Slide 1: 9M 2025 Financial Results
9M 2025 Financial Results Milan | November 04th, 2025 © 2025 De Nora
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 9M 2025 Business Achievements 9M 2025 Financial Results Review Sustainability Journey - Update Final Remarks Q&A Activated cathodic fine mesh 3 for membrane electrolyser © 2025 De Nora
Slide 4: Key Highlights 9M 2025
KEY HIGHLIGHTS 9M 2025 Profitable growth beyond expectations KPIs GROWING ACROSS THE • +5.0% YoY Revenues (+7.0% @ constant fx) BOARD • +15.9% YoY Adj EBITDA | +22.1% YoY Adj Net Income EXECUTION AND ORDER • Core Business: Electrode and Water Techs, achieved double-digit growth MOMENTUM in order int
Slide 5: Key Results: Strong performance across all core financial metrics
9 M 2 0 2 5 K E Y R E S U LT S Strong performance across all core financial metrics REVENUES ADJ. EBITDA ADJ. NET RESULT NET CASH POSITION €631.3 m €124.4 m €64.5 m €38.8 m +5.0% YoY +15.9% YoY +22.1% YoY €118€ €29.7 m @30 September 2024 +7.0% @ constant fx 19.7% Adj Ebitda margin 10.2% Adj. Net mar
Slide 6: Electrode Technologies Business: +60% Order Intake in Q3'25
ELECTRODE TECHNOLOGIES BUSINESS +60% Order Intake in Q3’25 ORDER INTAKE: Q3 boosted YTD growth 9M 2025 ORDERS by Type +22% +61% 313 256 After Market 122 45% 76 New €m 55% €m Q3'24 Q3'25 9M'24 9M'25 BACKLOG in line with 9M 2024 9M 2025 ORDERS by Geographies 291 272 Q3 272 EMEIA 259 Q3 €76 Q3 €76 €123
Slide 7: Water Technologies Business: Backlog growth enhances visibility
WAT E R T E C H N O L O G I E S B U S I N E S S Backlog growth enhances business visibility TOTAL ORDERS: up 16% YoY 9M 2024 WTS Orders by Type Pools 263 WTS 227 50% Aftermarket New +33% 98 74 42% 58% Municipal 153 +8% 165 Industrial 50% 9M 2024 9M 2025 BACKLOG: up 22% vs the end of 2024 9M 2025 ORD
Slide 8: Flagship Orders achieved in 3Q 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 3Q 2025 Chlorum Solutions - Pirapama & Tapacurà, Brasil CechloTM Municipal | Water Treatment Serving ~10 m population New installation • Scope: provide 2 large municipalities with clean water • Environmentally friendly onsit
Slide 9: PFAS market penetration continues with SORB line expansion
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 continues with SORB line expansion Launch of SORB FX Pak PFAS: Three Projects awarded in 9M’25 • Compact pre-engineered, skidded PFAS treatment system Washington, US Massachusetts, US • Designed for small and rural water systems
Slide 10: Our cutting-edge technology at the heart of NEOM project
E N E R G Y T R A N S I T I O N K E Y G R E E N H Y D R O G E N I N I T I AT I V E Our cutting-edge technology at the heart of NEOM project NEOM, Saudi Arabia H2 to green ammonia DE NORA SCOPE 100% COMPLETED IN AUG. 2025 E-CHEM CELLS ~33,000 DELIVERED 110 ELECTROLYZERS - 20 MW each INSTALLING SAVING
Slide 11: Energy Transition Backlog and Pipeline
ENERGY TRANSITION BACKLOG AND PIPELINE Well-positioned in a promising yet evolving market DE NORA BACKLOG @ 30 Sept. 2025 HYDROGEN COMMERCIAL PIPELINE Lithium Recovery BACKLOG JP customer ACTIVELY PURSUED 1 21 GW ~320 MW € BN 2.3 Green H2 €50 m >700 MW Delivery 2026 Including Lithium Progress >60% P
Slide 12: Agenda
AGENDA 9M 2025 Business Achievements 9M 2025 Financial Results Review Sustainability Journey - Update Final Remarks Q&A 12 © 2025 De Nora
Slide 13: Revenues and Adj. EBITDA by Quarters
REVENUES AND ADJ. EBITDA BY QUARTERS Q3|Another quarter of growth with record profitability TOTAL REVENUES ELECTRODE TECHNOLOGIES (€m / % YoY) (€m / %YoY) KEY HIGHLIGHTS +7.4% -10.5% +11.8% @ -6.4% @ constant fx constant fx ELECTRODES TECHNOLOGIES • Quarter swings driven by project scheduling and ~€
Slide 14: 9M 2025 Revenues
9M 2025 REVENUES Re ve n u e s i n l i n e w i t h G u i d a n c e , b o o st e d by Po o l s a n d E n e rg y Tra n s i t i o n +5.0% YoY +7.0% YoY KEY HIGHLIGHTS Revenues By Geography ELECTRODE TECHNOLOGIES 601.2 631.3 643.4 Americas EMEIA 33.3% • Revenue growth driven by Chlor Alkali 11.4% 33.4%
Slide 15: 9M 2025 Backlog
9M 2025 BACKLOG Core business Backlog grew across last 4 quarters 569.7 558.0 521.8 500.6 Backlog @30 Sept 2025 by Year of Deployment 144.1 120.3 83.7 50.0 153.8 146.3 178.7 178.7 €451m +6% YoY 271.8 291.4 259.4 271.9 €m Electrode Energy Water Technologies Transition Technologies 15 © 2025 De Nora
Slide 16: Operating Costs
