Maire (AO) | Hold | The market is very positive and supportive.

Research evidence excerpt

Maire (AO) | Hold | The market is very positive and supportive.

Italian Investment Conference Feedback

Release date: 20 May 2026

Kevin Roger

Head of Energy Equipment and Services

Hold +33 1 53 65 36 74Maire kroger@keplercheuvreux.com

Italy | Energy equip. & services Beta Profile: MCap: EUR4.6bn

Target Price: EUR17.50 Bloomberg: MAIRE IM Reuters: MTCM.MI

Current Price: EUR14.04 Free float 44%

Up/downside: 24.6% Avg. daily volume (EURm) 19.9

YTD abs performance 7.6% Market data: 19 May 2026

52-week high/low (EUR) 16.52/10.44

The market is very positive and supportive.

Key points

Maire participated in our Italian conference with the group's CFO (Mariano AVANZI) and the IR team (led by Silvia GUIDI). The

attendance was very large as Maire was among the most wanted companies at our conference. Investors appear very confident in

the equity story and mostly asked questions around 1) the Middle East situation, 2) the market environment and competitive

landscape, 3) the group's margin profile and expectations for the coming years, and 4) NextChem. Surprisingly, relatively few

questions were asked about the group's earnings generation in the coming quarters.

We come back from this conference with very positive sentiment around Maire as: 1) They once again clearly explained the

current situation in the Middle East, and we do not expect any major impact on earnings. 2) The market environment has never

been so positive for Maire as a) they already have 2 years+ of visibility from the backlog, b) the competitive landscape has

reduced over the past years, with only few players as key contractors, and c) clients are in a rush mood, asking for execution as

soon as possible on both current and new projects. In that sense, we do see an upside risk on the 2026E order intake guidance