Slides
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4 March 2025 FRAME FORWARD 2025 CAPITAL MARKETS DAY
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FRAME FORWARD | 2025 CAPITAL MARKETS DAY 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 issued by the Company. The information contained and the opinions expressed in this document have not been independently verified. In particular, this document may contain forward-looking statements that are based on current estimates and assumptions made by the management of the Company to the best of its knowledge. Such forward-looking statements are subject to risks and uncertainties, the non-occurrence or occurrence of which could cause the actual results – including the financial condition and profitability of the Group – to differ materially from or be more negative than those expressed or implied by such forward-looking statements. This also applies to the forward-looking estimates and forecasts derived from third-party studies. Consequently, neither the Company nor its management can give any assurance regarding the future accuracy of the estimates of future performance set forth in this document or the actual occurrence of the predicted developments. Mariano Avanzi, as Executive for Financial Reporting, declares: i) in accordance with paragraph 2, Article 154-bis of Legislative Decree No. 58/1998 (“Consolidated Finance Act”), that the accounting information included in this presentation corresponds to the underlying accounting records, and ii) in accordance with paragraph 5-ter, Article 154-bis of the Consolidated Finance Act, that some of the information on the results relating to sustainability performance indicators included in this presentation corresponds to the information contained in the Group’s Sustainability Report approved. This document makes use of some alternative performance indicators. The management of the Company considers these indicators key parameters to monitor the Group’s economic and financial performance. As the represented indicators are not identified as accounting measurements according to IFRS standards, the Group calculation criteria may not be uniform with those adopted by other groups and, therefore, may not be comparable. The data and information contained in this document are subject to variations and integrations. Although the Company reserves the right to make such variations and integrations when it deems necessary or appropriate, the Company assumes no affirmative disclosure obligation to make such variations and integrations. DISCLAIMER
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FRAME FORWARD | 2025 CAPITAL MARKETS DAY 01 THE VISION: MAKE TO INSPIRE F. Di Amato, Chairman and Founder 02 THE PROGRESS: GROWTH IN MOTION A. Bernini, Chief Executive Officer 03 THE OPPORTUNITY: A FAST TRACK TRANSITION, AT SCALE G. Sale, Corporate and Business Strategy SVP 04 NEXTCHEM: THE FUTURE YOU WANT TO SEE F. Fritelli, Nextchem Managing Director 05 TECNIMONT: DREAMS ARE IN THE MAKING A. Bernini, Chief Executive Officer 06 FORWARD: 2025-2034 STRATEGIC PLAN A. Bernini, Chief Executive Officer FRAMING…
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01 FRAME FORWARD | 2025 CAPITAL MARKETS DAY FRAMING THE VISION: MAKE TO INSPIRE F. Di Amato, Chairman and Founder
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02 FRAME FORWARD | 2025 CAPITAL MARKETS DAY FRAMING THE PROGRESS: GROWTH IN MOTION A. Bernini, Chief Executive Officer
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6 WE MAKE ENERGY TRANSITION HAPPEN FRAME FORWARD | 2025 CAPITAL MARKETS DAY GROWTH IN MOTION COMBINING TECHNOLOGICAL LEADERSHIP WITH EXECUTION EXCELLENCE We deliver Unique portfolio of low-carbon and circular technologies Superior execution track record in the downstream segment We enable OK
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7FRAME FORWARD | 2025 CAPITAL MARKETS DAY GROWTH IN MOTION LEVERAGING ON AN INTEGRATED APPROACH TO DELIVER LONG-TERM GROWTH INTEGRATED E&C SOLUTIONSSUSTAINABLE TECHNOLOGY SOLUTIONS Short cycle (12-18 months) Reaching new clients globally High-margin growth driver Selling proprietary technology licensing and equipment Providing engineering, procurement and construction services A UNIQUE BUSINESS MODEL Long cycle (3-4 years) Tailored to regional environment Predictable revenue visibility OK
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8 2 YEARS DOWN THE ROAD: A STRATEGY THAT DELIVERS… FRAME FORWARD | 2025 CAPITAL MARKETS DAY GROWTH IN MOTION SEQUENTIAL DOUBLE-DIGIT GROWTH AND ENHANCED PROFITABILITY REVENUES (€bn) 3.5 4.3 5.9 2022 2023 2024 EBITDA (€m) 209.3 274.4 386.4 2022 2023 2024 6.0% 6.4% 6.5% 2.6% 3.0% 3.6% NET INCOME (€m) 90.4 129.5 212.4 2022 2023 2024 +23.0% +38.5% +31.1% +40.8% +43.3% +64.0% Growth % Margin Steady progress execution Improved financial management High value-added services and operating leverage OK
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9 1.8x1.6x …AND ENSURES FINANCIAL DISCIPLINE FRAME FORWARD | 2025 CAPITAL MARKETS DAY GROWTH IN MOTION ROBUST OPERATING CASH FLOWS FUELING INVESTMENTS AND SHAREHOLDER RETURN 1. For M&A transactions involving deferred price components and/or earn-outs, the total consideration is considered. 2. Related to Fiscal Year. 3. Excluding leasing liabilities – IFRS 16 and other minor items. As of 31 December. CAPEX1 (€m) 25.2 76.6 91.9 2022 2023 2024 DIVIDENDS2 (€m) 40.7 € 0.124 per share 63.5 €0.197 per share 116.9 €0.356 per share proposed 2022 2023 2024 45% 50% 55% NET CASH3 (€m) 93.8 337.9 375.1 2022 2023 2024 Pay-out Focus on technology portfolio expansion Funding power to capture growth opportunities Returning value to shareholders OK
