• Concrete execution of the “Unbox the Future” business plan launched in March with double-digit growth of the main economic KPIs compared to the same period of 2022:

  • Revenues of €3.1 billion (+22.7%)
    EBITDA of €195.9 million (+29.4%) with a margin increased from 6.0% to 6.3%
    Net Income of €88.6 million (+44.3%)
    Excellent results achieved by the Sustainable Technology Solutions business unit, generating revenues up 50.5%, EBITDA up 83.6%, EBITDA margin of 23.4%
  • Investments of €68.2 million mainly focused on the expansion of the sustainable technology portfolio and digital innovation
  • Adjusted Net Cash of €123.9 million, up €30.1 million compared to year-end 2022, net of investments, dividends for €40.7 million and share buyback for €3.8 million
  • Record-level backlog of €16.8 billion, including the recent Hail and Ghasha award, leading to €10.9 billion order intake in the period
  • The hiring plan to strengthen the organisation, support project execution and serve business growth is on track, with 1,100 new resources hired since the beginning of the year, mainly in technical positions
  • 2023 Guidance:
    Expected revenues in the top end of the range and an increase in profitability compared to the nine months
    Upward revision of Adjusted Net Cash, expected to substantially improve compared to the end of September

Milan, 26 October 2023 – The Board of Directors of Maire Tecnimont S.p.A. (“MAIRE” or the “Company”) met today to review and approve the Nine-Month Interim Financial Report as of 30 September 2023.

Alessandro Bernini, Chief Executive Officer of MAIRE, commented: “Today, we are delivering to the market results of the utmost satisfaction: the main financial KPIs keep growing double-digit, while, even more importantly, we record the largest backlog of our history at 16.8 billion Euro. Coupled with the increasing demand for our technologies serving the Energy Transition, this will contribute to shaping our growth in the years to come. It is a further proof of the soundness of our business model and concrete evidence of the execution of our 10-year industrial plan, supported by a market context where we play a leading role in the implementation of investment programs characterized by an ever-increasing focus on emission reduction and energy efficiency. These excellent results stem from the talent and dedication of our people, the true growth engine of our Group, whom we keep investing on.”


On 5 October 2023, Tecnimont, part of the Integrated E&C Solutions business unit, signed a Letter of Award with ADNOC for the onshore gas processing plant of the Hail and Ghasha Development Project in Abu Dhabi. The Hail and Ghasha project is aimed to operate with net zero CO2 emissions, thanks to a combination of innovative decarbonization solutions, including carbon capture and recovery units which will allow to capture and store the CO2. The project will leverage also on the contribution of Sustainable Technology Solutions to develop innovative digital solutions aimed at optimizing energy consumption. The overall EPC contract value is equal to approximately $8.7 billion, being the largest award ever for the Group, and project completion is expected in 2028.

Considering that the award was formalized a few days after the end of the quarter, the project was included in the order intake and backlog as of 30 September 2023.


Revenues were €3,088.9million, up 22.7% from the first nine months of 2022, mainly thanks to the progress of projects under execution, which generate higher volumes.

EBITDA was €195.9 million, up 29.4% thanks to higher revenues and the efficient management of overhead costs. EBITDA Margin was 6.3%, increasing 30 basis points year-over-year.

Amortization, Depreciation, Write-downs, and Provisions were €39.1 million, slightly higher due to the start into operation of new assets for the digitalization of industrial processes, new patents and technological developments.

EBIT was €156.8 million, up 37.2% year-over-year, with a margin of 5.1%, up 60 basis points from 4.5% of the same period in 2022.

Net Financial Charges were €29.7 million, compared to €26.4 million in the same period of 2022, due to the impact of the increase in interest rates on the floating-rate portion of debt, partial offset by a higher financial income from cash deposits.

Pre-tax Income was €127.1 million and the tax provision was €38.5 million. The effective tax rate was 30.3%, substantially in line with the last quarters.

Net Income was €88.6 million, up 44.3% year-over-year due to the facts mentioned above. Group Net Income was €82.2 million, up 34.7% year-over-year.

Adjusted Net Cash as of 30 September 2023 (net of the above-mentioned values included in the footnote on page 2) was €123.9 million, increasing by €30.1 million versus the end of December 2022, also thanks to an efficient working capital management. Cash generation more than compensated dividends of €40.7 million, the outflows for the share buy-back program for €3.8 million and capital expenditures for a total value of €68.2 million. Capex in the period includes €35.8 million for the acquisition of Conser S.p.A. and €6.9 million for the purchase of the CatC technology and the funding of MyRemono S.r.l. related to the scale up of this process, in line with the Group's strategy to expand its sustainable technology portfolio. The “Digital Transformation” program continues, aimed at expanding the offering of our technological portfolio with advanced digital solutions.

