Maire (MAIRE) Q3 2025 earnings summary

Executive summary

• Achieved strong profitable growth in the first nine months of 2025, with revenues reaching €5.2 billion, up 27% year-over-year, and robust project execution across strategic geographies, especially MENA and Central Asia.

• EBITDA increased by 33.2% to €358.1 million, with margin improvement to 6.8%, and net income rose 41.8% to €204.8 million.

• Backlog expanded to €13.9 billion, supported by €5.8 billion in new awards and a record order intake, reflecting successful diversification.

• Workforce grew to 10,500, with a focus on engineering talent, digital tools, and a culture of safety and innovation.

• Maintained a healthy net cash position, supported by strong operating cash flows.

Financial highlights

• Revenues reached €5.2 billion, up 27% year-over-year, driven by solid project execution.

• EBITDA was €358.1 million, up 33.2%, with a margin of 6.8%, up 30 basis points.

• Net income was €204.8 million, up 41.8%, with a margin of 3.9%, up 40 basis points.

• Adjusted net cash at period end was €342.5 million, supported by strong operating cash flow.

• Capex for the period was €52.9 million, with total capex at €74.9 million.

Outlook and guidance

• 2025 revenue guidance upgraded to €6.8–7.0 billion, with EBITDA expected at €460–490 million (6.8–7.0% margin).

• Full-year group revenues and profitability expected at the upper end of guidance, supported by a robust commercial pipeline and ongoing M&A.

• Order intake target for 2025 set at least €8 billion, with 70% already secured.

• CapEx for 2025 confirmed in the €130–150 million range.

• EMC/IE&CS business unit expected to maintain production levels in Q4, while STS is set to accelerate further.