4 March 2026
RESHAPING ENERGIES
2026 CAPITAL MARKETS DAY
AGENDA
01
THE VISION:
MAKE TO INSPIRE
F. Di Amato, Chairman and Founder
02
THE PROGRESS: CONSOLIDATING GROWTH
A. Bernini, Group Chief Executive Officer
03
THE OPPORTUNITY:
A RESHAPED ENERGY SCENARIO
G. Sale, Corporate and Business Strategy SVP
NEXTCHEM:
04
THE FUTURE YOU WANT TO SEE
F. Fritelli, Nextchem Managing Director
05
TECNIMONT:
DREAMS ARE IN THE MAKING
A. Bernini, Group Chief Executive Officer
06
THE FUTURE:
2026-2035 GROUP STRATEGIC PLAN
A. Bernini, Group Chief Executive Officer
RESHAPING ENERGIES | 2026 CAPITAL MARKETS DAY
01
THE VISION: MAKE TO INSPIRE
F. Di Amato, Chairman and Founder
RESHAPING ENERGIES | 2026 CAPITAL MARKETS DAY
02
THE PROGRESS: CONSOLIDATING GROWTH
A. Bernini, Group Chief Executive Officer
RESHAPING ENERGIES | 2026 CAPITAL MARKETS DAY
TWO ENGINES, ONE HORIZON
A PLATFORM TO ENGINEER ENERGIES FOR THE FUTURE
Selling proprietary low-carbon and circular technologies
Providing superior EPC services
in downstream and onshore
Short-cycle business (12-18 months)Reaching new clients globally
High-margin growth driver
Long-cycle business (3-4 years)
Tailored to regional environment
Predictable revenue visibility
OFFERING AN INTEGRATED APPROACH
FROM FEASIBILITY TO PLANT COMMISSIONING
One-stop-shop modelSingle point of accountability reducing complexity for clients
Proprietary technologies
End-to-end deliveryCovering the full value chain,
from feasibility study to plant commissioning
Project execution
Strategic enabler
Project developmentSelected equity initiatives, expertise in securing financing, permits & grants, industrial partnerships
DOUBLED IN SIZE IN THE LAST 3 YEARS
CONSISTENTLY ENHANCING PROFITABILITY
REVENUES (€bn)
EBITDA (€m)
NET INCOME (€m)
2.0x
2.4x
3.1x
7.1
5.9
3.5
4.3
500.1
386.4
209.3
274.4
284.5
212.4
129.5
90.4
2022 2023 2024 2025
2022 2023 2024 2025
2022 2023 2024 2025
6.0%
6.4%
6.5%
7.0%
2.6%
3.0%
3.6%
4.0%
Twofold
revenue growth
Guidance exceeded
+100bps
EBITDA margin expansion
Guidance exceeded
Tripled value creation
+42.8% 2022-2025 EPS CAGR
Growth
% Margin
PRESERVING BALANCE SHEET STRENGTH
INVESTING IN OUR FUTURE WHILE RETURNING VALUE TO SHAREHOLDERS
2.7x
CAPEX1 (€m)
DIVIDENDS3 (€m)
NET CASH4 (€m)
4.3x
187.6
€0.585
/share
40.7
€0.124
/share
63.5
€0.197
/share
114.5
€0.356
/share
76.6
91.9
25.2
68.4
126.5
Ballestra Group2
337.9
375.1
395.1
93.8
2022 2023 2024 2025
2022 2023 2024 2025
2022 2023 2024 2025
45%
50%
55%
66%
Broadened
the technology portfolio
Increased
the pay-out ratio
Solid cash position
to selectively invest for future growth
Growth
Pay-out
1. Deferred price and earn-out components related to M&A transactions are included at closing of the transactions and may result in a cash outflow in the following periods. 2. Final consideration subject to adjustments at closing of the acquisition, expected in Q2 2026. 3. Related to Fiscal Year. 2025 proposed dividend subject to 2026 Annual Shareholders Meeting approval. 4. Excluding leasing liabilities - IFRS 16 and other minor items. As of 31 December.
EQUIPPED WITH A WORKFORCE FIT TO LEAD
A DEEP, MULTI-DISCIPLINARY EXPERTISE, WITH ROOM TO GROW EVEN MORE
GROUP EMPLOYEES1
~10,800
~9,800
~8,000
~6,500
~8,400
~5,500
~6,800
~9,300
(~11,200 incl. Ballestra Group2)
2022-2025 HEADCOUNT INCREASE
~70%PEOPLE ADDED IN 2025
1,000+ (1,400+ incl. Ballestra Group2)2022 2023 2024 2025
Technical and commercial Staff Ballestra Group2
2025 TRAINING HOURS3 NATIONALITIES
700k 85HEADCOUNT IS EXPECTED TO GROW FURTHER, AT A PACE CONSISTENT WITH AI-DRIVEN BENEFITS
1. As of 31 December. 2. Subject to closing of the acquisition, expected in Q2 2026. 3. Including Health, Safety, and Environment, and Social Accountability.
