Maire (MAIRE) H2 2024 & CMD 2025 earnings summary

Executive summary

• Achieved record double-digit growth in revenues, EBITDA, and net income for 2024, with a robust backlog and multi-year visibility supporting future expansion.

• Strategic plan focuses on energy transition, circularity, and sustainability, leveraging proprietary technologies in hydrogen, recycling, and decarbonization, with 60% of 2024 year-end backlog related to sustainability.

• Dual business model integrates proprietary technology licensing (NEXTCHEM) and engineering, procurement, and construction (E&C) solutions, supporting both short-cycle, high-margin and long-cycle, predictable revenue streams.

• Workforce expanded by 22% to nearly 10,000 employees, with significant growth in Italy and India.

• Capital Markets Day outlined a 2025–2034 plan targeting revenue doubling, margin expansion, and 70% sustainability-related revenues.

Financial highlights

• 2024 revenues rose 38.5% year-over-year to €5.9 billion, EBITDA up 40.8% to €386.4 million (margin 6.5%), and net income reached €212.4 million (+64%).

• Net cash position at year-end 2024 was €375.1 million, with €91.9 million invested in technology acquisitions and capex.

• Backlog reached €13.8 billion at 2024 year-end, with a book-to-bill ratio of 1.5x and backlog cover of nearly 3 years.

• Dividend proposed at €116.9 million (€0.356/share, +81%), payout ratio increased to 55%.

• Operating cash flows remained robust, funding investments and dividend growth.

Outlook and guidance

• 2025 revenue guidance: €6.4–6.6 billion; EBITDA €420–455 million (margin 6.6–6.9%); capex expected at €130–150 million.

• Strategic plan targets group revenues above €11 billion and EBITDA over €1.1 billion by 2034, with margin reaching 10% and 70% of revenues from sustainability projects.

• NEXTCHEM aims for €1 billion revenue by 2029 and €1.8 billion by 2034, driving 40% of group EBITDA.

• Dividend payout ratio to rise to 66% from 2026 onwards.

• New orders of ~€8 billion expected in 2025, with €3.5 billion already awarded in early 2025.