Thyssenkrupp Nucera Ag & Co. Kgaa · XETR:NCH2
Thyssenkrupp Nucera Ag & Co. Kgaa — thyssenkrupp nucera — Q2/6M 2025/26 Earnings Presentation
36 slides from Thyssenkrupp Nucera Ag & Co. Kgaa's earnings presentation, May 12, 2026
Slide 1: Q2/6M 2025/26 Results Presentation
Q2/6M 2025/26 Results Presentation May 12, 2026
Slide 2: With you today
With you today Dr. Werner Ponikwar (CEO) Dr. Stefan Hahn (CFO) Klaus Ohlig (CTO) 22 12 May 2026 | Q2/6M 2025/26 Results Presentation | thyssenkrupp nucera
Slide 3: Disclaimer
Disclaimer This presentation has been prepared by thyssenkrupp nucera AG & Co. KGaA (“thyssenkrupp nucera”) and comprises the written materials/slides for a presentation concerning thyssenkrupp nucera. By attending this presentation and/or reviewing the slides you agree to be bound by the following
Slide 4: 1. Business update
1. Business update 4 12 May 2026 | Q2/6M 2025/26 Results Presentation | thyssenkrupp nucera
Slide 5: Q2 in a nutshell
Q2 in a nutshell New commercial momentum in green hydrogen marked by the signed contract with Moeve for a 300 MW project in Spain, and the gH2 projects awarded FEED study for a 260 MW project with Juno Joule in India under execution ~3.5 GW Highest order intake since IPO and growing order backlog dr
Slide 6: New project wins demonstrate that gH2 market is visibly maturing
New project wins demonstrate that gH2 market is visibly maturing 300 MW contract signed with Moeve 260 MW FEED study with Juno Joule in India thyssenkrupp nucera will supply electrolyzers with a total capacity of thyssenkrupp nucera has been awarded a Front-End Engineering and 300 MW for first phase
Slide 7: Services will unlock long-term value beyond gH2 equipment sales
Services will unlock long-term value beyond gH2 equipment sales ~3.5 GW of electrolyzers under execution create gH2 service sales New Build potential of >2bn € over 25 years based on long-term service agreements 1 Lifetime Service Offering Predictive Training Spare Parts Digital Services Refurbishme
Slide 8: Resilient Chlor-Alkali business with execution reliability
Resilient Chlor-Alkali business with execution reliability Sales pipeline Project execution New build order for large scale CA plant in the Unipar Brazil Middle East • All six BM electrolyzers in operation • New contract signed to supply electrolyzers for large-scale Chlor-Alkali plant in the Middle
Slide 9: ~3.5 GW of gH2 projects under execution
~3.5 GW of gH2 projects under execution Stegra • Installation of all 37 electrolyzer modules completed • Moving into the next phases of pre-commissioning and commissioning NEOM • Project continues to make progress • Activities not impacted by recent events in the Middle East Shell • Commissioning se
Slide 10: Diversified green hydrogen pipeline provides future order upside
Diversified green hydrogen pipeline provides future order upside gH2 pipeline No. of projects Aggregated size Contract value South America Other North 11% 10% America India 9% 9% Middle East Regional & Turkey 9% split1 19% Australia Substantial #126 ~55 GW ~29bn € pipeline1 34% Europe Pursue Activel
Slide 11: Green hydrogen scale-up in Europe requires systematic market building instruments from politics
Green hydrogen scale-up in Europe requires systematic market building instruments from politics Industry Value contribution Market building instruments initiatives/memberships • Decarbonization of industry and transport • Create bankable markets through by turning renewables into transportable deman
Slide 12: AWE module enhancements
AWE module enhancements First of its kind AWE technology based on 50+ years of experience in the CA business brought to the market in 2021 Technology upgrades for 160 delivered modules based on five years of learnings from engineering, construction sites as well as in test facilities prior to upcomi
