• Concrete execution of the “Unbox the Future” industrial plan launched in March with double-digit growth of main economic metrics
    • Revenues of €1,965.7 million (+21.7%)
    • EBITDA of €120.9 million (+24.1%) with a 6.2% margin
    • Net Income of €54.0 million (+33.0%)
    • Excellent results achieved by the business unit Sustainable Technology Solutions, with revenues up 30.2% and EBITDA up 48.8%, with a 21.8% margin
    • Gross investments €57.7 million primarily focused on acquisitions of sustainable technologies including Conser and CatC, and on execution of the digitalization plan
    • Adjusted Net Cash of €104.6 million, increased by €10.8 million compared to 2022 YE, net of investments, payment of a dividend for €40.7 million and €2.2 million for share buyback
    • Further strengthening of technical organization with the opening of a new multidisciplinary centre in Mumbai already up and running with a staff of 750
    • Order intake of €2.4 billion, more than doubled compared to the first half of 2022
    • €9.0 billion backlog, an increase compared to €8.6 billion as of 31 December 2022, confirms the growth forecasts released in March
    • Guidance for 2023 confirmed

    Milan, 27 July 2023 – The Board of Directors of Maire Tecnimont S.p.A. (“MAIRE” or the “Company”) met today to review and approve the Half Year Financial Report as of 30 June 2023.

    Alessandro Bernini, Chief Executive Officer of MAIRE, commented: “The first half results approved today fully confirm the soundness of our business model “Unbox the Future” presented in March, which, leveraging on sustainable technologies combined with our longstanding execution capacity, places the Energy Transition at the core of MAIRE’s industrial strategy. Economic results achieved in the first half demonstrate the deployment of the initiatives outlined in the plan. The financial results confirm a double-digit growth, and cash flow from operations more than compensated dividends and investments, which were focused on the expansion of our technology portfolio to foster future growth. Bolstered by a backlog of over €9.0 billion, strengthened by our recent acquisitions, we expect an excellent second half due to the finalization of important contracts also in consideration of €56.3 billion in commercial opportunities.”


    Revenues were €1,965.7million, up 21.7% from the first half 2022, thanks to the progression of projects in execution that have reached phases which can generate higher volumes.

    Operating costs, amounting to €1,844.8 million, were up 21.5% year-over-year, in line with revenues.

    EBITDA was €120.9 million, up 24.1% thanks to higher revenues and the efficient management of structural costs. EBITDA Margin was 6.2%, increasing 20 basis points year-over-year.

    Amortization, Depreciation, Write-downs, and Provisions were €26.2 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 €94.8 million, up 32.0% year-over-year, with a margin of 4.8%, up 40 basis points year-over-year.

    Net Financial Charges were €17.4 million, compared to €13.7 million in the same period of 2022, due to the impact of the increase in interest rates on the floating-rate portion of debt, partly offset by a higher financial income from cash.

    Pre-tax Income was €77.4 million and the tax provision was €23.4 million. The effective tax rate was 30.2%, in line with the last quarters, mainly due to the various jurisdictions where Group operations have been carried out.

    Net Income was €54.0 million, up 33.0% year-over-year due to the facts mentioned above. Group Net Income was €51.6 million, up 22.3% year-over-year.

    Adjusted Net Cash as of 30 June 2023 (net of the above-mentioned values included in the footnote on page 2) was €104.6 million, increasing by €10.8 million versus the end of December 2022, also thanks to the efficient working capital management. Cash generation more than compensated dividends paid equal to €40.7 million, the outflows for the share buy-back program for €2.2 million and grosscapital expenditures for a total value of €57.7 million. Gross capex made in the period include €35.8 million for to the acquisition of Conser S.p.A. and €6.9 million for the acquisition of the CatC technology and the funding of MyRemono S.r.l. related to the scale up of this technology, 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 €519.9 million, down €8.2 million versus 31 December 2022 reflecting the payment of dividends and the variation occurred in the Cash Flow Hedge Reserve.


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

    Revenues amounted to €117.4 million, up 30.2% thanks to the constant growth recorded both in the licensing of technological solutions and in other high-value services to support energy transition. First half results also benefit from the contribution of the newly acquired company Conser, consolidated starting from 1 January 2023.

    EBITDA was €25.6 million, up 48.8% thanks to higher volumes and a different mix of technological solutions, with a 21.8% margin, up 270 basis points compared to the same period of 2022.

    Revenues amounted to €1,848.3 million, up 21.2% thanks to projects that reached phases able to generate higher volumes as well as the contribution coming from awards in the first months of the current year.

    EBITDA amounted to €95.3 million, up 18.8% for the reasons mentioned above and with a margin of 5.2%, substantially in line with the results of the first half of 2022.

    Order intake in the first half of 2023 was €2,362.1 million, up €1,276.1 year-over-year, more than doubled compared to €1,086.0 million recorded in the same period of 2022.

    In particular, the business unit Sustainable Technology Solutions acquired orders for €98.6 million, representing a 2.5-fold increase compared to the first half of 2022. The main projects awarded in the second quarter to this business unit include:

    • An advanced basic engineering study by Storengy (ENGIE) for the production of second-generation biomethane from waste wood in France;
    • Licensing and basic engineering design contracts for a green ammonia plant in the United States;

    A feasibility study by Marcegaglia to decarbonize their Ravenna steel plant through carbon capture solutions.

