Industrie De Nora Spa · MIL:DNR
Industrie De Nora Spa — De Nora — Euronext Sustainability Week 2026
85 slides from Industrie De Nora Spa's conference presentation, Sep 15, 2026
Slide 1: Euronext Sustainability Week
Euronext Sustainability Week Enabling a lower carbon future, sustainable water management and circularity 15th September 2026 1
Slide 2: Agenda
Agenda • De Nora in a Nutshell • H1 2026 Business Achievements • H1 2026 Financial Results & 2026 Guidance • Mid-Term View • Sustainability Journey • Investment case 2
Slide 3: De Nora in a Nutshell: Who we are
Who we are De Nora in a Nutshell Electrode Technologies The world’s largest supplier of high-performing coatings and electrodes for industrial applications. Water Technologies A trusted provider of disinfection and filtration solutions for water and wastewater treatment. Financial Corporate Profile
Slide 4: Leading player in electrochemistry, water solutions and sustainable technologies
De Nora: leading player in electrochemistry, water De Nora in a Nutshell solutions and sustainable technologies FY 2025 Revenues By Business Units 12% 53% 35% ELECTRODE ELECTRODETECHNOLOGIES TECHNOLOGIES ENERGY TRANSITION WATER TECHNOLOGIES * DSA(R) electrodes, Anodes, Electrodes for Alkaline Water
Slide 5: Electrode Technologies
De Nora in a Nutshell Electrode Technologies Addressing multiple industrial applications with a wide range of products ANODES CATHODES CATALYTIC COATINGSGDE1 MAIN ADDRESSED INDUSTRIES Chlor-alkali Electronics Non-ferrous metal refining Financial Corporate Profile OTHER INDUSTRIES Pulp & Steel Automo
Slide 6: Electrode Technologies flagship projects
De Nora in a Nutshell Electrode Technologies Flagship projects In Partnership with Foto cella diaframma Foto PMX Financial Corporate Profile Sadara, Saudi Arabia Nan Ya (Formosa Plastics Corp.), Taiwan OxyChem, US Hydrochloric Acid Solutions Copper foil production for PCB & LiB Chlor Alkali Plants •
Slide 7: Water Technologies
De Nora in a Nutshell Water Technologies Integrated, solution-driven platform to provide sustainable water management PRODUCT LINES Water Technologies & Solutions Pools Water Technologies System (WTS) Integrated Water Solutions (IWS) Self-cleaning metal-coated titanium From standalone technologies t
Slide 8: Water Technologies flagship projects completed
Water Technologies De Nora in a Nutshell Flagship projects completed Al Jubail, Saudi Arabia – Phase II Tubli, Bahrain – Phase IV Hong Kong Desalination Plant upgrade Sewage Treatment Plant expansion Water Supplies Department • The world’s largest Seawater • One of the largest wastewater • 10 water
Slide 9: WTS – PFAS contracts
De Nora in a Nutshell WTS – PFAS contracts 11 tot contracts awarded 3 Projects in Italy (FY’25+H1’26), delivery by ’26-’27 Lombardia (BS) / Piemonte (AL) 1 Project in Sweden Total WT* Capacity: ~ 7.3m3/d Halland County 9 municipal, 2 industrial Total WT* Capacity: ~ 5.8 m3/d customers PFAS Removal f
Slide 10: Energy Transition
Energy Transition De Nora in a Nutshell Technological leader in the green hydrogen industry and circularity Application Decarbonization and Circular Economy Circular Economy: Green Hydrogen Production Hard-to-Abate Lithium Refining and Salt Splitting PORTFOLIO Financial Corporate Profile Electrolysi
Slide 11: Excellent hydrogen flagship execution
Energy Transition De Nora in a Nutshell Excellent Hydrogen flagship execution — positioning De Nora as a technology leader… WORLDWIDE FLAGSHIP PROJECTS COMPLETED IN 2025 GREEN H2 TRACK RECORD MW NEOM 2.2 GW STEGRA 740 MW Saudi Arabia Sweden 1,100 1,100 1,000 33,000 E-Chem cells delivered 11,000 E-Ch
Slide 12: Entering the lithium market
