Industrie De Nora Spa · MIL:DNR
Industrie De Nora Spa — De Nora — Non-Deal Roadshow (March 2025)
58 slides from Industrie De Nora Spa's roadshow presentation, March 2025
Slide 1: Financial Company Presentation Roadshow March 2025
Financial Company Presentation Roadshow March 2025 © 2025 De Nora
Slide 2: With you today
W I T H YO U T O D AY Paolo Dellachà Luca Oglialoro Chiara Locati CEO CFO Head of IR & ESG 2 © 2025 De Nora
Slide 3: Agenda
AGENDA De Nora in a Nutshell 2024 Business Achievements 2024 Financial Results Review Sustainability Journey Mid-term View Final Remarks Q&A 3 © 2025 De Nora
Slide 4: Who we are
WHO WE ARE Global Leader in Electrode Te c h n o l o g i e s a n d W a t e r Tr e a t m e n t Solutions The world's largest supplier of high- performing coatings and electrodes for industrial applications Leader in emerging sustainable technologies and with a key role in Green Hydrogen market Recogn
Slide 5: De Nora: three divisions, one soul
DE NORA: THREE DIVISIONS, ONE SOUL 1 0 0 Ye a r s o f E l e c t r o c h e m i s t r y, t o p r o v i d e S u s t a i n a b l e Te c h n o l o g i e s FY 2024 Revenues By Business Units ELECTRODE TECHNOLOGIES ENERGY TRANSITION WATER TECHNOLOGIES Electrochlorination, Disinfection and Anodes, Cathodes,
Slide 6: Electrode Technologies
ELECTRODE TECHNOLOGIES Addressing Multiple Industrial Applications with a Wide Range of Products ANODES CATHODES CATALYTIC COATINGS GDE1 MAIN ADDRESSED INDUSTRIES Chlor-alkali Electronics Metals Refining OTHER INDUSTRIES Pulp & paper Steel Automotive Plumbing & furniture Steel & concrete galvanizing
Slide 7: Water Technologies
WAT E R T E C H N O L O G I E S Leading Solutions to Provide a Sustainable Water Management APPLICATIONS Pools WATER TECHNOLOGIES SYSTEMS (DISINFECTION AND FILTRATION) Municipal Industrial Self-cleaning metal-coated titanium Gas feed chlorination & Ozone systems, - Chlorine dioxide and Ultraviolet t
Slide 8: Energy Transition
ENERGY TRANSITION Te c h n o l o g i c a l L e a d e r i n t h e G r e e n H y d r o g e n I n d u s t r y PORTFOLIO Electrodes for Alkaline Electrolysis Cells Stack for AWE Gas Diffusion Electrodes Small Scall Electrolyzer Water Electrolysis for fuel cells DRAGONFLY® (AWE) MAIN APPLICATIONS Hard to
Slide 9: Our successful history
I N N O V AT I O N , G R O W T H , L E A D E R S H I P, PA R T N E R S H I P S A N D R E S I L I E N C E This is our Successfully History 1 First Joint Venture with thyssenkrupp Uhde Chlorine Engineers (“tkUCE”) was set up in 2001, renamed tk nucera in 2022. 2 Acquisition of Severn Trent Water Purif
Slide 10: De Nora's key figures, assets and global footprint
DE NORA’S KEY FIGURES, ASSETS, AND DISTINCTIVE GLOBAL FOOTPRINT 278 AMS EMEIA A PA C Patent families 5 585 5 723 4 774 24 Operating companies 14 Manufacturing facilities 35% of revenues 5 30% 35% of revenues of revenues R&D laboratories €862.6m FY 2024 Revenues 2,082 People Factories People 10 Data
Slide 11: Agenda
AGENDA De Nora in a Nutshell 2024 Business Achievements 2024 Financial Results Review Sustainability Journey Mid-term View Final Remarks Q&A 11 © 2025 De Nora
Slide 12: Flawless execution drives strong growth in Q4
FLAWLESS EXECUTION DRIVES STRONG GROWTH IN Q4 ELECTRODE TECHNOLOGIES WATER TECHNOLOGIES +17.5% Revenues Q4 2024 +17.1% Revenues Revenues +15.4% Adj EBITDA margin 19.2% Operating Cash Flow €58 m + 4.1% Revenues + 47% Orders ENERGY TRANSITION TOTAL ORDER INTAKE 12 © 2025 De Nora Changes vs Q4 2023
