MAIRE SPA
Rating Action and Rationale
- EthiFinance Ratings affirms Maire S.p.A.'s long-term rating at BBB, maintaining its Stable outlook.
- Maire is an Italy-based engineering group that designs and builds process plants and provides proprietary technologies across downstream chemicals, fertilizers and energy-transition, operating globally through two segments: Integrated E&C Solutions and Sustainable Technology Solutions (STS).
- This rating is mainly supported by (i) a solid competitive positioning built on proprietary technology (over 2,500 patents), deep sector expertise and a presence in nearly 50 countries; (ii) a controlled net adjusted leverage (adjusted NFD/EBITDA of 0.23x in FY25 ) underpinned by a robust cash position of €1.37bn and ample undrawn facilities; and (iii) a substantial contracted backlog (€12.7bn at YE2025, rebuilt to €16.3bn at 1H26) that enhances revenue visibility in the short and medium term.
- However, the rating is constrained by (i) a modest interest coverage ratio, at 5.0 EBITDA-to-interest in FY25, hampered by the significant cost of financial guarantees; (ii) a capitalisation ratio (equity/TFD) of 52.3% at YE2025, which under our methodology stands at BB- level and therefore constrains the financial risk profile; and (iii) the structurally compressed margins of the engineering & construction sector, together with the execution risk inherent to large, long-dated EPC projects and, separately, a relevant geographic concentration in the Middle East (66,3% in FY25).
- The Stable outlook reflects our expectation that Maire will sustain recurring earnings, a comfortable liquidity position and contained net leverage over the coming years, supported by the execution of its backlog and the growing contribution of STS, while preserving a prudent financial policy despite the higher dividend and the inorganic capex linked to the Ballestra acquisition.
- The group operates across two sectors under EthiFinance Ratings' methodology: Construction & Engineering (Integrated E&C Solutions) and Capital Goods (Sustainable Technology Solutions). As STS accounted for approximately 25% of consolidated EBITDA in FY25, a dual-scale assessment was performed. The construction and infrastructure sectors carry a medium ESG risk under our methodology (sector heatmap score between 3 and 3.5), resulting in a sector score that is not affected by ESG factors. The Capital Goods sector presents a medium-high ESG risk profile (sector heatmap score between 3.5 and 3.9) given its environmental impact, implying that a transition towards more sustainable practices is required; failure to adapt could materially affect the sector's stability and profitability over the short to medium term. Meanwhile, at company level, the group's ESG policies and governance framework (including a board with more than half of its members independent, ISO 9001, 14001 and 45001 certifications across a significant part of its operations, and a technology portfolio increasingly geared towards decarbonization) result in a one-notch upward adjustment to the financial risk profile. The net effect of ESG considerations on the rating is therefore broadly neutral, with the sector-level downward adjustment offset by the company-level uplift.
- Another factor we consider important to monitor is the current geopolitical situation in the Middle East, which stems from the convergence of trade tensions and political-military conflicts. Although this environment of uncertainty has not, to date, hindered the execution of the group’s investment plans, it could materialize in the form of delays, suspensions, or cancellations of projects should these conflicts escalate further. EthiFinance Ratings considers that this concentrated geographic risk acts as an implicit cap on the rating and, while it does not affect the current review, could limit the potential for an upward rating movement in future reviews.
- Modifiers: No controversies and no major country-risk disruptions that could affect the rating have been identified as of the date of issuance.
