Industrie De Nora (DNR) Q1 2026 earnings summary

Executive summary

• Q1 2026 delivered solid profitability and a record core business backlog, despite revenue declines driven by Electrode Technologies and Energy Transition, partially offset by strong growth in Water Technologies.

• New orders increased 33% YoY, driving backlog to its highest level since 2023.

• Progress in energy transition initiatives, including the first order for the Moeve green hydrogen project in Spain and major lithium refining contracts.

• Net profit for Q1 2026 was €18.0M–€19.1M, up from €16.0M in Q1 2025.

Financial highlights

• Revenues were €178.5M, down 10.9% YoY (3.6% at constant FX); adjusted EBITDA was €36.0M with a 20.2% margin.

• Net cash position at March 31, 2026, was €2.5M, down from €86.7M at year-end due to working capital expansion and raw material costs.

• Investments in Q1 2026 totaled €11.1M–€11.5M.

• Gross margin was impacted by higher raw material costs, especially noble metals.

Outlook and guidance

• FY2026 guidance confirmed at the upper end: revenues expected at €750M–€850M, adjusted EBITDA margin at 15%–18%.

• Revenue growth to be driven by Electrode and Water Technologies; Energy Transition revenues expected at €15M–€60M.

• CAPEX for 2026 expected to be ~€80M, split evenly between maintenance/operations and gigafactory/real estate.