Slide 13: Key highlights 2024
KEY HIGHLIGHTS 2024 Solid set of results exceeding expectations SOLID SET OF RESULTS, Adj • +2.6% Revenues (constant fx), 18.2% Adj EBITDA1 margin EBITDA MARGIN EXCEEDED • € 820 m order intake + 15.4% YoY GUIDANCE…. • €118 m Operating cash flow generation …DRIVEN BY ALL BUs • Electrodes: +0.6% Reven
Slide 14: FY key results
F Y 2 0 2 4 K E Y R E S U LT S Solid set of results driven by all BUs performances REVENUES ELECTRODE TECH WATER TECH ENERGY TRANSITION €862.6 m €453.3 m Revenues €304.1 m Revenues €105.2 m Revenues +2.6% @ constant fx In line YoY @ constant fx +4.9% YoY +2.9% YoY 22.4% Adj.Ebitda margin 16.5% Adj.E
Slide 15: Electrode Technologies business
ELECTRODE TECHNOLOGIES BUSINESS Order Intake and Revenues accelerated in Q4 Q4 ORDERS BACKLOG Q4’24 EXECUTION BOOSTED THE FULL YEAR RESULTS 348 291 • Order Intake accelerated in Q4, driven by the chlor-alkali line, bringing the FY Orders in line with 2023. +46% 150 • The backlog does not reflect the
Slide 16: Water Technologies business
WAT E R T E C H N O L O G I E S B U S I N E S S Supportive market momentum FY ORDERS BACKLOG ROBUST ORDER INTAKE PROVIDES REVENUE VISIBILITY +20% 313 • WTS: +20% YoY Orders , which more than covered revenue of 262 +5% the period (book to bill 1+). Main geographies: 139 146 North America, the Middle
Slide 17: Water Technologies: flagship orders and PFAS pilots
WAT E R T E C H N O L O G I E S B U S I N E S S Flagship Orders achieved in Q4 2024 & Deploying PFAS Pilots in 2024 SELECTED NEW CONTRACTS IN Q4 2024 PFAS WORK IN PROGRESS 2024 COBB COUNTY, ATLANTA USA ClorTec® Systems Drinking Water 13 INITIATIVES WORLDWIDE Water production capacity: 330k m3/d New
Slide 18: Energy Transition business
ENERGY TRANSITION BUSINESS FY 2024, impressive performance in an increasingly challenging scenario ORDERS BACKLOG REVENUE GROWTH AND POSITIVE EBITDA 125 120 100,1 • FY 2024 Revenues were €105 m, +2.9% YoY, in line with 2.9X guidance, positive Adj. EBITDA margin at 5.9% • New Orders mainly include th
Slide 19: Dragonfly: small-scale green hydrogen solution
D R A G O N F LY ® | S M A L L - S C A L E G R E E N H Y D R O G E N S O L U T I O N Successfully launched in 2024 5 Projects in Backlog - 8 MW Dragonfly® containerized Small- Scale (1 to 7.5MW) solution HyTecHeat - Snam e Tenova designed for decentralized applications 1MW low carbon H2 for steel pr
Slide 20: Agenda
AGENDA De Nora in a Nutshell 2024 Business Achievements 2024 Financial Results Review Sustainability Journey Mid-term View Final Remarks Q&A 20 © 2025 De Nora
Slide 21: Q4 revenues
Q4 REVENUES Robust execution underpinning strong Q4 KEY HIGHLIGHTS ELECTRODE TECHNOLOGIES • +17.5% YoY growth driven by Chlor-alkali project execution • Electronics expected to recover in 2025 WATER TECHNOLOGIES • +20% YoY Pools, healthy positive trend continues • +16% WTS, sound revenue recovery dr
Slide 22: Q4 adjusted EBITDA
Q4 ADJUSTED EBITDA Profitability climbed thanks to volumes and inefficiencies reabsorption KEY HIGHLIGHTS Q4 ELECTRODE TECHNOLOGIES Electrode Technologies 50.1 • The evolution vs 2023 mainly reflects the different revenue mix Water • EBITDA exceeded expectations due to the Technologies faster resolu
Slide 23: FY 2024 revenues
FY 2024 REVENUES Low single digit growth @ constant FX, in line with guidance KEY HIGHLIGHTS +2.6% YoY +0.7% YoY Revenues By Geography ELECTRODE TECHNOLOGIES 856.4 878.5 862.6 Americas; • Revenues driven by Chlor-alkali projects in 29.9% Asia and the US. Electrowinning was +3.2% +2.9% positive, whil