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10 OUR BACKLOG IS THE BASIS FOR OUR GROWTH FRAME FORWARD | 2025 CAPITAL MARKETS DAY GROWTH IN MOTION MULTI-YEAR VISIBILITY SECURED WITH THE RIGHT PACE AND TERMS GROUP BACKLOG (€bn) 6.0 9.5 8.6 15.0 13.8 3.5 2025 YTD new awards 2020 2021 2022 2023 2024 Year-end backlog. Average book-to-bill and backlog cover are calculated on 2020-2024 figures. 1. Sustainability-related work is defined as the sum of transitional and sustainable work (respectively ~55% and ~5% of 2024 YE backlog). Please refer to the slide in appendix for the criteria used in the determination of transitional and sustainable work. 1.5x average book -to-bill (order intake/revenues) G r o w t h e n g i n e 2.8x average backlog cover (backlog/revenues) R e v e n u e v i s i b i l i t y ~60% sustainability -related 1 E x p o s u r e t o e n e r g y t r a n s i t i o n
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11 POWERED BY A HIGHLY SKILLED WORKFORCE FRAME FORWARD | 2025 CAPITAL MARKETS DAY GROWTH IN MOTION READY TO SERVE A GROWING CLIENT DEMAND GROUP EMPLOYEES2 ~5,500 ~6,800 ~8,400 ~6,500 ~8,000 ~9,800 2022 2023 2024 1. Including Health, Safety, and Environment, and Social Accountability. 2. Headcount as of 31 December. Technical and commercial Staff 50%+ 2022 - 2 0 2 4 headcount increase 1,800+ people added in 2024 85 nationalities 700k 2024 training hours 1 OK
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12FRAME FORWARD | 2025 CAPITAL MARKETS DAY GROWTH IN MOTION A CONTEXT WHERE MAIRE IS FLOURISHING Population growth and increasing wealth Seizing momentum from key macro drivers: Rising demand calls for rapid innovation Widening and diversifying markets: Seizing greater opportunities for a low-carbon world Clients are expanding business models for growth and diversification Geopolitical scenario and regulatory changes A WORLD DEMANDING SPEED AND ENERGY DIVERSIFICATION feed move make
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13 A LONG-LASTING ENERGY CYCLE FRAME FORWARD | 2025 CAPITAL MARKETS DAY GROWTH IN MOTION HERE TO STAY: SUSTAINED AMIDST GEOPOLITICAL SHIFTS AND RISING ENERGY DEMAND GLOBAL ENERGY INVESTMENTS1 ($tn) 1. Includes clean energy and fossil fuel investments. Source: IEA World Energy Outlook 2024. G o i n g f o r w a r d… CLIENT CAPEX PLANS projected to sustain peak levels Gas as a key transition fuel rising dominance with CO₂ capture Resource monetization into materials, energy storage, e-fuels and SAF Emerging markets growth the Global South leading industry expansion Middle East NOCs going global with investments set to surpass Asian players +70% from 2020 to 2035 2.1 2.4 2.7 3.0 3.1 2020 2021 2022 2023 2024 … 2030 2035 OK
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03 FRAME FORWARD | 2025 CAPITAL MARKETS DAY FRAMING THE OPPORTUNITY: A FAST TRACK TRANSITION, AT SCALE G. Sale, Corporate and Business Strategy SVP
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15FRAME FORWARD | 2025 CAPITAL MARKETS DAY THE OPPORTUNITY: A FAST TRACK TRANSITION, AT SCALE THREE DRIVING FORCES SHAPING OUR WORLD LEADING A PRAGMATIC TRANSITION TO FEED, MOVE AND MAKE feed move make ENERGY TRANSITION SOLUTIONS
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16FRAME FORWARD | 2025 CAPITAL MARKETS DAY THE OPPORTUNITY: A FAST TRACK TRANSITION, AT SCALE MAKE TRANSITIONING INTO PLASTIC CIRCULARITY Source: OECD Policy Scenarios for Eliminating Plastic Pollution by 2040. 430+ 730+ +1.7x Today 2040 A possible solution? DESIGN FOR CIRCULARITY ENHANCE RECYCLING Plastic Production Million tonnes Recycling % Only 10%
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17FRAME FORWARD | 2025 CAPITAL MARKETS DAY THE OPPORTUNITY: A FAST TRACK TRANSITION, AT SCALE TECNIMONT: THE PAST AND FUTURE OF POLYMERS INNOVATION IN POLYMERS DRIVEN BY SUSTAINABILITY AMBITIONS PIONEERING Nobel laureate G. Natta’s collaboration with Montecatini, which became part of MAIRE's history DELIVERING Hundreds of polyolefins plants delivered, leading position. ~1,500 total plants built in our history INNOVATING Delivered plant for innovative polyolefin to boost plastic waste recyclability
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18 ...tailored around diverse customer needs FRAME FORWARD | 2025 CAPITAL MARKETS DAY THE OPPORTUNITY: A FAST TRACK TRANSITION, AT SCALE NEXTCHEM: CLOSING THE LOOP IN CIRCULARITY RE-THINKING RECYCLING AROUND THE FINAL CUSTOMER NEEDS Closing the circularity…
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19 FRAME FORWARD | 2025 CAPITAL MARKETS DAY THE OPPORTUNITY: A FAST TRACK TRANSITION, AT SCALE FEED AND MOVE HUGE CHALLENGES TO BE ADDRESSED THROUGH ENERGY DIVERSIFICATION World population Bn people Energy demand TWh A possible solution? ENERGY DIVERSIFICATION Sources: United Nations Population Division (UNPD), BNEF Plate of the Future, McKinsey Global Energy Perspective 2023. 8.1 9.7 +30% food demand +1.6bn 25,000 70,000 3x Today 2050
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20FRAME FORWARD | 2025 CAPITAL MARKETS DAY THE OPPORTUNITY: A FAST TRACK TRANSITION, AT SCALE FROM DECARBONIZATION TO ELECTRIFICATION THE ROADMAP TO ENERGY DIVERSIFICATION Decarbonization of traditional energy sources Gas valorization to low-carbon molecules, at scale CO2 valorization via green hydrogen (e-fuels) The e-factory for chemistry via nuclear power 1 2 3 4
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21FRAME FORWARD | 2025 CAPITAL MARKETS DAY THE OPPORTUNITY: A FAST TRACK TRANSITION, AT SCALE THE E-FACTORY FOR CHEMISTRY CARBON-NEUTRAL MOLECULES VIA SUSTAINABLE AND RELIABLE ELECTRONS Newcleo + Nextcleo Technologies Small modular reactors using reprocessed nuclear waste (MOX) Chemistry from renewable feedstock Water, air, CO2 leveraged as renewable feedstock for downstream chemical processes execution excellence will deliver the e-factory for chemistry plants Fertilizers Fuels & energy Chemicals production Hydrogen production NEXTCHEM Sustainable Technologies Nuclear power generation NEXTCLEO JVC NEXTCHEM-newcleo Conversion of nuclear energy into electrical power Clean energy maximizing circularity
