Industrie De Nora Spa · MIL:DNR
Industrie De Nora Spa — Non-Deal Roadshow (March 2026)
62 slides from Industrie De Nora Spa's roadshow presentation, March 2026
Slide 1: Financial Company Profile – Electrochemistry Frontiers
Financial Company Profile Electrochemistry Frontiers pioneering clean solutions in Water, Circularity and Hydrogen March 2026 1
Slide 2: Agenda
Agenda • De Nora in a Nutshell • 2025 Business Achievements • 2025 Financial Results and 2026 Guidance • Mid-Term View • Sustainability Journey • Investment case 2
Slide 3: De Nora in a Nutshell – 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: De Nora: three divisions, one soul
De Nora in a Nutshell De Nora: three divisions, one soul 100 Years of Electrochemistry, to provide Sustainable Technologies FY 2025 Revenues By Business Units 12% 53% 35% ELECTRODE ELECTRODETECHNOLOGIES TECHNOLOGIES ENERGY TRANSITION WATER TECHNOLOGIES DSA(R) electrodes, Anodes, Electrodes for Alkal
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 Metals Refining Financial Corporate Profile OTHER INDUSTRIES Pulp & Steel Automotive Plumbi
Slide 6: 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 7: 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 8: End Markets & Applications
De Nora in a Nutshell End Markets & Applications Industry / Commercial & Chemicals Institutional Buildings Communication & Smart Technologies Power & Energy Mobility Financial Corporate Profile Energy Storage & Transportation Consumer Lifestyle Infrastructure / Municipal Infrastructure 8
Slide 9: 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 10: Equipped to drive growth and seize opportunities
Equipped to drive growth and seize opportunities De Nora in a Nutshell 585 Worldwide manufacturing capacity 13 2.5 GW eq.1 Energy Transition Manufacturing sites 1.0 mil. AMS E M E I A* A PA C Sqm per year 40,000 cells per year 5+1 4 578 5 739 4 765 R&D Labs worldwide 34.7% of 33.6% of 31.7% of Innov
Slide 11: Agenda
Agenda • De Nora in a Nutshell • 2025 Business Achievements • 2025 Financial Results and 2026 Guidance • Mid-Term View • Sustainability Journey • Investment case 11
Slide 12: 2025 BUs Achievements – Key Results
Electrochemistry frontiers 2025 BUs Achievements Pioneering clean solutions in water, circularity and hydrogen 2025 KEY RESULTS 2025 Results: Revenue growth, solid profitability and robust € 875 m Revenues cash flow generation +4.4% YoY at constant fx Entering new high-growth markets — lithium refin
Slide 13: FY 2025 a solid set of results above guidance
2025 BUs Achievements FY 2025 a solid set of results above guidance REVENUES ADJ.* EBITDA ADJ. NET RESULT NET CASH POSITION €875.0 m €171.8 m €89.5 m €86.7 m +1.4% Yoy +9.1% Yoy +0.8% Yoy €67.1 m @31 December 2024 +4.4% @ constant fx 19.6% Adj. Ebitda margin 10.2% Net margin €117 m Operating Cash Fl
Slide 14: Electrode Technologies: 2025 orders driven by Asia and Chlor-Alkali
Electrode Technologies 2025 BUs Achievements 2025 Orders driven by Asia and Chlor-Alkali ORDER INTAKE ORDERS BY TYPE @ 31 Dec. 2025 ~446 407 ~40 New Applications 58% 406 €m Electronics & Surface Finishing Aftermarket 42% Specialties & New Applications FY '24 FY '25 Chlor-Alkali BACKLOG ORDERS BY GEO
Slide 15: Water Technologies: orders and backlog growth
Water Technologies 2025 BUs Achievements Strong orders and backlog growth boost business visibility ORDERS: UP 16% YoY WTS ORDERS BY TYPES 365 Municipal Pools 314 WTS 150 46% Industrial 110 +36% 39% Aftermarket 61% New 204 +6% 215 €m 54% FY '24 FY '25 BACKLOG: UP 23% vs 2024 ORDERS BY GEOGRAPHIES Fi
Slide 16: WTS – Q4 2025 Flagship Projects
2025 BUs Achievements WTS – Q4 2025 Flagship Projects Sizewell C Municip. of Port St. Lucie NESA Ahal Water Administr. Suffolk Cost Florida Finland Turkmenistan UK’s first new-build Improving water First EU NaClO** First Ozone and UV nuclear power station treatment & recycling installation Waste WT*
Slide 17: PFAS: strong start — contracts signed
