thyssenkrupp nucera (NCH2) Q2 2025 earnings summary

Executive summary

• Achieved 31% year-over-year sales growth in Q2 2024/25, with both Chlor-Alkali and Green Hydrogen segments contributing and strong execution of order backlog and cost containment.

• Chlor-Alkali segment showed robust commercial momentum, especially in New Build and Service business, significantly supporting positive cash flow and financial stability.

• Green Hydrogen project pipeline remains substantial, with Europe as the most attractive region for near-term growth and major projects like NEOM and Stegra progressing well.

• Maintained a strong financial position with net financial assets of EUR 676 million as of March 31, 2025, and positive free cash flow.

• Full-year guidance for 2024/25 confirmed, expecting to reach the upper half of sales and EBIT ranges.

Financial highlights

• Q2 2024/25 group sales: EUR 216 million (+31% YoY); H1/6M sales: EUR 479 million (+29% YoY).

• Q2 EBIT improved to EUR -4 million from EUR -14 million YoY; H1/6M EBIT up to EUR 4 million from EUR -15 million YoY.

• Q2 net income/result: EUR -3 million (up from EUR -10 million YoY); H1/6M net income at EUR 6 million (up from EUR -7 million YoY).

• Q2 EPS: EUR -0.03 (Q2 2023/24: EUR -0.08); H1/6M EPS: EUR 0.05 (H1/6M 2023/24: EUR -0.06).

• Gross margin improved to 9% in Q2 and 10% in H1/6M 2024/25.

Outlook and guidance

• FY 2024/25 group sales expected between EUR 850–950 million; EBIT between EUR -30 million and EUR 5 million, with upper half of ranges achievable.

• Green Hydrogen sales forecasted at EUR 450–550 million, EBIT to improve but remain negative; Chlor-Alkali sales expected at EUR 380–420 million, with positive EBIT likely below prior year.

• Guidance confirmed based on strong order backlog and project execution.

• Up to 60% of actively pursued projects could reach contract date by end of FY 2025/26.

• Sales in H2 expected to be similar to Q2, with Stigra project driving green hydrogen revenue.