Industrie De Nora Spa MIL:DNR

Industrie De Nora S p A : Financial Report (q1 2026 eng)

Published May 6, 2026 at 4:21 p.m. UTC

Source: MarketScreener

Index

Interim consolidated statement of financial position 5

Interim consolidated income statement 6

Interim consolidated statement of comprehensive income 7

Interim consolidated statement of cash flows 8

Interim statement of changes in the net consolidated equity 9

Explanatory Notes to the Interim Condensed Consolidated Financials as of March 31, 2026 10

General information 11
Notes to the main Financial Statement items - Income Statement 20
Notes to the main Financial Statement items - Statement of financial position - Assets 27
Notes to the main Financial Statement items - Statement of financial position - Equity and liabilities 35
Financial Risks 43
Segment reporting 46
Related Party Transactions 50
Non-recurring events 54
Commitments and contingent liabilities 55
Events after the reporting date 56

‌Interim consolidated statement of financial position

Notes

As of March 31, 2026

Of which Related parties

As of December 31,

2025

Of which Related parties

Assets (in € thousands)

Goodwill and other intangible assets	16	103,406		101,427
Property, plant and equipment	17	321,745		315,552
Equity-accounted investees	18	232,741		232,741
Financial assets, including derivatives	19	5,704		5,276
Deferred tax assets		13,647		13,265
Other receivables	24	4,832	52	4,829	52
Total non-current assets		682,075		673,090
Inventory	20	278,631		214,380
Financial assets, including derivatives	19	10,581		14,674
Current tax assets	21	11,329		8,579
Construction contracts assets	22	42,249	-	41,758	157
Trade receivables	23	163,890	23,422	152,948	25,244
Other receivables	24	74,482	1	57,524	1
Cash and cash equivalents	25	84,043		109,067
Total current assets		665,205		598,930
Total assets		1,347,280		1,272,020
Liabilities
Equity attributable to the parent		988,432		958,898
Equity attributable to non-controlling interests		12,360		11,704
Total Equity	26	1,000,792		970,602
Employee benefits	27	24,147		24,722
Provisions for risks and charges	28	2,510		2,444
Deferred tax liabilities		4,886		4,899
Financial liabilities, net of current portion	29	18,398		18,848
Trade payables	30	119		56
Other payables	32	3,336	42	2,623	42
Total non-current liabilities		53,396		53,592
Provisions for risks and charges	28	18,894		21,910
Financial liabilities, current portion	29	73,754		18,317
Construction contracts liabilities	22	8,089	495	9,318	368
Trade payables	30	87,712	1,683	113,462	957
Income tax payable	31	19,815		12,176
Other payables	32	84,828	14,794	72,643	19,251
Total current liabilities		293,092		247,826
Total equity and liabilities		1,347,280		1,272,020

‌Interim consolidated income statement

First three months ended March 31

Of which Of which

Notes 2026

Related parties

2025

Related parties

(in € thousands)

Revenues	4	178,546	31,273	200,396	50,500
Change in inventory of finished goods and work in progress	5	23,036		10,381
Other income	6	3,658	77	4,084	175
Costs for raw materials, consumables, supplies and goods	7	(92,444)	(1,163)	(88,337)	(34)
Personnel expenses	8	(38,598)	(2,102)	(40,470)	(2,037)
Costs for services	9	(35,912)	(600)	(44,455)	(592)
Other operating expenses	10	(1,841)		(2,078)
Amortization and depreciation	16 - 17	(8,232)		(9,102)
(Impairment)/write-backs of non-current assets and net accrual of provisions for risks and charges	11	(1,687)		(3,547)
Operating profit		26,526		26,872
Share of profit of equity-accounted investees		-		-
Finance income	12	4,800		5,434
Finance expenses	13	(5,626)		(7,615)
Profit before tax		25,700		24,691
Income tax expense	14	(7,750)		(8,723)
Profit for the period		17,950		15,968
Attributable to:
Owners of the parent		18,162		15,801
Non-controlling interests		(212)		167
Basic earnings per share (in Euro)	15	0.09		0.08
Diluted earnings per share (in Euro)	15	0.09		0.08

‌Interim consolidated statement of comprehensive income

First three months ended March 31 2026 2025

(in € thousands)

Profit for the period	17,950	15,968
Items that will not be reclassified to profit or loss: Revaluation of net (liabilities)/assets on defined benefit obligations Tax effect on items that will not be reclassified to profit and loss	- -	(1) -
Total items that will not be reclassified to profit or loss, net of the tax effect (A)	-	(1)
Items that may be reclassified subsequently to profit or loss:
Effective portion of the change in fair value of financial instruments hedging cash flows	-	-
Change in fair value of financial assets	2	(9)
Translation reserve	10,729	(10,920)
Tax effect on items that may be reclassified subsequrently to profit and loss	(4)	3
Total items that may be reclassified subsequently to profit or loss, net of the tax effect (B)	10,727	(10,926)
Total other comprehensive income net of the tax effects (A) + (B)	10,727	(10,927)
Total comprehensive income	28,677	5,041
Attributable to:
Owners of the parent	29,011	5,042
Non-controlling interests	(334)	(1)

‌Interim consolidated statement of cash flows

First three months ended March 31

Notes 2026

Of which Related parties

2025

Of which Related parties

(in € thousands)

Cash flows from operating activities
Profit for the period	26	17,950		15,968
Adjustments for:
Amortization and depreciation	16-17	8,232		9,102
Finance expenses	13	5,626		7,615
Finance income	12	(4,800)		(5,434)
(Gains) losses on the sale of property, plant and equipment and intangible assets	16-17	31		(840)
Income tax expense	14	7,750		8,723
Share based payments	8 - 26	523	359	250	192
Change in inventory	20	(60,458)		(7,870)
Change in trade receivables and construction contracts	22-23	(8,938)	2,107	(1,516)	4,787
Change in trade payables	30	(26,924)	726	(28,962)	(25)
Change in other receivables/payables	24-32	(5,500)	(4,457)	(9,883)	(920)
Change in provisions and employee benefits	27-28	(1,689)		213
Cash flows generated (used in) by operating activities		(68,197)		(12,634)
Interest and other finance expenses paid	13	(3,932)		(3,510)
Interest and other finance income collected	12	2,451		4,451
Income taxes paid	14	(5,092)		(14,756)
Net cash flows generated by (used in) operating activities		(74,770)		(26,449)
Cash flows from investing activities
Sale of property, plant and equipment and intangible assets	16-17	218		1,036
Investments in property, plant and equipment	16-17	(9,344)		(11,415)
Investments in intangible assets	16-17	(1,799)		(1,262)
(Investment in)/Disposal of financial activities	19	3,898		615
Net cash flows generated by (used in) investing activities		(7,027)		(11,026)
Cash flows from financing activities
Share capital increase	26	990	990	800	800
New loans	29	55,710		3,116
Repayments of loans	29	-		(254)
Lease payments	29	(1,185)		(944)
Increase (decrease) in other financial liabilities	29	(1)		(2)
Net cash flows generated by (used in) financing activities		55,514		2,716
Net increase (decrease) in cash and cash equivalents		(26,283)		(34,759)
Cash and cash equivalents as of January 1		109,067		215,857
Exchange rate gains/(losses)		1,259		(1,952)
Cash and cash equivalents as of March 31	25	84,043		179,146

