Industrie De Nora Spa · MIL:DNR
Industrie De Nora Spa — De Nora — Non-Deal Roadshow (June 2026)
76 slides from Industrie De Nora Spa's roadshow presentation, June 2026
Slide 1: Financial Company Profile
Financial Company Profile June 2026 1
Slide 2: Agenda
Agenda • De Nora in a Nutshell • Q1 2026 Business Achievements • Q1 2026 Financial Results and 2026 Guidance • Mid-Term View • Sustainability Journey • Investment case 2
Slide 3: Who we are
Who we are De Nora in a Nutshell Electrode Technologies The world’s largest supplier of high-performing coatings and electrodes for industrial applications. Water Technologies A trusted provider of disinfection and filtration solutions for water and wastewater treatment. Financial Corporate Profile
Slide 4: Leading player in electrochemistry, water solutions and sustainable technologies
De Nora: leading player in electrochemistry, water De Nora in a Nutshell solutions and sustainable technologies FY 2025 Revenues By Business Units 12% 53% 35% ELECTRODE ELECTRODETECHNOLOGIES TECHNOLOGIES ENERGY TRANSITION WATER TECHNOLOGIES DSA(R) electrodes, Anodes, Electrodes for Alkaline Water El
Slide 5: Electrode Technologies
De Nora in a Nutshell Electrode Technologies Addressing multiple industrial applications with a wide range of products ANODES CATHODES CATALYTIC COATINGSGDE1 MAIN ADDRESSED INDUSTRIES Chlor-alkali Electronics Non-ferrous metal refining Financial Corporate Profile OTHER INDUSTRIES Pulp & Steel Automo
Slide 6: Electrode Technologies flagship projects
De Nora in a Nutshell Electrode Technologies Flagship projects In Partnership with Foto cella diaframma Foto PMX Financial Corporate Profile Sadara, Saudi Arabia Nan Ya (Formosa Plastics Corp.), Taiwan OxyChem, US Hydrochloric Acid Solutions Copper foil production for PCB & LiB Chlor Alkali Plants •
Slide 7: Water Technologies
De Nora in a Nutshell Water Technologies 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 Ultr
Slide 8: Water Technologies flagship projects
De Nora in a Nutshell Water Technologies Flagship projects Al Jubail, Saudi Arabia – Phase II Tubli, Bahrain – Phase IV Hong Kong Desalination Plant upgrade Sewage Treatment Plant expansion Water Supplies Department • The world’s largest Seawater • One of the largest wastewater • 10 water treatment
Slide 9: PFAS: strong start — contracts signed
PFAS: strong start — 10 contracts signed De Nora in a Nutshell 10 Industrial Scale 3 Projects in Italy projects, to be delivered by 2026-’27 Lombardia (BS) / Piemonte (AL) Total WT* Capacity: ~ 7.3m3/d ~ €7m Backlog @31 Mar. 2026 PFAS Removal from Drinking Water 7 Projects in the US Pennsylvania (3)
Slide 10: A transformative growth acquisition in Water Business
De Nora in a Nutshell A transformative growth acquisition in Water Business Share Purchase Agreement signed on 26th, 2026 – Closing date 1st July 2026 • Creates a global platform, spanning from technology supply to integrated systems, to address clean water scarcity and contamination challenges • En
Slide 11: A compelling strategic fit
A compelling strategic fit De Nora in a Nutshell Creating a global EPF with strong technological DNA and customer centric approach... Technology & Expertise Electrochemical, filtration & Integrated, industry specific water disinfection systems products solutions, desalination expertise Core Capabili
Slide 12: Energy Transition