Consolidated Shareholders’ Equity was €549.4 million, up €21.3 million versus 31 December 2022, positively impacted by the Net Income of the period and the variation occurred in the Cash Flow Hedge Reserve, net of the dividends and the share buy-back.


The results by business unit reported below are consistent with the new organizational and reporting structure adopted by Group starting from the 2023 financial year, compared with the pro-forma figures as of 30 September 2022.

Revenues amounted to €192.0 million, up 50.5% thanks to the constant growth recorded both in the licensing of technological solutions in nitrogen fertilizers and in other high-value services related to hydrogen, CO2 capture and low-carbon circular fuels and chemicals.

EBITDA was €45.0 million, up 83.6% thanks to higher volumes and a different mix of technological solutions, with a 23.4% margin, up 420 basis points compared to 19.2% in the same period of 2022.

Nine-month results include the contribution of the newly acquired Conser, consolidated starting from 1 January 2023.

Revenues amounted to €2,896.9 million, up 21.2% mainly thanks to the progress of projects related to Polymers and Fuels & Chemicals, which generate higher volumes, as well as to the contribution of the contracts awarded in the last months.

EBITDA amounted to €150.9 million, up 18.9% and with a margin of 5.2%, substantially in line with the results of the first nine months of 2022.

The Order Intake in the first nine months of 2023 was €10,892.8 million, 6.7x compared to €1,616.8 million recorded in the same period of 2022, the highest value ever booked in the Group’s history.

In particular, the Sustainable Technology Solutions business unit generated new orders for €225.9 million, almost a three-fold increase compared to the first nine months of 2022. The main projects awarded in the third quarter to this business unit include:

  • licensing and proprietary equipment contracts related to an ammonia and urea complex in Sub-Saharan Africa for an overall value of approximately €100 million;
  • engineering works and critical equipment supply for the modification of an existing hydrogen unit system (Steam Methane Reformer) aimed at reducing its environmental footprint;
  • a pre-feasibility study for a major fertilizer producer in the Middle East to define the process configuration for a green ammonia plant, to be based on the proprietary technology.

The Integrated E&C Solutions business unit generated orders for €10,666.9 million, including the recent Hail and Ghasha contract. The other awards of the third quarter include:

  • the revamping of an existing plant for hydrogen production in Middle East that uses the Steam Methane Reformer technology;
  • renewable and other projects aimed at improving energy efficiency in Europe.

For the details on the awards of the first two quarters of 2023, please refer to the Q1 and H1 2023 Financial Results press releases.

As a result of the nine-month order intake, the Group's Backlog at 30 September 2023 amounted to a record level of€16,838.2 million, almost doubled compared to 31 December 2022.


Memorandum of Understanding with Macquarie

On 22 September 2023, MAIRE’s subsidiary MET Development signed a Memorandum of Understanding with Macquarie, a leading investor and advisor in the infrastructure and renewable energy sectors, to set-up a new platform aimed at developing, constructing, and operating energy transition projects in Italy and across Europe. The platform is intended to act through a newly incorporated holding company controlled by Macquarie Capital (80%) and participated by MET Development (20%) and to invest in initiatives involving MAIRE as technology provider and E&C contractor.


Sustainability-Linked Bond Issuance

On 5 October 2023, MAIRE issued a 5-year senior unsecured sustainability-linked bond for an aggregate principal amount of €200 million (“Senior Unsecured Sustainability-Linked Notes Due 5 October 2028”). The notes, which were subscribed by European institutional investors and by the general public in Italy, were listed on Borsa Italiana’s Mercato Telematico Obbligazionario (MOT) as well on the regulated market of the Luxembourg Stock Exchange. The notes bear interest at a fixed rate of 6.50% p.a., with a maximum step-up of 0.50% in the event that MAIRE fails to achieve, as of 31 December 2025, specific targets aimed at reducing CO2 emissions, in accordance with the Company’s Sustainability-Linked Financing Framework.

Licensing and proprietary equipment contracts for a Urea Plant

During the month of October, Stamicarbon, part of Sustainable Technology Solution business unit, awarded licensing and equipment supply contracts for a urea plant in China, by Shandong Lianmeng Chemical Company. It will represent the eighth global urea plant that utilizes the proprietary Ultra-Low Energy design licensed by Stamicarbon, which allows a 35% reduction in steam consumption and a 16% decrease in cooling water use compared to the traditional processes.


To support the Group’s growth and the execution of projects in its backlog, MAIRE continues to invest in acquiring new talents. The first nine months of 2023, in fact, posted a growing trend in headcount which reached 7,432 employees as of 30 September 2023, up 15.2% since the end of 2022, also thanks to the addition of over 1,100 engineers hired since the start of the year.


