Maire (MAIRE) Q4 2024 & CMD 2025 earnings summary

Executive summary

• Achieved record double-digit growth in revenues, EBITDA, and net income for 2024, with a robust backlog and multi-year visibility supporting future expansion.

• Strategic plan focuses on energy transition, leveraging proprietary technologies in hydrogen, circularity, and digitalization, with a strong commitment to sustainability and ESG targets; 60% of 2024 year-end backlog related to sustainability.

• Dual business model integrates proprietary technology licensing (Nextchem) and engineering, procurement, and construction (E&C) solutions (Tecnimont), balancing conventional markets with decarbonization.

• Workforce expanded by 22% to 9,800 employees, with a global presence and new engineering centers; sustainability initiatives advanced, including a 37% reduction in Scope 1 and 2 emissions since 2018.

• Capital Markets Day outlined a 2025–2034 plan targeting revenue doubling, margin expansion, and increased sustainability-related revenues.

Financial highlights

• 2024 group revenues rose 38.5% year-over-year to €5.9 billion, in line with guidance; EBITDA increased 40.8% to €386.4 million (margin 6.5%).

• Net income increased 64% to €212.4 million; Group net income up 58.5% to €198.7 million.

• Net cash position at year-end 2024 was €375.1 million, up from €337.9 million in 2023, supported by strong operating cash flow.

• Dividend distribution proposed at €116.9 million (€0.356/share, +81%), with payout ratio rising to 55%.

• Backlog reached €13.8 billion at 2024 year-end, with a book-to-bill ratio of 1.5x and backlog cover of 2.8x.

Outlook and guidance

• 2025 revenue guidance set at €6.4–6.6 billion, with EBITDA €420–455 million (margin 6.6–6.9%).

• 2026 expected to see a significant revenue jump as new projects enter execution.

• 10-year plan targets over €11 billion in revenues and EBITDA above €1 billion by 2034, with 70% from sustainability projects and margin reaching 10%.

• CapEx of €1 billion planned over the decade, focused on technology and sustainability.

• Dividend payout ratio to rise to 66% from 2026 onwards.