AN INCREASING BACKLOG
WITH PROJECTS IN FAST-GROWING GEOGRAPHIES
GROUP YEAR-END BACKLOG (€bn) GEOGRAPHICAL FOOTPRINT (% of 2025 year-end backlog)
0.3
Ballestra Group1
4.7
2026 YTD
new awards
15.0
13.8
8.6
12.7
6% Europe
33% Asia
1% Americas
38% Middle East
22% Africa
Global South
48% Gas processing / monetization
37% Petrochemical
12% Refinery upgrade
2022 2023 2024 2025
Sustainability-related2 ~40%
3% STS
Increased visibility
thanks to recent large-scale awards
Exposure to the Global South
where most gas and transitional projects are expected to be sanctioned
1. Subject to closing of the acquisition, expected in Q2 2026. 2. Sustainability-related work is defined as the sum of transitional and sustainable work (respectively ~35% and ~5% of 2025 year-end backlog). Please refer to appendix for work classification criteria.
03
THE OPPORTUNITY:
A RESHAPED ENERGY SCENARIO
G. Sale, Corporate and Business Strategy SVP
RESHAPING ENERGIES | 2026 CAPITAL MARKETS DAY
FROM ENERGY SUBSTITUTION TO SUSTAINABLE ENERGY ADDITION
ELECTRIFICATION
AND AI POWER DEMAND
TODAY
2050
POWER
DEMAND
(thousands of terawatt-hours)
27
+2x
59
STRUCTURAL DEMAND CALLS FOR A MULTI-SOURCE MODEL
Demographics
and economic growth
Consumption rebalancing across geographies
TODAY 2050 TODAY 2050
WORLD POPULATION
(bn people)
WORLD
GDP ($tn)
8.2 9.7
+1.5bn
+2x
196 385
<45% of the global population consuming 80%+ of global energy
Growth in energy demand coming from India, South-East Asia and Africa
MOBILIZING EVERY ENERGY SOURCE IS ESSENTIAL
TO ENSURE SECURITY, AFFORDABILITY AND SYSTEM RESILIENCE
Sources: United Nations Population Division (UNPD), IEA World Energy Outlook 2025, McKinsey's Global Energy Perspective 2025.
A DECADE OF ACCELERATION
INSTALLED CAPACITY SET TO DOUBLE AGAIN BY 2035
INSTALLED CAPACITY (TW) WHAT'S BEHIND THIS DOUBLING?
1.8x
~2x
28.9
23.7
20.0
9.4
10.2
5.2
ENERGY
more than renewables
CHEMISTRYdrives electrification
MATERIALSset the ceiling
CIRCULARITYcloses the loop
Stable base load requires gas
and LNG today, new-generation nuclear
and advanced fuels tomorrow
Stable grids, batteries and storage scale-up through polymers, phosphorus, lithium and fluorine
Capacity growth relies on strategic and critical raw materials such as copper, sulfur and minerals
Managing the global carbon budget in a resource and emissions constrained world
2010 … 2023 2024 … 2035 2040 2050
AN ENORMOUS MARKET POTENTIAL FOR MAIRE
Source: IEA World Energy Outlook 2025, CPS scenario.
A RESHAPED SCENARIO
A NEW ENERGY PARADIGM BUILT ON TWO STRUCTURAL REALITIES
MULTI-SOURCE ENERGY SYSTEM
Oil, gas, renewables, nuclear and
low-carbon solutions are complementary, not mutually exclusive
Secure supply
Support industrial growth
Reflect regional and sector-specific needs
Economic and geopolitical priorities
Regulatory frameworks
Capital availability
A PRAGMATIC, DIFFERENTIATED APPROACH ANCHORED IN REAL DEMAND AND REAL-WORLD CONSTRAINTS
Progressing at different paces and through different pathways across geographies, sectors and value chains
THE RISE OF A MULTI-SHAPE PARADIGM
DRIVEN BY ENERGY SECURITY AND GEOECONOMICS
Security of supply
and policy-led decarbonization
Europe
Energy dominance
and a recalibrated climate policy
USA
Central Asia
China
New energy hub
after Ukraine/Russia war
Critical input control
and long-term industrial strategy
Middle East
and large-scale projects
Feedstock advantage
LATAM, Africa
Regional development
expansion of O&G and increasing renewables
DIFFERENT REGIONS, DIFFERENT ENERGY PATHWAYS.
