Slide 1: 9M 2022 Consolidated Results
9M 2022 Consolidated Results 9th November 2022
Slide 2: Key Highlights
Key Highlights STRONG ORGANIC INCREASING ALL-TIME HIGH SOLID CAPITAL GROWTH PROFITABILITY BACKLOG STRUCTURE €616.6m €145.9m €646.4m ~Cash neutral 9M-22 Revenues 9M-22 Adj. Ebitda As of September-22 €0.6m Net Debt +51.8% vs 9M21 23.7% Margin +18.2% vs FY 2021 (September-22) +c.400bps vs 9M21 Electrod
Slide 3: Best-in-class backlog and evolving pipeline of opportunities provide visibility around solid growth
Best-in-class backlog and evolving pipeline of opportunities provide visibility around solid growth Scope of Potential Size As of Sept. 2022 Supply Total Value BACKLOG1 ~0.4 GW ~€56m CONTRACTED VOLUMES • Electrodes FROM tk nucera NEWLY ~2.3 GW ~€190m SECURED ORDERS2 • Cell Manufacturing • Electrode
Slide 4: Strong Organic Revenue Growth
Strong Organic Revenue Growth Key highlights Revenue (€m) Electrode Technologies ◼ Strong Revenue growth of +50.8% (+€118m) driven by volume (–60%) 51.8% Y-o-Y Growth from new projects in both Chlor- alkali (specifically HCI) and Electrowinning business lines and >3X growth Y-o-Y price increase (–40
Slide 5: All-time-high backlog providing revenue visibility
All-time-high backlog providing revenue visibility Key highlights Backlog as % of next year 46% ◼ All-time high backlog as of 9M 2022 Revenue1 ~190 (€646.4m, +18.2% vs. Full Year 2021 9M 2022A Backlog by results) +4.8% Year of Deployment +12.6% Electrode Technologies ◼ Benefits from multi-year contr
Slide 6: Continuous focus on cost control
Continuous focus on cost control Key highlights ◼ COGS in 9M 2022, have been in line COGS (€m)* SG&A Costs (€m)* Corporate Costs (€m)* with FY 2021 relatively to sales, confirming De Nora’s ability in passing- through raw materials price increments As % of 62.8% 62.7% 11.2% 9.3% 4.1% 2.9% Sales ◼ SG
Slide 7: Premium Profitability with Increasing Margins
Premium Profitability with Increasing Margins Key highlights Adj. EBITDA (€m) Electrode Technologies: Total Margin 20.0% 23.7% ◼ Surge in profitability driven by: (i) Water Tech. Margin 13.0% 20.8% revenue growth exploiting operating leverage effect and (ii) Electrode Tech. Margin1 25.0% 27.7% conti
Slide 8: Net working capital evolution
Net working capital evolution (€m) Key highlights ◼ Net Working Capital has reached €325.9m in 9M 2022 (+€72mn) as a result of Inventory increase due to: • higher stock in Pools mainly following the business normalization • price increase of noble metal (+€8m only related to stock of Iridium and Rut
Slide 9: Net Financial Position Evolution
Net Financial Position Evolution (€m) Key highlights Net Debt / LTM EBITDA 1.2x ~Cash Neutral ▪ Strong operating performance Adj. offsetting increase in NWC and resulting in a stable net financial position vs FY2021 20.0 ▪ Cash flow from operating activities fully financed NWC, 31.5 capex and divide
Slide 10: 2022 Guidance
2022 Guidance Heading toward Revenue €880-910m the low part of the range Adj. Well on track €185-195m EBITDA 10 © 2022 De Nora WE ARE DE NORA
Slide 11: Q&A
Q&A 11 © 2022 De Nora WE ARE DE NORA
Slide 12: Additional Materials
Additional Materials 12 © 2022 De Nora WE ARE DE NORA
Slide 13: Income Statement
ADDITIONAL FINANCIALS Income Statement (€m) 9M 2021 9M 2022 Q1 2021 Q1 2022 Q2 2021 Q2 2022 Q3 2021 Q3 2022 Revenue 406.1 616.6 111.3 200.1 142.4 210.4 152.4 206.2 Change in inventory of finished goods and work in progress 40.9 37.9 11.5 6.8 4.0 7.7 25.4 23.4 Other income 2.6 3.3 0.6 1.6 1.3 0.9 0.7
Slide 14: Income Statement | Focus on EBITDA Adjustments
ADDITIONAL FINANCIALS Income Statement | Focus on EBITDA Adjustments (€m) 9M 2021 9M 2022 Sales 406.1 616.6 EBITDA 77.9 121.9 Margin (%) 19.2% 19.8% Costs relative DND fire 1.5 0.0 Terminations costs (labor + legal expenses) 0.3 0.4 Costs relative to IPO process 3.5 Costs relative to M&A, integratio
Slide 15: Balance Sheet
ADDITIONAL FINANCIALS Balance Sheet (€m) 2021 9M 2022 Intangible assets 132.8 145.9 Property, plant and equipment 167.6 180.8 Equity-accounted investees 121.8 120.2 Fixed asset 422.2 446.8 Inventories 233.0 326.2 Contract work in progress, net of advances from customers 12.4 25.7 Trade receivables 1
Slide 16: Cash Flow Statement
ADDITIONAL FINANCIALS Cash Flow Statement (€m) 9M 2022 9M 2021 EBITDA 121.9 77.9 Losses on the sale of property, plant and equipment and intangible assets 0.2 0.8 Other non-monetary items 16.8 0.4 Cash flows generated by operating activities before changes in net working capital 138.9 79.1 Change in
Slide 17: Disclaimer
Disclaimer The content of this presentation has a merely informative and provisional nature and does not constitute a public offer under any applicable legislation or an offer to sell or solicitation of an offer to purchase or subscribe for securities or financial instruments or any advice or recomm
Slide 18: www.denora.com
www.denora.com 18 © 2022 De Nora WE ARE DE NORA