Industrie De Nora Spa · MIL:DNR
Industrie De Nora Spa — H1 2026 Earnings Presentation
35 slides from Industrie De Nora Spa's earnings presentation, Jul 30, 2026
Slide 1: H1 2026 Financial Results
H1 2026 Financial Results Milan | July 30th, 2026 1
Slide 2: With You Today
With You Today With you today Luca Oglialoro Chiara Locati Paolo Dellachà CFO IR & ESG CEO Executive Director H1 2026 RESULTS 2
Slide 3: Agenda
Agenda • Opening Remarks • H1 2026 Business Achievements • H1 2026 Financial Results and Guidance • Sustainability Linked Loan • Final Remarks • Q&A 3
Slide 4: H1 2026 highlights
H1 2026 highlights Opening Remarks A fruitful first half, delivering results and driving growth H1 2026 KEY RESULTS €403m Revenues Solid results: improved Q2 revenues and adjusted EBITDA; backlog +2.3% YoY at constant fx over €658m, including BW Water BW Water acquisition, a transformative addition
Slide 5: Key H1 2026 results
Key H1 2026 H1 2026 results Solid performance supports organic adj EBITDA margin guidance upgrade REVENUES1 ADJ. EBITDA Adj. NET RESULT NFP €403.1 m €81.8 m €30.7 m (€30.1) m +2.3% @ constant fx +0.5% YoY 7.7% margin €2.5 m @31 March 2026 20.4% Adj. Ebitda margin €20.5 m Dividend distributed ELECTRO
Slide 6: Agenda
Agenda • Opening Remarks • H1 2026 Business Achievements • H1 2026 Financial Results and Guidance • Sustainability Linked Loan • Final Remarks • Q&A 6
Slide 7: Electrode Technologies: BUs Achievements
Electrode Technologies BUs Achievements Strong order intake across all product lines drives backlog growth ORDER INTAKE: +27.9% YoY ORDERS BY TYPE 243 190 13% 16% New Aftermarket Applications 40% 71% 60% €m Chlor-Alkali H1 '25 H1 '26 Electronics Electrowinning and specialties BACKLOG: +12.9% vs. Dec
Slide 8: BW Water: a transformative step in our Water business growth strategy
BW Water: a transformative step in our BW Water Water Business growth strategy Created an integrated, solutions-driven global platform with three growth engines POOLS WTS IWS Water Technologies Systems Integrated Water Solutions NEXT STEPS – After BW Water acquisition H1 2026 RESULTS INTEGRATION €15
Slide 9: Water Technologies: BUs Achievements
Water Technologies BUs Achievements Robust backlog supports revenue visibility ORDERS: UP 7.6% YoY WTS ORDERS BY TYPES 198 184 Municipal Industrial 65 +55% 101 Pools 46% 48% Aftermarket 52% WTS New 119 -18% 97 €m 54% H2 '25 H2 '26 Pro forma BACKLOG: 1.9X vs Dec.’25 ORDERS BY GEOGRAPHIES 333 (Pro For
Slide 10: WTS – Q2 2026 flagship projects & PFAS contracts
BUs Achievements WTS – Q2 2026 flagship projects & PFAS contracts North Field West (NFW) Johor River Waterworks Water treatment plant PFAS Qatar – Ras Laffan Singapore US - Alabama Sweden – Halland County Modernization of New greenfield water First LNG production facility disinfection systems treatm
Slide 11: Energy Transition: Green hydrogen market momentum building
Energy Transition BUs Achievements Green hydrogen market momentum building Green Hydrogen ORDERS booked Business Updates 300 MW orders by MOEVE Green Hydrogen Large Scale ~€30 - €40 m ~1.6 GW 1° phase of the “Andalusian Green Hydrogen Valley” FEED* – phase Production capacity: green H2 projects ongo
Slide 12: Italian Gigafactory
