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Industrie De Nora (DNR) investor relations material

Industrie De Nora Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary31 Jul, 2025

Executive summary

  • H1 2025 delivered solid growth, with revenues up 3.8% year-over-year to €415.6M and adjusted EBITDA up 8.1%, driven by strong core business performance and expansion into PFAS treatment and lithium refining.

  • Profitability guidance for 2025 was upgraded, reflecting robust execution and resilience despite macroeconomic and geopolitical challenges.

  • Strategic focus on sustainability, innovation, and new market penetration, including green hydrogen, PFAS water treatment, and lithium recovery.

  • The business model's resilience was highlighted amid a volatile environment, with sustainability initiatives enhancing competitiveness.

Financial highlights

  • H1 2025 revenues reached €415.6M (+3.8% YoY, +4.6% at constant FX); adjusted EBITDA €81.4M (+8.1% YoY, margin 19.6%).

  • Adjusted net result was €39.7M (+2.5% YoY, 9.5% net margin); net cash position at €12.0M as of June 30, 2025.

  • Backlog stood at €521.8M, with Water Technologies backlog up 22% from year-end 2024; order intake around €380M.

  • Adjusted EBIT grew 7.4% to €63.5M; reported Net Income was €35.5M, down from €40.0M in H1 2024 due to non-recurring items.

  • Net Financial Position at June 30, 2025, was €12.0M, down from €67.1M at December 31, 2024, reflecting working capital expansion, investments, and dividend payout.

Outlook and guidance

  • 2025 revenue guidance confirmed at low single-digit growth; adjusted EBITDA margin guidance upgraded to 17–18% (from 17%).

  • Segment outlook: Water Technologies mid single-digit growth, Energy Transition high single-digit growth, Electrode Technologies slightly below 2024.

  • Backlog and project execution support confidence in meeting full-year targets, with significant revenue concentration in Q4.

  • 2026 guidance confirmed; no changes anticipated barring major market shifts.

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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.

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