Industrie De Nora

Investor Presentation • Mar 18, 2024

Innovative Technologies Enabling Sustainable Future

2023 Results and Mid-Term View

March 18th 2024

W i t h y o u To d a y

Paolo Dellachà CEO

Massimiliano Moi CFO

Chiara Locati Head of IR & ESG

INNOVATIVE TECHNOLOGIES ENABLING SUSTAINABLE FUTURE A g e n d a

2023 Key Achievements & Business Review FY 2023 Results Review ESG Plan 2030

Mid-Term View and Guidance

Final Remarks 2023 Results

Q&A

DSA® Anode for Cathodic Protection

Leader in Coated Electrode Technologies

2 0 2 3 R e s u l t s O P E N I N G R E M A R K S

P r o f i t a b l e g r o w t h a n d s u s t a i n a b l e V a l u e C r e a t i o n

IMPROVING OUR MANUFACTURING CAPACITY

ESG PLAN 2030

CONSISTENT SHAREHOLDERS REMUNERATION

• +4% YoY Revenues at constant fx
• 20% EBITDA adj. margin
• • 1GW Technologies for Green H2 released
  • +140% YoY Revenues, 12% EBITDA margin
  • 3X Electrode production capacity in Suzhou (China)
  • €32 m from IPCEI granted for our Italian Gigafactory

• Green Innovation, Climate Action & Circular Economy
• 3.1 GWh PV installed in 2023, in Germani, Brazil and Italy

• €0.123 per share, proposed dividend

REVENUES INCREASE

€856.4m

Revenues

+0.4% YoY +4.0% @ constant forex exchanges

NET RESULT¹

+22.8%+180 bps

€231.1m (€89.7m in FY 2022)

27.0% margin on Revenue

SOUNDING PROFITABILITY

€171.1m EBITDA Adjusted

20.0% Ebitda Adj margin

CONFIRMED ENERGY TRANSITION'S GROWTH

€102.2m Revenue, +140% YoY

11.8% EBITDA Adj. Margin

OPERATING CASH FLOW²

€172 m €98 m in Q4 2023 SOLID CAPITAL STRUCTURE³

€68.2m

Net Cash Position (€51.3m @ 31 Dec. 2022)

E l e c t r o d e s T e c h n o l o g i e s B u s i n e s s V o l u m e g r o w t h a n d s o l i d p r o f i t a b i l i t y

Electrode Technologies Business: 54% of total revenues

Revenues grew by 2.4 % YoY at constant fx, supported by Chlor- Alkali volumes

Sounding 25% Ebitda Adj. margin, and after market revenues at 42% of revenues

New Orders: momentum in Chlor-alkali, mainly driven by technological upgrade

Suzhou (China) plant expansion: tripled our flexible Electrode production capacity.

Key projects on-going

Oxy project - US

Membrane Chlor-alkali Technological Upgrade Unipar Project - US Membrane Chlor-alkali Technological Upgrade Sadara project - Saudi Maintenance of HCl electrolyzer

2 Chlor Alkali projects- in China Significant projects for new plant development Starting in 2024

W a t e r T e c h n o l o g i e s B u s i n e s s

R e c o r d g r o w t h i n t h e W T S , w h i l e P o o l s ' d e s t o c k i n g i s o v e r

Water Technologies Business 34% of total revenues

2023 NEW WTS ORDERS

Municipal

51%

Industrial

49%

Water Technologies Systems (WTS) reported a record year as revenues grew by 17%, and increased profitability. After Market revenues 37%

Strengthened Brand Awareness in Saudi Arabia (AL Jubail project, MOU with ACWA Power)

WTS's Positive trend is expected to continue in 2024 and beyond, based on strong macro trends

Pools: the destocking phase, which impacted 2023 results, ran out in Q4 '23.

W a t e r T e c h n o l o g i e s S y s t e m s O u r F l a g s h i p P r o j e c t s i n e x e c u t i o n

Water Technologies Systems (WTS) projects on-going

Tubli-STP Expansion Phase 4

End user: State of Bahrain

One of the largest civil Ozone plant treating sewage water for agricultural use.

