Thyssenkrupp Nucera Ag & Co. Kgaa · XETR:NCH2
Thyssenkrupp Nucera Ag & Co. Kgaa — Q3 2025/26 Earnings Presentation
34 slides from Thyssenkrupp Nucera Ag & Co. Kgaa's earnings presentation, Aug 12, 2026
Slide 1: Q3/9M 2025/26 Results Presentation
Q3/9M 2025/26 Results Presentation August 12, 2026
Slide 2: With you today
With you today Dr. Werner Ponikwar (CEO) Dr. Stefan Hahn (CFO) 22 12 August 2026 | Q3/9M 2025/26 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. Business update
1. Business update 4 12 August 2026 | Q3/9M 2025/26 Results Presentation | thyssenkrupp nucera
Slide 5: Q3 in a nutshell
Q3 in a nutshell Strong contribution from Chlor-Alkali business: Project execution well on track and pipeline offering further opportunities © NEOM Green Hydrogen Company / Air Products Building long-term value in green hydrogen: first major long-term service agreement signed with Moeve & expanded m
Slide 6: Chlor-Alkali with sustained market momentum & successful execution
Chlor-Alkali with sustained market momentum & successful execution Sales pipeline Project execution Sustained commercial momentum in new-build Chlorum Solutions Brazil • Underscored by a new order from China to • BM-technology successfully commissioned and supply a large-scale CA plant operational •
Slide 7: Long-Term Service Agreement signed for Onuba project in Spain
Long-Term Service Agreement signed for Onuba project in Spain • Moeve signed Long-Term Service Agreement (LTSA) for 300 MW Onuba project in Spain • Key elements: Operation support via advanced digital solutions, using digital twins, smart load management, and realistic operating simulations • Goal:
Slide 8: Strategic collaboration to advance green hydrogen electrolysis in India
Strategic collaboration to advance green hydrogen electrolysis in India • thyssenkrupp nucera and Bharat Heavy Electricals Limited have signed a Strategic Collaboration Agreement for AWE manufacturing for gH2 projects in India • Companies will work together on the phased localization of alkaline ele
Slide 9: Advancing regulatory and funding frameworks driving demand creation in green hydrogen
Advancing regulatory and funding frameworks in key regions is driving tangible demand creation in green hydrogen EU Drivers/Mechanisms India Regulatory demand mandates create guaranteed hydrogen offtake • Tenders by Solar Energy Corporation of India (SECI), acting as demand bundling intermediary, cr
Slide 10: Maturing green hydrogen market reinforces focus on most viable opportunities
Maturing green hydrogen market reinforces focus on the most viable opportunities, with ~14 GW under active pursuit gH2 pipeline No. of projects Aggregated size Contract value South America Other North 12% 9% America India 8% 10% Middle East Regional & Turkey 8% Substantial #136 ~57 GW ~29bn € split1
Slide 11: Strategic decision not to invest in own SOEC stack manufacturing capacities
Strategic decision not to invest in own manufacturing capacities to produce SOEC stacks Strategic review Financial implications • SOEC remains a promising long-term technology, but • One-time EBIT impact in gH2 segment, largely due the current market is not sufficiently mature to offer a to impairme
Slide 12: 2. Update on Q3/9M 2025/26 financials
2. Update on Q3/9M 2025/26 financials The figures for Q2 2025/26 and 6M 2025/26 were adjusted retrospectively in accordance with IAS 8.41 et seq. 12 12 August 2026 | Q3/9M 2025/26 Results Presentation | thyssenkrupp nucera
Slide 13: Encouraging order momentum and resilient earnings, lower sales volumes