Energy Transition De Nora in a Nutshell …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 13: Equipped to drive growth and seize opportunities
Equipped to drive growth and seize opportunities De Nora in a Nutshell 585 • 32 Offices including 1 Engineering Hub AMS EMEIA A PA C 4 591 6 782 5 933 Manufacturing Rodenbach, • 15 De Nora capacity 31.7% of 35.1% of 33.2% of 2.5 revenues revenues revenues Manufacturing GW eq.1 Energy Transition site
Slide 14: Innovation, growth, leadership & partnerships
De Nora in a Nutshell Innovation, growth, leadership & partnerships Expanding Pioneering Electrochemistry Water Domain Entering Energy Transition Our journey continues Entering the De Nora 100th Lithium & PFAS market Acquisition of Anniversary DSA® Electrodes Chlorine Engineer Acquisition of Minorit
Slide 15: Our ambition
De Nora in a Nutshell Our ambition To pioneer clean solutions in water, circularity, hydrogen and electrochemical processes, enabling customers’ transition Financial Corporate Profile toward sustainable operations. 15
Slide 16: Agenda
Agenda • De Nora in a Nutshell • H1 2026 Business Achievements • H1 2026 Financial Results & 2026 Guidance • Mid-Term View • Sustainability Journey • Investment case 16
Slide 17: H1 2026 results
H1 2026 BUs Achievements 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 distri
Slide 18: Electrode Technologies: strong order intake
Electrode Technologies H1 2026 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%
Slide 19: Water Technologies: robust backlog
Water Technologies H1 2026 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 WTS 52% New 119 -18% 97 €m 54% H2 '25 H2 '26 Pro forma BACKLOG: 1.9X vs Dec.’25 ORDERS BY GEOGRAPHIES 333
Slide 20: Energy Transition: green hydrogen momentum
Energy Transition H1 2026 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 proje
Slide 21: Energy Transition regulation update
Energy Transition regulation update H1 2026 BUs Achievements As the geopolitical landscape becomes more complex, EU strives in legislation, while India and China see hydrogen as a strategic vector for independence and growth • 1.5% gH2 in fuel mix by 2030, 10% by 2040 for road transport (RED1 III) •
Slide 22: Gigafactory project progressing at Cernusco sul Naviglio
Gigafactory project progressing on track at the new H1 2026 BUs Achievements 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 techn
Slide 23: Open innovation: EDGE Innovation Hub
Open innovation H1 2026 BUs Achievements 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
Slide 24: Agenda
Agenda • De Nora in a Nutshell • H1 2026 Business Achievements • H1 2026 Financial Results & 2026 Guidance • Mid-Term View • Sustainability Journey • Investment case 24
Slide 25: 2026 revenues by quarters
2026 revenues by quarters H1 2026 Financial Results 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% increa
Slide 26: H1 2026 revenues
H1 2026 revenues H1 2026 Financial Results 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 -6
Slide 27: H1 2026 backlog
H1 2026 backlog H1 2026 Financial Results 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 10% 450.3 154.2 11.7 2028 83.7 19.3 41.6* 8% 190.6 178.9 178.7 180.0 €504m 2027
Slide 28: H1 2026 operating costs
H1 2026 operating costs H1 2026 Financial Results 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 desp
Slide 29: Adjusted EBITDA H1 2026
Adjusted EBITDA H1 2026 H1 2026 Financial Results 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 Electrod
Slide 30: EBITDA to net income bridge
EBITDA to net income bridge H1 2026 Financial Results 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 INCOME excluding result Associates’ Profit 78.8 60.9 H1 Financial Corporate Profile 53.6 3