Slide 24: FY 2024 backlog
FY 2024 BACKLOG O rd e rs i n Wate r a n d E n e rg y Tra n s i t i o n e n h a n c e 2 0 2 5 v i s i b i l i t y KEY HIGHLIGHTS 612.1 Backlog by Year of Deployment ELECTRODE TECHNOLOGIES 558.0 2028+ • Recovered in Q4 vs Q3, thanks to 12% robust order intake and despite accelerated project execution
Slide 25: FY operating costs
F Y 2 0 2 4 O P E R AT I N G C O S T S Scaling Corporate Structure for the future COGS (€m)* SG&A and Corporate R&D (€m)* KEY HIGHLIGHTS (€m)* As % • COGS: increase mainly reflecting of 65.6% 67.4% 12.9% 13.4% 1.8% 1.7% product mix and some Sales inefficiencies related to production set-up optimizat
Slide 26: FY adjusted EBITDA
FY ADJUSTED EBITDA FY 2024 Adjusted EBITDA Margin 18%, above the FY guidance KEY HIGHLIGHTS ELECTRODE TECHNOLOGIES • The trend vs.2023 reflects a different revenue mix, and some inefficiencies related to the production capacity scale-up, mainly in H1 • Q4 was better than expected due to faster ineff
Slide 27: Net financial position at December 2024
NET FINANCIAL POSITION @ 31 DECEMBER 2024 Robust Operating Cash Flow Covered Capex, Dividends and Buy Back €118 m Operating Cash Flow 151.8 1.7 o/w €58 m in Q4 (3.7) Net Cash before Shareholders’ (32.2) remuneration 1.3 2.3 117.6 (67.4) (4.4) 68.2 (26.0) 67.1 41% EU Taxonomy Aligned (24.5) NET CASH
Slide 28: Agenda
AGENDA De Nora in a Nutshell 2024 Business Achievements 2024 Financial Results Review Sustainability Journey Mid-term View Final Remarks Q&A 28 © 2025 De Nora
Slide 29: All around sustainability: 2024 achievements
A L L A R O U N D S U S TA I N A B I L I T Y 2024 Achievements, on track with the Plan CLICK HERE TO PLAY THE VIDEO 29 © 2025 De Nora
Slide 30: All around sustainability: 2024 achievements
A L L A R O U N D S U S TA I N A B I L I T Y 2024 Achievements, on track with the Plan CLIMATE ACTION & CIRCULAR ECONOMY PEOPLE • DE&I Policy Adopted CLIMATE • Decarbonization Plan for main Plants defined • Parental and Relocation Policies ugraded • 29% Renewable Energy used • 0% Pay Equity Gap2 • 3
Slide 31: EU Taxonomy and contribution to SDGs
A L L A R O U N D S U S TA I N A B I L I T Y E U Ta x o n o m y a n d C o n t r i b u t i o n t o S D G s REVENUES CAPEX OPEX 19% 30% 29% EU TAXONOMY 41% 52% 12% 69% 29% 19% Eligible and Aligned Eligible not Aligned Not Eligible REVENUES ORDER WTS1 R&D Costs 27% 9% 98% SDGs 1.1m ton CO2 140k m2 295m
Slide 32: Agenda
AGENDA De Nora in a Nutshell 2024 Business Achievements 2024 Financial Results Review Sustainability Journey Mid-term View Final Remarks Q&A 32 © 2025 De Nora
Slide 33: Our key competitive strengths
GLOBAL LEADER IN ELECTROCHEMISTRY Our Key Competitive Strengths across our Business Units UNPARALLELED CUTTING HEDGE LONG-STANDING PARTNERSHIPS & TECHNOLOGICAL GLOBAL & FLEXIBLE CUSTOMERS IN DIFFERENTIATED LEADERSHIP FOOTPRINT FINAL MARKETS 280 Patents 2000+ Employees 90+ Countries 2800+ Geo Extensi
Slide 34: Electrode Technologies: market analysis and positioning
E L E C T R O D E T E C H N O L O G I E S | M A R K E T A N A LY S I S A N D P O S I T I O N I N G Leadership and Balanced End -market Exposure Chlor-alkali Electronics Metal Refining DE NORA EXPOSURE* 71% 14% 15% POSITIONING** >50% mkt >50% mkt ~50% mkt share share share END MARKET • Chlorine • Pri
Slide 35: Water Technologies: market trends and positioning
