Maire (MAIRE) Q3 2024 earnings summary

Executive summary

• Nine-month 2024 results show double-digit growth in revenues (+33.8%), EBITDA (+37.2%), and net income (+63.1%), with margin expansion and strong project execution, especially in the Middle East and Africa.

• Strategic acquisitions (HyDEP, GasConTec, APS Group, Dragoni Group, MyReplast) expanded the technology portfolio, engineering capacity, and workforce, supporting growth in sustainable solutions.

• Backlog stands at €14.8 billion, with order intake of €3.7 billion, providing multi-year business visibility and a robust commercial pipeline.

• Advanced the NextChem strategy, reorganizing into three business lines (Sustainable Fertilizers, Low Carbon Energy Vectors, Circular Solutions) and appointing new leadership.

• Headcount surpassed 9,300, mainly in technical roles, through organic hiring and acquisitions.

Financial highlights

• Revenues reached €4,133 million (+33.8% YoY); EBITDA €268.8 million (+37.2%, margin 6.5%); net income €144.5 million (+63.1%, margin 3.5%).

• EBIT rose 42.5% to €223.4 million (margin 5.4%); basic and diluted EPS at €0.419 (up from €0.250 YoY).

• Adjusted net cash at €362.7 million, up €24.8 million from December 2023; liquidity at €915.5 million as of September 2024.

• Net financial charges decreased by €21.9 million, aided by derivative gains and higher interest income.

• Capex totaled €74.9 million (+9.8% YoY), focused on technology and engineering expansion.

Outlook and guidance

• 2024 guidance confirmed: revenues expected at €5.7–6.1 billion, EBITDA at €360–405 million, capex €110–170 million, and adjusted net cash above 2023 year-end.

• Q4 revenues expected to accelerate, mainly driven by Hail and Ghasha project and new awards.

• EBITDA margin and adjusted net cash expected to remain in line with nine-month results.

• Anticipates sizable project awards (up to €6 billion) by year-end or early 2025, supporting backlog and future growth.

• Business plan projects strong growth in all business lines, especially in circular solutions and low carbon energy vectors.