Maire (MAIRE) Q4 2025 & CMD 2026 earnings summary

Executive summary

• Outlined a strategic plan to double revenues and nearly triple EBITDA by 2025, with a strong focus on technology, sustainability, and global expansion.

• Achieved significant growth, doubling revenues and tripling net income over the past three years, with strong profitability and margin expansion through 2025.

• Maintained a robust balance sheet, increased dividends, and executed strategic M&A, notably the Ballestra Group acquisition.

• Positioned as a technology-driven, integrated energy engineering platform with diversified offerings in sustainable technologies and EPC services.

• Announced major contract wins and a robust backlog, supporting future revenue visibility.

Financial highlights

• 2025 group revenues reached €7.1 billion, up 20.3% year-over-year, with EBITDA at €500.1 million (7.0% margin), both exceeding guidance.

• Net consolidated income tripled to €284.5 million in 2025, with EPS CAGR 2022–2025 at 42.8%.

• CAPEX for 2025 was €66.2 million, mainly for technology expansion and digital innovation; including Ballestra acquisition, total commitment rises to over €190 million.

• Proposed dividend of €187.6 million (€0.585 per share), up 64% year-on-year, with a payout ratio increased to 66%.

• Ended 2025 with €395.1 million in net cash, reflecting strong operating cash flows and disciplined capital allocation.

Outlook and guidance

• 2026 group revenues expected between €7.5–7.7 billion; EBITDA forecasted at €545–575 million (7.3–7.5% margin).

• Capex planned at €250–300 million in 2026, supporting technology acquisitions and digital innovation.

• 2030 targets: revenues of €9.5 billion, EBITDA €740–860 million; 2035 targets: revenues over €13 billion, EBITDA margin 10–11%.

• Sustainability-related revenues expected to reach 60% of total by 2035.

• Cumulative CapEx plan of €1.2–1.4 billion over the next decade, front-loaded in the first five years.