• Significant growth in the main economic results
  • Revenues: €5.2 billion (+26.7%)
  • EBITDA: €358.1 million (+33.2%) with a margin increase from 6.5% to 6.8%
  • Net income: €204.8 million (+41.8%)

• NEXTCHEM(Sustainable Technology Solutions) revenues of €309.4 million (+22.9%) and EBITDA of €80.3 million (+31.2%), with a margin increase from 24.3% to 26.0%
• Integrated E&C Solutions business unit revenues of €4.9 billion (+26.9%) and EBITDA of €277.8 million (+33.8%), with a margin increase from 5.3% to 5.6%
• Adjusted net cash position of €342.5 million at the end of September, up €42.4 million compared to the end of June, thanks to strong operating cash flows
• Order intake of €5.8 billion in new strategic geographies leading to a backlog of €13.9 billion
• Confirmed the expectations for at least €8 billion of FY2025 order intake
• 2025 guidance: revenues and profitability expected in the upper end of the range

Milan, 23 October 2025 – The Board of Directors of MAIRE S.p.A. (“MAIRE” or the “Company”) met today to review and approve the Group’s Nine Month Consolidated Financial Report as of 30 September 2025.

Alessandro Bernini, MAIRE Chief Executive Officer, commented: “Over the first nine months, we delivered double-digit growth and a significant improvement in profitability. With an almost 14 billion euro backlog at the end of September and a strong pipeline of opportunities, we are well positioned to navigate evolving market dynamics and sustain a solid growth trajectory, also supported by NEXTCHEM’s broad technology offering. The downstream energy segment continues to show resilience, supported by growing investments, increasingly focused on gas monetization activities. Leveraging our operational excellence and disciplined execution, we are ready to seize upcoming prospects and deliver on our strategic objectives.”

CONSOLIDATED FINANCIAL RESULTS AS OF 30 SEPTEMBER 2025
Revenues were €5.2 billion, up 26.7%, thanks to the consistent progress of projects under execution. EBITDA was €358.1 million, up 33.2%, driven by higher revenues and the efficient management of overhead costs. EBITDA margin was 6.8%, up 30 basis points, also thanks to the contribution from higher value-added services generated by NEXTCHEM. Amortization, Depreciation, Write-downs, and Provisions were €49.3 million, up €3.9 million, due to the marketing of new patents and technological developments, as well as the start into operation of assets for the digitalization of industria processes.

EBIT was €308.9 million, up 38.2%, with a margin of 5.9%, up 50 basis points.

Net financial charges were €8.2 million, substantially in line.

Pre-tax Income was €300.6 million and the tax provision was €95.8 million. The tax rate was 31.9%, reflecting the various jurisdictions in which the Group’s operations have been carried out.

Net Income was €204.8 million, up 41.8%, with a 3.9% margin, up 40 basis points.

Adjusted Net Cash 5 as of 30 September 2025 was €342.5 million, compared to €375.1 million as of 31 December 2024, net of outflows for the dividends of €119.5 million 7 and for the share buy- back program of €63.4 million, as well as capital expenditures. Adjusted net cash improved €42.4 million compared to €300.1 million as of 30 June 2025, thanks to operating cash flows that more than offset the outflows during the quarter. Capital expenditures, net of divestitures and including the deferred price and earn-outs components of M&A transactions, were €51.4 million, mainly dedicated to the internal developmen and scale-up of new technologies and to digital innovation projects. Consolidated Shareholders’ Equity was €692.5 million as of 30 September 2025, positively impacted by the profit of the period, net of the share buy-back program, dividend payments and the impact of exchange rate fluctuations.

Revenues were €309.4 million, up 22.9%, driven by technological solutions and services mainly for the production of low-carbon and circular fuels, nitrogen fertilizers, as well as for carbon capture.
EBITDA was €80.3 million, up 31.2%, supported by higher volumes, with a margin of 26.0%, up 170 basis points, as a result of the contributions from licensing and high value-added engineering services in the product mix during the period.

Revenues were €4.9 billion, up 26.9%, thanks to the steady execution of the backlog, including the Hail and Ghasha project in Abu Dhabi, the other main contracts in the Middle East, the ramp- up of projects acquired in Algeria last year, as well as the early contribution of the projects acquired in Central Asia in the past months. EBITDA was €277.8 million, up 33.8%, with a margin of 5.6%, up 30 basis points, benefitting also from a higher operating leverage.

