Q1 2019

FINANCIAL RESULTS

May 9, 2019

DISCLAIMER

This document has been prepared by Maire Tecnimont S.p.A. (the “Company”) solely for use in the presentation of its financial results.

This document does not constitute or form part of any offer or invitation to sell, or any solicitation to purchase any shares in the Company.

The information contained and the opinions expressed in this document have not been independently verified. In particular, this document may contain forward-looking statements that are based on current estimates and assumptions made by the management of the Company to the best of its knowledge. Such forward-looking statements are subject to risks and uncertainties, the non-occurrence or occurrence of which could cause the actual results – including the financial condition and profitability of the Group – to differ materially from or be more negative than those expressed or implied by such forward-looking statements. This also applies to the forward-looking estimates and forecasts derived from third-party studies. Consequently, neither the Company nor its management can give any assurance regarding the future accuracy of the estimates of future performance set forth in this document or the actual occurrence of the predicted developments.

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 presentation corresponds to the underlying accounting records.

The data and information contained in this document are subject to variations and integrations. Although the Company reserves the right to make such variations and integrations when it deems necessary or appropriate, the Company assumes no affirmative disclosure obligation to make such variations and integrations.

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KEY MESSAGES

• Positive results

− Driven by on-going backlog execution

• High quality order intake

− Propedeutic to future, larger projects

• Solid backlog

− €6.7bn

• Very strong commercial pipeline

− €40.1bn

• Started Green Energy expansion in plastics mechanical recylcing

− Working on additional initiatives

• €39.1m dividend paid on May 8

− €124m of cumulative dividends paid over the last 4 years

3

Long-term Commitment to our Shareholders

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KEY CONSOLIDATED FINANCIALS (€M)

50.5

Q1'18 Q1'19

916.1 888.5

Q1'18 Q1'19

30.8 32.1

Q1'18 Q1'19

342.6

403.2

Dec '18 Mar '19

93.8

0.9Dec '18 Mar '19

Revenues EBITDA Net Income

Net Cash * Net Worth

50.2

7.0

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* Excluding €43.4 million in Non-Recourse Project Financing for the Alba Bra Hospital project and the MyReplast acquisition (€36.3m on 12/31/18),

and including €16.6 million to be recovered in India (€16.2m on 12/31/18). March 2019 number pre-IFRS impact.

4

-0.3

0.9

57.2

31.8

IFRS16 Impact

SUMMARY

1. Operational Performance Pierroberto Folgiero, CEO

2. Financial Results

Alessandro Bernini, CFO

3. Final Remarks

Pierroberto Folgiero, CEO

Q1 2019 ORDER INTAKE

6

Our Order Intake Sets the Basis for Future, Larger Projects

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Name Client Country Business Type Value Comment

Granulated Urea

PlantVolgafert Russia Fertilizers EPC €185m

First EPC driven by Project

Development

Kallo PDH Plant Borealis Belgium Petrochemicals EPCM €100mConsolidation of our PDH

leadership

Yanbu Polypropylene

PlantNATPET Saudi Arabia Petrochemicals EPC €57m

Reinstatement of the

existing PP Plant

(on a reimbursable basis)

Port Harcourt

RefineryNNPC Nigeria

Oil & Gas

Refining

Phase 1

Assesment€44m

Phase 2 EPC already awarded

to Tecnimont

Ruwais Petrochemical

Complex (PP4)Borouge UAE Petrochemicals FEED €38m

Well positioned to win EPC -

20 years of collaboration

with Borouge

Other Various

Europe, North

Africa, Middle

East and Asia

Various EP €174m

Various high value-added

projects driven by our

technological leadership

Total €598m

Q1 2019 FLAGSHIP PROJECT: PDH KALLO PLANT, BELGIUM

• Located at an existing Borealis production site in Kallo,

Belgium

• Targeted production capacity of 750k mty, one of the

largest and most efficient in the world

• Driven by the rising European demand of propylene

• PDH is a key process step for the production of propylene

from propane, bypassing naphtha steam cracking

• The project consolidates our leadership in the PDH

business and technological know-how

• On a reimbursable basis

Key Characteristics

Project Overview

• Client: Borealis (Austria)

• Country: Belgium

• Overall Value: €90m (reimbursable)

• Scope of Work: EPCM and Commissioning services for

a new propane dehydrogenation (PDH) plant,

including the requisite Utilities and Interconnections

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Q1 2019 FLAGSHIP PROJECT: PORT HARCOURT REFINERY, NIGERIA

• First significant step in Nigeria for the Group

• Phase 1 Rehabilitation Project is preparatory to a

Phase 2 Revamping EPC Project, to be carried out

by Tecnimont

• The complex is made of two refineries: the newest

(from 1980) with a capacity of 150 KBOD, and the

oldest (from 1966) of 60 KBOD

• Phase 2 aims to restore the refining capacity to at

least 90% of the original utilization

• The two-phase revamping project is strategic to

the further development of the Nigerian

hydrocarbons downstream sector

Key Characteristics

Project Overview

• Client: Nigerian National Petroleum Company (NNPC)

• Country: Nigeria

• Overall Value: USD50m

• Scope of Work: “Phase 1 Rehabilitation Project”, which

includes a complete integrity check and equipment

inspections of the Port Harcourt Refinery Complex

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BACKLOG

6,369 6,382

243 275

31/12/18 31/3/19

Hydrocarbons Green Energy

6,612 6,657

Backlog by Geography (Mar 2019)

Solid and Diversified Backlog

Backlog by Business Unit(€m, 31/12/18-31/3/19)

57%

11%

16%

13%

3%Others

Asia

Africa

Europe

Middle East

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BACKLOG ANALYSIS – HYDROCARBONS BUSINESS UNIT

Good mix between E, EP, and EPC Excellent cover for future revenues

Book to Bill Ratio* (31/12/18-31/3/19)

