Industrie De Nora S p A : Press Release (cs q1 2026 eng)

PRESS RELEASE

• Revenues1: euro 178.5 million (euro 200.4 million in Q1 2025), -10,9% YoY or -3,6% at constant exchange rates
• Adjusted2 EBITDA margin: 20.2% up 50 bps compared to 19.7% in Q1 2025
• Adjusted3 Net Income: euro 19.1 million (euro 18.9 million in Q1 2025), +1.0% YoY
• Positive Net Financial Position of euro 2.5 million, compared to euro 27.8 million as of March 31, 2025 (euro 86.7 million as of 31 December, 2025)

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Milan, May 06, 2026 - The Board of Directors of Industrie De Nora S.p.A. (the "Company" or "De Nora") -Italian multinational listed on the Euronext Milan, specialized in the electrochemical industry and leader in sustainable technologies and in the green hydrogen industry - under the chairmanship of Federico De Nora, approved the consolidated results of the Company as of March 31, 2026 (not subject to audit).

"The first quarter of the financial year unfolded in a turbulent environment, marked by persistent geopolitical tensions affecting several macroeconomic factors, including heightened volatility in raw material prices, making short-term forecasting more challenging. At the same time, tensions in the global energy system are reinforcing,

‌1 The reported figure includes non-recurring revenues of €1.2 million related to eligible IPCEI Gigafactory costs. Excluding this non-recurring item, adjusted revenues

amount to €177.3 million.

‌2 The difference between adjusted EBITDA and reported EBITDA in the figures as of March 31, 2026 amounts to approximately €1.2 million and includes non-recurring M&A and corporate reorganization costs of €0.9 million, IPCEI Gigafactory eligible costs less the related Grant income of for a net amount of €1.3 million, other nonrecurring costs of €0.2 million, partially offset by non-recurring revenues of €1.2 million related to IPCEI Gigafactory eligible costs.

The difference between adjusted EBITDA and reported EBITDA in the data as of March 31, 2025, amounts to approximately €3.4 million and includes: non-recurring provisions for tax risks of €1.5 million; non-recurring M&A and company reorganization costs of €0.5 million, costs related to the divestment of the Marine Technologies business of € 0.7 million, costs related to the divestment of the Fracking business of € 0.2 million, net IPCEI Gigafactory project costs of € 0.2 million, and other nonrecurring costs of € 0.3 million.

‌3 Adjusted Net Profit at March 31, 2026 does not take into account, in addition to non-recurring items included in EBITDA, non-recurring depreciation and amortization (€0.1 million), non-recurring financial income (€0.1 million), non-recurring income taxes (€0.2 million); all net of the overall tax effect associated with all non-recurring items, amounting to €0.3 million.

Adjusted Net Income as of March 31, 2025, excludes, in addition to nonrecurring items included in EBITDA, the related total tax effect of approximately euro 0.5 million.

in Europe, and beyond, the urgency to accelerate the path toward greater energy security and independence, supporting the transition to low-carbon solutions and circular resource use models. In this context, De Nora's business model is well positioned to capture these trends, which are already fully embedded in the Group's medium- to long-term growth strategy.

In this context, the launch in Spain of the Moeve project to produce green hydrogen - the largest in Southern Europe - in which De Nora is involved, represents a highly significant milestone for European decarbonization and a source of particular satisfaction. The project confirms the vitality of a key sector for an effective and sustainable energy transition."

"In the first quarter of 2026, the Group delivered results in line with expectations. Profitability remained solid, while the core business backlog recorded a significant increase, reaching its highest level since the end of 2023, supported by a strong rise in new orders.

In light of the positive backlog evolution, the increase in selling prices driven by raw materials inflationary pressures, the expected sales mix and the operational efficiencies we are progressively delivering, we confirm the guidance communicated in March and expect to achieve results in the upper end of the range, both in terms of revenues and operating profitability."

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The figure was negatively affected by euro 14.7 million due to the evolution of certain currencies, in particular the Euro-Dollar and Euro-Yen exchange rates; net to these effects, the variation compared to the first quarter 2025 would have been a negative 3.6%.

