Industrie De Nora Spa · MIL:DNR
Industrie De Nora Spa — Euronext Sustainability Week 2025
63 slides from Industrie De Nora Spa's conference presentation, September 2025
Slide 1: Enabling Transition to Sustainable Operations
Euronext Sustainability Week Enabling Transition to Sustainable Operations September 2025 © Luca Campigotto © 2025 De Nora Detail of Seaclor® component
Slide 2: Agenda
AGENDA De Nora in a Nutshell H1 2025 Business Achievements H1 2025 Financial Results Review Mid-Term View Investment case Sustainability Journey 2 © Luca Campigotto ©©2025 2025De De Nora Nora
Slide 3: Who We Are
WHO WE ARE Global Leader in Electrode Te c h n o l o g i e s a n d W a t e r Tr e a t m e n t Solutions The world's largest supplier of high- performing coatings and electrodes for industrial applications Leader in emerging sustainable technologies and with a key role in Green Hydrogen market Recogn
Slide 4: De Nora: Three Divisions, One Soul
DE NORA: THREE DIVISIONS, ONE SOUL 1 0 0 Ye a r s o f E l e c t r o c h e m i s t r y, t o p r o v i d e S u s t a i n a b l e Te c h n o l o g i e s FY 2024 Revenues By Business Units 12% 53% 35% ELECTRODE TECHNOLOGIES ENERGY TRANSITION WATER TECHNOLOGIES Electrochlorination, Disinfection and E-Che
Slide 5: Electrode Technologies
ELECTRODE TECHNOLOGIES Addressing Multiple Industrial Applications with a Wide Range of Products ANODES CATHODES CATALYTIC COATINGS GDE1 MAIN ADDRESSED INDUSTRIES Chlor-alkali Electronics Metals Refining OTHER INDUSTRIES Pulp & paper Steel Automotive Plumbing & furniture Steel & concrete galvanizing
Slide 6: Water Technologies
WAT E R T E C H N O L O G I E S 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 Ultraviolet t
Slide 7: Energy Transition
ENERGY TRANSITION Te c h n o l o g i c a l L e a d e r i n t h e G r e e n H y d r o g e n I n d u s t r y PORTFOLIO Electrodes for Alkaline Electrolysis Cells Stack for AWE Gas Diffusion Electrodes Small Scall Electrolyzer Water Electrolysis for fuel cells DRAGONFLY® (AWE) MAIN APPLICATIONS Hard to
Slide 8: Innovation, Growth, Leadership, Partnerships and Resilience
I N N O V AT I O N , G R O W T H , L E A D E R S H I P, PA R T N E R S H I P S A N D R E S I L I E N C E Our Successfully History 1 First Joint Venture with thyssenkrupp Uhde Chlorine Engineers (“tkUCE”) was set up in 2001, renamed tk nucera in 2022. 2 Acquisition of Severn Trent Water Purification
Slide 9: De Nora's Key Figures, Assets, and Global Footprint
DE NORA’S KEY FIGURES, ASSETS, AND DISTINCTIVE GLOBAL FOOTPRINT 278 AMS E M E I A* A PA C Patent families 5 585 5 723 4 774 24 Operating companies 30% 35% 35% of revenues of revenues of revenues 14 Manufacturing facilities 5 R&D laboratories 1 Innovation Center €862.6m FY 2024 Revenues 2,082 People
Slide 10: Agenda
AGENDA De Nora in a Nutshell H1 2025 Business Achievements H1 2025 Financial Results Review Mid-Term View Investment case Sustainability Journey 10 © Luca Campigotto ©©2025 2025De De Nora Nora
Slide 11: Key Highlights H1 2025