WAT E R T E C H N O L O G I E S | M A R K E T T R E N D S A N D P O S I T I O N I N G D i v e r s i f i e d Te c h n o l o g y P o r t f o l i o t o c a p i t a l i z e o n M a r k e t M o m e n t u m Water Technology Systems Pools Electro-chlorination Disinfection & Filtration EXPOSURE* 33% 34% 34%
Slide 36: Green hydrogen market perspective
GREEN HYDROGEN MARKET PERSPECTIVE Uncertain short-term scenario but promising mid-long-term outlook MARKET OUTLOOK • Short-term scenario is uncertain, driven by regulation and electricity costs. • Mid Term outlook is positive, 30GW expected to be installed globally by 2030, in a CAGR24-30 +57% conse
Slide 37: De Nora assets to lead in green H2
DE NORA ASSETS TO LEAD IN GREEN H 2 Unmatched Technological Expertise • From catalyst to complete system • Leveraging on 100 yrs+ chlor-alkali plant expertise and leadership Ongoing development of successful R&D projects Guaranteed Performance & Cost Control • High current density → 3x to 5x more ef
Slide 38: Energy Transition pipeline at 31 December 2024
ENERGY TRANSITION PIPELINE @31 DECEMBER 2024 Strong Commercial Pipeline, while new FIDs are taking longer than expected COMMERCIAL PIPELINE CAGR 2022- 2024 +46% (GW) 2022 2023 2024 TOTAL PIPELINE 44 GW 63 GW 94 GW DE NORA BACKLOG @ 31 December 2024 € BN 4.1 6.0 8.9 BACKLOG ~1.1 GW ~120 €M o/w ACTIVE
Slide 39: Regulations and strategies across geographies
R E G U L AT I O N S & S T R AT E G I E S A C R O S S D I F F E R E N T G E O G R A P H I E S . . …to unlock Green Hydrogen Market Growth 46 countries worldwide published their national Green H2 USA, wait and see strategies and 20 more are in progress • 45V released in Jan. 2025, final rules looser
Slide 40: Distinctive production footprint
DISTINCTIVE PRODUCTION FOOTPRINT Capacity in Place first wave of expansion completed, ongoing Gigafactory Project ITALIAN GIGAFACTORY AMS EMEIA ASIA ongoing project ▪ PRODUCTION FACILITIES ▪ PRODUCTION FACILITIES ▪ PRODUCTION FACILITIES • Smart and Sustainable Factory for Electrodes, Water for Elect
Slide 41: 2025 guidance
2025 GUIDANCE A n o t h e r Ye a r o f G r o w t h s u p p o r t e d b y h i g h r e v e n u e v i s i b i l i t y REVENUES LOW SINGLE-DIGIT GROWTH ADJ. EBITDA MARGIN Excluding non-recurring Gigafactory net costs* Electrode Technologies Slightly below 2024 ~17% Water Technologies Mid Single-Digit Gr
Slide 42: Mid term view 2025-2027
MID TERM VIEW | 2025- 2027 C o re B u s i n e s s P rov i d i n g Re s i l i e n c e , L ow V i s i b i l i t y i n E n e rg y Tra n s i t i o n CORE BUSINESS CAGR (2024-2027) LOW SINGLE DIGIT De Nora This view is based on the resilient core business guidance and current visibility in Energy Transit
Slide 43: 2025-2027 other financials
2025 – 2027 |OTHER FINANCIALS Optimized Capex and Cash Generation ~€ 190m NPF Capex 2025-2027* 2027 vs 2024 BROADLY STABLE €38 Plant & Operation ANNUAL RATE Maintenance €75 Extraordinary (Gigafactory and HQ) UP TO 25% TOTAL 2025-2027 ANNUAL DIVIDEND PAY – OUT 43 © 2025 De Nora *Excluding Leases
Slide 44: Our commitment to growth: bolt-on M&A
OUR COMMITMENT TO GROWTH OVER THE NEXT YEARS In the 2025–2027 we will explore M&A not currently included in our M i d - Te r m V i e w … We are exploring market opportunities to drive bolt-on growth and unlock new value-creation avenues We are focused on M&A opportunities that drive expansion, lever
Slide 45: Our commitment to growth: new revenue streams