Gigafactory project progressing on track at the new Italian Gigafactory Cernusco sul Naviglio facility A cutting-edge platform for sustainable technology development • PNRR capacity target installed as of June 2026 • First IPCEI operating activities launched for small-scale green hydrogen technologi
Slide 13: Open innovation
Open innovation Open Innovation EDGE Innovation Hub launched to strengthen our innovation ecosystem 360 Life II Climate Tech Fund EDGE Innovation Hub Our First Step in open innovation Accelerating early-stage techs investing in EU Clean Tech through startup partnerships (Dec 2024) (Apr 2026) • €10m
Slide 14: Agenda
Agenda • Opening Remarks • H1 2026 Business Achievements • H1 2026 Financial Results and Guidance • Sustainability Linked Loan • Final Remarks • Q&A 14
Slide 15: 2026 revenues by quarters
2026 revenues by quarters Revenues Q2 revenues accelerated, driven by the core business KEY HIGHLIGHTS +4.4% YoY ELECTRODE TECHNOLOGIES +7.8% YoY @ constant fx • Q2 2026 revenues broadly flat YoY 224.6 (+3% at constant FX) 215.2 • Performance driven by double digit 4.8 -81.2% increase in Electronics
Slide 16: H1 2026 revenues
H1 2026 revenues Revenues On track with FY revenue guidance KEY HIGHLIGHTS Revenues By Geography ELECTRODE TECHNOLOGIES -3.0% YoY +2.3% YoY EMEIA • Revenue performance aligned 425.1 Americas 29.0% with project scheduling, 415.6 403.1 37.2% supported by Q2 acceleration -70.4% 13.6 -68.5% 43.2 12.8 Yo
Slide 17: H1 2026 backlog
H1 2026 backlog Backlog Pro forma backlog +46% vs December 2025, with organic backlog up nearly 12% Backlog @ 30 Jun. 2026 658.2 by Year of Deployment BW Water not included (pro forma) 2029+ 521.8 506.5 154.2 10% 450.3 11.7 2028 83.7 19.3 41.6* 8% 190.6 178.9 178.7 180.0 €504m 2027 +11.9% 19% Vs Dec
Slide 18: H1 2026 operating costs
H1 2026 operating costs Operating Costs Stable corporate structure and R&D costs KEY HIGHLIGHTS SG&A and COGS (€m)* R&D (€m)* COGS Corporate (€m)* - Incidence reduction due to As % revenue mix of 65.0% 62.8% 14.0% 14.7% 1.8% 2.0% sales 270.1 251.6 SG&A and Corporate 58.1 59.0 - Stable despite inflat
Slide 19: Adjusted EBITDA H1 2026
Adjusted EBITDA H1 2026 Adj EBITDA H1 solid performance and product mix drive higher organic FY guidance KEY HIGHLIGHTS 81.4 81.8 ELECTRODE TECHNOLOGIES 1.1 • Solid adj EBITDA margin driven by project mix despite softer revenues Water Technologies 32.9 48.2 WATER TECHNOLOGIES Electrode • +46.5% adj.
Slide 20: EBITDA to net income bridge
EBITDA to net income bridge Net Income Bridge 79.8 H1 62.7 +25% YoY 44.9 45.2 2026 (17.1) (1.3) (16.5) 28.7 (16.2) EBITDA Amm & EBIT Financial Share of EBT Taxes NET NET INCOME Expenses Associates’ Dep result INCOME excluding Associates’ Profit 78.8 60.9 H1 53.6 36.3 2025 (17.9) (6.5) (0.8) 35.5 H1
Slide 21: Net Financial Position
Net Financial Position Net Financial Position Reflecting typical H1 NWC seasonality and the impact of higher critical raw material costs NWC absorption concentrated in Q1 (€103m), primarily driven by higher 79.8 raw material costs 86.7 1.0 (134.7) (12.8) €m (29.2) 1.4 (1.8) H1 2026 RESULTS (20.5) (3
Slide 22: 2026 Guidance – Organic adj. EBITDA upgrade
Guidance 2026 2026 Guidance – Organic adj. EBITDA upgrade 2026 Guidance Update 6 May 2026 30 July 2026 Upper end of REVENUES €750m-€850m range €830m-€850m Electrode Technologies Mid single-digit decline* Low single-digit decline GUIDANCE ORGANIC Water Technologies Low double-digit increase* Low doub