KEY HIGHLIGHTS H1 2025 Growth and Profitability — New Markets Add Momentum KEY FINANCIAL RESULTS • +3.8% YoY Revenues (+4.6% @ constant fx) ON THE RISE • +8.1% YoY Adj EBITDA - Margin on Revenues 19.6% (+0.8pp vs H1 2024) EXECUTION DROVE • Electrode Techs: +8.2% YoY revenues, +6% YoY new Orders PERF
Slide 12: Electrode Technologies Business
ELECTRODE TECHNOLOGIES BUSINESS S tab l e Ou tl o ok S u p p o rts G ro u p ’s P ro f i tab ility an d Re s i l ie n c e BACKLOG mirrors project execution H1 2025 ORDERS by Geographies 291.4 • AMERICAS 278.8 The backlog in this BU 259.4 does not reliably 22% indicate of future H1 2025 ASIA revenue g
Slide 13: Water Technologies Business: Orders and Backlog
WAT E R T E C H N O L O G I E S B U S I N E S S Strong Momentum: Orders and Backlog on the Rise BACKLOG: up 22% vs the end of 2024 H1 2025 ORDERS by Geographies Pools 155 146 171 179 WTS 24 28 18 27 151 147 137 119 €m ~51% - made in US ~24% 30-Jun'24 31-Dec'24 31-Mar'25 30-Jun'25 ~15% ~10% TOTAL ORD
Slide 14: Flagship Orders Achieved in Q2 2025
WAT E R T E C H N O L O G I E S B U S I N E S S Flagship Orders achieved in Q2 2025 SEC SHOAIBA Phase I, Saudi Arabia Seaclor® Municipal | Drinking Water 50 m m3/y Water Treatment capacity Upgrade installation • Desalination plant embarked back in 1998; • Enhanced water purification efficiency; • Re
Slide 15: PFAS Market Penetration Begins with Two US Projects
WAT E R T E C H N O L O G I E S B U S I N E S S PFAS Market Penetration Begins with Two US Projects Why De Nora PFAS: Two Projects awarded in H1’25 • 25+ years’ experience in treating complex contaminants • SORB, proven technology for these applications Massachusetts, US • Piloting capacity and dedi
Slide 16: Key Green Hydrogen Projects
ENERGY TRANSITION KEY GREEN HYDROGEN PROJECTS N e o m t o b e c o m p l e t e d b y t h e e n d o f t h e S u m m e r, S t e g r a o n t r a c k NEOM, Saudi Arabia STEGRA, Sweden Largest Worldwide H2 project First large-scale green steel EU H2 to green ammonia H2 to green steel 80% construction 250+
Slide 17: Energy Transition Backlog and Pipeline
ENERGY TRANSITION BACKLOG AND PIPELINE 3 . 6 G W D e l i v e r y b y 2 0 2 5 , w i t h P i p e l i n e e x p e c t e d t o G ra d u a l l y Ta ke S h a p e DE NORA BACKLOG HYDROGEN COMMERCIAL PIPELINE @ 30 June 2025 Green H2 Green H2 Total1 TOTAL BACKLOG 90 GW ~660 MW ~ 73 €M ~ 84 €M PIPELINE ~90% e
Slide 18: Our Energy Transition Strategy
N AV I G AT I N G A C O M P L E X S C E N A R I O : O U R E N E R G Y T R A N S I T I O N S T R AT E G Y S h a p i n g S t r a t e g i c P a r t n e r s h i p s , Te c h n o l o g y I n n o v a t i o n , a n d N e w S o l u t i o n s Partnering with leading Green Hydrogen Technologies Developing new
Slide 19: Launching into Sustainable Lithium Refining
E-CHEM AS A CIRCULAR ECONOMY ENABLER Launching into Sustainable Lithium Refining An alternative and circular technology for LITHIUM Refining • We are developing a E-Chem technology to produce Lithium from all feedstock: Rocks, Brine, Clay and Battery Scrap • E-Chem vs traditional chemical process pr
Slide 20: Agenda
