This article first appeared on GuruFocus .
Release Date: July 30, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Revenues reached EUR3.7 billion, up 6.9% year-on-year, driven by steady project execution.
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EBITDA margin improved by 50 basis points to 7.2%, benefiting from the growing contribution of Nexcan's technology portfolio.
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Strong order intake of EUR7.2 billion in the first half, with a book-to-bill ratio of 2, leading to a near-record backlog of EUR16.3 billion.
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Successful completion of acquisitions of Balestra and ETEC, expanding into inorganic chemistry for fertilizers and critical materials.
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Entered new market in Argentina with the Fertilpampa project, the largest urea plant in Latin America, using a de-risk execution approach.
Negative Points
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Ongoing geopolitical tensions in the Middle East, particularly the reduced operability of the Strait of Hormuz, have required costly rerouting of shipments.
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Around 600 shipments had to be rerouted through alternative ports, and 1,500 containers were delivered via alternative routes, increasing logistics complexity.
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Extra costs incurred due to geopolitical events are subject to negotiation with clients, though management expects full reimbursement.
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The company faces potential challenges in documenting and justifying indirect costs for reimbursement from clients.
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Despite strong performance, the company remains exposed to volatile geopolitical risks in the Middle East, which could impact future operations.
Q & A Highlights
Here are the key highlights from Maire SpA's H1 2026 earnings call, focusing on the most significant Q&A exchanges.
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Q: Can you provide more detail on the extra costs incurred due to the Strait of Hormuz closure? Have these been recognized in the P&L, and are clients reimbursing you? A: (Alessandro Bernini, CEO) We have no doubt that all extra costs will be reimbursed by the client. They have already opened a specific process for collecting these costs. The client is extremely reasonable and cooperative, recognizing the nature of these extraordinary events. Therefore, these costs have not influenced our results for the period and will not influence our year-end results.
Q: You have upgraded your order intake guidance to "at least" 9 billion. What are the key opportunities for H2 2026? A: (Alessandro Bernini, CEO) We see several opportunities materializing in the coming weeks. This includes a major SAF (Sustainable Aviation Fuel) plant in Europe, a petrochemical project in Europe, and large renewable infrastructure projects where clients have already secured licenses. We are very well positioned to exceed the 9 billion target significantly. We are also working on the first engineering phases (FEED) for supergiant projects that will roll into full EPC contracts in 2027.
Q: What are the main challenges in negotiating cost recovery with clients in the Middle East? A: (Alessandro Bernini, CEO) It is not a matter of challenge. You simply have to justify and properly document the costs. The client has opened a process based on three streams: direct costs (mainly logistics), indirect costs (increased general costs), and others. As long as you can prove and document these costs, there are no discussions. We have had similar experiences with COVID and leaving Russia and never lost a single euro.
Q: Regarding the Hail and Gasha project, were the 600 rerouted shipments a Q2 event or split between Q2 and July? A: (Alessandro Bernini, CEO) The 600 cargoes that have been rerouted relate to all shipments that have taken place up to now, including July. It is a very updated situation, as the situation is unfortunately not yet over.
Q: With NextChem's backlog reaching a new high of 702.6 million, what is the phasing of this backlog? Is it still a short-cycle business (18 months), or is it lengthening? A: (Fabio Fritelli, NextChem Managing Director) The acquisition of Balestra adds a slightly more relevant element of EPC (Engineering, Procurement, and Construction) work, which might extend the duration slightly. However, the blending of it will not substantially change the typical 12 to 18-month cycle for this type of product.
Q: Can you update us on the potential for valorizing NextChem, perhaps in 2027? A: (Fabio Fritelli, NextChem Managing Director) We will keep on looking at a potential valorization of the company, but it will have to be at the right time and at the right price. The company will keep growing through internal and external M&A. Our entry into the metals and minerals market provides very good short-term growth opportunities. It is on the radar, but we are in no hurry.
Q: What is the strategy for the Middle East if the current geopolitical crisis persists for years? Would you consider exiting or reducing your presence? A: (Alessandro Bernini, CEO) I see no element that would lead us to abandon the Middle East. It was, is, and will remain one of the most important markets for decades. Major companies in the region have not modified their investment programs; some have even accelerated them. We will not change our strategy based on a few weeks of events. We aim for a more balanced global portfolio, but a specific portion will remain in the Middle East.
Q: What is the status of the M&A pipeline, specifically regarding the second opportunity you mentioned on the last call? A: (Fabio Fritelli, NextChem Managing Director) Balestra is active in the early treatment of minerals (phosphates), while ETEC is at the opposite end (refining electronic waste). In between, there are many opportunities in the value chain for batteries, precious metals, and rare earths. We are looking carefully at a couple of additional opportunities, one of which is probably closer than the other.
Q: Can you provide more color on the strong operating cash flow in Q2? Was it driven by working capital tailwinds? A: (Mariano Rantzi, CFO) The strong operating cash flow was significantly supported by advance payments from clients on new awards and from the new acquisitions. We will try to maintain this result in the next part of the year.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