Capital Controls® Ozone

Electrochlorination Project

End user: energy customer in the Middle East. Our SEACLOR® technology for the disinfection of seawater intakes and open cooling water circuits.

Cyanide Polishing Unit

End user: Steel Company in Brazil Ozone technology for advanced wastewater treatment to remove harmful pollutants.

SEACLOR® Onshore Seawater Biofouling Control

Al Jubail Desalination Plant

End user: industrial city in Jubail

SEACLOR®, DE NORA TETRA®, Capital Controls® Underwater Chlorine Dioxide Generators technologies for the development of the largest Sea Water Reverse Osmosis desalination plant for potable water.

Filtration plant upgrade

End user: municipality in the US, Florida DE NORA TETRA® technology, aimed at urban wastewater treatment, producing water for irrigation and fertilization.

systems A key project completed in 2023

Hong Kong Water Project

End user: Hong Kong Water Supplies Department Largest installation of CECHLO® - MS System providing safe and reliable water to the residents of Hong Kong

On-Site Generator

CECHLO®

8

E n e r g y T r a n s i t i o n B u s i n e s s P r o f i t a b l e G R O W T H t o d e c a r b o n i z e h a r d - t o - a b a t e i n d u s t r i e s

Energy Transition Business: 12% of total revenues

Our Growth KPIs:

1GW of Green H² technologies delivered, €102m revenue (+140% YoY), positive 11.8% Ebitda adj. margin

New Orders: 700+ MW, project in Sweden by thyssenkrupp nucera signed in Feb.2024.

Record Backlog €204m or 2.2 GW, including Feb. 2024 new orders

Enhancing manufacturing capacity to 2.5 GW with the Suzhou (China) plant expansion

O u r G r e e n H y d r o g e n P r o j e c t s

Main Projects in Execution / Backlog

NEOM, Saudi Arabia, Largest H2 Project Globally part of > 2 GW tot project H2 to Green Ammonia

Green Steel project, Sweden the first large-scale green steel plant in the EU 700+ MW H2 to Steel – Hard to abate industry

Main Orders Completed in 2023

Camacari Complex 1° industrial-scale green H2 Site in Brazil Part of 60 MW H2 to Fertilizers

Shell, Holland Holland Hydrogen I, LargestH² Project in Eu 200 MW H2 to Refinering Processes

Reservation Capacity in our pipeline as Hot Deals

«Next Company» high multi-hundred MW Green H² project in North America H2 to Refinery Processes *Feb.2024

10

© 2023 De Nora

INNOVATIVE TECHNOLOGIES ENABLING SUSTAINABLE FUTURE A g e n d a

2023 Key Achievements & Business Review

FY 2023 Results Review

ESG Plan 2030

Mid-Term View and Guidance

Final Remarks 2023 Results

Q&A

SEACLOR® Onshore Seawater

Leading provider of Water Disinfection and Filtration Technologies

Q 4 R e s u l t s B e s t 2 0 2 3 q u a r t e r i n R e v e n u e s , E B I T D A

112

Q1 2023 Q2 2023 Q3 2023 Q4 2023

20

KEY HIGHLIGHTS

REVENUES +8% Q4 '23 vs Q3'23

• Energy Transition +58% , projects in line with schedules. All-time high Quarter
• Water Tech. + 22% supported by WTS growth and pools stabilization
• Electrodes Tech. impacted by fx

81

Energy Transition

Water

Technologies

Electrode Technologies

EBITDA ADJ – Solid Profitability

• Stable Electrode Tech. margin,
• Energy Transition improved, leveraging volumes
• Water Tech. improved supported by WTS' volume and pools stabilization

12 © 2024 De Nora

F Y 2 0 2 3 G R O W I N G R E V E N U E S …

… d e s p i t e a c h a l l e n g i n g s c e n a r i o , + 4 % a t c o n s t a n t f o r e x