Issuer Description
Maire S.p.A. is a large-size Italian industrial group, listed on the Milan Stock Exchange since November 2007, that operates in the engineering & construction sector through two business units: Integrated Engineering & Construction Solutions (Tecnimont, KT) and Sustainable Technology Solutions (NEXTCHEM). The group is specially focused on the design and execution of process plants for downstream chemicals, fertilizers, power generation and the energy transition, acting as a licensor of proprietary technology. Its main markets are the Middle East, Europe, Africa and Central Asia, operating across nearly 50 countries. The group had 10,755 employees at end-2025 (10,082 in 2024). Maire reported a turnover of €7,096.5m in 2025 (+20.3% YoY), with adjusted EBITDA increasing by 29.4% YoY to €500.1m. This represents a material step-up in the group's scale and earnings generation, with the EBITDA margin improving to 7.0% from 6.5% in 2024. In addition, the group maintained a very conservative financial profile, reporting an adjusted NFD/EBITDA ratio of 0. 21x.Additionally, the significant contracted backlog of the group (€12.7bn at YE2025, rebuilt to €16.3bn at 1H26), enhances the visibility of the business in the short and middle term. Maire S.p.A had a market capitalisation of €4.0bn in September 2026 (10/09).
Main Financial Figures
Credit Rating
Rating Sensitivity
- Long-term rating positive factors (↑)
A rating upgrade is not expected in the short to medium term. Over our 2026-2028 forecast horizon we expect adjusted leverage to average c.0.65x (from 0.21x at YE2025), reflecting the Ballestra acquisition, higher shareholder distributions and a larger gross debt base, while interest coverage is projected to remain in the 5.6-5.7x range. Maire nonetheless benefits from favourable structural trends driven by increasing investments in energy transition, sustainable fuels and low-carbon industrial solutions. The group's strong technological capabilities, sizeable order backlog and growing contribution from higher value-added technology activities support its competitive positioning and earnings visibility. From a quantitative standpoint, positive pressure on the rating would require a sustained strengthening of the financial profile, namely adjusted leverage returning consistently below 0.4x on a through-the-cycle basis, interest coverage improving towards 8x, and a capitalisation ratio (equity/TFD) moving towards 70%.
- Long-term rating negative factors (↓)
The group remains exposed to project execution risks associated with large and complex contracts, as well as to customer concentration and geopolitical developments in some of its key markets. In addition, the successful integration and scaling of new technology-driven businesses remains an important challenge. A deterioration of the financial profile, resulting in adjusted leverage above 1.2x and interest coverage below 5x on a sustained basis, together with a material weakening of backlog visibility or a more aggressive financial policy, could lead to negative rating action.
Sources of information
The credit rating issued in this report is unsolicited. The credit rating is based exclusively on public information, being the main sources the following:
- Annual Audit Report.
- Corporate Governance Report.
- Corporate Website.
- Information published in the Official Bulletins.
The information was thoroughly reviewed to ensure that it is valid and consistent, and is considered satisfactory. Nevertheless, EthiFinance Ratings assumes no responsibility for the accuracy of the information and the conclusions drawn from it.
Level of the rated entity participation in the rating process
Additional information
-
The rating was carried out in accordance with Regulation (EC) N°1060/2009 of the European Parliament and the
Council of 16 September 2009, on credit rating agencies. Principal methodology used in this research are :
- Corporate Rating Methodology - General : https://www.ethifinance.com/download/corporate-rating-methodology-general/?wpdmdl=35203
- The rating scale used in this report is available at https://www.ethifinance.com/en/ratings/ratingScale.
- EthiFinance Ratings publishes data on the historical default rates of the rating categories, which are located in the central statistics repository CEREP, of the European Securities and Markets Authority (ESMA).
- In accordance with Article 6 (2), in conjunction with Annex I, section B (4) of the Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009, it is reported that during the last 12 months EthiFinance Ratings has not provided ancillary services to the rated entity or its related third parties.
- The issued credit rating has been notified to the rated entity, and has not been modified since.
Conditions of Use for this document and its content:
For all types of Ratings that ETHIFINANCE RATINGS, S.L. (the "AGENCY") issues, the User may not, either by themselves or via third parties, transfer, sublease, sublicense, sell, extract, reuse, or dispose of in any other way the content of this Document to a third party, either for free or for consideration.
