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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Industrie De Nora
Industrie De Nora (DNR) investor relations material
Industrie De Nora Corporate presentation summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Corporate presentation summary10 Nov, 2026
Business profile and strategic positioning
FY 2025 revenue was €875m: Electrode Technologies 53%, Water Technologies 35%, and Energy Transition 12%.
Leadership positions include >50% share in chlor-alkali, >80% in pool disinfection, and a top-five position in municipal disinfection and filtration.
The portfolio spans industrial electrodes, water disinfection and filtration, alkaline water electrolysis, and electrochemical lithium refining and recycling.
Global footprint includes 32 offices, 15 manufacturing sites, five R&D labs plus an innovation center, and 2.5 GW-equivalent Energy Transition capacity.
Green hydrogen projects include NEOM 2.2 GW, with 33,000 cells delivered, and STEGRA 740 MW, with 11,000 cells delivered.
9M 2026 financial performance
Revenue €628.1m, +2.8% YoY at constant FX and +0.1% organic at constant FX; includes IWS from 1 July and €2.4m of IPCEI non-recurring revenue.
Adjusted EBITDA €123.2m and 19.7% margin on €625.7m recurring revenue; organic adjusted EBITDA margin was 20.9%.
Net result €53.5m; €69.4m excluding associates’ result, +12.6% YoY on that basis.
Net financial position was net debt of €94.6m; excluding M&A and public-funding receivables, net debt was broadly in balance.
Backlog reached €723.1m at 30 Sep. 2026, +60.6% vs. Dec. 2025 including IWS and +19.3% organically.
Business momentum
Electrode Technologies order intake rose 23% YoY and backlog increased 21% vs. Dec. 2025, with orders across product lines.
Water Technologies orders rose 28% YoY and backlog doubled vs. Dec. 2025; Pools and IWS contributed to order growth.
Energy Transition won the 300 MW MOEVE Onuba award; segment backlog was €39m, with two Japan lithium-recovery projects nearing completion.
Water project wins included PFAS filtration for a US steel plant, semiconductor water-treatment projects, and a Hong Kong chlorine-generation system.
IWS contributed €16.4m of 9M revenue; its acquisition added ~$190m of backlog, with $7m annual cost synergies targeted by Year 3 and 30% expected in 2027.
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Latest events from Industrie De Nora
- Orders rose 30% and backlog reached €723.1m, supporting FY guidance despite IWS delays.DNR
Q3 2026 - Energy Transition revenue surged as 2023 net profit included a €133m listing gain.DNRQ4 2023
- Higher 2026 margin guidance accompanies expanding water and energy-transition opportunities.DNRCorporate presentation
- Strong H1 2026 growth, expanding in green hydrogen and water, with robust sustainability progress.DNRCompany presentation
- Margin rose to 20.4% in H1 2026, led by Water Technologies and BW Water acquisition.DNRQ2 2026
- Record backlog and strong order growth in Q1 2026, boosted by BW Water acquisition and ESG progress.DNRCompany presentation
- Q2 recovery and Water Tech growth offset H1 dip; 2024 outlook is for low single-digit growth.DNRQ2 2024
- Q1 2025 revenue up 6%, EBITDA margin 19.7%, and 2025 guidance confirmed despite sector headwinds.DNRQ1 2025
- 2024 delivered €862.6M revenue, 18.2% margin, and strong 2025 growth visibility.DNRQ4 2024
Next Industrie De Nora earnings date
Q4 202619 Mar, 2027
Industrie De Nora
Next Industrie De Nora earnings date
Q4 202619 Mar, 2027
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Frequently asked questions
Industrie De Nora is an Italian multinational company, listed on Euronext Milan stock exchange, specialized in electrochemistry, sustainable technologies, and industrial green hydrogen production chain. The Company has a portfolio of products and systems to optimize the energy efficiency of key industrial electrochemical processes and a range of products and solutions for water treatment. Industrie De Nora is a supplier of activated electrodes (serving a broad portfolio of customers operating in the fields of chlorine & caustic soda production, components for electronics, non-ferrous metal refining), and water filtration and disinfection technologies (for the industrial, municipal, and marine sectors) and the world's leading supplier of swimming pool disinfection components. The company was founded in 1923, and is headquartered in Milan, Italy.