Slide 13: Next generation of green hydrogen products under development
Next generation of green hydrogen products under development to meet evolving customer demands Full scope plant solution Pressurized AWE systems • Integrated and standardized 120 MW plug-and-play • New pressurized AWE systems based on successful electrolyzer system modularized design concept • Signi
Slide 14: 2. Update on Q2/6M 2025/26 financials
2. Update on Q2/6M 2025/26 financials 14 12 May 2026 | Q2/6M 2025/26 Results Presentation | thyssenkrupp nucera
Slide 15: Positive development in order intake and FCF following project wins, while one-time effects strongly impact sales and EBIT
Positive development in order intake and FCF following project wins, while one-time effects strongly impact sales and EBIT 316 -4 Reduced by Order intake EBIT ~50mn € (mn €) 83 (mn €) one-time -65 effects Q2 2024/25 Q2 2025/26 Q2 2024/25 Q2 2025/26 216 9 Reduced by ~50mn € Free Cash Sales 50 one-tim
Slide 16: Growing order intake and backlog driven by major new build projects
Growing order intake and backlog driven by major new build projects Order intake (mn €) Order intake Q2 Q2 6M • CA increase (+76%) largely driven by major new build order +279% +119% in Middle East • gH2 increase marked by 300 MW 391 new-build project with Moeve secured in March 2026 316 210 Order i
Slide 17: Sales temporarily burdened in green hydrogen, FY guidance intact
Sales temporarily burdened in green hydrogen, FY guidance intact Sales (mn €) Sales Q2 Q2 6M • gH2 sales impacted by technical accounting-related effect in the -77% -59% percentage of completion due to higher project costs 479 • CA (-14% yoy) due to lower new build business; service sales 205 remain
Slide 18: EBIT impacted by gH2 one-offs – CA posted strong margin in Q2
EBIT impacted by gH2 one-offs – CA posted strong margin in Q2 EBIT (mn €) EBIT Q2 Q2 6M • gH2 significantly impacted by one-off items, incl. higher -61mn € -73mn € expenses for module optimization measures and termination of US 4 pilot project • CA almost on PY level despite 30 21 lower sales thanks
Slide 19: Solid operating performance overshadowed by one-time effects
Solid operating performance overshadowed by one-time effects Operating costs (mn €) COGS 6M • One-time effects weighing on margin in gH2 segment 429 • Gross margin increase in CA segment thanks to improved 209 project mix 37 37 SG&A • Cost containment and restrictive hiring compensating for inflatio
Slide 20: Cost containment program is underway to counteract sales slow down
Cost containment program is underway to counteract sales slow down Measures Savings potential (FY 2026/27) • Reduced use of external consulting and optimization of IT costs • Hiring freeze and non-replacement of departing FTEs Cost in high-cost countries >25mn € structure in annual savings • Reducti
Slide 21: Net income and EPS negatively impacted by EBIT decrease
Net income and EPS negatively impacted by EBIT decrease EBIT to EPS (mn €) EBIT to EPS Q2 Q2 2024/25 Q2 2025/26 • Financial result impacted by EBIT -4 -65 lower interest income resulting Financial income /(expense), net 4 2 from lower interest rates Income tax expense -3 -1 • Net income and EPS impa
Slide 22: The business remains self-funded, preserving strategic flexibility
The business remains self-funded, preserving strategic flexibility Cash flow & balance sheet (mn €) Free Cash Flow Free Cash Flow Net Financial Assets • Positive Free Cash Flow • Operating CF: Decline driven by -21mn € +7 mn € lower earnings and a cash outflow from reduction of trade payables 25 648
Slide 23: Adjusted outlook for FY 2025/26 confirmed
Adjusted outlook for FY 2025/26 confirmed thyssenkrupp nucera Group thyssenkrupp nucera segments Order intake gH2 550 to 850mn € Sales 120 to 170mn € FY 2024/25: 459mn € FY 2024/25: 348mn € EBIT -125 to -90mn € Sales FY 2024/25: -56mn € 450 to 550mn € FY 2024/25: 845mn € CA Sales 320 to 400mn € FY 2
