Thyssenkrupp Nucera Ag & Co. Kgaa · XETR:NCH2
Thyssenkrupp Nucera Ag & Co. Kgaa — thyssenkrupp nucera — Q1 2025/26 Earnings Presentation
28 slides from Thyssenkrupp Nucera Ag & Co. Kgaa's earnings presentation, Feb 11, 2026
Slide 1: Q1 2025/26 Results Presentation
Q1 2025/26 Results Presentation February 11, 2026
Slide 2: With you today
With you today Dr. Werner Ponikwar (CEO) Dr. Stefan Hahn (CFO) 22 11 February 2026 | Q1 2025/26 Results Presentation | thyssenkrupp nucera
Slide 3: Disclaimer
Disclaimer This presentation has been prepared by thyssenkrupp nucera AG & Co. KGaA (“thyssenkrupp nucera”) and comprises the written materials/slides for a presentation concerning thyssenkrupp nucera. By attending this presentation and/or reviewing the slides you agree to be bound by the following
Slide 4: 1. Business update
1. Business update 4 11 February 2026 | Q1 2025/26 Results Presentation | thyssenkrupp nucera
Slide 5: Q1 Highlights
Q1 Highlights gH2 projects Full-year 2025/26 financial guidance confirmed contracted ~3.3 GW New contract signed to supply electrolyzers for a large-scale Chlor- Alkali plant in the Middle East – order volume in the high double-digit Further engineering million euro range, setting a record for thyss
Slide 6: Project execution and commercial outlook
Project execution and commercial outlook Green Hydrogen (gH2) Chlor Alkali (CA) Project NEOM: Project OxyChem: execution • Project remains on course execution • Fabrication and shipment of key project items • Construction progress of green hydrogen plant completed; now commissioning support reached
Slide 7: Pipeline refinement reflecting maturing gH2 market
Pipeline refinement reflecting maturing gH2 market gH2 pipeline No. of projects Aggregated size Contract value South America Other North 12% 10% America India 8% 10% Middle East Regional & Turkey 8% split1 19% Australia Substantial #126 ~55 GW ~29bn € pipeline1 34% Europe Pursue ~1.7 GW Actively of
Slide 8: Momentum building in gH2 due to favorable regional developments
Momentum building in gH2 due to favorable regional developments EU India • Europe is the global demand center for green molecules, • India’s National Green Hydrogen Mission aims to establish based on regulatory frameworks the country as a global hub for producing, using, and exporting green hydrogen
Slide 9: 2. Update on Q1 2025/26 financials
2. Update on Q1 2025/26 financials 9 11 February 2026 | Q1 2025/26 Results Presentation | thyssenkrupp nucera
Slide 10: Q1 financials as expected and in line with FY guidance
Q1 financials as expected and in line with FY guidance 95 8 75 Order intake EBIT (mn €) (mn €) -4 Q1 2024/25 Q1 2025/26 Q1 2024/25 Q1 2025/26 262 30 147 Free Cash Sales Flow (mn €) (mn €) -5 Q1 2024/25 Q1 2025/26 Q1 2024/25 Q1 2025/26 Improved project mix and active cost management offset by absolut
Slide 11: Order intake with usual volatility – Large CA order to be booked in Q2
Order intake with usual volatility – Large CA order to be booked in Q2 Order intake (mn €) Order intake Q1 Q1 • gH2 continues to be impacted by project shifts and delayed market -21% ramp-up • CA decline due to high comparison base in service 95 business; new build business 75 above PY • New project
Slide 12: Sales decline as expected reflecting high degree of project progress
Sales decline as expected reflecting high degree of project progress Sales (mn €) Sales Q1 Q1 • Sales declined yoy across both segments -44% • gH2 (-50% yoy) due to declining NEOM sales, reflecting high percentage of revenue 262 realization, and lack of new orders; Stegra with substantial 108 sales
Slide 13: Improved project margin mix, but lower sales volume weighs on EBIT
Improved project margin mix, but lower sales volume weighs on EBIT EBIT (mn €) EBIT Q1 Q1 • Only modest EBIT decline, demonstrating resilience in the -12mn € face of lower sales • Group gross margin increased by 8 +5%P. to 17% of sales thanks to improved project mix -4 16 • gH2 EBIT decline (-4mn €
Slide 14: Stable SG&A expenses driven by implemented cost saving measures
Stable SG&A expenses driven by implemented cost saving measures Operating costs (mn €) % of sales COGS Q1 • Substantial improvement in % of sales driven by both segments 89% SG&A 233 83% 7% 12% • Stable in absolute terms – 122 underlying improvement offset by one-time effects 18 18 6% • Cost contain
