Industrie De Nora (DNR) Corporate presentation summary

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.