Thyssenkrupp Nucera Ag & Co. Kgaa · XETR:NCH2
Thyssenkrupp Nucera Ag & Co. Kgaa — Investor Presentation (September 2026)
74 slides from Thyssenkrupp Nucera Ag & Co. Kgaa's investor presentation, September 2026
Slide 1: General Investor Presentation
General Investor Presentation September 2026
Slide 2: Purpose, Vision, Mission
Purpose We shape the new era Vision Empowering a clean industry for future generations We continually learn, adapt, and deliver cutting-edge Mission technologies to drive sustainable industrial transformation for a thriving future September 2026 | General Investor Presentation
Slide 3: Table of Contents
Table of Contents 1 Company Overview 2 Business Segments: Green Hydrogen and Chlor-Alkali 3 Financials 4 ESG Program, Ratings and Targets 5 Capital Market 3 September 2026 | General Investor Presentation
Slide 4: 1. Company Overview
1. Company Overview 4 September 2026 | General Investor Presentation
Slide 5: thyssenkrupp nucera at a glance
thyssenkrupp nucera at a glance Leading 2 strong business segments: Reliable, electrolysis innovative & gH2 projects with a future-oriented total capacity of technology Green Hydrogen Chlor Alkali solutions ~3.5 GW provider globally (gH2) (CA) at industrial scale under execution Asset-light Supporti
Slide 6: Our Green Hydrogen (gH2) business
Our Green Hydrogen (gH2) business Alkaline Water Electrolysis (AWE) technology to produce green hydrogen at industrial scale based on proven track record in Financials Chlor-Alkali electrolysis mn € FY 2022/23 FY 2023/24 FY 2024/25 Order intake 206 356 26 Product portfolio & roadmap Order backlog ~9
Slide 7: Our Chlor-Alkali (CA) business
Our Chlor-Alkali (CA) business Innovative Chlor-Alkali Electrolysis (CA) and Hydrochloric Acid electrolysis solutions (HCI) for industrial progress Financials Market leader with ~50% market share mn € FY 2022/23 FY 2023/24 FY 2024/25 Order intake 408 279 322 Product portfolio Order backlog ~500 421
Slide 8: Our global presence & selected projects
Our global presence & selected projects Stegra Dortmund (HQ) Shell Arnstadt Milan Milano Okayama OxyChem Houston Moeve Shangha Shanghai Tokyo Houston Riyadh i Mumbai Riad Chlorum Solutions TGV SRAAC Group NEOM Unipar Perth Perth Chlor-Alkali Electrolysis (CA) TA’ZIZ Alkaline Water Electrolysis (AWE)
Slide 9: Strong balance sheet to balance cyclicality and ramp-up profile of gH2
Strong balance sheet to balance cyclicality and ramp-up profile of gH2 Sustained sales growth Resilient profitability Strong balance sheet Robust sales development at a high level following Historically consistently profitable operations on Strong cash position further increased by IPO years of rapi
Slide 10: Our value proposition
Our value proposition Long-standing expertise in industrial scale electrolysis Global organization with reputable and long-standing partners Strong balance sheet to finance future growth and resilience Full-fledged service offering along the entire plant lifecycle Strong R&D focus to drive innovatio
Slide 11: 2026 priorities: taking action in an uncertain market environment
2026 priorities: taking action in an uncertain market environment Commercial Technology Cost Safeguard acceleration leadership discipline financial stability Further strengthen customer Capture economies of Challenge costs across the Continue prudent cash relationships and partnerships standardizati
Slide 12: 2. Business Segments
2. Business Segments 12 September 2026 | General Investor Presentation
Slide 13: We are the leading system integrator & lifecycle partner in electrolysis
We are the leading system integrator & lifecycle partner in electrolysis Chlor-Alkali (CA) Green Hydrogen (gH2) Innovative solutions Integrated systems to for resource-efficient Lifecycle produce green hydrogen Chlor-Alkali electrolysis services at industrial scale with 360° lifecycle services indus
Slide 14: Proven CA experience provides strong technology basis for AWE scale-up
