Milan, 10 May 2017 - Maire Tecnimont S.p.A.’s Board of Directors has reviewed and approved the Interim Financial Report as at 31 March 2017, which reports a Consolidated Net Income of €31.8 million.

The changes reported refer to Q1 2017 versus Q1 2016, unless otherwise stated.

Consolidated Financial Results as at 31 March 2017

Maire Tecnimont Group Revenues were €756.5 million, up 38.5%. This increase relates to progress of projects in the backlog, mainly EPCs that became fully operational, while in Q1 2016 they were at their initial engineering stage.

Business Profit was €62.7 million, up 11.4%. The Business Margin was 8.3% versus 10.3%. The change in marginality is related to the progress of the projects in the Technology, Engineering & Construction BU reflecting a different mix of projects under execution as of March 31, 2017, compared to March 31, 2016.  The current mix includes several EPC projects, while at 31 March 2016 there was a higher contribution from engineering, procurement and licensing projects, which carry higher margins and lower volumes.

G&A costs were €15.8 million, down approx. €3.8 million, thanks to the continuous efficiency improvement, and to one-off savings.

EBITDA was €45.5 million, up 29.1%. The margin was 6.0%, compared to 6.5%, because of the different mix of projects under execution as of March 31, 2017, as stated above.

Amortization, depreciation, write-downs and provisions were €1.5 million, slightlyup €0.2 million, following the amortization of new assets related to the Group’s activity.

EBIT was €44.0 million, up 29.4%.

Net financial income amounted to €5.2 million, improving by €10.2 million, mainly due to the net valuation of derivatives.

Pre-tax income was €49.2 million, up 69.9%. Estimated taxes of €17.3 million have been provisioned.

The effective tax rate was approx. 35.3%, slightly down when compared to the average tax rate reported for the preceding quarters and based on the various jurisdictions in which operations are carried out.

Consolidated Net Income was €31.8 million, up 72.5%.

The Net Financial Position (“NFP”) was a Net Debt of €31.3 million, down €11.5 million on December 31, 2016. The improvement is mainly due to a positive change in cash flows, including forex movements, of €10.9 million, a net financial income of €5.2 million, and considering €4.6 million of capex.

Consolidated Shareholders’ Equity was €241.1 million, up €56.4 million on December 31, 2016, thanks to the income for the period, and to the positive change in the Cash Flow Hedge reserve generated by hedging derivatives.

Performance by Business Unit

Technology, Engineering & Construction BU

Revenues were €736.1 million, up 41.1%, thanks to the development of the projects in the backlog, especially the most recent ones. The Business Profit was €61.7 million, up 10.0%, leading to a Business Margin of 8.4% (vs. 10.7%), due to the same reasons outlined above. EBITDA was €45.4 million (6.2% margin), up 24.5%.

Infrastructure & Civil Engineering BU

Revenues were €20.4 million, down 16.6%, following the completion of certain projects. Business Profit was €0.9 million, up €0.6 million. The Business Margin was 4.7%. An EBITDA of €0.1 million is reported, improving by €1.3 million.

The EBITDA of the first three months of 2017 reflects the positive results of the commercial and organizational efforts aimed at implementing the new refocusing business strategy.

Order Intake and Backlog

During Q1 2017, the Group’s commercial operations generated €64.3 million of new orders, decreasing by €962.0 million.

The Backlog at March 31, 2017 was €5,826.8 million, down €689.7 million on December 31, 2016.

On May 8^th, the acquisition of additional projects worth USD105 million was announced, bringing the YTD total to USD175 million. The additional projects include licensing, engineering services and Engineering–Procurement activities. The contracts have been granted mainly in Europe, Asia and Northern Africa.

Subsequent Events

On April 10^th, the merger of Tecnimont Civil Construction S.p.A. and Met Newen S.p.A. became effective. Both subsidiaries are active in the renewable energy and civil infrastructure, respectively. As a consequence of this merger, the new entity has been named Neosia S.p.A.

On April 24^th, Maire Tecnimont S.p.A. issued non-convertible bonds of €40 million reserved to institutional investors to support investments in new technologies. Furthermore, the Group refinanced its existing bank debt, reducing its cost from 2.5% to 1.95%.

On April 26^th, Maire Tecnimont S.p.A.’s Shareholders’ ordinary Meeting approved the Financial Statements at 31 December 2016, a dividend distribution concerning the 2016 Fiscal Year, a Restricted Stock Plan and authorized the purchase and disposal of treasury shares.

On May 2^nd, the conversion price of the “Equity-linked Bond 2019” was adjusted to €2.0964, following the 2016 dividend coupon stripping.

