Innovation, for MAIRE, is not just a question of technology: it is a guiding principle that runs through every area of the company, from design to plant construction, from talent development to the creation of a sustainable industrial ecosystem. It is an integrated approach that brings engineering, digitalization, and energy transition together to generate concrete and lasting value. It is with this vision that the Group approached Capital Markets Day 2025, a key moment for sha- ring results, strategies, and future trajectories.

Capital Markets Day was kicked off by Chairman Fabrizio Di Amato, who introduced the theme "Frame Forward" as a vision and a con- crete commitment to the future. «Our goal is to frame the future starting with what we are doing today, », he said, reaffirming the desire to accompany stakeholders through the strategic journey made up of specific actionable steps. Through three examples – a hydrogen bike, the NX FHYVE™ electrolyzer, and the upcycling plant in Brescia – he showed how MAIRE technologies are already transforming the energy transition into tangible solutions. 

CEO Alessandro Bernini got down to business with a look at the 2024 financial results: "It was our best year ever." With revenues up 38%, close to €6 billion, and EBITDA up 41%, MAIRE has shown that it knows how to combine operational solidity and sustainable growth. Consolidated net income reached €212 million. 

But it's not just about numbers. The Group's strategy is based on a "double exposure" approach: traditional energy markets on one side and the accelerated development of decarbonization technologies on the other. It's a combination that makes MAIRE resilient and ready to take on complex global scenarios. With an order book exceeding €13 billion and an average book- to-bill ratio of 1.5, the Group is looking to the future with confidence. In the first few months of 2025 alone, new orders worth over €3.5 billion have already been received. This growth has also required a strengthening of skills: the workforce has increased by 50% in two years, exceeding 10,000 people. «Our people are the real driving force behind what we are sharing here today, » Bernini recalled. 

Making the transition a reality, on a large scale

The talk given by Giovanni Sale, SVP Corporate and Business Strategy at MAIRE, provided the strategic framework for the Group's innovation trajectory, starting with three driving forces that deifine contemporary society: Feed, Move, and Make. Global production of virgin plastic is set to exceed 730 million tons in 2040, with less than 10% currently being recycled. MAIRE is responding with upcycling, transforming plastic waste into high-quality materials thanks to its Brescia plant and NX Replast technology. «That truck you see here, – Sale explained while commenting on a video – returns to the plant full of waste, closing the cycle.». 

This is supported by a heritage rooted in Giulio Natta's chemistry. MAIRE is now a leader in polyolefin plant design, as demonstrated by the innovative ExxonMobil plant in Texas, which produces a polymer designed to faci- litate recycling. 

Moving on to the topics of Feed and Move, Sale pointed out that the world's population will reach 9.7 billion by 2050, with food demand increasing by 30% and energy demand tripling. The answer lies in the diversi"cation of available sources: MAIRE is working with leading energy companies to build low-carbon plants, such as Hail & Ghasha in Abu Dhabi, as well as exploring new carriers such as methanol, ammonia, and even CO% recycling through e-fuels. Vision and practicality come together in the project E-Factory for Chemistry: an integrated plant powered by new-generation nuclear reac- tors that will supply clean electrons to the chemical industry. This initiative has been made possible thanks to its collaboration with Newcleo.

NEXTCHEM: concrete innovation for a sustainable world

Managing Director of NEXTCHEM, Fabio Fritelli, drew attention to the technological heart of the Group. 2024 saw a doubling of results compared to 2022, with revenues of €358 million and profitability among the best in the industry. The strategy is based on three pillars: technological breadth (over 30 proprietary technologies and 2,500 patents), application flexibility, and the ability to offer integrated solutions. There are also three key segments: Sustainable Fertilizers (with a focus on efficiency and emissions reduction in the urea and ammonia sector), Low Carbon Energy Vectors 'where SAF, methanol, and hydrogen are the drivers of cleaner mobility), and Circular Solutions 'where mechanical and chemical recycling, together with biopolymers, are the answer to the problem of plastic). 

Through GasConTec, NEXTCHEM has acquired the license for Mexinol, which will be used in the world's largest low-carbon methanol plant. With HyDep, it will launch a 30 MW electrolyzer in 2026, and with MyRemono, the first plant for recycling plexiglass, extendable to polystyrene. «Technology is just the starting point, » concluded Fritelli. «What matters is knowing how to industrialize it quickly, flexibly, and sustainably.».

TECNIMONT: excellence in execution at the service of transition

Alessandro Bernini then shifted the focus to TECNIMONT, the Group's operational heart. "This is where our capacity for execution meets our bold vision." With revenues of €5.5 billion and EBITDA of over €300 million in 2024, the IE&CS division confirms a trend of steady expansion. TECNIMONT offers the full spectrum of EPC services, from FEED studies to predictive maintenance. The integrated approach with NEXTCHEM enables turnkey solutions, from technology to project financing, thanks to the MET Development division. 

"Selectivity" is the watchword: each project is carefully evaluated, with a preference for lump-sum contracts in established markets and flexible models elsewhere. The adoption of artificial intelligence, according to the "humans in the loop", principle, is transforming industrial engineering. TECNIMONT's competitiveness is also strengthened by the digital evolution of construction sites. Thanks to advanced simulation models, resources and time can be optimized. «With AI, we can anticipate bottlenecks and monitor in real time, » explained Bernini. The goal is to reduce unforeseen events and improve overall quality. 

In today's global context, supply chain resilience is crucial: MAIRE boasts a network of qualified suppliers built up over decades and aims to strengthen it further, also to meet local content requirements. Finally, the construction phase is entrusted to selected subcontractors who are continuously trained to ensure safety, quality, and efficiency. 

A plan for the future: ambitious goals set for 2034 

In closing, CEO Alessandro Bernini presented the new ten-year strategic plan for 2025–2034. After two consecutive years of exceeding its targets, MAIRE is aiming for revenues of over €11 billion and more than €1 billion in EBITDA by 2034, with a 10% margin. 70% of the business will be related to sustainability. NEXTCHEM will grow up to 25% annually in the first five years, stabilizing at 15–20% in the second phase. EBITDA will fluctuate between 22% and 27%. TECNIMONT will reach 10 billion in revenues, with EBITDA doubling. 

The plan foresees up to €1 billion in investments over ten years, divided equally between the two BUs. It will be allocated to innovation, digitalization, expansion of engineering capacity, and implementation of the MET Zero plan. Cash generation remains solid: €1.9 billion expected by 2034, with a payout ratio rising to 66%. The workforce will increase by 60%, with new engineering hubs and ESG performance-linked reward systems. 

«We are determined to continue creating value, year after year, by increasing returns and strengthening our technology business, » Bernini concluded. #And if this future is the one we want to see, well then, MAIRE has already started to build it.».