• Growth in economic and financial performance
  • Revenues: €2,052.8 million (+9.8%) 
  • EBITDA: €124.1 million (+10.3%), with a stable 6% margin
  • Group Net Income: €60.4 million (+72.6%)
  • Adjusted Net Debt of -€10.6 million, improving by €106.3 million vs. 31/12/2020
  • Backlog of €7.5 billion (76% in Gas Monetization ed Energy Transition), driven by a €3.3 billion order intake 
  • Commercial Pipeline of €63.6 billion (76% in Gas Monetization and Energy Transition)
  • The Green Energy business growth continues, thanks to the start of new projects 

Milan, 4 November 2021Maire Tecnimont S.p.A.’s Board of Directors today has reviewed and approved the Interim Financial Report as of 30 September 2021, which shows a Group Net Income of €60.4 million, up 72.6%. 

table 1
table 2


table 3

The changes reported refer to 9M 2021 versus 9M 2020, unless otherwise stated.


Consolidated Financial Results as at 30 September 2021

Maire Tecnimont Group Revenues were €2,052.8 million, up 9.8%. Volumes reflect the non-linear progress of projects in the backlog, depending on the planned schedules for each project, and showing a continuous upward trend thanks to a progressive normalization process of the activities of the projects in the backlog, which were negatively influenced by the pandemic in the previous months, and the operating start of the newly acquired ones.

Contract Gross Profit was €240.0 million, up 9.3% with a Gross Contract Margin of 11.7%, unchanged.

G&A costs were €57.4 million, up 8.3%, also due to the strengthening of the operating structure to support the Green Energy activities as well as the ones in West Africa. The 9M 2020 figure benefited from the cost saving initiatives implemented at the outset of the pandemic.   

EBITDA was €124.1 million, up 10.3% thanks to the higher revenues. Margin was 6.0%, unchanged, and in line with the average profitability of EPC projects.

Amortization, Depreciation, Write-downs and Provisions were €30.6 million, down 8.2%.
EBIT was €93.5 million, up 18.1%, with a margin improvement from 4.2% to 4.6%. 

Net Financial Charges were €11.6 million, vs. €33.1 million. Such an improvement was driven by the positive net valuation of derivative contracts for €7.2 million vs. a negative value of €11.3 million, which was due to unfavorable exchange rates and lower stock prices due to the pandemic’s impact, leading to a positive change of €18.5 million.
Financial charges, net of the aforementioned effects, improved by €3 million.

Pre-tax Income was €81.9 million, up 78.0%. The tax provision was €24.6 million. 

The effective tax rate was approximately 30.0%, improving vs. the average of the last few quarters, considering the various jurisdictions where Group operations have been carried out.

Group Net Income was €60.4 million, up 72.6%, as a result of higher revenues and lower Net Financial Charges, as explained above.

Adjusted Net Debt (net of the above-mentioned values included in the footnote on page 2) as of September 30, 2021 was €10.6 million, compared to a Net Debt of €106.3 million as of 31 December 2020, thanks to the operating cashflows generation for €198.6 million, including advances related to the recently acquired projects, taking into account a €38.1 million dividends payment and the purchase of Treasury Shares for the employees’ incentive plans for €5.5 million.

The Net Financial Position has also been positively impacted by a €62.4 million mark-to-market valuation of the FX derivative contracts related to the operating projects, to certain commodities’ price exposure, and to Maire Tecnimont’s share price related to the current employees’ incentive plans.

Consolidated Shareholders’ Equity was €513.9 million, up €65.6 million vs. December 31, 2020. This increase was mainly driven by a Net Income of €57.3 million and the positive change of the derivatives’ Cash Flow Hedge reserve for €36.6 million, and by an €15.1 million positive amount related to the translation of the Group companies’ financial statements reported in a foreign currency. 

Performance by Business Unit

Hydrocarbons BU
Revenues were €1,993.5 million, up 9.3%, due to the same reasons commented above. Gross Contract Profit was €229.6 million, with a margin of 11.5%. EBITDA was €122.0 million, up 7.6%, with a margin of 6.1%.

