Thyssenkrupp Nucera Ag & Co. Kgaa · XETR:NCH2
Thyssenkrupp Nucera Ag & Co. Kgaa — FY2023/24 Earnings Presentation
40 slides from Thyssenkrupp Nucera Ag & Co. Kgaa's earnings presentation, Dec 17, 2024
Slide 1: Q4/FY 2023/24 Results Presentation
Q4/FY 2023/24 Results Presentation December 17, 2024
Slide 2: With you today
With you today Dr. Werner Ponikwar (CEO) Dr. Arno Pfannschmidt (CFO) Dr. Hendrik Finger (Head of IR) 22 17 December 2024 | Q4/FY 2023/24 Results Presentation | thyssenkrupp nucera
Slide 3: Disclaimer
Disclaimer This presentation has been prepared by thyssenkrupp nucera AG & Co. KGaA (“thyssenkrupp nucera”) and comprises the written materials/slides for a presentation concerning thyssenkrupp nucera. By attending this presentation and/or reviewing the slides you agree to be bound by the following
Slide 4: 1. Recap FY 2023/24
1. Recap FY 2023/24 4 17 December 2024 | Q4/FY 2023/24 Results Presentation | thyssenkrupp nucera
Slide 5: We demonstrated strength and resilience in a challenging environment
We demonstrated strength and resilience in a challenging environment Project execution well on track AWE sales +60% yoy Photo: Stegra EU funding of up to 36mn € for SOEC plant Strong performance of CA business 5 17 December 2024 | Q4/FY 2023/24 Results Presentation | thyssenkrupp nucera
Slide 6: We delivered our outlook in sales and exceeded it in EBIT
We delivered our outlook in sales and exceeded it in EBIT FY 2023/24 Outlook FY 2023/24 Actual Group sales: 820-900mn € 862mn € In line with (incl. 500-550mn € of AWE sales) (incl. 524mn € of AWE sales) expectations Group EBIT: Negative EBIT figure Better than -14mn € (mid double-digit mn € range) e
Slide 7: We took action along our ESG strategy in FY 2023/24
We took action along our ESG strategy in FY 2023/24 Environmental Social Governance Performance Performance Performance Scope 1+2 net zero by 2030 • Managing corporate carbon footprint with • HBJ Best Place to Work Award in • Mandatory compliance / anti-corruption defined Scope 1 – 3 targets Houston
Slide 8: We are now a strong global team with 1,000+ employees
We are now a strong global team with 1,000+ employees Strong talent attraction across functions Ramp-up of global organization • Technical professions dominate the workforce with • Global footprint strengthened to ensure market readiness more than 60% of employees working in areas such as and to lev
Slide 9: 2. Business update
2. Business update 9 17 December 2024 | Q4/FY 2023/24 Results Presentation | thyssenkrupp nucera
Slide 10: Focus on execution and business development in an uncertain market
Focus on execution and business development in an uncertain market Commercial dynamics Strong Q4 performance in green hydrogen • Strong sequential sales growth driven by • 500 MW BEDP signed in Q4 in Spain progress on our major projects • Engineering Service Agreement signed in • Highest quarterly s
Slide 11: Chlor-Alkali on track – significant new orders in services business
Chlor-Alkali on track – significant new orders in services business New build business Service business Project execution CA market expected to grow Strong order intake in Q4 – Execution of projects on plan and moderately over the next years positive trend continues in Q1 driving sales development •
Slide 12: Update on project execution
Update on project execution NEOM Shell • Modules representing more than • Fabrication of equipment 1 GW of capacity handed over, completed, transportation to site of which 800 MW already ongoing Excellent progress in project erected on site execution, which is also • Erection of electrolyzer on si
Slide 13: Substantial market opportunity, especially in Europe, the US and Middle East
Substantial market opportunity, especially in Europe, the US and Middle East – pipeline growth primarily in early sales stages as of as of as of as of as of as of May 24 Aug 24 Dec 24 May 23 Aug 24 Dec 24 Potential No. of projects #132 #144 #154 contract >36bn € >41bn € > 44bn € value Substantial pi
Slide 14: Short-term gH2 market challenges, but industry outlook remains very promising
Short-term gH2 market challenges …but industry outlook remains prevail… very promising Postponement of FID’s due to regulatory uncertainty in Mid- to long-term growth potential core markets (US,EU), lack of transportation remains very significant infrastructure and offtake as key milestones are star
