Annual rank20
Italy · Industrials
Maire
Offers sustainable technology and integrated engineering and construction solutions for fertilizers, hydrogen, carbon capture, fuels, chemicals and polymers.
FY2022–FY2025
FY2022–FY2025
FY2022–FY2025
current context only
Company profile
From process licence to world-scale industrial plant
MAIRE sits at two points in an industrial project's value chain. TECNIMONT engineers, procures and helps construct large chemical, fertilizer and energy plants; NEXTCHEM owns and licenses technologies that determine what those plants make and how efficiently they operate. Stamicarbon adds decades of fertilizer-process expertise. The result is a platform spanning early studies, proprietary process design, critical equipment, construction, commissioning, digital services and support through the operating life of a plant.
Engineering at scale
From a Norwegian fjord to Kazakhstan and Abu Dhabi
TECNIMONT's work becomes concrete in very different settings. It has designed integration for a Norwegian green-ammonia proposal, leads work on Kazakhstan's linked Tengiz gas-separation and Silleno polyethylene complexes, and is executing the onshore gas-treatment and sulphur-recovery scope of the Hail and Ghasha development in Abu Dhabi.
- See the integrated platform How sustainable technologies and project execution fit together
- Design green ammonia in Norway Electrolysers, nitrogen, ammonia, storage and ship loading
- Connect Tengiz with Silleno Gas separation feeding a new polyethylene complex in Kazakhstan
- Follow Hail and Ghasha A live update on a major Abu Dhabi gas-treatment project
Proprietary processes
A catalogue built around molecules and recovered carbon
NEXTCHEM's named solutions cover ammonia, hydrogen and syngas, methanol and circular feedstocks; its methanol routes include options using captured CO2. The pages explain process routes rather than only market labels. Two official English films add the strategic view: why the portfolio is assembled this way and how the company expects technologies to move from development into industrial use.
- Explore ammonia technologies Routes for conventional, low-carbon and renewable ammonia
- Explore hydrogen and syngas Process technologies for lower-carbon production
- Explore methanol Technology routes and the role of captured carbon
- Explore circularity Recovering value from plastics, biomass and non-recyclable material
- ▶ VideoWatch NEXTCHEM design technologies Official English film introducing the sustainable-technology platform
- ▶ VideoWatch the technology strategy Fabio Fritelli explains the portfolio at Capital Markets Day
Fertilizer know-how
Stamicarbon stays with a urea plant across its life
Stamicarbon's Launch, Advance and Evolve model runs from licensing and plant design through optimisation and revamps. Its specialist portfolio includes UAN, sulphur-enriched UAS and diesel-exhaust-fluid processes, while the knowledge centre gives operators access to technical articles, podcasts and webinars on ammonia, urea, safety and digitalisation.
- Open the urea technology guide Launch, Advance and Evolve across a plant's full lifecycle
- Explore fertilizer specialties UAN, sulphur-enriched UAS, controlled release and DEF applications
- Enter the knowledge centre Webinars, podcasts and technical insight for plant teams
Technology made tangible
Methanol, recycled plastic and a planned innovation district
The Pacifico Mexinol project applies NEXTCHEM processes and critical equipment to a planned ultra-low-carbon methanol facility in Mexico. In Milan, NX Replast turned post-consumer plastic into a 100% recycled transport seat. MAIRE is developing a Green Innovation District at its historic Rome headquarters, planned to combine research and analysis laboratories with pilot-plant space for testing technologies before industrial scale.
- Study Pacifico Mexinol Technology, equipment and the intended low-carbon methanol output
- See the recycled transport seat NX Replast demonstrated through a finished urban product
- See the planned Green Innovation District Planned laboratories, pilot-plant areas and a route toward industrialisation
Official profile sources: MAIRE Progress Report 2025 · Stamicarbon press release
Current 2026 update
What is changing at Maire in 2026?
MAIRE's integrated model is showing up at three scales. Argentina combines a process licence with plant delivery; late-August awards sell technology, equipment and early engineering across several regions while Ballestra and ETEK await income contribution; and Abu Dhabi tests logistics and megaproject execution.
The change in one sentence
The same platform now sells process IP, early design and integrated project delivery.