De Nora in a Nutshell Energy Transition Technological leader in the green hydrogen industry and circularity Application Decarbonization and Circular Economy Circular Economy: Green Hydrogen Production Hard-to-Abate Lithium Refining and Extraction PORTFOLIO Financial Corporate Profile Electrolysis Ce
Slide 13: Excellent Hydrogen flagship execution
Energy Transition De Nora in a Nutshell Excellent Hydrogen flagship execution — positioning De Nora as a technology leader… WORLDWIDE FLAGSHIP PROJECTS COMPLETED IN 2025 GREEN H2 TRACK RECORD MW NEOM 2.2 GW STEGRA 740 MW 1,000 1,100 1,100 Saudi Arabia Sweden 33,000 E-Chem cells delivered 11,000 E-Ch
Slide 14: Innovation, growth, leadership & partnerships
De Nora in a Nutshell Innovation, growth, leadership & partnerships Expanding Pioneering Electrochemistry Water Domain Entering Energy Transition Our journey continues Completion of two global flagship projects (NEOM & Stegra) De Nora 100th Entering the Acquisition of Anniversary Lithium & PFAS mark
Slide 15: Equipped to drive growth and seize opportunities
De Nora in a Nutshell Equipped to drive growth and seize opportunities 585 33 Offices including 1 Engineering Hub AMS EMEIA A PA C Worldwide 4 585 6 730 5 985 Rodenbach, manufacturing capacity 15 De Nora 31.7% of 35.1% of 33.2% of 2.5 revenues revenues revenues Manufacturing sites GW eq.1 Energy Tra
Slide 16: Agenda
Agenda • De Nora in a Nutshell • Q1 2026 Business Achievements • Q1 2026 Financial Results and 2026 Guidance • Mid-Term View • Sustainability Journey • Investment case 18
Slide 17: Q1 2026 results highlights
Q1 2026 results highlights Q1 2026 BUs Achievements Solid profitability and backlog growth in core businesses Q1 2026 KEY RESULTS Well-anchored business model to successfully navigate in € 178.5 m Revenues a complex geopolitical scenario -3.6% YoY at constant fx Q1 2026 Solid profitability across co
Slide 18: Q1 2026 results
Q1 2026 BUs Achievements Q1 2026 results Core business delivering robust profitability, while backlog is improving supported by 33% order growth REVENUES ADJ. EBITDA NET RESULT NET CASH POSITION €178.5 m €36.0 m €18.0 m €2.5 m -3.6% @ constant fx 20.2% Adj. Ebitda margin +12.4% YoY €27.8 m @31 March
Slide 19: Electrode Technologies
Electrode Technologies Q1 2026 BUs Achievements Highest backlog in the last six quarters ORDER INTAKE: +63% YoY ORDERS BY TYPE 145 89 New Applications 63% Aftermarket 37% €m Chlor-Alkali Q1 '25 Q1 '26 Electronics Electrowinning and specialties BACKLOG: +7.2% YoY ORDERS BY GEOGRAPHIES Financial Corpo
Slide 20: Water Technologies
Water Technologies Q1 2026 BUs Achievements Triple-digit growth in Pools orders and backlog ORDERS: UP 10% YoY WTS ORDERS BY TYPES 109 Pools 99 Municipal Industrial WTS 30 60 51% +103% 37% Aftermarket 63% New 69 -29% 49 €m 49% Q1 '25 Q1 '26 BACKLOG: UP 15% vs Q1 ‘25 ORDERS BY GEOGRAPHIES Financial C
Slide 21: Energy Transition
Energy Transition Q1 2026 BUs Achievements Green shoots of recovery LITHIUM REFINING LARGE SCALE ENERGY TRANSITION Q1 2026 GREEN HYDROGEN BACKLOG AGREEMENTS / CONTRACTS 2026 Agreement with Tuleva for ~2 GW largest US electrochemical Backlog at 31 March 2026 Lithium Plant Of FEED* – phase projects in
Slide 22: Energy Transition regulation update
Energy Transition regulation update Q1 2026 BUs Achievements As the global energy landscape becomes more complex and green H2 emerges as a source of energy independence, supportive regulations are developing worldwide • Up to $1.2 bn pilots for 5 clusters • Program to boost electrolyzer performance
Slide 23: Agenda
Agenda • De Nora in a Nutshell • Q1 2026 Business Achievements • Q1 2026 Financial Results and 2026 Guidance • Mid-Term View • Sustainability Journey • Investment case 25