Revenue performance, net of foreign exchange effects, reflects the expected declines in the Electrode Technologies and Energy Transition businesses, which were almost entirely offset by the development of the Water Technologies business, supported by growth of over 50% in the Pools line.

‌4 The reported figure includes non-recurring revenues of €1.2 million related to eligible IPCEI Gigafactory costs. Excluding this non-recurring item, adjusted revenues

amount to €177.3 million.

‌5 Adjusted EBITDA margin as of 31 March, 2026 calculated on adjusted revenues as per note 1 ammounted to 20.3%.

reported in the same period of 2025, mainly due to the optimization of financial resources management.

The backlog as of 31 March 2026 amounted to euro 506.6 million, up 12.5% compared to euro 450.3 million as of 31 December 2025, driven by new orders of approximately euro 254 million, up 33% compared to the first quarter 2025. It is also worth highlighting that the backlog related to the core business (Electrode Technologies and Water Technologies) reached its highest level in the past two years as of 31 March 2026, standing at approximately euro 495 million, up 10% compared to 31 March 2025.

The Electrode Technologies business recorded revenues of euro 85.6 million (euro 106.8 million in the first quarter 2025), in line with expectations. The year-on-year change reflects a negative foreign exchange rates effect of euro 6.6 million, as well as the phasing of the execution of the order backlog agreed with customers, which envisages an acceleration in project execution in the second half of the year.

The Water Technologies business reported revenues of euro 84.9 million, up 11.9% compared to euro 75.9 million in the first quarter 2025. Net of negative impact of foreign exchange rates, growth would have been 22%. Business performance mainly reflects the expansion of the Pools line, which generated revenues of approximately euro 50.4 million, up 53.7% YoY, primarily supported by higher selling prices, attributable to critical raw materials inflationary pressures. The Water Technologies Systems ("WTS") line totaled revenues of approximately euro 34.5 million, compared to euro 43.1 million in the first quarter 2025, with aftermarket revenues accounting for 47%, broadly in line with the corresponding 2025 figure. The year-on-year trend reflects a negative foreign exchange rate effect of approximately euro 3 million, as well as the progress of the projects in backlog, which, as is customary, is expected to accelerate and be concentrated in the second half of the year.

The Energy Transition business posted revenues of euro 8.0 million, compared to euro 17.7 million in the first quarter 2025. The figure's evolution, in line with expectations, reflects the completion in 2025 of two large-scale projects in the green hydrogen market, namely Neom in Saudi Arabia and Stegra in Sweden.

With reference to the breakdown of revenues by geographical area, during the reference period the Americas (AMS) region accounted for 35% of total revenues, up from 33% in the first quarter 2025, mainly driven by the development of the Water Technologies business. The APAC (Asia-Pacific) region represented approximately 36% of consolidated revenues, broadly in line with the previous year's figure. Lastly, the EMEIA (Europe, Middle East, India & Africa) region reduced its share to 29%, from 31% in the first quarter 2025, mainly reflecting the completion of the NEOM project, which had supported the region's revenues, particularly in the early quarters 2025.

The Electrode Technologies business reported adjusted EBITDA of euro 17.5 million, corresponding to 20.4% of revenues (22.5% in the first quarter 2025). The change compared to 2025 mainly reflects a different revenue mix and higher absorption of unallocated indirect costs, following the reduction in volumes recorded by the Energy Transition business.

The Water Technologies business reported adjusted EBITDA of euro 21.9 million, up 27.3% compared to the first quarter 2025 (euro 17.2 million), with a margin on revenues of 25.8%, an increase of approximately 3 percentage points compared to the 22.7% recorded in the first quarter 2025. The improvement is mainly attributable to the revenue growth in the Pools line, which is characterized by higher profitability, which reached around 60% share of business revenues, compared to approximately 43% in the first quarter of 2025.

The Energy Transition business reported a negative adjusted EBITDA of euro 3.4 million (negative euro 1.8 million in the first quarter 2025), in line with the expected reduction in volumes. The figure includes Research and Development (R&D) expenses that were substantially stable, in absolute terms, compared to the corresponding period of the previous year.