9 M 2 0 2 5 O P E R AT I N G C O S T S Flexible cost structure to support future growth COGS (€m)* SG&A and Corporate R&D (€m) KEY HIGHLIGHTS (€m)* As % • COGS: the decrease in incidence of 67.1% 65.0% 13.9% 13.7% 2.0% 2.0% on Revenues is due to improved Sales operating efficiency and revenues mix 4
Slide 17: Adjusted EBITDA 9M 2025
ADJUSTED EBITDA 9M 2025 Water a n d E n erg y Tra n s i t i o n d ri ve ma rg i n i mp rovement s +15.9% YoY KEY HIGHLIGHTS ELECTRODE TECHNOLOGIES 124.4 • Healthy profitability in line with expectations, 107.3 6.6 the trend vs 9M’24 mainly reflects a different 2025 product mix 32.9 49.4 WATER TECHNO
Slide 18: Net Financial Position @ 30 September 2025
NET FINANCIAL POSITION @ 30 SEPTEMBER 2025 Solid Q3 Operating Cash Flow 78.8 Q3 Operating** Cash Flow: 47.6m 1.8 (60.8) 67.1 12.9 0.9 42.6 (23.5) (8.8) 38.8 3.2 (19.6) (2.1) 0.9 (29.4) (4.5) 12.0 (20.7) NET CASH EBITDA Δ NWC* OTHER TAXES CAPEX NET OTHERS DIVIDENDS NET CASH EBITDA Δ NWC* OTHER TAXES
Slide 19: 2025 Guidance
2025 GUIDANCE Revenue Guidance maintained; Adjusted EBITDA Margin raised REVENUES ADJ. EBITDA MARGIN* LOW SINGLE-DIGIT GROWTH - Confirmed ~ 19% Electrode Technologies Slightly below 2024 Upgraded from previous range Water 17% -18% Technologies Mid Single-Digit Growth Energy Transition High Single-Di
Slide 20: Agenda
AGENDA 9M 2025 Business Achievements 9M 2025 Financial Results Review Sustainability Journey - Update Final Remarks Q&A 20 © 2025 De Nora
Slide 21: Sustainability Journey: YTD 2025 update
S U S TA I N A B I L I T Y J O U R N E Y YTD 2025 update YTD POSITIVE IMPACT DECARB.PLAN 850k tonnes CO2 ~5.1 GWh • Colmar, US • Cologno, IT Emission Avoided • Mentor, US • Milano, IT PV installed • Tamworth, UK • Fujisawa, JP 171m m3/d • Rodenbach, DE • Jinan, China • Sorocaba, BR water treated* 85
Slide 22: Agenda
AGENDA 9M 2025 Business Achievements 9M 2025 Financial Results Review Sustainability Journey - Update Final Remarks Q&A 22 © 2025 De Nora
Slide 23: Final Remarks
FINAL REMARKS Profitable growth in challenging scenarios Solid operating and financial performance from Revenues to Net Income and robust FCF generation in Q3 Core Business is growing in volumes and profitability with double digit increase in Order Intake Energy Transition projects are on time, NEOM
Slide 24: Q&A
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Slide 25: 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 IR CONTACTS Nov. 12 Carbonomics Conference, London – Goldman Sachs ir@denora.com Investor Relations | Overview | De Nora Nov. 17, 18 Italian Champions in UAE, Dubai&Abu Dhabi – Equita ph: +39 02 2129 2124 Nov. 20 ESG Stak
Slide 26: 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 27: Income Statements
I N C O M E S TAT E M E N T S (€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 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 YoY Growth (%) -12.8% 3.8% -4.8% -4.1% -4.5% 15.4% 0.7% 6.0% 1.9% 3.8% 7.4% 5.0% Royaltie
Slide 28: 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 Q3 ‘25 vs (€m) Q1 ‘24 Q2 ‘24 Q3 ‘24 Q4 ‘24 Q1 ‘25 Q2 ‘25 Q3 ‘25 Q1 ‘24 Q2 ‘24 Q2 ‘24 REVENUES 189.1 211.2 200.9 261.4 200.4 215.2 215.7 6.0% 1.9% 7.4% Electrode Technologies 92.7 112.1 117.5 131 106.8
Slide 29: Income Statement: Focus on EBITDA adjustments
I N C O M E S TAT E M E N T Focus on EBITDA adjustments (€m) 9M 2024 9M 2025 Sales 601.2 631.3 EBITDA 106.8 121.4 Margin (%) 17.8% 19.2% Termination costs (labor + legal expenses) 0.8 0.5 IPCEI GF Eligible costs (net of grant) - (0.4) Costs for M&A, integration, and company reorganization 0.2 1.9 Ma
Slide 30: Balance Sheet
BALANCE SHEET (€m) FY 2024 9M 2025 Intangible assets 116.0 101.8 Property, plant and equipment 291.8 302.0 Equity-accounted investees 236.8 234.2 Fixed asset 644.5 637.9 Inventories 255.5 236.2 Contract work in progress, net of advances from customers 36.4 18.3 Trade receivables 173.5 167.3 Trade pa
Slide 31: Cash Flow Statement
C A S H F L O W S TAT E M E N T (€m) 9M 2024 9M 2025 EBITDA 106.8 124.9 Losses on the sale of property, plant and equipment and intangible assets (5.6) (0.7) Other non-monetary items (3.9) (4.8) Cash flows generated by operating activities before changes in net working capital 97.3 119.5 Change in i
Slide 32: Thank you
Thank you. IR CONTACTS ir@denora.com Investor Relations | Overview | De Nora © 2025 De Nora