AGENDA De Nora in a Nutshell H1 2025 Business Achievements H1 2025 Financial Results Review Mid-Term View Investment case Sustainability Journey 25 © Luca Campigotto ©©2025 2025De De Nora Nora
Slide 21: Revenues by Quarters
REVENUES BY QUARTERS Q2’25- Revenue growth in line with Guidance, sound profitability KEY HIGHLIGHTS +1.9% +2.3% +4.5% @ +4.3% @ constant fx constant fx ELECTRODES TECHNOLOGIES • Revenues driven by project execution • The profitability trend reflects the product mix Adj. Ebitda WATER TECHNOLOGIES 18
Slide 22: H1 2025 Revenues
H1 2025 REVENUES Growth driven by core businesses, Pools fueled Water segment +3.8% YoY +4.6% YoY KEY HIGHLIGHTS Revenues By Geography ELECTRODE TECHNOLOGIES 400.3 415.6 418.7 • Revenue growth driven by chlor alkali and Electronics lines, both up by 16% (17.4%) (17.4%) YoY YoY YoY • Aftermarket Reve
Slide 23: H1 2025 Backlog
H1 2025 BACKLOG Backlog Resilience Fueled by Water Business Growth KEY HIGHLIGHTS 558.0 521.8 Backlog ELECTRODE TECHNOLOGIES by Year of Deployment • Healthy project execution, New orders: €190 m, +6.0% YoY • The backlog does not reliably indicate of future revenue growth due to the rapid turnover of
Slide 24: Operating Costs
H 1 2 0 2 5 O P E R AT I N G C O S T S Stable incidence of SG&A Corporate and R&D costs COGS (€m)1 SG&A and Corporate R&D (€m) KEY HIGHLIGHTS (€m)1 As % • COGS: the decrease in Incidence of 66.3% 65.0% 13.9% 14.0% 2.0% 2.2% on Revenues is due to revenues Sales mix 265.6 270.1 58.1 • G&A and Corporat
Slide 25: Adjusted EBITDA H1 2025
ADJUSTED EBITDA H1 2025 G r o w t h u n d e r p i n n e d b y t h e W a t e r Te c h n o l o g i e s B u s i n e s s KEY HIGHLIGHTS +8.1% YoY ELECTRODE TECHNOLOGIES • Healthy profitability, in line with last 2 quarters 2024 • The trend compared to H1 2024 mainly reflects a different product mix WATE
Slide 26: Net Financial Position at 30 June 2025
NET FINANCIAL POSITION @ 30 JUNE 2025 Po s i t i ve N e t C a s h Po s i t i o n , re f l e c t i n g t y p i ca l H 1 N WC Tre n d 78.8 1.8 67.1 (60.8) (23.5) 32.7 3.2 12.0 (29.4) (4.5) (20.7) NET CASH EBITDA Δ NWC & OTHER TAXES CAPEX NET OTHERS NET CASH DIVIDENDS NET CASH DEC’24 Q1’25 PROVISIONS O
Slide 27: 2025 Guidance
2025 GUIDANCE Revenue Guidance Confirmed, Adj EBITDA Margin Guidance Upgraded REVENUES LOW SINGLE-DIGIT GROWTH - Confirmed ADJ. EBITDA MARGIN Excluding non-recurring Gigafactory net costs* Electrode Technologies Slightly below 2024 17% - 18% Water (previous guidance 17%) Technologies Mid Single-Digi
Slide 28: Agenda
AGENDA De Nora in a Nutshell H1 2025 Business Achievements H1 2025 Financial Results Review Mid-Term View Investment case Sustainability Journey 33 © Luca Campigotto ©©2025 2025De De Nora Nora
Slide 29: Electrode Technologies: Market Analysis and Positioning
E L E C T R O D E T E C H N O L O G I E S | M A R K E T A N A LY S I S A N D P O S I T I O N I N G Leadership and Balanced End -market Exposure Chlor-alkali Electronics Metal Refining and Specialties DE NORA EXPOSURE* 71% 14% 15% POSITIONING** >50% mkt >50% mkt ~50% mkt share share share END MARKET