Slide 24: Q1 2026 revenues
Q1 2026 revenues Q1 2026 Financial Results Top line trended as expected KEY HIGHLIGHTS Revenues By Geography ELECTRODE TECHNOLOGIES • In line with expectations -3.6% EMEIA -10.9% YoY Americas 29.2% • The figure reflects project YoY 35.0% scheduling and €7m negative FX 200.4 193.2 impact 17.7 178.5 -
Slide 25: Q1 2026 backlog
Q1 2026 backlog Q1 2026 Financial Results Core Business: highest backlog in the last 2 years Energy Transition Backlog: does not yet include the €30–40 m MOEVE project, to be booked by Q2’26 612.1 558.0 556.2 Backlog @ 31 Mar. 2026 506.6 by Year of Deployment 125.0 450.3 11.7 120.3 106.4 19.3 2029+
Slide 26: Q1 2026 operating costs
Q1 2026 Financial Results Q1 2026 operating costs Stable corporate structure and R&D costs KEY HIGHLIGHTS SG&A and COGS (€m)* R&D (€m) COGS Corporate (€m)* - Incidence reduction due to As % revenue mix of 64.7% 60.7% 14.4% 15.9% 1.8% 2.1% sales 129.6 - SG&A and Corporate 28.9 Stable despite inflatio
Slide 27: Adjusted EBITDA Q1 2026
Adjusted EBITDA Q1 2026 Q1 2026 Financial Results Adj EBITDA margin increase underpinned by Water Technologies KEY HIGHLIGHTS ELECTRODE TECHNOLOGIES 39.4 • Performance is mainly driven 36.0 by the product mix and lower Water volumes Technologies 17.2 21.9 WATER TECHNOLOGIES Electrode Technologies •
Slide 28: Net Financial Position
Net Financial Position Q1 2026 Financial Results Reflecting typical Q1 NWC seasonality and the impact of higher critical raw material costs 34.8 • @ constant critical raw material costs 86.7 the operating cash flow would be broadly in line with Q1 2025 level Financial Corporate Profile (5.1) (11.5)
Slide 29: 2026 Guidance
2026 Guidance 2026 Guidance Revenues Heading toward the upper end of the range € 750 m – € 850 m Electrode Technologies Upper end of the range High to mid single-digit decline Water Technologies Upper end of the range Mid single-digit to low double-digit growth Energy Transition Range confirmed € 15
Slide 30: Agenda
Agenda • De Nora in a Nutshell • Q1 2026 Business Achievements • Q1 2026 Financial Results and 2026 Guidance • Mid-Term View • Sustainability Journey • Investment case 32
Slide 31: Electrochemistry and Water Solutions at the heart of key megatrends
Electrochemistry and Water Solutions at the heart Mid-Term View of key megatrends GLOBAL GLOBAL WATER WATER WATER SCARCITY SCARCITY SCARCITY CIRCULAR ECONOMY CIRCULAR ECONOMY ENERGY ENERGY TRANSITION TRANSITION • Growing pressure on water • Valorizing precious • Energy security & Resources chemical
Slide 32: Mid-term Strategy across our Businesses
Mid-term Strategy across our Businesses Mid-term Strategy across our Businesses Mid-Term View Where electrochemical and water treatment solutions power growth ELECTRODE TECHNOLOGIES WATER TECHNOLOGIES HYDROGEN CIRCULARITY Financial Corporate Profile Energy Transition Electrode Water Energy Technolog
Slide 33: Electrode Technologies
Electrode Technologies Electrode Technologies Mid-Term View Enhance market coverage by leveraging our leading position, best-in-class technologies, and customer-centric approach ELECTRODE TECHNOLOGIES De Nora STRATEGY De Nora’s Current MARKETS CHLOR-ALKALI Mid-term strategic levers Mkt CAGR25-30 De
Slide 34: Water Technologies
Water Technologies Water Technologies Mid-Term View Boosting market penetration by improving our technology portfolio and moving toward turn-key solutions WATER TECHNOLOGIES De Nora STRATEGY De Nora’s current MARKETS POOLS Mid-term strategic levers Mkt CAGR25-30 De Nora Mkt Key Geo Share • Enhancing
