Industrie De Nora Spa · MIL:DNR
Industrie De Nora Spa — 8th Italian Mid Cap Conference – Mediobanca 2026
60 slides from Industrie De Nora Spa's conference presentation, Jan 21, 2026
Slide 1: Financial Company Profile January 2026
Financial Company Profile January 2026 © 2026 2025 De Nora
Slide 2: Agenda
AGENDA De Nora in a Nutshell 9M 2025 Business Achievements 9M 2025 Financial Results Review Mid-Term View Sustainability Journey Investment case Activated cathodic fine mesh 2 for membrane electrolyser ©©2026 2026De 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 DSA(R) electrodes, Anodes, Electrodes for A
Slide 5: Electrode Technologies: Multiple Industrial Applications
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: Electrode Technologies Projects Ongoing
ELECTRODE TECHNOLOGIES PROJECTS ONGOING FLAGSHIP PROJECTS In Partnership with Foto cella diaframma Foto PMX Sadara, Saudi Arabia Nan Ya (Formosa Plastic Corporation) OxyChem, US Hydrochloric Acid Solutions Copper foil production for PCB & LiB Chlor Alkali Plants environmental First project 2013/2014
Slide 7: Water Technologies: Sustainable Water Management
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 8: Water Technologies Projects Ongoing
WAT E R T E C H N O L O G I E S PROJECTS ONGOING FLAGSHIP PROJECTS Al Jubail, Saudi Arabia – Phase II Tubli, Bahrain – Phase IV Hong Kong Desalination Plant upgrade Sewage Treatment Plant expansion Water Supplies Department • The world’s largest Seawater • One of the largest wastewater • 10 water tr
Slide 9: Energy Transition: Green Hydrogen and Circularity
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 a n d c i r c u l a r i t y Application Decarbonization and Circular Economy Circular Economy: Green Hydrogen Production Hard-to-Abate Lithium Refining and Extraction PORTFOLIO Electrodes for A
Slide 10: Energy Transition Flagship Projects
ENERGY TRANSITION PROJECTS ONGOING Flagship Projects NEOM, STEGRA, Lithium Recovery, SAUDI ARABIA SWEDEN JAPAN Largest Worldwide H2 Project First large-scale green steel EU Circular Economy Project World’s largest green H2 plant ➢ 600 tons H2 /Day ➢ 5m tons/Y CO2 avoided Project Size: 2.2 GW Project
Slide 11: Our Successful History
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 12: 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 13: Global Manufacturing Footprint
Global Manufacturing footprint • 14 Production/manufacturing sites strategically located across 5 continents • Largest worldwide yearly manufacturing capacity for both electrodes and electrolysers • Approx 1 million square meters per year • About 40.000 cells per year (Chlor-Alkali & Alkaline Water
Slide 14: Agenda
AGENDA De Nora in a Nutshell 9M 2025 Business Achievements 9M 2025 Financial Results Review Mid-Term View Sustainability Journey Investment case 14 ©©2025 2026De De Nora Nora
Slide 15: 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 16: Electrode Technologies Business: Order Intake
ELECTRODE TECHNOLOGIES BUSINESS +60% Order Intake in Q3’25 ORDER INTAKE: Q3 boosted YTD growth 9M 2025 ORDERS by Type +22% 313 +61% 256 After Market 122 45% 76 New 55% €m €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 17: 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 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 18: 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 19: PFAS Market Penetration with SORB Line
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 p enetration 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 system
Slide 20: 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 21: 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 22: 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 23: Agenda
AGENDA De Nora in a Nutshell 9M 2025 Business Achievements 9M 2025 Financial Results Review Mid-Term View Sustainability Journey Investment case 23 ©©2025 2026De De Nora Nora
Slide 24: 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 25: 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 ste d b y 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 26: 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 26 © 2026 De Nora