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22FRAME FORWARD | 2025 CAPITAL MARKETS DAY THE OPPORTUNITY: A FAST TRACK TRANSITION, AT SCALE STEFANO BUONO, CO-FOUNDER AND CEO newcleo INTERVIEW VIDEO LINK
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04 FRAME FORWARD | 2025 CAPITAL MARKETS DAY FRAMING NEXTCHEM: THE FUTURE YOU WANT TO SEE F. Fritelli, Nextchem Managing Director
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24FRAME FORWARD | 2025 CAPITAL MARKETS DAY NEXTCHEM: THE FUTURE YOU WANT TO SEE BE THE FUTURE YOU WANT TO SEE VIDEO LINK
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25 REVENUES (€m) EBITDA (€m) FY 2022 pro forma figures. Backlog as of 31 December. Backlog growth calculated as of 31 December. DELIVERING ON OUR PROMISES STRONG GROWTH AND A TOP-NOTCH PROFITABILITY Growth % Margin 19.3% 24.9% 23.9% 182.9 261.8 357.6 2022 2023 2024 35.4 65.1 85.6 2022 2023 2024 2.0x 2.4x FRAME FORWARD | 2025 CAPITAL MARKETS DAY NEXTCHEM: THE FUTURE YOU WANT TO SEE BACKLOG (€m) 159.8 230.4 331.8 65.0 2025 YTD new awards 2022 2023 2024 2.1x Driven by market appetiteLed by product mixFostered by technology portfolio
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26FRAME FORWARD | 2025 CAPITAL MARKETS DAY NEXTCHEM: THE FUTURE YOU WANT TO SEE OUR VALUE PROPOSITION A WIDE RANGE OF MARKET-READY SUSTAINABLE SOLUTIONS Broad portfolio of proprietary technologies delivered by cutting edge innovation and capacity to scale -up 30+ market-ready technologies protected by ~2,500 patents Superior process design capabilities to develop complex schemes integrating multiple technologies 700+ employees 30+ partnerships with research centers End-to-end economically viable solutions from feedstock to final product in high-growth market segments 60+ 2023-2024 cumulative awards widely diversified
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27 A DIVERSIFIED OFFERING TO MEET CUSTOMERS NEEDS IN FAST-GROWING MARKETS FRAME FORWARD | 2025 CAPITAL MARKETS DAY NEXTCHEM: THE FUTURE YOU WANT TO SEE Sustainable Fertilizers and Nitrogen -based Fuels Sustainable Materials and Circular Solutions Low-Carbon Energy Vectors Leveraging urea leadership. Advancing on nitrate -based fertilizers to reduce emissions. Promoting clean ammonia. Clean hydrogen, ammonia, methanol, and SAF to decarbonize transportation, chemicals and hard -to-abate. Mechanical upcycling and chemical recycling, creating pathways for material recovery and reuse.
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28FRAME FORWARD | 2025 CAPITAL MARKETS DAY NEXTCHEM: THE FUTURE YOU WANT TO SEE FERTILIZERS REQUIRE STRONG DECARBONIZATION LEVERAGING OUR LEADERSHIP POSITION TO ACCELERATE EMISSION REDUCTION Source: S&P Global and IEA World Energy Outlook 2024. 1. International Fertilizer Association (IFA) global objective. 2. Based on the additional demand by product divided by the average size of plants. Source: BCG analysis. EXPECTED DEMAND 2023 2030 2040 Ammonia for fertilizers Urea and Nitrates +1% Ammonia +1-2% Urea and Nitrates 2023-2040 CAGR 150+ new plants by 20402 -70% emission reduction by 20501 Traditional fertilizers maximizing energy efficiency Low -carbon fertilizers nitrates and blue ammonia High -performing fertilizers maximizing nutrient delivery Green fertilizers carbon -free ammonia NEXTCHEM’S SOLUTIONS
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29 FRAME FORWARD | 2025 CAPITAL MARKETS DAY NEXTCHEM: THE FUTURE YOU WANT TO SEE Guarantees food security for a growing population Meets energy demands while slashing the emissions COULD AMMONIA BE PART OF THE SOLUTION TO CLIMATE CHALLENGES? To produce Low-carbon ammonia From natural gas via our proprietary technologies for low-carbon hydrogen From sun, air and water via our NX Stami Green Ammonia or AMMONIA VIDEO LINK
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30 Traditional fuels minimizing environmental impact FRAME FORWARD | 2025 CAPITAL MARKETS DAY NEXTCHEM: THE FUTURE YOU WANT TO SEE ENERGY VECTORS ARE POISED FOR ROBUST GROWTH A COMPLETE OFFERING FOR SAF, HYDROGEN, AMMONIA AND METHANOL Source: S&P Global and IEA World Energy Outlook 2024. Methanol considered for maritime fuels and hydrogen and ammonia as energy carriers. 1. Based on the additional demand by product divided by the average size of plants. Source: BCG analysis. 2023 2030 2040 +32-34% Methanol +28-30% Hydrogen 2023-2040 CAGR 900+ new plants by 20401 Low -carbon fuels valorizing gas with carbon capture E-fuels from green hydrogen and recycled CO 2 Circular and bio -fuels leveraging waste and biomasses as feedstock +30-32% SAF +60-65% Ammonia Methanol as fuel Hydrogen as energy vector SAF Ammonia as fuel EXPECTED DEMAND NEXTCHEM’S SOLUTIONS
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31 FRAME FORWARD | 2025 CAPITAL MARKETS DAY NEXTCHEM: THE FUTURE YOU WANT TO SEE COULD METHANOL BE PART OF THE SOLUTION TO CLIMATE CHALLENGES? Decarbonizes the transportation sector: Ground Maritime Aviation From biomass feedstock via our NX Circular To produce Low-carbon methanol From natural gas via our NX AdWinMethanol® or METHANOL VIDEO LINK
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32FRAME FORWARD | 2025 CAPITAL MARKETS DAY NEXTCHEM: THE FUTURE YOU WANT TO SEE DRIVING INNOVATION IN SUSTAINABLE MATERIALS SUPPORTING CIRCULARITY AND BIOPLASTICS ADOPTION Source: BNEF - Petrochemical Feedstock Outlook. Bioplastics include biobased plastics and biodegradable plastics. 1. Based on the additional demand by product divided by the average size of plants. Source: BCG analysis. 2023 2030 2040 +4-5% Bioplastics +22-24% Chemical recycling 2023-2040 CAGR 800+ new plants by 20401 +7-8% Mechanical recycling Chemical recycling Mechanical recycling Bioplastics Advanced polymers Abate polymer emission production Mechanical recycling Upcycling plastic around consumer need Chemical recycling Recycling plastic into recycled monomers Bioplastics Biodegradable and Biobased plastics EXPECTED DEMAND NEXTCHEM’S SOLUTIONS
