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: Electrode Technologies 53%, Water Technologies 35%, Energy Transition 12%.

• Recent acquisition of BW Water expands reach into high-growth sectors like semiconductors, desalination, and mining, and strengthens presence in Southeast Asia.

• Over 2,300 employees, 15 manufacturing sites, and 33 offices worldwide, with a pro forma 2025 revenue of ~€1bn including BW Water.

• Innovation driven by 275 patent families and five R&D labs, supporting leadership in advanced electrochemical and water solutions.

Q1 2026 financial performance

• Revenues at €178.5m, down 3.6% YoY at constant FX, with solid profitability and a 20.2% adjusted EBITDA margin.

• New orders up 33% YoY, driving backlog to €506.6m (+12.5% vs Dec 2025), the highest in two years.

• Electrode Technologies and Water Technologies delivered €85.6m and €84.9m in revenues, respectively; Energy Transition at €8.0m.

• Water Technologies saw triple-digit growth in pool orders and backlog, with strong performance in North America.

• Energy Transition backlog does not yet include €30–40m from the MOEVE project, to be booked by Q2 2026.

2026 guidance and mid-term outlook

• 2026 revenue guidance: €750–850m, trending toward the upper end; adjusted EBITDA margin expected at 15–18%.

• Water Technologies projected for mid single- to low double-digit growth; Electrode Technologies expected to decline slightly.

• CAPEX guidance at ~€80m, split evenly between maintenance/operations and gigafactory/real estate.

• Mid-term strategy focuses on leveraging technology leadership, expanding service offerings, and entering new high-growth markets.

• Financial framework targets 2–4% annual organic growth, with Water Technologies growing 5–8% and group EBITDA margin at 15–19%.