Slide 30: Water Technologies: Market Trends and Positioning
WAT E R T E C H N O L O G I E S | M A R K E T T R E N D S A N D P O S I T I O N I N G D i v e r s i f i e d Te c h n o l o g y P o r t f o l i o t o c a p i t a l i z e o n M a r k e t M o m e n t u m Water Technology Systems Pools Electro-chlorination Disinfection & Filtration EXPOSURE* 33% 34% 34%
Slide 31: Green Hydrogen Market Perspective
GREEN HYDROGEN MARKET PERSPECTIVE Uncertain short-term scenario but promising mid-long-term outlook MARKET OUTLOOK • Short-term scenario is uncertain, driven by regulation and electricity costs. • Mid Term outlook is positive, 30GW expected to be installed globally by 2030, in a CAGR24-30 +57% conse
Slide 32: Market Analysis: Sustainable H2 Market
M A R K E T A N A LY S I S H 1 2 0 2 5 How countries are creating a sustainable H 2 market • European Hydrogen Bank €1bn Q325 • Implementation of RED III ongoing • New Hydrogen Mechanism to connect suppliers with buyers €3bn planned for supporting green H2 production • New Delegated Act on low-carbo
Slide 33: Distinctive Production Footprint
DISTINCTIVE PRODUCTION FOOTPRINT Capacity in Place first wave of expansion completed, ongoing Gigafactory Project ITALIAN GIGAFACTORY AMS EMEIA ASIA ongoing project ▪ PRODUCTION FACILITIES for ▪ PRODUCTION FACILITIES ▪ PRODUCTION FACILITIES • Smart and Sustainable Factory Electrodes, Water for Elect
Slide 34: Mid Term View 2025-2027
MID TERM VIEW | 2025- 2027 C o re B u s i n e s s P rov i d i n g Re s i l i e n c e , L ow V i s i b i l i t y i n E n e rg y Tra n s i t i o n CORE BUSINESS CAGR (2024-2027) LOW SINGLE DIGIT De Nora This view is based on the resilient core business guidance and current visibility in Energy Transit
Slide 35: 2025-2027 Other Financials
2025 – 2027 |OTHER FINANCIALS Optimized Capex and Cash Generation ~€ 190m NPF Capex 2025-2027* 2027 vs 2024 BROADLY STABLE €38 Plant & Operation ANNUAL RATE Maintenance €75 Extraordinary UP TO 25% TOTAL 2025-2027 (Gigafactory and HQ) ANNUAL DIVIDEND PAY – OUT 40 © 2025 De Nora *Excluding Leases
Slide 36: Agenda
AGENDA De Nora in a Nutshell H1 2025 Business Achievements H1 2025 Financial Results Review Mid-Term View Investment case Sustainability Journey 41 © Luca Campigotto ©©2025 2025De De Nora Nora
Slide 37: De Nora Investment Case
DE NORA INVESTMENT CASE L e a d i n g I n n o v a t i v e Te c h n o l o g i e s t o e n a b l e a S u s t a i n a b l e F u t u r e Global Market Leader in coated electrodes and advanced water treatment solutions Sustainable Innovation & Green Hydrogen Leadership: Cutting-edge technologies shaped b
Slide 38: Agenda
AGENDA De Nora in a Nutshell H1 2025 Business Achievements H1 2025 Financial Results Review Mid-Term View Investment case Sustainability Journey 43 © Luca Campigotto ©©2025 2025De De Nora Nora
Slide 39: All Around Sustainability
A L L A R O U N D S U S TA I N A B I L I T Y Sustainability Strategy Click here to discover our Strategy and 2024 Results 44 © 2025 De Nora