For the purpose of these Conditions of Use, any client who might have subscribed for a product and/or a service that allows him to be provided with the content of this Document as well as any privileged person who might access the content of this Document via www.ethifinance.com shall be considered as a User.
Nor may they alter, transform or distort the information provided in any way. In addition, the User will also not be permitted to copy and/or duplicate the information, nor create files which contain the information of the Document, either in its entirety or partially. The Document and its source code, regardless of the type, will be considered as the elaboration, creation, or work of the AGENCY and subject to the protection of intellectual property right regulation. For those uses of this Document which are permitted, the User is obliged to not allow the removal of the copyright of the AGENCY, the date of the Document's issuance, the business name as established by the AGENCY, as well as the logo, brands and any other distinctive symbol which is representative of the AGENCY and its rights over the Document. The User agrees to the conditions of Use of this Document and is subject to these provisions since the first time they are provided with this Document no matter how they are provided with the document. The Document and its content may not be used for any illicit purpose or any purpose other than those authorised by the AGENCY. The User will inform the AGENCY about any unauthorised use of the Document and/or its content that may become apparent. The User will be answerable to the AGENCY for itself and its employees and/or any other third party which has been given or has had access to the Document and/or its content in the case of damages which arise from the breach of obligations which the User declared to have read, accepted and understood upon receiving the Document, without prejudice to any other legal actions that the AGENCY may exercise in defence of its lawful rights and interests. The Document is provided on the acceptance that the AGENCY is not responsible for the interpretation that the User may make of the information contained. Credit analyses included in the Document, as well as the ratings and statements, are to be deemed as opinions valid on the date of issuance of the reports and not as statements of fact or recommendations to purchase, hold or sell any securities or to make any investment decision. The credit ratings and credit rating prospects issued by the AGENCY are consider to be its own opinion, so it is recommended that the User take it as a limited basis for any purpose that it intends to use the information for. The analyses do not address the suitability of any value. The AGENCY does not act as a fiduciary or an investment advisor, so the content of the Document should not be used as a substitute for knowledge, criteria, judgement or experience of the User, its Management, employees, advisors and/or clients in order to make investment decisions. The AGENCY will devote every effort to ensure that the information delivered is both accurate and reliable. Nonetheless, as the information is elaborated based on data supplied by sources which may be beyond the control of the AGENCY, and whose verification and comparison is not always possible, the AGENCY, its subsidiaries, and its directors, shareholders, employees, analysts and agents will not bare any responsibility whatsoever (including, without any limitations, loss of revenue or income and opportunity costs, loss of business or reputational damage or any other costs) for any inaccuracies, mistakes, noncorresponding information, incompleteness or omission of data and information used in the elaboration of the Document or in relation to any use of its content even should it have been warned of potential damages. The AGENCY does not make audits nor assume the obligation of verifying independent sources of information upon which the ratings are elaborated. Information on natural persons that may appear in this document is solely and exclusively relevant to their business or business activities without reference to the sphere of their private life and should thus be considered. We would like to inform that the personal data that may appear in this document is treated in accordance with Regulation (EU) 679/2016, on the protection of natural persons with regard to the processing of personal data and the free movement of such data and other applicable legislation. Those interested parties who wish to exercise the rights that assist them can find more information in the link: https://www.ethifinance.com/ in the Privacy Policy page or contact our Data Protection Officer in the mail dpo@ethifinance.com. Therefore the User agrees that information provided by the AGENCY may be another element to consider when making business decisions, but decisions will not be made based solely on it; that being the case the AGENCY will not be held responsible for the lack of suitability. In addition, the use of the information before courts and/or tribunals, public administrations, or any other public body or private third party for any reason shall be solely the User's responsibility and the AGENCY shall not be held responsible for any liabilities on the grounds of inappropriateness of the information's contents. Copyright © 2023 ETHIFINANCE RATINGS, S.L. All Rights Reserved. C/ Velázquez n°18, 3° derecha, 28001 - Madrid