Industrie De Nora Spa · MIL:DNR
Industrie De Nora Spa — De Nora — Merger or Acquisition (May 2026)
23 slides from Industrie De Nora Spa's merger presentation, May 26, 2026
Slide 1: De Nora to acquire BW Water
De Nora to acquire BW Water Milan | May 26th, 2026 1
Slide 2: Agenda
Agenda Transaction Overview De Nora Strategic Vision New High-Growth Markets BWW Company Overview Strategic Rationale & Growth Opportunities Final Remarks 2
Slide 3: A transformative growth acquisition in Water Business
A transformative growth acquisition in Water Business • Creates a global platform, spanning from technology supply to integrated systems, to address clean water scarcity and contamination challenges • Enters new high-growth Semiconductor, Desalination and Mining markets • Expands geo-footprint in So
Slide 4: Financials and Group impact
Financials and Group impact 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 revenues in four years, wi
Slide 5: Transaction summary
Transaction summary • 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 • Pay Out Dividend Po
Slide 6: Agenda
Agenda Transaction Overview De Nora Strategic Vision New High-Growth Markets BWW Company Overview Strategic Rationale & Growth Opportunities Final Remarks 6
Slide 7: Water scarcity challenges in a rapidly evolving landscape
Water scarcity challenges in a rapidly evolving landscape Water Scarcity & Growing Sustainability Cost Increase Investment Demand ~2.1B people lack safe drinking water $1–$1.5T per year needed to Sustainability and resilience Scarcity and higher costs renew and expand water expectations are rising a
Slide 8: Fully aligned with our disclosed M&A strategy
Fully aligned with our disclosed M&A strategy M&A strategy slide presented on March 18, 2026 De Nora Strategic Vision 8
Slide 9: Solutions-driven global water platform
Solutions – driven global water platform De Nora water technologies strategic ambition To build and scale a high growth, solutions-driven global water platform that extends beyond our existing products business, delivering integrated technologies, solutions and services to critical industries for a
Slide 10: Agenda
Agenda Transaction Overview De Nora Strategic Vision New High-Growth Markets BWW Company Overview Strategic Rationale & Growth Opportunities Final Remarks 10
Slide 11: Unlocking high-growth end markets
Unlocking high-growth end markets Water scarcity, regulation and ESG, plus AI and data centers, drive desalination, reuse, and industrial water solutions SEMICONDUCTOR DESALINATION Additional high-growth market opportunities 4.2 B$ 2.5 B$ Water Treatment Water Treatment Market Market • MINING • PHAR
Slide 12: Agenda
Agenda Transaction Overview De Nora Strategic Vision New High-Growth Markets BWW Company Overview Strategic Rationale & Growth Opportunities Final Remarks Overview of the fabrication facility in Penang, Malaysia 12
Slide 13: BWW company overview
BWW company overview 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 9 Offices of heritage technologies SEMICONDUCTORS • Provides water treatment solutions to industrial and 2 municipal
Slide 14: BWW comprehensive solutions
BWW comprehensive solutions CAPABILITIES CORE SOLUTIONS PORTFOLIO End-to-end suite of offerings Extensive range of industry-specific applications Procurement Fabrication • Treatment solutions for desalination, and EPC Engineering high-purity process water (demineralization, EPF condensate polishing)
Slide 15: Agenda
Agenda Transaction Overview De Nora Strategic Vision New High-Growth Markets BWW Company Overview Strategic Rationale & Growth Opportunities Final Remarks 15 Desalination system
Slide 16: A compelling strategic fit
A compelling strategic fit 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 Capabilities Portfolio of mark
Slide 17: Strong combined geographical footprint
Strong combined geographical footprint Positioned to drive growth, with enhanced presence in Southeast Asia AMS EMEA A PA C ~€1 bn 31.7% 35.1% 33.2% 2025 combined of combined 2025 revenues of combined 2025 revenues of combined 2025 revenues revenues1 14 countries Strategic Rationale & Growth Opportu
Slide 18: Business synergies across end markets
Business synergies across end markets Unlocking new growth opportunities beyond the limits of a pure technology provider Power, Oil & Gas Municipal, PFAS Semiconductors, Mining Strategic Rationale & Growth Opportunities Petrochemicals Desalination Food & Beverage, Pharma 18
Slide 19: Growth and cost synergies across the organization
Growth and cost synergies across the organization COST SYNERGIES GROWTH SYNERGIES • Purchasing efficiency gains from • Drive BWW growth by leveraging De integration Nora’s sales channels in EMEA and North America • G&A and Support functions Strategic Rationale & Growth Opportunities optimization • L
Slide 20: Agenda
Agenda Transaction Overview De Nora Strategic Vision New High-Growth markets BWW Company Overview Strategic Rationale & Growth Opportunities Final Remarks 20 Moving Bed Biofilm Reactor
Slide 21: Cornerstone deal in our Water growth strategy
Cornerstone deal in our Water growth strategy Creating a scalable global platform for integrated Water solutions Establishes a strategic global platform that will enable De Nora to design, develop and deliver integrated water treatment solutions, strengthening its position across the full value chai
Slide 22: Q&A
Q&A 22
Slide 23: Thanks
IR CONTACTS ir@denora.com Investor Relations | Overview | De Nora Thanks 23