Financials Maire S.p.A.

Equities

MAIRE

IT0004931058

Construction & Engineering

Market Closed - Borsa Italiana Other stock markets 09:15:00 08/05/2026 pm IST			5-day change	1st Jan Change
15.59 ^EUR	0.00%		-0.70%	+19.46%

07/05	European markets pare gains, MIB at 49,558 points	AN
07/05	European markets maintain momentum; MIB up with TIM	AN

Projected Income Statement: Maire S.p.A.

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	2,865	3,464	4,260	5,900	7,097	7,611	8,065	8,535
Change	-	20.91%	22.97%	38.51%	20.28%	7.24%	5.97%	5.83%
EBITDA ¹	173.7	209.3	274.4	386.4	500.1	568.3	629.2	692.4
Change	-	20.5%	31.1%	40.81%	29.43%	13.63%	10.72%	10.04%
EBIT ¹	130	158	216.5	321.6	431	496.1	554.3	611.5
Change	-	21.57%	37.06%	48.52%	34.01%	15.11%	11.73%	10.31%
Interest Paid ¹	-13.68	-	-30.45	-8.566	-14.34	-14.25	-16	-17
Earnings before Tax (EBT) ¹	113.8	129.1	186.2	311.3	415.4	472.1	532.9	598.1
Change	-	13.44%	44.24%	67.19%	33.43%	13.66%	12.86%	12.24%
Net income ¹	83.3	89.89	125.4	198.7	260.3	298.5	337.9	366.7
Change	-	7.91%	39.45%	58.49%	31%	14.69%	13.2%	8.51%
Announcement Date	25/02/22	01/03/23	05/03/24	03/03/25	04/03/26	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	625.7	701.7	725.4	812	728.4	887	901.4	946.9	957.9	1,008	1,123	1,171	1,264	1,360	1,509	1,786	1,706	1,666	1,791	1,862	1,837	1,894	1,938	1,938
Change	-	12.14%	3.39%	11.93%	-10.29%	21.77%	1.63%	5.04%	1.17%	5.21%	11.46%	4.21%	7.95%	7.63%	10.98%	18.34%	-4.47%	-2.34%	7.47%	3.97%	-1.35%	3.13%	2.32%	0%
EBITDA ¹	37.84	42.13	44.17	49.55	43.7	53.73	54.02	57.86	58	62.9	75.03	81.48	82.1	88.33	98.36	117.6	113.5	118.6	126	142	131.2	137	148	149
Change	-	11.33%	4.84%	12.19%	-11.81%	22.96%	0.53%	7.12%	0.23%	8.46%	19.29%	8.59%	0.77%	7.58%	11.36%	19.57%	-3.5%	4.52%	6.23%	12.68%	-7.61%	4.42%	8.03%	0.68%
EBIT ¹	27.91	31.51	34.09	36.45	31.9	39.8	42.58	43.71	45.89	48.9	61.98	59.76	66.84	72.9	83.7	98.17	97.98	101.7	109.2	122.1	113.3	119	130	132
Change	-	12.9%	8.21%	6.9%	-12.49%	24.8%	6.97%	2.66%	4.99%	6.55%	26.75%	-3.58%	11.85%	9.06%	14.82%	17.29%	-0.19%	3.77%	7.42%	11.81%	-7.19%	5%	9.24%	1.54%
Charge d'intérêts	-2.175	-4.064	-5.559	-1.88	-6.349	-7.307	-10.94	-	-	-9	-13.36	0.306	-	-	-6.755	-1.811	-	-0.2	-	-7.985	-	-	-	-
Earnings before Tax (EBT) ¹	25.73	27.62	28.54	-	-	32.43	29.87	41.24	37.54	39.9	49.71	59.1	67.09	75.54	73.07	95.62	93.42	101.4	105.8	114.8	110.3	118	128	130
Change	-	7.31%	3.33%	-	-	-	-7.88%	38.06%	-8.98%	6.28%	24.59%	18.89%	13.52%	12.6%	-3.28%	30.87%	-2.31%	8.6%	4.27%	8.48%	-3.86%	6.95%	8.47%	1.56%
Net income ¹	18.08	21.9	20.44	22.87	18.4	23.81	18.83	28.89	25.16	26.4	30.6	43.16	43.78	47.11	46.72	61.07	61.54	65.16	66.91	66.66	67.36	72	78	80
Change	-	21.15%	-6.67%	11.87%	-19.55%	29.42%	-20.93%	53.44%	-12.89%	4.91%	15.9%	41.05%	1.45%	7.6%	-0.82%	30.7%	0.77%	5.88%	2.69%	-0.37%	1.05%	6.89%	8.33%	2.56%
Announcement Date	29/04/21	29/07/21	04/11/21	25/02/22	11/05/22	28/07/22	27/10/22	01/03/23	03/05/23	27/07/23	26/10/23	05/03/24	24/04/24	31/07/24	24/10/24	03/03/25	29/04/25	31/07/25	23/10/25	04/03/26	29/04/26	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2022 S1	2023 S1	2024 S1	2024 S2	2025 S1
Net sales ¹	1,615	1,966	2,624	3,276	3,372
Change	-	21.68%	33.47%	24.88%	2.93%
EBITDA ¹	97.43	120.9	170.4	-	232.1
Change	-	24.09%	40.96%	-	-
EBIT ¹	71.7	94.8	139.7	181.9	199.7
Change	-	32.22%	47.4%	30.15%	9.78%
Charge d'intérêts ¹	-13.66	-17.4	-	-	-4.8
Earnings before Tax (EBT) ¹	57.98	77.4	142.6	168.7	194.9
Change	-	33.5%	84.28%	18.27%	15.52%
Net income ¹	42.17	51.6	90.89	107.8	126.7
Change	-	22.35%	76.15%	18.59%	17.54%
Announcement Date	28/07/22	27/07/23	31/07/24	03/03/25	31/07/25