Contract stages differ: Argentina has divided committed scope; most of Project Lion awaits Notice to Proceed; South American EPC progression awaits FID; the Rich Gas contract was already in backlog; and no-major-disruption at Hail and Ghasha is MAIRE's assessment.
Four lenses on 2026
The same four-quadrant format used in the Company profile.
01 · Integrated Argentina scope
One fertilizer complex assigns a different job to each part of the group
The approximately EUR 1.3 billion Bahía Blanca fertilizer project combines three roles. Tecnimont is responsible for engineering, procurement, commissioning and start-up; Nextchem supplies a EUR 140 million package covering urea licensing, process design, proprietary equipment and the syngas reformer; Argentine contractor SACDE carries out construction. Two urea trains are designed for a combined 6,000 metric tons a day, or 2.1 million tons a year, and completion is expected in 41 months. These are divided contractual scopes and a timetable expectation, not a single undifferentiated EPC job.
- Current signalEUR 1.3bn total · EUR 140m Nextchem package · 41 months expected
- Why it mattersThe award makes MAIRE's two-part model tangible: proprietary process technology can sit inside a much larger engineering and delivery programme.
- Argentina fertilizer complex MAIRE · 2026-07-20
02 · Portfolio and award stages
Acquired technologies widen the catalogue as August awards test both business units
Ballestra and ETEK assets and liabilities entered H1 consolidation, but neither contributed to the H1 income statement. Separately, August showed how MAIRE sells know-how before construction: Project Lion in Australia would turn sugarcane residues into syngas for SAF and renewable diesel, but most scope awaits Notice to Proceed; about EUR 50 million of Nextchem awards span urea licences, process design, equipment and a plastics feasibility study; and about EUR 110 million of Tecnimont awards include South American early engineering, whose potential EPC phase is subject to FID, plus an Asian LNG FEED and other works.
- Current signalNo H1 income-statement contribution · EUR 50m STS awards · EUR 110m IE&CS awards
- Why it mattersThe platform earns at several pre-construction stages, but the August awards are not proof that the acquisitions generated them or that the underlying plants will all proceed.
- H1 projects and portfolio update MAIRE · 2026-07-30
- Australia SAF technology award MAIRE · 2026-08-17
- Nextchem global technology awards MAIRE · 2026-08-25
- Tecnimont global engineering awards MAIRE · 2026-08-27
03 · Abu Dhabi execution
One megaproject reroutes 600 shipments while another becomes more concrete
At Hail and Ghasha, MAIRE says reduced Strait of Hormuz operability led the team to reroute about 600 shipments and deliver roughly 1,500 containers through alternative arrangements. At end-June, overall progress was about 75% and construction 59%; the company says work continued without major disruption and is documenting mitigation impacts for contractual cost recognition, but discloses no schedule variance or recovered amount. A separate August release details the USD 4.3 billion Rich Gas Development Phase 3 contract already included in H1 backlog: a fifth NGL fractionation unit and associated systems designed for 23,000 tonnes a day, with completion planned for 2030.
- Current signalHail and Ghasha: 75% overall · Rich Gas: USD 4.3bn and 23,000 t/day designed
- Why it mattersThe two projects show different execution stages: one is deep in construction and managing logistics, while the other is a longer-dated backlog programme with newly disclosed plant scope.
- H1 projects and portfolio update MAIRE · 2026-07-30
- Rich Gas Development scope MAIRE · 2026-08-10
04 · What to watch
Three questions for the next disclosures
Three questions track conversion from divided scope, early-stage awards and backlog into operating delivery.
- Argentina interfacesDo Tecnimont, Nextchem and SACDE keep their divided scopes aligned with the expected 41-month programme?
- Stage conversionDo Project Lion receive Notice to Proceed, the South American project reach FID, and Ballestra or ETEK contribute identifiable income?
- Abu Dhabi deliveryDoes Hail and Ghasha advance without disclosed schedule or cost slippage, and does Rich Gas meet its early milestones?
Annual record
Ranking history
Future editions add rows; they do not rewrite the 2026 record.
| Edition | Measurement period | Rank | Revenue growth | Net-income growth | Stock return |
|---|---|---|---|---|---|
| 2026 | FY2022–FY2025 | 20 | +103% | +190% | +367% |