Milan, 27 July 2017 - Maire Tecnimont S.p.A.’s Board of Directors has reviewed and approved the Interim Financial Report as at 30 June 2017, which reports a Consolidated Net Income of €65.4 million (+85.3%).

(1) “Business Profit” is the industrial margin before the allocation of general and administrative costs and research and development expenses.

The changes reported refer to H1 2017 versus H1 2016, unless otherwise stated.

Consolidated Financial Results as at 30 June 2017

Maire Tecnimont Group Revenues were €1,653.1 million, up 48.1%. This increase relates to the progress in the backlog, mainly EPCs, that became fully operational, while in H1 2016 they were at their initial engineering stage.

Business Profit was €131.7 million, up 16.9%. The Business Margin was 8.0% versus 10.1%. The change in marginality is related to the progress of the projects in the Technology, Engineering & Construction Business Unit reflecting a different mix of projects under execution as of June 30, 2017, compared to the same period last year. Volumes in H1 2017 are mainly related to EPC projects, while at 30 June 2016, there was a higher contribution from engineering, procurement and licensing projects, which carry higher margins and lower volumes.

G&A costs were €32.7 million, down approx. €4.3 million, thanks to continuous efficiency improvements. These costs also account for a considerably reduced amount of consolidated revenues (from 3.3% in H1 2016 compared to 2.0% for H1 2017).

EBITDA was €96.2 million, up 32.2%. The margin was 5.8%, compared to 6.5%, due to the different mix of projects under execution as of June 30, 2017, as stated above.

Amortization, depreciation, write-downs and provisions were €3.6 million, up €0.8 million, following the amortization of new assets related to the Group’s activity, and provisions, including on receivables related to past real estate initiatives.

EBIT was €92.7 million, up 32.4%.

Net financial income amounted to €8.2 million, improving by €22.6 million, mainly due to the net valuation of derivatives.

Pre-tax income was €100.9 million, up 81.5%. Estimated taxes of €35.5 million have been provisioned.

The effective tax rate was approx. 35.2%, in line with the average tax rate reported for the preceding quarters, based on the various jurisdictions in which operations are carried out, and down when compared to H1 2016.

Consolidated Net Income was €65.4 million, up 85.3%.

The Net Financial Position was a Net Debt of €28.4 million, down €14.4 million on December 31, 2016. The improvement is due to €45.6 million of operating cash flows, including the positive effects in forex derivatives movements, and €8.0 million of net financial income, partially offset by €7.5 million of capex, and €31.7 million of dividends payment and treasury shares purchases.

The Net Financial Position, excluding the dividends payment and the treasury shares purchases to fulfill the employees’ incentive plan, would be a net cash of €3.3 million.

Consolidated Shareholders’ Equity was €259.4 million, up €74.7 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 €1,592.0 million, up 49.6%, thanks to the implementation of the projects in the backlog, mainly the most recent ones. The Business Profit was €129.3 million, up 14.2%, leading to a Business Margin of 8.1% (vs. 10.6%), due to the same reasons outlined above. EBITDA was €96.1 million (6.0% margin), up 26.4%.

Infrastructure & Civil Engineering BU

Revenues were €61.1 million, up 17.5%, following the progress of projects acquired last year, including in large-scale renewables. Business Profit was €2.4 million, up €2.9 million. The Business Margin was 3.9%. EBITDA was €0.2 million, up by €3.4 million, reflecting the positive results of the new expansion strategy, also in large-scale renewable plants.

Order Intake and Backlog

During H1 2017, the Group’s commercial operations generated a record-level of new orders of €3,977.3 million, up by €2,696.4 million. Such achievement is related to the award of the Amursky Gas Processing Plant (Russia) last June, by NIPIgaspererabotka (NIPIgas), acting as general contractor on behalf of companies part of the Gazprom Group, for a total value of €3.9 billion, out of which €3.7 billion is related to Maire Tecnimont Group.

Thanks to the abovementioned order intake, the Backlog was €8,601.4 million on June 30, 2017, up €2,084.9 million vs. December 31, 2016.

Subsequent Events

On July 20, Maire Tecnimont announced the incorporation of a Joint-Venture, through its fully owned project development company MET Development, to develop, build, finance, maintain and operate a green-field urea plant, to be implemented in Tolyatti, in the Samara region of the Russian Federation. The total investment cost for the project is estimated to be around €160 million and Maire Tecnimont’s equity contribution is preliminarily estimated to be around €11 million.

Outlook

The significant backlog is expected to lead to the predominant execution of EPC projects in the second semester, with volumes substantially in line with the first semester’s and 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, which has already been taking place over the last few quarters, will continue through an improvement of the organization’s efficiency.

The financial performance is expected to improve thanks to the projects’ future cash flows, and taking into account the recent and important new orders.

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 support 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 30 June 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 to the relationships with Maire Investments Group, 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. The remaining payable and receivable contracts refer to administrative and facility management services respectively.

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 H1 2017 financial results will be outlined today at 5:30pm CEST 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 “H1 2017 Financial Results” banner on the Home Page or through the following url:

http://services.choruscall.eu/links/mairetecnimont170727.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 30 June 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 40 different countries, numbering around 50 operative companies and a workforce of more than 5,200 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.