Order Intake in the first nine months of 2025 was €5.8 billion. In particular, the Sustainable Technology Solutions business unit, led by NEXTCHEM, generated new orders for €325.3 million. The main projects awarded in the third quarter to this business unit include the licensing, process design package and engineering services for the production of low-carbon hydrogen in the United States, an engineering study for a SAF plant in the UK, as well as several engineering studies and proprietary equipment supply contracts. The Integrated E&C Solutions business unit generated new orders for €5.5 billion. The main projects awarded in the third quarter to this business unit comprise an EPC for a fluid catalytic cracking unit in Italy, change orders and other engineering services contracts. For the details on the awards of the first two quarters of 2025, please refer to the corresponding Financial Results press releases.

As a result of the order intake of the period, the Group's Backlog at 30 September 2025 amounted to €13.9 billion.

UPDATE ON THE HAIL AND GHASHA PROJECT
The Hail and Ghasha project, awarded to TECNIMONT in October 2023 for $8.7 billion, is progressing as planned, with completion expected in 2028. As of the end of September 2025, the project team has reached an overall progress of 45% and over thirty million safe man-hours. Engineering works are advancing, with some tasks ahead of schedule, reaching 81% progress. Procurement is 93% complete, with manufacturing activities and bulk material shipments ongoing. Construction is accelerating, reaching a 25% progress, with equipment installations, prefabrication and erection of steel structures, as well as piping.

SIGNIFICANT EVENTS AFTER THE CLOSE OF THE PERIOD
Engineering services contract between NEXT-N and newcleo In accordance with the agreements signed between NEXTCHEM and its partner newcleo, on 22 October 2025, binding agreements were finalized to launch the operations of NEXT-N, the company controlled by NEXTCHEM for the development of initiatives in the new-generation nuclear sector. In particular, NEXT-N was awarded a contract by newcleo for engineering services related to the development of the basic design of the conventional island and balance of plant for a First of a Kind plant based on newcleo’s 200 MWe advanced modular reactor (AMR), for which the Final Investment Decision is expected around 2029. The total provisional value of the services is €70 million.

OUTLOOK
Amid a fast-changing environment, the Group benefits from a solid backlog, further strengthened and diversified by the nine-month awards, and composed by projects which are not directly impacted by the current geopolitical tensions. At the same time, the demand for innovative technological solutions and, more in general, the downstream segment, are characterised by robust and resilient fundamentals, suitable to bring additional commercial opportunities that may materialize into new contracts in the coming months, in line with our target of at least €8 billion of order intake for 2025. 2025 guidance
The Group reported strong operating results in the first nine months of the year, driven by a timely execution of projects, particularly in the Middle East and North Africa. Such performance, coupled with the strong visibility on the remainder of the year has led to confirm Group’s 2025 guidance, as upgraded with the first half 2025 results on 31 July 2025:

In particular, in the fourth quarter, the IE&CS business unit is expected to generate volumes in line with the past quarters of 2025, entirely driven by the scheduled activities of the existing projects. At the same time, the STS business unit is expected to accelerate further, driven by the recent awards, as well as by projects which are likely to be acquired before year end, also benefitting from the integrated offering with the IE&CS business unit. As a result, full year Group revenues are expected in the upper end of the guidance range. Thanks to the disciplined project execution, as well as the expected increasing contribution of higher value-added engineering services and technology solutions of NEXTCHEM in the fourth quarter, profitability is also expected in the upper end of the guidance range.

UPDATE ON THE ORGANIC GROWTH OF THE GROUP
To support the Group’s growth, MAIRE continues to invest in acquiring new talent. Headcount reached 10,455 employees as of 30 September 2025, an increase of 716 professionals compared to 31 December 2024.

CONFERENCE CALL AND WEBCAST
The top management of MAIRE will present the 9M 2025 Results during a conference call today at 5:30pm CEST.

The live stream of the event can be accessed at the following link:
MAIRE 9M 2025 Conference Call
Alternatively, you may join by phone using one of the following numbers:
Italy: +39 06 83360400
UK: +44 (0) 33 0551 0200
USA: +1 786 697 3501
The presentation will be available at the start of the event in the “Investors/Financial Results” ( Financial Results | Maire) section of MAIRE’s website ( groupmaire.com ). The presentation shall also be made available on the “1info” storage mechanism (www.1info.it).