PFAS: strong start — 8 contracts signed 2025 BUs Achievements 8 Industrial Scale 2 Projects in Italy projects, to be delivered by 2026 Lombardia (BS) / Piemonte (AL) Total WT* Capacity: ~ 7.3m3/d ~ €6m Backlog @31 Dec. 2025 PFAS Removal from Drinking Water 6 Projects in the US Pennsylvania (3), Mass
Slide 18: Excellent Hydrogen flagship execution
Energy Transition 2025 BUs Achievements 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 19: Developing small-scale solution portfolio
Energy Transition 2025 BUs Achievements …while we keep developing our small-scale solution portfolio…. First outcome of the Asahi Kasei–De Nora technological partnership 1 MW containerized AWE system • First Finland’s green hydrogen refuelling station • Being installed in Jyväskylä (Finland) by Asha
Slide 20: Entering into the Lithium market
Energy Transition 2025 BUs Achievements …and entering into the Lithium market CONTRACTS SIGNED AGREEMENTS PARTNERSHIPS 2025 Lithium Recovery JP customer - 2026 Binding agreement with 2024 Partnership with Mangrove (~€11 m) Tuleva for largest US Lithium to produce Lithium from electrochemical Lithium
Slide 21: Agenda
Agenda • De Nora in a Nutshell • 2025 Business Achievements • 2025 Financial Results and 2026 Guidance • Mid-Term View • Sustainability Journey • Investment case 21
Slide 22: FY 2025 Revenues
FY 2025 Revenues 2025 Financial Results 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
Slide 23: FY 2025 Backlog
FY 2025 Backlog 2025 Financial Results Core Business up by 7.6% YoY 558.0 Backlog @ 31 Dec. 2025 521.8 by Year of Deployment 500.6 490.3 2029+ 120.3 83.7 50.0 19.3 11% Energy Transition 2028 3% 180.0 146.3 178.7 178.7 Water Technologies ~40.0 471 2027 438 ~+7.6% 14% YoY 2026 Financial Corporate Prof
Slide 24: FY 2025 Operating Costs
2025 Financial Results FY 2025 Operating Costs Corporate structure and R&D profile well set to grow KEY HIGHLIGHTS SG&A and COGS (€m)* R&D (€m) - COGS – Incidence on Corporate (€m)* Revenues mainly driven by product mix. As % of 67.4% 64.8% 13.4% 13.7% 1.7% 1.9% sales 582 567 120 - SG&A and Corporat
Slide 25: Adjusted EBITDA FY 2025
Adjusted Ebitda FY 2025 2025 Financial Results 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 5
Slide 26: Net Financial Position
Net Financial Position 2025 Financial Results Solid cash flow generation, more than funding capex and dividends FY ‘25 OPERATING CASH FLOW FREE CASH FLOW BEFORE DIVIDENDS 116.6 m 40.3 m Q4 ’25 121.4 Operating Cash Flow: 74.4 m 2.3 (49.2) 36.5 1.1 (32.3) (5.9) 0.0 0.9 86.7 42.7 (27.4) Financial Corpo
Slide 27: Guidance 2026
Guidance 2026 2026 Guidance Revenues Adj EBITDA margin* € 750 m – € 850 m 15% – 18% Electrode Technologies High to mid single-digit decline Capex Water Technologies Mid single-digit to low double-digit ~ €80 m € 40 Maintenance & Operations growth Financial Corporate Profile ~ € 40 Gigafactory and mi
Slide 28: Agenda
Agenda • De Nora in a Nutshell • 2025 Business Achievements • 2025 Financial Results and 2026 Guidance • Mid-Term View • Sustainability Journey • Investment case 28
Slide 29: 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 30: Mid-term Strategy across our Businesses
Mid-term Strategy across our Businesses Mid-term View Mid-term Strategy across our Businesses Where electrochemical and water treatment solutions power growth ELECTRODE TECHNOLOGIES WATER TECHNOLOGIES HYDROGEN CIRCULARITY Financial Corporate Profile Energy Transition Electrode Water Energy Technolog
Slide 31: Electrode Technologies
Electrode Technologies Mid-term View Electrode Technologies 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 32: Water Technologies
Water Technologies Mid-term View Water Technologies 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 33: Green Hydrogen
Green Hydrogen Mid-term View Green Hydrogen 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 – mainly EU GW • Enhancing alliances to accele
Slide 34: Circularity
