Financials Maire S.p.A.

Equities

MT

IT0004931058

Construction & Engineering

Market Closed - Borsa Italiana Other stock markets 11:45:00 2025-12-12 EST			5-day change	1st Jan Change
12.43 ^EUR	-0.64%		-2.74%	+50.48%

12-11	MAIRE has purchased treasury shares worth over EUR6 million	AN
12-11	Mib Edges Higher; Cucinelli Continues Rally	AN

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	7,042	7,515	7,949
Change	-	8.9%	20.91%	22.97%	38.51%	19.35%	6.72%	5.78%
EBITDA ¹	172.2	173.7	209.3	274.4	386.4	489.7	539	603.4
Change	-	0.87%	20.5%	31.1%	40.81%	26.74%	10.06%	11.95%
EBIT ¹	123.7	130	158	216.5	321.6	422.8	468.4	529.1
Change	-	5.08%	21.57%	37.06%	48.52%	31.46%	10.79%	12.96%
Interest Paid ¹	-45.82	-13.68	-	-30.45	-8.566	-15.67	-18.33	-19
Earnings before Tax (EBT) ¹	78.81	113.8	129.1	186.2	311.3	410.6	454.7	513.7
Change	-	44.39%	13.44%	44.24%	67.19%	31.87%	10.76%	12.96%
Net income ¹	57.8	83.3	89.89	125.4	198.7	264.3	292.4	331.7
Change	-	44.12%	7.91%	39.45%	58.49%	33.01%	10.64%	13.46%
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 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	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	1,666	1,791	1,805	1,806	1,840	1,864	1,907
Change	-	-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%	-2.34%	7.47%	0.8%	0.06%	1.88%	1.3%	2.31%
EBITDA ¹	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	118.6	126	133.7	126	129	136	153
Change	-	-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%	4.52%	6.23%	6.07%	-5.74%	2.38%	5.43%	12.5%
EBIT ¹	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	101.7	109.2	115.3	109	112	119	136
Change	-	-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%	3.77%	7.42%	5.6%	-5.49%	2.75%	6.25%	14.29%
Charge d'intérêts ¹	-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	-	-0.2	-	-3	-	-	-	-
Earnings before Tax (EBT) ¹	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	101.4	105.8	113	109	113	118	136
Change	-	-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%	8.6%	4.27%	6.82%	-3.54%	3.67%	4.42%	15.25%
Net income ¹	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	65.16	66.91	58.77	70	73	76	88
Change	-	-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%	5.88%	2.69%	-12.17%	19.12%	4.29%	4.11%	15.79%
Announcement Date	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	7/31/25	10/23/25	-	-	-	-	-

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	3,372
Change	-	21.7%	21.68%	33.47%	24.88%	2.93%
EBITDA ¹	79.98	97.43	120.9	170.4	-	232.1
Change	-	21.83%	24.09%	40.96%	-	-
EBIT ¹	59.42	71.7	94.8	139.7	181.9	199.7
Change	-	20.67%	32.22%	47.4%	30.15%	9.78%
Charge d'intérêts ¹	-6.239	-13.66	-17.4	-	-	-4.8
Earnings before Tax (EBT) ¹	53.35	57.98	77.4	142.6	168.7	194.9
Change	-	8.68%	33.5%	84.28%	18.27%	15.52%
Net income ¹	39.99	42.17	51.6	90.89	107.8	126.7
Change	-	5.47%	22.35%	76.15%	18.59%	17.54%
Announcement Date	7/29/21	7/28/22	7/27/23	7/31/24	3/3/25	7/31/25

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	-344	-447	-478
Change	-	-29.08%	-	-	-32.21%	27.07%	-29.94%	-6.94%
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	109.4	132.5	132.4
Change	-	21.56%	-	17.98%	168.42%	21.12%	-0.06%
Free Cash Flow (FCF) ¹	-45.76	165.9	335.2	244.2	168.5	274.9	184.4
Change	-	462.55%	-	-27.14%	-30.99%	63.11%	-32.93%
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%	6.95%	7.17%	7.59%
EBIT Margin (%)	4.7%	4.54%	4.56%	5.08%	5.45%	6%	6.23%	6.66%
EBT Margin (%)	3%	3.97%	3.73%	4.37%	5.28%	5.83%	6.05%	6.46%
Net margin (%)	2.2%	2.91%	2.6%	2.94%	3.37%	3.75%	3.89%	4.17%
FCF margin (%)	-1.74%	5.79%	-	7.87%	4.14%	2.39%	3.66%	2.32%
FCF / Net Income (%)	-79.17%	199.16%	-	267.36%	122.9%	63.77%	94.01%	55.57%
Profitability
ROA	-	-	-	-	-	-	-	-
ROE	14.07%	18.39%	-	24.62%	35.4%	38.89%	35.58%	34.23%
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%	1.55%	1.76%	1.67%
CAPEX / EBITDA (%)	14.62%	17.62%	-	12.59%	10.55%	22.34%	24.58%	21.95%
CAPEX / FCF (%)	-55.01%	18.44%	-	10.31%	16.69%	64.92%	48.2%	71.83%
Items per share
Cash flow per share ¹	-0.0626	0.5983	-	1.125	0.8675	0.9854	1.077	1.186
Change	-	1,055.75%	-	-	-22.92%	13.59%	9.29%	10.1%
Dividend per Share ¹	0.116	0.1832	-	0.197	0.356	0.4707	0.5918	0.6727
Change	-	57.93%	-	-	80.71%	32.21%	25.74%	13.66%
Book Value Per Share ¹	1.256	1.501	-	1.604	1.814	2.204	2.619	3.028
Change	-	19.49%	-	-	13.11%	21.53%	18.79%	15.65%
EPS ¹	0.176	0.254	0.274	0.382	0.605	0.8106	0.9192	1.037
Change	-	44.32%	7.87%	39.42%	58.38%	33.98%	13.4%	12.8%
Nbr of stocks (in thousands)	328,640	327,780	327,465	327,431	327,090	326,883	326,883	326,883
Announcement Date	3/10/21	2/25/22	3/1/23	3/5/24	3/3/25	-	-	-