• Steady growth in the main economic and financial results
  • Revenues: €1.8 billion (+7.6%)
  • EBITDA: €131.2 million (+15.7%), with a margin increase from 6.6% to 7.1%
  • Net income: €76.7 million (+19.9%), with a margin increase from 3.8% to 4.2%
  • Adjusted net cash position of €396.1 million at the end of March, slightly up compared to year‑end 2025
• Nextchem (Sustainable Technology Solutions) revenues of €140.6 million (+46.2%) and EBITDA of €32.3 million (+40.8%), with a margin of 23.0%
• Tecnimont and KT (Integrated E&C Solutions) revenues of €1.7 billion (+5.3%) and EBITDA of €98.9 million (+9.3%), with a margin increase from 5.6% to 5.8%
• First‑quarter order intake of €4.8 billion, over half of the FY 2026 target of around €9 billion
• Robust backlog of €15.7 billion at end of March, up €3.0 billion compared to the end of 2025
• Record dividend of €187.6 million distributed in April, equal to €0.585 per share, up 64.3% compared to 2025
• 2026 guidance confirmed

Milan, 29 April 2026 – The Board of Directors of MAIRE S.p.A. (“MAIRE” or the “Company”) met today to review and approve the Group’s Interim Financial Report as of 31 March 2026.

Alessandro Bernini, MAIRE’s Chief Executive Officer, commented: “The first quarter 2026 results confirm the strength and resilience of our business model, which is capable of delivering growing results in a complex operating environment. Our 15.7 billion euro backlog provides strong visibility and was further strengthened by a robust order intake in the quarter, as the scheduling of new projects progressively extends our workload toward 2030. Nextchem continues to contribute accretively to the overall Group performance, and further diversifies our geographic footprint and commercial reach. These results reflect the quality of our technologies and execution capabilities, both driven by the commitment of our people. 

In the Middle East, projects continue to advance toward the construction and commissioning phases, within a context that requires operations to be carried out under enhanced security and HSE protocols, in close collaboration with our clients.”

Q1 2026 CONSOLIDATED RESULTS HIGHLIGHTS

CONSOLIDATED FINANCIAL RESULTS AS OF 31 MARCH 2026

Revenues were €1.8 billion, up 7.6%, thanks to the consistent progress of projects under execution.

EBITDA was €131.2 million, up 15.7%, driven by higher revenues and the efficient management of overhead costs. EBITDA margin was 7.1%, 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 €17.9 million, up €2.4 million, due to the marketing of new patents and technological developments, as well as the start-up of assets for the digitalization of industrial processes.

EBIT was €113.3 million, up 15.7%, with a margin of 6.2%, up 50 basis points.

Net financial charges were €3.0 million, down €1.6 million, benefiting from higher financial income on cash deposits.

Pre-tax Income was €110.3 million and the tax provision was €33.6 million. The tax rate was 30.4%, slightly better than the past quarters, reflecting the various jurisdictions in which the Group’s operations have been carried out.

Net Income was €76.7 million, up 19.9%, with a 4.2% margin, up 40 basis points. Group Net Income, after €9.4 million of result attributable to minority shareholders – mainly related to Nextchem and projects in joint venture – was €67.4 million, up 9.5%.

Adjusted Net Cash3 as of 31 March 2026 was €396.1 million, up by €1.1 million compared to 31 December 2025. Operating cash generation more than compensated the outflows for the share buy-back program of €81.1 million and capital expenditures of €22.8 million. Investments were mainly dedicated to the internal development and scale-up of proprietary technologies, to digital innovation projects, and also included the consideration paid for the acquisition of the remaining 16.5% stake in Conser and an earn-out related to GasConTec.

Consolidated Shareholders’ Equity as of 31 March 2026 was €770.8 million, compared to €773.8 million at 31 December 2025, mainly reflecting the impact of the treasury share buyback program, almost entirely offset by the positive net result for the period and favorable currency translation effects.

PERFORMANCE BY BUSINESS UNIT

SUSTAINABLE TECHNOLOGY SOLUTIONS (STS)

Revenues were €140.6 million, up 46.2%, mainly driven by technology solutions and services for the production of low-carbon chemicals and fertilizers. 

EBITDA was €32.3 million, up 40.8%, supported by higher volumes, with a margin of 23.0% 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 €1.7 billion, up 5.3%, driven by the steady execution of the backlog, including projects in the Middle East and the ramp-up of projects secured in 2025 in Kazakhstan.

EBITDA was €98.9 million, up 9.3%, 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 quarter of 2026 was €4.8 billion.

In particular, the Sustainable Technology Solutions business unit generated new orders for €60.6 million. The main projects awarded to this business unit in the first quarter 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.