Slide 31: Net Financial Position
Net Financial Position H1 2026 Financial Results 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) Financial Corporate Profile €m (29.2) 1.4
Slide 32: 2026 Guidance – Organic adj. EBITDA upgrade
H1 2026 Financial Results 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 increa
Slide 33: Agenda
Agenda • De Nora in a Nutshell • H1 2026 Business Achievements • H1 2026 Financial Results & 2026 Guidance • Mid-Term View • Sustainability Journey • Investment case 33
Slide 34: 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 35: Mid-term strategy across our businesses
Mid-term Strategy across our Businesses Mid-term Strategy across our Businesses Mid-Term View Where electrochemical and water treatment solutions power growth ELECTRODE TECHNOLOGIES WATER TECHNOLOGIES HYDROGEN CIRCULARITY Financial Corporate Profile Energy Transition Electrode Water Energy Technolog
Slide 36: Electrode Technologies
Electrode Technologies Electrode Technologies Mid-Term View 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 37: Water Technologies
Water Technologies Water Technologies Mid-Term View 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 38: High-growth end markets unlocked by BW Water
High-growth end markets unlocked by BW Water Mid-Term View Water scarcity, regulation and ESG, plus AI and data centers, drive desalination, reuse, and industrial water solutions SEMICONDUCTOR DESALINATION Additional high-growth market opportunities 4.2 B$ 2.5 B$ Water Treatment Water Treatment Mark
Slide 39: Green Hydrogen
Green Hydrogen Green Hydrogen Mid-Term View 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 • Enhancing alliances to accelerate Addressable Market growth 60 • P
Slide 40: Circularity
Circularity Circularity Mid-Term View 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 processes LiOH from LiCl brine only
Slide 41: Financial framework over a 5-year cycle
Financial framework - Over a 3 to 5 yr cycle Mid-Term View 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 TRANSITION PR
Slide 42: Financial framework – capital allocation priorities
Financial framework - capital allocation Mid-Term View 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% Entering
Slide 43: Agenda
Agenda • De Nora in a Nutshell • H1 2026 Business Achievements • H1 2026 Financial Results & 2026 Guidance • Mid-Term View • Sustainability Journey • Investment case 43
Slide 44: Sustainability Journey
Financial Corporate Profile Sustainability Journey 44
Slide 45: 2030 Sustainability plan
2030 Sustainability plan Sustainability Journey 48 Initiatives, o/w 25 completed up to 2025 Financial Corporate Profile Download our 2025 achievements › Download our 2025 achievements › 45
Slide 46: 2025 achievements: Green Innovation
GREEN INNOVATION 2025 achievements 11 100% -7.69% Sustainability Product Sales people trained on Noble metals reduction Scorecards released Scorecards Targets Achieved 100% by 2027 50% by 2026 -4% by 2026 in advance Sustainability Product White collars trained on the Noble metals reduction Scorecard
Slide 47: 2025 achievements: Climate Action and Circularity
CLIMATE CIRCULARITY ACTION 2025 achievements -16% vs 2022 35% 61% 46% Of electricity used Scope 1 and 2 GHG Of waste diverted Of reused wooden from renewable emissions from disposal packaging sources Targets -25% by 2027 -50% by 2030 -52% by 2030 (intensity) 100% by 2030 Scope 1 and 2 GHG Scope 3GHG
Slide 48: PV panels installed at our plants worldwide
Pv panels installed at our plants worldwide In 2026 2 new PV facilities adding ~1.2 GWh/Y • Okayama, JP • Colmar, US • Suzhou, China • Mentor, US • Sorocaba, BR • Rodenbach, DE • Milano, IT • Cologno, IT • Tamworth, UK • Fujisawa, JP • Jinan, China TOTAL CAPACITY 6.3 GWh/y 48
