Maire S.p.A. is a prominent Italian engineering and technology group headquartered in Rome, specializing in the development and implementation of innovative solutions that advance the energy transition. The company delivers integrated engineering, construction, and sustainable technologies for sectors such as fertilizers, hydrogen, carbon capture, fuels, chemicals, and polymers, serving industrial clients in over 50 countries. With a diverse portfolio and a workforce of approximately 10,200 employees, Maire is recognized for its commitment to technological innovation, digitalization, and sustainability.

The company operates through two business units, including Sustainable Technology Solutions (STS) (5.6% of H1 25 revenue) and Integrated E&C Solutions (IE & CS) (94.4%). In addition, the company is geographically segmented into seven regions: Europe (9.2% of H1 25 revenue), Americas (3.4%), Middle East (65.6%), Africa (13.1%), Asia (4.3%), Italy (4.3%), and non-Europe (0.1%).

Double digit H1 25 revenue growth

Maire released its H1 25 results on July 31, 2025, including a 31.3% y/y increase in revenue to €3.4bn, driven by steady progress of undergoing projects and double-digit growth in business units: 31.8% y/y increase in IE & CS revenue, reaching €3.2bn, benefiting from the consistent delivery on large-scale projects such as the Hail and Ghasha development in Abu Dhabi, other major contracts across the Middle East, and the accelerated rollout of initiatives started in Algeria has strengthened the company’s operational momentum and project execution capacity, followed by 22.7% y/y growth in STS revenue, reaching €194.5m, propelled by advanced technologies and services focused primarily on producing low-carbon and circular fuels, nitrogen-based fertilizers, and enabling carbon capture solutions.

EBITDA increased by 36.2% y/y, reaching €232.1m, with margin expanding from 6.5% to 6.7%, fueled by higher revenue and efficient overhead costs management. Net income rose by 37% y/y to €132.9m, with margin expansion of 20bp to 3.9% and DPS of €0.4. During H1 25, the company reported order intake of €5.6bn, led by IE & CS, with new orders amounting to €5.4bn followed by STS, led by NEXTCHEM, with new order generation of €211.8m.

Maire powers sustainability

On September 8, 2025, Maire announced that its subsidiary, NEXTCHEM, through MyRechemical, has secured a key contract to deliver engineering services and provide proprietary technologies for a new Sustainable Aviation Fuel (SAF) plant in Immingham, UK. This facility will convert municipal and industrial waste into an annual output of SAF, enough to power a significant number of transatlantic flights between London and New York.

The project will employ NEXTCHEM’s NX CircularTM and NX CPOTM technologies to transform waste materials into fuel while reducing carbon emissions. This achievement not only enhances Maire’s presence in the UK and strengthens its position in green and circular technologies, but it also creates new opportunities for the company to secure similar international projects in the future.

Long-term growth momentum

Maire has demonstrated robust performance over FY 21-24, achieving a revenue CAGR of 27.2%, reaching €5.9bn in FY24. This growth was driven by significant EPC contract wins in petrochemicals, hydrogen, and biofuels, bolstered by increasing demand for decarbonization projects. In addition, strategic acquisitions and global expansion contributed in strengthening Maire’s technology portfolio and market presence.

Furthermore, EBITDA registered a CAGR of 33.6%, reaching €317m. Consequently, margins improved by 57bp to reach 5.4%. Net income rose at a CAGR of 33.6% to €199m.

Over FY 21-24, the company experienced a rise in FCF from €176m to €199m, bolstered by growth in cash flow from operations, rising from €196m to €285m. In addition, cash and cash equivalents rose from €677m to €1.2bn, consequently the gearing ratio improved, declining from 174.7% to 167.2% in FY 24. The company reported a robust improvement in ROE, rising from 16.5% to 34.8%.

In comparison, Technip Energies N.V., a regional peer, reported a lower revenue CAGR of 1.5% over FY 21-24, reaching €6.7bn in FY 24. EBITDA declined at a CAGR of minus 9.1% to €461m, with margin of 6.8%. In addition, net profit grew at a CAGR of 16.9% to €391m in the same period.

Positive upside outlook

Maire’ stock rose by 68.5% over the past year, indicating strong performance and investor gains over the period. In comparison, Technip Energies also delivered strong returns of 88.1%. In addition, Maire declared a dividend of €0.4, with a rate of return of 4.3% and dividend yield of 3.7% in FY 24.

Maire is currently trading at P/E of 15.9x, based on the FY 25 estimated EPS of €0.8, which is higher than its 3-year historical average of 12.6x but lower than that of Technip Energies (17.6x).

The company is currently trading at an EV/EBITDA of 7.9x, based on the FY 25 estimated EBITDA of €481.3m, which is higher than its 3-year historical average of 5.1x and that of Technip Energies, which is trading at 5.9x.

The stock is monitored by six analysts with all six having ‘Buy’ ratings for a target price of €13.5, implying a 7.3% upside from its current market price.

Analysts project a revenue CAGR of 10.2% for FY 24-27, reaching €7.9bn in FY 27. EBITDA is estimated to rise at a CAGR of 15.6%, reaching €596.9m, with margin expanding by 102bp to 7.6%. Net income is projected to rise at a CAGR of 17.4%, reaching €321.9m, with a margin of 4.1%. Likewise, for Technip Energies, the EBITDA is estimated to increase at a CAGR of 10.8% and net income is projected to increase at a CAGR of 12.9%.

Overall, Maire has delivered substantial growth by consistently expanding its global footprint and advancing its position in the energy transition sector through dynamic execution and strategic contract wins. The company’s strong operational discipline and commitment to innovation reinforce its leadership in green technologies and complex infrastructure projects. With these strengths, Maire is well-positioned to capture new opportunities and drive sustainable value creation in a rapidly evolving market environment.

However, Maire may face future risks to revenue growth and profitability from shifts in global energy markets, evolving regulations, and policy uncertainties related to the energy transition. In addition, project delays, cost inflation, and increased competition in engineering and technology services could impact margins and growth prospects.