Shares in Italian engineering and energy transition group Maire Tecnimont (BIT: MAIRE) jumped more than 5% in Milan trading on Monday, hitting a fresh 12-month high after the company published stronger-than-expected second-quarter results and unveiled new contracts in the sustainable energy sector.
The Milan-based firm reported Q2 2026 revenues of €1.2 billion, up 14% year-on-year and ahead of the consensus estimate of €1.08 billion. Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) came in at €98 million, compared with €82 million in the same period last year. The company also confirmed its full-year guidance, with an order backlog now standing at €8.5 billion, its highest level in three years.
Maire said it had secured two new engineering, procurement and construction (EPC) contracts for green ammonia plants in Egypt and Saudi Arabia, together valued at approximately €450 million. These projects are part of the company's 'Sustainable Technology Solutions' division, which focuses on low-carbon hydrogen and ammonia production. The news lifted the broader European industrial sector, with the Stoxx 600 Industrials index rising 0.6% on the day.
Barclays analysts upgraded Maire from 'equal weight' to 'overweight', raising their price target from €8.50 to €10.20. In a note, they said: 'Maire is now executing well on its energy transition strategy, with a visible pipeline that supports medium-term growth. The valuation remains attractive relative to peers.' The stock closed at €9.14 in Milan, giving the company a market capitalisation of roughly €3 billion.
For UK investors, Maire's rally underscores the growing appetite for companies with exposure to the clean energy transition, particularly in engineering and infrastructure. While Maire is not listed in London, its performance often influences sentiment toward UK-listed industrial peers such as Wood Group and John Wood Group, which also have significant energy transition exposure. The FTSE 250's industrial engineering sub-index was up 0.3% in afternoon trading, with John Wood Group shares rising 1.2%.