Industrie De Nora Spa · MIL:DNR
Industrie De Nora Spa — FY2025 Earnings Presentation
47 slides from Industrie De Nora Spa's earnings presentation, Mar 18, 2026
Slide 1: Electrochemistry Frontiers: 2025 Results and Mid Term View
Electrochemistry Frontiers Pioneering clean solutions in Water, Circularity and Hydrogen 2025 Results and Mid Term View Milan | March 18th, 2026 1
Slide 2: With You Today
With You Today With you today Electrochemistry Frontiers Luca Oglialoro Chiara Locati Paolo Dellachà CFO IR & ESG CEO Executive Director 2
Slide 3: Agenda
Agenda • Opening Remarks • 2025 Business Achievements • 2025 Financial Results and 2026 Guidance • Mid-Term View • Sustainability Journey • Final Remarks • Q&A 3
Slide 4: Opening Remarks: 2025 Key Results
Electrochemistry frontiers Opening Remarks Pioneering clean solutions in water, circularity and hydrogen 2025 KEY RESULTS 2025 Results: Revenue growth, solid profitability and robust € 875 m Revenues cash flow generation +4.4% YoY at constant fx Entering new high-growth markets — lithium refining an
Slide 5: Key 2025 Results
Key 2025 Results FY 2025 a solid set of results above guidance REVENUES ADJ.* EBITDA ADJ. NET RESULT NET CASH POSITION €875.0 m €171.8 m €89.5 m €86.7 m +1.4% Yoy +9.1% Yoy +0.8% Yoy €67.1 m @31 December 2024 +4.4% @ constant fx 19.6% Adj. Ebitda margin 10.2% Net margin €117 m Operating Cash Flow EL
Slide 6: Agenda
Agenda • Opening Remarks • 2025 Business Achievements • 2025 Financial Results and 2026 Guidance • Mid-Term View • Sustainability Journey • Final Remarks • Q&A 6
Slide 7: Electrode Technologies: 2025 BUs Achievements
Electrode Technologies 2025 BUs Achievements 2025 Orders driven by Asia and Chlor-Alkali ORDER INTAKE ORDERS BY TYPE @ 31 Dec. 2025 ~446 407 ~40 New Applications 58% 406 Aftermarket €m Electronics & Surface Finishing 42% FY '24 FY '25 Specialties & New Applications Chlor-Alkali BACKLOG ORDERS BY GEO
Slide 8: Water Technologies: 2025 BUs Achievements
Water Technologies 2025 BUs Achievements Strong orders and backlog growth boost business visibility ORDERS: UP 16% YoY WTS ORDERS BY TYPES 365 Municipal Pools 314 WTS 150 46% Industrial 110 +36% 39% Aftermarket 61% New 204 +6% 215 €m 54% FY '24 FY '25 BACKLOG: UP 23% vs 2024 ORDERS BY GEOGRAPHIES El
Slide 9: WTS – Q4 2025 Flagship Projects
2025 BUs Achievements WTS – Q4 2025 Flagship Projects Sizewell C Municip. of Port St. Lucie NESA Ahal Water Administr. Suffolk Cost Florida Finland Turkmenistan UK’s first new-build Improving water First EU NaClO** First Ozone and UV nuclear power station treatment & recycling installation Waste WT*
Slide 10: PFAS: strong start — contracts signed
PFAS: strong start — 8 contracts signed 2025 BUs Achievements 8 Industrial Scale 2 Projects in Italy projects, to be delivered by 2026 Lombardia (BS) / Piemonte (AL) Total WT* Capacity: ~ 7.3m3/d ~ €6m Backlog @31 Dec. 2025 PFAS Removal from Drinking Water 6 Projects in the US Pennsylvania (3), Mass
Slide 11: Energy Transition: Hydrogen flagship execution
Energy Transition 2025 BUs Achievements Excellent Hydrogen flagship execution — positioning De Nora as a technology leader… WORLDWIDE FLAGSHIP PROJECTS GREEN H2 TRACK COMPLETED IN 2025 RECORD MW NEOM 2.2 GW STEGRA 740 MW 1,000 1,100 1,100 Saudi Arabia Sweden 33,000 E-Chem cells delivered 11,000 E-Ch
Slide 12: Small-scale solution portfolio: 1 MW containerized AWE system