Green Energy BU 
Revenues were €59.3 million, up 27.4%, also thanks to a pickup in NextChem’s activities, driven by a further strengthening of its technological portfolio thanks to several partnership agreements signed with various Italian and international counterparties last year and in the nine months  of 2021. Revenues also increased thanks to a pickup in the activities related to energy efficiency improvements, which had been impacted by the pandemic. Gross Contract Profit was €10.4 million, with a margin of 17.5%. EBITDA was €1.9 million with a margin of 3.3%.

Development of the Green Energy BU
Maire Tecnimont is accelerating its commitment to support Energy Transition, thanks to new projects and technological partnerships in Italy and abroad.

During 9M 2021 several agreements were announced, including:

  • a FEED contract as well as a Memorandum of Understanding with Essential Energy USA Corp. for the construction of a new biorefinery in South America for the production of Renewable Diesel;
  • an agreement with Agilyx Corporation, a pioneer in the advanced recycling of post-use plastics, to support the worldwide development of advanced chemical recycling facilities;
  • a Memorandum of Understanding with Adani Enterprises Ltd. to develop projects focused on producing chemicals, ammonia and hydrogen from renewable feedstocks in India;
  • a Memorandum of Understanding with MC TAIF JSC (TAIF) to co-develop a new bio-degradable polymer plant in the Republic of Tatarstan (Russian Federation);
  • an agreement with Oserian Development Company for a fertilizer plant powered by renewable energy in Kenya;
  • an agreement with Mytilineos for an engineering study related to a green hydrogen plant in Italy;
  • a FEED contract with TotalCorbion for a Poly Lactic Acid (PLA) plant in France;
  • a FEED contract with TotalEnergies for a Sustainable Aviation Fuel (SAF) plant in France;
  • an agreement with Greenfield Nitrogen LLC for the development of the first green ammonia plant in the US Midwest.

Order Intake and Backlog

Thanks to €3,302.2 million of new orders generated in 9M 2021, the Group’s Backlog on September 30, 2021 was €7,458.9 million, of which around 76% represented by projects for gas monetization and the Energy Transition. 

In particular, the main projects awarded to the Group include the following:

  • two EPC contracts from SOCAR, as part of the Modernization and Reconstruction of the Heydar Aliyev Oil Refinery in Baku, Azerbaijan for approximately USD160 million;
  • an EPC contract with Nigerian National Petroleum Company (NNPC) to carry out rehabilitation works for the Port Harcourt Refinery for approximately USD1.5 billion;
  • an EPC contract with Advanced Global Investment Company (AGIC) for the implementation of two polypropylene units in Jubail Industrial City II, Saudi Arabia, for approximately USD500 million;
  • an EPCC contract with Indian Oil Corporation Limited (IOCL) for the implementation of a new Para-Xylene (PX) plant in Paradip, Eastern  India, for approximately USD450 million; 
  • an EPCC contract was signed with Indian Oil Corporation Limited (IOCL) for the implementation of a new polypropylene plant and related facilities in Barauni, in Northeastern India, for approximately USD170 million;
  • several awards for a total amount of approximately USD92 million for licensing, engineering and procurement (EP) services mainly located in North Africa, Eastern Europe, and Southern Asia;
  • an EPC contract was signed with Repsol for the realization of a Polypropylene Unit and a linear Polyethylene Unit as part of the Sines Industrial Complex in Portugal, for approximately €430 million;
  • an EP contract was signed with Kazanorgsintez PJSC (KOS) for the execution of a Low-Density Polyethylene (LDPE)/ Ethylene-Vinyl Acetate (EVA) plant, to be implemented inside the existing KOS facilities, located in Kazan, in the Republic of Tatarstan (Russian Federation), for approximately €130 million;
  • an EPC contract was signed with LOTOS Oil, concerning the expansion of the Gdansk Refinery for over €200 million.

Subsequent Events

  • On October 21, 2021 an agreement was signed with Acciaierie D’Italia for a feasibility study concerning the use of circular gas (syngas) obtained thanks to NextChem's Waste-to-Chemical technology in the Taranto steel mill, aimed at reducing the CO2 emissions produced in the industrial cycles;
  • On October 28, 2021, an Agreement of Intent was signed with Rosneft for the Construction of the Vacuum Gas Oil Hydrocracking Complex at the Ryazan Refining Company’s production site, approximately 200 km South East of Moscow.


