Maire (MAIRE) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenues rose 7.6% year-over-year to €1.84 billion, with strong operational performance and project execution, especially in the Middle East.

• EBITDA increased 15.7% to €131.2 million (7.1% margin), and net income rose 19.9% to €76.7 million, reflecting margin expansion and operational leverage.

• Order intake reached €4.8 billion, boosting backlog to €15.7 billion and extending workload visibility beyond 2030.

• Paid a record dividend of €187.6 million (+64% YoY), with a 66% payout ratio.

• Maintained a resilient business model and uninterrupted project execution despite geopolitical volatility.

Financial highlights

• Revenues grew 7.6% year-over-year to €1,836.5 million; EBITDA margin expanded by 50bps to 7.1%.

• Net income rose 19.9% to €76.7 million; EBIT increased 15.7% to €113.3 million.

• Adjusted net cash position at end of March was €396.1 million, supported by €117 million operating cash flow.

• Capex for Q1 2026 was €22.8 million, up 81% year-over-year, mainly for technology development and digital innovation.

• Net financial charges decreased to €3.0 million, benefiting from higher financial income.

Outlook and guidance

• 2026 guidance confirmed: Group revenues €7.5–7.7 billion, EBITDA €545–575 million (margin 7.3–7.5%), capex €250–300 million.

• Order intake target of ~€9 billion for 2026 reaffirmed, with over 50% already booked.

• NextChem growth acceleration and Ballestra consolidation expected to boost H2 performance.

• Limited operational impact from Middle East tensions; alternative supply routes identified.

• Guidance subject to macroeconomic and geopolitical risks, especially in the Middle East.