Maire (MAIRE) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenues rose 35% year-over-year to €1.7 billion, with EBITDA up 38.2% to €113.5 million and net income up 37.3% to €64.0 million, driven by strong project execution in the Middle East and new projects in Algeria.

• Order intake reached €3.5 billion in Q1, expanding the backlog to €15.4 billion, with major contracts in hydrogen, methanol, and petrochemicals.

• The highest dividend in company history, €114.5 million (€0.356 per share), was paid in April, up 81% year-over-year.

• Strategic plan targets doubling group revenues to over €11 billion by 2034, with 70% of revenues from sustainability-related activities.

• Continued expansion of the technology portfolio through targeted acquisitions and investments in green and circular solutions.

Financial highlights

• Q1 2025 revenues: €1,706.2 million (+35.0%); EBITDA: €113.5 million (+38.2%); EBITDA margin: 6.6%; net income: €64.0 million (+37.3%); EBIT: €98.0 million (+46.6%).

• Adjusted net cash position at March-end was €387.2 million, supported by strong operating cash flow.

• CapEx for Q1 2025 was €12.6 million (+43.9% year-over-year); shareholders' equity reached €688.2 million.

• Cash and cash equivalents increased to €1,221.3 million, up €67.6 million from year-end 2024.

• Dividend payout increased to 55% in 2024.

Outlook and guidance

• 2025 guidance confirmed: group revenues €6.4–6.6 billion, EBITDA €420–455 million (margin 6.6–6.9%), capex €130–150 million, and adjusted net cash in line with 2024 year-end.

• Order intake for FY 2025 expected at €8 billion, with €4.4 billion already secured.

• Steady revenue growth and margin expansion anticipated, especially in STS in H2 2025.

• Any potential upward revision to guidance will be communicated with H1 results.

• Strategic plan aims for €11 billion+ revenues and 9–10% EBITDA margin by 2034, with 70% sustainability-related revenues.