Thyssenkrupp Nucera Ag & Co. Kgaa XETR:NCH2
Thyssenkrupp nucera : Allgemeine Investoren-Präsentation - Mai 2026
Source: MarketScreener
General Investor Presentation
May 2026
May 2026 | General Investor Presentation
MissionWe continually learn, adapt, and deliver cutting-edge technologies to drive sustainable industrial transformation for a thriving future
Purpose
We shape the new era
Vision
Empowering a clean industry for future generations
Table of Contents
1
Company Overview
2
Business Segments: Green Hydrogen and Chlor-Alkali
3
Financials
4
ESG Program, Ratings and Targets
5
Capital Market
3 May 2026 | General Investor Presentation
4 May 2026 | General Investor Presentation
Company Overview
thyssenkrupp nucera at a glance
Leading electrolysis technologyprovider globally
2 strong business segments:
Green Hydrogen (gH2)
Reliable, innovative & future-oriented solutionsat industrial scale
gH2 projects with a total capacity of
~3.5 GWunder execution
Chlor Alkali (CA)
Asset-light business modelwith strong balance sheet to finance future growth
gH2 54%
Total: 845mn €
Sales in FY 2024/25
CA 46%
1,000+employees worldwide in 10 locations
Supporting customers on their way to
climate neutrality5 May 2026 | General Investor Presentation
Our Green Hydrogen (gH2) business
Financials
mn €
FY 2022/23
FY 2023/24
FY 2024/25
Order intake
206
356
26
Order backlog
~900
706
259
Sales
328
524
459
Alkaline Water Electrolysis (AWE) technology to produce green hydrogen at industrial scale based on proven track record in Chlor-Alkali electrolysis
Product portfolio & roadmap
20 MW modules, designed as a cost-efficient standardized modular solution, scalable up to GW plant size
EBIT -76 -56
Strong profitable growth in the mid-term
Main applications
Market
scalum ®
Quality and
Longevity
High
performance
Design
certified
Global service
network
Total global gH2
installed capacity
~2 GW
Equals multi-billion € market for electrolyzers
~30-50 GW
Automation of cell fabrication and assembly
Commercialization of high-temperature electrolysis (SOEC)
Selected customers
~3.5 GW green hydrogen capacity under execution
Business model
2024 2030
thyssenkrupp nucera has the ability to perform civil construction through its partners at the request of the client
Only for proprietary equipment.
6 May 2026 | General Investor Presentation
Our Chlor-Alkali (CA) business
Innovative Chlor-Alkali Electrolysis (CA) and Hydrochloric Acid electrolysis solutions (HCI) for industrial progress
Market leader with ~50% market share
Product portfolio
Financials
322
279
408
Order intake
FY 2024/25
FY 2023/24
FY 2022/23
mn €
Sales 333 338 386
Order backlog ~500 421 347
Profitable
CA electrolysis
HCI electrolysis
EBIT 62 58
business with modest growth
BM1
BiTAC2
NaCI ODC3 HCI Diaphragm HCI ODC4
Service portfolio
Asset management
Market
Expected production in 2025 (mn tons)
Process chain and select end products
H2
Brine
Chlorine
Polyurethane foam Polycarbonates / PVC
Spare parts supply & management
Revamps
Service center & fields services
83 76
Market for electrolyzers & service
>1bn€
Caustic Chlorine
Global demand growing in line with GDP
Selected customers
Energy Electrolysis
Caustic soda
Soap / Detergents Aluminium
Sodium Hypochlorite / Disinfection
Over 600 projects, 240,000 cell elements, >10 GW of capacity installed globally
1. Bipolar membrane electrolyzer; 2. BiTAC: Bipolar Tosoh and Chlorine Engineers; 3. ODC: Oxygen Depolarized Cathode; 4. Recycling HCl at low energy consumption
7 May 2026 | General Investor Presentation
Our global presence & selected projects
OxyChem
Houston
Houston
Stegra Shell
Moeve
Chlorum Solutions Group
Dortmund (HQ)
Arnstadt MMilialanno
Riyadh Riad
NEOM
Shanghai i
Mumbai
TGV SRAAC
Okayama Tokyo
Chlor-Alkali Electrolysis (CA)Alkaline Water Electrolysis (AWE) Locations
Unipar
CMDC
PPeertrhth
Note: Selected projects
8 May 2026 | General Investor Presentation
