Industrie De Nora Spa · MIL:DNR
Industrie De Nora Spa — Non-Deal Roadshow (May 2025)
60 slides from Industrie De Nora Spa's roadshow presentation, May 2025
Slide 1: Financial Company Presentation Roadshow May 2025
Financial Company Presentation Roadshow May 2025 © Luca Campigotto © 2025 De Nora
Slide 2: Agenda
AGENDA De Nora in a Nutshell Q1 2025 Business Achievements Q1 2025 Financial Results Review Sustainability Journey Mid-term View Investment case 2 © Luca Campigotto ©©2025 2025De De Nora Nora
Slide 3: 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 4: 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 12% 53% 35% ELECTRODE TECHNOLOGIES ENERGY TRANSITION WATER TECHNOLOGIES Electrochlorination, Disinfection and Anode
Slide 5: 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 6: 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 7: 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 8: 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 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 Purification
Slide 9: 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 13 Manufacturing facilities 35% of revenues 5 R&D laboratories 30% 35% of revenues of revenues 1 Innovation Center €862.6m FY 2024 Revenues 2,082 People Facto
Slide 10: Agenda
AGENDA De Nora in a Nutshell Q1 2025 Business Achievements Q1 2025 Financial Results Review Sustainability Journey Mid-term View Investment case 10 © Luca Campigotto ©©2025 2025De De Nora Nora
Slide 11: Strong Start to the Year – Q1 Financial Highlights
S T R O N G S TA R T T O T H E Y E A R – Q 1 2 0 2 5 F I N A N C I A L H I G H L I G H T S ELECTRODE TECHS WATER TECHS Chlor-Alkali & Electronics drove Pools lead performances Q1 2025 Revenues +6% YoY © Luca Campigotto driven by: © Luca Campigotto Electrodes Techs +15.2% Water Techs +8.7% Adj. EBITD
Slide 12: Key Highlights Q1 2025
KEY HIGHLIGHTS Q1 2025 Growth and profitability support confidence in FY 2025 Guidance GROWTH • +6% YoY Revenues (+4.8% @ constant fx) AND PROFITABILITY… • +8.2% YoY Adj EBITDA1 - Margin on Revenues 19.7% (+0.4pp vs Q1 2024) …DRIVEN BY THE CORE • Electrode and Water Techs combined Revenues +12.4% Yo
Slide 13: Q1 Key Results
Q 1 2 0 2 5 K E Y R E S U LT S R e v e n u e s a n d p r o f i t a b i l i t y g r e w, d r i v e n b y t h e C o r e B u s i n e s s REVENUES EBITDA ADJUSTED* NET RESULT ADJ. NET CASH POSITION €200.4 m €39.4m €18.9 m €27.8m +6.0% YoY +8.2% YoY +1.7% YoY €118€ €9.4 m @31 March 2024 +4.8% @ constant
Slide 14: Electrode Technologies Business: Q1 2025 Orders
ELECTRODE TECHNOLOGIES BUSINESS Order growth in all segments, short and mid-term outlook confirmed Q1 ORDERS BACKLOG Good Start to the Year with order and revenue growth 291 279 • Order Intake grew by 7.6% YoY, driven by a slight recovery +7.6% in the Electronics segment and positive performance in
Slide 15: 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 Order intake keeps growing and improving revenue growth visibility Q1 ORDERS BACKLOG Positive Momentum Continues… +17% 171 +17% 146 • Backlog growth is mainly driven by WTS 98.6 84.2 • WTS: order driven by aftermarket services, which grew by 70%. Key g
Slide 16: Flagship Orders Achieved in Q1 2025 1/2
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 Q1 2025 1/2 3rd Underground Water Purification Facility In China KUNMING CITY, CHINA TETRA® Filtration Municipal | Wastewater Treatment Plant Water Treatment capacity: 400k m3/d New installation • The plant plays a critical
Slide 17: Flagship Orders Achieved in Q1 2025 2/2
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 Q1 2025 2/2 OTHER SELECTED NEW CONTRACTS IN Q1 2025 NUCOR STEEL, US PFAS: SIGNED THE FIRST CONTRACT TETRA® Filtration Industrial | Steel Water Treatment capacity: 55k m3/d PERKASIE City, Pennsylvania US Upgrade installation
Slide 18: Energy Transition Business
ENERGY TRANSITION BUSINESS We are executing our backlog while working towards future growth BACKLOG MAIN ON GOING PROJECTS EXECUTION AND EFFICIENCY 120 • NEOM, Saudi Arabia, 106 • Q1 2025 volumes as planned and agreed with customers > 2 GW tot project - H2 to Ammonia • STEGRA project, Sweden • Enhan
Slide 19: Inaugurated New Innovation Center in Mentor (Ohio)