1.8 1.8

31/12/18 31/3/19

158483

848

5,7285,267

31/12/18 31/3/19

E EP EPC

6,369 6,382

267

Backlog by Type (€m, 31/12/18-31/3/19)

*Defined as the ratio between Backlog and LTM Revenues*Defined as the ratio between Backlog and LTM Revenues

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COMMERCIAL PIPELINE (HYDROCARBONS BU)

Commercial Pipeline (€bn, Sep 2018-Mar 2019)

24.9 25.6 23.4

8.0 7.47.0

7.2 8.29.7

Sep '18 Dec '18 Mar '19

Prospect, Prequalification & Pre-Tendering Tendering Tendered

40.0 41.2 40.1

Our Commercial Pipeline Remains High

&

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CO

RPO

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PR

OFIL

E |

FEBR

UA

RY

2019

North and CentralAmericaPOLYOLEFIN

South AmericaFERTILIZER

AfricaFERTILIZER

POLYOLEFIN

GAS TREATMENT

REFINERY

Middle EastFERTILIZER

POLYOLEFIN

GAS TREATMENT

REFINERY

AsiaFERTILIZER

POLYOLEFIN

GAS TREATMENT

C.I.S.FERTILIZER

POLYOLEFIN

GAS TREATMENT

REFINERY

EuropePOLYOLEFIN

REFINERY

€1.5bn

€1.5bn

€2.7bn

€9.5bn

€9.0bn

€9.0bn

€6.9bn

Our Commercial Efforts are Widely Diversified Across Key Geographies

*Figures include prospect prequalification and pre-tendering, tendering, and tendered12

COMMERCIAL PIPELINE BY GEOGRAPHY (HYDROCARBONS BU)*

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SUMMARY

1. Operational Performance

Pierroberto Folgiero, CEO

2. Financial Results Alessandro Bernini, CFO

3. Final Remarks

Pierroberto Folgiero, CEO

� “Right-of-Use” Asset in Capital Employed and depreciated: €132.6m

� Lease obligations considered equivalent to a Financial Debt: €141.4m

* Financial charges will decrease in future periods, leading to net positive adjustments

� EBITDA improves by approximately:

� Depreciation increases by approximately:

� EBIT increases by approximately:

� Financial Charges applied over lease debt:

� Estimated effect on Net Income:

+ €28.0m

- €23.5m

+ €4.5m

- €6.1m

- €1.6m

Balance Sheet (12/31/19e)

Profit & Loss (Full Year)

*

&

IFRS 16 ESTIMATED IMPACTS TO FY2019 ACCOUNTS

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CONSOLIDATED INCOME STATEMENT

€m Q1 2018 Q1 2019 ∆%Q1 2019

Pre-IFRS16

Revenues 916.1 888.5 -3.0% 888.5

Business Profit 70.0 77.3 +10.5% 70.3

G&A (18.4) (18.6) +1.1% (18.6)

R&D (1.1) (1.5) +36.4% (1.5)

EBITDA 50.5 57.2 +13.4% 50.2

EBITDA % 5.5% 6.4% +90bp 5.6%

EBIT 48.7 45.9 -5.8% 44.7Net Financial

(Charges)/Income (3.4) 0.2 n.m. 1.8

Profit Before Taxes 45.4 46.1 +1.7% 46.5

Tax Provision (14.6) (14.4) (14.4)

Effective Tax Rate 32.1% 31.2% -90bp 31.0%

Net Income 30.8 31.8 +3.1% 32.1

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Comments (ex-IFRS16)

• Revenues in line with

projects’ expected

production

• G&A in line QoQ

• R&D driven by Green

Chemistry

• EBITDA in line QoQ, with

slightly higher

marginality

• Net Financial Charges

driven by derivatives

valuation

• Tax rate down 80bps

• Net Income up 4.2%

NET CASH POSITION

Cash Flow Bridge (€m, Q1 2019, ex-IFRS 16)

16* Excluding €43.4 million in Non-Recourse Project Financing for the Alba Bra Hospital project and the MyReplast acquisition (€36.3m on 12/31/18),

and including €16.6 million to be recovered in India (€16.2 million on 12/31/18)

93.8

31.4 1.8

121.1

3.3 1.7

Net CashDec 2018*

Forex Net FinancialIncome

Operating CashFlows

Taxes Capex Net CashMar 2019*

0.9

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SUMMARY

1. Operational Performance

Pierroberto Folgiero, CEO

2. Financial Results

Alessandro Bernini, CFO

3. Final Remarks Pierroberto Folgiero, CEO

GREEN CHEMISTRY UPDATES

18

Green Chemistry is Growing

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• Proprietary technology-based mechanical plastic recycling plant

first step

• Recent plant developments

− Increased production

− Improved productivity through process optimization

− New laboratory to analize plastics for compounding

− New compounding lines

− Improved black plastic sorting

• On-going initiatives

− Bio fuels

− Waste to chemicals

− Green Hydrogen technology

− Acid gas technologies

− Fertilizer coating technologies

FINAL REMARKS

• Positive set of First Quarter results

− In line with projects’ evolution

• High quality order intake

− Propedeutic to future, larger projects

• Solid commercial pipeline

− New orders expected, especially in 2H19

• Commitment to shareholders continue

− €124 million in dividends paid over the last 4 years

• Further expansion in Green Chemistry

192019 Guidance ConfirmedM

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Q1

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Maire Tecnimont Group’s Headquarters

Via Gaetano De Castillia, 6A

20124 Milan

info@mairetecnimont.it

www.mairetecnimont.com

Investor Relations T +39 02 6313-7823 02 6313-7823Investor-relations@mairetecnimont.It

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