Outlook

The significant backlog as at the end of the 2017 First Quarter is expected to lead, in the upcoming quarters, to an increase in the execution of EPC projects (which were responsible for the significant increase in volumes in the last quarter of 2016 and in the first quarter of 2017), with a marginality in line with this type of contracts.

Furthermore, the efforts to reduce the incidence of G&A expenses on the Group’s revenues will continue through an improvement of the organization’s efficiency.

Despite the challenging market environment, we expect to keep a high level of backlog, thanks to our well-recognized technological expertise, which is continuously being developed and extended, to the recent acquisitions, as well as to a flexible business model that allows the Group to anticipate the market’s needs and changes. These factors, together with an improvement in our financial performance, have led to a significant commercial pipeline that is expected to generate new and important contracts in the upcoming quarters.

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The following information is provided upon a request by CONSOB:

Maire Tecnimont Group and Maire Tecnimont S.p.A. Net Financial Position

The Maire Tecnimont Group Net Financial Position is presented below:

The Net Financial Position of the Parent Company Maire Tecnimont S.p.A. is presented below:

Related party transactions

All related party transactions have been conducted at market conditions. The Company’s receivables/payables (including financial) and cost/revenue transactions with related parties at 31 March 2017 are presented in the tables below. The tables also show the equity positions resulting from transactions in the preceding year and those in progress:

In particular, payable contracts refer to the lease of office buildings from Group companies, the use of the “Maire” trademark and other minor charges by parent company GLV Capital S.p.A. and by Mdg Real Estate S.r.l., (following the change in the existing positions in 2016 with Elfa Investimenti S.r.l.) a company linked to Maire Tecnimont’s S.p.A. main shareholder for the lease of office buildings and other spaces assigned to “La Sapienza” University research center as a result of a cooperation agreement signed with them.

Transactions with other non-consolidated and/or associated Group companies are purely commercial and relate to specific activities linked to projects; in addition, certain consortia, having substantially concluded their operations, are in liquidation:

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Webcast Conference Call

The Q1 2017 financial results will be outlined today during an audio-webcast conference call held by the top management.

The conference call may be followed as a webcast by connecting to the website (www.mairetecnimont.com) and clicking on the “Q1 2017 Financial Results” banner on the Home Page or through the following url:

http://services.choruscall.eu/links/mairetecnimont1170510.html

Alternatively, you may participate in the conference call by calling one of the following numbers:

Italy: +39 02 805-8811

UK: +44 121 281-8003

USA: +1 718 705-8794

The presentation given by the top management will be available from the beginning of the conference call in the “Investors/Presentations” section of Maire Tecnimont’s website

(http://www.mairetecnimont.com/it/investitori/documenti-e-presentazioni/bilanci-e-presentazioni).

The presentation shall also be made available on the 1info storage mechanism (www.1info.it).

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Dario Michelangeli, as Executive for Financial Reporting, declares - in accordance with paragraph 2, Article 154-bis of Legislative Decree No. 58/1998 (“Consolidated Finance Act”) - that the accounting information included in this press release corresponds to the underlying accounting records.

The Interim Financial Report as at 31 march 2017 is available to the public at the registered office in Rome, at the operative office in Milan, at Borsa Italiana S.p.A., on the Company website              www.mairetecnimont.com at Investors/Documents & Presentations section (http://www.mairetecnimont.com/en/investors/documents-presentations?set_language=en), and on the authorized storage device “1info” (www.1info.it).

This press release, and in particular the “Outlook” section contains forecasts. The declarations are based on current estimates and projections of the Group concerning future events and, by their nature, are subject to risk and uncertainty. Actual results may differ significantly than the estimates made in such declarations due to a wide range of factors, including the continued volatility and further decline of the capital and finance markets, raw material price changes, altered economic conditions and growth trends and other changes in business conditions, in addition to other factors, the majority of which outside the control of the Group.

Maire Tecnimont S.p.A.

Maire Tecnimont S.p.A. is a company listed with the Milan stock exchange. It heads an industrial group (the Maire Tecnimont Group) that leads the international Engineering & Construction (E&C), Technology & Licensing and Energy Business Development & Ventures markets, with specific competences in plants, particularly in the hydrocarbons segment (Oil & Gas, Petrochemicals and Fertilisers), as well as in Power Generation and Infrastructures. The Maire Tecnimont Group operates in approximately 30 different countries, numbering around 45 operative companies and a workforce of about 5,100 employees, along with approximately 3,000 additional Electrical & Instrumentation professionals. For more information: www.mairetecnimont.com.

Click here to download the Consolidated Income Statement, Balance Sheet and Cash Flow Statement.