N E W I N N O VAT I O N C E N T E R – U S Inaugurated our New Innovation Center in Mentor (Ohio) NEW INNOVATION CENTER In addition to the existing 5 R&D Labs in US, Ita, and Japan • Covered Area > 1,000 m2 • Directly connected to the Mentor production plant. Focus: • Advancing product development an
Slide 20: Agenda
AGENDA De Nora in a Nutshell Q1 2025 Business Achievements Q1 2025 Financial Results Review Sustainability Journey Mid-term View Investment case 20 © Luca Campigotto ©©2025 2025De De Nora Nora
Slide 21: Q1 2025 Revenues
Q1 2025 REVENUES Mid Single-Digit Growth driven by the Core Business +6.0% YoY +4.8% YoY KEY HIGHLIGHTS Revenues By Geography ELECTRODE TECHNOLOGIES 189.1 200.4 198.1 Americas • Revenue growth driven by all segments 33.4% EMEIA especially Chlor-Akali (+16% YoY) and (33.5%) (33.5%) 30.9% Electronics
Slide 22: Q1 2025 Backlog
Q1 2025 BACKLOG Backlog Resilience Fueled by Water Business Growth KEY HIGHLIGHTS Backlog by Year of Deployment ELECTRODE TECHNOLOGIES 558.0 556.2 2028+ • Heatly project execution partially 14% off-set by new orders (+7.6% YoY) • Positive Order dynamics in all 2027 segments and especially in 2% Elec
Slide 23: Q1 Operating Costs
Q 1 2 0 2 5 O P E R AT I N G C O S T S Corporate Structure and R&D profile well set to grow COGS (€m)* SG&A and Corporate R&D (€m) KEY HIGHLIGHTS (€m)* As % • COGS – Incidence on Revenues of 64.8% 64.7% 14.3% 14.4% 2.1% 1.8% broadly aligned with Q1’24 Sales • G&A and Corporate costs increased mainly
Slide 24: Adjusted EBITDA Q1 2025
ADJUSTED EBITDA Q1 2025 S o l i d p r o f i t a b i l i t y, d r i v e n b y v o l u m e s a n d p r o c e s s e f f i c i e n c i e s KEY HIGHLIGHTS +8.2% YoY ELECTRODE TECHNOLOGIES • Q1’25: Healthy profitability, driven by volumes • Trend compared with Q1 2024 mainly reflects a different product m
Slide 25: Net Financial Position @ March 2025
NET FINANCIAL POSITION @ 31 MARCH 2025 Po s i t i ve N e t C a s h Po s i t i o n , re f l e c t i n g t y p i ca l Q 1 N WC Tre n d 36.0 67.1 1.0 (47.3) 0.9 27.8 (14.8) (13.2) (1.9) NET CASH EBITDA Δ NWC and OTHER TAXES CAPEX FINANCIALS OTHERS NET CASH DEC’24 Q1’25 provisions OPERATING & PAID CHARG
Slide 26: Agenda
AGENDA De Nora in a Nutshell Q1 2025 Business Achievements Q1 2025 Financial Results Review Sustainability Journey Mid-term View Investment case 26 © Luca Campigotto ©©2025 2025De De Nora Nora
Slide 27: Sustainability Strategy
A L L A R O U N D S U S TA I N A B I L I T Y Sustainability Strategy EXTNERNAL RECOGNITIONS CLICK HERE TO PLAY THE VIDEO 27 © 2025 De Nora
Slide 28: Sustainability Journey Update
S U S TA I N A B I L I T Y J O U R N E Y U P D AT E Q1 2025 News DECARBONISATION PLAN UPDATES WHAT’S NEW + 380 MWh RENEWABLE ENERGY CAPACITY BUSINESS AND HUMAN RIGHTS ACCELERATOR Click here to download our 2024 executive summary • Installation of new PV plants to produce Renewable Six-month training
Slide 29: Agenda
AGENDA De Nora in a Nutshell Q1 2025 Business Achievements Q1 2025 Financial Results Review Sustainability Journey Mid-term View Investment case 29 © Luca Campigotto ©©2025 2025De De Nora Nora
Slide 30: 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 and Specialties DE NORA EXPOSURE* 71% 14% 15% POSITIONING** >50% mkt >50% mkt ~50% mkt share share share END MARKET
Slide 31: 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 32: 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 33: Market Analysis: How Countries Are Creating a Sustainable H2 Market
M A R K E T A N A LY S I S Q 1 2 5 …How countries are creating a sustainable H2 market EUROPE MIDDLE EAST • European Hydrogen Bank €1bn Q3 2025 SAUDI ARABIA • Key projects: SoutH2 Corridor & H2Med • $10bn in green H2 projects through its Public Investment Fund • Infrastructure: Belgium, Germany, Den
Slide 34: Dragonfly Small-Scale Green H2 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 2 S O L U T I O N BACKLOG - SMALL SIZE PROJECTS Our innovative H2 generation system • Designed to minimize Total Cost of Ownership HyTecHeat - Snam/Tenova (TOC) and Levelized cost of green H2 1MW H2 to steel • Plug-n-play system • Reduced Footprin
Slide 35: 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 36: Energy Transition Pipeline @31 March 2025
