Financials Maire S.p.A.

Equities

MT

IT0004931058

Construction & Engineering

Market Closed - Borsa Italiana Other stock markets 11:45:00 2025-07-16 EDT			5-day change	1st Jan Change
12.07 ^EUR	-1.39%		-0.49%	+46.13%

07-15	DIARY - Italy to Aug. 31	RE
07-11	DIARY - Italy to Aug. 31	RE

Projected Income Statement: Maire S.p.A.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	2,631	2,865	3,464	4,260	5,900	6,898	7,433	7,886
Change	-	8.9%	20.91%	22.97%	38.51%	16.92%	7.76%	6.09%
EBITDA ¹	172.2	173.7	209.3	274.4	386.4	469.3	525.5	591.5
Change	-	0.87%	20.5%	31.1%	40.81%	21.45%	11.99%	12.55%
EBIT ¹	123.7	130	158	216.5	321.6	400.2	452.3	513.9
Change	-	5.08%	21.57%	37.06%	48.52%	24.44%	13.01%	13.61%
Interest Paid ¹	-45.82	-13.68	-	-30.45	-8.566	-17.33	-19.33	-20.33
Earnings before Tax (EBT) ¹	78.81	113.8	129.1	186.2	311.3	382.7	433.8	489.9
Change	-	44.39%	13.44%	44.24%	67.19%	22.93%	13.35%	12.93%
Net income ¹	57.8	83.3	89.89	125.4	198.7	249.4	280.3	317.4
Change	-	44.12%	7.91%	39.45%	58.49%	25.51%	12.4%	13.26%
Announcement Date	3/10/21	2/25/22	3/1/23	3/5/24	3/3/25	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2020 Q2	2020 Q3	2020 Q4	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	510	654	760.8	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	1,704	1,695	1,734	1,774	1,717	1,769	1,812
Change	-	28.22%	16.33%	-17.75%	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%	-0.13%	-0.53%	2.3%	2.31%	-3.21%	3.03%	2.43%
EBITDA ¹	30.8	39.25	59.66	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	114	116	122	124	125	135	142
Change	-	27.42%	52.01%	-36.56%	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%	0.44%	1.75%	5.17%	1.64%	0.81%	8%	5.19%
EBIT ¹	18.26	29.62	44.52	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	96.33	99	105	107	108	118	124
Change	-	62.18%	50.32%	-37.31%	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%	-1.68%	2.77%	6.06%	1.9%	0.93%	9.26%	5.08%
Charge d'intérêts ¹	-6.5	-11.37	-11.7	-2.175	-4.064	-5.559	-1.88	-6.349	-7.307	-10.94	-	-	-9	-13.36	0.306	-	-	-6.755	-1.811	-	-4	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	11.71	18.43	32.8	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	91	93	99	102	104	113	120
Change	-	57.41%	78.01%	-21.55%	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%	-2.59%	2.2%	6.45%	3.03%	1.96%	8.65%	6.19%
Net income ¹	9.133	14.94	22.79	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	59	61	65	67	69	74	80
Change	-	63.6%	52.5%	-20.65%	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%	-4.13%	3.39%	6.56%	3.08%	2.99%	7.25%	8.11%
Announcement Date	7/29/20	11/11/20	3/10/21	4/29/21	7/29/21	11/4/21	2/25/22	5/11/22	7/28/22	10/27/22	3/1/23	5/3/23	7/27/23	10/26/23	3/5/24	4/24/24	7/31/24	10/24/24	3/3/25	4/29/25	-	-	-	-	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2021 S1	2022 S1	2023 S1	2024 S1	2024 S2	2025 S1
Net sales ¹	1,327	1,615	1,966	2,624	3,276	3,417
Change	-	21.7%	21.68%	33.47%	24.88%	4.29%
EBITDA ¹	79.98	97.43	120.9	170.4	-	227
Change	-	21.83%	24.09%	40.96%	-	-
EBIT ¹	59.42	71.7	94.8	139.7	181.9	195
Change	-	20.67%	32.22%	47.4%	30.15%	7.22%
Charge d'intérêts ¹	-6.239	-13.66	-17.4	-	-	-8
Earnings before Tax (EBT) ¹	53.35	57.98	77.4	142.6	168.7	187
Change	-	8.68%	33.5%	84.28%	18.27%	10.85%
Net income ¹	39.99	42.17	51.6	90.89	107.8	122
Change	-	5.47%	22.35%	76.15%	18.59%	13.18%
Announcement Date	7/29/21	7/28/22	7/27/23	7/31/24	3/3/25	-

