MAIRE Q1 2026: Revenues & EBITDA up; 2026 guidance confirmed

Q1 2026 results

Revenues €1.84bn (+7.6% vs Q1 2025), EBITDA €131.2m (+15.7%, margin 7.1%), net income €76.7m (+19.9%, margin 4.2%); amortisation and provisions €17.9m; adjusted net cash €396.1m; capex €22.8m and share buy‑back outflows €81.1m; dividend €0.585/share (€187.6m) approved.

Business units

Nextchem (Sustainable Technology Solutions): revenues €140.6m (+46.2%), EBITDA €32.3m (23.0%); awarded licensing/PDP and proprietary equipment contracts for nitrates, urea, specialty chemicals, SAF (NX PTU™, NX SAF™ BIO) and trimellitic anhydride (NX CONSER™ C5+); Ballestra acquisition expected in Q2 2026. Integrated E&C Solutions (Tecnimont & KT): revenues €1.696bn (+5.3%), EBITDA €98.9m, margin 5.8%.

Order intake and backlog

Q1 order intake €4.78bn (IE&CS €4.719bn; STS €60.6m), lifting backlog to €15.73bn, up ≈€3.0bn vs year‑end 2025.

Major projects and financing

Hail & Ghasha ($8.7bn) approximately 70% complete overall and ~50% in construction, with project completion expected in H1 2028; procurement buffers and alternative logistics identified for Middle East sites. MAIRE placed a €185m sustainability‑linked Schuldschein (3- and 5‑year tranches) tied to decarbonization targets, proceeds earmarked for early repayment of facilities.

Guidance

2026 guidance confirmed: Group revenues €7.5–7.7bn, EBITDA €545–575m, capex €250–300m; STS revenues €670–700m; IE&CS revenues €6.8–7.0bn.