Energy Transition 2025 BUs Achievements …while we keep developing our small-scale solution portfolio…. First outcome of the Asahi Kasei–De Nora technological partnership 1 MW containerized AWE system • First Finland’s green hydrogen refuelling station • Being installed in Jyväskylä (Finland) by Asha
Slide 13: Entering into the Lithium market
Energy Transition 2025 BUs Achievements …and entering into the Lithium market CONTRACTS SIGNED AGREEMENTS PARTNERSHIPS 2025 Lithium Recovery JP customer - 2026 Binding agreement with 2024 Partnership with Mangrove (~€11 m) Tuleva for largest US Lithium to produce Lithium from electrochemical Lithium
Slide 14: Agenda
Agenda • Opening Remarks • 2025 Business Achievements • 2025 Financial Results and 2026 Guidance • Mid-Term View • Sustainability Journey • Final Remarks • Q&A 14
Slide 15: FY 2025 Revenues
FY 2025 Revenues 2025 Financial Results Growth driven by Water and Energy Transition KEY HIGHLIGHTS Revenues By Geography ELECTRODE TECHNOLOGIES +1.4% +4.4% YoY • 10.4% growth in Electronics, YoY overall stability in Chlor-Akali, Americas EMEIA 900.3 31.7% 34.7% and a decline in Electrowinning 862.6
Slide 16: FY 2025 Backlog
FY 2025 Backlog 2025 Financial Results Core Business up by 7.6% YoY 558.0 Backlog @ 31 Dec. 2025 521.8 by Year of Deployment 500.6 490.3 2029+ 120.3 83.7 50.0 19.3 11% Energy Transition 2028 3% 180.0 146.3 178.7 178.7 Water Technologies 471 2027 ~40.0 438 ~+7.6% 14% YoY Electrochemistry Frontiers 20
Slide 17: FY 2025 Operating Costs
2025 Financial Results FY 2025 Operating Costs Corporate structure and R&D profile well set to grow KEY HIGHLIGHTS SG&A and COGS (€m)* R&D (€m) - COGS – Incidence on Corporate (€m)* Revenues mainly driven by product mix. As % of 67.4% 64.8% 13.4% 13.7% 1.7% 1.9% sales 582 567 120 - SG&A and Corporat
Slide 18: Adjusted EBITDA FY 2025
Adjusted Ebitda FY 2025 2025 Financial Results Growth above the guidance, boosted by Water and Energy Transition KEY HIGHLIGHTS ELECTRODE TECHNOLOGIES +9.1% YoY 157.4 171.8 • Performance is mainly driven by 15.3 the product mix, particularly by Energy 5.6 the softer electrowinning trend Transition 5
Slide 19: Net Financial Position
Net Financial Position 2025 Financial Results Solid cash flow generation, more than funding capex and dividends FY ‘25 OPERATING CASH FLOW FREE CASH FLOW BEFORE DIVIDENDS 116.6 m 40.3 m Q4 ’25 121.4 Operating Cash Flow: 74.4 m 2.3 (49.2) 36.5 1.1 (32.3) (5.9) 42.7 0.0 0.9 86.7 Electrochemistry Front
Slide 20: Guidance 2026
Guidance 2026 2026 Guidance Revenues Adj EBITDA margin* € 750 m – € 850 m 15% – 18% Electrode Technologies High to mid single-digit decline Capex Water Technologies Mid single-digit to low double-digit ~ €80 m € 40 Maintenance & Operations growth Electrochemistry Frontiers ~ € 40 Gigafactory and min
Slide 21: Agenda
Agenda • Opening Remarks • 2025 Business Achievements • 2025 Financial Results and 2026 Guidance • Mid-Term View • Sustainability Journey • Final Remarks • Q&A 21
Slide 22: Electrochemistry and Water Solutions at the heart of key megatrends
Electrochemistry and Water Solutions at the heart Mid-Term View of key megatrends GLOBAL GLOBAL WATER WATER WATER SCARCITY SCARCITY SCARCITY CIRCULAR ECONOMY CIRCULAR ECONOMY ENERGY ENERGY TRANSITION TRANSITION • Growing pressure on water • Valorizing precious • Energy security & Resources chemical