In the first quarter of 2026, the expansion of Net Working Capital was particularly significant, mainly as a result of the sharp increase in prices of critical raw materials. In particular, purchases of noble metals, which are generally settled upon delivery, led to exceptional cash absorption during the period. Net of this effect, operating cash absorption would have been broadly in line with that recorded in the first quarter 2025. In line with the typical evolution of Net Working Capital, a progressive improvement in operating cash flows is expected starting from the second half of the financial year. Investments carried out during the period amounted to euro 11.5 million.

On January 14, 2026, De Nora announced the signing of a strategic partnership agreement with Reed Advanced Materials ("RAM"), a company specialized in the development of advanced battery materials and sustainable lithium refining technologies. RAM is a joint venture owned 70% by Neometals Ltd, an Australian Securities Exchange-listed company and pioneer in sustainable lithium processing solutions, and 30% by Mineral Resources Limited, a global leader in the mining sector. Under the agreement, De Nora and RAM will collaborate to integrate De Nora's electrolysis systems into ELi™ (Electrolytic Lithium) process, aimed at lithium production. The solution satisfies circularity principles and will enable water and chemical reagent consumption compared to traditional processes resulting in a lower carbon footprint. The ultimate goal is to validate continuous pilot-scale operation under real industrial conditions at the site in Argentina of the multinational company Rio Tinto, one of the major global players in lithium extraction and refining.

On February 16, 2026, De Nora, through its subsidiary De Nora Permelec Ltd. ("De Nora"), and Tuleva Inc. ("Tuleva") announced the signing of a binding Memorandum of Understanding (MOU) formalizing the terms for the supply of a high-capacity electrolysis system intended for Tuleva's planned lithium hydroxide monohydrate refining facility in the United States. The agreement marks a strategic step toward the construction of one of the largest electrochemical plants in the United States for the production of lithium hydroxide, an essential material for the global rechargeable-battery supply chain. This MOU allows both companies to begin preliminary engineering. At the same time, the parties will continue to work on finalizing the definitive sale and purchase agreement, the signing of which is expected to take place after the completion of the financing process currently underway by Tuleva. The overall contract value is currently estimated at over ten million euro for the systems. Completion of the supply is expected within 15 months from the signing of the definitive agreement.

On February 19, 2026, De Nora announced to have reached a new milestone in its global project to decarbonize its production sites through the installation of new photovoltaic systems at its plants in Japan and China. The new systems bring the Group's total installed potential capacity to 6.3 GWh/y, contributing to the progressive achievement of the goals of De Nora's Sustainability Plan for 2030.

On April 17, 2026, De Nora announced that it had launched Edge, Innovation Hub by De Nora, a program dedicated to transforming early-stage technologies into scalable industrial solutions. A long-standing pioneer in innovation, the Group is further strengthening its open innovation strategy and collaboration with the international startup ecosystem. Presented yesterday during the event "Edge of Tomorrow - Sparking Innovation," Edge was created to bridge the gap between research and industry by offering Italian and international startups a real-world environment in which to test, industrialize, and accelerate high-potential technologies. The first edition of the program will launch a call for startups developing projects focused on transforming and optimizing production processes, digitalizing industrial operations, improving worker safety, and enhancing resource efficiency. Edge marks a significant milestone in De Nora's journey to build a virtuous industrial ecosystem connecting large corporations and emerging startups. This commitment led the Group, in 2024, to become one of the main industrial investors in 360 Life II, the fund managed by 360 Capital dedicated to the sustainable transition in Europe.

On April 29, 2026, the ordinary Shareholders' Meeting resolved to approve the distribution to the Shareholders of a unit dividend of euro 0.103 per eligible share, for a total amount of euro 20,471,158.23, gross of withholding taxes, corresponding to a pay-out of approximately 25% of the consolidated net profit, through the

use of the profit for the year, also with warning that the possible change in the number of treasury shares in the portfolio of the Company at the time of the distribution will have no incidence on the amount of the unit dividend as established above, but will increase or decrease the amount set aside to the retained earnings, with dividend date 18 May 2026, payable on 20 May 2026, with record date, pursuant to Article 83-terdecies of Legislative Decree No. 58 of February 24, 1998 ("TUF"), on 19 May 2026.