‌Interim statement of changes in the net consolidated equity

Equity

Legal

Retained

Tran-

Other Profit for attributableattributable

Total

(in € thousands)

capital

reserve

premium

earnings

slation reserve

reserves the period

to the parent

to non-controlling interests

Equity

Balance as of December 31, 2024

18,268 3,654 223,405 657,919 (9,696) (30,399) 83,376 946,527

7,256 953,783

Share capital -	-	- -		- -	-	-	800	800
Allocation of profit -	-	- 83,376		- -	(83,376)	-	-	-
Other movements - Share based -payments	-	-	- -	250	-	250	-	250
Comprehensive income statement:
Profit for the -	-	-	- -	-	15,801	15,801	167	15,968
Revaluation of net (liabilities)/assets - obligations	-	-	- -	(1)	-	(1)	-	(1)
Change in fair value of financial -assets	-	-	- -	(6)	-	(6)	-	(6)
Translation reserve -	-	-	- (10,752)	-	-	(10,752)	(168)	(10,920)
Balance as of 18,268	3,654	223,405	741,295 (20,448)	(30,156)	15,801	951,819	8,055	959,874

Transactions with shareholders:

increase for 2024

period

on defined benefit

Balance as of
December 31, 2025	18,268	3,654	223,433 720,630 (59,697) (29,728)		82,338	958,898	11,704	970,602
Transactions with shareholders:
Share capital -	-	- -		- -	-	-	990	990
Allocation of profit -	-	- 82,338		- -	(82,338)	-	-	-
Other movements - Share based -	-	-	- -	523	-	523	-	523
payments
Comprehensive
income statement:
Profit for the -	-	-	- -	-	18,162	18,162	(212)	17,950
Change in fair value of financial -assets	-	-	- -	-	-	-	(2)	(2)
Translation reserve -	-	-	- 10,849	-	-	10,849	(120)	10,729
Balance as of 18,268	3,654	223,433	802,968 (48,848)	(29,205)	18,162	988,432	12,360	1,000,792

March 31, 2025

increase for 2025

period

March 31, 2026

‌Explanatory Notes to the Interim Condensed Consolidated Financials as of March 31, 2026

‌General information

General information
Industrie De Nora S.p.A. (hereinafter the "Company" or "IDN" and together with its subsidiaries the "Group" or the "De Nora Group") is a joint-stock company incorporated and registered in Italy at the Companies Register Office of Milan, with registered office at Via Bistolfi 35 - Milan, Italy.
The Group was founded by the engineer Oronzio De Nora and prides itself of more than 100 years in the electro-chemical industry. Today it is known as a world leader in supplying electrodes for the electrochemical industry. The Group is also active in the design and supply of technologies for water treatment and disinfection and is committed to developing solutions for the energy transition, particularly holding a prominent position in supplying technologies for hydrogen production through water electrolysis.
Please note that these Condensed Consolidated Interim Financial Statements for the three months ended March 31, 2026 (hereinafter the "Condensed Consolidated Interim Financial Statements") were approved by the Company's Board of Directors on May 6, 2026.
The Company has been listed on Euronext Milan since June 30, 2022.

Information for the investors

Industrie De Nora share

The De Nora stock closed the first three months of 2026 at Euro 5.580 per share, down from Euro 7.315 recorded on January 2, 2026. The stock's performance during the period primarily reflected the high volatility and weakness of the equity markets, attributable to the complex geopolitical and macroeconomic context resulting from the outbreak of conflict in the Middle East in late February, as well as short-term economic prospects, particularly those related to the development of the green hydrogen market.

During the quarter, average daily trading volumes (number of shares) amounted to approximately 264,778, with an average daily value of approximately Euro 1.59 million.

As of March 31, 2026, De Nora stock is covered by six financial analysts (2 Buy, 4 Neutral) from various national and international brokerages. The average target price expressed by analysts as of March 31, 2026, was Euro 8.2.

Industrie De Nora share - Euronext Milan (Euro)

Period January 1, 2026 -

March 31, 2026

Beginning of period (January 2, 2026)		7.315
Maximum (1) (January 26, 2026)		7.925
Minimum (March 20, 2026)		5.430
Average		6.862
End of period (March 31, 2026)		5.580
Capitalization (2) at March 31, 2026 - Euro	million	1,125

Maximum, Minimum and Average values based on daily closing prices
Total capitalization is calculated as follows: (number of ordinary shares + number of multiple voting shares) multiplied by the price of ordinary shares.

Performance of Industrie De Nora shares over the past twelve months (March 31, 2025 -March 31, 2026), compared with the Italian FTSE Italia Small Cap, S&P Clean Tech, FTSE Water Technologies, FTSE Alternative Energies, and MSCI Industrial Capital Goods indices

Performance of Industrie De Nora shares in the first quarter of 2026 (31 December 2025

- 31 March 2026), compared with its main peers

Share Capital of Industrie De Nora S.p.A. as at March 31, 2026

	Number of shares	Number of voting rights
Share capital (Euro)	18,268,203.90	18,268,203.90
Total shares	201,685,174	502,647,564
Ordinary shares	51,203,979	51,203,979
Multiple voting shares (1)	150,481,195	451,443,585

(1) Owned by the shareholders Federico De Nora, Federico De Nora S.p.A., Norfin S.p.A. and Asset Company 10

S.r.l. Multiple voting shares are not admitted to trading on Euronext Milan and are not counted in the free float and market capitalization value. The multiple voting shares grant 3 votes at the shareholders' meeting.

Summary of the accounting principles adopted and of the criteria adopted for the preparation of the condensed consolidated interim financial statements

