Maire (MAIRE) Q2 2026 earnings summary

Executive summary

• Revenues reached €3.7 billion in H1 2026, up 6.9% year-on-year, with resilient project execution and a balanced project mix, especially in the Middle East.

• EBITDA rose 14.7% to €266.2 million, margin improved to 7.2%, reflecting operating leverage and NextChem's technology contributions.

• Net income increased 18.3% to €157.2 million, margin at 4.3%.

• Backlog reached €16.3 billion, near record highs, with H1 order intake of €7.2 billion and commercial pipeline exceeding €61 billion.

• Strategic acquisitions of Ballestra and ETEK expanded the technology portfolio and market reach, with contributions to P&L starting Q3.

Financial highlights

• Revenues: €3.7 billion (+6.9% YoY); EBITDA: €266.2 million (+14.7%, margin 7.2%); Net income: €157.2 million (+18.3%, margin 4.3%).

• Sustainable Technology Solutions revenues grew 46.9% to €285.7 million; EBITDA up 39.9% to €68.0 million (margin 23.8%).

• Integrated E&C Solutions revenues rose 4.5% to €3.4 billion; EBITDA up 8.0% to €198.2 million (margin 5.8%).

• Adjusted net cash at €301.1 million as of June 30, 2026, after €204 million capex, €194.4 million dividends, and €81.1 million share buybacks.

• Book-to-bill ratio at 2x, with liquidity at €915.5 million and shareholders’ equity at €649.6 million.

Outlook and guidance

• 2026 guidance confirmed: Group revenues €7.5–7.7 billion, EBITDA €545–575 million, capex €250–300 million.

• Order intake target of €9 billion for 2026 nearly achieved by July, with strong prospects in Latin America, Europe, and the Middle East.

• Backlog visibility: 20% to be executed in H2 2026, 40% in 2027, and 40% in 2028 and beyond.

• H2 expected to accelerate, supported by expanded technology platform and robust pipeline.

• Mitigation measures in place for Middle East projects, supporting guidance.