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33 Technology Readiness Level (TRL) FRAME FORWARD | 2025 CAPITAL MARKETS DAY NEXTCHEM: THE FUTURE YOU WANT TO SEE TIME-TO-MARKET GUIDES OUR TECHNOLOGY PROCESS POSITIONING FOR THE LONG-RUN WHILE ACCELERATING IN ESTABLISHED SEGMENTS Secure positioning by developing and scaling-up validated technologies for longer-term market needs Accelerate commercialization in growing segments via Nextchem’s engineering capabilities and MAIRE’s footprint ~25% o f M & A i n v e s t m e n t s ~75% o f M & A i n v e s t m e n t s SECURE ACCELERATE 5 6 7 9 8 9
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34FRAME FORWARD | 2025 CAPITAL MARKETS DAY NEXTCHEM: THE FUTURE YOU WANT TO SEE ACCELERATE GASCONTEC ACCELERATED COMMERCIAL DEPLOYMENT OF LOW-CARBON SOLUTIONS 15 May 2024 Acquisition closing the largest single ultra low-carbon methanol facility under development in the world 26 February 2025 Awarded licensing for NX AdWinMethanol® suite Basic engineering and proprietary equipment under negotiation…
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35 MYREMONO AND HYDEP OUR BETS FOR CHEMICAL RECYCLING AND GREEN HYDROGEN SECURE FRAME FORWARD | 2025 CAPITAL MARKETS DAY NEXTCHEM: THE FUTURE YOU WANT TO SEE Development of proprietary electrolyzer leveraging on HyDEP’s expertise in stack design NX FHYVE NXRe PMMA Reference plant with a recycling capacity equivalent to produce 10 million car taillights per year in 2026 … and then extend application to polystirene 30 MW electrolyzer module Chemical recycling technology Fully commercially viable in 2 years Fully commercially viable in 3 years 2024 HyDEP acquisition 6 9 6 9 5 9 Reference plant for PPMA Recycling 2026 MyRemono acquisition 20232026 NX FHYVE on the market
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36FRAME FORWARD | 2025 CAPITAL MARKETS DAY NEXTCHEM: THE FUTURE YOU WANT TO SEE OUR FORMULA FOR LEADING IN THE ENERGY TRANSITION POISED FOR SUCCESS Huge market potential Driven by decarbonization and materials sustainability Wide and diversified offering To seize market opportunities in any scenario Robust technology scale-up model Anticipating customer needs to foster growth THE FUTURE YOU WANT TO SEE
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05 FRAME FORWARD | 2025 CAPITAL MARKETS DAY FRAMING TECNIMONT: DREAMS ARE IN THE MAKING A. Bernini, Chief Executive Officer
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38 DREAMS ARE IN THE MAKING FRAME FORWARD | 2025 CAPITAL MARKETS DAY TECNIMONT: DREAMS ARE IN THE MAKING VIDEO LINK
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39FRAME FORWARD | 2025 CAPITAL MARKETS DAY TECNIMONT: DREAMS ARE IN THE MAKING REVENUES (€bn) 3.3 4.0 5.5 2022 2023 2024 5.3% 5.2% 5.4% EBITDA (€m) 173.9 209.3 300.7 2022 2023 2024 +21.9% +38.6% +20.3% +43.7% Growth % Margin BACKLOG (€bn) 8.5 14.8 13.5 3.4 2025 YTD new awards 2022 2023 2024 1.7x Fueled by investment cycleBoosted by expanding project scaleSteady project execution BUILDING ON STRENGTH SUSTAINED GROWTH, MULTI-YEAR VISIBILITY, AND EXPANDING PROFITABILITY FY 2022 pro forma figures. Backlog as of 31 December. Backlog growth calculated as of 31 December.
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40 A HISTORY OF EXCELLENCE FRAME FORWARD | 2025 CAPITAL MARKETS DAY TECNIMONT: DREAMS ARE IN THE MAKING DELIVERING WORLD-CLASS E&C SOLUTIONS 1. Including plants delivered by the sister companies since their establishment. Unique track record over 1,500 plants delivered in key regions 1 Cutting-edge E&C solutions for low-emission and large -scale plants Operational excellence selectivity-driven with a robust risk management framework ~450 Fertilizers ~350 Gas & Oil ~700 Petrochemicals feed move make 60%+ Polyethylene 40%+ Polyolefins 60%+ Ethylene Vinyl Acetate Market shares OK
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41 CUTTING-EDGE E&C SOLUTIONS FRAME FORWARD | 2025 CAPITAL MARKETS DAY TECNIMONT: DREAMS ARE IN THE MAKING DELIVERING THE BEST: TIME AWARENESS, ENERGY EFFICIENCY AND LOW-CARBON DESIGNS + INTEGRATED SOLUTIONS COMBINING NEXTCHEM TECHNOLOGIES FEED – Front End Engineering Design Achieving cost predictability and optimized project execution E – Engineering Combining advanced process know-how, delivering high-efficiency and tailored design EP – Engineering & Procurement Including strategic supply chain management, ensuring on-time delivery of high-quality items EPC – Engineering, Procurement & Construction End-to-end project control, cost efficiency and schedule reliability O&M – Operations & Maintenance Digital solutions, energy efficiency, live monitoring and predictive maintenance for optimized performance FEED E EP EPC O&M Profitability Duration1Y 2Y 3Y+ Revenue contribution OK
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42 STRATEGY AND BUSINESSMAIRE COMPANY PROFILE Project development and selected equity initiatives Expertise in securing financing, permits & grants, and industrial partnerships 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 INTEGRATED PROJECT OK
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43 Low carbon fertilizers in France Pre-FEED & project structuring ongoing MET DEVELOPMENT AS A STRATEGIC ENABLER FRAME FORWARD | 2025 CAPITAL MARKETS DAY TECNIMONT: DREAMS ARE IN THE MAKING SELECTED INVESTMENTS FOR INDUSTRIAL INNOVATION Bio-SAF in Indonesia License signed, PDP & project structuring ongoing Circular methanol and hydrogen plant in Sannazzaro refinery (Italy) FEED & permitting ongoing • Minority equity investments • Involvement of infrastructure funds to reduce the final stake • Exit 2 years after project completion TERMS AND CONDITIONS • Integrated project • Industrial partner (client and/or off-taker) • Double-digit target return, in excess of Group cost of capital RULES OF ENGAGEMENT • Opening new markets • Unlocking proprietary technology proposition • Building execution references in a new segment OBJECTIVES