Our attractive financial profile
Sustained sales growth
Robust sales development at a high level following years of rapid expansion
862
845
661
383
2021/22
2022/23
2023/24
2024/25
Total sales (mn €)
Resilient profitability
Historically consistently profitable operations on the back of Chlor-Alkali business; temporary EBIT loss due to gH2 ramp-up
25
9
2
2021/22
2022/23
-14
2023/24
2024/25
EBIT (mn €)
Strong balance sheet
Strong cash position further increased by IPO proceeds in 2023 - sufficient to withstand current headwinds and finance future growth
761
673
656
275
2021/22
2022/23
2023/24
2024/25
Net financial assets (mn €)
9 May 2026 | General Investor Presentation
Our value proposition
Long-standing expertise in industrial scale electrolysis
Global organization with reputable and long-standing partners
Strong balance sheet to finance future growth and resilience
Full-fledged service offering along the entire plant lifecycle
Strong R&D focus to drive innovations
Best-in-class safety standards
Proven GW-scale supply chain already in operation
May 2026 | General Investor Presentation
10 May 2026 | General Investor Presentation
2026 priorities: taking action in an uncertain market environment
Commercial
acceleration
Further strengthen customer
relationships and partnerships in key regions
Accelerate the CA service expansion and unlocking gH2 service growth potential
Technology
leadership
Capture economies of
standardization, modularization and scale & leverage efficiency and best-cost approaches
Rapidly complement gH2 product portfolio with pressurized systems & continue AWE & CA product upgrades
Cost
discipline
Challenge costs across the
entire organization globally
Flexibilize and reduce cost structure
Leverage global gH2 organization
Safeguard
financial stability
Continue prudent cash
management and protect cash position
Take advantage of the opportunities offered in the gH2 sector without taking excessive risks
Strengthening business
by flexibilization and cost discipline
Enhancing leading competitive position
and offering best-in-class LCOH
11 May 2026 | General Investor Presentation
12 May 2026 | General Investor Presentation
Business Segments
Our proven experience in CA business provides a strong technology basis for AWE scale-up
CA: Over 600 projects, 240,000 cell
elements, >10 GW of capacity installed
AWE: Building on CA leadership
Market Readiness
Industrial-scale installations
Quality proven supply chain of 1 GW cell manufacturing capacity p.a.
Industrial-scale hydrogen plants
A technology leader for electrolysis
Handling of hydrogen as a by-product
Standardized AWE product with leading TCO1
Hydrogen as the main product
Product
Holistic life cycle services
Global network with partners
Mature service portfolio
Automation and digitalization
Organization & Network
1. Total cost of ownership
Key enabler of hydrogen production
>30 years of leading innovation in modern industrial electrolysis
Power Consumption
19841 - 1994 1997 2003 2012 2013 2018 2020 2021 2022 2024 2025
Current Density (specific production capacity)
BiTAC
First zero-gap cell making 6kA/m2
BM
First Single Element Bipolar Membrane
BM single element
HCl-ODC2
First industrial reference plant energy saving hydrochloric acid recycling
BM single element
NaCl-ODC2
Market Entry 25% energy saving CA electrolysis
Carbon2Chem
e-BiTac v7 and BM Gen. 6plus Latest high efficiency electrolyzers
1 GW p.a. fabrication
Completion of the first scalum® 20 MW module
SOEC
Acquisition of key technology assets in the field of pressurized
alkaline electrolysis from GHS
electrolyzers
Gen.3
First laser-welded cell,
internals made possible acidified operation
Gen.6
First Full Zero-Gap cell incl. flexible elastic element and combined with independent sealing
AWE (Hydrogen) Demo Plant 2 MW (stack portion of 10 MW unit)
De-bottlenecked production
of 15,000 cells p.a.