Criteria for the preparation of the Condensed Consolidated Interim Financial Statements
The De Nora Group has prepared these Condensed Consolidated Interim Financial Statements in accordance with IAS 34 - Interim Financial Reporting by applying the same accounting standards adopted in the preparation of the Consolidated Financial Statements as of December 31, 2025 and in effect as of March 31, 2026, in accordance with International Financial Reporting Standards ("IFRS") issued by the International Accounting Standards Board ("IASB") and endorsed by the European Union, hereinafter the "IFRS". The IFRS have been applied consistently in all the periods presented. These Condensed Consolidated Interim Financial Statements have been prepared in "condensed" form, i.e., with a significantly lower level of disclosure than required by IFRS, as permitted by IAS 34, and should therefore be read in conjunction with the Group's consolidated financial statements for the year ending December 31, 2025, prepared in accordance with IFRS and approved by the Board of Directors on March 17, 2026.
The Condensed Consolidated Interim Financial Statements consist of the interim consolidated statement of financial position, the interim consolidated income statement, the interim consolidated statement of comprehensive income, the interim statement of changes in the net consolidated equity, and the interim consolidated statement of cash flows, as well as the explanatory notes.
Assets and liabilities as of March 31, 2026 are compared with the consolidated statement of financial position as of December 31, 2025. The amounts in the consolidated income statement, consolidated statement of comprehensive income, statement of changes in the net consolidated equity, and consolidated statement of cash flows for the three months ended March 31, 2026, are compared with the respective amounts for the three months ended March 31, 2025.
The Group has chosen to present the consolidated income statement by the nature of the expenses, highlighting the interim results relating to the operating result and the result before tax.
The statement of financial position is prepared using the format whereby assets and liabilities are presented on a "current/non-current" basis. An asset is classified as current when:
- it is assumed that such asset is carried out, or is held for sale or consumption, in the normal course of the operating cycle;
- it is mainly owned for trading purposes;
- it is assumed that it will be realized within twelve months from the closing date of the period;
- it consists of cash and cash equivalents (unless it is forbidden to exchange it or use it to settle a liability for at least twelve months from the closing date of the period).
  All other assets are classified as non-current. In particular, IAS 1 includes property, plant and equipment, intangible assets and long-term financial assets among non-current assets.
  A liability is classified as current when:
- it is expected to be settled in the normal operating cycle;
- it is mainly owned for trading purposes;
- it will be settled within twelve months from the closing date of the period;
- there is no unconditional right to defer its settlement for at least twelve months after the end of the period. The clauses of a liability that could, at the option of the counterparty, give rise to its settlement through the issue of equity instruments, do not affect its classification.
  All other liabilities are classified by the company as non-current.
  The operating cycle is the time that elapses between the acquisition of assets for the production process and their realization in cash or cash equivalents. When the normal operating cycle is not clearly identifiable, its duration is assumed to be twelve months.
  The consolidated statement of cash flows is prepared using the indirect method.
  The statement of changes in the consolidated equity shows the changes in shareholders' equity items related to:
- the recognition of the result for the period and allocation of the result of the previous period;
- amounts relating to transactions with shareholders;
- all gains and losses, net of tax, which, as required by IFRS, are accounted for directly in equity (actuarial gains and losses arising from defined benefit plans and hedging reserves);
- changes in the fair value reserves relating to cash flow hedges, net of taxes;
- changes in the consolidation scope;
- the effect of the differences from the conversion of the financial statements of foreign companies;
- changes in accounting principles.
The consolidated statement of comprehensive income presents, on a separate basis, the profit/(loss) for the period and any income and expense not recognized in the income statement, but recognized directly in equity, in accordance with specific IFRS principles.
The Condensed Consolidated Interim Financial Statements have been drawn up in Euro, the Company's functional currency. The financial position and income statements, the explanatory notes and the tables are expressed in thousands of Euro, unless otherwise indicated.
The Condensed Consolidated Interim Financial Statements were prepared:
- on a going concern basis, as the Directors verified the absence of financial, management or other indicators that could indicate significant uncertainties about the Group's ability to meet its obligations in the foreseeable future and, in particular, in the 12 months following the closing date, as compared to the date of these interim financial statements. The assessments made confirm that the Group is able to operate in compliance with the going concern assumption and in compliance with financial covenants;
- on an accrual basis of accounting, in compliance with the principle of relevance and significance of the information, of the prevalence of substance over form and with a view to favoring consistency with future presentations. The assets and liabilities, costs and revenues are not offset against each other, unless this is permitted or required by IFRS;
- on the basis of the conventional historical cost criterion, except for the valuation of financial assets and liabilities in cases where the application of the fair value criterion is mandatory.
Changes in accounting principles
With regard to the accounting standards and amendments applicable from January 1, 2026 and to the accounting standards and amendments that are not yet applicable, they are already described in the Consolidated Financial Statements at 31 December 2025 to which reference should be made. There aren't substantial updates.

Structure and content of the Consolidated Financial Statements

The Condensed Consolidated Interim Financial Statements include the economic and financial position of the Company and its subsidiaries, prepared based on the related accounting situations and, where applicable, appropriately adjusted to make them compliant with IFRS.

As of March 31, 2026, the financial statements of the companies in which the Company directly or indirectly has control have been consolidated using the "full consolidation method", by fully including the assets and liabilities and the costs and revenues of the subsidiaries.

Companies in which the Group exercises significant influence are measured using the "equity method", which foresees the initial recognition of the equity investment at cost and the subsequent adjustment of the carrying amount to reflect the investor's share of the related company's profits or losses after the acquisition date.

The companies included in the consolidation scope as of March 31, 2026 are as follows:

Company Registered office

Functional currency

Share Capital as of 31.03.2026 Interest % De Nora

Group

Consolidation method

in currency in Euro As of

As of

31.03.202631.12.2025

Oronzio De Nora Basisweg, 10 -International Amsterdam -BV - THE OLANDA NETHERLANDS:	Euro	4,500,000.00	4,500,000.00	100%	100%	line-by-line
*De Nora Industriestrasse 17 Deutschland 63517 Rodenbach -GmbH - GERMANY GERMANY	Euro	100,000.00	100,000.00	100%	100%	line-by-line
An der *Shotec Gmbh Bruchengrube 5, - GERMANY 63452 Hanau - GERMANY	Euro	40,000.00	40,000.00	100%	100%	line-by-line
Plot Nos. 184, 185 & *De Nora India 189 Kundaim Ltd - INDIA Industrial Estate Kundaim 403 115, Goa, INDIA	INR	53,086,340.00	492,092.42	53.68%	53.68%	line-by-line
*De Nora 2023-15 Endo, Permelec Ltd - Fujisawa City -JAPAN: Kanagawa Pref. 252 - JAPAN	JPY	90,000,000.00	490,757.40	100%	100%	line-by-line
Unit D-F 25/F YHC *De Nora Hong Tower 1 Sheung Kong Limited - YUET Road Kowllon HONG KONG Bay KL - HONG KONG	HKD	100,000.00	11,094.35	100%	100%	line-by-line

Avenida Jerome De Nora do Case No. 1959 Eden Brasil Ltda - -CEP 18087-220 -BRASIL Sorocoba/SP - BRASIL	BRL	9,662,257.00	1,608,633.48	100%	100%	line-by-line
De Nora No. 113 Longtan Elettrodi Road,Suzhou (Suzhou) Industrial Park Co., Ltd - 215126, CHINA CHINA:	CNY	174,302,240.40	21,968,747.60	100%	100%	line-by-line
Building 3,No.5436,Wenquan *De Nora China Rd.,Lingang - Jinan Co Ltd - Development CHINA: Zone,Licheng District,Jinan City.Shandong Province PR CHINA	CNY	15,000,000.00	1,890,573.60	100%	100%	line-by-line
*De Nora Glory No.2277 Longyang (Shanghai) Co Rd. Unit 1605 Ltd - CHINA: Yongda Int'l Plaza - Shanghai - CHINA	CNY	1,000,000.00	126,038.24	80%	80%	line-by-line
De Nora Italy Via L.Bistolfi, 35 - S.r.l. - ITALY 20134 Milan - ITALY	Euro	5,000,000.00	5,000,000.00	100%	100%	line-by-line
De Nora Water Technologies Via L.Bistolfi, 35 - Italy S.r.l. - 20134 Milan - ITALY ITALY	Euro	78,000.00	78,000.00	100%	100%	line-by-line
*De Nora Water Office No: 614, Le Technologies Solarium Tower, FZE - DUBAI Dubai Silicon Oasis - DUBAI	AED	250,000.00	59,205.23	100%	100%	line-by-line
De Nora Italy Hydrogen Via L.Bistolfi, 35 -Technologies 20134 Milan - ITALY S.r.l. - ITALY	Euro	7,508,000.00	7,508,000.00	90%	90%	line-by-line
c/o Pirola Pennuto De Nora Zei & Associati Holding UK Ltd. Limited, 5th Floor, - UNITED Aldermary House, KINGDOM: 10-15 Queen Street, London EC4N 1TX - UNITED KINGDOM	Euro	19.00	19.00	100%	100%	line-by-line
*De Nora Water Daytona House Technologies Amber Close, UK Services Amington, Ltd. - UNITED Tamworth B77 4RP - KINGDOM UNITED KINGDOM	GBP	7,597,918.00	8,750,035.12	100%	100%	line-by-line
*De Nora 7590 Discovery Holding US Inc. Lane , Concord, OH - USA: 4407 - U.S.A.	USD	10.00	8.70	100%	100%	line-by-line
*De Nora Tech 7590 Discovery LLC - USA Lane , Concord, OH 4407 - U.S.A.	USD	0.00	0.00	100%	100%	line-by-line
*De Nora Water 3000 Advance Lane Technologies 18915 - Colmar - PA LLC - USA: - U.S.A.	USD	968,500.19	842,320.57	100%	100%	line-by-line
2277 Longyang *De Nora Water Road, Unit 305 Technologies Yongda (Shanghai) Co. International Plaza -Ltd - CHINA 201204 - Pudong Shanghai - CHINA	CNY	16,780,955.00	2,115,042.03	100%	100%	line-by-line
c/o Pirola Pennuto *De Nora Water Zei & Associati Technologies Limited, 5th Floor, Ltd. - UNITED Aldermary House, KINGDOM: 10-15 Queen Street, London EC4N 1TX - UNITED KINGDOM	GBP	1.00	1.15	100%	100%	line-by-line