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44 A SELECTIVE APPROACH FRAME FORWARD | 2025 CAPITAL MARKETS DAY TECNIMONT: DREAMS ARE IN THE MAKING READY TO SEIZE THE RIGHT OPPORTUNITIES • Early bid/no-bid evaluation • Engaging clients early to understand their needs • Evaluating local context, suppliers and logistics • Developing mitigation strategies based on lessons learned • Geography-based Lump-Sum vs. Reimbursable formula • Cost escalation clauses • Open-Book for enhanced transparency • Optimize workload with simultaneous EPC phases • Secure timely component delivery To optimal delivery From selectivity EARLY ENGAGEMENT COMPREHENSIVE RISK ASSESSMENT OPTIMIZATION TOOLS OK
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45 DESIGNING EXCELLENT PLANTS FRAME FORWARD | 2025 CAPITAL MARKETS DAY TECNIMONT: DREAMS ARE IN THE MAKING THANKS TO MULTIDISCPLINARY ENGINEERING AND DEEP KNOWLEDGE 1. Including hubs from our sister companies. OK Engineering hubs near clients and communities 6 in Europe1, 2 in India, 1 in UAE and new opening in key regions Skilled and agile talents with deep technical expertise ~8,100 people dedicated to engineering and technical areas Leveraging AI to transform processes ~3,500 AI users ~3-hour per week time saving Technology-driven for optimized plant performance Working with NEXTCHEM proprietary or third-party technologies
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46 SOURCING GLOBALLY FRAME FORWARD | 2025 CAPITAL MARKETS DAY TECNIMONT: DREAMS ARE IN THE MAKING COST-EFFECTIVE PROCUREMENT WITH A STRONG FOCUS ON LOCAL SUPPLY CHAINS Extensive network of qualified suppliers with multisource logistics €4.7bn materials and services cost in 2024 Supplier training and ESG screening to promote responsible practices ~90% spending subject to ESG criteria (70% in 2023) Procurement involvement in project cost estimate to enhance profitability Digital tools and AI to improve visibility Supply chain repositioning and regional expansion ~70% locally purchased (63% in 2023)
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47 BUILDING LARGE SCALE PROJECTS FRAME FORWARD | 2025 CAPITAL MARKETS DAY TECNIMONT: DREAMS ARE IN THE MAKING SAFELY AND EFFICIENTLY 1. LTIR: Lost Time Injury Rate. 2. IOGP: International Association of Oil & Gas Producers. Top-tier HSE standards for construction activities Lost Time Injury Rate1 4.5x better than benchmark2 Modular approach for efficient construction 3 packages for Hail and Ghasha project On-site training for skill development 4.1m hours in 2024 Prioritizing pre-cast solutions to lower on-site manhours Reducing exposure to construction risks
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48FRAME FORWARD | 2025 CAPITAL MARKETS DAY TECNIMONT: DREAMS ARE IN THE MAKING TESTIMONIAL FROM THE SITE MARIA SELLI, GROUP HSE & SA AND PROJECT QUALITY VP VIDEO LINK
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49 HAIL AND GHASHA GAS TREATMENT PLANT WELL ON TRACK WITH SCHEDULE, OVERALL PROGRESS AT 17% FIVE MILLION SAFE MAN-HOURS ACHIEVED IN DECEMBER TECNIMONT: DREAMS ARE IN THE MAKINGFRAME FORWARD | 2025 CAPITAL MARKETS DAY E P C Engineering on track, with some activities ahead of schedule, 48% completion Procurement 74% complete, with all long lead Items ordered; manufacturing at 12%, initial steel and piping shipments arrived on-site Construction advancing at 5%, most sub-contracts awarded; key works underway on facilities, basins, foundations, and structural assembly Q4 UPDATES 2024 2025 2026 2027 2028 Award Expected completion OCT 2023 VIDEO LINK
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50 IE&CS BACKLOG SCHEDULE FRAME FORWARD | 2025 CAPITAL MARKETS DAY TECNIMONT: DREAMS ARE IN THE MAKING GOOD VISIBILITY OVER THE NEXT YEARS Note: based on current management assumptions, excluding major contractual amendments or extraordinary events beyond the reasonable control of the Group which may impact its operations. 2025 2027+2026 ~20% ~40% ~40% ● UAE: Hail and Ghasha advancing in procurement and construction ● Saudi Arabia and Qatar: Amiral and Ras Laffan progressing in procurement and construction ● Algeria: Rhourde El Baguel, Hassi R'mel and Linear Alkyl Benzene advancing in engineering, procurement, and construction €13.5bn Total IE&CS backlog 2025-2026 KEY PROJECT CONTRIBUTIONS As of 31 December 2024
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51 FRAME FORWARD | 2025 CAPITAL MARKETS DAY TECNIMONT: DREAMS ARE IN THE MAKING GROUP COMMERCIAL PIPELINE MARKET OPPORTUNITIES WORTH €58.5BN BY YEAR (€bn) AsiaMiddle East Europe Americas Africa 5.4 10.8 12.615.1 4.4 56.6 58.5 31 -Dec -23 31 -Dec -24 Group commercial opportunities Caspian Area 10.2 Fertilizers SAF Renewable diesel Gas treatment O&M Fertilizers Petrochemicals Refinery upgrades Fertilizers Gas treatment Polyolefins Biofuels CO2 capture Biofuels & SAF Methanol Gas treatment Polyolefins Fertilizers €bn ~€8bn 2025 expected order intake (€3.5bn already awarded)
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06 FRAME FORWARD | 2025 CAPITAL MARKETS DAY FRAMING FORWARD: 2025-2034 STRATEGIC PLAN A. Bernini, Chief Executive Officer
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53 Supported by higher value-added services and operating leverage 2025 GUIDANCE FRAME FORWARD | 2025 CAPITAL MARKETS DAY 2025-2034 STRATEGIC PLAN STEADY PROGRESS AND MARGIN EXPANSION STS IE&CS GROUP 1. Including bolt-on M&A transactions. In case of acquisitions involving deferred price components and/or earn-outs, the total consideration is considered. 2. Excluding leasing liabilities – IFRS 16 and other minor items. Steady increase throughout the year, strong visibility driven by current backlog Focused on technology portfolio expansion and digital innovation Operating cash flows more than offsetting capex, dividends and share buy-back REVENUES €5.9 – 6.1bn €6.4 – 6.6bn€490 – 510m EBITDA % of Revenues €310 – 330m 5.3 – 5.4% €420 – 455m 6.6 – 6.9% €110 – 125m 22 – 25% CAPEX1 €45 – 55m €130 – 150m€85 – 95m ADJUSTED NET CASH2 In line with 2024 YE
