MAIRE into 2Q: Steady in E&C, NextChem M&A driving revenue growth

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MAIRE into 2Q: Steady in E&C, NextChem M&A driving revenue growth

Italy | Oil Services & Equipment

Maire EquityJulyResearch15, 2026

ESTIMATE CHANGEMAIRE into 2Q: Steady in E&C, NextChem

RATING BUYM&A driving revenue growth

PRICE €14.13^

At 2Q results (30 July), we expect +2%/+3% q/q improvement in group

revenue/EBITDA driven by higher STS (NextChem) revenues following PRICE TARGET | % TO PT €19.00 | +34%

Ballestra deal completion in June. We forecast IE&CS results broadly flat 52W HIGH-LOW €16.80 - €10.90

q/q, with execution on Middle East E&C projects continuing without major FLOAT (%) | ADV MM (USD) 45.0% | 8.15

disruption, similar to 1Q. >€2bn orders announced in 2Q takes ytd awards MARKET CAP €4.4B | $5.1B

to c.€7bn, already ahead of FY25 awards and likely lifts backlog >€16bn. TICKER MAIRE IM ^Prior trading day's closing price unless otherwise

noted.

IE&CS revenue likely similar to 1Q; still no material Middle East impact. During 1Q, Middle

East E&C projects; namely Hail & Ghasha (UAE) and Amiral (Saudi) "continued without major

FY (Dec) CHANGE TO JEFe JEF vs CONS

disruptions" and the call spoke to alternative corridors having been identified for the delivery

2026 2027 2026 2027

of critical equipment should they be needed, but which would not be necessary earlier than

July or August. E&C execution therefore is expected to follow a similar trend to 1Q, and we REV NM NM +1% +1%

model revenues & margin flat q/q for €99m EBITDA / €1.7bn revenue. Hail & Ghasha project is EPS -2% -1% +2% +7%

expected to reach 90% overall completion by YE26, up from 70% as of 1Q26, with the majority

of that annual progression in 9M26e. 2026 (€) Q1A Q2 Q3 Q4 FY

EPS 0.21 0.22 0.22 0.25 0.93

STS (NextChem) revenue ramping on M&A, new STS backlog high. We model a 19% q/q PREV 0.95