No 96 Street A0201 *De Nora Water Lingang Marine Technologies Science Park, (Shanghai) Ltd Pudong New - CHINA District, Shanghai - CHINA	CNY	7,757,786.80	977,777.79	100%	100%	line-by-line
Capannoni Via L.Bistolfi, 35 -S.r.l.- ITALY: 20134 Milan - ITALY	Euro	8,500,000.00	8,500,000.00	100%	100%	line-by-line
*Capannoni LLC 7590 Discovery - USA Lane , Concord, OH 4407 - U.S.A.	USD	3,477,750.00	3,024,656.46	100%	100%	line-by-line
thyssenkrupp nucera AG & GERMANY Co. KGaA	Euro	126,315,000.00	126,315,000.00	25.85%	25.85%	equity
*Thyssenkrupp Nucera Italy ITALY S.r.l.	Euro	1,080,000.00	1,080,000.00	25.85%	25.85%	equity
*ThyssenKrupp Nucera AUSTRALIA Australia Pty.	AUD	500,000.00	284,397.92	25.85%	25.85%	equity
*thyssenkrupp nucera Arabia SAUDI ARABIA for Contracting LLC	SAR	2,000,000.00	473,641.83	25.85%	25.85%	equity
*Thyssenkrupp Nucera Japan JAPAN Ltd.	JPY	150,000,000.00	817,929.00	25.85%	25.85%	equity
*Thyssenkrupp nucera CHINA (Shanghai) Co., Ltd	CNY	20,691,437.50	2,607,912.37	25.85%	25.85%	equity
*ThyssenKrupp Nucera Hydrogen Energy Cina Technology (Shanghai) Co., Ltd.	USD	10,000,000.00	8,697,164.72	25.85%	25.85%	equity
*thyssenkrupp nucera GERMANY Participations GmbH	Euro	25,000.00	25,000.00	25.85%	25.85%	equity
*Thyssenkrupp Nucera USA U.S.A. Inc.	USD	700,000.00	608,801.53	25.85%	25.85%	equity
*thyssenkrupp nucera India INDIA Private Limited	INR	71,940.00	666.86	25.85%	25.85%	equity
*thyssenkrupp nucera HTE GERMANY GmbH	Euro	25,000.00	25,000.00	25.85%	25.85%	equity
TK Nucera Management GERMANY AG	Euro	50,000.00	50,000.00	34%	34%	equity

(*): indirect stake of Industrie De Nora S.p.A.

It should be noted that the scope of consolidation as of March 31, 2026 is unchanged compared to December 31, 2025.

The following table summarises the exchange rates used to convert the financial statements of companies with functional currency other than the Euro for the periods indicated.

Average exchange rate for the Exchange rate at

First three months First three months ended March 31, ended March 31,

2026 2025

March 31, 2026

December 31,

2025

Currency
US Dollar	1.1703	1.0523	1.1498	1.1750
Japanese Yen	183.5956	160.4525	183.3900	184.0900
Indian Rupee	107.1162	91.1378	107.8788	105.5965
Chinese Yuan Renminbi	8.1032	7.6551	7.9341	8.2262
Brazilian Real	6.1551	6.1647	6.0065	6.4364
GB Pound	0.8682	0.8357	0.8683	0.8726
UAE Dirham	4.2978		4.2226
Hong Kong Dollar	9.1437		9.0136

2.4 Accounting standards and measurement criteria

The main recognition, classification and valuation criteria and accounting policies adopted for the preparation of the Condensed Consolidated Interim Financial Statements are consistent to those adopted for the preparation of the Consolidated Financial Statements as of December 31, 2025 to which reference is therefore made, except for the adjustments required by the nature of the interim reporting.

The Group has not early adopted any standard, interpretation or improvement issued but not yet in effect.

Estimates and assumptions used to draw up these Condensed Consolidated Interim Financial Statements are consistent with the ones used for the preparation of the Consolidated Financial Statements as of December 31, 2025 to which reference is therefore made.

Furthermore, income taxes for the period are determined based on the best possible estimate in relation to the available information and on the reasonable expectation of the year's performance until the end of the tax period.

‌Notes to the main Financial Statement items - Income Statement

Revenues

The following table details revenues from contracts with customers by type for the three-month periods ended March 31, 2026 and 2025:

First three months ended March 31

2026 2025

(in € thousands)

Sales of electrodes	105,727	110,914
Sales of systems	3,049	5,502
After-market and other sales	51,259	66,235
Change in construction contracts	18,511	17,745
Total	178,546	200,396

Revenue for the first three months of 2026 stood at Euro 178,546 thousand (Euro 200,396 thousand for the first three months of 2025), a decrease of Euro 21,850 thousand (approximately 11%). However, at constant exchange rates - that is, converting the figures in currencies other than the Euro for the first three months of 2026 at the historical exchange rates of the first three months of 2025 - the decline in revenue would be limited to 3.6%.

The decline in revenue was recorded in the Electrode Technologies and Energy Transition segments, only partially offset by higher revenue in the Water Technologies segment, thanks to the significant contribution from the Pools business line.

Revenue is analyzed in detail, by geographical area, here below:

First three months ended March 31

2026 2025

(in € thousands)

Europe, Middle East, India and Africa (EMEIA) North and Latin Americas (AMS)

Asia and South Pacific (APAC)

52,082

62,538

63,926

61,912

67,005

71,479

Total

178,546

200,396

For the three-month periods ended March 31, 2026, almost all of the obligations to be fulfilled by the Group refer to contracts with a duration of less than 12 months.

Change in inventory of finished goods and work in progress
For the first three months of 2026, the Group had a positive change in inventories of semi-finished and finished products of Euro 23,036 thousand (Euro 10,381 thousand for the first three months of 2025).

Other income

The table below shows the detail of other income for the three-month periods ended March 31, 2026 and 2025:

First three months ended March 31

2026 2025

(in € thousands)

Sundry income	322	1,336
R&D grants	3,273	1,824
R&D income	27	29
Gain on sale of non-current assets	10	877
Insurance refund	26	18
Total	3,658	4,084

Other income mainly refers to income from ancillary operations.

R&D grants include those recognised by De Nora Italy Hydrogen Technologies S.r.l. relating to IPCEI funds from the Ministry of Enterprise and Made in Italy in respect of work in progress on the construction of the Italian Gigafactory (Euro 3,135 thousand in the first three months of 2026 compared with Euro 1,516 thousand in the first three months of 2025).

