Industrie De Nora Spa · MIL:DNR
Industrie De Nora Spa — De Nora — H1 2025 Earnings Presentation
35 slides from Industrie De Nora Spa's earnings presentation, Jul 31, 2025
Slide 1: H1 2025 Financial Results
H1 2025 Financial Results Milan | July 31st, 2025 © Luca Campigotto © 2025 De Nora Detail of Seaclor® component
Slide 2: With you today
W I T H YO U T O D AY Paolo Dellachà Luca Oglialoro Chiara Locati CEO CFO Head of IR & ESG 2 © 2025 De Nora
Slide 3: Agenda
AGENDA H1 2025 Business Achievements H1 2025 Financial Results Review Sustainability Journey - Update Final Remarks Q&A 3 © Luca Campigotto © 2025 De Nora
Slide 4: 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 5: H1 Key Results
H 1 2 0 2 5 K E Y R E S U LT S Solid set of results driven by all the Business Units REVENUES ADJ. EBITDA ADJ. NET RESULT NET CASH POSITION €415.6 m €81.4m €39.7 m €12.0m +3.8% YoY +8.1% YoY +2.5% YoY €118€ €14.2 m @30 June 2024 +4.6% @ constant fx 19.6% Adj Ebitda margin 9.5% Net margin 2.8% +180 b
Slide 6: Electrode Technologies Business
ELECTRODE TECHNOLOGIES BUSINESS S ta b l e O u t l o o k S u p p o r t s G ro u p ’s P ro f i ta b i l i t y a n d Re s i l i e n c e BACKLOG mirrors project execution H1 2025 ORDERS by Geographies 291.4 278.8 • The backlog in this BU AMERICAS 259.4 does not reliably 22% indicate of future H1 2025 A
Slide 7: Water Technologies Business
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 8: Water Technologies: 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 9: 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 10: Energy Transition 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 250+ wind turbines 1.
Slide 11: 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 TOTAL Green H2 Green H2 Total1 90 GW BACKLOG PIPELINE ~660 MW ~ 73 €M ~ 84 €M € BN 9
Slide 12: Market Analysis: How countries are creating a 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 13: Navigating a Complex Scenario: 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 14: 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 15: Agenda
AGENDA H1 2025 Business Achievements H1 2025 Financial Results Review Sustainability Journey - Update Final Remarks Q&A 15 © Luca Campigotto © 2025 De Nora
Slide 16: 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 17: 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 18: 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 19: 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 270.1 265.6 • G&A and Corporate cos
Slide 20: 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 21: Net Financial Position @ 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 c a 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
Slide 22: 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 23: Agenda
AGENDA H1 2025 Business Achievements H1 2025 Financial Results Review Sustainability Journey - Update Final Remarks Q&A 23 © Luca Campigotto © 2025 De Nora
Slide 24: Sustainability Journey Update
S U S TA I N A B I L I T Y J O U R N E Y U P D AT E YTD 2025 News CLIMATE ACTION GREEN INNOVATION PEOPLE New PV installations at our facilities Sustainability Product Scorecard Open Surprising Paths (EVP*) • ~ 350 MWh In Colmar (US) and • In 2025 we will complete the ESG • A strategic project to enh
Slide 25: Agenda
AGENDA H1 2025 Business Achievements H1 2025 Financial Results Review Sustainability Journey - Update Final Remarks Q&A 25 © Luca Campigotto © 2025 De Nora
Slide 26: Final Remarks
FINAL REMARKS Solid set of results drive Guidance upgrade, as we advance group growth strategies Solid results drive the upgrade in the 2025 profitability guidance, despite a challenging macroeconomic scenario Core Business is growing and profitable, confirming the positive short and mid-term view W
Slide 27: Q&A
Q&A 27Campigotto ©Luca © 2025 De Nora
Slide 28: Investor Relations – Ready to Engage
I N V E S TO R R E L AT I O N S – R E A DY TO E N G A G E UPCOMING EVENTS 2025 FINANCIAL CALENDAR IR CONTACTS Sep. 10 Virtual Sustainability Week, Nov. 4 9M 2025 Results Conference Call Milan – Euronext ir@denora.com Investor Relations | Overview | De Nora Oct. 01 Energy Services & Transition Enable
Slide 29: 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 30: 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 9M 2023 Q4 2023 FY 2023 Q1 2024 Q2 2024 H1 2024 Q3 2024 9M 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 H1 2025 Revenue 216.9 203.5 420.4 209.4 629.8 226.6 856.4 189.1 211.2 400.3 200.9 601.2 261.4 862.6 200.4 215.2 415.6 YoY Growth (%) 8.6%
Slide 31: 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 Q1 ‘25 vs Q2 ‘25 vs (€m) Q1 ‘23 Q2 ‘23 Q3 ‘23 Q4 ‘23 Q1 ‘24 Q2 ‘24 Q3 ‘24 Q4 ‘24 Q1 ‘25 Q2 ‘25 Q1 ‘24 Q2 ‘24 REVENUES 216.9 203.5 209.4 226.6 189.1 211.2 200.9 261.4 200.4 215.2 6.0% 1.9% Electrode Technologies 118.9 112.
Slide 32: 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 33: 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 34: 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 35: Thank you.
Thank you. IR CONTACTS ir@denora.com ©Luca Campigotto Investor Relations | Overview | De Nora © 2025 De Nora