Our proven experience in CA business provides a strong technology basis for AWE scale-up CA: Over 600 projects, 240,000 cell AWE: Building on CA leadership elements, >10 GW of capacity installed • Industrial-scale installations Market • Quality proven supply chain of 1 GW cell manufacturing • Indust
Slide 15: >40 years of leading innovation in modern industrial electrolysis
>40 years of leading innovation in modern industrial electrolysis Power Consumption 19841 – 1994 1997 2003 2012 2013 2018 2020 2021 2022 2025 Current Density (specific production capacity) NaCl-ODC2 e-BiTac v7 and Latest-generation Market Entry BM Gen. 6plus BM2.7 v7 and 25% energy saving Latest hig
Slide 16: Developing an industry leading electrolyzer cell design with De Nora
Developing an industry leading electrolyzer cell design with De Nora Contributions thyssenkrupp nucera thyssenkrupp nucera cell Contributions De Nora Design of cell, electrolyzer and balance of plants Anode and cathode catalytic coatings, and GDEs Selection of separator (membrane/diaphragm) – + Manu
Slide 17: Leading design and manufacturing know-how crucial in developing the AWE cell
Leading design and manufacturing know-how crucial in developing the AWE cell Hydraulic design Mechanical design • Improved hydraulic and fluid dynamics • 100% leak proof cell throughout service life ensuring to avoid emissions any • Optimized feed of reactants to the time catalytic centres for effec
Slide 18: We leverage synergies between CA & gH2 throughout the value chain
We leverage synergies between CA & gH2 throughout the value chain Technology & Operations & Project Lifecycle engineering supply chain execution services Synergies in cell design Scalable and resilient supply Experience from over 600 Integrated global network and cost improvements chain w/ multi-GW
Slide 19: 2.1. Segment Green Hydrogen (gH2)
2.1. Segment Green Hydrogen (gH2) 19 September 2026 | General Investor Presentation
Slide 20: Electrolysis connects renewable energy with hydrogen markets
Market Offering Projects Electrolysis connects renewable energy with hydrogen markets Green hydrogen Green energy Hydrogen markets via electrolysis Green hydrogen Environmental and Resilience of Growing renewable Solidifying regulatory economy drivers climate protection energy systems energy supply
Slide 21: Electrolysis enables decarbonization, energy security & value creation
Market Offering Projects Electrolysis enables decarbonization, energy security & value creation Energy security & resilience Benefits for electricity grid Economic value creation, Industry decarbonization jobs & export potential 21 September 2026 | General Investor Presentation
Slide 22: High volatility and uncertainty in the gH2 market, but mid-term outlook substantial
Market Offering Projects High volatility and uncertainty prevailing in the gH2 market, but the mid-term outlook is substantial Installed gH2 electrolysis capacity globally Key factors for gH2 market ramp-up >15x ~30-40 GW Awarded project volume capacity 1 growth (in operation, in construction, FID)
Slide 23: Green hydrogen scale-up in Europe requires systematic market building instruments
Market Offering Projects Green hydrogen scale-up in Europe requires systematic market building instruments from politics Industry Value contribution Market building instruments initiatives/memberships • Decarbonization of industry and transport • Create bankable markets through by turning renewables
Slide 24: scalum® | AWE technology for industrial-scale H2 production
Market Offering Projects scalum® | AWE technology for scalum ® industrial-scale H2 production AWE technology delivers speed and scale Based on proven quality, safety, reliability, and passion for innovation A powerful unit with ~ 300 high-efficiency cells Standardized modular solution with a
Slide 25: Single cell concept enables unique serviceability of our technology