Slide 15: Lower net income and EPS driven by EBIT decline
Lower net income and EPS driven by EBIT decline EBIT to Net Income (mn €) Q1 2025/26 yoy change -12 -3 -15 3 -12 Impacted by lower interest income resulting from lower interest rates -1 -1 3 -3 Translates into EPS of -0.02 € (-0.09 € yoy) -4 EBIT Financial income EBT Taxes Net income /expenses 15 11
Slide 16: Cash flow resilience – net financial assets remain very strong
Cash flow resilience – net financial assets remain very strong Cash flow (mn €) Free Cash Flow Free Cash Flow Net Financial Assets • Operating CF: Decline driven by lower earnings and cash outflows -35mn € -8mn € related to reductions in trade payables and contract liabilities 30 656 648 • Investing
Slide 17: Outlook for FY 2025/26 confirmed
Outlook for FY 2025/26 confirmed thyssenkrupp nucera Group thyssenkrupp nucera segments Order intake gH2 350 to 900mn € Sales 150 to 220mn € FY 2024/25: 459mn € FY 2024/25: 348mn € EBIT -80 to -55mn € Sales FY 2024/25: -56mn € 500 to 600mn € FY 2024/25: 845mn € CA Sales 320 to 400mn € FY 2024/25: 38
Slide 18: Key messages
Key messages Financial performance in line with expectations, demonstrating our ability to effectively navigate the consequences of the slow market development Well positioned to continue leveraging solid potential in CA and to grow with large-scale gH2 orders in a market with new momentum Ongoing f
Slide 19: Questions & Answers
Questions & Answers 19 11 February 2026 | Q1 2025/26 Results Presentation | thyssenkrupp nucera
Slide 20: Events & Financial Calendar
Events & Financial Calendar Upcoming events Financial calendar IR Contact Mar 26 SdK Anlegerforum (virtual) Feb 25 Annual General Meeting +49 231 229 724 347 ir@thyssenkrupp-nucera.com May 27 dbAccess European Champions May 12 Q2/6M 2025/26 Conference (Frankfurt) investors.thyssenkrupp-nucera.com Au
Slide 21: Appendix
Appendix 21 11 February 2026 | Q1 2025/26 Results Presentation | thyssenkrupp nucera
Slide 22: EBITDA
EBITDA (in mn €) Q1 2024/25 Q1 2025/26 EBITDA 11 -1 EBITDA margin (in %) 4% -1% 22 11 February 2026 | Q1 2025/26 Results Presentation | thyssenkrupp nucera
Slide 23: External sales by region
External sales by region (in mn €) Q1 2024/25 Q1 2025/26 Europe 74 76 North America 30 18 South America 31 10 Asia / Pacific 5 15 Greater China 13 9 India 2 1 Middle East & Africa 106 18 Total 262 147 The allocation of sales is based on the location of the construction site of each project. 23 11 Fe
Slide 24: Group | Summary income statement Q1
Group | Summary income statement Q1 (in mn €) Q1 2024/25 Q1 2025/26 Sales 262 147 Cost of sales -233 -122 Gross profit 30 24 % margin 11% 17% R&D -7 -9 SG&A -18 -18 Other income /(expense), net 3 -2 EBIT 8 -4 % margin 3% -3% Financial income /(expense), net 6 3 Earnings before taxes 13 -1 Income tax
Slide 25: Group | Summary balance sheet assets
Group | Summary balance sheet assets (in mn €) Sept 30, 2025 Dec 31, 2025 Property, plant and equipment 54 51 Goodwill 53 53 Intangible assets other than goodwill 28 33 Other non-current assets1 21 21 Total non-current assets 156 158 Inventories 179 171 Trade accounts receivable 50 45 Contract asset
Slide 26: Group | Summary balance sheet equity and liabilities
Group | Summary balance sheet equity and liabilities (in mn €) Sept 30, 2025 Dec 31, 2025 Equity attributable to equity holders 753 748 Accrued pension and similar obligations1 10 10 Other provisions 1 1 Deferred tax liabilities 0 0 Lease liabilities and other financial liabilities 24 25 Total non-c
Slide 27: Group | Summary cash flow statement Q1
Group | Summary cash flow statement Q1 (in mn €) Q1 2024/25 Q1 2025/26 Net income 9 -3 Depreciation & amortisation 3 3 Change in NWC1 17 -13 Other operating cash flow2 7 13 Cash flow from operating activities 35 1 Expenditures for acquisitions 0 0 Capital expenditures -6 -7 Proceeds from disposals 0
Slide 28: 11 February 2026 | Q1 2025/26 Results Presentation | thyssenkrupp nucera
28 11 February 2026 | Q1 2025/26 Results Presentation | thyssenkrupp nucera
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