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 €4.7 billion. The main contracts awarded to this business unit in the first quarter include:

• two multi-billion EPC projects scheduled for completion between 2030 and 2031, with further details to be disclosed in due course, following the completion of certain formalities currently being finalized between the parties involved.
• a rehabilitation study for a refinery upgrade, including energy efficiency and environmental performance assessment.  

BACKLOG

As a result of the order intake of the period, the Group's Backlog at 31 March 2026 reached €15.7 billion, up €3.0 billion compared to the end of 2025.

UPDATE ON THE 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 70% as of the end of March 2026. Engineering and procurement activities are nearing completion. Construction activities reached approximately a 50% progress, supported by the steady progress across civil works, mechanical and electrical installation. Heavy lifting operations are almost completed, alongside ongoing piping and cabling activities. Project completion is expected in the first half of 2028.

EVENTS AFTER THE CLOSE OF THE PERIOD

Nextchem opens a new office in Beijing

On 7 April 2026, Nextchem inaugurated its new office in Beijing, further strengthening the Group’s long-lasting presence in the Country since 1994 through Tecnimont, and reinforcing its long-term commitment to the Chinese market and the broader Asian region.

Ordinary Shareholders’ Meeting

On 15 April 2026, MAIRE held its Ordinary Shareholders’ Meeting which, among other items, approved the Financial Statements as of 31 December 2025 and the distribution of a dividend of €0.585 per share, up 64.3% compared to last year, for a total of €187.6 million, payable from 22 April 2026. 

Extension of the MAIRE Towers lease agreement

On 17 April 2026, MAIRE renewed its agreement with Covivio for the lease of its headquarters at the Garibaldi Complex, including an extension of over 20 years and refurbishment works borne by the landlord, to make the towers more efficient and sustainable.

Placement of a €185 million Sustainability-linked Schuldschein Loan

On 20 April 2026, MAIRE placed a new Sustainability-linked Schuldschein Loan for a total amount of €185 million. 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 will be primarily used for the early repayment of existing facilities.

Contracts awarded in April 2026

On 1 April 2026, MAIRE announced that Nextchem has been awarded early engineering works and proprietary equipment supply for a SAF plant in Indonesia. The award builds on the earlier licensing and Process Design Package contracts based on the proprietary NX PTU™ and NX SAF™ BIO technologies.

Furthermore, on 28 April 2026, MAIRE announced that Nextchem has been awarded licensing, Process Design Package and technical services for a new trimellitic anhydride production plant in China, based on its proprietary NX CONSER™ C5+ technology.

OUTLOOK

In relation to the events affecting the Middle Eastern region of the Persian Gulf, the Company confirms that all personnel, including the subcontractors’ workforce, are operating under safe conditions, in compliance with the protocols promptly activated and in constant coordination with local authorities and clients.

During the month of March, project execution in the Middle East continued largely without significant impacts. With reference to certain projects with on-site operations in those areas, the extensive procurement campaign carried out particularly in late 2025 has ensured the availability at the sites of projects under construction of sufficient quantities of materials to guarantee the continuity of operations over the coming months, while commissioning activities are underway for the remaining projects. Should the current restrictions affecting the main supply corridors persist in the medium term, alternative routes have already been identified to mitigate this criticality.

Consequently, during the first quarter of the year, the Group recorded an overall operating performance in line with its plans. 

Looking ahead, considering the limited effects on projects in execution in the Middle East, the Group’s potential involvement in the rebuilding of damaged infrastructures, as well as the increasing contribution from existing projects located in other geographies, the expected achievement of the previously set targets for the IE&CS business unit (Tecnimont and KT) is confirmed.

The STS business unit (Nextchem) first quarter 2026 results do not yet incorporate the consolidation of Ballestra Group, whose acquisition is expected to be completed in the second quarter of 2026. Such an acquisition, together with an expected pick-up in the business fundamentals and market environment, will lead to higher revenues and margins, particularly in the second half of the year.

In light of the above, the Group confirms its 2026 Guidance, already communicated to the market on 4 March 2026 on the occasion of the presentation of the 2026-2035 Strategic Plan.

2026 guidance

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CONFERENCE CALL AND WEBCAST

The top management of MAIRE will present the Q1 2026 Results during a conference call today at 5:30pm CEST.

The live stream of the event can be accessed at the following link: MAIRE Q1 2026 Results Webcast.

Alternatively, you may join by phone using the dial‑in numbers that will be provided upon registration at the following link: MAIRE Q1 2026 Results Teleconference.

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). 

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Mariano Avanzi, as Executive for Financial Reporting with, also, responsibility for certification as per paragraph 5-ter regarding Sustainability 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 of 31 March 2026 will be available to the public at the registered office in Rome, at the operative office in Milan, on the Company’s website www.groupmaire.com in the “Investors/Financial Results” section (Financial Results | Maire), and on the authorized storage device “1info” (www.1info.it), according to the timing allowed by law.

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. 

This press release includes 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 altered macroeconomic 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.