As proposed by the Board of Directors, the Shareholders' Meeting appointed as new director of the Company, pursuant to Article 2386 of the Italian Civil Code, Maria Antonietta Giannelli, already co-opted on 31July 2025, following the resignation of Stefano Venier, appointed by the Shareholders' Meeting held on 29 April 2025. The terms of office of Director Giannelli will expire, along with those of the other members of the Board of Directors, on the date of the Shareholders' Meeting convened to approve the financial statements for the 2027 financial year.

De Nora announces that it has received from the joint venture thyssenkrupp nucera AG & Co. KGaA ("thyssenkrupp nucera") an initial tranche of orders relating to the Moeve project in Andalusia, Spain, dedicated to green hydrogen production.

De Nora's scope of supply covers the delivery of electrolytic cells featuring high-performance anodic and cathodic coating, for a total capacity of 300 MW and an overall potential value ranging between 30 and 40 million euro. The orders received amount to approximately half of the total scope of supply value, while the remaining orders are expected to be received by the second quarter of the fiscal year.

The technologies to be supplied by De Nora are intended for the first phase, named Onuba, of Moeve's Andalusian Green Hydrogen Valley project in Spain, the largest alkaline water electrolysis (Water Electrolysis - AWE) project for green hydrogen production in Southern Europe. Once completed, Onuba will have a production capacity of approximately 45,000 tons of hydrogen per year and will enable a reduction in CO₂ emissions of around 250,000 tons annually.

The project is part of a broader programme aimed at developing a hydrogen value chain in southern Spain. Thanks to the abundance of solar and wind energy, the region is among the most competitive in Europe for green hydrogen production. In addition, existing port infrastructure and transport corridors will allow local supply to be connected to industrial demand in Northern Europe, contributing to the decarbonization of the continent.

The Company announces that it has received today the resignation of Eng. Mario Cesari from his position as Non-Executive, Non-Independent Director and member of the Strategy Committee of the Company.

Eng. Cesari, who was appointed to the Board of Directors as a representative of the shareholders Federico De Nora, Federico De Nora S.p.A. and Norfin S.p.A., pursuant to the provisions of the shareholders' agreement entered into on April 11, 2022, between Federico De Nora, Federico De Nora S.p.A., Norfin S.p.A., SNAM S.p.A. and Asset Company 10 S.r.l., as subsequently amended (the "Shareholders' Agreement"), has tendered his irrevocable resignation with effect as of today.

The Board of Directors of De Nora will proceed, in accordance with the provisions of the Company's By-laws and the applicable regulations, with the necessary determinations, having consulted the Appointments and Remuneration Committee.

The Chairman and the Chief Executive Officer, also on behalf of the Board of Directors and the Board of Statutory Auditors, wish to thank Eng. Cesari for the work carried out and for his commitment during his term of office.

No severance payments or other benefits are provided for in connection with the termination of the office. Pursuant to Article IA.2.6.7 of the Instructions to the Regulations of the Markets organised and managed by Borsa Italiana S.p.A., it is also specified that, based on the information made available to De Nora, as of today Eng. Cesari holds 26,224 ordinary shares of De Nora.

For the current financial year, the Group confirms the guidance announced on March 18, 2026. In light of the recent increase in selling prices across the various business lines, driven by inflationary pressures on critical raw materials, as well as the development of the order backlog, revenues are expected to be in the upper end of the guidance range between euro 750 million and euro 850 million, mainly driven by the Electrode Technologies and Water Technologies businesses. Similarly, considering the product mix and operational efficiencies already achieved in the first quarter, the adjusted EBITDA margin is also expected to be in the upper end of the guidance range between 15% and 18%.

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CONFERENCE CALL

At 04:00 PM CET today (May 06, 2026), a conference call will be held to illustrate the results of the first quarter of 2026 to financial analysts and investors. The presentation may be followed via video webcast on the Company's website (https://www.denora.com). The supporting material for the presentation will also be provided at the start of the conference call in the site's Investor Relations/Financial Results & Presentation section and on the authorized storage mechanism "1Info" at https://www.1Info.it.

