Maire Tecnimont Group Revenues were €1,615.4 million, up 21.7%. Higher volumes reflect the expected progress of the projects included in the large backlog thanks both to the progression of existing projects towards phases which can generate higher volumes, and to the start of recently acquired projects.

 

Business Profit was €137.8 million, up 10.1% with a margin of 8.5%.

 

G&A costs were €36.4 million, down 11.3% as result of the efficiency process of the organization, with a cost ratio of 2.3% vs. 3.1%.

 

EBITDA was €97.4 million, up 21.8% thanks to higher revenues and lower G&As. Margin is 6.0% in line with the previous period.

 

Amortization, Depreciation, Write-downs, and Provisions were €25.7 million, up due to the amortization of new assets instrumental to the digitalization process of the Group and due to higher provisions for credits, as a consequence of the Russian-Ukrainian crisis which has impacted on the ratings of some customers. 

 

EBIT was €71.7 million, up 20.7%, with a margin of 4.4%. 

 

Consolidated Net Income was €40.6 million, up 10.7%, as explained above. Group Net Income was €42.2 million, up 5.5%.

 

 

Revenues were €1,489.7 million, up 15.6%, due to the same reasons commented above. Business Profit was €125.4 million, with a margin of 8.4%. EBITDA was €91.1 million with a margin of 6.1%.

 

Green Energy BU: 

Revenues were €125.7 million, up 221.2%, also thanks to a constant growth in NextChem’s activities driven by several partnership agreements signed with various Italian and international counterparties, and to the inclusion of recent projects and initiatives that are characterized by a green component but which were not previously included in this BU.

Business Profit was €12.4 million, with a margin of 9.9%. EBITDA was €6.4 million with a margin of 5.1% vs. -€0.7 million. Such an improvement is due to higher revenues and to a different production mix.

 

The general market context is still significantly impacted by the consequences of international geopolitical tensions and, to a lesser extent, by the Covid-19 pandemic. As such, it continues to remain critical and uncertain in relation to the overall raw materials price increases and their availability, transport logistics, and procurement.

 

In a scenario of increases in the price of natural resources, driven by a strong recovery of the energy demand, the willingness to invest in infrastructures for the transformation of natural resources has remained unchanged, thanks to a strong global demand for several commodities which has maintained prices at levels never seen before. This is also due to the lack of production originating in the countries impacted by the current conflict, which has particularly affected the Western economies.

 

This is confirmed by the projects awarded to the Group in the First Half 2022 and the days immediately after closing the first half accounts, which led the Group’s highest backlog levels ever, and were characterized by a greater geographical diversification than in the past.

 

The drive to reduce the carbon footprint leads the Group to strengthen the integration between the traditional downstream technologies and a wide range of newly green tech solutions, both proprietary and jointly developed with leading worldwide partners. Thanks to the strengthening of its proprietary technological skills, NextChem continues to pursue the industrialization of new technologies in the areas of circular economy, bioplastics/biofuels, CO2 capture, hydrogen, and green fertilizers. 

 

The technological investments which will allow our Group to remain at the forefront of the energy transition, in addition to an effective commercial strategy, have led to the first contracts in the Green Energy BU with domestic and international clients. A growing commercial pipeline is expected to deliver additional projects in the months ahead, also taking into account the awards of feasibility studies which are expected to evolve into more significant initiatives thanks to the financial backing of European Union and/or national funds for innovation and the energy transition. 

 

The evolution of the European sanctions since the beginning of the Russian/Ukrainian crisis to date has made the advancement of the Russian projects increasingly more difficult to continue, and it led to the gradual suspension of almost all of the operational activities as of the end of the First Half of 2022.

 

Taking into account what was stated above, and assuming that the pandemic does not worsen, it is expected that the other significant projects in the backlog located in areas not impacted by the current conflict may show higher production volumes than originally forecast. Such an increase which has already started in the First Half, will take place in the projects’ initial phases of engineering and procurement of critical equipment. Therefore, even though the new projects have a different phasing than the more advanced Russian ones, a strong growth in volumes this year is expected this year, albeit more concentrated in the second half, leading to a confirmation of the guidance communicated to the market on February 25, 2022.