Slide 49: 2025 achievements: People
PEOPLE 2025 achievements +11% 43% 1% 11 55 Increase in Women in new Gender pay gap Safety days Gemba walks training hours hires Targets >40% 2025 - 2027 100% by 2026 100% by 2026 25% by 2026 Countries completing Relevant sites with 1 Of women among the process for inclusion Employees trained on empl
Slide 50: 2025 achievements: Supply chain & local communities
SUPPLY CHAIN & LOCAL COMMUNITIES 2025 achievements 46% 2 1,480 €236,290 Suppliers assessed Suppliers audits Donations to local Volunteering hours with ESG criteria on-site communities Targets Achieved in advance • 25% by 2026 100% by 2026 >40% by 2026 >20% by 2026 • 50% by 2030 Students per site Sup
Slide 51: External recognition
External recognition Sustainability Journey Range: 1 (highest) – 10 (lowest) Financial Corporate Profile Our commitment to the 2030 agenda 51
Slide 52: Our positive impact
Our positive impact Sustainability Journey 2025 EU Taxonomy and Contribution to SDGs REVENUES CAPEX OPEX 26% 23% 26% 62% 29% in 2024 19% in 2024 40% in 2024 EU TAXONOMY 6% 15% 57% 17% 68% Eligible and Aligned Eligible not Aligned Not Eligible Financial Corporate Profile REVENUES R&D Costs 50% 100% S
Slide 53: Sustainability-Linked Loan
Sustainability-Linked Loan Sustainability 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 workpla
Slide 54: De Nora governance
De Nora governance Sustainability Journey Sustainability SHAREHOLDERS’ MEETING Governance BOARD OF STATUTORY AUDIT FIRM BOD AUDITORS Board of Directors 1 2 MANAGER IN CHARGE OF THE Control, Risk & 3 4 5 INTERNAL SUPERVISORY BODY ESG PREPARATION OF CORPORATE AUDIT (Leg. Decree ACCOUNTING DOCUMENTS 23
Slide 55: Our governance KPIs
De Nora governance Sustainability Journey Our governance KPIs: aligned with best practices INDEPENDENT DIRECTORS % GENDER BALANCE IN THE BOARD OF DIRECTORS Average Internal Board In the BoD Committees* 41.7% Women 5 Women out of 12 Members 50% 78% Independent Independent ESG-DRIVEN REMUNERATION Fina
Slide 56: ESG Governance
Sustainability Journey ESG Governance CEO Paolo Dellachà ESG Steering Committee Members CFO Luca Oglialoro CO Electrode Technologies Frank Tomaselli CO Water Technologies Marwan Nesicolaci CTO Christian Urgeghe Chief MBD Luca Buonerba CPO Claudio Mantegazza Financial Corporate Profile CO P.Or.SC.H.
Slide 57: Stable shareholders' base and solid dividend policy
Sustainability Journey De Nora governance Stable shareholders’ base and solid dividend policy DIVIDENDS MAJOR SHAREHOLDERS % SHARES* % OF VOTING RIGHTS Data as of 31 Dec. 2025 € 89.8 million De Nora Family 0.33% 0.13% (ordinary shares) Dividends distribution in 2023-2026** De Nora Family 53.02% 63.8
Slide 58: Agenda
Agenda • De Nora in a Nutshell • H1 2026 Business Achievements • H1 2026 Financial Results & 2026 Guidance • Mid-Term View • Sustainability Journey • Investment case 58
Slide 59: De Nora Investment Case
Investment Case De Nora Investment Case Leading Innovative Technologies to enable a Sustainable Future Global Market Leader in coated electrodes and advanced water treatment solutions Sustainable Innovation & Green Hydrogen Leadership: Cutting-edge technologies shaped by 100+ years of R&D, driving t
Slide 60: Additional Materials
Additional Materials © 2026 De Nora
Slide 61: BW Water Acquisition
BW. "Water Requisition — ain = DE NORA y} _ . : = a Dare. Develop. Deliver. \ . . . ' a
Slide 62: Financials and Group impact
Financials and Group impact BW Water Acquisition Group impact • +9% 2025 combined Group revenues1 • +40% 2025 De Nora WTS revenues1 • ~$190m BWW orders in backlog2: +32% De Nora backlog, 2.2x WTS stand alone backlog3 • $7m annual cost synergies by Year 3, with 30% expected in 2027 More than 3x reven