The "Covid-19" pandemic, with its various variants, has continued to influence the markets, in particular some foreign countries in the first half of 2021. Thanks to the on-going, global vaccination campaigns, the business outlook for 2021, while influenced by these events, shows a progressively greater confidence in a positive evolution of the situation. At the same time, the indirect effects caused by the pandemic have clearly shown some uncertainties and criticalities concerning the overall increase in the main commodities’ prices and their availability, the transport logistics, as well as the supply to certain markets.

The significant increase in the demand for commodities underpins a propensity for investments higher than in the recent past in all the geographical areas in which we operate. This is confirmed by the new projects recently awarded to the Group and the highest ever commercial pipeline. 

The drive to reduce the carbon footprint particularly supports the Group's green activities. The initiatives launched by the NextChem subsidiary are expected to experience a significant evolution over the next few months, thanks to the cooperation and development agreements signed in 2020 and in the first nine months of 2021. At the same time, the development and validation of new proprietary technologies continue at a strong pace, as well as the commercial initiatives in various areas, including circular economy, bioplastics/biofuels, CO2 capture, hydrogen, and green fertilizers. The other activities of the Green Business Unit, which also include initiatives in renewable energy, are also benefiting from a fast-growing commercial pipeline, which should lead to new awards over the next few months. 
Given the recently acquired and already started projects, as well as the ones due to start by the end of the year, the existing backlog and considering the geographical areas where our operations are taking place, production volumes are expected to rise over the next few quarters with a profitability in line with the average of the first nine months of 2021, assuming the pandemic and its effect do not worsen in the near future


Webcast Conference Call

The 9M 2021 Financial Results will be presented today at 5:30pm CET during an audio-webcast conference call held by the top management.  
The conference call may be followed as a webcast by connecting to the website (www.mairetecnimont.com) and clicking on the “9M 2021 Financial Results” banner on the Home Page or through the following url:

Alternatively, you may participate in the conference call by calling one of the following numbers: 

Italy: +39 02 805-8811
UK: +44 121 281-8003
USA: +1 718 705-8794

The presentation given by the top management will be available at the start of the conference call in the “Investors/Results and Presentations/Financial Results” section of Maire Tecnimont’s website
(https://www.mairetecnimont.com/en/investors/results-and-presentations/financial-results). The presentation shall also be made available on the 1info storage mechanism (www.1info.it).

Dario Michelangeli, as Executive for Financial Reporting, declares - in accordance with paragraph 2, Article 154-bis of Legislative Decree No. 58/1998 (“Consolidated Finance Act”) - that the accounting information included in this press release corresponds to the underlying accounting records.

The Interim Report as at 30 September 2021 will be available to the public at the registered office in Rome, at the operative office in Milan, on the Company’s website www.mairetecnimont.com (in the “Investors/Results and Presentations/Financial Results” section, and on the authorized storage device “1info” (www.1info.it), according to the timing allowed by law.

This press release, and the “Outlook” section in particular, contains forecasts. The declarations are based on current estimates and projections of the Group concerning future events and, by their nature, are subject to risk and uncertainty. Actual results may differ significantly than the estimates made in such declarations due to a wide range of factors, including the continued volatility and further decline of the capital and finance markets, raw material price changes, altered economic conditions and growth trends and other changes in business conditions, in addition to other factors, the majority of which outside the control of the Group.

Maire Tecnimont S.p.A.
Maire Tecnimont S.p.A., a company listed on the Milan Stock Exchange, heads an international industrial group that is a leader in the transformation of natural resources (plant engineering in downstream oil & gas, with technological and execution competences). Through its subsidiary NextChem, it operates in the field of green chemistry and the technologies to support the energy transition. Maire Tecnimont Group operates in about 45 countries, through approximately 50 operative companies and about 9,100 people. For more information: www.mairetecnimont.com.

Group Media Relations
Carlo Nicolais, Tommaso Verani
Tel +39 02 6313-7603 

Investor Relations
Riccardo Guglielmetti
Tel +39 02 6313-7823

Click here to download the Consolidated as well as Maire Tecnimont S.p.A.'s Income Statement, Balance Sheet and Cash Flow Statement