Raw materials, ancillary materials, consumables and goods

The table below shows the cost for raw materials, consumables, supplies and goods for the three months ended March 31, 2026 and 2025:

First three months ended March 31

2026 2025

(in € thousands)

Purchase of raw materials	107,346	66,255
Change in inventory	(39,478)	658
Purchase of semi-finished and finished goods	19,838	16,006
Purchase of consumables and supplies	4,341	4,794
Purchase of packaging material	392	597
Other purchases and related charges	5	27
Total	92,444	88,337

Costs for raw materials, consumables, supplies and goods for the three months ended 31 March 2026 amounted to Euro 92,444 thousand, representing an overall increase of Euro 4,107 thousand compared with Euro 88,337 thousand for the three months ended 31 March 2025.

Personnel expenses

The table below shows the detail of personnel expenses for the three months ended March 31, 2026 and 2025:

First three months ended March 31

2026 2025

(in € thousands)

Wages and salaries	30,153	31,242
Social security contributions	7,124	8,006
Post-employment benefits and other pension plans	709	637
Other personnel net (income)/expenses	612	585
Total	38,598	40,470

Personnel expenses amounted to Euro 38,598 thousand for the three months ended 31 March 2026, representing a decrease of Euro 1,872 thousand compared with the first three months ended 31 March 2025 (Euro 40,470 thousand for the first three months ended 31 March 2025), partly as a result of a slight reduction in the headcount.

The following table shows the average number of Group employees for the three months ended March 31, 2026 and 2025.

First three months ended March 31

2026 2025

Average number of employees

2,033

2,078

The item Wages and Salaries includes also the cost for the Performance Share Plan (PSP), a regulation accounted for on the basis of IFRS 2 (approved by the Company's corporate bodies) that provides for the assignment to a certain number of beneficiaries, identified in the regulation itself, of rights of subscription of ordinary shares of the Company based on the achievement of performance objectives. The cost posted in the income statement in the three months ended March 31, 2026 under personnel expenses amounts to Euro 523 thousand, (Euro 250 thousand for the same period of the previous year) recognized with a corresponding balancing entry in Other reserves in Equity.

"Other personnel net expenses/(income)" amounting to Euro 612 thousand for the three months ended March 31, 2026 (Euro 585 thousand for the three months ended March 31, 2025), are mainly related to charges and incentives for termination of personnel, costs for medical and insurance coverage, and expatriate benefits.

Service Costs

The table below shows the detail of costs for services for the three months ended March 31, 2026 and 2025:

First three months ended March 31

2026 2025

(in € thousands)

Outsourcing expenses	8,908	16,744
Consultancies:
- Production and technical assistance	3,182	3,366
- Selling	23	82
- Legal, tax, administrative and ICT	4,267	3,519
- M&A and Business development	45	-
Maintenance expenses	4,756	5,144
Freight and other charges on purchases	5,130	4,508
Utilities/Phone expenses	2,263	2,967
Travel expenses	1,742	2,051
Insurance	927	1,084
Waste disposal, office cleaning and security	887	1,096
Commissions and royalties	772	931
Rents and other lease expenses	625	976
Canteen, training and other personnel expenses	1,049	1,012
R&D expenses	382	174
Patents and trademarks	324	268
Promotional, advertising and marketing expenses	278	134
Board of Directors' fees	318	367
Statutory auditors' fees	34	32
Total	35,912	44,455

Costs for services amounted to Euro 35,912 thousand in the first three months of 2026, representing an overall decrease of Euro 8,543 thousand compared with the first three months of 2025, mainly due to lower levels of outsourcing expenses resulting from a decline in business volumes.

Other operating expenses

The table below shows the detail of other operating expenses for the three months ended March 31, 2026 and 2025:

First three months ended March 31

2026 2025

(in € thousands)

Indirect taxes and duties

Losses on sale of non-current assets Other expenses

999

801

1,607

435

Total

1,841

2,078

Other operating expenses amounted to Euro 1,841 thousand for the three months ended March 31, 2026 (Euro 2,078 thousand for the three months ended March 31, 2025).

(Impairment) /write back of non-current assets and net accrual of provisions for risk and charges

The following table shows the detail of the item impairment (losses)/revaluations of non-current assets and provisions for the three months ended March 31, 2026 and 2025:

First three months ended March 31

2026 2025

(in € thousands)

Net accrual/(release) of provisions for risks and charges

Net accrual/(relesae) of bad debt provision

1,566

121

2,870

677

Total

1,687

3,547

There aren't Impairment or write back of non-current assets both in the three months ended March 31, 2026 and in the comparison period.

Finance income

The table below shows the detail of finance income for the three months ended March 31, 2026 and 2025:

First three months ended March 31

2026 2025

(in € thousands)

Exchange rate gains	4,060	3,813
Fair value adjustment on financial instruments	157	504
Income from non-current financial assets	-	101
Interest from banks/financial receivables	348	843
Other finance income	235	173
Total	4,800	5,434

Financial income for the three months ended 31 March 2026 amounted to Euro 4,800 thousand, representing a slight overall decrease compared with Euro 5,434 thousand in the the comparison period.

Finance expenses

The table below shows the detail of finance expenses for the three months ended March 31, 2026 and 2025:

First three months ended March 31

2026 2025

(in € thousands)

Bank interest and interest on loans and borrowings	96	1,316
Exchange rate losses	4,898	5,496
Fair value adjustment on financial instruments	3	-
Finance expenses on personnel costs	112	357
Bank fees	159	196
Other finance expenses	358	250
Total	5,626	7,615

Financial expenses for the three months ended 31 March 2026 amounted to Euro 5,626 thousand, a decrease of almost Euro 2 million compared with the three months ended 31 March 2025, thanks to lower bank interest expense and lower exchange rate losses.

Income tax expense

The table below shows the detail of income tax expense for the three months ended March 31, 2026 and 2025:

First three months ended March 31

2026 2025

(in € thousands)

Current taxes	7,598	10,072
Deferred taxes	(281)	(1,496)
Prior years taxes	426	147
Accrual for tax risks	7	-
Total	7,750	8,723

Earnings per share

The following table show the basic and diluted earnings per share for the three months ended March 31, 2026 and 2025.

First three months ended March 31

2026 2025

Profit for the period attributable to the owners of the parent distributable to shareholders (in Euro thousand)	18,162	15,801
Weighted average number of shares for basic earnings per share	198,749,109	198,698,934
Basic earnings per share (in Euro)	0.09	0.08
Weighted average number of shares for diluted earnings per share	198,889,058	198,747,841
Diluted earnings per share (in Euro)	0.09	0.08

‌Notes to the main Financial Statement items - Statement of financial position - Assets

Goodwill and intangible assets

The table below shows the breakdown and changes in intangible assets for the three months ended March 31, 2026:

Goodwill

Industrial patents and intellectual property rights

Concessions licenses and trademarks

Know -how and Technologies

Customer Develo-relation- pment ships costs

Other

Assets under construction and advance payments

Total intangible assets

(in € thousands)

Historical cost at 61,037	16,989	39,609	40,785	47,403	20,129	8,716	4,364	239,032
Increase -	171	1,016	-	-	-	-	611	1,798
Decrease -	-	-	-	-	-	-	(10)	(10)
Impairment -	-	-	-	-	-	-	-	-
Reclassifications/other -	25	271	-	-	160	9	(258)	207
Translation differences 1,282	9	591	520	890	397	114	16	3,819
Historical cost at March 31, 2026	62,319	17,194	41,487	41,305	48,293	20,686 8,839	4,723	244,846
Accumulated amortization as at	-	15,552	34,060	32,129	38,226	11,610 6,028	-	137,605
December 31, 2025

December 31, 2025

changes

- 210	496	230	224	376	114	- 1,650
- -	-	-	-	-	-	- -
- -	-	-	-	160	6	- 166
- 7	493	459	758	221	81	- 2,019

