SOLID PERFORMANCE SUPPORTED BY CONTINUOUS PROJECT ADVANCEMENT, PROFITABILITY IMPROVEMENT AND STRONG ORDER INTAKE

2026 GUIDANCE CONFIRMED

• Steady growth in the main economic results, even in a complex operating environment
  ‒ Revenues: €3.7 billion (+6.9%)
  ‒ EBITDA: €266.2 million (+14.7%), with a margin increase from 6.7% to 7.2%
  ‒ Net income: €157.2 million (+18.3%), with a margin increase from 3.9% to 4.3%
• Nextchem (Sustainable Technology Solutions) revenues of €285.7 million (+46.9%) and EBITDA of €68.0 million (+39.9%), with a margin of 23.8%
• Tecnimont and KT (Integrated E&C Solutions) revenues of €3.4 billion (+4.5%) and EBITDA of €198.2 million (+8.0%), with a margin increase from 5.6% to 5.8%
• Adjusted net cash position of €301.1 million as of 30 June 2026 (€395.1 million as of 31 December 2025), net of €204.0 million of capex, €194.4 million of dividends and €81.1 million of share buy-backs
• Strong first‑half order intake of €7.2 billion, leading to a backlog of €16.3 billion at end of June, close to record-high levels
• New awards announced in July brought the year-to-date order intake to €8.4 billion, reinforcing confidence in achieving at least €9 billion of order intake in FY 2026
• Nextchem significantly expanded its technology portfolio by completing the acquisition of 100% of Ballestra Group, bringing top-tier solutions in fertilizers and chemistry for strategic materials, as well as a 70% stake in ETEK, entering the segment of critical and precious metals recovery
• 2026 guidance confirmed 
  ‒ STS growth trajectory in the second half will be supported by the contribution from the recently acquired companies (Ballestra Group and ETEK) 
  ‒ IE&CS performance will be driven by resilient projects’ execution thanks to the mitigation actions already implemented with clients in the Middle East, as well as by the increasing contribution from projects in other geographies

Milan, 30 July 2026 – The Board of Directors of MAIRE S.p.A. (“MAIRE” or the “Company”) met today to review and approve the Group’s Half Year Consolidated Financial Report as of 30 June 2026.

Alessandro Bernini, MAIRE’s Chief Executive Officer, commented: “In the first half of 2026, MAIRE demonstrated its ability to deliver resilient growth, advancing projects in a complex geopolitical environment. Disciplined execution, close collaboration with our clients and the adoption of alternative routes in the Middle East ensured project continuity. 8.4 billion euro of awards secured in the first seven months of the year support our confidence in achieving at least 9 billion euro of new orders in 2026, confirming the commercial momentum of MAIRE’s integrated offering, which combines proprietary technologies with best-in-class engineering and execution capabilities. Nextchem’s technology portfolio, further enhanced through recent acquisitions of Ballestra and ETEK, is expanding our market reach and unlocking new opportunities in high-growth markets. Looking ahead, we remain focused on creating long-term value in a market increasingly shaped by the need for energy security and industrial resilience.”

H1 2026 consolidated results highlights

Consolidated financial results as of 30 JUNE 2026

MAIRE Group’s reported figures as of 30 June 2026 include the consolidation of Ballestra Group’s and ETEK’s assets and liabilities. No contribution to the consolidated income statement was recognized during the reporting period. 

Revenues were €3.7 billion, up 6.9%, thanks to the consistent progress of projects under execution.

EBITDA was €266.2 million, up 14.7%, driven by higher revenues and the efficient management of overhead costs. EBITDA margin was 7.2%, up 50 basis points, also thanks to the stronger contribution from higher value-added services generated by Nextchem.

Amortization, Depreciation, Write-downs, and Provisions were €36.7 million, up €4.2 million, mainly due to the start-up of assets for the digitalization of industrial processes, as well as the marketing of new patents and technological developments.

EBIT was €229.5 million, up 14.9%, with a margin of 6.2%, up 40 basis points.

Net financial charges, also including the result from investments, were €3.2 million, down €1.6 million, benefiting from higher financial income on cash deposits, lower interest expenses on financial debt’s variable portion, and gains related to the revaluation of certain equity stakes.

Pre-tax Income was €226.3 million and the tax provision was €69.1 million. The tax rate was 30.5%, reflecting the various jurisdictions in which the Group’s operations have been carried out.

