Maire (MAIRE) H1 2025 earnings summary

Executive summary

• H1 2025 revenues rose 31.3% year-over-year to €3.4 billion, with EBITDA up 36.2% to €232.1 million and net income up 37% to €132.9 million, driven by strong project execution and expansion in strategic regions.

• Order intake reached €5.6 billion, driving backlog to €15.7 billion, with major new contracts in Kazakhstan, Malaysia, Mexico, and Sub-Saharan Africa.

• Headcount increased to over 10,200, and DNV certification on gender equality was achieved.

• €183 million was deployed for shareholder rewards, including the highest dividend in company history and a share buyback program.

• NEXTCHEM secured a €125 million loan for innovation and R&D, and a strategic 8% stake was acquired by Azzurra Capital.

Financial highlights

• Revenues were €3.4 billion, up 31.3% year-over-year; EBITDA reached €232.1 million, up 36.2%, with a margin of 6.7%.

• Net income was €132.9 million, up 37%, with a margin of 3.9%.

• Adjusted net cash position at end of June was €300.1 million, after €119.5 million in dividends, €63.4 million in share buybacks, and €30.2 million in capex.

• EBIT rose 42.9% to €199.7 million, with a 5.8% margin.

• Basic and diluted EPS increased to €0.388 from €0.278 year-over-year.

Outlook and guidance

• Full-year 2025 revenue guidance raised to €6.8–7.0 billion (from €6.4–6.6 billion) and EBITDA to €460–490 million (from €420–455 million), with margin expected at 6.8–7.0%.

• Order intake for 2025 expected to reach at least €8 billion, with €5.6 billion already awarded.

• STS revenue and EBITDA guidance confirmed; IE&CS revenue and EBITDA guidance revised upward.

• Additional growth expected in 2026, in line with the strategic plan.

• Investments for 2025 expected at €130–150 million; net liquidity to remain in line with Dec 2024.