Thyssenkrupp Nucera Ag & Co. Kgaa · XETR:NCH2
Thyssenkrupp Nucera Ag & Co. Kgaa — Investor Presentation (December 2025)
73 slides from Thyssenkrupp Nucera Ag & Co. Kgaa's investor presentation, December 2025
Slide 1: General Investor Presentation
General Investor Presentation December 2025
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 December 2025 | 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 December 2025 | General Investor Presentation
Slide 4: 1. Company Overview
1. Company Overview 4 December 2025 | 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 ~3.3 GW provider globally (gH2) (CA) at industrial scale already under construction Asset-lig
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 OxyChem Milan Milano Okayama Houston Shangha Shanghai Tokyo Houston Riyadh i Mumbai Riad Chlorum Solutions TGV SRAAC AirProducts Group NEOM Unipar Perth Perth Chlor-Alkali Electrolysis (CA) CMDC Alkaline Water Electrolysis (
Slide 9: Our attractive financial profile
Our attractive financial profile Dynamic organic growth Resilient profitability Strong balance sheet Sales growth driven by successful execution of Historically consistently profitable operations; Strong cash position further increased by IPO strong order backlog, both in CA and AWE temporary EBIT l
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 December 2025 | General Investor Presentation
Slide 13: Our proven experience in CA business provides a 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 14: >30 years of leading innovation in modern industrial electrolysis
>30 years of leading innovation in modern industrial electrolysis Power Consumption 19841 – 1994 1997 2003 2012 2013 2018 2020 2021 2022 2024 Current Density (specific production capacity) NaCl-ODC2 e-BiTac v7 and Market Entry BM Gen. 6plus 25% energy saving CA Latest high efficiency electrolysis el
Slide 15: 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 16: 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 17: We make a difference across every step of the industrial electrolysis value chain
We make a difference across every step of the industrial electrolysis value chain Engineering Cell fabrication Modularization Piping Handling Services More than 600 Cell and electrolyzer High quality products electrochemical Plant construction and Handling and use of Full lifecycle service Applicati
Slide 18: 2.1. Segment Green Hydrogen (gH2)
2.1. Segment Green Hydrogen (gH2) 18 December 2025 | General Investor Presentation
Slide 19: Electrolysis connects the renewable energy sector with a wide range of industries
Market Offering Projects Electrolysis connects the renewable energy sector with a wide range of industries and enables industry decarbonization Green hydrogen via Renewable energy Hydrogen markets electrolysis - + Green hydrogen Climate & Growing renewable energy Appropriate legal economy drivers en
Slide 20: The mid-term gH2 outlook remains positive with ~30 to ~50 GW by 2030
Market Offering Projects The mid-term gH2 outlook remains positive with an expected installed capacity of ~30 to ~50 GW by 2030 Market outlook (Installed gH2 electrolysis capacity by 2030) Key factors for gH2 market ramp-up Awarded project volume 1 (in operation, in construction, FID) 2 Offtake agre
Slide 21: We continue to face high volatility and an uncertain gH2 market
Market Offering Projects We continue to face high volatility …but we remain resilient and and an uncertain gH2 market… well positioned for future growth • Project developments in Europe with slow route to Leading technology FIDs due to high policy uncertainty Portfolio of solutions with leading LCOH
Slide 22: We focus on green hydrogen, an enabler of the net zero economy
Market Offering Projects We focus on green hydrogen, an enabler of the net zero economy How technology addresses Net Zero goals2 2050 supply mix2 • Coal Grey Reforming Emits around 10kg of CO2 per kg of hydrogen • Natural Gas CO2 emitted 0% hydrogen (Gasification) produced • Biomethane • Natural G
Slide 23: Refining, ammonia, and steel are the three main focus applications
Market Offering Projects Refining, ammonia, and steel are the three main focus applications Refining Ammonia Steel Profitable at… >100 USD/tCO2 >100 USD/tCO2 50 USD/tCO2 Substitution of grey Substitution of grey H2 and Substitution of coke for H2 use H2 feed green energy vector reduction of iron or
Slide 24: scalum | Our AWE technology for industrial-scale roll-out
Market Offering Projects scalum® | Our AWE technology for industrial-scale roll-out Process Section Single cell element A powerful unit with ~ 300 high- Electrolyzer Stack efficiency cells 8m Standardized modular solution with a system capacity of 20 MW Cell Feed Discharge Can be easily interconnect
Slide 25: AWE currently most suitable for large scale rollout of gH2 production capacity
Market Offering Projects AWE currently most suitable for large scale rollout of gH2 production capacity globally – SOEC offers features to unlock further potential Alkaline Water Electrolysis Polymer Electrolyte Membrane (PEM) Technology Solid Oxide Electrolyzer Cell (SOEC) (AWE) Electrolysis Develo
