Slide 1: Q1 2025 Financial Results – Starting Strong
Q1 2025 Financial Results – Starting Strong Milan | May 14th, 2025 © Luca Campigotto © 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: Strong Start to the Year – Q1 2025 Financial Highlights
S T R O N G S TA R T TO T H E Y E A R – Q 1 2 0 2 5 F I N A N C I A L H I G H L I G H T S ELECTRODE TECHS WATER TECHS Chlor-Alkali & Electronics drove Pools lead performances Q1 2025 Revenues +6% YoY © Luca Campigotto driven by: © Luca Campigotto Electrodes Techs +15.2% Water Techs +8.7% Adj. EBITDA
Slide 4: Agenda
AGENDA 2024 Business and Financial Achievements 2024 Financial Results Review Sustainability Journey - Update Final Remarks Q&A 4 © Luca Campigotto © 2025 De Nora
Slide 5: Key Highlights Q1 2025
KEY HIGHLIGHTS Q1 2025 Growth and profitability support confidence in FY 2025 Guidance GROWTH • +6% YoY Revenues (+4.8% @ constant fx) AND PROFITABILITY… • +8.2% YoY Adj EBITDA1 - Margin on Revenues 19.7% (+0.4pp vs Q1 2024) …DRIVEN BY THE CORE • Electrode and Water Techs combined Revenues +12.4% Yo
Slide 6: Q1 Key Results
Q 1 2 0 2 5 K E Y R E S U LT S R e v e n u e s a n d p r o f i t a b i l i t y g r e w, d r i v e n b y t h e C o r e B u s i n e s s REVENUES EBITDA ADJUSTED* NET RESULT ADJ. NET CASH POSITION €200.4 m €39.4m €18.9 m €27.8m +6.0% YoY +8.2% YoY +1.7% YoY €118€ €9.4 m @31 March 2024 +4.8% @ constant
Slide 7: Electrode Technologies Business
ELECTRODE TECHNOLOGIES BUSINESS Order growth in all segments, short and mid -term outlook confirmed Q1 ORDERS BACKLOG Good Start to the Year with order and revenue growth 291 +7.6% 279 • Order Intake grew by 7.6% YoY, driven by a slight recovery in the Electronics segment and positive performance in
Slide 8: Water Technologies Business
WAT E R T E C H N O L O G I E S B U S I N E S S Order intake keeps growing and improving revenue growth visibility Q1 ORDERS BACKLOG Positive Momentum Continues… +17% 171 +17% 146 • Backlog growth is mainly driven by WTS 98.6 84.2 • WTS: order driven by aftermarket services, which grew by 70%. Key g
Slide 9: Flagship Orders achieved in Q1 2025 1/2
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 Q1 2025 1/2 3rd Underground Water Purification Facility In China KUNMING CITY, CHINA TETRA® Filtration Municipal | Wastewater Treatment Plant Water Treatment capacity: 400k m3/d New installation • The plant plays a critical
Slide 10: Flagship Orders achieved in Q1 2025 2/2
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 Q1 2025 2/2 OTHER SELECTED NEW CONTRACTS IN Q1 2025 NUCOR STEEL, US PFAS: SIGNED THE FIRST CONTRACT TETRA® Filtration Industrial | Steel Water Treatment capacity: 55k m3/d PERKASIE City, Pennsylvania US Upgrade installation
Slide 11: Energy Transition Business
ENERGY TRANSITION BUSINESS We are executing our backlog while working towards future growth BACKLOG MAIN ON GOING PROJECTS EXECUTION AND EFFICIENCY 120 106 • NEOM, Saudi Arabia, • Q1 2025 volumes as planned and agreed with customers > 2 GW tot project - H2 to Ammonia • STEGRA project, Sweden • Enhan
Slide 12: Market Analysis: How countries are creating a sustainable H2 market
