Industrie De Nora (DNR) Q3 2026 earnings summary

Executive summary

• 9M revenue was €628.1m, down 0.5% reported but up 2.8% at constant FX; organic constant-FX revenue grew 0.1%. Adjusted EBITDA margin was 19.7%.

• Orders rose 30% to €760m and backlog reached €723.1m, up 60.6% from year-end 2025; IWS contributed €186.1m to backlog.

• Revenue growth reflected Pools expansion and IWS, offset by lower Energy Transition revenue and FX impacts.

Financial highlights

• Revenue was €628.1m versus €631.3m; operating profit rose to €99.2m from €94.8m, while net profit fell to €53.5m from €60.4m.

• Adjusted EBITDA was €123.2m versus €124.4m, with a 19.7% margin; reported EBITDA was €125.9m versus €121.4m.

• Income excluding equity-accounted investment results was €69.4m, up 12.6%; net financial expenses fell to €3.8m from €7.0m, while associates’ results were a €15.9m loss.

• Net financial position was €94.6m net debt at September 30, versus €86.7m net cash at FY 2025; dividends distributed were €20.5m.

Outlook and guidance

• FY 2026 revenue guidance is €880m–€900m, comprising organic revenue of €830m–€850m and IWS revenue of €50m–€60m.

• Organic adjusted EBITDA margin is expected at 19%–20%, toward the upper end; consolidated margin guidance is 17%–18%.

• IWS is expected to have a slightly negative EBITDA margin; excluding one-off contract reassessment effects, performance was substantially at break-even. Synergies are expected from 2027.

• CapEx guidance was reduced to €70m following delays to the Milan headquarters expansion; the Gigafactory is expected to be completed by end-2026.

• Segment outlook: low-single-digit revenue decline in Electrode Technologies, low-double-digit organic growth in Water Technologies excluding IWS, and ~€20m Energy Transition revenue.