Slide 35: High-growth end markets unlocked by BW Water
High-growth end markets unlocked by BW Water Mid-Term View Water scarcity, regulation and ESG, plus AI and data centers, drive desalination, reuse, and industrial water solutions SEMICONDUCTOR DESALINATION Additional high-growth market opportunities 4.2 B$ 2.5 B$ Water Treatment Water Treatment Mark
Slide 36: Green Hydrogen
Green Hydrogen Green Hydrogen Mid-Term View 1 Leveraging AWE technological leadership to expand our solution offering HYDROGEN De Nora STRATEGY Green H2 MARKET (cum. GW installed) Mid-term strategic levers Total installed capacity3 60 Addressable Market GW • Enhancing alliances to accelerate growth
Slide 37: Circularity
Circularity Circularity Mid-Term View Unlock new markets through sustainable, circular electrochemical solutions CIRCULARITY De Nora STRATEGY MARKET Opportunity LITHIUM2 E-Chem: a sustainable, circular n.m. ~$1 bn new addressable market alternative to traditional processes LiOH from LiCl brine only
Slide 38: Financial framework - Over a 5 yr cycle
Financial framework - Over a 3 to 5 yr cycle Mid-Term View CORE BUSINESS REVENUES ELECTRODE TECHNOLOGIES WATER TECHNOLOGIES Annual Organic Growth* Revenues* stable to low single-digit Revenues* +5% to +8% +2% to +4% Adj. EBITDA margin 19% - 21% Adj. EBITDA margin 17% - 19% GROUP ENERGY TRANSITION PR
Slide 39: Financial framework - capital allocation priorities
Financial framework - capital allocation Mid-Term View priorities CAPEX M&A to power growth Maintenance Capex / Year €35 - €40m Integrated Business Model: (Excluding M&A) System Integration, Solution Offering, Engineering and Process capabilities DIVIDEND PAY OUT New Market entry: UP TO 25% Entering
Slide 40: Agenda
Agenda • De Nora in a Nutshell • Q1 2026 Business Achievements • Q1 2026 Financial Results and 2026 Guidance • Mid-Term View • Sustainability Journey • Investment case 42
Slide 41: Sustainability Journey
Financial Corporate Profile Sustainability Journey 43
Slide 42: 2030 Sustainability plan
2030 Sustainability plan Sustainability Journey 48 Initiatives, o/w 25 completed up to 2025 Financial Corporate Profile 44
Slide 43: 2025 ESG achievements
2025 ESG achievements Sustainability 2030 plan execution progressing at full pace GREEN 11 100% -7.69% -4% Achieved in advance INNOVATION Sustainability Product Sales people trained Noble metals Target by Scorecard released on Scorecard reduction in 2025 2026 vs 2022 CLIMATE GHG emission Scope 1 and
Slide 44: Our positive impact & external recognition
Our positive impact & external recognition Sustainability Journey Our Contribution to the UN SDGs External Recognition 50% Revenues linked to SDGs 1.1m ton CO2/Y 246m m3/d WT 104 k m2 emissions avoided, 13% potable Electrode re-used Green H2 Techs 48m people served 16% total production 100% R&D link
Slide 45: ESG journey…
ESG journey… Sustainability Journey PV PANELS INSTALLED AT OUR PLANTS WORLDWIDE • Colmar, US Q1 2026 • Mentor, US 2 new PV facilities • Sorocaba, BR adding ~1.2 GWh/Y • Rodenbach, DE • Milano, IT • Okayama, JP • Cologno, IT • Tamworth, UK • Suzhou, China • Fujisawa, JP • Jinan, China TOTAL CAPACITY
Slide 46: Agenda
Agenda • De Nora in a Nutshell • Q1 2026 Business Achievements • Q1 2026 Financial Results and 2026 Guidance • Mid-Term View • Sustainability Journey • Investment case 48
Slide 47: De Nora Investment Case
