PDP in China

to produce value-added specialty chemicals

FEED

FEED MOVE

MOVE

MAKE

Q1 2025 Q1 2026

31-Dec-25 31-Mar-26 Feasibility studies in Southern Africa and SE Asia

for two plastic upcycling projects

MAKE

DIVERSIFIED BACKLOG ACROSS ~40 COUNTRIES

THANKS TO A GLOBAL CLIENT BASE

Sustainable Fertilizers and Nitrogen-based Fuels Low-Carbon Energy Vectors Sustainable Materials and Circular Solutions

1. Subject to the closing of the acquisition, expected in Q2 2026. 2. €485m contract subject to final investment decision, except for €10m engineering activities. Note: PDP (Process Design Package); PEQ (Proprietary Equipment).

THE LARGEST CONTRACT EVER AWARDED TO NEXTCHEM

THREE LARGE-SCALE PLANTS FOR NITROGEN FERTILIZERS IN WEST AFRICA

SCOPE OF WORK

Technology licensing, process design packages and proprietary equipment

TOTAL VALUE

€485m subject to FID1, of which €10m engineering activities already booked

NEXTCHEM BUNDLED TECHNOLOGIES

Proprietary hydrogen, ammonia, urea, and methanol technologies

NX AdWin Hydrogen®

Low-carbon hydrogen with autothermal reforming

NX STAMI Ammonia

Ammonia from hydrogen as building block for urea

NX AdWin® Combined

Co-production of low-carbon methanol and ammonia

NX STAMI Urea

Urea with highest quality and efficiency standards

FIRST INTEGRATED APPLICATION OF STAMICARBON, GASCONTEC AND KT TECH TECHNOLOGIES,

PROOF OF THE COMPLEMENTARITY OF OUR OFFERING AND CROSS-SELLING CAPABILITIES

1. Final Investment Decision.

03

BUSINESS HIGHLIGHTS INTEGRATED E&C SOLUTIONS

Alessandro Bernini, Chief Executive Officer

Q1 2026 RESULTS

IE&CS ORDER INTAKE AND BACKLOG

DRIVEN BY CLIENTS' COMMITMENT TO INVEST IN GAS AND ADVANCED MATERIALS PLANTS

ORDER INTAKE (€bn)

BACKLOG (€bn)

Q1 2026 MAIN AWARDS

Q1 2025 Q1 2026 31-Dec-25 31-Mar-26

INCREASED REVENUE VISIBILITY

WITH MORE THAN TWO YEARS OF FULL PRODUCTION1

E: Engineering; P: Procurement; C: Construction. 1. Based on revenues generated over the last twelve months.

SUCCESSFUL DELIVERY OF RIJEKA REFINERY IN CROATIA

CONFIRMING KT'S EXECUTION TRACK RECORD

KEY HIGHLIGHTS

Project completed in March

EPC awarded by INA for the refinery upgrade, including a new delayed coking unit, process unit revamping, storage and loading facilities

Efficiency and environmental performance

thanks to heavy residue processing and elimination of fuel oil production

In-Country Value

involving numerous Croatian companies and supporting the development of local capabilities

PROVEN EXECUTION CAPABILITY IN A COMPLEX ENVIRONMENT,

NAVIGATING GEOPOLITICAL DISRUPTIONS THROUGH STRONG COORDINATION WITH ALL STAKEHOLDERS

04

FINANCIAL RESULTS

Mariano Avanzi, Chief Financial Officer

Q1 2026 RESULTS

GROUP P&L

SOLID PERFORMANCE SUPPORTED BY RESILIENT OPERATIONS

REVENUES (€bn)

EBITDA (€m)

NET INCOME (€m)

+7.6%

+15.7%

+19.9%

1.7

1.8

131.2

113.5

76.7

64.0

Q1 2025 Q1 2026

Sustainability-related1 ~50%

High single-digit

revenue growth

Q1 2025 Q1 2026

6.6%

7.1%

+50bps

EBITDA margin expansion

Q1 2025 Q1 2026

3.8%

4.2%

Double-digit growth

before €9.4m minorities2

Growth

% Margin

1. Sustainability-related work is defined as the sum of transitional and sustainable work (respectively ~48% and ~3% of Q1 revenues). Please refer to appendix for work classification criteria. 2. Related to Nextchem and JVs.

SUSTAINABLE TECHNOLOGY SOLUTIONS

FUELED BY A UNIQUE TECHNOLOGY PORTFOLIO WITH GLOBAL REACH

REVENUES (€m)

+46.2%

EBITDA (€m)

+40.8%

Excellent growth

in a challenging scenario, sustained by fertilizers and low-carbon chemicals

Profitability

driven by a higher contribution

of proprietary equipment in the product mix

Q1 2025 Q1 2026 Q1 2025 Q1 2026

23.9%

23.0%

Growth

% Margin

INTEGRATED E&C SOLUTIONS

PROJECTS PROGRESSING IN A COMPLEX ENVIRONMENT

REVENUES (€bn)

+5.3%

EBITDA (€m)

+9.3%

Revenue growth

driven by steady project execution

+20bps profitability

supported by operating

leverage and efficiencies

Q1 2025 Q1 2026 Q1 2025 Q1 2026

5.6%

5.8%

Growth

% Margin

NET CASH POSITION AND CAPEX

CASH GENERATION SUSTAINING INVESTMENTS AND BUY-BACK

CASH FLOW BRIDGE (€m, ex-IFRS 16) CAPEX (€m)