Net Income was €157.2 million, up 18.3%, with a 4.3% margin, up 40 basis points. Group Net Income, after €19.3 million of result attributable to minority shareholders – mainly related to Nextchem and projects in joint venture – was €137.9 million, up 8.8%.

Adjusted Net Cash5 as of 30 June 2026 was €301.1 million, compared to €395.1 million as of 31 December 2025, net of capital expenditures of €204.0 million, dividends of €194.4 million and  the share buy-back program of €81.1 million. 

M&A investments for €165.9 million,  were related to the acquisitions of the 100% of Ballestra Group and the upfront payment for the 70% of ETEK, the consideration paid for the exercise of the call option on the remaining 16.5% minority interest in Conser, the consideration paid on the remaining 15.0% minority interest in MyReplast and MyReplast Industries, as well as earn-outs related to the acquisition of Conser and GasConTec, and a deferred price component for the acquisition of MyRemono. Organic investments for €38.1 million, mainly included internal development and scale-up of proprietary technologies, as well as digital innovation projects.

Consolidated Shareholders’ Equity as of 30 June 2026 was €649.6 million, compared to €773.8 million at 31 December 2025, mainly reflecting the impact of dividend payments and treasury shares buybacks in support of the employee incentive plans, partially offset by the positive net result for the period.

Performance by business unit

SUSTAINABLE TECHNOLOGY SOLUTIONS (STS)

Revenues were €285.7 million, up 46.9%, mainly driven by technology solutions and services for the production of low-carbon chemicals and fertilizers. 

EBITDA was €68.0 million, up 39.9%, supported by higher volumes, with a margin of 23.8% as a result of a higher contribution of proprietary equipment in the product mix during the period.

INTEGRATED E&C SOLUTIONS (IE&CS)

Revenues were €3.4 billion, up 4.5%, driven by the steady execution of the backlog, including projects in the Middle East and Algeria, as well as the ramp-up of projects secured in 2025 in Kazakhstan.

EBITDA was €198.2 million, up 8.0%, with a margin of 5.8%, up 20 basis points, benefitting also from a higher operating leverage. 

Order Intake and Backlog

ORDER INTAKE

Order Intake in the first half of 2026 was €7.2 billion.

In particular, the order intake of the Sustainable Technology Solutions business unit was €556.9 million, also including the consolidation of Ballestra Group’s order portfolio following the closing of the acquisition in the second quarter. The main projects awarded to this business unit in the first half include:

• licensing and Process Design Package in China based on proprietary nitrates and urea technologies;
• licensing and Process Design Package to produce specialty chemicals in China;
• feasibility studies for two plastic upcycling projects in Southern Africa and South-East Asia;
• proprietary equipment supply aimed at enhancing the production capacity of an industrial complex in the Middle East;
• early engineering and proprietary equipment supply for a SAF plant in Indonesia;
• licensing, Process Design Package and technical services to produce trimellitic anhydride in China;
• licensing and Process Design Package for a urea-to-DEF plant in Virginia, US;
• licensing for biomass-to-syngas for a SAF plant in Canada;
• licensing, Process Design Package and proprietary equipment supply for a large-scale urea plant in Argentina.

Furthermore, Nextchem has been awarded a licensing, Process Design Package and proprietary equipment contract for three large-scale plants for nitrogen fertilizers in West Africa. The contract is subject to a final investment decision, except for engineering activities, which have already started and have been included in the backlog.

The Integrated E&C Solutions business unit generated new orders for €6.7 billion, related to EPC contracts in the petrochemical and Oil & Gas segments, including projects for the optimization of existing facilities.

BACKLOG

As a result of the order intake of the period, the Group's Backlog at 30 June 2026 reached €16.3 billion, up €3.5 billion compared to the end of 2025.

Update on ON-SITE OPERATIONS IN THE MIDDLE EAST

With regard to operations across the Middle East, where approximately 2,500 Group engineers and technicians were deployed as of the end of June, the Company confirms that all personnel, including around 53,000 people within the subcontractors' workforce, are operating in compliance with applicable security protocols and in constant coordination with clients.

In the first half of the year, the extensive procurement campaign carried out, particularly in late 2025, ensured the availability of sufficient quantities of materials and key equipment at the sites of projects under construction, while commissioning activities continued across the remaining projects. As a result, project execution progressed largely without significant disruption.