Slide 23: Mid-term Strategy across our Businesses
Mid-term Strategy across our Businesses Mid-term View Mid-term Strategy across our Businesses Where electrochemical and water treatment solutions power growth ELECTRODE TECHNOLOGIES WATER TECHNOLOGIES HYDROGEN CIRCULARITY Electrochemistry Frontiers Energy Transition Electrode Water Energy Technologi
Slide 24: Electrode Technologies: Mid-term Strategy
Electrode Technologies Mid-term View Electrode Technologies Enhance market coverage by leveraging our leading position, best-in-class technologies, and customer-centric approach ELECTRODE TECHNOLOGIES De Nora STRATEGY De Nora’s Current MARKETS CHLOR-ALKALI Mid-term strategic levers Mkt CAGR25-30 De
Slide 25: Water Technologies: Mid-term Strategy
Water Technologies Mid-term View Water Technologies Boosting market penetration by improving our technology portfolio and moving toward turn-key solutions WATER TECHNOLOGIES De Nora STRATEGY De Nora’s current MARKETS POOLS Mid-term strategic levers Mkt CAGR25-30 De Nora Mkt Key Geo Share • Enhancing
Slide 26: Green Hydrogen
Green Hydrogen Mid-term View Green Hydrogen 1 Leveraging AWE technological leadership to expand our solution offering HYDROGEN De Nora STRATEGY Green H2 MARKET (cum. GW installed) Mid-term strategic levers Total installed capacity3 60 Addressable Market GW • Enhancing alliances to accelerate growth
Slide 27: Circularity
Circularity Mid-term View Circularity Unlock new markets through sustainable, circular electrochemical solutions CIRCULARITY De Nora STRATEGY MARKET Opportunity LITHIUM2 E-Chem: a sustainable, circular n.m. ~$1 bn new addressable market alternative to traditional E-Chem LiOH through HCl brine proces
Slide 28: De Nora in a Nutshell
Equipped to drive growth and seize opportunities De Nora in a Nutshell 585 Worldwide manufacturing capacity 13 2.5 GW eq.1 Energy Transition Manufacturing sites 1.0 mil. AMS E M E I A* A PA C Sqm per year 40,000 cells per year 4 5 4 5+1 580 740 760 R&D Labs worldwide 31.7% of 34.7% of 33.6% of Innov
Slide 29: Financial framework - Over a 5 year cycle
Financial framework - Over a 3 to 5 yr cycle Financial Framework CORE BUSINESS REVENUES ELECTRODE TECHNOLOGIES WATER TECHNOLOGIES Annual Organic Growth* Revenues* stable to low single-digit Revenues* +5% to +8% +2% to +4% Adj. EBITDA margin 19% - 21% Adj. EBITDA margin 17% - 19% GROUP ENERGY TRANSIT
Slide 30: Financial framework - capital allocation priorities
Financial framework - capital allocation Financial Framework priorities CAPEX M&A to power growth Maintenance Capex / Year €35 - €40m Integrated Business Model: (Excluding M&A) System Integration, Solution Offering, Engineering and Process capabilities DIVIDEND PAY OUT New Market entry: UP TO 25% En
Slide 31: Agenda
Agenda • Opening Remarks • 2025 Business Achievements • 2025 Financial Results and 2026 Guidance • Mid-Term View • Sustainability Journey • Final Remarks • Q&A 31
Slide 32: Sustainability Journey
Electrochemistry Frontiers Sustainability Journey 32
Slide 33: Our positive impact to SDGs and EU Taxonomy
Our positive impact to SDGs and EU Taxonomy Sustainability Journey Our Contribution to the UN SDGs 50% Revenues contributing to SDGs 100% R&D linked to SDGs 1.1m ton CO2/Y 246m m3/d WT 104 k m2 emissions avoided, 13% potable Electrode re-used Green H2 Techs 48m people served 16% total production Ele
