Industrie De Nora (DNR) Q4 2025 TU earnings summary

Executive summary

• Preliminary 2025 results show revenue and margin growth, with adjusted EBITDA margin above guidance, driven by Energy Transition and Water Technologies businesses.

• Major green hydrogen projects (NEOM in Saudi Arabia and Stegra in Sweden) completed, positioning the company as a global leader in AWE technologies.

• Expansion into high-growth markets like lithium refining, recycling, and PFAS removal aligns with strategic focus on resource security and sustainability.

• 2026 expected to be challenging due to limited visibility in green hydrogen and a potential slowdown in Electrode Technologies, but Water business growth is anticipated.

Financial highlights

• Preliminary 2025 revenues reached €875.0 million, up 1.4% year-over-year; currency effects negatively impacted by €25 million, net growth would have been 4.4%.

• Adjusted EBITDA for 2025 was €171.8 million, up 9.1% from 2024, with a margin of 19.6% (vs. 18.2% in 2024).

• Net financial position as of December 2025 was positive with net cash of €87 million, up €20 million from the previous year, supported by €115 million in operating cash flow.

Outlook and guidance

• 2026 revenue guidance is €750–850 million, reflecting uncertainty in green hydrogen project timing and a temporary slowdown in Electrode Technologies.

• Water business expected to achieve mid-single-digit growth in 2026, supported by Pools and WTS backlog.

• Adjusted EBITDA margin for 2026 forecasted at 15–18%.

• Previous 2027 guidance is no longer confirmed due to ongoing uncertainty in the green hydrogen segment.