¹EUR in Million

Estimates

Forecast Balance Sheet: Maire S.p.A.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	306	217	-	-357	-472	-303	-383	-416
Change	-	-29.08%	-	-	-32.21%	35.77%	-26.4%	-8.62%
Announcement Date	3/10/21	2/25/22	3/1/23	3/5/24	3/3/25	-	-	-

¹EUR in Million

Estimates

Cash Flow Forecast: Maire S.p.A.

Fiscal Period: December	2020	2021	2023	2024	2025	2026	2027
CAPEX ¹	25.17	30.6	34.54	40.76	137.5	135.5	135.4
Change	-	21.56%	-	17.98%	237.37%	-1.45%	-0.06%
Free Cash Flow (FCF) ¹	-45.76	165.9	335.2	244.2	155.2	269.8	226
Change	-	462.55%	-	-27.14%	-36.44%	73.84%	-16.23%
Announcement Date	3/10/21	2/25/22	3/5/24	3/3/25	-	-	-

¹EUR in Million

Estimates

Forecast Financial Ratios: Maire S.p.A.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	6.55%	6.06%	6.04%	6.44%	6.55%	6.8%	7.07%	7.5%
EBIT Margin (%)	4.7%	4.54%	4.56%	5.08%	5.45%	5.8%	6.08%	6.52%
EBT Margin (%)	3%	3.97%	3.73%	4.37%	5.28%	5.55%	5.84%	6.21%
Net margin (%)	2.2%	2.91%	2.6%	2.94%	3.37%	3.62%	3.77%	4.03%
FCF margin (%)	-1.74%	5.79%	-	7.87%	4.14%	2.25%	3.63%	2.87%
FCF / Net Income (%)	-79.17%	199.16%	-	267.36%	122.9%	62.24%	96.26%	71.19%
Profitability
ROA	-	-	-	-	-	-	-	-
ROE	14.07%	18.39%	-	24.62%	35.4%	36.62%	34.36%	33.41%
Financial Health
Leverage (Debt/EBITDA)	1.77x	1.25x	-	-	-	-	-	-
Debt / Free cash flow	-6.68x	1.31x	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	0.96%	1.07%	-	0.81%	0.69%	1.99%	1.82%	1.72%
CAPEX / EBITDA (%)	14.62%	17.62%	-	12.59%	10.55%	29.3%	25.78%	22.9%
CAPEX / FCF (%)	-55.01%	18.44%	-	10.31%	16.69%	88.6%	50.22%	59.92%
Items per share
Cash flow per share ¹	-0.0626	0.5983	-	1.125	0.8675	0.9361	1.048	1.162
Change	-	1,055.75%	-	-	-22.92%	7.91%	11.91%	10.89%
Dividend per Share ¹	0.116	0.1832	-	0.197	0.356	0.451	0.5689	0.6496
Change	-	57.93%	-	-	80.71%	26.69%	26.13%	14.19%
Book Value Per Share ¹	1.256	1.501	-	1.604	1.814	2.2	2.643	3.038
Change	-	19.49%	-	-	13.11%	21.28%	20.15%	14.94%
EPS ¹	0.176	0.254	0.274	0.382	0.605	0.7702	0.8798	0.9952
Change	-	44.32%	7.87%	39.42%	58.38%	27.3%	14.24%	13.12%
Nbr of stocks (in thousands)	328,640	327,780	327,465	327,431	327,090	328,454	328,454	328,454
Announcement Date	3/10/21	2/25/22	3/1/23	3/5/24	3/3/25	-	-	-