Industrie De Nora Spa · MIL:DNR
Industrie De Nora Spa — Q1 2026 Earnings Presentation
32 slides from Industrie De Nora Spa's earnings presentation, May 6, 2026
Slide 1: Q1 2026 Financial Results
Q1 2026 Financial Results Milan | May 06th, 2026 1
Slide 2: With You Today
With You Today With you today Electrochemistry Frontiers Luca Oglialoro Chiara Locati Paolo Dellachà CFO IR & ESG CEO Executive Director 2
Slide 3: Agenda
Agenda • Opening Remarks • 2026 Business Achievements • 2026 Financial Results and Guidance • Sustainability Journey – Update • Final Remarks • Q&A 3
Slide 4: Opening Remarks: Q1 2026 results highlights
Q1 2026 results highlights Opening Remarks Solid profitability and backlog growth in core businesses Q1 2026 KEY RESULTS Well-anchored business model to successfully navigate € 178.5 m Revenues in a complex geopolitical scenario -3.6% YoY at constant fx Q1 2026 Solid profitability across core busine
Slide 5: Q1 2026 results
Key 2025 Results 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 2025 EL
Slide 6: Agenda
Agenda • Opening Remarks • 2026 Business Achievements • 2026 Financial Results and Guidance • Sustainability Journey – Update • Final Remarks • Q&A 6
Slide 7: Electrode Technologies
Electrode Technologies BUs Achievements Highest backlog in the last six quarters ORDER INTAKE: +63% YoY ORDERS BY TYPE 145 New Applications 89 63% Aftermarket 37% €m Chlor-Alkali Q1 '25 Q1 '26 Electronics Electrowinning and specialties BACKLOG: +7.2% YoY ORDERS BY GEOGRAPHIES 279 299 259 272 251 Ame
Slide 8: Water Technologies
Water Technologies BUs Achievements Triple-digit growth in Pools orders and backlog ORDERS: UP 10% YoY WTS ORDERS BY TYPES 109 Pools 99 Municipal WTS 30 51% Industrial +103% 60 37% Aftermarket 63% 69 New -29% 49 €m 49% Q1 '25 Q1 '26 BACKLOG: UP 15% vs Q1 ‘25 ORDERS BY GEOGRAPHIES Asia 10% Pools 196
Slide 9: WTS – Q1 2026 flagship projects & PFAS contracts
BUs Achievements WTS – Q1 2026 flagship projects & PFAS contracts O&M1 Term Contract Waste Water Refurbishm. Filter Expansion PFAS Hong Kong Egypt – East Alexandria US - Florida US - California, Italy - Piedmont Providing operations One of the largest GF&I2 A major steel +2 Industrial Scale support
Slide 10: Energy Transition
Energy Transition 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 involving
Slide 11: Energy Transition regulation update
Energy Transition regulation update 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 • €349m
Slide 12: Agenda
Agenda • Opening Remarks • 2026 Business Achievements • 2026 Financial Results and Guidance • Sustainability Journey – Update • Final Remarks • Q&A 12
Slide 13: Q1 2026 revenues
Q1 2026 revenues Revenues 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 • Aftermarket Reve
Slide 14: Q1 2026 backlog
Q1 2026 backlog Backlog 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+ 10% 138.9 196,1 €4
Slide 15: Q1 2026 operating costs
Operating Costs 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 28.9 108.4 28.4 Stable despite inflati
Slide 16: Adjusted EBITDA Q1 2026
Adjusted EBITDA Q1 2026 Adj EBITDA 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 • +27% Adj. EBITD
Slide 17: Net Financial Position
Net Financial Position Net Financial Position 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 (5.1) (11.5) 1.0 Q1 2026 RESULTS (1.5) 1.4 2
Slide 18: Guidance 2026
Guidance 2026 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 19: Agenda
Agenda • Opening Remarks • 2026 Business Achievements • 2026 Financial Results and Guidance • Sustainability Journey – Update • Final Remarks • Q&A 19
Slide 20: Sustainability Journey
Electrochemistry Frontiers Sustainability Journey 20
Slide 21: ESG Journey
ESG journey… ESG 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 6.3 GWh/y 2
Slide 22: Agenda
Agenda • Opening Remarks • 2026 Business Achievements • 2026 Financial Results and Guidance • Sustainability Journey – Update • Final Remarks • Q&A 22
Slide 23: Final Remarks
Final Remarks Final remarks Navigating challenging environment Solid profitability and robust core business backlog, confirming the resilience of De Nora’s business model The complex global geopolitical and energy environment is accelerating megatrends that represent a tailwind for De Nora We remain
Slide 24: Q&A
Q&A 24
Slide 25: Calendar – Investor Relations
Calendar Investor Relations – Ready to engage UPCOMING EVENTS 2026 FINANCIAL CALENDAR May 19 Investing in Europe Conference, Jul. 30 H1 2026 Results Conference Call Frankfurt – UBS IR CONTACTS May 21 Italian Investment Conference, Nov. 04 9M 2026 Results Conference Call ir@denora.com Milano – UniCre
Slide 26: Additional Materials
Additional Materials 26
Slide 27: Income Statements
Income Statements 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 of
Slide 28: Quarterly Revenues and adj. EBITDA by BU
Quart. Rev. and Adj. Ebitda By BU 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 Technolo
Slide 29: Income Statement: Focus on EBITDA adjustments
Income Statement 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 for M&
Slide 30: Balance Sheet
Balance Sheet Balance Sheet (€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 receivables 163.9
Slide 31: Cash Flow Statement
Cash Flow Statement 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 32: Thanks
Thanks IR CONTACTS ir@denora.com Investor Relations | Overview | De Nora 32