Maire (MAIRE) Q2 2025 earnings summary

Executive summary

• H1 2025 revenues reached €3.4bn, up 31.3% year-over-year, driven by strong project execution and expansion in strategic regions including the Middle East and North Africa.

• EBITDA rose 36.2% to €232.1m (6.7% margin), with net income up 37% to €132.9m, reflecting increased profitability and operating leverage.

• Order intake reached €5.6bn, driving backlog to €15.7bn, with significant new contracts in Kazakhstan, Malaysia, and Sub-Saharan Africa, enhancing revenue visibility and geographic diversification.

• Headcount grew to over 10,200, and the company achieved DNV certification on gender equality.

• €183m was deployed for shareholder rewards, including record dividends and a share buyback program.

Financial highlights

• Revenues were €3.4bn, up 31.3% year-over-year; EBITDA reached €232.1m, up 36.2%, with a margin of 6.7%.

• Net income was €132.9m, up 37%, with a margin of 3.9%.

• Adjusted net cash position at end of June was €300.1m, after €119.5m in dividends, €63.4m in share buybacks, and €30.2m in capex.

• Basic and diluted EPS increased to €0.388 from €0.278 year-over-year.

• Capex focused on proprietary technology development, digital innovation, and the Green Innovation District in Rome.

Outlook and guidance

• Full-year 2025 revenue guidance raised to €6.8–7.0bn (previously €6.4–6.6bn), with EBITDA guidance increased to €490–510m (6.8–7.0% margin).

• Order intake for 2025 expected to reach at least €8bn, with €5.6bn already awarded.

• STS segment revenue and EBITDA guidance confirmed; IE&CS revenue and EBITDA guidance revised upward.

• Adjusted net cash expected to remain in line with 2024 year-end (€375.1m).

• Additional growth expected in 2026, in line with the strategic plan.