Maire (MAIRE) H1 2024 earnings summary

Executive summary

• Achieved double-digit growth in H1 2024: revenues up 33.5% to €2.6 billion, EBITDA up 40.9% to €170.4 million, and net income up 79.6% to €97.0 million, with improved profitability and net cash position.

• Backlog reached €16.3 billion, with €3.4 billion in new orders, enhancing multi-year revenue visibility.

• Returned over €110 million to shareholders via dividends and share buybacks in H1 2024.

• Strategic acquisitions (HyDEP, GasConTec, APS Group) expanded technology portfolio and engineering capacity.

• Headcount increased by over 500, surpassing 8,500 employees at June 2024.

Financial highlights

• Revenues: €2,623.6 million (+33.5% vs. H1 2023), EBITDA: €170.4 million (+40.9%), margin 6.5%, net income: €97.0 million (+79.6%), margin 3.7%.

• EBIT: €139.7 million (+47.4%), margin 5.3%.

• Adjusted net cash at end of June was €357.5 million, up €19.6 million from December 2023.

• Net trade working capital improved to €450.5 million negative from €379 million negative at year-end 2023.

• Capex: €57.2 million, mainly for technology expansion and digital innovation.

Outlook and guidance

• 2024 guidance confirmed: Group revenues €5.7–6.1 billion, EBITDA €340–405 million, capex €140–170 million, and adjusted net cash above €337.9 million.

• Double-digit growth expected for full-year 2024, with revenue acceleration in H2 for both business units.

• Capex to focus on technology portfolio and digital innovation; operating cash generation to support further net cash improvement.

• Commercial pipeline remains strong, targeting a book-to-bill ratio of ~1x for FY 2024.

• Guidance confirmed, with significant boost expected in H2, especially Q4, due to project phasing.