Market Offering Projects Single cell concept enables unique serviceability of our technology Single cell concept… …enabling Improved plant availability and reduced need for backup inventory through single cell replacement racks per 20MW 4 scalum® stack Flexible upgrades of cell elements, the core of
Slide 26: Standardized, modular, highly efficient and scalable system design
Market Offering Projects Standardized, modular, highly efficient and scalable system design AWE single cell element scalum® 20 MW electrolyzer unit Highly scalable to GW plant size Standardized and modular design enables scalable gH2 systems up to GW size while reducing installation complexity and c
Slide 27: We offer integrated gH2 systems with best-in-class LCOH
Market Offering Projects We offer integrated gH2 systems with best-in-class LCOH Key aspects of system thinking approach thyssenkrupp nucera’s integrated offering1 LCOH not driven by electrolyzer alone – overall system drives LCOH Electricity Optimization of electrolyzer within the context of the en
Slide 28: Services will unlock long-term value beyond gH2 equipment sales
Market Offering Projects Services will unlock long-term value beyond gH2 equipment sales ~3.5 GW of electrolyzers under execution create gH2 service sales New Build potential of >2bn € over 25 years based on long-term service agreements 1 Lifetime Service Offering Predictive Training Spare Parts Dig
Slide 29: Demonstrator and test stand of AWE technology Carbon2Chem in Duisburg
Market Offering Projects Demonstrator and test stand of AWE technology Carbon2Chem in Duisburg Continuous testing of innovative components and materials • Capacity: up to 2 MW • H2 production: up to 440 Nm³/h • H2 produced since April 2018: ca. 1,500 tons1 • H2 purity: > 99.95 % (dry) Carbon2Chem® s
Slide 30: ~3.5 GW of gH2 projects under execution
Market Offering Projects ~3.5 GW of gH2 projects under execution Stegra (740 MW; Boden, Sweden) • Installation of all 37 electrolyzer modules completed • Moving into the next phases of pre- commissioning and commissioning NEOM (2.2 GW; Neom, Saudia- Arabia) • Project continues to make progress • Act
Slide 31: New project wins demonstrate that gH2 market is visibly maturing
Market Offering Projects New project wins demonstrate that gH2 market is visibly maturing 300 MW contract signed with Moeve 260 MW FEED study with Juno Joule in India thyssenkrupp nucera will supply electrolyzers with a total capacity of thyssenkrupp nucera has been awarded a Front-End Engineering a
Slide 32: Strategic collaboration to advance green hydrogen electrolysis in India
Market Offering Projects 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 loc
Slide 33: Maturing gH2 market reinforces focus on most viable opportunities, ~14 GW pursued
Market Offering Projects 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 #
Slide 34: 2.2. Segment Chlor-Alkali (CA)
2.2. Segment Chlor-Alkali (CA) 34 September 2026 | General Investor Presentation
Slide 35: Chlor-Alkali chemical products are essential for various end-products
Market Offering Projects Chlor-Alkali chemical products are essential for various end-products Aluminum Polyurethane foam / Polycarbonates / PVC Hydrogenation of Alkenes, Fats and Oils Soap / Sodium Hypochlorite / Hydrochloric acid Hydrogen compression Detergents Disinfection and bottling Caustic So
Slide 36: Process and drivers of global Chlor-Alkali market outlined
Market Offering Projects Process and drivers of global Chlor-Alkali market outlined Supply side Demand side Operating rate NaOH/Cl2 demand H2 4 Vinyls (EDC/PVC) Brine Chlorinated intermediates Chlorine Chlorine Water treatment Cl2 (Cl2) consumers MDI1 Epichlorohydrin Others2 Electrolysis 1:1.1 ratio
Slide 37: thyssenkrupp nucera is the global leader in CA membrane electrolysis
Market Offering Projects thyssenkrupp nucera is the global leader in CA membrane electrolysis CA market installed capacity in operation (2025)1 Accumulated orders up to 20252 44.2 million t/year Cl2 thyssenkrupp from CA nucera 2 million t/year Cl2 Others from HCl-ODC3 >10 GW eq. H2 produced from CA4
Slide 38: We offer innovative CA and HCl solutions for industrial progress