Slide 63: Transaction summary
Transaction summary BW Water Acquisition • EV $61.5m - $66.5m Offer Terms • EV/Sales1 2025 ~0.7x and EV/Sales 2026E ~ 0.5x • EV/Backlog2 0.3x – 0.4x • EV/EBITDA3 2025 post synergies (run-rate $7m by Yr.3) 6.2x - 6.7x Financing & • Financing: €60m Term Loan Facility, 5 yrs amortizing Dividend Policy
Slide 64: A compelling strategic fit
A compelling strategic fit BW Water Acquisition Creating a global EPF with strong technological DNA and customer centric approach... Technology & Expertise Electrochemical, filtration & Integrated, industry specific water disinfection systems products solutions, desalination expertise Core Capabilit
Slide 65: BWW company overview
BWW company overview BW Water Acquisition BWW DESCRIPTION GLOBAL FOOTPRINT and BACKLOG AMS EMEA A PA C • A fast-growing player (founded in 2019, HQs Singapore), leveraging organic growth and acquisitions of heritage technologies 9 Offices SEMICONDUCTORS • Provides water treatment solutions to indust
Slide 66: ESG agenda and targets
Financial Corporate Profile Additional Materials ESG agenda and targets 66
Slide 67: ESG agenda to 2030 (1/10)
Financial Corporate Profile Additional Materials 67 ESG agenda to 2030 (1/10)
Slide 68: ESG agenda to 2030 (2/10)
Financial Corporate Profile Additional Materials 68 ESG agenda to 2030 (2/10)
Slide 69: ESG agenda to 2030 (3/10)
Financial Corporate Profile Additional Materials 69 ESG agenda to 2030 (3/10)
Slide 70: ESG agenda to 2030 (4/10)
Financial Corporate Profile Additional Materials 70 ESG agenda to 2030 (4/10)
Slide 71: ESG agenda to 2030 (5/10)
Financial Corporate Profile Additional Materials 71 ESG agenda to 2030 (5/10)
Slide 72: ESG agenda to 2030 (6/10)
Financial Corporate Profile Additional Materials 72 ESG agenda to 2030 (6/10)
Slide 73: ESG agenda to 2030 (7/10)
Financial Corporate Profile Additional Materials 73 ESG agenda to 2030 (7/10)
Slide 74: ESG agenda to 2030 (8/10)
Financial Corporate Profile Additional Materials 74 ESG agenda to 2030 (8/10)
Slide 75: ESG agenda to 2030 (9/10)
Financial Corporate Profile Additional Materials 75 ESG agenda to 2030 (9/10)
Slide 76: ESG agenda to 2030 (10/10)
Financial Corporate Profile Additional Materials 76 ESG agenda to 2030 (10/10)
Slide 77: Income Statements
Additional Materials 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
Slide 78: Quarterly Revenues and adj. EBITDA by BU
Additional Materials 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 75.0 75.5 99
Slide 79: Income Statement: Focus on EBITDA adjustments
Additional Materials 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 Cost
Slide 80: Balance Sheet H1 2026
Additional Materials Balance Sheet H1 2026 (€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 rec
Slide 81: Balance Sheet FY 2025
Additional Materials Balance Sheet FY 2025 (€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 rec
Slide 82: Cash Flow Statement
Additional Materials 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
Slide 83: FY 2025 Revenues
FY 2025 Revenues Additional Materials 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 8
Slide 84: Adjusted EBITDA FY 2025
Adjusted Ebitda FY 2025 Additional Materials Growth above the guidance, boosted by Water and Energy Transition KEY HIGHLIGHTS ELECTRODE TECHNOLOGIES +9.1% YoY 171.8 Performance is mainly driven by 157.4 • 15.3 the product mix, particularly by Energy 5.6 the softer electrowinning trend Transition 50.
Slide 85: Thanks
Thanks IR CONTACTS ir@denora.com Investor Relations | Overview | De Nora 85