Increase Decrease

Reclassifications/other changes

Accumulated
amortization as at -March 31, 2026	15,769	35,049	32,818	39,208	12,367 6,229	-	141,440
Net carrying value as at December 31, 61,037 2025	1,437	5,549	8,656	9,177	8,519 2,688	4,364	101,427
Net carrying value as 62,319	1,425	6,438	8,487	9,085	8,319 2,610	4,723	103,406

Translation differences

at March 31, 2026

Investments in intangible assets for the first three months 2026 amounted to Euro 1,798 thousand and mainly refer to:

industrial patent rights and intellectual property rights for Euro 171 thousand mainly attributable to the registration and acquisition of industrial patents by the Parent company Industrie De Nora S.p.A.;
concessions, licenses and trademarks for Euro 1,016 thousand mainly relating to the implementation of SAP management system and other ICT systems;
intangible assets in progress for Euro 611 thousand relating to: for Euro 59 thousand to industrial patent rights and intellectual property rights mainly attributable to the registration and acquisition of industrial patents by the Parent company Industrie De Nora S.p.A. and by the Japanese subsidiary De Nora Permelec Ltd., for Euro 4 thousand to concessions, licenses and trademarks and for Euro 548 thousand to other intangible assets mainly related to product development costs pertaining to the Water Technologies business segment.

Property, Plant and Equipment

The following table shows the breakdown and changes in property, plant and equipment for the three months ended March 31, 2026:

Right of - of

- of

Assets under

Total

Land Buildings Plant and

Other

Leased

use of

which

which construction property,

Machinery assets

assets

PPE:

Buildings Other

assets

and advance payments

plant and equipment

(in € thousands)

Historical cost as of 40,241 109,415 159,542 21,098 111,798 28,740 25,935 2,805 75,915 546,749

December 31, 2025

-	13	273	11	2,203	649	468	181	6,844	9,993
-	(46)	(108)	(566)	(96)	(171)	(167)	(4)	(125)	(1,112)
-	-	-	-	-	-	-	-	-	-
-	779	5,908	128	-	-	-	-	(6,855)	(40)
166	1,766	2,132	274	771	268	245	23	281	5,658

Increase Decrease Impairment

Reclassifications/other changes

Translation differences

Historical cost at March 31, 2026	40,407 111,927 167,747 20,945 114,676					29,486	26,481 3,005		76,060	561,248
Accumulated
depreciation as at December 31, 2025	8	43,237	70,884	15,477	90,780	10,811	9,712	1,099	-	231,197
Increase	-	1,023	2,835	423	1,281	1,020	839	181	-	6,582
Decrease	-	(46)	(91)	(553)	(96)	(89)	(85)	(4)	-	(875)

Reclassifications/other changes

Translation differences

Accumulated depreciation as at March 31, 2026

- -	-	-	-	-	-	-	- -
- 664	1,044	191	549	151	138	13	- 2,599

8 44,878 74,672 15,538 92,514 11,893 10,604 1,289 - 239,503 Net carrying value

as at December 31, 40,233 66,178 88,658

2025

5,621 21,018

17,929

16,223 1,706

75,915

315,552

Net carrying value

as at March 31, 40,399 67,049 93,075

2026

5,407 22,162

17,593

15,877 1,716

76,060

321,745

Additions to property, plant and equipment amounted to Euro 9,993 for the first three months 2026. In particular, investments in property, plant and equipment excluding increases in right of use of property, plant and equipment amounted to Euro 9,344 thousand and mainly refer to:

leased assets for Euro 2,203 thousand related to anodes to be leased within the Electrode Technologies business segment;
plant and machinery for Euro 273 thousand mainly attributable to the plants in Italy;
buildings for Euro 13 thousand;
other tangible assets for Euro 11 thousand;
assets under construction and advance payments amounting to Euro 6,844 thousand, which refer for Euro 2,606 thousand to plant and machinery and Euro 3,897 thousand to buildings primarily in Italy for the construction and commissioning of the Gigafactory and the modernisation of production sites, for Euro 164 thousand to other tangible assets under construction and for Euro 177 thousand to advance payments.

Equity-accounted investees
This item refers to the investment in the associated company Thyssenkrupp nucera AG & Co. KGaA ( "TK nucera"). At March 31, 2026, the value of equity-accounted investees is equal to Euro 232,741 thousand, unchanged compared to the figure at December 31, 2025; updated data of the associated company relating to the first quarter of 2026 are not available.

Financial assets, including derivatives

The table below shows the breakdown of non-current financial assets as of March 31, 2026 and December 31, 2025.

As of March 31, 2026

As of December 31,

2025

(in € thousands)

Non-current

Financial receivables

Investments in financial assets

5,685

5,257

Total

5,704

5,276

Investments in financial assets mainly refer to some pension funds and supplementary company funds for employees, in addition to the parent company's investment in the Fund 360 Life II, a fund that supports start-ups operating in the climate tech sector and addressing the challenges of the climate transition through innovative technologies.

The table below shows the breakdown of current financial assets as of March 31, 2026 and December 31, 2025.

As of March 31, 2026

As of December 31,

2025

(in € thousands)

Current

Financial receivables Investments in financial assets

Fair value of derivatives

145

10,421

138

14,536

Total

10,581

14,674

Investments in financial assets, equal to Euro 10,421 thousand at March 31, 2026 (Euro 14,536 thousand at December 31, 2025) relate primarily to investments in money market funds.

The fair value of the derivative instruments at March 31, 2026 refers to forward currency derivative contracts entered into by the Parent company.

Inventory

The table below shows the breakdown of inventories as of March 31, 2026 and December 31, 2025:

As of March 31, 2026 As of December 31, 2025

Gross value

Inventory write-down reserve

Net value Gross

value

(in € thousands)

Inventory write-down reserve

Net value

Raw materials and consumables	130,912	(5,187)	125,725	91,862	(5,561)	86,301
Work in progress and semi-finished products	99,556	(11,255)	88,301	86,049	(10,963)	75,086
Finished products and goods	66,905	(9,275)	57,630	57,139	(9,614)	47,525
Goods in transit	6,975	-	6,975	5,468	-	5,468
Total	304,348	(25,717)	278,631	240,518	(26,138)	214,380

Inventories, amounting to Euro 278,631 thousand as at 31 March 2026 (Euro 214,380 thousand as at 31 December 2025), increased by a total of Euro 64,251 thousand, mainly due to the rise in noble metal prices (particularly iridium and ruthenium), which affected the value of purchases and stocks of raw materials.

Inventory is shown net of the write down provision equal to Euro 25,717 thousand at March 31, 2026 (Euro 26,128 at December 31, 2025). Changes in Inventory write-down provision are the following:

Raw materials and consumables

Work in progress and semi-finished products

Finished products and goods

Total

(in € thousands)

Balance as of December 31, 2025	5,562	10,963	9,613	26,138
Accruals	826	1,288	1,365	3,479
Utilization and release	(1,297)	(1,085)	(1,817)	(4,199)
Exchange rate difference	97	88	114	299
Balance as of March 31, 2026	5,188	11,254	9,275	25,717

Current tax assets
Current tax assets amounted to Euro 11,329 thousand as at 31 March 2026 (Euro 8,579 thousand as at 31 December 2025) and relate primarily to advances on income taxes paid by certain Group companies, net of the corresponding liability.

Construction contracts

The following tables provides a breakdown of Construction contracts classified as current assets and current liabilities as of March 31, 2026 and December 31, 2025.