Circularity Mid-term View Circularity 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 E-Chem LiOH through HCl br
Slide 35: Financial framework over a 5 to 10 year 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 36: 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 37: Agenda
Agenda • De Nora in a Nutshell • 2025 Business Achievements • 2025 Financial Results and 2026 Guidance • Mid-Term View • Sustainability Journey • Investment case 37
Slide 38: Sustainability Journey
Financial Corporate Profile Sustainability Journey 38
Slide 39: 2030 Sustainability plan
2030 Sustainability plan Sustainability Journey 48 Initiatives, o/w 25 completed up to 2025 Financial Corporate Profile 39
Slide 40: 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 41: 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 42: Agenda
Agenda • De Nora in a Nutshell • 2025 Business Achievements • 2025 Financial Results and 2026 Guidance • Mid-Term View • Sustainability Journey • Investment case 42
Slide 43: 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 44: 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. 44
Slide 45: Additional Materials
Additional Materials © 2026 De Nora
Slide 46: 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 47: ESG agenda to 2030 (1/10)
Financial Corporate Profile Additional Materials 47 ESG agenda to 2030 (1/10)
Slide 48: ESG agenda to 2030 (2/10)
Financial Corporate Profile Additional Materials 48 ESG agenda to 2030 (2/10)
Slide 49: ESG agenda to 2030 (3/10)
Financial Corporate Profile Additional Materials 49 ESG agenda to 2030 (3/10)
Slide 50: ESG agenda to 2030 (4/10)
Financial Corporate Profile Additional Materials 50 ESG agenda to 2030 (4/10)
Slide 51: ESG agenda to 2030 (5/10)
Financial Corporate Profile Additional Materials 51 ESG agenda to 2030 (5/10)
Slide 52: ESG agenda to 2030 (6/10)
Financial Corporate Profile Additional Materials 52 ESG agenda to 2030 (6/10)
Slide 53: ESG agenda to 2030 (7/10)
Financial Corporate Profile Additional Materials 53 ESG agenda to 2030 (7/10)
Slide 54: ESG agenda to 2030 (8/10)
Financial Corporate Profile Additional Materials 54 ESG agenda to 2030 (8/10)
Slide 55: ESG agenda to 2030 (9/10)
Financial Corporate Profile Additional Materials 55 ESG agenda to 2030 (9/10)
Slide 56: ESG agenda to 2030 (10/10)
Financial Corporate Profile Additional Materials 56 ESG agenda to 2030 (10/10)
Slide 57: Income Statements
Additional Materials Income Statements (€m) Q1 2024 Q2 2024 H1 2024 Q3 2024 9M 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 H1 2025 Q3 2025 9M 2025 Q4 2025 FY 2025 Revenue 189.1 211.2 400.3 200.9 601.2 261.4 862.6 200.4 215.2 415.6 215.7 631.3 243.7 875.0 YoY Growth (%) -12.8% 3.8% -4.8% -4.1% -4.5% 15.4% 0
Slide 58: Quarterly Revenues and adj. EBITDA by BU
Additional Materials Quarterly Revenues and adj. EBITDA by BU Q1 ‘25 vs Q2 ‘25 vs Q3 ‘25 vs Q4’ 25 vs (€m) Q1 ‘24 Q2 ‘24 Q3 ‘24 Q4 ‘24 Q1 ‘25 Q2 ‘25 Q3 ‘25 Q4 ‘25 Q1 ‘24 Q2 ‘24 Q2 ‘24 Q4' 24 REVENUES 189.1 211.2 200.9 261.4 200.4 215.2 215.7 243.7 6.0% 1.9% 7.4% -6.8% Electrode Technologies 92.7 112
Slide 59: Income Statement – Focus on EBITDA adjustments
Additional Materials Income Statement Focus on EBITDA adjustments (€m) FY 2024 FY 2025 Sales 862.6 875.0 EBITDA 151.8 164.1 Margin (%) 17.6% 18.8% Termination costs (labor + legal expenses) 1.5 0.9 IPCEI GF Eligible costs (net of grant) - (0.2) Costs for M&A, integration, and company reorganization
Slide 60: Balance Sheet
Additional Materials Balance Sheet (€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 receivables
Slide 61: Cash Flow Statement
Additional Materials Cash Flow Statement (€m) FY 2024 FY 2025 EBITDA 151.8 164.1 Losses on the sale of property, plant and equipment and intangible assets (5.3) 0.0 Other non-monetary items 3.7 5.2 Cash flows generated by operating activities before changes in net working capital 150.2 169.4 Change
Slide 62: Thanks – IR Contacts
Thanks IR CONTACTS ir@denora.com Investor Relations | Overview | De Nora 62