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Industrie De Nora (DNR) investor relations material
Industrie De Nora Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved strong growth in all major financial indicators for the first nine months of 2025, with revenues up 5% to €631.3 million and adjusted EBITDA up 15.9% to €124.4 million.
Adjusted net income rose 22.1% year-over-year to €64.5 million, with net profit at €60.4 million and EPS at €0.30.
All divisions reported revenue growth; core Water and Electrode Technologies saw double-digit order intake and improved backlog.
Completed the NEOM green hydrogen project, delivering 2.2 GW of electrolyzers and over 820 MW of green hydrogen technologies.
Upgraded full-year 2025 adjusted EBITDA margin guidance to ~19%, reflecting strong profitability and market performance.
Financial highlights
Revenues reached €631.3 million, up 5% year-over-year, or 7% at constant FX.
Adjusted EBITDA margin improved to 19.7%, up 1.9 percentage points year-over-year.
Adjusted net income increased 22.1% to €64.5 million; operating profit (EBIT) was €94.8 million.
Net financial position improved to €38.8 million net cash as of September 30, 2025.
Operating cash flow for Q3 was approximately €48 million, with robust free cash flow supporting growth.
Outlook and guidance
2025 revenue guidance confirmed at low single-digit growth, with adjusted EBITDA margin guidance raised to ~19%.
Water Technologies expected to see mid single-digit revenue growth, Energy Transition high single-digit, and Electrode Technologies slightly decreasing.
Positive revenue trend in Pools expected to continue in Q4, with stable Water Technologies profitability.
Energy Transition backlog for hydrogen will be close to zero by year-end; new orders needed for 2026 revenue.
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