Industrie De Nora (DNR) Company presentation summary

Business overview and strategic positioning

• Global leader in electrode technologies, water treatment, and energy transition solutions, with a strong presence in green hydrogen and circular economy markets.

• FY 2025 revenues split: 53% Electrode Technologies, 35% Water Technologies, 12% Energy Transition.

• Over 50% market share in key segments, with significant leadership in pools and municipal water treatment.

• Recent BW Water acquisition expands integrated water solutions and boosts backlog and revenue growth.

• Ambition to pioneer clean solutions in water, circularity, hydrogen, and electrochemical processes.

H1 2026 business achievements

• H1 2026 revenues reached €403.1m, with adjusted EBITDA of €81.8m and net result of €30.7m.

• Strong order intake in Electrode Technologies (+27.9% YoY), robust backlog in Water Technologies (1.9x vs Dec. 2025), and €42m Energy Transition backlog.

• Green hydrogen projects advancing, including major orders for the Andalusian Green Hydrogen Valley and lithium refining contracts.

• Gigafactory project on track, supporting innovation and manufacturing scale.

H1 2026 financial results and guidance

• Q2 2026 revenues accelerated (+4.4% YoY), driven by Water Technologies (+41.3% YoY) and stable Electrode Technologies.

• Pro forma backlog up 46% vs Dec. 2025, providing strong revenue visibility.

• Operating costs stable; adjusted EBITDA margin improved to 20.4%.

• FY 2026 revenue guidance raised to €830m–€850m, with adj. EBITDA margin at the upper end of 15–18%.