    The business unit Integrated E&C Solutions acquired orders for €2,263.5 million, more than doubled compared to the first half of 2022. The most relevant contracts awarded in the second quarter to this business unit include:

    • Two EPC contracts related to the petrochemical expansion at the SATORP refinery (a joint venture composed of Saudi Aramco and TotalEnergies) in Saudi Arabia for an amount of around $2 billion and a 4-year duration;
    • One EPC contract for PKN Orlen relating to pre-treatment plant to produce renewable diesel (HVO) in Poland with NextChems’s technology;
    • Early engineering works for a green fertilizer complex in the United States awarded by a group of private investors, a project involving the business unit Sustainable Technology Solutions as technology integrator and licensor for the green ammonia technology.

    Please refer to Q1 2023 Financial Results press release for the details on the new awards of the first quarter.

    As a result of the H1 2023 order intake, the Group's Backlog at 30 June 2023 amounted to €9,044.7 million, up by €430.7 million compared to 31 December 2022.


    To support the Group’s organic growth and the execution of projects in its order portfolio, MAIRE continues to invest in acquiring new talent. The first half of 2023, in fact, saw the confirmation of the organic growth trend which as of 30 June 2023 reached over 7,000 employees also thanks to the addition of 650 engineers hired since the start of the year. Such expansion is confirmed by the opening of four new offices over the course of the first half in Mumbai, London, Doha and Abu Dhabi. 


    On 12 July 2023 Stamicarbon, within the business unit Sustainable Technology Solutions, was awarded contracts for licensing and proprietary equipment related to a fertilizer project in Sub-Saharan Africa for a total amount of a €100 million, representing the largest acquisition made by Stamicarbon to date.


    The general market context is still impacted by the consequences of international geopolitical tensions, and, as such, it continues to remain critical and uncertain in relation to the overall raw materials price increases and their availability, transport logistics, and procurement in certain geographies, notwithstanding early signs of a gradual normalization, also following the monetary tightening measures undertaken by the main central banks worldwide in order to curb inflation.

    In a scenario still characterized by high prices of natural resources, the willingness to invest in low carbon infrastructures for the transformation of natural resources has remained unchanged, thanks to a strong global demand for several commodities, also due to the lack of production originating in the countries impacted by the current conflict.

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

    Thanks to contracts already signed with international client starting from the beginning of the year, the Group has been able to strengthen its backlog by replacing the part converted into production in the first half. In consideration of the significant commercial opportunities, which the company believes can materialize in the coming months, the Group believes it can further increase its order portfolio in both of its business units, and confirm the growth forecasts for next year and in the following years.

    2023 Guidance

    In light of the above, particularly the significant backlog, the Company confirms the following guidance for 2023, as disclosed with the 2023-32 Strategic Plan on 2 March 2023:

    Update on ESG initiatives

    During the first half of 2023, MAIRE has progressed in the implementation of its ESG agenda, with several activities carried out in the five clusters of the sustainability strategy. In particular, the main initiatives include:

    • Cluster ENVIRONMENT: the Group started implementing a new methodology for the calculation of Scope 3 emissions, based on the weight of acquired assets during the year and on spending, with a view of setting reduction targets by the end of 2023, in order to reach the target of carbon neutrality set for 2050;
    • Cluster PEOPLE: in the area of Diversity, Equity and Inclusion, the Group has continued the training activity already started with the employees in Italy, extending it to 81% of the total headcount of the Indian subsidiary Tecnimont Private Limited; MAIRE also joined the “Target Gender Equality” UN Global Compact accelerator programme;
    • Cluster COMMUNITIES: one of the three Corporate Social Responsibility projects envisaged for 2023 has been implemented, namely the support to the Women in Science, Engineering (WiSE) initiative aimed at encouraging young girls from rural parts of India to pursue higher education in STEM through a week-long intensive residential program at IIT Bombay joined by 165 girls;
    • Cluster INNOVATION: MAIRE entered to make part of the open innovation platform “ROAD”, with the objective of creating a centre of excellence for competences and innovation in the field of energy transition in Italy;
    • Cluster GOVERNANCE: the Group has continued the training campaign on business integrity, which was developed with approximately 50% of MAIRE population; in addition, the renewal of the corporate bodies of a number of MAIRE’s subsidiaries was completed with 53% of women among the new nominees.


    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, it should be noted that as at 30 June 2023 the program is used for an amount of €29.2 million, with expiration of the notes in the months of July, September, November and December 2023, and in the months of January, February and March 2024, with a weighted average interest rate of approximately 4.61%.



    As part of the group’s financial management, and in light of expirations scheduled in 2024, MAIRE is monitoring the capital markets to take advantage of the opportunities regarding a possible bond issue in the coming months.


    Conference call and webcast

    The top management of Maire will present H1 2023 Financial Results during a conference call today at 5:30pm CEST.


    Chorus Call HD Web Phone™

    Italy:    +39 02 802 0911

    UK: +44 1 212 81 8004

    USA:   +1 718 705 8796

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

    Maire Tecnimont Webcast (choruscall.eu)

    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/it/investitori/risultati-finanziari/). The presentation shall also be made available on the “1info” storage mechanism (www.1info.it).

    The Consolidated Financial Statements as of 30 June 2023 are presented below.