Maire (MAIRE) Q1 2025 earnings summary

Executive summary

• Q1 2025 delivered strong growth: revenues up 35% to €1.7 billion, EBITDA up 38.2% to €113.5 million, and net income up 37.3% to €64 million, driven by both Sustainable Technology Solutions (STS) and Integrated EPC/E&C Solutions (IE&CS).

• Order intake reached €4.4 billion year-to-date, expanding the backlog to €15.4 billion and providing multi-year revenue visibility.

• The highest dividend in company history, €114.5 million, was paid in April, reflecting a significant year-over-year increase.

• Strategic plan targets doubling group revenues to over €11 billion by 2034, with 70% from sustainability-related activities.

• Continued expansion of the technology portfolio through targeted acquisitions and investments in green and circular solutions.

Financial highlights

• Q1 2025 revenues: €1.7 billion (+35% year-over-year); EBITDA: €113.5 million (+38.2%); EBITDA margin: 6.6%; net income: €64 million (+37.3%).

• FY 2024 revenues: €5.9 billion (+38.5%); EBITDA: €386.4 million (+40.8%); net income: €212.4 million (+64%).

• Adjusted net cash at March-end: €387.2 million, supported by strong operating cash flow.

• CapEx for Q1 2025: €12.6 million (+43.9% year-over-year); shareholders' equity: €688.2 million.

• Dividend payout increased to 55% in 2024.

Outlook and guidance

• 2025 guidance: group revenues €6.4–6.6 billion, EBITDA €420–455 million (margin 6.6–6.9%), capex €130–150 million, and adjusted net cash in line with 2024 year-end.

• Order intake for FY 2025 expected at €8 billion, with €4.4 billion already secured.

• Steady revenue growth and margin expansion anticipated, especially in STS in the second half.

• Strategic plan aims for €11 billion+ revenues and 9–10% EBITDA margin by 2034, with 70% sustainability-related revenues.

• Any upward revision to 2025 guidance will be communicated with H1 results.