Maire S.p.a. · MIL:MAIRE
Maire — Maire Tecnimont — Q1 2023 Earnings Presentation
30 slides from Maire's earnings presentation, May 3, 2023
Slide 1: Q1 2023 Financial Results
3 May 2023 Q1 2023 FINANCIAL RESULTS DEPLOYING OUR STRATEGY
Slide 2: Disclaimer
DISCLAIMER This document has been prepared by Maire Tecnimont S.p.A. (“Maire”, or the “Company”) solely for use in the presentation of the Maire Tecnimont Group (the “Group”) and its financial results. This document does not constitute or form part of any offer or invitation to sell, or any solicita
Slide 3: Agenda
AGENDA HIGHLIGHTS 01 Alessandro Bernini, CEO OPERATIONAL PERFORMANCE 02 Alessandro Bernini, CEO FINANCIAL RESULTS 03 Fabio Fritelli, CFO THE WAY FORWARD 04 Alessandro Bernini, CEO Q1 2023 FINANCIAL RESULTS 3
Slide 4: Highlights
01 HIGHLIGHTS Alessandro Bernini, CEO Q1 2023 FINANCIAL RESULTS 4
Slide 5: Where We Left: Future Unboxed
WHERE WE LEFT: FUTURE UNBOXED TWO NEW BUSINESS UNITS, A UNIQUE INTEGRATED APPROACH, TO ENABLE ENERGY TRANSITION SUSTAINABLE TECHNOLOGY INTEGRATED E&C SOLUTIONS Nitrogen Fertilizers SOLUTIONS Solutions for the energy transition Solutions for the realization of designed to enable innovative complex pl
Slide 6: Where We Are: Deploying Our Strategy
WHERE WE ARE: DEPLOYING OUR STRATEGY Q1 2023 HIGHLIGHTS: DOUBLE-DIGIT GROWTH OF MAIN METRICS €957.9m €58.0m €26.2m Revenues EBITDA Net Income +31.5% YoY +32.7% YoY +46.8% YoY Mainly driven by project progress 6.1% Margin Expansion €94.6m €7.9bn of technology portfolio Backlog Adjusted Net Cash1 Soli
Slide 7: Operational Performance
02 OPERATIONAL PERFORMANCE Alessandro Bernini, CEO Q1 2023 FINANCIAL RESULTS 7
Slide 8: Order Intake
ORDER INTAKE WIDELY DIVERSIFIED AWARDS THROUGH DIFFERENT REGIONS ORDER INTAKE BY GEOGRAPHY Total Order Intake €302.9m Middle East 9% Asia 32% Europe Africa 34% 8% Americas 17% Q1 2023 FINANCIAL RESULTS OPERATIONAL PERFORMANCE 8
Slide 9: Order Intake and Backlog: Sustainable Technology Solutions
ORDER INTAKE AND BACKLOG SUSTAINABLE TECHNOLOGY SOLUTIONS: OUR STRATEGY AT WORK ORDER INTAKE (€M) BACKLOG (€M) BACKLOG BY GEOGRAPHY Middle East 3% Europe 17% Asia Short cycle 57% 78.4 197.0 ~12-18 months 159.8 Americas 14% 11.2 Africa 9% Q1 2022 Q1 2023 31-Dec-22 31-Mar-23 Backlog Cover 1.0x Trailin
Slide 10: Order Intake and Backlog: Integrated E&C Solutions
ORDER INTAKE AND BACKLOG INTEGRATED E&C SOLUTIONS: THE BACKBONE OF OUR BUSINESS ORDER INTAKE (€M) BACKLOG (€M) BACKLOG BY GEOGRAPHY Europe 21% Americas 6% Long cycle ~3-4 years 621.4 8,454.2 7,655.4 Africa 15% 224.5 Middle East Asia 51% 7% Q1 2022 Q1 2023 31-Dec-22 31-Mar-23 Backlog Cover 2.2x Trail
Slide 11: Selected Award: Nitrogen Fertilizers
SELECTED AWARD STRENGTHENING OUR LEADERSHIP IN NITROGEN FERTILIZERS ULTRA-LOW ENERGY UREA PLANT LOCATION BUSINESS UNIT Jiangxi province, China Sustainable Technology Solutions SCOPE AND KEY FEATURES Licensing, process design package and proprietary Safurex® high-pressure equipment supply for an Ultr
Slide 12: Selected Award: Cross Fertilization Between Business Units
SELECTED AWARD CROSS FERTILIZATION BETWEEN THE TWO BUSINESS UNITS CASALBORSETTI – RAVENNA CCS PHASE 1 LOCATION BUSINESS UNIT Casalborsetti (Ravenna, Italy) Integrated E&C Solutions Project originated by STS SCOPE AND KEY FEATURES In March 2023 extension to EPC activities for the Ravenna CCS phase 1,
Slide 13: Commercial Pipeline
COMMERCIAL PIPELINE NEAR-TERM MARKET OPPORTUNITIES WORTH €54.1BN ● Healthy set of attractive opportunities EUROPE & CIS ASIA Mainly driven by: ● Value of our integrated approach Mainly driven by: 0.2 Nitrogen Fertilizers 0.3 H2 and Circular Carbon demonstrated by €10.2bn IE&C AMERICAS H2 and Circula
Slide 14: Expansion of Technology Portfolio: Conser
EXPANSION OF TECHNOLOGY PORTFOLIO CONSER: STRENGTHENING NEXTCHEM’S POSITIONING IN ENERGY TRANSITION BIOPLASTICS DEMAND (Metric Tons) +7% HIGHLIGHTS CAGR 15,097 ● Technology licensor and process engineering design company 4,246 ● Portfolio of cost-effective and process-flexible proprietary technologi