Slide 24: Key messages
Key messages Increasing positive momentum in green hydrogen; strong order intake improves near-term visibility Chlor-Alkali business continues to provide stable profits, cash generation and execution reliability Quarterly financial performance impacted by gH2 one-offs – However, high liquidity, cash
Slide 25: Questions & Answers
Questions & Answers 25 12 May 2026 | Q2/6M 2025/26 Results Presentation | thyssenkrupp nucera
Slide 26: Events & Financial Calendar
Events & Financial Calendar Upcoming events Financial calendar IR Contact May 21-22 Virtual Retail Investor Days Aug 12 Q3/9M 2025/26 +49 231 229 724 347 ir@thyssenkrupp-nucera.com May 27 dbAccess European Champions Dec 16 Q4/FY 2025/26 Conference (Frankfurt) investors.thyssenkrupp-nucera.com June 8
Slide 27: Appendix
Appendix 27 12 May 2026 | Q2/6M 2025/26 Results Presentation | thyssenkrupp nucera
Slide 28: EBITDA
EBITDA (in mn €) Q2 2024/25 Q2 2025/26 EBITDA -2 -61 EBITDA margin (in %) -2% - (in mn €) 6M 2024/25 6M 2025/26 EBITDA 9 -62 EBITDA margin (in %) 2% - 28 12 May 2026 | Q2/6M 2025/26 Results Presentation | thyssenkrupp nucera
Slide 29: External sales by region
External sales by region (in mn €) Q2 2024/25 Q2 2025/26 6M 2024/25 6M 2025/26 Europe 48 23 122 99 North America 24 5 54 23 South America 17 6 48 16 Asia / Pacific 5 5 11 20 Greater China 16 15 29 24 India 6 4 7 5 Middle East & Africa 101 -8 207 10 Total 216 50 479 197 The allocation of sales is bas
Slide 30: Group | Summary income statement Q2
Group | Summary income statement Q2 (in mn €) Q2 2024/25 Q2 2025/26 Sales 216 50 Cost of sales -197 -87 Gross profit 20 -37 % margin 9% -73% R&D -8 -10 SG&A -19 -19 Other income /(expense), net 3 0 EBIT -4 -65 % margin -2% - Financial income /(expense), net 4 2 Earnings before taxes 0 -63 Income tax
Slide 31: Group | Summary income statement 6M
Group | Summary income statement 6M (in mn €) 6M 2024/25 6M 2025/26 Sales 479 197 Cost of sales -429 -209 Gross profit 50 -12 % margin 10% -6% R&D -15 -18 SG&A -37 -37 Other income /(expense), net 5 -2 EBIT 4 -69 % margin 1% - Financial income /(expense), net 10 5 Earnings before taxes 14 -64 Income
Slide 32: Group | Summary balance sheet assets
Group | Summary balance sheet assets (in mn €) Sept 30, 2025 Mar 31, 2026 Property, plant and equipment 54 51 Goodwill 53 53 Intangible assets other than goodwill 28 36 Other non-current assets1 21 21 Total non-current assets 156 161 Inventories 179 157 Trade accounts receivable 50 64 Contract asset
Slide 33: Group | Summary balance sheet equity and liabilities
Group | Summary balance sheet equity and liabilities (in mn €) Sept 30, 2025 Mar 31, 2026 Equity attributable to equity holders 753 687 Accrued pension and similar obligations1 11 10 Other provisions 0 0 Deferred tax liabilities 0 0 Lease liabilities and other financial liabilities 24 24 Total non-c
Slide 34: Group | Summary cash flow statement Q2
Group | Summary cash flow statement Q2 (in mn €) Q2 2024/25 Q2 2025/26 Net income -3 -64 Depreciation & amortisation 3 4 Change in NWC1 -31 55 Other operating cash flow2 31 19 Cash flow from operating activities 0 14 Expenditures for acquisitions 0 0 Capital expenditures -6 -5 Proceeds from disposal
Slide 35: Group | Summary cash flow statement 6M
Group | Summary cash flow statement 6M (in mn €) 6M 2024/25 6M 2025/26 Net income 6 -66 Depreciation & amortisation 5 7 Change in NWC1 -14 42 Other operating cash flow2 38 33 Cash flow from operating activities 36 15 Expenditures for acquisitions 0 0 Capital expenditures -11 -12 Proceeds from dispos
Slide 36: 12 May 2026 | Q2/6M 2025/26 Results Presentation | thyssenkrupp nucera
36 12 May 2026 | Q2/6M 2025/26 Results Presentation | thyssenkrupp nucera
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