Slide 34: 2025 ESG achievements
2025 ESG achievements Sustainability 2030 plan execution progressing at full pace GREEN 11 100% -7.69% -4% Achieved INNOVATION Sales people Noble metals Target by in advance Sustainability Product trained on reduction in 2026 vs Scorecard released Scorecard 2025 2022 GHG emission Scope 1 and 2 in CL
Slide 35: Agenda
Agenda • Opening Remarks • 2025 Business Achievements • 2025 Financial Results and 2026 Guidance • Mid-Term View • Sustainability Journey • Final Remarks • Q&A 35
Slide 36: Final remarks
Final Remarks Final remarks 2025 above guidance, with solid margins and cash generation, confirming De Nora’s resilience in a complex geopolitical context Leveraging our leadership position, we entered new markets in Electrochemical and water-treatment such as PFAS and Lithium, where technological i
Slide 37: Our ambition
Our Ambition Our ambition To pioneer clean solutions in water, circularity, hydrogen and electrochemical processes, enabling customers’ transition toward sustainable Electrochemistry Frontiers operations. 37
Slide 38: Q&A
Q&A 38
Slide 39: Investor Relations – Ready to engage
Calendar Investor Relations – Ready to engage UPCOMING EVENTS 2026 FINANCIAL CALENDAR Mar. 19 Roadshow, Paris – Mediobanca May 06 Q1 2026 Results Conference Call IR CONTACTS Electrochemistry Frontiers Mar. 23 Roadshow, Milan – Mediobanca Jul. 30 H1 2026 Results Conference Call ir@denora.com Investor
Slide 40: Additional Materials
Additional Materials 40
Slide 41: Income Statements
Income Statements Income Statements (€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 Q4 2025 FY 2025 Revenue 189.1 211.2 400.3 200.9 601.2 261.4 862.6 200.4 215.2 415.6 215.7 631.3 243.7 875.0 YoY Growth (%) -12.8% 3.8% -4.8% -4.1% -4.5% 15.4% 0.7%
Slide 42: Quarterly Revenues and adj. EBITDA by BU
Quart. Rev. and Adj. Ebitda By BU Quarterly Revenues and adj. EBITDA by BU Q1 ‘25 vs Q2 ‘25 vs Q3 ‘25 vs Q4’ 25 vs (€m) Q1 ‘24 Q2 ‘24 Q3 ‘24 Q4 ‘24 Q1 ‘25 Q2 ‘25 Q3 ‘25 Q4 ‘25 Q1 ‘24 Q2 ‘24 Q2 ‘24 Q4' 24 REVENUES 189.1 211.2 200.9 261.4 200.4 215.2 215.7 243.7 6.0% 1.9% 7.4% -6.8% Electrode Technolo
Slide 43: Income Statement: Focus on EBITDA adjustments
Income Statement Income Statement Focus on EBITDA adjustments (€m) FY 2024 FY 2025 Sales 862.6 875.0 EBITDA 151.8 164.1 Margin (%) 17.6% 18.8% Termination costs (labor + legal expenses) 1.5 0.9 IPCEI GF Eligible costs (net of grant) - (0.2) Costs for M&A, integration, and company reorganization 1.0
Slide 44: Balance Sheet
Balance Sheet Balance Sheet (€m) FY 2024 FY 2025 Intangible assets 116.0 101.4 Property, plant and equipment 291.8 315.6 Equity-accounted investees 236.8 232.7 Fixed asset 644.5 649.7 Inventories 255.5 214.4 Contract work in progress, net of advances from customers 36.4 32.4 Trade receivables 173.5
Slide 45: Cash Flow Statement
Cash Flow Statement Cash Flow Statement (€m) FY 2024 FY 2025 EBITDA 151.8 164.1 Losses on the sale of property, plant and equipment and intangible assets (5.3) 0.0 Other non-monetary items 3.7 5.2 Cash flows generated by operating activities before changes in net working capital 150.2 169.4 Change i
Slide 46: 2030 Sustainability plan
2030 Sustainability plan Sustainability Journey 48 Initiatives, o/w 25 completed up to 2025 Electrochemistry Frontiers 46
Slide 47: Thanks
Thanks IR CONTACTS ir@denora.com Investor Relations | Overview | De Nora 47