Encouraging order momentum and resilient earnings, while sales reflected lower volumes – Free Cash Flow expected to recover in Q4 81 63 0 Order intake EBIT (mn €) (mn €) -2 Q3 2024/25 Q3 2025/26 Q3 2024/25 Q3 2025/26 184 145 Free Cash Sales -10 Flow (mn €) (mn €) -28 Q3 2024/25 Q3 2025/26 Q3 2024/25
Slide 14: Q3 saw strong order intake growth led by Chlor-Alkali segment
Q3 saw strong order intake growth led by Chlor-Alkali segment Order intake (mn €) Order intake Q3 Q3 9M • CA increase (+56% yoy) driven by both New Build and Service +29% +96% business • gH2 reflects normal volatility 471 inherent in the project business 288 Order intake 9M 241 • Multifold gH2 incre
Slide 15: Sales decline in green hydrogen segment due to maturing projects
Sales decline in green hydrogen segment due to maturing projects Sales (mn €) Sales Q3 Q3 9M • gH2 sales decline driven by lower NEOM sales and low order levels -21% -47% in PY • Strong CA increase (+34% yoy) 663 thanks to rising New Build and Service business, partly driven by 286 timing effects 35
Slide 16: Higher gross margin largely offsets softer sales volume
Higher gross margin largely offsets softer sales volume EBIT (mn €) EBIT Q3 Q3 9M • Gross margin increase on Group level (+3%p.) supported by a -2mn € -73mn € higher Chlor-Alkali share • CA EBIT increase largely driven 4 by higher sales • gH2 development mainly 43 38 0 influenced by lower sales volu
Slide 17: Opex development underscores continued strict cost discipline
Opex development underscores continued strict cost discipline Operating costs (mn €) COGS 9M • Rising gross margin in CA segment thanks to improved 587 project mix • Q2 one-time effects weighing on 339 margin in gH2 segment 56 56 SG&A • Stable in absolute terms with improving G&A expenses 29 24 • Hi
Slide 18: Improving net income and EPS in Q3 despite slight EBIT decline
Improving net income and EPS in Q3 despite slight EBIT decline EBIT to EPS (mn €) EBIT to EPS Q3 Q3 2024/25 Q3 2025/26 • Income tax expenses declined, EBIT 0 -2 supporting net income and EPS Financial income /(expense), net 3 3 improvement Income tax expense -5 -1 • Improved net income and EPS Net i
Slide 19: Financial situation remains strong – FCF shows usual quarterly volatility
Financial situation remains strong – FCF shows usual quarterly volatility Cash flow & balance sheet (mn €) Free Cash Flow Free Cash Flow Net Financial Assets • Operating CF: Decline driven by expectedly higher periodic project -41mn € -29mn € cash outflows in Q3 • Investing CF: ~50% related to 15 65
Slide 20: Adjusted outlook for FY 2025/26
Adjusted outlook for FY 2025/26 Previous outlook FY 2025/26 New outlook FY 2025/26 Group OI 550 to 850mn € Group OI 550 to 670mn € Intervals Ranges narrowed with FY Sales 450 to 550mn € Sales 450 to 500mn € approaching Adjusted following SOEC decision EBIT -80 to -30mn € EBIT -105 to -75mn € gH2 Sal
Slide 21: Key messages
Key messages Chlor-Alkali segment showed strong quarterly performance plus sustained market momentum and successful execution Electrolyzer deployment in the gH2 segment is set to gain momentum from multiple demand factors; next project anticipated to be awarded within calendar year 2026 Important st
Slide 22: Questions & Answers
Questions & Answers 22 12 August 2026 | Q3/9M 2025/26 Results Presentation | thyssenkrupp nucera
Slide 23: Events & Financial Calendar
Events & Financial Calendar Upcoming events IR Contact Sept 2 Commerzbank & ODDO BHF Sept 23 Baader Investment Conference, +49 231 229 724 347 Corporate Conference, Frankfurt Munich ir@thyssenkrupp-nucera.com Sept 15 mwb research „Future of Oct 7 Kepler Cheuvreux Energy investors.thyssenkrupp-nucera
Slide 24: Appendix
Appendix 24 12 August 2026 | Q3/9M 2025/26 Results Presentation | thyssenkrupp nucera
Slide 25: Q2/6M 2025/26 adjustment in accordance with IAS 8.41 et seq.