Investment Case De Nora Investment Case Leading Innovative Technologies to enable a Sustainable Future Global Market Leader in coated electrodes and advanced water treatment solutions Sustainable Innovation & Green Hydrogen Leadership: Cutting-edge technologies shaped by 100+ years of R&D, driving t
Slide 48: Our ambition
Investment Case Our ambition To pioneer clean solutions in water, circularity, hydrogen and electrochemical processes, enabling customers’ transition toward sustainable Financial Corporate Profile operations. 50
Slide 49: Additional Materials
Additional Materials © 2026 De Nora
Slide 50: De Nora to acquire BW Water
De Nora to acquire BW Water Milan | May 26th, 2026 52
Slide 51: Financials and Group impact
Financials and Group impact De Nora to acquire BW Water Group impact • +9% 2025 combined Group revenues1 • +40% 2025 De Nora WTS revenues1 • ~$190m BWW orders in backlog2: +32% De Nora backlog, 2.2x WTS stand alone backlog3 • $7m annual cost synergies by Year 3, with 30% expected in 2027 More than 3
Slide 52: Transaction summary
Transaction summary De Nora to acquire BW Water • EV $61.5m - $66.5m Offer Terms • EV/Sales1 2025 ~0.7x and EV/Sales 2026E ~ 0.5x • EV/Backlog2 0.3x – 0.4x • EV/EBITDA3 2025 post synergies (run-rate $7m by Yr.3) 6.2x - 6.7x Financing & • Financing: €60m Term Loan Facility, 5 yrs amortizing Dividend
Slide 53: Solutions – driven global water platform
Solutions – driven global water platform De Nora to acquire BW Water De Nora water technologies strategic ambition To build and scale a high growth, solutions-driven global water platform that extends beyond our existing products business, delivering integrated technologies, solutions and services t
Slide 54: BWW company overview
BWW company overview De Nora to acquire BW Water BWW DESCRIPTION GLOBAL FOOTPRINT and BACKLOG AMS EMEA A PA C • A fast-growing player (founded in 2019, HQs Singapore), leveraging organic growth and acquisitions of heritage technologies 9 Offices SEMICONDUCTORS • Provides water treatment solutions to
Slide 55: BWW comprehensive solutions
BWW comprehensive solutions De Nora to acquire BW Water CAPABILITIES CORE SOLUTIONS PORTFOLIO End-to-end suite of offerings Extensive range of industry-specific applications Engineering Procurement Fabrication • Treatment solutions for desalination, and high- EPC purity process water (demineralizati
Slide 56: Growth and cost synergies across the organization
Growth and cost synergies across the Strategic Rationale & Growth Opportunities De Nora to acquire BW Water organization COST SYNERGIES GROWTH SYNERGIES • Purchasing efficiency gains from • Drive BWW growth by leveraging De integration Nora’s sales channels in EMEA and North America • G&A and Suppor
Slide 57: De Nora Governance: Stable shareholders' base and solid dividend policy
Additional Materials DE NORA GOVERNANCE Stable shareholders’ base and solid dividend policy DIVIDENDS MAJOR SHAREHOLDERS % SHARES* % OF VOTING RIGHTS Data as of 31 Dec. 2024 € 89.8 million De Nora Family 0.33% 0.13% (ordinary shares) Dividends distribution in 2023-2026** De Nora Family 53.02% 63.83%
Slide 58: ESG agenda to 2030 (1/10)
Financial Corporate Profile Additional Materials 60 ESG agenda to 2030 (1/10)
Slide 59: ESG agenda to 2030 (2/10)
Financial Corporate Profile Additional Materials 61 ESG agenda to 2030 (2/10)
Slide 60: ESG agenda to 2030 (3/10)
Financial Corporate Profile Additional Materials 62 ESG agenda to 2030 (3/10)
Slide 61: ESG agenda to 2030 (4/10)
