Maire (MAIRE) H1 2024 earnings summary

Executive summary

• Achieved double-digit growth in H1 2024, with revenues up 33.5% to €2.6 billion and net income up 79.6% to €97.0 million, driven by strong project execution, robust backlog, and improved profitability.

• EBITDA rose 40.9% to €170.4 million (6.5% margin), reflecting higher value-added services and margin improvement.

• Order intake reached €3.4 billion, driving backlog to €16.3 billion, among the highest in group history.

• Strategic acquisitions (HyDEP, GasConTec, APS Group, Dragoni Group) expanded technology and engineering capacity.

• Returned over €110 million to shareholders via dividends and share buybacks in H1 2024.

Financial highlights

• Revenues rose 33.5% year-over-year to €2,623.6 million, with EBITDA up 40.9% to €170.4 million and EBIT up 47.4% to €139.7 million.

• Net income reached €97.0 million (+79.6% YoY), with net income margin at 3.7% (+100 bps YoY).

• Adjusted net cash at end of June was €357.5 million, up €19.6 million from December 2023.

• Net trade working capital improved to €450.5 million negative from €379 million negative at year-end 2023.

• Cash and cash equivalents increased to €1,003 million (+€87.5 million vs Dec 2023).

Outlook and guidance

• 2024 guidance confirmed: revenues €5.7–6.1 billion, EBITDA €360–405 million, investments €75–170 million, and adjusted net liquidity expected to increase.

• Revenues for both business units expected to accelerate in H2 2024, supported by backlog and recent acquisitions.

• CapEx to focus on technology expansion and digital innovation; guidance for new orders to match revenue conversion.

• Commercial pipeline remains strong, targeting a book-to-bill ratio of ~1x for FY 2024.

• Guidance confirmed, with significant boost expected in H2, especially Q4, due to project phasing.