ONE GLOBAL TECHNOLOGY AND ENGINEERING PARTNER: MAIRE
DESIGNED FOR COMPLEXITY
AN ENGINEERING DNA BUILT TO ADAPT AND SCALE
WHAT CLIENTS NEED
Flexibility to operate across
WHERE MAIRE'S DNA COMES INAn asset-light, people-driven model
geographies, technologies and transition speeds
Deployable, reliable solutions embedding decarbonization and energy efficiency
Engineering partners able
to handle complexity at scale
where AI enhances operational excellence and innovation
Expertise driven by a broadtechnology portfolio and process design capabilities
A long-standing track record
built on large, complex projects
Enabling efficiencies and competitiveness
Expanding from low-carbon
and circular solutions to
chemistry of critical raw materials
Ready to apply our competences beyond O&G, Power and PetChem
TURNING ENERGY CHALLENGES INTO SCALABLE, PRAGMATIC SOLUTIONS
POWERED BY AI
04
NEXTCHEM:
THE FUTURE YOU WANT TO SEE
F. Fritelli, Nextchem Managing Director
RESHAPING ENERGIES | 2026 CAPITAL MARKETS DAY
BE THE FUTURE YOU WANT TO SEE
VIDEO LINK
AN UNMATCHED BREADTH OF TECHNOLOGY SOLUTIONS
CREATING VALUE IN EVER-CHANGING MARKET SCENARIOS
Technologies
50+
as of YE 2025
Employees
~730
as of YE 2025
80+
serving our clients through a diversified services mix
€366m
as of YE 2025
€680m
proforma incl. Ballestra Group1
NEXTCHEM'S OFFERING
recurring revenues
proforma incl. Ballestra Group1
1,100+
Feasibility studies | Technology licensing | Process design packages | Proprietary equipment and catalysts | Digital services and spare parts |
proforma incl. Ballestra Group1
1. Subject to closing of the acquisition, expected in Q2 2026. Ballestra Group 2025 YE backlog forecast.
THE MOST COMPLETE OFFERING OF FERTILIZER PRODUCTS
EXPANDING IN POTASSIUM AND PHOSPHATE FOR NPK NUTRIENTS
MARKET DRIVERS
Boost crop yields
for efficient agriculture
Phosphate and
potassium nutrients
NEXTCHEM'S SOLUTIONS
Phosphate-based fertilizers
Phosphorus-rich nutrients for efficient agriculture
FEED
+
+
Demographic
expansion
Low-carbon
fertilizer building block
Urea and nitrates
Ammonia for fertilizers
Specialty fertilizers
NPK2 fertilizers for high nutrient delivery
Traditional fertilizers
nitrates and urea maximizing crop yield
Global market leader in urea technology licensing
~€200BN OVERALL MARKET CAPEX1
IN THE NEXT 10 YEARS
CONTINUED GROWTH POTENTIAL
FOR THE FERTILIZERS SECTOR
Low-carbon fertilizers
nitrates and blue ammonia
Green fertilizers
carbon-free ammonia
Enhanced to cover all the scales,
from 50 to 3,500 mtpd, fully integrated with proprietary hydrogen suite
+
Subject to closing of the Ballestra Group acquisition, expected in Q2 2026.
1. Including investments in new plants, replacements, revamping and maintenance. Sources: IFA (International Fertilizer Association), Tecnimont's estimates; 2. NPK, i.e., Nitrogen (N), Phosphorus (P) and Potassium (K).
WHAT DOES IT TAKE TO FEED MORE WITH LESS?
COMPLETING OUR FERTILIZERS OFFERING
VIDEO LINK
FUELS AND ENERGY STORAGE LEADING GROWTH
EXPANDING PORTFOLIO INTO SULPHURIC ACID AND FLUORINE
MOVE
MARKET DRIVERS (CAGR 2024-2040)
SHORT-TO-MEDIUM TERM POTENTIAL
Clean energy
storage
Fluorine as
electrolyte enabler
+20-21%
NEXTCHEM'S SOLUTIONS +
Fluorine
building block for power storage and electromobility
+
Sulphuric Acid
enabler of metal production for e-infrastructure
Unlocking new clients in the metals & mining industry
+39-40%
Strong expected growth driven by existing regulation
SAF
Aviation emissions
reduction
MEDIUM-TO-LONG TERM POTENTIAL
Traditional fuels
+23-25%
minimizing environmental impact
Low-carbon fuels
Low-carbon power
+33-35%
Full-speed deployment pending IMO Net-Zero Framework approval
Methanol as fuel
Maritime industry
decarbonization
and energy vectors
Low-carbon hydrogen
and ammonia
valorizing gas with carbon capture
Circular and bio-fuels
leveraging waste and biomasses as feedstock
E-fuels
from green hydrogen and recycled CO2
+
Subject to closing of the Ballestra Group acquisition, expected in Q2 2026.