Slide 26: Illustrative scope for a hydrogen plant project
Market Offering Projects Illustrative scope for a hydrogen plant project AWE modules Balance of plant Civil Erection Technology Procurement and Engineering and Commissioning Manufacture Procurement construction on site service Supply of AWE Engineering and Civil structures and Installation of AWE Fu
Slide 27: 360° service for scalum
Market Offering Projects 360° service for scalum® Lifecycle service for the green transformation Customer support, technical guidance & competence development Parts & supply management Cell refurbishments Operational support via Digital Solutions for optimized plant performance Nucera refurb – Refur
Slide 28: Demonstrator and test stand of our AWE technology
Market Offering Projects Demonstrator and test stand of our AWE technology Carbon2Chem Continuous testing of innovative components and materials in Duisburg, Germany Electrolyzer capacity: up to 2 MW 1. 6 years of operation x 8600 hours per year x 65% utilization incl. shutdowns x 400Nm³/h C2C produ
Slide 29: Dedicated product development roadmap with focus on performance and TCO
Market Offering Projects Dedicated product development roadmap with focus on performance and overall total cost of ownership Serial production and automation, for cell and module fabrication at AWE Technology multi-GW scale Highly automated1 Multiple sites Incremental 2nd gen 2021 H2Giga 2025 Plan X
Slide 30: Strengthening our product portfolio for future market growth
Market Offering Projects Strengthening our product portfolio for future market growth Key Benefits • Modular design enables scalability and further cost reductions Status Quo Technology Approach • Flexible product offering and improved system efficiency driving • 20 MW AWE module with proven cell •
Slide 31: Key green hydrogen projects currently under execution
Market Offering Projects Key green hydrogen projects currently under execution Supplying electrolyzers to Stegra, >700 powering the construction of one MW of Europe’s largest integrated green steel plants in Boden, 200 Sweden. MW >2 GW Delivery of a 200 MW Supplying electrolyzers with over 2 GW elec
Slide 32: All modules for NEOM project completed
Market Offering Projects All modules for NEOM project completed NEOM • Project execution well on track, according to customer schedule • All 110 modules completed and handed over to customer • Achieved >4mn safe working hours without Lost Time Injury at module yard in Vietnam • Construction of green
Slide 33: Stegra project is progressing well
Market Offering Projects Stegra project is progressing well Stegra • Cell fabrication and delivery on track • 80% of electrolyzer modules handed over to customer and more than 50% already installed at site in Boden • In total, 37 electrolyzers will be installed in 4 cell houses • Continuous operatio
Slide 34: Clear focus on viable projects in a maturing green hydrogen market
Market Offering Projects Clear focus on viable projects in a maturing green hydrogen market Other gH2 pipeline No. of projects Aggregated size Contract value 8% Africa 12% Europe 42% Regional split2 18% North Substantial #147 ~69 GW ~36bn € America pipeline1 21% Australia Pursue ~1.7 GW Actively Inc
Slide 35: 2.2. Segment Chlor-Alkali (CA)
2.2. Segment Chlor-Alkali (CA) 35 December 2025 | General Investor Presentation
Slide 36: CA chemical products are essential for a large number of end products
Market Offering Projects CA chemical products are essential for a large number of end products Aluminium Polyurethane foam / Polycarbonates / PVC Hydrogenation of Alkenes, Fats and Oils Soap / Sodium Hypochlorite / Hydrochloric acid Hydrogen compression Detergents Disinfection and bottling Caustic S
Slide 37: Chlor-Alkali market primarily driven by NaOH/Cl2 demand and GDP growth
Market Offering Projects Chlor-Alkali market primarily driven by NaOH/Cl2 demand, operating rates, GDP growth, regulations and electricity costs Supply side Demand side Operating rate NaOH/Cl2 demand H2 4 Chlorine Brine consumers Chlorine 84.432 ktpa Cl2 (Cl2) demand (~2% CAGR) 2030 Electrolysis 1:1
Slide 38: thyssenkrupp nucera is the global market leader in Chlor-Alkali membrane electrolysis
Market Offering Projects thyssenkrupp nucera is the global market leader in Chlor-Alkali membrane electrolysis CA market installed capacity in operation (2023)1 Accumulated orders up to 20242 thyssenkrupp nucera 43.7 million t/year Cl2 from CA Global Top 3 competitors and others 2 million t/year Cl2
Slide 39: Innovative CA and HCl solutions for industrial progress
Market Offering Projects Innovative CA and HCl solutions for industrial progress Product portfolio Chlor-Alkali (CA) Electrolysis Hydrochloric Acid (HCl) Electrolysis Local production of Chlorine (Cl2), Recycling of HCl into Chlorine (Cl2) Caustic Soda (NaOH) and Hydrogen (H2) and Hydrogen (H2) BM1
Slide 40: State-of-the-art electrolysis solutions with 60 years of experience
Market Offering Projects State-of-the-art electrolysis solutions with 60 years of experience Technology Approach 360° SERVICE • Continuous improvement to ensure cost competitiveness and technology leadership Legacy of Leading Technology Recent Innovations • Short innovation cycles with consistent fo