Slide 15: We are well positioned to manage current sector challenges and capture the growth opportunities
We are well positioned to manage current sector challenges and capture the growth opportunities We master the execution of our order backlog, We actively improve our competitive position and define our organizational target picture and take resilience in a maturing market while we capitalize measure
Slide 16: We continue to increase our R&D efforts to keep and strengthen our leading competitive position
We continue to increase our R&D efforts to keep and strengthen our leading competitive position This image shows a conceptional design study Committed to excellence Automated fabrication and Commercialization of SOEC and innovation in AWE assembly processes technology • scalum® to advance gH2 produc
Slide 17: 3. Update on Q4/FY 2023/24 financials
3. Update on Q4/FY 2023/24 financials Note: The comparison figures for FY 2022/23 have been retrospectively adjusted in accordance with IAS 8.41. Please refer to our disclosures in the annual report (Note 33 in the Notes to the Consolidated Financial Statements). 17 17 December 2024 | Q4/FY 2023/24
Slide 18: Strong performance in Q4 – Positive order intake momentum, strongly growing AWE sales
Strong performance in Q4 – Positive order intake momentum, strongly growing AWE sales and resilient profitability 271 • Growing order intake (+44% yoy) 176 driven by CA business; AWE business Order intake 114 (mn €) 79 75 in line with previous year Q4 2022/23 Q1 2023/24 Q2 2023/24 Q3 2023/24 Q4 2023
Slide 19: Growing order intake in Q4 due to CA business
Growing order intake in Q4 due to CA business Order intake (mn €) Q4 FY Order intake Q4 • Growing order intake driven by +44% +4% Chlor-Alkali service business • AWE order intake on PY’s level 613 636 • Order backlog (30 September 2024) of ~1.1bn € thereof 279 ~0.7bn € AWE 408 Order intake FY 114 •
Slide 20: Strongly growing AWE business driven by ongoing project execution
Strongly growing AWE business driven by ongoing project execution Sales (mn €) Q4 FY Sales Q4 • Strong sales growth due to AWE +50% +30% business • AWE sales doubled, reaching a AWE: +98% AWE: +60% new all time high 862 • CA sales roughly on par with PY 661 338 Sales FY • Substantial sales increase
Slide 21: EBIT below previous year’s level, but above expectations
EBIT below previous year’s level, but above expectations EBIT (mn €) % of sales Q4 FY EBIT Q4 • Substantial increase in other cost -8mn € -39mn € of sales for AWE ramp-up and capacity built-up, as well as in 2.9% -1.3% 3.8% -1.6% G&A and R&D expenses 25 EBIT FY • Significant EBIT decline largely dri
Slide 22: Rising operating costs in line with implementation of growth strategy
Rising operating costs in line with implementation of growth strategy Operating costs (mn €) % of sales FY COGS • Temporarily increased in line with 89% lower margin of first AWE reference project 85% 771 SG&A 565 9% • SG&A increase (+38% yoy) as planned due to ramp-up of 9% 78 organization 4% 57 R&
Slide 23: Positive EPS despite EBIT loss mainly due to interest on cash position
Positive EPS despite EBIT loss mainly due to interest on cash position EBIT to net income (mn €) FY yoy change -39 +15 -24 +11 -12 Due to higher interest earned on strong cash position 12 11 -1 26 Translates into EPS of 0.09 € (-0.13 € yoy) -14 EBIT Financial income EBT Taxes Net income /expenses 23
Slide 24: Strong balance sheet and cash position sufficient to withstand current headwinds
Strong balance sheet and cash position sufficient to withstand current headwinds and finance future growth Net financial assets development (mn €) FY CAPEX expected to increase in FY 24/25, mainly in R&D 761 -8 673 -58 -13 -9 Increase in NWC due to business ramp-up, esp. reflected in rising inventor
Slide 25: Outlook for FY 2024/25
Outlook for FY 2024/25 Lower end of range covered by existing order backlog; upper end requires signing of new projects Group sales gH2 Sales 450 to 550mn € FY 2023/24: 524mn € Includes start-up 850 to 950mn € costs for SOEC technology EBIT Improve to negative mid double-digit mn € figure FY 2023/24
Slide 26: Key messages
Key messages In FY 2023/24, we demonstrated strength and resilience in a tough gH2 market environment. We recorded a substantial increase in AWE sales driven by noticeable progress on our major projects, while we showed strong margins in the CA business. Our asset-light business model and our global
