Maire (MAIRE) Q3 2025 earnings summary

Executive summary

• Achieved strong profitable growth in the first nine months of 2025, with revenues up 27% year-over-year to €5.2 billion and EBITDA margin reaching 6.8%, driven by robust project execution across strategic geographies.

• Net income rose 41.8% to €204.8 million, reflecting strong operational execution and higher value-added services.

• Secured €5.8 billion in new awards, expanding backlog to €13.9 billion and supporting diversification.

• Workforce grew to 10,500, with a focus on engineering talent, digital tools, and a culture of safety and innovation.

• Maintained a healthy net cash position, supported by strong operating cash flows.

Financial highlights

• Revenues reached €5.2 billion, up 27% year-over-year, with EBITDA at €358.1 million (+33.2%), margin 6.8%.

• Net income was €204.8 million, up 41.8%, with a margin of 3.9%.

• Adjusted net cash at period end was €342.5 million, supported by strong operating cash flow.

• Capex for the period was €52.9 million, with total capex at €74.9 million.

• EBIT reached €308.9 million (+38.2%), margin 5.9%.

Outlook and guidance

• Full-year group revenues and profitability expected at the upper end of guidance, with revenues projected between €6.8–7.0 billion and EBITDA €460–490 million (6.8–7.0% margin).

• Order intake target for 2025 set at least €8 billion, with 70% already secured.

• CapEx for 2025 confirmed in the €130–150 million range, with significant M&A activity expected to close by year-end.

• Commercial pipeline stands at €64.4 billion, with strong opportunities in the Middle East, North Africa, Sub-Saharan Africa, and Europe.

• Continued focus on technology portfolio expansion, including M&A and digital innovation.