ENERGY TRANSITION PIPELINE @31 MARCH 2025 Steady 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 March 2025 € BN 4.1 6.0 8.9 BACKLOG ~950 MW ~106 €M o/w ACTIVELY 11 GW 18 GW 25
Slide 37: 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 for ▪ PRODUCTION FACILITIES ▪ PRODUCTION FACILITIES • Smart and Sustainable Factory Electrodes, Water for Elect
Slide 38: 2025 Guidance
2025 GUIDANCE Solid Q1 Performance Boosts Confidence in FY 2025 Guidance 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 Growth Energy Transition High Single Digit G
Slide 39: 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 40: 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 40 © 2025 De Nora *Excluding Leases
Slide 41: Agenda
AGENDA De Nora in a Nutshell Q1 2025 Business Achievements Q1 2025 Financial Results Review Sustainability Journey Mid-term View Investment case 41 © Luca Campigotto ©©2025 2025De De Nora Nora
Slide 42: De Nora Investment Case
DE NORA INVESTMENT CASE L e a d i n g I n n o v a t i v e Te c h n o l o g i e s t o e n a b l e a S u s t a i n a b l e F u t u r e Undisputed Global Leader, producing high performing Electrodes and Water Treatment Solutions Global technological leader in Green Hydrogen Market Best - in - class pro
Slide 43: De Nora Governance
DE NORA GOVERNANCE Stable shareholders’ base and solid dividend policy MAJOR SHAREHOLDERS % SHARES* % OF VOTING RIGHTS DIVIDENDS De Nora Family € 69.3 million 0.33% 0.13% (ordinary shares) Dividends distributed De Nora Family in 2023-2025** 53.02% 63.83% (multiple vote shares) De Nora Family 53.35%
Slide 44: 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 May 15 Pan European Small and Mid-Cap Jul. 31 H1 2025 Results Conference Call Conference, London – UBS ir@denora.com Nov. 4 9M 2025 Results Conference Call Investor Relations | Overview | De
Slide 45: 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 46: 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 47: 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 Q1 2025 Revenue 216.9 203.5 420.4 209.4 629.8 226.6 856.4 189.1 211.2 400.3 200.9 601.2 261.4 862.6 200.4 YoY Growth (%) 8.6% -4.8% 2.4% 1.6% 2.1% -4.1%
Slide 48: 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 ‘25 vs (€m) Q1 ‘23 Q2 ‘23 Q3 ‘23 Q4 ‘23 Q1 ‘24 Q2 ‘24 Q3 ‘24 Q4 ‘24 Q1 ‘25 Q1 ‘24 REVENUES 216.9 203.5 209.4 226.6 189.1 211.2 200.9 261.4 200.4 6.0% Electrode Technologies 118.9 112.8 121.0 111.5 92.7 112.1 117.5 131
Slide 49: Income Statement: Focus on EBITDA Adjustments
I N C O M E S TAT E M E N T Focus on EBITDA Adjustments (€m) Q1 2024 Q1 2025 Sales 189.1 200.4 EBITDA 35.7 36.0 Margin (%) 18.9% 18.0% Termination costs (labor + legal expenses) 0.4 0.1 IPCEI GF Eligible costs (net of grant) - 0.2 Costs for M&A, integration, and company reorganization - 0.5 Marine b
Slide 50: Balance Sheet
BALANCE SHEET (€m) FY 2024 Q1 2025 Intangible assets 116.0 111.0 Property, plant and equipment 291.8 293.9 Equity-accounted investees 236.8 236.8 Fixed asset 644.5 641.7 Inventories 255.5 259.6 Contract work in progress, net of advances from customers 36.4 32.7 Trade receivables 173.5 174.5 Trade pa
Slide 51: Cash Flow Statement
C A S H F L O W S TAT E M E N T (€m) Q1 2024 Q1 2025 EBITDA 35.7 36.0 Losses on the sale of property, plant and equipment and intangible assets (0.0) (0.8) Other non-monetary items (0.7) 0.5 Cash flows generated by operating activities before changes in net working capital 35.0 35.6 Change in invent
Slide 52: Sustainability Journey
Sustainability Journey 52 © 2025 De Nora
Slide 53: ESG Agenda to 2030 (1/6)
ESG AGENDA TO 2030 (1/6) 53 © 2025 De Nora
Slide 54: ESG Agenda to 2030 (2/6)
ESG AGENDA TO 2030 (2/6) 54 © 2025 De Nora
Slide 55: ESG Agenda to 2030 (3/6)
ESG AGENDA TO 2030 (3/6) 55 © 2025 De Nora
Slide 56: ESG Agenda to 2030 (4/6)
ESG AGENDA TO 2030 (4/6) 56 © 2025 De Nora
Slide 57: ESG Agenda to 2030 (5/6)
ESG AGENDA TO 2030 (5/6) 57 © 2025 De Nora
Slide 58: ESG Agenda to 2030 (6/6)
ESG AGENDA TO 2030 (6/6) 58 © 2025 De Nora
Slide 59: 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 60: Thank you
Thank you. IR CONTACTS ir@denora.com ©Luca Campigotto Investor Relations | Overview | De Nora © 2025 De Nora