Slide 40: 2024 Achievements 1/3: Climate Action & Circular Economy
2024 ACHIEVEMENTS 1/3 On track with the Plan CLIMATE ACTION & CIRCULAR ECONOMY • Colmar, US • Mentor, US • Tamworth, UK CLIMATE ACTION PV Installations at our Facilities • Rodenbach, DE • Decarbonization Plan for main Plants defined ~5 GWh • Cologno, IT • 29% Renewable Energy used • Milano, IT • 3.6
Slide 41: 2024 Achievements 2/3: Green Innovation
2024 ACHIEVEMENTS 2/3 On track with the Plan GREEN INNOVATION CIRCULAR DESIGN GUIDANCE 2024: adopted by R&D Dep., the guidance focuses on: • Energy efficiency & Env. footprint reduction • Detoxification & CRM reduction • Longevity • End-of-Life value PRODUCT SUSTAINABILITY SCORECARD Framework define
Slide 42: 2024 Achievements 3/3: People, Communities & Supply Chain
2024 ACHIEVEMENTS 3/3 On track with the Plan PEOPLE • DE&I Policy Adopted • Parental and Relocation Policies ugraded • -2% Pay Equity Gap1 • Affinity Networks activated • 21 Gembla Walks Main TARGETS 2025-2027: 40% on new hires2 to be women COMMUNITIES & SUPPLY CHAIN • 36 CSR Activities worldwide •
Slide 43: External Recognition
EXTERNAL RECOGNITION ESG Ratings and SDGs commitment CLICK HERE TO PLAY THE VIDEO CLICK HERE TO PLAY THE VIDEO OUR COMMITMENT TO THE 2030 AGENDA 48 © 2025 De Nora *Last Update: MSCI – 23 Aug.2025, Science Based Targets – Feb. 2025, Sustainalytics - 12 Aug. 2025, ISS Quality Score - 7 Jul. 2025
Slide 44: EU Taxonomy and Contribution to SDGs
O U R I M PA C T 2 0 2 4 E U Ta x o n o m y a n d C o n t r i b u t i o n t o S D G s REVENUES CAPEX OPEX 19% 30% 29% EU TAXONOMY 41% 52% 12% 69% 29% 19% Eligible and Aligned Eligible not Aligned Not Eligible REVENUES ORDER WTS1 R&D Costs 27% 9% 98% SDGs 1.1m ton CO2 140k m2 295m m3/d water treated
Slide 45: De Nora Governance
DE NORA GOVERNANCE Our Governance at a Glance SHAREHOLDERS’ Sustainability MEETING Governance BOARD OF STATUTORY AUDIT FIRM BOD AUDITORS Board of Directors 1 2 MANAGER IN CHARGE OF THE Control, Risk & 3 4 5 INTERNAL SUPERVISORY BODY PREPARATION OF CORPORATE AUDIT (Leg. Decree 231/01) ESG ACCOUNTING
Slide 46: Governance KPIs
DE NORA GOVERNANCE Our governance KPIs: aligned with best practices INDEPENDENT DIRECTORS % GENDER BALANCE IN THE BOARD OF DIRECTORS Average Internal Board In the BoD Committees* 41.7% Women 5 Women out of 12 Members 50% 78% Independent Independent ESG-DRIVEN REMUNERATION All Committee Chairs are in
Slide 47: ESG Governance
ESG GOVERNANCE New Permanent Organization to support ESG Plan Execution ESG Steering Committee Board of Reporting directly to CEO Directors Chief Financial Officer Chief Officer PORSCH1 CCRS-ESG Chief Operating Officer CEO Chief Legal Officer ESG Chief Technologies Officer Steering CFO Committee Chi
Slide 48: Stable Shareholders' Base and Solid Dividend Policy
DE NORA GOVERNANCE Stable shareholders’ base and solid dividend policy MAJOR SHAREHOLDERS Data as of 31 Dec. 2024 % SHARES* % OF VOTING RIGHTS DIVIDENDS De Nora Family € 69.3 million 0.33% 0.13% (ordinary shares) Dividends distributed De Nora Family in 2023-2025** 53.02% 63.83% (multiple vote shares
