Maire (MAIRE) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenues reached €1.84 billion, up 7.6% year-over-year, with strong project execution across all geographies, especially in the Middle East, Algeria, and Kazakhstan.

• EBITDA rose 15.7% to €131.2 million (7.1% margin), and net income increased 19.9% to €76.7 million, reflecting margin expansion and operational leverage.

• Order intake reached €4.8 billion, boosting backlog to €15.7 billion, providing over two years of production visibility and extending workload toward 2030-2031.

• Paid a record dividend of €187.6 million, up 64.3% year-over-year, with a 66% payout ratio.

• Maintained robust operating performance and resilient business model despite geopolitical volatility.

Financial highlights

• Revenues grew 7.6% year-over-year to €1,836.5 million; EBITDA margin expanded by 50bps to 7.1%.

• Net income rose 19.9% to €76.7 million; EBIT increased 15.7% to €113.3 million.

• Adjusted net cash position at end of March 2026 was €396.1 million, supported by strong operating cash flow.

• Capex for Q1 2026 was €22.8 million, up 81% year-over-year, mainly for technology development and digital innovation.

• Net financial expenses decreased to €3 million, reflecting higher income on cash holdings.

Outlook and guidance

• 2026 guidance confirmed: Group revenues €7.5–7.7 billion, EBITDA €545–575 million (margin 7.3–7.5%), and investments €250–300 million.

• Order intake target of ~€9 billion for 2026 reaffirmed, with over 50% already booked.

• STS unit expects higher revenues and margins in H2 2026, supported by Ballestra Group acquisition closing in Q2.

• Limited operational impact from Middle East tensions; alternative supply routes identified.