M A R K E T A N A LY S I S Q 1 2 5 …How countries are creating a sustainable H2 market EUROPE MIDDLE EAST • European Hydrogen Bank €1bn Q3 2025 SAUDI ARABIA • Key projects: SoutH2 Corridor & H2Med • $10bn in green H2 projects through its Public Investment Fund • Infrastructure: Belgium, Germany, Den
Slide 13: Energy Transition Pipeline @31 March 2025
ENERGY TRANSITION PIPELINE @31 MARCH 2025 Steady Pipeline, while new FIDs are taking longer than expected COMMERCIAL PIPELINE CAGR 2022-2024 +46% (GW) 2022 2023 2024 TOTAL PIPELINE 44 GW 63 GW 94 GW DE NORA BACKLOG @ 31 March 2025 € BN 4.1 6.0 8.9 BACKLOG ~950 MW ~106 €M o/w ACTIVELY 11 GW 18 GW 25
Slide 14: Inaugurated our New Innovation Center in Mentor (Ohio)
N E W I N N O VAT I O N C E N T E R – U S Inaugurated our New Innovation Center in Mentor (Ohio) NEW INNOVATION CENTER In addition to the existing 5 R&D Labs in US, Ita, and Japan • Covered Area > 1,000 m2 • Directly connected to the Mentor production plant. Focus: • Advancing product development an
Slide 15: Agenda
AGENDA 2024 Business and Financial Achievements 2024 Financial Results Review Sustainability Journey - Update Final Remarks Q&A 15 © Luca Campigotto © 2025 De Nora
Slide 16: Q1 2025 Revenues
Q1 2025 REVENUES Mid Single-Digit Growth driven by the Core Business +6.0% YoY +4.8% YoY KEY HIGHLIGHTS Revenues By Geography ELECTRODE TECHNOLOGIES 189.1 200.4 198.1 Americas • Revenue growth driven by all segments 33.4% EMEIA especially Chlor-Akali (+16% YoY) and (33.5%) (33.5%) 30.9% Electronics
Slide 17: Q1 2025 Backlog
Q1 2025 BACKLOG Backlog Resilience Fueled by Water Business Growth KEY HIGHLIGHTS Backlog by Year of Deployment ELECTRODE TECHNOLOGIES 558.0 556.2 2028+ • Heatly project execution partially off-set by new orders (+7.6% YoY) 14% • Positive Order dynamics in all 2027 segments and especially in 2% Elec
Slide 18: Q1 Operating Costs
Q 1 2 0 2 5 O P E R AT I N G C O S T S Corporate Structure and R&D profile well set to grow COGS (€m)* SG&A and Corporate R&D (€m) KEY HIGHLIGHTS (€m)* As % • COGS – Incidence on Revenues of 64.8% 64.7% 14.3% 14.4% 2.1% 1.8% broadly aligned with Q1’24 Sales • G&A and Corporate costs increased mainly
Slide 19: Adjusted EBITDA Q1 2025
ADJUSTED EBITDA Q1 2025 S o l i d p r o f i t a b i l i t y, d r i v e n b y v o l u m e s a n d p r o c e s s e f f i c i e n c i e s KEY HIGHLIGHTS +8.2% YoY ELECTRODE TECHNOLOGIES • Q1’25: Healthy profitability, driven by volumes • Trend compared with Q1 2024 mainly reflects a different product m
Slide 20: Net Financial Position @ 31 March 2025
NET FINANCIAL POSITION @ 31 MARCH 2025 Po s i t i ve N e t C a s h Po s i t i o n , re f l e c t i n g t y p i c a l Q 1 N WC Tre n d 36.0 67.1 1.0 (47.3) 0.9 27.8 (14.8) (13.2) (1.9) NET CASH EBITDA Δ NWC and OTHER TAXES CAPEX FINANCIALS OTHERS NET CASH DEC’24 Q1’25 provisions OPERATING & PAID CHAR
Slide 21: 2025 Guidance
2025 GUIDANCE Solid Q1 Performance Boosts Confidence in FY 2025 Guidance REVENUES LOW SINGLE-DIGIT GROWTH ADJ. EBITDA MARGIN Excluding non-recurring Gigafactory net costs* Electrode Technologies Slightly below 2024 ~17% Water Technologies Mid Single-Digit Growth Energy Transition High Single-Digit G