As of March 31, 2026

As of December 31,

2025

(in € thousands)

Current assets Construction contracts Progress payments

Provision for losses on construction contracts

183,544

(141,258)

(37)

182,013

(140,219)

(36)

Total

42,249

41,758

As of March 31, 2026

As of

December 31,

2025

(in € thousands)

Current liabilities Construction contracts

Progress payments and Advances

Provision for losses on construction contracts

70,648

(77,760)

(977)

62,570

(71,345)

(543)

Total

(8,089)

(9,318)

Total Construction contracts (net of advances)

34,160

32,440

Construction contracts (net of contractual advances) stood at Euro 34,160 thousand as at 31 March 2026, a slight increase compared with Euro 32,440 thousand as at 31 December 2025, and refer mainly to contracts relating to the Water Technologies business segment.

Trade receivables

The table below shows the detail of trade receivables as of March 31, 2026 and December 31, 2025.

As of March 31, 2026

As of

December 31,

2025

(in € thousands)

Current

Receivables from third parties

Receivables from related parties Bad debt reserve

149,314

23,422

(8,846)

136,316

25,244

(8,612)

Total

163,890

152,948

Trade receivables, which are recognised in full under current assets, arise from sales and the provision of services and amounted to Euro 163,890 thousand as at 31 March 2026, an increase from Euro 152,948 thousand as at 31 December 2025.

The carrying amount of trade receivables, net of the bad debt provision, is deemed to approximate its fair value.

Following are the movements in the bad debt reserve:

As of March 31, 2026

(in € thousands)

Current
Balance as of December 31, 2025	8,612
Accrual of the period	294
Utilisation and release of the period	(173)
Exchange rate difference	113
Balance as of March 31, 2026	8,846

Other receivables

The following table shows the detail of the other receivables as of March 31, 2026 and December 31, 2025, broken down between current and non-current amounts:

As of March 31, 2026

As of

December 31,

2025

(in € thousands)

Non-current

Tax receivables

Other receivables from third parties Receivables from related parties

1,709

3,071

1,702

3,075

Total

4,832

4,829

As of March 31, 2026

As of

December 31,

2025

(in € thousands)

Current
Tax receivables	30,251	24,155
Advances to suppliers	9,635	8,799
Other receivables from third parties	34,595	24,569
Receivables from related parties	1	1
Total	74,482	57,524

As of March 31, 2026, other receivables, comprising both current and non-current components, amounted to Euro 79,314 thousand (Euro 62,353 thousand as at 31 December 2025).

Non-current tax receivables relate to withholding taxes incurred mainly by the parent company in collecting receivables from foreign subsidiaries.

The other non-current receivables from third parties are mainly attributable to the contributions paid by the Italian companies of the Group to existing supplementary pension funds as a counter-entry of the contribution due by the employer.

Current tax receivables, which increased by Euro 6,096 thousand, relate mainly to VAT receivables, as well as the current portion of withholding taxes incurred by the parent company in respect of receipts of receivables from foreign subsidiaries.

Other receivables from third parties, amounting to Euro 34,595 thousand as at 31 March 2026 (an increase of Euro 10,026 thousand compared to 31 December 2025), include, amongst others, receivables for R&D grants progressively recognised by De Nora Italy Hydrogen Technologies S.r.l. relating to IPCEI funds from the Ministry of Enterprise and Made in Italy in respect of work in progress for the construction of the Italian Gigafactory.

Cash and cash equivalents

The table below provides a breakdown of cash and cash equivalents as of March 31, 2026 and December 31, 2025.

As of March 31, 2026

As of

December 31,

2025

(in € thousands)

Bank and postal accounts Cash on hand

Deposit accounts

79,623

4,390

103,592

5,445

Cash and cash equivalents

84,043

109,067

Cash and cash equivalents are made up of effectively available values and deposits. As regards the amounts on deposits and current accounts, the related interests have been recognized on accrual basis.

Cash and cash equivalents, amounting to Euro 84,043 thousand as at 31 March 2026, have decreased by Euro 25,024 thousand compared with Euro 109,067 thousand as at 31 December 2025; for further details on the variations of the period please refer to Interim consolidated statement of cash flows.

‌Notes to the main Financial Statement items - Statement of financial position - Equity and liabilities

Equity

Equity as at 31 March 2026 stood at Euro 1,000,792 thousand, up from Euro 970,602 thousand as at 31 December 2025.

The shares issued are fully paid up and have no nominal value.

Changes in equity for the three-month periods ended March 31, 2026 and March 31, 2025 are

shown in the "Consolidated statement of changes in equity", while the "Consolidated statement of comprehensive income" sets out the other components of the statement of comprehensive income for the period, net of the tax effects.

Equity attributable to the shareholders of the parent company

At March 31, 2026 the amount of share capital of Industrie De Nora S.p.A. and its composition is unchanged compared to December 31, 2025:

Share Capital as of March 31, 2026

Euro Number of shares

Total, of which: 18,268,206.90 201,685,174

Ordinary Shares 4,637,944.92 51,203,979 (regular entitlements)

Multiple voting shares (*) 13,630,258.98 150,481,195

(*) Owned by the shareholders Federico De Nora, Federico De Nora S.p.A., Norfin S.p.A. and Asset Company 10

S.r.l. Multiple voting shares are not admitted to trading on Euronext Milan and are not counted in the free float and market capitalization value.

Based on the program communicated to the market by Industrie De Nora S.p.A. on November 8, 2023 and launched on November 9, 2023, the Company acquired 3,000,000 treasury shares. The residual treasury shares in portfolio at March 31, 2026 are 2,936,065, equal to 1,456% of the share capital, unchanged compared to December 31, 2025.

Legal reserve

Legal reserve as at March 31, 2026 amounts to Euro 3,654 thousand, unchanged compared to December 31, 2025.

Share premium reserves

Share premium reserve as at March 31, 2026 amounts to Euro 223,433 thousand, unchanged compared to December 31, 2025.

Retained earnings, Translation reserve and other reserves

Retained earnings, translation reserve and other reserves as at 31 March 2026 overall amount to Euro 724,915 thousand (Euro 631,205 thousand as at 31 December 2025), representing a net increase of Euro 93,710 thousand compared with 31 December 2025, of which:

− Euro 82,338 thousand increase due to the allocation of the previous year's results pertaining to the parent company shareholders;

− Euro 523 thousand increase in Other Reserves, related to the PSP Incentive Plan, the charge for which was recorded in the income statement under personnel expenses;

− Euro 10,849 thousand increase from the translation of the financial statements of foreign subsidiaries.

Equity attributable to non controlling interests

The table below shows the breakdown of minority interests as of March 31, 2026 and December 31, 2025:

As of March 31, 2026

As of

December 31,

2025

(in € thousands)

Share capital and reserves Profit (Loss) for the period

Other comprehensive income

12,694

(212)

(122)

12,212

391

(899)

Total

12,360

11,704

The item Share capital and reserves as at March 31, 2026 includes, among other, Euro 990 thousand related to the contribution made during the first three months 2026 to De Nora Italy Hydrogen Technologies S.r.l by the minority shareholder Snam S.p.A.

Employee benefits
Employee benefits as at 31 March 2026 amount to Euro 24,147 thousand (Euro 24,722 thousand as at 31 December 2025).

Provisions for risks and charges

The following table shows the composition and movements of the provisions for risks and charges as of March 31, 2026 and December 31, 2025.