The general market context, significantly impacted by the international geopolitical tensions, continues to bear a level of uncertainty and criticalities regarding the level of raw material prices and their availability, although a path of gradual normalization has been undertaken, also following the monetary tightening imposed by the main central banks in order to curb inflation.

Amid the continued increase in the prices of natural resources, the drive towards investments for the transformation of energy infrastructures continues, with a focus on reducing emissions, supported by a buoyant demand for the various commodities globally.

The above-mentioned drive to reduce the carbon footprint leads the Group to increasingly strengthen the development of its sustainable technology solutions, driven by a growing demand from clients both traditional and new in hard to abate sectors.

Thanks to the contracts already signed with a variety of international clients since the beginning of the year, the Group benefits from a backlog that is at its record level and is composed by projects located in geographical areas not directly impacted by the current geopolitical tensions.

2023 Guidance

Taking into account the above-mentioned, the Company revised upward the 2023 Guidance on the Adjusted Net Cash, while confirming the 2023 Guidance disclosed with the 2023-32 Strategic Plan on 2 March 2023 on all other KPIs:

In particular, the execution of the current backlog and the nine-month results support 2023 revenues in the top end of the range, while profitability is expected to benefit from an increased contribution of innovative technology solutions and higher-value activities, as well as from the start of projects with higher margins.

Capital expenditures will be focused on technology portfolio expansion to foster energy transition and digital innovation.

As a consequence of the above-mentioned, Adjusted Net Cash is expected to substantially improve compared to the end of September 2023.

Update on the Euro Commercial Paper programme

With reference to the Euro Commercial Paper program launched in 2021 by MAIRE for the issue of one or more non-convertible notes placed with selected institutional investors for a maximum amount of €150 million, it should be noted that as at 30 September 2023 the program is used for an amount of €32.9 million. The notes will expire in October, November and December 2023, as well as in January, February March and July 2024, and bear a weighted average interest rate of approximately 4.919%.



The top management of MAIRE will present the 9M 2023 Financial Results during a conference call today at 5:30pm CEST.


Italy:    +39 06 83360400

UK: +44 (0) 33 0551 0200

USA:   +1 786 697 3501

Passcode: MAIRE

The event will be webcast simultaneously and can be accessed at:

MAIRE 9M 2023 Results Conference Call (royalcast.com)

The presentation will be available at the start of the conference call in the “Investors/ Financial Results” section of MAIRE’s website (https://www.mairetecnimont.com/en/investors/financial-results/). The presentation shall also be made available on the “1info” storage mechanism (www.1info.it).


Fabio Fritelli, as Executive for Financial Reporting, declares - in accordance with paragraph 2, Article 154-bis of Legislative Decree No. 58/1998 (“Consolidated Finance Act”) - that the accounting information included in this press release corresponds to the underlying accounting records.

The Interim Financial Report as of 30 September 2023 will be available to the public at the registered office in Rome, at the operative office in Milan, on the Company’s website www.mairetecnimont.com (in the “Investors/Financial Results” section), and on the authorized storage device “1info” (www.1info.it), according to the timing allowed by law.

This document makes use of some alternative performance indicators. The management of the Company considers these indicators key parameters to monitor the Group’s economic and financial performance. As the represented indicators are not identified as accounting measurements according to IFRS standards, the Group calculation criteria may not be uniform with those adopted by other groups and, therefore, may not be comparable.

This press release, particularly the “Outlook” section, includes forecasts. The declarations are based on current estimates and projections of the Group concerning future events and, by their nature, are subject to risk and uncertainty. Actual results may differ significantly than the estimates made in such declarations due to a wide range of factors, including altered macroeconomic conditions and growth trends and other changes in business conditions, in addition to other factors, the majority of which outside the control of the Group.


MAIRE S.p.A. leads a technology and engineering group that develops and implements innovative solutions to enable the Energy Transition. We offer Sustainable Technology Solutions and Integrated E&C Solutions in nitrogen fertilizers, hydrogen, circular carbon, fuels, chemicals, and polymers. MAIRE creates value in 45 countries and relies on over 7,000 employees, supported by over 20,000 people engaged in its projects worldwide. MAIRE is listed on the Milan Stock Exchange (ticker “MAIRE”).

For further information: www.mairetecnimont.com.

Group Media Relations

Carlo Nicolais, Tommaso Verani

Tel +39 02 6313-7603


Investor Relations

Silvia Guidi

Tel +39 02 6313-7823


Click here for the Consolidated Financial Statements as of 30 September 2023