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54 SOLID GROWTH ONGOING AFTER 2 YEARS OF BEATING TARGETS FRAME FORWARD | 2025 CAPITAL MARKETS DAY 2025-2034 STRATEGIC PLAN GROUP REVENUES AND EBITDA CONTINUE TO INCREASE % CAGR EBITDA (€m)REVENUES (€bn) 3.5 4.3 5.9 6.4-6.6 8.0-8.5 11+ 2022 2023 2024 2025 2029 2034 6.5% 6.6-6.9% 8-9% 9-10% Doubling revenues to €11bn+ by 2034 Transitional solutions driving the first 5Y Profitability to reach 10%, driven by technologies and operating leverage 70% Ambition for sustainability-related revenues in 2034 ~35%Transitional ~5% ~50% ~70%Sustainable Sustainability-related revenues are defined as the sum of transitional and sustainable work. Please refer to the slide in appendix for the criteria used in the determination of transitional and sustainable work. 2023-2032 plan 2024-2033 plan +6-10% 2024-2029 +5-9% 2029-2034 209 274 386 420-455 620-720 ~1,100 2022 2023 2024 2025 2029 2034 +10-15% 2024-2029 +8-13% 2029-2034 6.4%6.0% % Margin
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55 SUSTAINABLE TECHNOLOGY SOLUTIONS FRAME FORWARD | 2025 CAPITAL MARKETS DAY 2025-2034 STRATEGIC PLAN NEXTCHEM SAILING TOWARDS THE BILLION-EURO LEAGUE % CAGR % Margin EBITDA (€m)REVENUES (€m) 183 262 358 490-510 900-1,000 ~1,800 2022 2023 2024 2025 2029 2034 +20-25% 2024-2029 +12-17% 2029-2034 35 65 86 110-125 200-250 ~450 2022 2023 2024 2025 2029 2034 +20-25% 2024-2029 +12-17% 2029-2034 2023-2032 plan 2024-2033 plan FY 2022 pro forma figures. 23.9% 22-25% 22-27% 22-27%24.9%19.3% Targeting €1bn in revenue by 2029 Double-digit growth in the first 5Y Profitability backed by proprietary solutions and unique processes €1.8bn in revenues by 2034, driving 40% of Group EBITDA
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56 INTEGRATED E&C SOLUTIONS FRAME FORWARD | 2025 CAPITAL MARKETS DAY 2025-2034 STRATEGIC PLAN ON TRACK TO DOUBLE EBITDA IN THE NEXT 10 YEARS EBITDA (€m)REVENUES (€bn) 3.3 4.0 5.5 5.9-6.1 7.1-7.5 ~10 2022 2023 2024 2025 2029 2034 5.4% 5.3-5.4% 6-7% 7-8% +4-7% 2024-2029 +4-7% 2029-2034 174 209 301 310-330 420-470 ~650 2022 2023 2024 2025 2029 2034 +6-10% 2024-2029 +7-11% 2029-2034 5.2%5.3% % CAGR % Margin 2023-2032 plan 2024-2033 plan FY 2022 pro forma figures. Reaching €7.5bn in revenues in 2029 with gas projects driving the first half Profitability driven by selectivity and efficient project execution Capitalizing on integrated projects and synergies with NEXTCHEM
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57 60 69 85-9516 23 45-5577 92 130-150 450-500 300-350 2023 2024 2025 2026 -2029 2030 -2034 €1BN CUMULATED CAPEX TO SUSTAIN GROWTH FRAME FORWARD | 2025 CAPITAL MARKETS DAY 2025-2034 STRATEGIC PLAN INVESTMENTS CONCENTRATED IN THE FIRST HALF OF THE PLAN GROUP CAPEX1 (€m) Capex not including potential transformational M&A transactions. 1. Gross amount not including dividends and divestment proceeds from equity investments in projects. 2. Recurring R&D investments to be capitalized. Sustainability-related capex are defined as the sum of transitional and sustainable investments. Please refer to the slide in appendix for the criteria used in the determination of transitional and sustainable work. 450-500m Sustainable Technology Solutions 2025-2034 cumulated capex Technology bolt-on M&A (~30%) Technology validation Recurring R&D2 450-500m Integrated E&C Solutions 2025-2034 cumulated capex MET Development’s minority co-investments in projects (€250 – 300m) Add-on M&A for workload capacity Recurring investments (e.g., digital, MET Zero) ~ 900m – 1bn 2025-2034 group cumulated capex ~90% sustainability-related ~40% ~90%~80% ~20% Transitional Sustainable
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58 NET CASH EVOLUTION FRAME FORWARD | 2025 CAPITAL MARKETS DAY 2025-2034 STRATEGIC PLAN STRONG OPERATING CASH FLOW AND CAPITAL LIGHT GROWTH FUEL HIGH-RETURNS ADJUSTED NET CASH (€m) Adjusted Net Cash excludes leasing liabilities – IFRS 16 and other minor items. Net capex includes project dividends and divestments. 1. Calculated as the ratio of total sustainability-linked funding (drawn and undrawn) to total committed funding. 2 0 2 4 A D J . N E T C A S H C A S H F L O W F R O M O P E R A T I O N S N E T C A P E X D I V I D E N D S 2 0 2 9 A D J . N E T C A S H C A S H F L O W F R O M O P E R A T I O N S N E T C A P E X D I V I D E N D S 2 0 3 4 A D J . N E T C A S H 55% 2025 proposed 66% from 2026 onwards Dividend pay-out assumptions Robust and flexible financial structure Self-funded capex Gross debt reduction Includes dividends and divestments from equity stakes in projects, only partially captured in the plan horizon 65% in 2024 Sustainable finance1 target ~ 700 ~1,900 375 From 80% in 2029To
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59 HEADCOUNT EVOLUTION FRAME FORWARD | 2025 CAPITAL MARKETS DAY 2025-2034 STRATEGIC PLAN EXPANDING CAPACITY AND UNLOCKING VALUABLE ENGINEERING HOURS THROUGH AI GROUP EMPLOYEES ~9,800 ~13,000 ~16,000 2024 2029 2034 Skillset diversification Operational efficiency ESG-linked compensation +30% +60% Recruiting specialized talents in each discipline to drive success Workload management boosted by growing use of AI and digital tools 15% of MBO, 20% of LTI, and 15% of Employee Stock Plans tied to ESG performance