Q2/6M 2025/26 adjustment in accordance with IAS 8.41 et seq. The figures for Q2/6M 2025/26 and March 31, 2026 respectively have been retrospectively adjusted in accordance with IAS 8.41 et seq. following an adjustment to the accrual accounting. The correction had the following effects: Statement of
Slide 26: EBITDA
EBITDA (in mn €) Q3 2024/25 Q3 2025/26 EBITDA 3 2 EBITDA margin (in %) 2% 1% (in mn €) 9M 2024/25 9M 2025/26 EBITDA 12 -58 EBITDA margin (in %) 2% -17% 26 12 August 2026 | Q3/9M 2025/26 Results Presentation | thyssenkrupp nucera
Slide 27: External sales by region
External sales by region (in mn €) Q3 2024/25 Q3 2025/26 9M 2024/25 9M 2025/26 Europe 59 41 183 141 North America 26 22 81 46 South America 13 5 61 21 Asia / Pacific 4 7 15 27 Greater China 19 17 47 41 India 3 1 10 6 Middle East & Africa 59 52 266 73 Total 184 145 663 354 The allocation of sales is
Slide 28: Group | Summary income statement Q3
Group | Summary income statement Q3 (in mn €) Q3 2024/25 Q3 2025/26 Sales 184 145 Cost of sales -158 -120 Gross profit 26 24 % margin 14% 17% R&D -10 -10 SG&A -19 -19 Other income /(expense), net 3 3 EBIT 0 -2 % margin 0% -1% Financial income /(expense), net 3 3 Earnings before taxes 3 1 Income tax
Slide 29: Group | Summary income statement 9M
Group | Summary income statement 9M (in mn €) 9M 2024/25 9M 2025/26 Sales 663 354 Cost of sales -587 -339 Gross profit 76 14 % margin 11% 4% R&D -24 -29 SG&A -56 -56 Other income /(expense), net 8 1 EBIT 4 -69 % margin 1% -20% Financial income /(expense), net 13 8 Earnings before taxes 17 -61 Income
Slide 30: Group | Summary balance sheet assets
Group | Summary balance sheet assets (in mn €) Sept 30, 2025 June 30, 2026 Property, plant and equipment 54 50 Goodwill 53 53 Intangible assets other than goodwill 28 39 Other non-current assets1 21 20 Total non-current assets 156 162 Inventories 179 160 Trade accounts receivable 50 66 Contract asse
Slide 31: Group | Summary balance sheet equity and liabilities
Group | Summary balance sheet equity and liabilities (in mn €) Sept 30, 2025 June 30, 2026 Equity attributable to equity holders 753 690 Accrued pension and similar obligations1 11 11 Other provisions 0 0 Deferred tax liabilities 0 0 Lease liabilities and other financial liabilities 24 23 Total non-
Slide 32: Group | Summary cash flow statement Q3
Group | Summary cash flow statement Q3 (in mn €) Q3 2024/25 Q3 2025/26 Net income -2 0 Depreciation & amortisation 3 4 Change in NWC1 -43 -13 Other operating cash flow2 39 -8 Cash flow from operating activities -3 -18 Expenditures for acquisitions - - Capital expenditures -6 -11 Proceeds from dispos
Slide 33: Group | Summary cash flow statement 9M
Group | Summary cash flow statement 9M (in mn €) 9M 2024/25 9M 2025/26 Net income 4 -64 Depreciation & amortisation 8 11 Change in NWC1 -57 26 Other operating cash flow2 77 24 Cash flow from operating activities 32 -3 Expenditures for acquisitions - - Capital expenditures -18 -23 Proceeds from dispo
Slide 34: 12 August 2026 | Q3/9M 2025/26 Results Presentation | thyssenkrupp nucera
34 12 August 2026 | Q3/9M 2025/26 Results Presentation | thyssenkrupp nucera
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