Financial Corporate Profile Additional Materials 63 ESG agenda to 2030 (4/10)
Slide 62: ESG agenda to 2030 (5/10)
Financial Corporate Profile Additional Materials 64 ESG agenda to 2030 (5/10)
Slide 63: ESG agenda to 2030 (6/10)
Financial Corporate Profile Additional Materials 65 ESG agenda to 2030 (6/10)
Slide 64: ESG agenda to 2030 (7/10)
Financial Corporate Profile Additional Materials 66 ESG agenda to 2030 (7/10)
Slide 65: ESG agenda to 2030 (8/10)
Financial Corporate Profile Additional Materials 67 ESG agenda to 2030 (8/10)
Slide 66: ESG agenda to 2030 (9/10)
Financial Corporate Profile Additional Materials 68 ESG agenda to 2030 (9/10)
Slide 67: ESG agenda to 2030 (10/10)
Financial Corporate Profile Additional Materials 69 ESG agenda to 2030 (10/10)
Slide 68: Income Statements
Additional Materials Income Statements (€m) Q1 2025 Q2 2025 H1 2025 Q3 2025 9M 2025 Q4 2025 FY 2025 Q1 2026 Revenue 200.4 215.2 415.6 215.7 631.3 243.7 875.0 178.5 YoY Growth (%) 6.0% 1.9% 3.8% 7.4% 5.0% -6.8% 1.4% -10.9% Royalties and commissions (1.8) (2.0) (3.8) (1.6) (5.4) (3.5) (8.9) (1.3) Cost
Slide 69: Quarterly Revenues and adj. EBITDA by BU
Additional Materials Quarterly Revenues and adj. EBITDA by BU Q1 ‘25 vs (€m) Q1 ‘25 Q2 ‘25 Q3 ‘25 Q4 ‘25 Q1 ‘26 Q1 ‘26 REVENUES 200.4 215.2 215.7 243.7 178.5 -10.9% Electrode Technologies 106.8 114.7 105.2 110.4 85.6 -19.9% Energy Transition 17.7 25.5 35.0 33.7 8.0 -54.8% Water Technologies 75.9 75.
Slide 70: Income Statement: Focus on EBITDA adjustments
Additional Materials Income Statement Focus on EBITDA adjustments (€m) Q1 2025 Q1 2026 Sales 200.4 178.5 EBITDA 36.0 34.8 Margin (%) 18.0% 19.5% Termination costs (labor + legal expenses) 0.1 - GF Revenues related to IPCEI eligible cost - (1.2) IPCEI GF Eligible costs (net of grant) 0.2 1.3 Costs fo
Slide 71: Balance Sheet Q1 2026
Additional Materials Balance Sheet Q1 2026 (€m) Q1 2025 Q1 2026 Intangible assets 103.4 101.4 Property, plant and equipment 321.7 315.6 Equity-accounted investees 232.7 232.7 Fixed asset 657.9 649.7 Inventories 278.6 214.4 Contract work in progress, net of advances from customers 34.2 32.4 Trade rec
Slide 72: Balance Sheet FY 2025
Additional Materials Balance Sheet FY 2025 (€m) FY 2024 FY 2025 Intangible assets 116.0 101.4 Property, plant and equipment 291.8 315.6 Equity-accounted investees 236.8 232.7 Fixed asset 644.5 649.7 Inventories 255.5 214.4 Contract work in progress, net of advances from customers 36.4 32.4 Trade rec
Slide 73: Cash Flow Statement
Additional Materials Cash Flow Statement (€m) Q1 2025 Q1 2026 EBITDA 34.8 36.0 Losses on the sale of property, plant and equipment and intangible assets 0.0 (0.8) Other non-monetary items (1.2) 0.5 Cash flows generated by operating activities before changes in net working capital 33.6 35.6 Change in
Slide 74: FY 2025 Revenues
FY 2025 Revenues Additional Materials Growth driven by Water and Energy Transition KEY HIGHLIGHTS Revenues By Geography ELECTRODE TECHNOLOGIES +1.4% +4.4% YoY • 10.4% growth in Electronics, YoY overall stability in Chlor-Akali, Americas EMEIA 900.3 31.7% 34.7% and a decline in Electrowinning 862.6 8
Slide 75: Adjusted Ebitda FY 2025
Adjusted Ebitda FY 2025 Additional Materials Growth above the guidance, boosted by Water and Energy Transition KEY HIGHLIGHTS ELECTRODE TECHNOLOGIES +9.1% YoY 171.8 Performance is mainly driven by 157.4 • 15.3 the product mix, particularly by Energy 5.6 the softer electrowinning trend Transition 50.
Slide 76: Thanks
Thanks IR CONTACTS ir@denora.com Investor Relations | Overview | De Nora 78