¹EUR in Million

Estimates

Forecast Balance Sheet: Maire S.p.A.

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	217	-	-357	-472	-491	-334	-403	-526
Change	-	-	-	-32.21%	-4.03%	32%	-20.66%	-30.52%
Announcement Date	25/02/22	01/03/23	05/03/24	03/03/25	04/03/26	-	-	-

¹EUR in Million

Estimates

Cash Flow Forecast: Maire S.p.A.

Fiscal Period: December	2021	2023	2024	2025	2026	2027	2028
CAPEX ¹	30.6	34.54	40.76	62.43	195.7	125.9	126.8
Change	-	-	17.98%	53.17%	213.45%	-35.65%	0.66%
Free Cash Flow (FCF) ¹	165.9	335.2	244.2	263.1	233.8	274.9	338.8
Change	-	-	-27.14%	7.75%	-11.15%	17.6%	23.22%
Announcement Date	25/02/22	05/03/24	03/03/25	04/03/26	-	-	-

¹EUR in Million

Estimates

Forecast Financial Ratios: Maire S.p.A.

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	6.06%	6.04%	6.44%	6.55%	7.05%	7.47%	7.8%	8.11%
EBIT Margin (%)	4.54%	4.56%	5.08%	5.45%	6.07%	6.52%	6.87%	7.16%
EBT Margin (%)	3.97%	3.73%	4.37%	5.28%	5.85%	6.2%	6.61%	7.01%
Net margin (%)	2.91%	2.6%	2.94%	3.37%	3.67%	3.92%	4.19%	4.3%
FCF margin (%)	5.79%	-	7.87%	4.14%	3.71%	3.07%	3.41%	3.97%
FCF / Net Income (%)	199.16%	-	267.36%	122.9%	101.09%	78.31%	81.36%	92.38%
Profitability
ROA	-	-	-	-	-	-	-	-
ROE	18.39%	-	24.62%	35.4%	39.78%	39.21%	38.33%	36.25%
Financial Health
Leverage (Debt/EBITDA)	1.25x	-	-	-	-	-	-	-
Debt / Free cash flow	1.31x	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	1.07%	-	0.81%	0.69%	0.88%	2.57%	1.56%	1.49%
CAPEX / EBITDA (%)	17.62%	-	12.59%	10.55%	12.48%	34.43%	20.01%	18.31%
CAPEX / FCF (%)	18.44%	-	10.31%	16.69%	23.73%	83.7%	45.8%	37.42%
Items per share
Cash flow per share ¹	0.5983	-	1.125	0.8675	-	1.241	1.293	1.474
Change	-	-	-	-22.92%	-	-	4.13%	14.01%
Dividend per Share ¹	0.1832	-	0.197	0.356	-	0.6188	0.6982	0.7746
Change	-	-	-	80.71%	-	-	12.83%	10.94%
Book Value Per Share ¹	1.501	-	1.604	1.814	-	2.478	2.855	3.261
Change	-	-	-	13.11%	-	-	15.22%	14.22%
EPS ¹	0.254	0.274	0.382	0.605	0.798	0.9176	1.047	1.151
Change	-	7.87%	39.42%	58.38%	31.9%	14.98%	14.1%	9.91%
Nbr of stocks (in thousands)	3,27,780	3,27,465	3,27,431	3,27,090	3,26,883	3,26,278	3,26,278	3,26,278
Announcement Date	25/02/22	01/03/23	05/03/24	03/03/25	04/03/26	-	-	-