Market Offering Projects We offer innovative CA and HCl solutions for industrial progress Chlor-Alkali (CA) electrolysis Hydrochlorid Acid (HCl) electrolysis Local production of Chlorine (Cl2), Recycling of HCl into Caustic Soda (NaOH) and Hydrogen (H2) Chlorine (Cl2) and Hydrogen (H2) BM1 BiTAC2 Na
Slide 39: New BM generation & improved BiTAC technology recently launched
Market Offering Projects New BM generation & improved BiTAC technology recently launched Key benefits Standard-setting energy efficiency (< 1,960 kWh/t NaOH New BM at 6 kA/m2) enabling more climate-friendly CA electrolysis generation BM2.7 v7 Reduced downtimes during assembly and maintenance of elec
Slide 40: We combine leading technologies with system integration expertise
Market Offering Projects We combine leading technologies with system integration expertise Chlor-Alkali plant1 Key aspects of integrated CA offering2 Performance, safety and serviceability Best-in-class lifecycle cost-efficiency Process know-how for entire CA plant With strong expertise and referenc
Slide 41: CA business underscoring continued strength
Market Offering Projects CA business underscoring continued strength Sustained market momentum & resilient sales development Order intake +32% yoy in 9M 2025/26; service order and sales volume above PY level Customer from the Middle East Project execution well on track selects thyssenkrupp nucera's
Slide 42: Our key Chlor-Alkali projects
Market Offering Projects Our key Chlor-Alkali projects Chlorum Solutions USA Covestro CMDC Kumho Mitsui OxyChem Chemicals TA’ZIZ Chlorum Solutions Group Unipar TGV SRAAC Note: Selected projects, non-exhaustive. 42 September 2026 | General Investor Presentation
Slide 43: System integration expertise proven in large-scale CA installations
Market Offering Projects System integration expertise proven in large-scale CA installations BM single 153 ktpa NaOH, 2023 BiTAC 320ktpa NaOH 2019 element 135 ktpa Cl2 Commissioning year filter press 298ktpa Cl2 Commissioning year NaCl-ODC 43 September 2026 | General Investor Presentation
Slide 44: Leading energy saving technologies for chlorine production & recovery
Market Offering Projects Leading energy saving technologies for chlorine production & recovery HCl-ODC (Cl2 recovery) NaCl-ODC Yantai Juli/China (Commissioning: 2011) Covestro Krefeld-Uerdingen/Germany (Commissioning: 2011) Capacity per year: 100kt Cl2 Capacity per year: 20kt Cl2 Installed base: 15
Slide 45: 3. Financials
3. Financials 45 September 2026 | General Investor Presentation
Slide 46: Historic financial performance
Check out the interactive key figures comparison here Historic financial performance 1,340 25 9 2 Order intake 613 636 EBIT (mn €) 348 (mn €) -14 2021/22 2022/23 2023/24 2024/25 2021/22 2022/23 2023/24 2024/25 862 845 0.22 661 Sales 383 EPS 0.09 0.06 (mn €) (€) 0.04 2021/22 2022/23 2023/24 2024/25 2
Slide 47: Order intake impacted by delayed gH2 market ramp-up
Order intake impacted by delayed gH2 market ramp-up Order intake (mn €) Q4 FY • Increase in CA orders (+15% yoy) thanks to strong service -45% business 636 • gH2 business impacted by project delays and 279 cancellations as well as high comparison base (PY incl. 348 >300mn € from Stegra) 356 322 • Or
Slide 48: Sales characterized by high degree of completion of order backlog
Sales characterized by high degree of completion of order backlog Sales (mn €) FY • Sales development reflecting high percentage of -2% completion of existing gH2 and CA projects 862 845 • Record-high CA sales 338 386 (+14% yoy) driven by higher service business • gH2 (-12% yoy) due to 524 459 decli
Slide 49: Sales largely driven by projects in the Middle East & Europe
Sales largely driven by projects in the Middle East & Europe Sales split (mn €) FY 2024/25 Middle East & Africa Europe 31% 34% Sales by location of construction site 2% 13% India 8% North America 3% 8% Greater China Asia / Pacific South America 49 September 2026 | General Investor Presentation