Slide 49: Additional Materials
A d d i t i o n a l M a t e r i a l s © 2025 De Nora
Slide 50: ESG Agenda to 2030 (1/6)
ESG AGENDA TO 2030 (1/6) 55 © 2025 De Nora
Slide 51: ESG Agenda to 2030 (2/6)
ESG AGENDA TO 2030 (2/6) 56 © 2025 De Nora
Slide 52: ESG Agenda to 2030 (3/6)
ESG AGENDA TO 2030 (3/6) 57 © 2025 De Nora
Slide 53: ESG Agenda to 2030 (4/6)
ESG AGENDA TO 2030 (4/6) 58 © 2025 De Nora
Slide 54: ESG Agenda to 2030 (5/6)
ESG AGENDA TO 2030 (5/6) 59 © 2025 De Nora
Slide 55: ESG Agenda to 2030 (6/6)
ESG AGENDA TO 2030 (6/6) 60 © 2025 De Nora
Slide 56: Dragonfly Small-Scale Green H2 Solution
D R A G O N F LY ® S M A L L - S C A L E G R E E N H 2 S O L U T I O N BACKLOG - SMALL SIZE PROJECTS Our innovative H2 generation system • Designed to minimize Total Cost of Ownership HyTecHeat - Snam/Tenova (TOC) and Levelized cost of green H2 1MW H2 to steel • Plug-n-play system • Reduced Footprin
Slide 57: Our Circular Model
OUR CIRCULAR MODEL NEW RECYCLING SUBSTRATE + COATING REFURBISHMENT COATING CELL ELEMENT RAW MATERIAL CUSTOMERS OFF- ELECTROLYZER TAKERS END-OF-LIFE CELL ELEMENT 62 © 2025 De Nora
Slide 58: Income Statements
I N C O M E S TAT E M E N T S (€m) Q1 2023 Q2 2023 H1 2023 Q3 2023 Q4 2023 FY 2023 Q1 2024 Q2 2024 H1 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 H1 2025 Revenue 216.9 203.5 420.4 209.4 226.6 856.4 189.1 211.2 400.3 200.9 261.4 862.6 200.4 215.2 415.6 YoY Growth (%) 8.6% -4.8% 2.4% 1.6% -4.1% 0.4%
Slide 59: Quarterly Revenues and Adj. EBITDA by Division
Q U A R T E R LY R E V E N U E S A N D A D J . E B I T D A B Y D I V I S I O N Q2 ‘25 vs (€m) Q1 ‘23 Q2 ‘23 Q3 ‘23 Q4 ‘23 Q1 ‘24 Q2 ‘24 Q3 ‘24 Q4 ‘24 Q1 ‘25 Q2 ‘25 Q2 ‘24 REVENUES 216.9 203.5 209.4 226.6 189.1 211.2 200.9 261.4 200.4 215.2 1.9% Electrode Technologies 118.9 112.8 121.0 111.5 92.7 112
Slide 60: Income Statement: Focus on EBITDA Adjustments
I N C O M E S TAT E M E N T Focus on EBITDA Adjustments (€m) H1 2024 H1 2025 Sales 400.3 415.6 EBITDA 76.6 78.8 Margin (%) 19.1% 19.0% Termination costs (labor + legal expenses) 0.5 0.4 IPCEI GF Eligible costs (net of grant) - (0.2) Costs for M&A, integration, and company reorganization 0.1 1.2 Mari
Slide 61: Balance Sheet
BALANCE SHEET (€m) FY 2024 H1 2025 Intangible assets 116.0 102.6 Property, plant and equipment 291.8 292.0 Equity-accounted investees 236.8 235.7 Fixed asset 644.5 630.3 Inventories 255.5 248.8 Contract work in progress, net of advances from customers 36.4 27.4 Trade receivables 173.5 162.7 Trade pa
Slide 62: Cash Flow Statement
C A S H F L O W S TAT E M E N T (€m) H1 2024 H1 2025 EBITDA 76.6 78.8 Losses on the sale of property, plant and equipment and intangible assets (5.7) (0.7) Other non-monetary items (4.5) (2.1) Cash flows generated by operating activities before changes in net working capital 66.4 76.0 Change in inve
Slide 63: Thank you.
Thank you. IR CONTACTS ir@denora.com Investor Relations | Overview | De Nora © Luca Campigotto © 2025 De Nora Detail of Seaclor® component
Industrie De Nora — Euronext Sustainability Week 2025 on 6ix