Slide 23: Agenda
Agenda • Opening Remarks • H1 2026 Business Achievements • H1 2026 Financial Results and Guidance • Sustainability Linked Loan • Final Remarks • Q&A 23
Slide 24: Sustainability-Linked Loan: ESG Journey
Sustainability-Linked Loan ESG Journey Selected three ESG KPIs and targets underpinning an ESG-linked margin adjustment mechanism • Environmental KPIs have annual targets aligned with our SBTi-validated ESG Plan • DE&I KPI (KPI #3) reflects our commitment to fostering an inclusive workplace and ensu
Slide 25: Agenda
Agenda • Opening Remarks • H1 2026 Business Achievements • H1 2026 Financial Results and Guidance • Sustainability Linked Loan • Final Remarks • Q&A 25
Slide 26: Final remarks
Final Remarks Final remarks Fruitful semester advancing our growth strategy despite a challenging market environment Solid margins and robust backlog, provide visibility for a profitable growth Ready to deploy synergies in the Water Business, after BWW acquisition, to accelerate growth in new market
Slide 27: Q&A
Q&A 27
Slide 28: Calendar: Investor Relations – Ready to engage
Calendar Investor Relations – Ready to engage IR CONTACTS Chiara Locati ir@denora.com Ph: +39 02 21292124 UPCOMING EVENTS 2026 FINANCIAL CALENDAR Investor | Relations Overview | De Nora Sep. 15 Virtual Sustainability Week – Nov. 04 9M 2026 Results Conference Call Euronext Sep. 16, 17 Roadshow, Switz
Slide 29: Additional Materials
Additional Materials 29
Slide 30: Income Statements
Income Statements Income Statements (€m) Q2 2025 H1 2025 Q3 2025 9M 2025 Q4 2025 FY 2025 Q1 2026 Q2 2026 H1 2026 Revenue 215.2 415.6 215.7 631.3 243.7 875.0 178.5 224.6 403.1 YoY Growth (%) 1.9% 3.8% 7.4% 5.0% -6.8% 1.4% -10.9% 4.4% -3.0% Royalties and commissions (2.0) (3.8) (1.6) (5.4) (3.5) (8.9)
Slide 31: Quarterly Revenues and adj. EBITDA by BU
Quart. Rev. and Adj. Ebitda By BU Quarterly Revenues and adj. EBITDA by BU Q2 ‘26 vs (€m) Q2 ‘25 Q3 ‘25 Q4 ‘25 Q1 ‘26 Q2 ‘26 Q2 ‘25 REVENUES 215.2 215.7 243.7 177.2 223.6 3.9% Electrode Technologies 114.7 105.2 110.4 85.6 113.8 -0.8% Energy Transition 25.5 35.0 33.7 6.7 3.8 -85.1% Water Technologies
Slide 32: Income Statement: Focus on EBITDA adjustments
Income Statement Income Statement Focus on EBITDA adjustments (€m) H1 2025 H1 2026 Sales 415.6 403.1 EBITDA 78.8 79.8 Margin (%) 19.0% 19.8% Termination costs (labor + legal expenses) 0.4 0.4 GF Revenues related to IPCEI eligible cost - (2.3) IPCEI GF Eligible costs (net of grant) (0.2) 1.2 Costs fo
Slide 33: Balance Sheet
Balance Sheet Balance Sheet (€m) FY 2025 H1 2026 Intangible assets 101.4 104.6 Property, plant and equipment 315.6 330.5 Equity-accounted investees 232.7 217.0 Fixed asset 649.7 652.0 Inventories 214.4 313.1 Contract work in progress, net of advances from customers 32.4 35.8 Trade receivables 152.9
Slide 34: Cash Flow Statement
Cash Flow Statement Cash Flow Statement (€m) H1 2025 H1 2026 EBITDA 78.8 79.8 Losses on the sale of property, plant and equipment and intangible assets (0.7) 0.5 Other non-monetary items (2.1) (1.9) Cash flows generated by operating activities before changes in net working capital 76.0 78.4 Change i
Slide 35: Thanks
Thanks IR CONTACTS ir@denora.com Investor Relations | Overview | De Nora 35