Slide 50: Significant EBIT increase driven by gH2 gross margin improvement
Significant EBIT increase driven by gH2 gross margin improvement EBIT (mn €) FY • Gross margin increased by +3%P. to 13% of sales 17mn € • gH2 (+20mn € yoy) due to 2 improved project mix and cost containment despite 62 58 SOEC start-up costs • CA (-3mn € yoy) impacted by higher other Cost of -56 -76
Slide 51: Improved project mix and strict cost discipline
Improved project mix and strict cost discipline Operating costs (mn €) % of sales COGS FY • Improvement in % of sales driven by improved project mix in gH2 segment 89% SG&A 771 9% 87% • Stable SG&A in % of sales 9% 733 • Cost discipline is proving effective 4% 78 78 R&D 4% • R&D efforts increased bu
Slide 52: Positive net income and EPS despite higher tax expenses
Positive net income and EPS despite higher tax expenses EBIT to Net Income (mn €) FY yoy change +17 -9 +8 -14 -7 Impacted by lower interest Higher EBT and higher deferred tax income resulting from lower liabilities in CY and lower DTAs on tax interest rates 19 loss carryforwards compared to PY Trans
Slide 53: Significant FCF improvement despite higher investments
Significant FCF improvement despite higher investments Cash Flow (mn €) Change in NWC1 Change in NWC1 Free Cash Flow • Positive contribution from decline in contract assets and reduction in -5mn € +89mn € trade receivables offset by decrease in contractual liabilities 11 and trade payables due to a
Slide 54: Net financial assets remain on a high level
Net financial assets remain on a high level, providing sufficient headroom to withstand current market challenges Net financial assets development (mn €) FY Increased by 26mn € yoy 673 16 69 656 -63 -39 Net financial assets 1 EBITDA ΔNWC 2 CAPEX 3 Other Net financial assets 1 Sept 24 Sept 25 1. Net
Slide 55: Adjusted outlook for FY 2025/26
Adjusted outlook1 for FY 2025/26 thyssenkrupp nucera Group thyssenkrupp nucera segments Order intake gH2 550 to 670mn € Sales 100 to 130mn € FY 2024/25: 459mn € FY 2024/25: 348mn € EBIT -155 to -135mn € Sales FY 2024/25: -56mn € 450 to 500mn € FY 2024/25: 845mn € CA Sales 320 to 400mn € FY 2024/25:
Slide 56: 4. ESG Program, Ratings and Targets
4. ESG Program, Ratings and Targets 56 September 2026 | General Investor Presentation
Slide 57: Commitment to Sustainable Development Goals (SDGs)
Commitment to Sustainable Development Goals (SDGs) A Strategy contributing to SDGs… … underpinned by robust sustainability commitments Affordable & clean energy thyssenkrupp nucera’s mission is to advance the widespread adoption of Commitment to calculate and report greenhouse gas 1 green hydrogen,
Slide 58: Active member of several ESG initiatives and networks
thyssenkrupp nucera is an active member of several ESG initiatives and networks In 2022, thyssenkrupp nucera joined the United Nations Global Compact (UNGC), committing to uphold its ten principles on thyssenkrupp nucera is an active human rights, labor rights, member in various global and environme
Slide 59: We execute our ESG agenda – achievements in FY 2024/25
We execute our ESG agenda – achievements in FY 2024/25 Environmental Social Governance Performance Performance Performance • Revised Double Materiality • >4 million safe working hours without • 98.2% suppliers signed the Supplier Assessment in 2025 a Lost Time Injury at module yard in Code of Conduc
Slide 60: Current ESG ratings
Current ESG ratings Rating CCC B BB BBB A AA AAA MSCI ESG A Top ISS ESG Quality* 10 9 8 7 6 5 4 3 2 1 E-7 (preliminary assessment) High concern level Low concern level S-4 Severe High Medium Low Negligible Sustainalytics 33.2 (high risk) 40+ 30-40 20-30 10-20 0-10 High Risk Basic Confirmed Advanced
Slide 61: Our most important sustainability targets
Our most important sustainability targets KPI Status as of Sept. 25 Target • Scope 1 emissions [tCO2e1] • Scope 1: 276 tCO2e1 • Scope 1+2 net zero3 by 2030 Gas Emissions • Scope 2 emissions [tCO2e1] Greenhouse • Scope 2 (location-based): 612 tCO2e1 • Scope 3 net zero3 by 2050 • Scope 3 emissions [tC