As of March 31, 2026

As of December 31,

2025

(in € thousands)

Non-current Provision for contractual warranties Provision for other risks	788 1,722	812 1,632
Total	2,510	2,444
Current Provision for contractual warranties Provision for other risks	14,330 4,564	15,132 6,778
Total	18,894	21,910
Total provisions for risks and charges	21,404	24,354

Provisions for risks and charges mainly include: (ii) the provision for contractual warranties risks, which represents an estimate of the costs for contractually stipulated warranties in connection with the supply of products and plants; and (ii) the provision for other risks, mainly related to accruals to cover environmental risks, legal disputes or tax risks.

The provision for risks for contractual warranties amounts to Euro 15,118 thousand as at 31 March 2026 (Euro 15,944 thousand as at 31 December 2025). Meanwhile, the provision for other risks amounts to Euro 6,286 thousand as at 31 March 2026, down from Euro 8,410 thousand as at 31 December 2025, mainly due to the utilisation during the first quarter of 2026 of the tax-related provisions accrued in the previous financial year.

Changes for the period ended March 31, 2026 were as follows:

Provision for contractual warranties

Provision for other risks

(in € thousands)

Balance as of December 31, 2025

15,944

8,410

Accrual of the period

Utilization and release of the period Exchange rate differences

1,725

(2,717)

166

180

(2,367)

Balance as of March 31, 2026

15,118

6,286

Financial liabilities

The following table shows the detail of financial liabilities as of March 31, 2026 and December 31, 2025.

As of March 31, 2026

As of December 31,

2025

(in € thousands)

Non-current Bank loans and borrowings Lease payables	3,697 14,701	3,881 14,967
Total	18,398	18,848
Current
Bank overdrafts	2,881	46
Bank loans and borrowings	67,121	14,233
Lease payables	3,752	3,896
Fair value of derivatives	-	142
Total	73,754	18,317
Total financial liabilities	92,152	37,165

Bank loans and borrowings

The table below shows the details of bank loans and borrowings and bank overdrafts:

As of March 31, 2026 As of December 31, 2025

Non Current

Current Total Non Current

(in € thousands)

Current Total

Industrie De Nora S.p.a. - Pool	- -3,697 - - -	- 25,000 32,222 1,157 8,697 2,926	- 25,000 35,919 1,157 8,697 2,926	- -3,881 - - -	- -14,174 - -105	- -18,055 - -105
Financing
Industrie De Nora S.p.a. - Other short
term credit lines
De Nora Permelec Ltd (Japan)
De Nora Elettrodi (Suzhou) Co, Ltd.
(China)
De Nora Tech, LLC (USA)
Overdrafts and accrued finance
expenses
Total	3,697	70,002	73,699	3,881	14,279	18,160

As of March 31, 2026 and December 31, 2025, the fair value of bank loans and borrowings approximates the book value using amortized cost method.

Pool Financing - Industrie De Nora S.p.A.

On November 24, 2025, Industrie De Nora S.p.A. signed a new revolving credit facility ('the credit facility') for Euro 100 million. The new credit facility, with a duration of five years, was granted by a pool of five leading banking groups, namely: Unicredit Spa as Global Coordinator, Banca Nazionale del Lavoro S.p.A., Crédit Agricole Corporate and Investment Bank, Crédit Agricole Italia S.p.A., Intesa Sanpaolo S.p.A. and Mediobanca - Banca di Credito Finanziario

S.p.A. The total value is Euro 100 million, with a spread of 65 bps above Euribor and a non-

utilisation fee of 35% of the spread. The credit line also includes the option to define certain ESG KPIs that may be incorporated into the loan agreement and defined with the support of the Sustainability Coordinator, Crèdit Agricole CIB.

The "leverage ratio", given by the ratio of consolidated net debt to consolidated EBITDA, is the only financial covenant under the loan agreement, the value of which cannot exceed 3.5, throughout the term of the agreement. Specifically, an event of default or non-performance would result in the banks' discretion to require immediate repayment of funds unless the situation is remedied, pursuant to and in accordance with the terms and conditions set forth in the loan agreement, within 20 business days of the submission of the certification of such financial covenant.

As at March 31, 2026, Industrie De Nora S.p.A. had not utilised the aforementioned credit line.

Other short-term facilities - Industrie De Nora S.p.A.

As at 31 March 2026, the parent company had drawn down a total of Euro 25 million from other available short-term credit facilities ("hot money") to meet cash requirements linked to working capital movements.

Loans to De Nora Permelec Ltd, De Nora Elettrodi (Suzhou) Co, Ltd., and De Nora Tech, LLC

The subsidiaries De Nora Permelec Ltd (Japan), De Nora Elettrodi (Suzhou) Co, Ltd. (China) and De Nora Tech, LLC (USA) have utilised certain available short-term credit facilities granted by various local banks. As at 31 March 2026, the total facilities utilised amounted to Euro equivalent of 45,773 thousand.

Lease payables

These represent the financial liabilities recognized in accordance with IFRS 16 "Leasing"; in particular, the payable is the obligation to make the payments foreseen over the duration of the contract.

Lease payables as at 31 March 2026, comprising both current and non-current portions, amount to Euro 18,453 thousand (Euro 18,863 thousand as at 31 December 2025).

Net financial indebtedness

The following table details the composition of the Group's net financial indebtedness determined in accordance with the provisions of the CONSOB Communication DEM/6064293 of July 28, 2006, as amended by CONSOB Communication No. 5/21 of April 29, 2021 and in accordance with ESMA Recommendations contained in Guidelines 32-382-1138 of March 4, 2021 on disclosure requirements under the Prospectus Regulation (the "Net Financial Indebtedness -ESMA"). The table below includes figures as of March 31, 2026 and as of December 31, 2025:

As of March 31, 2026 As of December 31,

2025

(in € thousands)

A B C	Cash Cash equivalents Other current financial assets	79,653 4,390 10,566	103,622 5,445 14,674
D	Liquidity (A + B + C)	94,609	123,741
E F	Current financial debt Current portion of non-current financial debt	70,002 3,752	14,279 3,896
G	Current financial indebtedness (E + F)	73,754	18,175
- Of which secured		-	-
- Of which unsecured		73,754	18,175
H Net current financial indebtedness/(Net current Liquidity) (G - D)		(20,855)	(105,566)
I	Non-current financial debt	18,398	18,848
J	Debt instruments	-	-
K	Non-current trade and other payables	-	-
L	Non-current financial indebtedness (I + J + K)	18,398	18,848
- Of which secured		-	-
- Of which unsecured		18,398	18,848
M	Net Financial Indebtedness/(Net Liquidity) - ESMA (H + L)	(2,457)	(86,718)

The reconciliation between the Net Financial Indebtedness - ESMA and the net financial indebtedness of the Group as monitored by the Group (hereinafter the "Net Financial Indebtedness - De Nora") as of March 31, 2026 and December 31, 2025, is shown below:

As of March 31, 2026

As of

December 31,

2025

(in € thousands)

Net Financial Indebtedness/(Net Liquidity) - ESMA	(2,457)	(86,718)
Fair value of derivatives covering currency risks	(15)	142
Net Financial Indebtedness/(Net Liquidity) - De Nora	(2,472)	(86,576)

In the first three months of 2026, Net Liquidity - ESMA decreased by Euro 84,261 thousand, falling from Euro 86,718 thousand as at 31 December 2025 to Euro 2,457 thousand as at 31 March 2026. This change is primarily attributable to the combined effect of the following factors:

(i) cash absorbed by operating activities amounting to Euro 74,770 thousand, following the significant increase in net working capital during the quarter;