The following are some events of interest planned for the coming months:

• May 19, 2026: UBS Investing in Europe Conference, Frankfurt

• May 21, 2026: UniCredit Italian Investment Conference, Milan

• May 27, 2026: Mediobanca Mid & Small Conference, London

• June 23, 2026: Mediobanca CEO Conference, Milan

• June 24, 25, 2026: Kepler Roadshow, Belgium & Netherlands

For further information, please refer to the Financial Calendar 2026, published on January 23, 2026, and available on the company's website at https://www.denora.com.

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This press release presents the consolidated results of the first quarter of 2026 (not subject to audit). The first quarter results, together with the main business trends, represent a summary of the Interim Condensed Consolidated Quarterly Financial Statements prepared in accordance with Article 154-ter of the Consolidated Finance Act (TUF), approved by Industrie De Nora's Board of Directors on May 06, 2026.

The Interim Condensed Consolidated Quarterly Financial Statements as of March 31, 2026, will be made available to the public, at the Company's registered office and at Borsa Italiana, to anyone who requests it, and it will also be available on the Company's website - https://www.denora.com- as well as on the authorized storage mechanism "1Info" at https://www.1Info.it, in accordance with the law.

The manager in charge of preparing the company's accounting documents, Luca Oglialoro, declares, pursuant to paragraph 2 of Article 154-bis of the Consolidated Law on Finance (TUF), that the accounting information contained in this press release corresponds to the documented results, books and accounting records.

This press release contains forward-looking statements, which are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict because they relate to events and depend on circumstances that will occur in the future. Many of these risks and uncertainties relate to factors that are beyond the company's ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behavior of other market participants, the actions of regulators and other factors. Therefore, Industrie De Nora's actual results may differ materially and adversely from those expressed or implied in any forward-looking

statements. Factors that might cause or contribute to such differences include, but are not limited to, economic conditions globally, social, political, economic and regulatory developments or changes in economic or technological trends or conditions in Italy and internationally. Consequently, Industrie De Nora makes no representation, whether expressed or implied, as to the conformity of the actual results with those projected in the forward-looking statements. Any forward-looking statements made by or on behalf of Industrie De Nora refer only to the date they are made. Industrie De Nora does not undertake to update forward-looking statements to reflect any changes in Industrie De Nora's expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based. The reader should, however, consult any further disclosures Industrie De Nora may make in documents that it files with CONSOB and the Italian Stock Exchange.

Non-GAAP measures

In this document, in addition to the financial measures provided for by International Financial Reporting Standards (IFRS), a number of measures derived from the latter are presented even though they are not provided for by IFRS (Non-GAAP Measures) in line with ESMA's guidelines on Alternative Performance Indicators (ESMA/2015/1415 Guidelines, adopted by Consob with Notice No. 92543 of December 3, 2015) published on October 5, 2015.

These measures are presented to enable a better assessment of the Group's operating performance and should not be regarded as alternatives to IFRS.

The income statement, balance sheet and financial position information has been prepared in accordance with the International Financial Reporting Standards ("IFRS") issued by the International Accounting Standards Board ("IASB") and endorsed by the European Union.

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Industrie De Nora S.p.A. is an Italian multinational company founded in 1923 and listed on the Euronext Milan stock exchange. A global leader in electrochemical processes and technologies for water management, it provides products and services that enable industrial processes in the chlor-alkali, electronics, battery, water treatment (both municipal and industrial), and green hydrogen sectors. With an operational presence across multiple regions - including the Americas, Europe, the United Arab Emirates, and Asia - De Nora delivers customized solutions, effectively and reliably meeting market demands. Committed to ESG principles, the company integrates environmental sustainability and social responsibility into all its activities.

For further information and to access the Media Kit: Media Kit | De Nora

Chiara Locati

+39 02 2129 2124

[email protected]

Investor Relations | Overview | De Nora

Barabino & Partners

Ufficio: +39 02/72.02.35.35

Sabrina Ragone - [email protected] +39 338 25 19 534

Elena Magni - [email protected] +39 348 478 7490

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‌6 In Q1 2026 it includes, beyond the non-recurring items impacting EBITDA, the following non-recurring items: depreciation for 79 K €, net financial income for 83 K € and income tax expenses for 196 k €.