(8.8)

(22.8)

116.7

(3.0)

(81.1)

395.1

396.1

22.8

Adj. Net Cash

Operating

Taxes Cash Flow

Net Financial

Share

Adj. Net Cash

Q1 2025 Q1 2026

12.6

31-Dec-25 1

Cash Flows and FX

from Investments

Charges

Buy-back

31-Mar-26 1

~70% Sustainability-related2

1. Excluding leasing liabilities - IFRS 16 (€111.2m as of 31 December 2025 and €112.5m as of 31 March 2026) and other minor items. 2. Sustainability-related capex are defined as the sum of transitional and sustainable investments. Please refer to the appendix for the criteria used in the determination of transitional and sustainable work.

05

RESHAPING OPPORTUNITIES

Alessandro Bernini, Chief Executive Officer

Q1 2026 RESULTS

GROUP COMMERCIAL PIPELINE

TARGETING €61BN MARKET OPPORTUNITIES

BY QUARTER (€bn) BY GEOGRAPHY (€bn, Mar-26)

60.7 61.0

5.6

North America

SAF LNG

Fertilizers

11.7

Europe

Power

SAF & biofuels Circular

22.3

Middle East

Gas treatment Polyolefins Fertilizers

9.1

Asia

Fertilizers Refinery upgrades Petrochemicals

31-Dec-25 31-Mar-26

6.8

South America

Gas treatment Fertilizers LNG

5.5

Africa

Fertilizers LNG

Gas treatment

~€9BN 2026 ORDER INTAKE TARGET CONFIRMED (€4.8BN ALREADY AWARDED),

SUPPORTING FURTHER GEOGRAPHICAL DIVERSIFICATION GOING FORWARD

OUTLOOK

LEVERAGING OUR CORE CAPABILITIES TO NAVIGATE COMPLEXITY AND DELIVER RESULTS

providing a solid foundation

for 2026 and confirming resilient execution, with geopolitical-driven market growth expected

to accelerate FIDs1

with Middle East projects supported by secured materials and alternative supply routes, and thanks to the increasing contribution from existing projects in other geographies

particularly in H2 2026, also thanks to the contribution

of Ballestra from Q2 and the expansion of the portfolio in the chemistry for critical raw materials

2026 GUIDANCE2 CONFIRMED

1. Final Investment Decisions. 2. As announced on 4 March 2026 with the 2026-2035 Strategic Plan.

APPENDIX

Q1 2026 RESULTS

INCOME STATEMENT

Q1 RESULTS

HAIL AND GHASHA

OVERALL PROGRESS AT ~70% AS OF 31 MARCH 2026

2024

2025

2026

2027

2028

Award

Q4 2023

Q1 2026

Expected

completion

~95%

~98%

Moving toward completion

~50%

C Progressing, driven by progress across civil works, mechanical and electrical installation

E: Engineering; P: Procurement; C: Construction.

2026 GUIDANCE CONFIRMED

AS ANNOUNCED TO THE MARKET WITH THE 2026-2035 STRATEGIC PLAN

Consolidation of Ballestra Group expected from Q2 20261

REVENUES

Strong visibility, with a progressive acceleration through the year

€ 6.8 - 7.0bn

€ 7.5 - 7.7bn

€ 670 - 700m

EBITDA CAPEX2

ADJ. NET CASH3

Reflecting an evolving business mix, operating leverage and efficiencies

Supporting technology bolt-on acquisitions and digital innovation

Operating cash flows offsetting capex, share buy-back and dividends

€ 150 - 165m

22 - 24% margin

€ 190 - 220m

€ 395 - 410m

5.8 - 5.9% margin

€ 60 - 80m

€ 545 - 575m

7.3 - 7.5% margin

€ 250 - 300m

In line with YE25

(€395.1m)

1. Subject to closing of the acquisition. 2. Including bolt-on M&A transactions. In case of acquisitions involving deferred price components and/or earn-outs, the total consideration is considered. 3. Excluding leasing liabilities - IFRS 16 and other minor items.

SUSTAINABILITY-RELATED WORK FRAMEWORK

BASIS OF PREPARATION

SUSTAINABLE

Includes hydrogen and hydrogen derivatives1 from electrolysis (green and pink), e-fuels, biofuels, SAF, bioplastics from bio-feedstock, plastic upcycling,

chemical recycling (depolymerization), Waste-to-X (gasification), renewables and nuclear energy

TRANSITIONAL

Includes gas processing with carbon capture, LNG, low-carbon hydrogen and hydrogen derivatives1 (blue), carbon capture, biodegradable plastics from fossil feedstock, Ultra-Low Energy urea and nitric acid, phosphate- and potassium-based fertilizers, specialty and NPK2 fertilizers, fluorine technologies

TRADITIONAL

All other market segments, including, for example: oil refining, chemicals, petrochemicals, hydrogen and hydrogen derivatives1 produced without carbon capture (grey), sulphur recovery units, traditional urea, sulphuric and phosphoric acid, soaps and detergents

Not subject to third-party assurance. 1. Including ammonia and methanol. 2. NPK, i.e., Nitrogen (N), Phosphorus (P) and Potassium (K).

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