Slide 27: Questions & Answers
Questions & Answers 27 17 December 2024 | Q4/FY 2023/24 Results Presentation | thyssenkrupp nucera
Slide 28: Events & Financial Calendar
Events & Financial Calendar Upcoming events Financial calendar IR Contact Dec 17 BofA Hydrogen Conference (virtual) Feb 5 Annual General Meeting thyssenkrupp nucera AG & Co. KGaA Jan 9 ODDO BHF Forum 2025 (Lyon) Feb 13 Q1 2024/25 Investor Relations Jan 14-15 27th German Investment Seminar May 15 Q2/
Slide 29: Appendix
Appendix Note: The comparison figures for FY 2022/23 have been retrospectively adjusted in accordance with IAS 8.41. Please refer to our disclosures in the annual report (Note 33 in the Notes to the Consolidated Financial Statements). 29 17 December 2024 | Q4/FY 2023/24 Results Presentation | thysse
Slide 30: Selected ESG targets
Selected ESG targets KPI Status Target • Scope 1 emissions [tCO2e1] • Scope 1: 281 tCO2e1 • Scope 1+2 net zero3 by 2030 Gas Emissions • Scope 2 emissions [tCO2e1] Greenhouse • Scope 2: 553 tCO2e1 • Scope 3 net zero3 by 2050 • Scope 3 emissions [tCO2e1] • Scope 3: 143.01 million tCO2e1 (up- and downs
Slide 31: Segment performance
Segment performance Segment performance (mn €) Q4 2023/24 Germany Italy Japan China RoW Group Sales & EBIT development Q4 Sales (ext.) 169 35 6 19 22 250 • Germany: Strong sales increase % growth 82% 41% -36% -7% 6% 50% in AWE business driven by NEOM and Stegra project EBIT -1 3 1 1 -8 -3 • Japan: D
Slide 32: New segment reporting (IFRS 8) as of FY 2024/25
New segment reporting (IFRS 8) as of FY 2024/25 until Sept. 30, 2024 from Oct. 1, 2024 Germany Green Hydrogen FY 23/24 Italy (gH2)1 Sales: 524mn € EBIT: -76mn € NCA NCA Japan group group China Chlor-Alkali FY 23/24 Sales: 338mn € (CA) EBIT: 62mn € Rest of World From regional steering… …to product st
Slide 33: EBITDA
EBITDA (in mn €) Q4 2022/23 Q4 2023/24 EBITDA 6 -2 EBITDA margin (in %) 3.9% -0.7% (in mn €) FY 2022/23 FY 2023/24 EBITDA 30 -8 EBITDA margin (in %) 4.5% -1.0% 33 17 December 2024 | Q4/FY 2023/24 Results Presentation | thyssenkrupp nucera
Slide 34: Group | Summary income statement Q4
Group | Summary income statement Q4 (in mn €) Q4 2022/23 Q4 2023/24 Sales 167 250 % growth yoy 55% 50% Cost of sales -144 -222 Gross profit 23 29 % margin 14% 11% R&D -7 -11 SG&A -17 -22 Other income /(expense), net 5 1 EBIT 5 -3 % margin 2.9% -1.3% Financial income /(expense), net 6 7 Income tax ex
Slide 35: Group | Summary income statement FY
Group | Summary income statement FY (in mn €) FY 2022/23 FY 2023/24 Sales 661 862 % growth yoy 73% 30% Cost of sales -565 -771 Gross profit 96 91 % margin 15% 11% R&D -19 -36 SG&A -57 -78 Other income /(expense), net 5 9 EBIT 25 -14 % margin 3.8% -1.6% Financial income /(expense), net 11 26 Income t
Slide 36: Group | Summary balance sheet assets
Group | Summary balance sheet assets (in mn €) Oct 1, 2022 Sept 30, 2023 Sept 30, 2024 Property, plant and equipment 8 10 14 Goodwill 57 55 55 Intangible assets other than goodwill 1 1 7 Other non-current assets1 14 25 33 Total non-current assets 81 90 108 Inventories 77 106 147 Trade accounts recei
Slide 37: Group | Summary balance sheet equity and liabilities
Group | Summary balance sheet equity and liabilities (in mn €) Oct 1, 2022 Sept 30, 2023 Sept 30, 2024 Equity attributable to equity holders 213 747 754 Accrued pension and similar obligations1 7 8 9 Other provisions 2 1 1 Deferred tax liabilities 10 14 13 Lease liabilities and other financial liabi
Slide 38: Group | Summary cash flow statement Q4
Group | Summary cash flow statement Q4 (in mn €) Q4 2022/23 Q4 2023/24 Net income 6 10 Depreciation & amortisation 2 2 Change in NWC1 16 12 Other operating cash flow2 -39 -36 Operating cash flow -16 -13 Expenditures for acquisitions 0 0 Capital expenditures -3 -9 Proceeds from disposals 0 0 Cashpool
Slide 39: Group | Summary cash flow statement FY
Group | Summary cash flow statement FY (in mn €) FY 2022/23 FY 2023/24 Net income 24 11 Depreciation & amortisation 6 6 Change in NWC1 -3 -58 Other operating cash flow2 -39 -21 Operating cash flow -13 -62 Expenditures for acquisitions 0 -3 Capital expenditures -4 -13 Proceeds from disposals 0 0 Cash
Slide 40: 17 December 2024 | Q4/FY 2023/24 Results Presentation | thyssenkrupp nucera
40 17 December 2024 | Q4/FY 2023/24 Results Presentation | thyssenkrupp nucera
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