Slide 41: Our key Chlor-Alkali projects
Market Offering Projects Our key Chlor-Alkali projects Chlorum Solutions USA Covestro Kumho Mitsui OxyChem Chemicals CMDC Chlorum Solutions Group Unipar TGV SRAAC 41 December 2025 | General Investor Presentation
Slide 42: Globally leading technologies for chlorine production
Market Offering Projects Globally leading technologies for chlorine production BM single element BiTAC filter press Vestolit Marl/Germany Ningxia Risheng/China Capacity per year: 236kt NaOH; 210kt Cl2 Capacity per year: 320kt NaOH; 298kt Cl2 Installed base: 60 MW Installed base: 81 MW 42 December 20
Slide 43: Leading energy saving technologies for chlorine production & recovery
Market Product Projects Leading energy saving technologies for chlorine production & recovery HCl-ODC (Cl2 recovery) NaCI-ODC Yantai Juli/China Covestro Krefeld-Uerdingen/Germany Capacity per year: 100kt Cl2 Capacity per year: 20kt Cl2 Installed base: 15 MW Installed base: 5 MW 43 December 2025 | Ge
Slide 44: 3. Financials
3. Financials 44 December 2025 | General Investor Presentation
Slide 45: 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 46: 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 47: 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 48: 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 48 December 2025 | General Investor Presentation
Slide 49: 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 50: 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 51: 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 52: 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 53: 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 54: Outlook for FY 2025/26
Outlook for FY 2025/26 thyssenkrupp nucera Group thyssenkrupp nucera segments Order intake gH2 350 to 900mn € Sales 150 to 220mn € FY 2024/25: 459mn € FY 2024/25: 348mn € EBIT -80 to -55mn € Sales FY 2024/25: -56mn € 500 to 600mn € FY 2024/25: 845mn € CA Sales 320 to 400mn € FY 2024/25: 386mn € EBIT
Slide 55: 4. ESG Program, Ratings and Targets
4. ESG Program, Ratings and Targets 55 December 2025 | General Investor Presentation
Slide 56: 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 57: thyssenkrupp nucera is an 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 58: 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 • 98.2% suppliers signed the Supplier Assessment in 2025 without a Lost Time Injury at module Code of Conduct yard i
Slide 59: Current ESG ratings
Current ESG ratings Rating CCC B BB BBB A AA AAA MSCI ESG BBB Top 10 9 8 7 6 5 4 3 2 1 E-4 ISS ESG Quality* S-4 (preliminary assessment) High concern level Low concern level G-5 Severe High Medium Low Negligible Sustainalytics 34.8 (high risk) 40+ 30-40 20-30 10-20 0-10 High Risk Basic Confirmed Adv
Slide 60: 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 [tCO
Slide 61: Where we come from: Bringing together the collective expertise of three 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 62: Overview of the 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 63: 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 64: 5. Capital Market
5. Capital Market 64 December 2025 | General Investor Presentation
Slide 65: 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 June 2025) Shareholder structure based on voting rights Largest The 20 largest institutional investors represent institutional around 57% of free float1. shareholders F
Slide 66: Share price performance since the IPO in a tough market environment
Share price performance since the IPO in a tough market environment % 150 140 130 120 110 100 90 80 70 60 50 40 30 20 10 06.07.2023 06.11.2023 06.03.2024 06.07.2024 06.11.2024 06.03.2025 06.07.2025 06.11.2025 nucera -55% H2 Index +27% Ceres Power -20% De Nora -63% ITM Power -2% Plug Power -77% Nel -
Slide 67: Strong balance sheet sufficient to withstand current headwinds and finance future 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 68: 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 12/19/2025 Citi Martin Wilkie Buy 13.0 12/17/2025 Deutsche Bank Michael Kuhn Hold 11.0 12/18/2025 Goldman Sachs Michele della Vigna Hold 7.8 11/25/2
Slide 69: Reasons to invest
Reasons to invest Leading provider of electrolysis technology with proven track 1 record of successful project execution Substantial pipeline including large-scale new build projects and 2 long-term service contracts 3 Chlor-Alkali business profitable, cash-generating and growing Well positioned to
Slide 70: Events & Financial Calendar
Events & Financial Calendar Upcoming events Financial calendar IR Contact Jan 12-13 28th German Investment Seminar Feb 11 Q1 2025/26 thyssenkrupp nucera AG & Co. KGaA (New York) Feb 25 Annual General Meeting Investor Relations Jan 19 25th German Corporate Conference (Frankfurt) May 12 Q2/6M 2025/26
Slide 71: 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 71 December 2025
Slide 72: 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 73: December 2025 | General Investor Presentation
73 December 2025 | General Investor Presentation
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