At the same time, to preserve operational continuity in the coming months, the Group promptly activated a comprehensive set of mitigation measures in close coordination with clients, suppliers and logistics partners. These actions included the rapid reconfiguration of logistic routes, enabling all items suitable for container transport to be rerouted through alternative trucking and airfreight solutions, while dedicated local arrangements are supporting the maritime transport of oversized equipment. The Group is also documenting mitigation-related impacts for the appropriate contractual recognition of associated costs.

Hail and Ghasha project

The Hail and Ghasha project, awarded to Tecnimont in October 2023 for $8.7 billion, reached an overall progress of approximately 75% as of the end of June 2026, with engineering and procurement activities nearing completion. Construction activities reached 59% progress, supported by the substantial completion of the main civil works and the continued advancement of mechanical and electrical installations, while heavy lifting operations are nearing completion and piping and cabling activities continue across the site.

The availability of materials and key equipment at site supported the continued advancement of construction activities. Following the reduced operability of the Strait of Hormuz, the project team also activated a range of mitigation measures in close cooperation with the client, including the rerouting of around 600 shipments through alternative ports, and approximately 1,500 containers were successfully delivered to site. These actions are enabling construction activities to continue without major disruption. 

Acquisitions of Etek and Ballestra Group

On 16 June 2026, Nextchem acquired a 70% stake in ETEK, which holds 100% of SISEMTEK, for a total consideration of €11.1 million, of which €5.0 million paid upfront. ETEK and SISEMTEK bring an integrated proprietary solution to recover high-purity precious and critical metals from ever-growing waste streams, such as electronic equipment (e-waste), mining tailings, spent catalysts, batteries and photovoltaic panels.

On 25 June 2026, Nextchem completed the acquisition of the entire share capital of Ballestra Group (“Ballestra”) for a total consideration paid of €148.2 million. The acquisition significantly enhances Nextchem’s portfolio across the full Nitrogen-Phosphorus-Potassium (NPK) fertilizer spectrum, the chemistry for strategic materials and metals processing with technologies for sulphuric and phosphoric acid, as well as fluorine derivatives for lithium-ion batteries, and bio-based detergents. 

EVENTS AFTER THE CLOSE OF THE PERIOD

Placement of a €115 million top-up of MAIRE’s Sustainability-Linked Schuldschein loan

On 14 July 2026, MAIRE successfully completed the €115 million top-up placement of the Sustainability-Linked Schuldschein Loan initially placed on 20 April 2026 for €185 million, bringing the total amount of the loan to €300 million, in line with the upsize option envisaged at the time of launch. The loan is structured in two tranches with maturities of three and five years, and pricing is linked to the achievement of specific decarbonization targets. The proceeds have been primarily used for the early repayment of existing facilities.

Contracts awarded in July 2026

On 20 July 2026, MAIRE announced that its subsidiary Tecnimont has been awarded a contract by Fértil Pampa S.A.U., a wholly owned subsidiary of Pampa Energía S.A., for a large-scale fertilizer complex in Argentina. Tecnimont’s scope of work includes engineering, procurement, commissioning, and start-up activities. Nextchem will provide the urea licensing and process design package, as well as the associated proprietary equipment and primary reformer for syngas production. The total value is approximately €1.3 billion, of which €140 million related to Nextchem’s technology package. SACDE S.A., a leading Argentinean company, will carry out the construction. Completion is expected in 41 months.

Outlook

The results delivered in the first half of 2026 demonstrate resilience of the Group’s business model. Steady project execution, strong order intake and a diversified backlog enabled the Group to achieve a solid financial performance even in a complex operating environment.

Through close coordination with clients, suppliers and partners, the Group has preserved continuity across its projects in the Middle East. Assuming no significant deterioration of the current situation, the mitigation measures already implemented, together with the ongoing engagement with clients, are expected to sustain project execution in the coming months.

The Group has also significantly strengthened its technology platform through the acquisitions of Ballestra and ETEK. In addition to enhancing Nextchem’s technological capabilities in high-growth segments, both companies are already generating new commercial opportunities and will contribute further support to Nextchem’s growth trajectory in the second half of 2026. 

In light of the above and considering the increasing contribution from existing projects in other geographies, such as North Africa and Central Asia, the Group confirms its 2026 Guidance, as communicated to the market on 4 March 2026 in connection with the presentation of the 2026-2035 Strategic Plan.

2026 guidance

UPDATE ON THE ORGANIC GROWTH OF THE GROUP 

To support the Group’s growth, MAIRE continues to invest in acquiring new talent. Headcount reached 11,265 employees as of 30 June 2026, an increase of 510 professionals compared to 31 December 2025.