Slide 27: 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 28: Adjusted EBITDA 9M 2025
ADJUSTED EBITDA 9M 2025 Water and E nergy Trans i tion dri ve margi n i mprovements +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 TECHNOLOGIES +50% Ad
Slide 29: Net Financial Position at 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 30: 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 31: Agenda
AGENDA De Nora in a Nutshell 9M 2025 Business Achievements 9M 2025 Financial Results Review Mid-Term View Sustainability Journey Investment case 31 ©©2025 2026De De Nora Nora
Slide 32: 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 33: 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 34: 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 35: Incentives and Regulations Supporting Green Hydrogen
M A R K E T A N A LY S I S Q 3 2 0 2 5 Incentives and regulations supporting the green hydrogen market €1.2bn awarded in state aid to CfD for $3 bn support 9 gH2 projects GLADT program to support auction to procure POLAND gH2 development (including gH2 and its production, storage and CANADA derivati
Slide 36: 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 37: 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 38: 2025-2027 Other Financials: Capex and Cash Generation
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 38 © 2026 De Nora *Excluding Leases
Slide 39: Agenda
AGENDA De Nora in a Nutshell 9M 2025 Business Achievements 9M 2025 Financial Results Review Mid-Term View Sustainability Journey Investment case 39 ©©2025 2026De De Nora Nora
Slide 40: Sustainability Strategy and External Recognitions
A L L A R O U N D S U S TA I N A B I L I T Y Sustainability Strategy External Recognitions* CLICK HERE TO SEE THE VIDEO Click here to discover our Strategy and 2024 Results CLICK HERE TO PLAY THE VIDEO *Last Update: MSCI – 23 Aug.2025, Science Based Targets – Feb. 2025, Sustainalytics - 12 Aug. 2025
Slide 41: 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 ~5.1 GWh • Colmar, US • Cologno, IT • Mentor, US • Milano, IT PV installed • In 2025 we will complete • Tamworth, UK • Fujisawa, JP the ESG Scorecards for • Rodenbach, DE • Jinan, China ~ 15 products • Sorocaba,
Slide 42: Our Impact: EU Taxonomy and 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 43: Agenda
AGENDA De Nora in a Nutshell 9M 2025 Business Achievements 9M 2025 Financial Results Review Mid-Term View Sustainability Journey Investment case 43 ©©2025 2026De De Nora Nora
Slide 44: 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 45: De Nora Governance: Shareholders and Dividends
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 46: Additional Materials
A d d i t i o n a l M a t e r i a l s © 2026 De Nora
Slide 47: ESG Agenda to 2030 (1/6)
ESG AGENDA TO 2030 (1/6) 47 © 2026 De Nora
Slide 48: ESG Agenda to 2030 (2/6)
ESG AGENDA TO 2030 (2/6) 48 © 2026 De Nora
Slide 49: ESG Agenda to 2030 (3/6)
ESG AGENDA TO 2030 (3/6) 49 © 2026 De Nora
Slide 50: ESG Agenda to 2030 (4/6)
ESG AGENDA TO 2030 (4/6) 50 © 2026 De Nora
Slide 51: ESG Agenda to 2030 (5/6)
ESG AGENDA TO 2030 (5/6) 51 © 2026 De Nora
Slide 52: ESG Agenda to 2030 (6/6)
ESG AGENDA TO 2030 (6/6) 52 © 2026 De Nora
Slide 53: 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 54: 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 55: Income Statements at FY
I N C O M E S TAT E M E N T S @ F Y 2 0 2 4 (€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 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 YoY Growth (%) 8.6% -4.8% 2.4% 1.6% 2.1% -4.1%
Slide 56: 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 57: 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 58: 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 59: 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 60: Thank you.
Thank you. IR CONTACTS ir@denora.com Investor Relations | Overview | De Nora © 2026 2025 De Nora
Industrie De Nora — 8th Italian Mid Cap Conference – Mediobanca 2026 on 6ix