Slide 22: Agenda
AGENDA 2024 Business and Financial Achievements 2024 Financial Results Review Sustainability Journey - Update Final Remarks Q&A 22 © Luca Campigotto © 2025 De Nora
Slide 23: Sustainability Journey Update
S U S TA I N A B I L I T Y J O U R N E Y U P D AT E Q1 2025 News DECARBONISATION PLAN UPDATES WHAT’S NEW + 380 MWh RENEWABLE ENERGY CAPACITY BUSINESS AND HUMAN RIGHTS ACCELERATOR Click here to download our 2024 executive summary • Installation of new PV plants to produce Renewable Six-month training
Slide 24: Agenda
AGENDA 2024 Business and Financial Achievements 2024 Financial Results Review Sustainability Journey - Update Final Remarks Q&A 24 © Luca Campigotto © 2025 De Nora
Slide 25: Final Remarks
FINAL REMARKS Q1 2025- Starting Strong - Guidance Confirmed Strong start to the year: +12% core business revenues driven by Electrode Techs and Pools Healthy profitability supported by volumes and production efficiencies. Our Solid Financial Structure is confirmed. Positive Water momentum continues,
Slide 26: Q&A
Q&A 26Campigotto ©Luca © 2025 De Nora
Slide 27: 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 FINANCIAL CALENDAR IR CONTACTS May 15 Pan European Small and Mid-Cap Jul. 31 H1 2025 Results Conference Call Conference, London – UBS ir@denora.com Nov. 4 9M 2025 Results Conference Call Investor Relations | Overview | De
Slide 28: 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 29: Income Statements
I N C O M E S TAT E M E N T S (€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 Q1 2025 Revenue 216.9 203.5 420.4 209.4 629.8 226.6 856.4 189.1 211.2 400.3 200.9 601.2 261.4 862.6 200.4 YoY Growth (%) 8.6% -4.8% 2.4% 1.6% 2.1% -4.1%
Slide 30: 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 (€m) Q1 ‘23 Q2 ‘23 Q3 ‘23 Q4 ‘23 Q1 ‘24 Q2 ‘24 Q3 ‘24 Q4 ‘24 Q1 ‘25 Q1 ‘24 REVENUES 216.9 203.5 209.4 226.6 189.1 211.2 200.9 261.4 200.4 6.0% Electrode Technologies 118.9 112.8 121.0 111.5 92.7 112.1 117.5 131
Slide 31: Income Statement: Focus on EBITDA Adjustments
I N C O M E S TAT E M E N T Focus on EBITDA Adjustments (€m) Q1 2024 Q1 2025 Sales 189.1 200.4 EBITDA 35.7 36.0 Margin (%) 18.9% 18.0% Termination costs (labor + legal expenses) 0.4 0.1 IPCEI GF Eligible costs (net of grant) - 0.2 Costs for M&A, integration, and company reorganization - 0.5 Marine b
Slide 32: Balance Sheet
BALANCE SHEET (€m) FY 2024 Q1 2025 Intangible assets 116.0 111.0 Property, plant and equipment 291.8 293.9 Equity-accounted investees 236.8 236.8 Fixed asset 644.5 641.7 Inventories 255.5 259.6 Contract work in progress, net of advances from customers 36.4 32.7 Trade receivables 173.5 174.5 Trade pa
Slide 33: Cash Flow Statement
C A S H F L O W S TAT E M E N T (€m) Q1 2024 Q1 2025 EBITDA 35.7 36.0 Losses on the sale of property, plant and equipment and intangible assets (0.0) (0.8) Other non-monetary items (0.7) 0.5 Cash flows generated by operating activities before changes in net working capital 35.0 35.6 Change in invent
Slide 34: Thank you.
Thank you. IR CONTACTS ir@denora.com ©Luca Campigotto Investor Relations | Overview | De Nora © 2025 De Nora