OUR COMMITMENT TO GROWTH OVER THE NEXT YEARS … we will work to unlock new revenue streams Driving sustainable performance by capitalizing on untapped markets and innovative technologies We are preparing for the next phase of expansion by leveraging: • Strategic Partnerships: extending our global rea
Slide 46: Agenda
AGENDA De Nora in a Nutshell 2024 Business Achievements 2024 Financial Results Review Sustainability Journey Mid-term View Final Remarks Q&A 46 © 2025 De Nora
Slide 47: Final remarks
FINAL REMARKS Driving Sustainable Performance Exceptional execution in Q4 leading to above guidance profitability 2024 order intake provides strong revenue visibility for 2025 2025 will be another year of growth and solid cash generation The mid-term outlook for our core businesses remains robust Th
Slide 48: We have a clear ambition to drive future value
OUR COMMITMENT TO GROWTH OVER THE NEXT YEARS We have a clear ambition to drive future value “To pioneer clean solutions for water, circularity, hydrogen and electrochemical processes, enabling customers transition to sustainable operations” 48 © 2025 De Nora
Slide 49: Agenda
AGENDA De Nora in a Nutshell 2024 Business Achievements 2024 Financial Results Review Sustainability Journey Mid-term View Final Remarks Q&A 49 © 2025 De Nora
Slide 50: Q&A
Q&A 50 © 2025 De Nora
Slide 51: Investor relations: ready to engage
I N V E S TO R R E L AT I O N S – R E A DY TO E N G A G E UPCOMING EVENTS 2025 FINANCIAL CALENDAR IR CONTACTS Mar. 20 Global Industrials Conference, May 14 Q1 2025 Results Conference Call London – BofA ir@denora.com Investor Relations | Overview | De Nora Mar. 21 Milano Roadshow – Kepler Jul. 31 H1
Slide 52: Additional Materials
A d d i t i o n a l M a t e r i a l s © 2025 De Nora
Slide 53: Income statements
I N C O M E S TAT E M E N T S (€m) Q1 2023 Q2 2023 H1 2023 Q3 2023 9M 2023 Q4 2023 FY 2023 Q1 2024 Q2 2024 H1 2024 Q3 2024 9M 2024 Q4 2024 FY 2024 Revenue 216.9 203.5 420.4 209.4 629.8 226.6 856.4 189.1 211.2 400.3 200.9 601.2 261.4 862.6 YoY Growth (%) 8.6% -4.8% 2.4% 1.6% 2.1% -4.1% 0.4% -12.8% 3.
Slide 54: Quarterly revenues and adj. EBITDA by division
Q U A R T E R LY R E V E N U E S A N D A D J . E B I T D A B Y D I V I S I O N Q1 ‘24 vs Q2 ‘24 vs Q3 ‘24 vs Q4 ‘24 vs (€m) Q1 ‘23 Q2 ‘23 Q3 ‘23 Q4 ‘23 Q1 ‘24 Q2 ‘24 Q3 ‘24 Q4 ‘24 Q1 '23 Q2 ‘23 Q3 ‘23 Q4 ‘23 REVENUES 216.9 203.5 209.4 226.6 189.1 211.2 200.9 261.4 -12.8% 3.8% -4.1% 15.4% Electrode T
Slide 55: Income statement: focus on EBITDA adjustments
I N C O M E S TAT E M E N T Focus on EBITDA Adjustments (€m) FY 2023 FY 2024 Sales 856.4 862.6 EBITDA 176.5 151.8 Margin (%) 20.6% 17.6% Termination costs (labor + legal expenses) 1.3 1.5 Costs relative to IPO process 0.7 - Costs for M&A, integration, and company reorganization 0.8 1.0 Marine busine
Slide 56: Balance sheet
BALANCE SHEET (€m) FY 2024 FY 2023 Intangible assets 116.0 115.8 Property, plant and equipment 291.8 254.3 Equity-accounted investees 236.8 231.5 Fixed asset 644.5 601.6 Inventories 255.5 257.1 Contract work in progress, net of advances from customers 36.4 31.7 Trade receivables 173.5 141.9 Trade pa
Slide 57: Cash flow statement
C A S H F L O W S TAT E M E N T (€m) FY 2024 FY 2023 EBITDA 151.8 176.5 Losses on the sale of property, plant and equipment and intangible assets (5.3) 0.6 Other non-monetary items 3.7 (3.1) Cash flows generated by operating activities before changes in net working capital 150.2 174.0 Change in inve
Slide 58: Thank you!
Thank you! IR CONTACTS ir@denora.com Investor Relations | Overview | De Nora © 2025 De Nora