Partnership to strengthen thyssenkrupp nucera's hydrogen portfolio in the field of high-temperature electrolysis technology
New BM2.7 v7 and improved e-BiTAC v7 electrolyzers, setting innovative standards in terms of efficiency and reliability
Much longer experience before with mercury amalgam cells 2. Joint Development with Covestro and De Nora; ODC = Oxygen depolarized cathode; HCl = Hydrochloric Acid; NaCl = Sodium Chloride Developments with De Nora advanced coatings and half-shells / bipolar elements manufacturing
AWE CA SOECDeveloping an industry leading electrolyzer cell design with De Nora
Contributions thyssenkrupp nucera Design of cell, electrolyzer and balance of plants
Selection of separator (membrane/diaphragm)
Other parts including:
Selection of corrosion resistant materials
Current distribution & electrical contacts
Gas-liquid fluids handling & distribution
Sealing
Adaptations for different operating conditions, procedures, concepts (e.g. with or without ODC)
thyssenkrupp nucera cell
- +
BM
(single element)
Contributions De Nora
Anode and cathode catalytic coatings, and GDEs
Manufacturing of half-shells
Holistic collaboration in cell design, electrochemical components and manufacturing process
Leading design and manufacturing know-how crucial in developing the AWE cell
Hydraulic design
Improved hydraulic and fluid dynamics
Optimized feed of reactants to the catalytic centres for effective kinetic of electrochemical reactions
Design mitigates local concentration gradient for best efficiency and longevity
Mechanical design
100% leak proof cell throughout service life ensuring to avoid emissions any time
Strong flange and bolts forces compressing the gaskets for superior sealing
Design improves safety and environmental protection
Electrical design
Electrical current uniform distribution to the electrodes
Uniform distribution by continuous laser welding
Design minimizes ohmic losses
Zero gap
Combination of expanded-metal current distributor with a woven mesh cathode enables a "zero gap" over the whole membrane area
Elastic element with compression independent from sealing
"Zero gap" improves separator life and performance
Know-how and technologies needed for implementing effectively high current density and high efficiency1
1. Density and efficiency assessment based on Eurochlor data
We make a difference across every step of the industrial electrolysis value chain
Engineering Cell fabrication Modularization Piping Handling Services
Application
thyssenkrupp nucera value add
More than 600 electrochemical projects realized in the world
Design most efficient plants and modules with best-in-class safety standards
Cell and electrolyzer design, manufacturing and assembly
"IP of Design"1 of cells and electrolyzers and integrated manufacturing with long-time supplier and partner
Plant construction and logistics
In addition to small skid mounted AWE plants, also larger plants in synergy with partner Uhde
High quality products in a highly corrosive environment
Proprietary technology incl. own trademarks
Handling and use of chlor-alkali products
>30 years of experience in handling with H2
Full lifecycle service and digital solutions
Existing service organization with longstanding suppliers and partners
thyssenkrupp nucera provides leading in-house experience along each step of the electrolysis value chain
1. The cell and electrolyzer shape and structure are designed for best utilization of key electrochemical components (anode and cathode coatings, separator), in terms of efficiency, products quality, durability/longevity, safety. By developing optimization of: Gas-liquid fluids handling, distribution, control of pressure fluctuations; uniform electrical current distribution and low ohmic drops; selection of corrosion-resistant materials; serviceability
Segment
18 May 2026 | General Investor Presentation
Green Hydrogen (gH2)
Market Offering Projects
Electrolysis connects the renewable energy sector with a wide range of industries and enables industry decarbonization
electrolysis
Renewable energy Green hydrogen via
Hydrogen markets
- +
Green hydrogen economy drivers
Climate & environmental protection
Growing renewable energy sector at low cost
Appropriate legal frameworks
We focus on green hydrogen, an enabler of the net zero economy
Grey hydrogen
How technology addresses Net Zero goals2 2050 supply mix2
Reforming (Gasification)
CO2 emitted
Emits around 10kg of CO2 per kg of hydrogen produced
0%
Reforming (Gasification)
CO2 stored / reused
20 - 40%
Electrolysis
No CO2
emitted
60 - 80%
Coal
Natural Gas
Biomethane
Natural Gas
Biomethane
Biomass
Natural gas reformed to H2 and CO / CO2 in Autothermal Methane-Reformer (AMR)
Remaining CO2 is captured and stored (CCS)1
Renewable energy
Water
Essentially zero emissions
Creation of H2 from renewable energy
Blue hydrogen
+ -
Green
hydrogen
1. Carbon capture and storage (CCS) 2. Source: Hydrogen Council in collaboration with McKinsey & Company, Hydrogen for Net Zero Report, November 2021
Refining, ammonia, and steel are the three main focus applications
H2 use
Refining
Substitution of grey
H2 feed
Ammonia
Substitution of grey H2 and
green energy vector
Steel
Substitution of coke for
reduction of iron ore
No alternative to green hydrogen in hard to abate sectors with exposure to carbon tax
Source: Hydrogen Council in collaboration with McKinsey & Company, Hydrogen Insights Report, February 2021.
