thyssenkrupp nucera (NCH2) Q1 2026 earnings summary

Executive summary

• Q1 performance was resilient and aligned with expectations, with disciplined project execution and financials in line with full-year guidance.

• Strategic partnerships, such as with GIZ in India, are strengthening presence in priority growth regions and accelerating green hydrogen and Power-to-X markets.

• A record contract for a large-scale Chlor-Alkali plant in the Middle East was signed, boosting order backlog and to be recognized in Q2.

• Strong position in chlor-alkali and growing momentum in large-scale green hydrogen projects, supported by a robust and focused project pipeline.

• Order intake declined 21% year-over-year to EUR 75 million, mainly due to project shifts and delays in green hydrogen.

Financial highlights

• Q1 sales declined 44% year-over-year to EUR 147 million, with green hydrogen sales down 50% to EUR 77 million and chlor-alkali sales down 35% to EUR 70 million.

• EBIT fell to EUR -4 million from EUR 8 million in the prior year, impacted by lower sales and negative derivative effects.

• Net income was EUR -3 million, down from EUR 9 million in the previous year; EPS dropped to EUR -0.02.

• Free cash flow was EUR -5 million, with net financial assets stable at EUR 648 million.

• Order backlog at EUR 489 million as of December 2025, down from EUR 606 million at the end of September 2025.

Outlook and guidance

• Full-year guidance confirmed: order intake expected at EUR 350–900 million, sales at EUR 500–600 million, and EBIT between EUR -30 million and EUR 0 million.

• Green hydrogen sales forecasted at EUR 150–220 million; chlor-alkali sales at EUR 320–400 million.

• Cost containment measures to remain in place, with further SG&A reductions expected in the second half.

• Focus remains on converting 1.7 GW of engineering work into equipment contracts for green hydrogen.

• Chlor-alkali segment EBIT projected at EUR 40–65 million; green hydrogen EBIT at EUR -80 to -55 million.