Sources: S&P Global data extracted as of January 2026, S&P Global Fertecon Ammonia Outlook 2025, BNEF New Energy Outlook 2025, BNEF Aviation Fuel Outlook 2026, S&P Global Fluorspar, Fluorosilicic Acid (FSA), Hydrofluoric Acid (HF) and Inorganic Fluorine Compounds, Growth Global Insights as of January 2026.
WHAT DOES IT TAKE TO MAKE ELECTRIFICATION POSSIBLE?
ADVANCED FLUORINE CHEMISTRY BEHIND BATTERIES
VIDEO LINK
EXPANDING SUSTAINABLE AND CIRCULAR MATERIALS
MAKE
NEXTCHEM'S SOLUTIONS
Biobased detergents
quality and efficiency in consumer goods
+
Metal recycling
from e-waste to precious metals recovery
Advanced polymers
abate polymer emission production
Bioplastics
biodegradable and biobased plastics
Mechanical recycling
upcycling plastic around consumer needs
Chemical recycling
recycling plastic into virgin-like monomers
ADVANCING METAL RECYCLING TO VALORIZE ELECTRONIC WASTE
MARKET DRIVERS (CAGR 2024-2040)
High-performance
cleaning solutions
Biosurfactants
+3-5%
Recovery of critical raw
materials from e-waste
Metal recycling
+5-6%
Production of
sustainable plastic
Bioplastics1
+27-29%
+4-6%
Industrial-scale recycling of clean waste streams
Mechanical recycling
+5-6%
From hard-to-recycle to virgin-quality
Chemical recycling
+
Subject to closing of the Ballestra Group acquisition, expected in Q2 2026.
Sources: BNEF Petrochemical Feedstock Demand Outlook 2025, The Global E-Waste Monitor 2024, Global Markets Insights Lithium-Ion Battery Recycling Market Report, Global Market Insights Biosurfactants Market Report.
1. Include biobased and biodegradable plastics.
WHAT DOES IT TAKE TO TURN E-WASTE INTO RESOURCES?
CIRCULAR TECHNOLOGIES THAT RECOVER VALUE FROM PRECIOUS METALS
VIDEO LINK
READY TO UNLEASH THE NUCLEAR POTENTIAL
ENABLING CLEAN POWER AND SUPPORTING THE E-FACTORY FOR CHEMISTRY MODEL
THE E-FACTORY
safe, reliable and competitive energy supply for
FEED
MOVE
MAKE
Fertilizers Fuels & energy
Chemicals
Power
for data centers
and other uses
Carbon-neutral chemistry integrated with Nextchem's technologies
Conventional island and balance of plant
to convert thermal energy into electricity for
NEW-GENERATION NUCLEAR PLANTS
Technology neutral Based on best available SMRs and AMRs from multiple providers1
IP and engineering services to develop the process designDesign of proprietary and critical equipment
Supporting the development of the new nuclear supply chain
1 SMR: Small Modular Reactor; AMR: Advanced Modular Reactor.
GOING FOR GROWTH: M&A AS A STRATEGIC LEVER
EXPANDING OUR PORTFOLIO BY BUYING AND SCALING-UP PROVEN SOLUTIONS
8
9
Commercial
roll-out
5
6
7
TECHNOLOGY READINESS LEVEL (TRL)
FROM PROVEN
CONCEPTS...
...TO INDUSTRIAL
SCALE SOLUTIONS
FROM HIDDEN
GEMS...
...TO GLOBAL
TREASURES
Track-record MyRemono 2023 | HyDEP 2024 | Conser 2023 | Ballestra 2025 signing (pending) |
GasConTec 2024 |
Time-to-market criteria Investment size/budget
Validated technologies to be scaled-up Established technologies to be marketed worldwide
…and more to come
GOING FOR GROWTH: R&D TO SPUR INNOVATION
NEXTCHEM'S DEVELOPMENT CENTERS ACCELERATING NEW TECHNOLOGIES
TECHNOLOGY DEVELOPMENT
Commercial
8 9 roll-out5
6
7
TECHNOLOGY READINESS LEVEL (TRL)
20
+
The Netherlands
Nitrogen and specialty fertilizers
Rome
Hydrogen, carbon capture and others
Milan
Polymers, sustainable fuels and soaps
Switzerland
Gas-liquid reactions and processes
PILOTS
doubled thanks to Ballestra Group1
GREEN INNOVATION DISTRICT
NEXT OPENING IN ROME
Accelerator across pilots for technology validation and commercial deployment
+
Subject to closing of the Ballestra Group acquisition, expected in Q2 2026. 1. Including the contribution of the Ballestra Group.
NEXTCHEM'S TECHNOLOGY DEVELOPMENT CENTERS
VIDEO LINK
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