High volatility and uncertainty prevailing in the gH2 market, but the mid-term outlook is substantial
Key factors for gH2 market ramp-up
1
Awarded project volume
(in operation, in construction, FID)
2
Offtake agreements
3
gH2 cost competitiveness
(LCOH gH2 vs. low-carbon-hydrogen)
4
Regulation & funding schemes
5
Infrastructure deployment
Installed gH2 electrolysis capacity globally
>14x
capacity growth expected until 2030
~30-50 GW
~2 GW
2024 2030
End markets
Refining
Ammonia
Steel
Transport
LCOH = Levelized cost of hydrogen
Green hydrogen scale-up in Europe requires systematic market building instruments from politics
Value contribution
Decarbonization of industry and transport
by turning renewables into transportable and storable molecules
Support resilience and local value chains by reducing the EU's dependence on fossil energy
Electricity grid integration helps to integrate renewables, reduce grid congestion and system costs
Market building instruments
Create bankable markets through
demand-side instruments and a reliable infrastructure build-up
Simplify and harmonize electrolyzer requirements to reduce cost and compliance complexity
Support industrial scale-up with content requirements and continuous funding mechanisms
Industry initiatives/memberships
Electrolysis technology is proven, industrial projects are executable, and FIDs are achievable - under the right regulatory, market, and infrastructure conditions the market will grow fast
scalum® | Our AWE technology for industrial-scale roll-out
Process Section
Single cell element
Electrolyzer Stack
8m
Cell Feed
Discharge
39m
Modularized Skids
5m
Dynamic operations
Quality & longevity
Proven cell design & high durability
Wide operating range
Global service network with partners
A powerful unit with ~ 300 high-
efficiency cells
Standardized modular solution with a
system capacity of 20 MW
Can be easily interconnected and
scaled up to gigawatt plant size
Ability to remove an individual single
element from a stack of cells
Repairable at single-cell level without
having to replace entire stacks
Flexibility
Reliability
Modular design enables scalability
AWE module enhancements
First of its kind AWE technology based on 50+ years of experience in the CA business brought to the market in 2021
Technology upgrades for 160 delivered modules based on five years of learnings from engineering, construction sites as well as in test facilities prior to upcoming commissioning
Newly developed IP, additional sensors and adjusted plant design to further enhance reliability and safety of our modules
Commission and operate green hydrogen plans reliably for 20 to 30 years while minimizing operational risk
Top tier and LCOH-optimized service lifecycle management with maximized availability and reduced OPEX
Next generation of green hydrogen products under development to meet evolving customer demands
New pressurized AWE systems based on successful
modularized design concept
Prototype successfully started up in Denmark
Pressurized AWE systems
Full scope plant solution
Integrated and standardized 120 MW plug-and-play electrolyzer system
Significant cost per MW reduction targeted
Compression of up to 35 bar
Partial outdoor design
Illustrative example
SOEC strategic review
Promising and efficient technology, still with longer time to market
Review of SOEC roadmap to explore strategic options
Key short-term priority: further improve Levelized Cost of Hydrogen based on reduced CAPEX and industry-leading OPEX
Illustrative scope for a hydrogen plant project
AWE modules
Procurement and Manufacture
Balance of plant
Engineering and Procurement
Civil construction
Erection on site
Commissioning
Technology service
Description
Supply of AWE modules: procurement of materials and equipment, fabrication of cells and modules
Engineering and procurement of balance of plant (BoP), e.g. transformers, rectifiers, purification, compression, utilities, etc.