Slide 62: Where we come from: collective expertise of three global electrolysis leaders
Where we come from: Bringing together the collective expertise of three renowned global electrolysis leaders Foundation of Chlorine Acquisition of Chlorine Rebranding: Engineers Corporation Engineers Corp. by De Nora thyssenkrupp nucera 1960 1973 2001 2011 2015 2022 2023 All units join forces: On Ju
Slide 63: Structure and governance of thyssenkrupp nucera AG & Co. KGaA
Overview of the structure and governance of thyssenkrupp nucera AG & Co. KGaA thyssenkrupp AG1 Industrie De Nora S.p.A. Legally formed as a partnership limited by shares (KGaA) under German law 50.19% 25.85% 66% 34% thyssenkrupp nucera AG & Co. thyssenkrupp nucera Management AG KGaA2 (General Partne
Slide 64: Management Board of thyssenkrupp nucera AG & Co. KGaA
Management Board of thyssenkrupp nucera AG & Co. KGaA Dr. Werner Ponikwar (CEO) Dr. Stefan Hahn (CFO) Klaus Ohlig (CTO) • CEO since July 2022 • CFO since March 2025 • CTO since July 2025 • Appointed until 2030 • Appointed until 2028 • Appointed until 2028 • 20+ years of experience in the chemicals •
Slide 65: 5. Capital Market
5. Capital Market 65 September 2026 | General Investor Presentation
Slide 66: Information about our shareholder structure
Check out the IPO and basic share information here Information about our shareholder structure Information on the free float (as of May 2026) Shareholder structure based on voting rights Largest The 20 largest institutional investors represent institutional around 40% of free float1. shareholders Fr
Slide 67: Stock performance since IPO – thyssenkrupp nucera & peers
Stock performance since IPO – thyssenkrupp nucera & peers % 310 260 210 160 110 60 10 06.07.2023 06.12.2023 06.05.2024 06.10.2024 06.03.2025 06.08.2025 06.01.2026 06.06.2026 nucera -59% H2 Index +58% Ceres Power +42% De Nora -65% ITM Power +57% Plug Power -78% Nel -82% Indexed; nucera performance st
Slide 68: Strong balance sheet sufficient to withstand headwinds and finance growth
Strong balance sheet sufficient to withstand current headwinds and finance future growth Capital allocation Dividend Policy Automation and serial fabrication to increase production efficiency and speed Strengthen and widen supply chain to foster planned increase in capacity thyssenkrupp nucera inten
Slide 69: thyssenkrupp nucera is actively covered by analysts
thyssenkrupp nucera is actively covered by 13 analysts Broker Analyst Recommendation Target price (€) Latest update Berenberg James Carmichael Hold 9.0 8/25/2026 Citi Martin Wilkie Buy 13.0 8/12/2026 Deutsche Bank Michael Kuhn Hold 9.1 8/13/2026 Goldman Sachs Michele della Vigna Hold 8.6 8/27/2026 I
Slide 70: Reasons to invest
Reasons to invest Leading provider of electrolysis technology with proven 1 track record of successful project execution Substantial pipeline including large-scale new build 2 projects and long-term service contracts Chlor-Alkali business profitable, cash-generating and 3 growing Well positioned to
Slide 71: Events & Financial Calendar
Events & Financial Calendar Upcoming events Financial calendar IR Contact Oct 7 Kepler Cheuvreux Energy Dec 16 Q4/FY 2025/26 +49 231 229 724 347 Services Conference, London ir@thyssenkrupp-nucera.com investors.thyssenkrupp-nucera.com PR Contact +49 174 161 86 24 press@thyssenkrupp-nucera.com 71 Sept
Slide 72: Your thyssenkrupp nucera Investor Relations Contacts
Your thyssenkrupp nucera Investor Relations Contacts Dr. Hendrik Finger Stephanie Ritschel Kirill Lechleider (Head of IR) (Senior IR Manager) (Junior IR Manager) +49 231 229 724 347 +49 231 229 724 456 +49 231 229 724 319 ir@thyssenkrupp-nucera.com investors.thyssenkrupp-nucera.com 72 September 2026
Slide 73: 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 74: September 2026 | General Investor Presentation
74 September 2026 | General Investor Presentation
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