Slide 15: Expansion of Technology Portfolio: CatC
EXPANSION OF TECHNOLOGY PORTFOLIO CATC TECHNOLOGY: STRENGTHENING NEXTCHEM’S POSITIONING IN CIRCULAR ECONOMY / HIGHLIGHTS ● Cost-effective continuous chemical recycling process to recover high purity monomers from sorted plastic waste (depolymerization) Raw recycled PMMA ● Tested on PMMA (Plexiglass®
Slide 16: A 360-Degree Commitment to Sustainability
A 360-DEGREE COMMITMENT TO SUSTAINABILITY 2023 ESG KEY INITIATIVES CLIMATE, CIRCULAR PEOPLE, H&S CREATION OF INNOVATION VALUE FOR TERRITORIES ECONOMY, ENVIRONMENTAL GOVERNANCE AND DIVERSITY THAT BRINGS WELL-BEING AND COMMUNITIES SUSTAINABILITY Implementation of the Initiatives on Diversity, Equity &
Slide 17: Financial Results
03 FINANCIAL RESULTS Fabio Fritelli, CFO Q1 2023 FINANCIAL RESULTS 17
Slide 18: Q1 2023 Group Results
Q1 2023 GROUP RESULTS DOUBLE-DIGIT GROWTH OF ALL MAIN METRICS REVENUES (€M) EBITDA (€M) NET INCOME (€M) +31.5% +32.7% +46.8% 957.9 58.0 26.2 728.4 43.7 17.9 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 6.0% 6.1% 2.5% 2.7% ● Revenues increase driven by the progression of projects towards phases ge
Slide 19: Sustainable Technology Solutions
SUSTAINABLE TECHNOLOGY SOLUTIONS STEPPING UP THE PACE REVENUES (€M) EBITDA (€M) +43.3% +56.3% 56.5 11.8 39.4 7.6 Q1 2022 Q1 2023 Q1 2022 Q1 2023 % Growth % Margin 19.2% 20.9% Note: 2022 pro-forma figures for comparative purposes. Q1 2023 FINANCIAL RESULTS FINANCIAL RESULTS 19
Slide 20: Integrated E&C Solutions
INTEGRATED E&C SOLUTIONS PERFORMANCE DRIVEN BY STEADY PROJECT EXECUTION REVENUES (€M) EBITDA (€M) +30.8% +27.8% 901.4 46.2 689.0 36.1 Q1 2022 Q1 2023 Q1 2022 Q1 2023 % Growth % Margin 5.2% 5.1% Note: 2022 pro-forma figures for comparative purposes. Q1 2023 FINANCIAL RESULTS FINANCIAL RESULTS 20
Slide 21: Net Financial Position and Capex
NET FINANCIAL POSITION AND CAPEX STRONG OPERATING CASH FLOW MORE THAN COMPENSATING PLANNED INVESTMENTS CASH FLOW BRIDGE (€M, EX-IFRS 16) CAPEX BREAKDOWN (€M) Total gross Capex €41.0m incl. Conser acquisition 2.2 €35.8m purchase price net of €16.6m cash acquired Total gross Capex including acquisitio
Slide 22: Adjusted Net Trade Working Capital
ADJUSTED NET TRADE WORKING CAPITAL NEGATIVE NET WORKING CAPITAL DRIVEN BY ADVANCEMENTS OF LARGE PROJECTS ADJUSTED NET TRADE WORKING CAPITAL (€M) Driven by projects’ advancements Driven by Borouge 4 in UAE Port Harcourt in Nigeria Note: adjusted to be comparable with the Adjusted Net Financial Positi
Slide 23: The Way Forward
04 THE WAY FORWARD Alessandro Bernini, CEO Q1 2023 FINANCIAL RESULTS 23
Slide 24: The Way Forward
THE WAY FORWARD LEVERAGING ON OUR INTEGRATED APPROACH TO DELIVER LONG TERM GROWTH SUSTAINABLE TECHNOLOGY INTEGRATED IE&C SOLUTIONS SOLUTIONS Strategic growth driver Strong track record in project execution Growing portfolio of proprietary technologies Implementing STS-originated projects Reaching ne
Slide 25: 2023 Guidance Confirmed
THE WAY FORWARD 2023 GUIDANCE CONFIRMED 2023 GUIDANCE ● Backlog provides a solid foundation to future revenues, driving REVENUES €3.8 - 4.2bn double-digit growth in 2023 STS €0.2 - 0.3bn IE&CS €3.6 - 3.9bn ● Value creation fostered by recognized know-how and technology EBITDA MARGIN 6-7% portfolio S
Slide 26: Appendix
APPENDIX Q1 2023 FINANCIAL RESULTS 26
Slide 27: Income Statement
INCOME STATEMENT Q1 2022 Q1 2023 Change €m % €m % €m % Revenues 728.4 100.0% 957.9 100.0% 229.5 +31.5% Operating costs (684.7) (94.0)% (899.9) (93.9)% (215.2) -31.4% EBITDA 43.7 6.0% 58.0 6.1% 14.3 +32.7% Depreciation and amortization (11.8) (1.6)% (12.1) (1.3)% (0.3) +2.6% EBIT 31.9 4.4% 45.9 4.4%
Slide 28: ESG Scorecard
ESG SCORECARD Q1 2023 FINANCIAL RESULTS APPENDIX 28
Slide 29: ESG Scorecard
ESG SCORECARD Q1 2023 FINANCIAL RESULTS APPENDIX 29
Slide 30: Maire Tecnimont S.p.A.
Maire Tecnimont S.p.A. HEADQUARTERS Via Gaetano De Castillia, 6 A 20124 Milan, Italy +39 02 63131 Investor-relations@mairetecnimont.it