Civil structures and foundations at site
Installation of AWE modules, BoP equipment, instrumentation and piping up to the battery limits at site
Functional and control system tests, cold commissioning up to Start-up of AWE modules and the hydrogen plant, including performance testing
After sales and services including revamps and refurbishment, full service, plant optimization, and de-bottlenecking
~3.5 GW of electrolyzers under execution create gH2 service sales potential of >2bn € over 25 years1 based on long-term service agreements
New Build
Services will unlock long-term value beyond gH2 equipment sales
Training
Spare Parts
Digital Services
Refurbishment
Field Services
Predictive
Maintenance
360°
service
Value of our 360° Life Cycle Service Portfolio
Top tier and LCOH-optimized service lifecycle management
Electrolyzer operates at peak efficiency while minimizing operational risk
Maximized availability and reduced OPEX
Lifetime Service Offering
1 Sales potential is based on reference from observations in the chlor-alkali business and on the already contracted gH2 projects. Future sales potential is subject to change depending on the completion of current and/or gain of further projects in the gH2 business.
Market
Offering
Projects
Demonstrator and test stand of our AWE technology
Carbon2Chem
Continuous testing of innovative components and materials in Duisburg, Germany
Electrolyzer capacity: up to 2 MW
1. 6 years of operation x 8600 hours per year x 65% utilization incl. shutdowns x 400Nm³/h C2C production rating x 0,089 Kg/Nm³
Market Offering Projects
~3.5 GW of gH2 projects under execution
Final electrolyzer module installed at Stegra's gH2 plant in Boden, Sweden
Stegra (740 MW; Boden, Sweden)
Installation of all 37 electrolyzer modules completed
Moving into the next phases of pre-commissioning and commissioning
NEOM (2.2 GW; Neom, Saudia-Arabia)
Project continues to make progress
Activities not impacted by recent events in the Middle East
Shell (200 MW; Rotterdam, Netherlands)
Commissioning set to take place in 2026 and ramp-up of operations in 2027
New project wins demonstrate that gH2 market is visibly maturing
300 MW contract signed with Moeve
thyssenkrupp nucera will supply electrolyzers with a total capacity of 300 MW for first phase of the "Andalusian Green Hydrogen Valley"
Plant's green hydrogen will enable renewable fuels for road, maritime, and aviation customers
Annual production capacity of ~45,000 tons of green hydrogen, avoiding about 250,000 tonnes of CO2 annually
260 MW FEED study with Juno Joule in India
thyssenkrupp nucera has been awarded a Front-End Engineering and Design (FEED) study for a 260 MW green hydrogen project in India
Developing a concept for the seamless integration of Alkaline Water Electrolysis into the plant infrastructure; project will be designed to produce green ammonia
EPF contract with a final investment decision targeted in FY 2026/27
New projects underpin trust in our technology and underscore positive developments in the maturing gH2 market
No. of projects
gH2 pipeline
Aggregated size
Contract value
Substantial
pipeline1
#126
~55 GW
~29bn €
Pursue
Actively
pursued projects2
#34
~14 GW
~8bn €
South America
India
11%
9%
Other
North
10% America
9%
Middle East
& Turkey
9%
Regional
split1 19%
Australia
34%
Europe
Diversified green hydrogen pipeline provides future order upside
~1.6 GW-300 MW Moeve
+ 260 MW Juno Joule vs. Feb '26
of FEED contracts under
execution with near to mid-term conversion potential
gH2 project pipeline as of May 2026.
1. Substantial pipeline = Projects where we had first interactions with and that are being monitored closely; 2. Projects which already passed the pursue / non-pursue gate.