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60 DELIVERING VALUE TO OUR SHAREHOLDERS FRAME FORWARD | 2025 CAPITAL MARKETS DAY 2025-2034 STRATEGIC PLAN CAPITALIZING ON A LONG-LASTING MEGATREND Total Shareholder Return MAR -23 JUN -23 SEP -23 DEC -23 MAR -24 JUN -24 SEP -24 DEC -24 MAR -25 Note: TSR: Total Shareholder Return (including gross dividends). CMD: Capital Markets Day. 2023 Capital Markets Day held on 2 March 2023; 2024 Capital Markets Day held on 5 March 2024. Data as of 3 March 2025. Source: Bloomberg. CMD 2023 CMD 2024 +170% +67%
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FRAME FORWARD | 2025 CAPITAL MARKETS DAY Q&A
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FRAME FORWARD | 2025 CAPITAL MARKETS DAY APPENDIX
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63 FRAME FORWARD | 2025 CAPITAL MARKETS DAY APPENDIX A ROBUST TECHNOLOGY DEVELOPMENT MODEL FROM PROVEN CONCEPTS TO INDUSTRIAL-SCALE SOLUTIONS Scale-up technologies to industrial level Develop a complete offering from licensing to equipment Accelerate commercialization on a global scale Strategic innovation supported by research centers Scout technologies to meet customer needs Select M&A targets and potential partners Incremental innovation Technology Readiness Level (TRL) Technology developmentStrategic research Commercial roll-out 1 2 3 4 5 6 7 8 9 Deployment focus
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64 FRAME FORWARD | 2025 CAPITAL MARKETS DAY APPENDIX BEYOND TECHNOLOGIES, WE DEVELOP PLATFORMS VERSATILE, MULTI-APPLICATION SOLUTIONS TO ACCELERATE MARKET PENETRATION TECHNOLOGY DEVELOPMENT PLATFORM ROLL-OUT NX CPO for steel decarbonization, SAF production efficiency, low-carbon hydrogen and derivatives, flare gas valorization 2 awards in 2024: SARAS and Norsk e-Fuel for SAF Commercial pipeline of 10 opportunities We identify market needs and the key technologies to address them We develop it from the concept to a market-ready solution We unlock its potential across multiples applications NX CPO for low-carbon syngas Economically viable low-carbon products MARKET SCREENING
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65FRAME FORWARD | 2025 CAPITAL MARKETS DAY APPENDIX SUSTAINABLE FERTILIZERS AND NITROGEN-BASED FUELS NITROGEN-BASED SOLUTIONS Growth drivers Technology solutions Markets served Optimizing nitric acid production Leaders in fertilizer technology, maximizing energy efficiency Ammonia from low carbon hydrogen (through ATR or CPO)1 Futureproof carbon-free ammonia production ENERGY TRANSPORTATIONMANUFACTURING NX STAMI Nitrates NX STAMI Green Ammonia NX STAMI Ammonia NX STAMIUrea including Ultra Low Energy design and fluid bed granulation technology • Population growth • Decarbonization of agriculture • Increasing industrial applications of urea and ammonia • Emerging demand for ammonia as energy carrier AGRICULTURE 1. ATR – “Auto Thermal Reforming” and CPO – “Catalytic Partial Oxidation”.
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66FRAME FORWARD | 2025 CAPITAL MARKETS DAY APPENDIX LOW CARBON ENERGY VECTORS HYDROGEN SUITE AND LOW CARBON FUELS Growth drivers Technology solutions Markets served Small-medium scale hydrogen production from gas (available with carbon capture) Small scale hydrogen production through syngas for hard to abate Large scale low carbon hydrogen from gas with high efficiency and capture rates Unlocking sustainability of aviation through cost-effective small scale plants Large scale methanol synthesis from gas for a new low carbon fuel Reliable and cost-effective electrolysis modules for green hydrogen ENERGY TRANSPORTATIONHARD TO ABATE NX Reform Steam methane reforming NX SAF BIO HEFA process, also with pre-treat NX FHYVE NX AdWinHydrogen® Autothermal reforming NX AdWinMethanol® Autothermal reforming NX CPO Catalytic partial oxidation • Decarbonization of hard to abate and transportation sectors • Increasing demand for hydrogen in chemical, iron and steel production • Increasing use of hydrogen for power generation
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67FRAME FORWARD | 2025 CAPITAL MARKETS DAY APPENDIX LOW CARBON ENERGY VECTORS CARBON CAPTURE, SULPHUR RECOVERY AND ADVANCED POLYMERS Growth drivers Technology solutions Markets served • Ever growing demand for plastics, driven by Emerging Markets • Regulatory push for biodegradable materials • Increase sustainability of chemical industry Sustainable processes for fine chemicals production Building a sustainable future through biodegradable plastics HARD TO ABATE NX MAN NX CONSER Duetto MANUFACTURING Abate pollutants in refinery and natural gas processing NX SulphuRec Sulphur recovery ENERGY TRANSPORTATIONHARD TO ABATE Optimizing and integrating core carbon capture unitNX Decarb • Decarbonization of hard to abate sectors • Lower climate impact of refining
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68FRAME FORWARD | 2025 CAPITAL MARKETS DAY APPENDIX SUSTAINABLE MATERIALS AND CIRCULAR SOLUTIONS VALORIZING WASTE Growth drivers Technology solutions Markets served Production of bioenergy from waste biomass Valorization of waste through gasification and conversion of syngas into hydrogen, methanol, ethanol, or SAF Upcycling rigid plastic waste into valuable products Chemical recycling of plastic waste into monomers ENERGY TRANSPORTATIONMANUFACTURING NX EnerCircle NX Re Suite NX Replast NX Circular • Regulatory push to reduce waste volumes • Regulations promoting circular solutions • Large availability of feedstock • Need for clean and constant energy production • Growing corporate commitments to use recycled plastics HARD TO ABATE
