Maire (MAIRE) Q3 2024 earnings summary

Executive summary

• Nine-month 2024 results show double-digit growth in revenues (+33.8%), EBITDA (+37.2%), and net income (+63.1%), with margin expansion and strong project execution.

• Strategic acquisitions (HyDEP, GasConTec, MyReplast, APS Group) expanded technology and engineering capacity, supporting growth in the energy transition sector.

• Backlog reached €14.8 billion, with order intake of €3.7 billion and a robust commercial pipeline, providing multi-year business visibility.

• NEXTCHEM reorganized into three business lines: Sustainable Fertilizers, Low Carbon Energy Vectors, and Circular Solutions, with new leadership appointments.

• Workforce grew by over 1,300, surpassing 9,300 employees, mainly in technical roles through hiring and acquisitions.

Financial highlights

• Revenues reached €4.1 billion (+33.8% YoY), driven by project execution.

• EBITDA was €268.8 million (+37.2%), margin 6.5% (+20 bps YoY); net income €144.5 million (+63.1%), margin 3.5% (+60 bps YoY).

• EBIT reached €223.4 million (+42.5%), margin 5.4% (+30 bps).

• Adjusted net cash at end-September was €362.7 million, up €24.8 million from December 2023.

• Order intake was €3.7 billion (+44.7%), with a backlog of €14.8 billion.

Outlook and guidance

• 2024 guidance confirmed: revenues expected at €5.7–6.1 billion, EBITDA €360–405 million, capex €140–170 million, and adjusted net cash above 2023 year-end.

• Q4 revenues expected to accelerate, mainly driven by Hail and Ghasha project and new awards.

• EBITDA margin and adjusted net cash expected in line with nine-month results.

• Anticipates sizable project awards (€6 billion) by year-end or early 2025, supporting backlog and future growth.

• Business plan projects strong growth in all business lines, especially in circular solutions and low carbon energy vectors.