Industrie De Nora (DNR) Corporate presentation summary

Business portfolio and positioning

• FY 2025 revenue mix: Electrode Technologies 53%, Water Technologies 35%, Energy Transition 12%; leadership includes >50% share in chlor-alkali electrodes and >80% in pool disinfection.

• Products span industrial electrodes, water treatment and filtration, alkaline water electrolysis, and electrochemical lithium refining and recycling.

• Global footprint includes 32 offices, 15 manufacturing sites, five R&D labs plus one Innovation Center, and 275 patent families.

• BW Water acquisition closed 1 July 2026; pro forma 2025 revenues were ~€1bn, and BW Water added ~ $190m backlog and an estimated $7m annual cost synergies by Year 3.

H1 2026 financial performance

• Revenue €403.1m, +2.3% YoY at constant FX; adjusted EBITDA €81.8m and 20.4% margin on recurring revenues; adjusted net result €30.7m.

• Electrode Technologies revenue €199.4m; Water Technologies €190.9m; Energy Transition €12.8m. Adjusted EBITDA margins were 20.9%, 25.2% and not meaningful, respectively.

• Organic backlog reached €504m at 30 June, +11.9% vs. Dec. 2025; pro forma backlog including BW Water was €658.2m.

• Net financial position shifted from €86.7m net cash at FY 2025 to €30.1m net debt at June 2026, reflecting H1 working-capital seasonality and higher raw-material costs.

• 2026 guidance raised to €830m–€850m revenue and 18%–20% adjusted EBITDA margin; capex guidance €80m. BW Water consolidation starts in Q3, with ~ $90m H2 revenue expected.

Growth priorities and mid-term outlook

• Green hydrogen backlog was €42m, including the second Moeve order tranche; 300 MW of Moeve orders valued at ~€30m–€40m were booked, with ~1.6 GW of large-scale projects in FEED.

• 2025 hydrogen projects included NEOM 2.2 GW and Stegra 740 MW; 33,000 and 11,000 electrochemical cells were delivered, respectively.

• Lithium activity includes Japanese recovery projects, a €10m+ Tuleva project under finalization, and partnerships with Mangrove Lithium and Reed Advanced Materials.

• Mid-term framework: organic revenue growth of 2%–4% CAGR; adjusted EBITDA margin 15%–19%; Water Technologies revenue growth 5%–8%, with 17%–19% margin.

• Capital priorities include annual maintenance capex of €35m–€40m, positive FCF excluding M&A, and dividend payout up to 25%; M&A to expand technology, turnkey solutions and market access.