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69 FRAME FORWARD | 2025 CAPITAL MARKETS DAY APPENDIX A STRONG ESG POSITIONING DELIVERING ON ALL SUSTAINABILITY PILLARS 2024 MAIN ESG RESULTS -37%% vs. 20181 Scope 1 & 2 emissions (better than target, in line with 2029 carbon neutrality path) 24 technologies for decarbonization, pollution reduction and circularity and 680 KtCO2eq of avoided emissions (estimated Scope 4) +22% growth of workforce and +26% training 21 CSR initiatives and 53% locally purchased goods and services MAIN RATING B3Gold 7.42/10 ESG Score > peers’ average 22.0/100 Medium Risk 1. In line with the Sustainability-Linked Financing Framework: 35% reduction of absolute Scope 1 (tCO2eq) and Scope 2 - market based (tCO2) emissions by 2025 from 2018 baseline . 86% of total spending subject to ESG screening and ESG 20% of LTI Over 4M hours of HSE-SA training TRIR and LTIR 4.2X and 4.5X better than benchmark ENABLING MITIGATING MAIN ESG RATINGS
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70 FRAME FORWARD | 2025 CAPITAL MARKETS DAY APPENDIX 18 24 33 35 33 34 36 35 36 34 34 35 25 20 16 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Business as usual 2024 Met Zero Plan 2024 2025 2025 target already achieved in 2024, -37% reduction vs 2018 Energy management system Green energy procurement Energy efficiency digital solutions Renewable energy at construction sites Emission reduction initiatives 2029 Carbon neutrality for Scope 1 and 2 -43% expected reduction in 2025, 8% improvement vs initial target SCOPE 1 AND 2 CO2 EMISSIONS (KtCO2) MET ZERO PLAN TARGETING CARBON NEUTRALITY FOR SCOPE 1 AND SCOPE 2 CO2 EMISSIONS IN 2029
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71 SUSTAINABILITY-RELATED WORK FRAMEWORK FRAME FORWARD | 2025 CAPITAL MARKETS DAY APPENDIX BASIS OF PREPARATION Not subject to third-party assurance. 1. Including ammonia and methanol. Sustainability-related backlog, revenue and capex are calculated aggregating items categorized as Transitional or Sustainable 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 We make this classification based on management's evaluation considering life-cycle assessments of technologies and/or specific project characteristics We categorize our work under three types – Sustainable, Transitional or Traditional – in relation to the contribution to decarbonization and circularity objectives Transitional Includes gas processing with carbon capture, low-carbon hydrogen and hydrogen derivatives1 (blue), carbon capture, biodegradable plastics from fossil feedstock, Ultra Low Energy urea and nitric acid 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
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72 60.2 68.5 16.4 23.476.6 91.9 2023 2024 STS IE&CS CAPEX APPENDIX EXPANDING OUR TECHNOLOGY PORTFOLIO AND ENGINEERING CAPACITY CAPEX BY BUSINESS UNIT (€m) €51.6m 2024 CAPEX BREAKDOWN (€m) TOTAL CAPEX€58.9m of which disbursed Recurring R&D, digital innovation and other corporate €40.0m STS M&A including deferred an earn-out components €44.2m IE&CS M&A including deferred an earn-out components €7.7m €91.9m 2024 ACQUISITIONS HyDEP Strengthening our process engineering capabilities in electrochemistry GasConTec Expanding our technology portfolio in low carbon hydrogen and methanol MyReplast (stake increase from 51% to 85%) Consolidating our position in plastic upcycling APS Group Enhancing engineering capacity and footprint in Eastern Europe +20.0% FRAME FORWARD | 2025 CAPITAL MARKETS DAY ~40% ~20% Transitional Sustainable Sustainability-related capex are defined as the sum of transitional and sustainable investments. Please refer to the slide in appendix for the criteria used in the determination of transitional and sustainable work. ~60%
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73 NET CASH POSITION APPENDIX ROBUST CASH FLOW FROM OPERATIONS MORE THAN OFFSETS CAPEX, DIVIDENDS AND SHARE BUYBACKS CASH FLOW BRIDGE (€m, EX-IFRS 16) 337.9 285.8 -82.1 -8.6 -59.0 -51.6 -47.3 375.1 A d j . N e t C a s h 31 - D e c- 23 O p e r a t i n g C a s h F l o ws a n d F X N e t F i n a n c i a l C h a r g e s T a xe s C a s h F l o w f r o m I n v e s t m e n t s D i v i d e n d s S h a r e B u y- b a c k A d j . N e t C a s h 31 - D e c- 241 1. Excluding leasing liabilities - IFRS 16 (€136.6m as of 31 December 2024 and €129.1m as of 31 December 2023) and other minor items. 2. Of which €63.5 million paid to MAIRE shareholders and €18.6 million paid on minority interests. 3. Net Trade Working Capital adjusted to be comparable with the Adjusted Net Cash Position shown in this document. WORKING CAPITAL (€m)3 -379.0 -388.0 31 -Dec -23 31 -Dec -24 FRAME FORWARD | 2025 CAPITAL MARKETS DAY 1 2
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74FRAME FORWARD | 2025 CAPITAL MARKETS DAY APPENDIX FINANCIAL STRUCTURE AMPLE LIQUIDITY AND SOUND BALANCE SHEET LIQUIDITY (€m) 762.5 915.5 1,153.8 31 -Dec -22 31 -Dec -23 31 -Dec -24 MEDIUM/LONG TERM LOANS AND BOND MATURITIES (€m) 62.7 66.0 67.7 70.0 130.0 200.0 1.7 62.7 136.0 397.7 2025 2026 2027 2028+ Sustainabilty-linked Bond Sustainability-linked Schuldschein Loan Bank facilities Total €598.1m as of 31 December 2024 vs €681.7m as of 31 December 2023
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75FRAME FORWARD | 2025 CAPITAL MARKETS DAY APPENDIX INCOME STATEMENT FY RESULTS FY 2023 FY 2024 Change €m % €m % €m % GROUP Revenues 4,259.5 100.0% 5,900.0 100.0% +1,640.5 +38.5% Operating costs (3,985.1) (93.6)% (5,513.7) (93.5)% (1,528.6) +38.4% EBITDA 274.4 6.4% 386.4 6.5% +112.0 +40.8% Depreciation and amortization (57.9) (1.4%) (64.8) (1.1)% (6.9) +11.9% EBIT 216.5 5.1% 321.6 5.5% +105.1 +48.5% Net financial income/(charges) (30.3) (0.7)% (10.3) (0.2)% +20.0 (66.1)% EBT 186.2 4.4% 311.3 5.3% +125.1 +67.2% Tax provision (56.7) (1.3)% (98.9) (1.7)% (42.2) +74.4% Net Income 129.5 3.0% 212.4 3.6% +82.9 +64.0% Group Net Income 125.4 2.9% 198.7 3.4% +73.3 +58.5% STS Revenues 261.8 100.0% 357.6 100.0% +95.8 +36.6% EBITDA 65.1 24.9% 85.6 23.9% +20.5 +31.4% IE&CS Revenues 3,997.7 100.0% 5,542.5 100.0% +1,544.8 +38.6% EBITDA 209.3 5.2% 300.7 5.4% +91.5 +43.7%
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MAIRE S.p.A. HEADQUARTERS Via Gaetano De Castillia, 6 A 20124 Milan, Italy +39 02 63131 www.groupmaire.com Investor-relations@groupmaire.com