«The results reinforce the validity of the strategic choices made: the market is beginning to acknowledge our commitment." This is how Alessandro Bernini, CEO of the MAIRE group, remarked upon the double-digit growth of key financial indicators and a significant increase in contribution from the Sustainable Technology Solutions business unit, which saw a 40% increase in revenues. «The Group is experiencing an acceleration that is exceeding 2023 forecasts,» Bernini explained during the latest Capital Markets Day, an important event that shed light not only the outstanding results of the previous year, but also on the ambitious strategy for the future. In line with the new motto "Make an Impact," MAIRE's top management has expressed its firm intention to remain a leader in the decarbonization of the energy industry by leveraging the Group's technological excellence and ability to build large plants. «The impact that has been made is the result of our dedication to a clear and defined goal: the energy transition toward a more sustainable, low-carbon system,» Bernini confirmed.

At the heart of MAIRE's approach is the very integration of sustainability and technological advancement. The Group has substantially increased its order book, which now stands at over €15 billion, and everything revolves around a business model that supports the energy transition: «Decarbonization and a more circular economy are at the heart of our strategies, » added the CEO. «Develop, collaborate and acquire are the pillars of our vision, through which we intend to carry out our mission of reducing our environmental impact.» MAIRE's commitment to sustainability is further exemplified by the issuance of a €200 million Sustainability-Linked Bond in September 2023, with which it reached 37% Group-wide sustainable financing. «This demonstrates our ongoing commitment to innovation and efficiency, along with our engineering capacity, which has seen a 20% growth in man-hours since 2022. »

Wide-ranging growth

The numbers are clear. In 2023, MAIRE group's revenue was €4.3 billion, an increase of 23% over the previous year. The EBITDA – an indicator that shows a company's income based only on its operations, and therefore not including interest, taxes and amortization – came in at €274 million, growing 31.1%. While net income increased to €129.5 million, marking an increase of 43.3% (which is why the Board decided to propose the distribution of a dividend of 0.197 per share to its shareholders, 59% more than the previous year), the outlook for the current year is optimistic with a forecast for a significant dimensional increase with revenue estimated at between €5.7 and €6.1 billion, and an EBITDA that is expected to be between €360 and €405 million.

During 2023, MAIRE has acquired new orders totaling €11.2 billion. «Today,» Bernini said, «we are seeing an acceleration of revenues with results that only last year we expected to achieve in 2028. We have acquired new orders for more than €11 billion, successfully leveraging the downstream investment cycle and bringing our portfolio to €15 billion. » Among these is the remarkable $8.7 billion Hail and Ghasha contract, the largest in the company's history, which includes two gas processing units, three sulfur recovery sections, supporting infrastructure and export pipelines. The Sustainable Technology Solutions business unit secured orders worth €299 million (including an engineering study for a green synthetic fuel pilot plant in Italy and a feasibility study in the United Arab Emirates to convert solid waste into sustainable aviation fuels).

It is Bernini himself who commented on the growth: «The strategic choices announced last year confirm their validity: this is also why the market is rewarding us. The main financial indicators are growing in double digits, the contribution of the Sustainable Technology Solutions business unit is increasing, with revenues that are 40% higher: the expansion of our portfolio of solutions, supporting our clients' decarbonization goals, has in fact consolidated our technological leadership. » On the wave of this growth, what might the next decade bring?

A strategic plan for the decade

MAIRE's 2024-2033 strategic plan emphasizes a marked commitment to decarbonization through proprietary technologies and sustainable solutions, aiming for revenues in excess of €10 billion and an EBITDA of around €1 billion by 2033. «With an increasing focus on the Sustainable Technology Solutions (STS) business unit, we anticipate significant expansion, with this unit expected to grow from current revenues of *262 million to €1.6 billion in 2033. In fact, an annual increase between 20 percent and 30 percent in the second half of the decade. »

The plan also calls for major growth for the Engineering and Construction (IE&CS) business unit, with an annual revenue growth in the order of 11-12% in the first five years, and then 5-7%, reaching €9 billion in 2033. Investments in this division will focus on M&A and digital innovation initiatives, as well as co-implementation of projects applying STS proprietary technologies.

«NEXTCHEM » the CEO added, «will expand its portfolio of technologies in strategic areas such as sustainable aviation fuels and innovative electrolysis solutions, as well as offer end-to-end solutions in the areas of fertilizers, hydrogen, chemicals, circular fuels and sustainable polymers. » This expansion will benefit from investments of more than €1 billion over the next ten years, mainly concentrated in the first five years to expand the technology portfolio and validate new solutions.

Meanwhile, MAIRE intends to strengthen its global position by capitalizing on the challenges of energy security and climate change, with a particular focus on investments in clean energy and the decarbonization of downstream assets. The strategic plan expects that the contribution to the Group's EBITDA from sustainable technologies will significantly increase, reaching €600 million by 2033, representing approximately 60% of the total consolidated EBITDA.