33 May 2026 | General Investor Presentation
Segment Chlor-Alkali (CA)
CA chemical products are essential for a large number of end products
Soap /
Detergents
Caustic Soda (NaOH)
Aluminium
Polyurethane foam / Polycarbonates / PVC
Hydrogenation of Alkenes, Fats and Oils
Sodium Hypochlorite / Disinfection
Hydrochloric acid
Hydrogen compression and bottling
Chlorine (Cl2) Hydrogen (H2)
Global demand for Chlorine and Caustic Soda grows in line with GDP enabling strong and stable growth for thyssenkrupp nucera
Illustrative examples, not exhaustive
Chlor-Alkali market primarily driven by NaOH/Cl2 demand, operating rates, GDP growth, regulations and electricity costs
Supply side
Operating rate
Demand side
NaOH/Cl2 demand
H24
Brine
Chlorine
(Cl2)
Cl2
Chlorine
consumers
84.432 ktpa demand (~2% CAGR) 2030
Energy
Electrolysis
Membrane
1:1,1 ratio
(NaOH:Cl2)
Caustic Soda (NaOH)
NaOH
Electricity costs
Caustic soda
consumers 89.714 ktpa demand (~2% CAGR) 2030
GDP growth rate
Regulations
1. Methylene Diphenyl Diisocyanate 2. Contains amoung others: Epichlorohydrin, Toluene Diisocyanate, Propylene Oxide, Inorganics, Polycarbonates and Pulp & Paper
3. Contains amoung others: Soaps & Detergents, Water treatment, Epichlorohydrin and Propylene Oxide 4. Hydrogen is also a co-product but with marginal quantities not driving the CA production capacities
thyssenkrupp nucera is the global market leader in Chlor-Alkali membrane electrolysis
CA market installed capacity in operation (2023)1 Accumulated orders up to 20242
7.0 GW eq. H2 produced
from CA4
2 million t/year Cl2
from HCl-ODC3
43.7 million t/year Cl2
from CA
thyssenkrupp nucera
Global Top 3 competitors and others
Main suppliers of CA membrane technologies
1. Company estimate 2. Company information as of September 2024, time period from 1977 to 2024 3. HCl-ODC = Hydro-chloric acid - Oxygen-Depolarised Cathode 4. 7.0 GW installed power to get the same amount of H2 produced from CA also from AWE electrolyzers
Innovative CA and HCl solutions for industrial progress
Chlor-Alkali (CA) Electrolysis
Product portfolio
Hydrochloric Acid (HCl) Electrolysis
Local production of Chlorine (Cl2), Caustic Soda (NaOH) and Hydrogen (H2)
Recycling of HCl into Chlorine (Cl2) and Hydrogen (H2)
BM1 BiTAC2 NaCl ODC3
HCl Diaphragm
HCl ODC4
1. Bipolar membrane electrolyzer; 2. BiTAC: Bipolar Tosoh and Chlorine Engineers; 3. ODC: Oxygen Depolarized Cathode; 4. Recycling HCl at low energy consumption
Technology Approach
Continuous improvement to ensure
cost competitiveness and technology leadership
Short innovation cycles with consistent focus on quality and safety
Expand services to ensure long-term performance of CA plants
New tool & design solutions reduce assembly and service downtimes
Expand offering for new installations
for customers preferring one-stop-shop solutions
Recent Innovations
New BM and BiTAC generations
contribute to more climate-friendly CA plants and offer higher performance thanks to an improved energy efficiency with easier maintenance and simpler installation
360° Life Cycle Service Portfolio for Chlor-Alkali plants launched
360°
SERVICE
State-of-the-art electrolysis solutions with 60 years of experience
Legacy of Leading Technology
System integration knowhow based
on reliable, durable and safe technology
Industry leading track record of delivering over 600 plants worldwide
Global service network as foundation of long-standing client
relationships
CA business underscoring continued strength
Customer from the Middle East selects thyssenkrupp nucera's
BM technology for large-scale
chlor-alkali plant
Record order intake in high
double digit million-euro range booked in Q2 2025/26
Good orderbook momentum & sales at all-time high
Order intake +15% yoy; service business with 60% service sales share in FY
Project execution well on track
100% of key project element shipments for OxyChem completed
New and improved BM and BiTAC generations
Worldwide lowest power consumption
Digitalization enhances customer experience
New 360° Lifecycle Service Portfolio launched
Growing, profitable and cash-generating business, providing stability and resilience for the Group
Our key Chlor-Alkali projects
Chlorum Solutions USA
Covestro
Kumho Mitsui Chemicals
OxyChem
Chlorum Solutions Group
CMDC
Unipar
TGV SRAAC