thyssenkrupp nucera (NCH2) Q2 2026 earnings summary

Executive summary

• Q2 order intake surged to EUR 316 million, nearly quadrupling year-over-year, driven by major green hydrogen and chlor-alkali projects, with order backlog rising to EUR 732 million by March 2026.

• Major new contracts include a 300 MW electrolyzer in Spain, a 260 MW FEED study in India, and a record chlor-alkali order in the Middle East.

• Innovative offerings launched, including a 360-degree lifecycle service portfolio and a 120 MW plug-and-play electrolyzer system.

• Quarterly financials were significantly impacted by one-time project costs, special items, and a contract termination in green hydrogen, but these are not expected to recur in the second half.

• Strategic cost containment and efficiency programs launched to address market softness and improve competitiveness.

Financial highlights

• Q2 order intake reached EUR 316 million (+279% YoY), with green hydrogen at EUR 176 million and chlor-alkali at EUR 140 million; order backlog at EUR 732 million.

• Q2 sales declined 77% year-on-year to EUR 50 million, mainly due to one-time effects and project-specific cost overruns in green hydrogen; 6M sales at EUR 197 million (-59% YoY).

• Q2 EBIT was EUR -65 million (vs. EUR -4 million prior year), driven by EUR 78 million EBIT loss in green hydrogen; 6M EBIT at EUR -69 million.

• Q2 net income was EUR -64 million; EPS at EUR -0.50; 6M net income at EUR -66 million, EPS at EUR -0.53.

• Free cash flow for 6M was EUR 3 million; Q2 free cash flow improved to EUR 9 million; net financial assets stable at EUR 655 million.

Outlook and guidance

• Full-year 2025/26 order intake expected at EUR 550–850 million, sales at EUR 450–550 million, and EBIT at EUR -80 to -30 million.

• Green hydrogen segment sales expected at EUR 120–170 million, EBIT at EUR -125 to -90 million; chlor-alkali sales at EUR 320–400 million, EBIT at EUR 45–65 million.

• One-time effects from green hydrogen will impact this year’s results, but operational performance and guidance remain sound.