MAIRE: Welcome to the ‘City of MAIRE!‘ The right strategy for a dramatically transformed E&C landscape (2012-35) - Initiation

Research evidence excerpt

MAIRE: Welcome to the ‘City of MAIRE!‘ The right strategy for a dramatically transformed E&C landscape (2012-35) - Initiation

28 July 2026

Initiation

Guillaume Delaby

+33 1 42 13 62 29

Global Oil Services guillaume.delaby@bernsteinsg.com

James HooperMAIRE

+44 20 7676 6995

Rating james.hooper@bernsteinsg.com

Market-Perform Abdessamad Raghibi, Ph.D.

+212 5 22 86 79 41

Price Target abdessamad.raghibi@bernsteinsg.com

MAIRE.IM 15.00 EUR Specialist Sales

Gareth Williams

+44 20 7762 5256

gareth.b.williams@bernsteinsg.com

MAIRE: Welcome to the 'City of MAIRE'! The right strategy for a

dramatically transformed E&C landscape (2012-35) - Initiation

Initiate at MP. We initiate coverage on MAIRE with a Market-Perform rating and a DCF-based Close Date 24 Jul 2026

PT of €15.0 (WACC 9%, LT 3%, FCF to perpetuity €325m). With the share price having tripled

MAIRE.IM Close Price (EUR) 13.94

over the past three years, this MP rating is all about valuation. In our view, MAIRE has

Price Target (EUR) 15.00

all the right ingredients: a structurally stronger-for-longer Onshore E&C market + a portfolio

Upside/(Downside) 8%

of clean chemical technologies + a superior ROCE of 16-17% + potential ST upgrades to

52-Week Range 16.80/10.90

consensus. We also note the extent to which MAIRE resembles Technip Energies, and that we

EDME --

expect these two very similar peers’ share performances to become increasingly correlated

FYE Dec

going forward. As MAIRE.IM has outperformed TE.FP by c.20% over the past 12 months, we

Div Yield 4.2%

currently find MAIRE’s valuation (FY27e FCF yield: 6.1%; EV/EBITDA 8.2x; backlog/revenues

Market Cap (EUR) (M) 4,575

at1H26e: €16.2bn/€7.6bn =2.1x) less attractive than that of Technip Energies (FY27e FCF

EV (EUR) (M) 4,498