KEY HIGHLIGHTS

ELECTRODE TECHNOLOGIES

• +2.4% YoY at constant fx, mainly thanks to Chlor-Alkali
• Electronics impacted by market normalization after the post-Covid growth
• Aftermarket Revenues at 42%

WATER TECHNOLOGIES

• WTS¹: Record Year with a 17% growth, After Market revenues 37%
• Pools-46.8% YoY, due to destocking that nevertheless is over since Q4'23

ENERGY TRANSITION

• +140% YoY due to a solid backlog and projects execution in line with schedule.

F Y 2 0 2 3 B A C K L O G

E n e r g y T r a n s i t i o n : r e c o r d B a c k l o g c o n s i d e r i n g t h e n e w o r d e r s i n F e b r u a r y

KEY HIGHLIGHTS

ELECTRODE TECHNOLOGIES

• Project execution in Chlor-Alkali and Electrowinning, partially off-set by new orders

WATER TECHNOLOGIES

• WTS projects advancements drove the backlog evolution. New orders incoming in Q1 2024 are already increasing our backlog

ENERGY TRANSITION

• Record Backlog €204 m (2X 2023 Revenues) considering new orders received in Feb'24

E N E R G Y T R A N S I T I O N P I P E L I N E @ F E B . 2 0 2 4

15

T r a n s f o r m i n g o u r f a s t g r o w i n g 6 3 G W p i p e l i n e i n b a c k l o g

¹The Backlog includes the new orders achieved by tk nucera, for the project in Sweden, in Feb.2024. ²Hot Deals: projects with high probability of award in the short term. ²Actively pursued projects in which our partners, and especially those with whom we are closely cooperating, have been having active interactions ³Identified pipeline: Projects with which our partners had first interactions. ⁴Roland Berger: total credible announced project capacity expected operational in 2030 . ⁵Roland Berger: cumulated AWE market at 2030.

S o l i d p r o f i t a b i l i t y , e x c e e d i n g t h e G u i d a n c e F Y 2 0 2 3 E B I T D A A D J U S T E D

KEY HIGHLIGHTS

ELECTRODE TECHNOLOGIES

• Solid profitability despite challenging scenario
• Changes vs. 2022 reflect product mix with lower contribution by the electronics division

WATER TECHNOLOGIES

• WTS best EBITDA since 2015, low doubledigit, nevertheless offset by Pools' volume normalization

ENERGY TRANSITION

• Double Digit EBITDA margin in line with plan
• R&D costs accounted for 10% of revenues

F Y 2 0 2 3 R E S U L T S : F R O M E B I T D A T O A S T R O N G N E T R E S U L T

KEY HIGHLIGHTS

EBIT improved by €9 m in FY 2023 as a result of the:

• EBITDA performance,
• Dep. slightly increase due to Capex, more than offset by the positive effects of provision releases

FY 2023 Net Result includes € 133 million of non- recurring profit following the nucera's IPO process

FY

2022

N e t W o r k i n g C a p i t a l E v o l u t i o n F Y 2 0 2 3 R E S U L T S

(€m) NWC % Sales 32.9% 36.4% Inventories 295.5 287.0 257.1 Contract WIP 16.4 31.1 31.7 Trade Receivables 123.4 140.3 141.9 Trade Payables (80.6) (77.0) (106.8) Other current assets and liabilities (74.6) (66.1) (59.4) Net Working Capital 280.2 315.3 264.6 FY 2022 9M 2023 FY2023 Inventories % of sales 34.6% 33.1% 30.0% DSO 68 73 67 DPO 49 52 74 30.9% 280.2 315.3 264.6 31 Dec 22 30 Sep 23 31 Dec 2023

KEY HIGHLIGHTS

NWC improvement in Q4 2023 reaching the lower incidence on Revenues in the last 3Yrs

The performance vs Q3 2023 reflects

• Consistent reduction in Inventories

• Expansion of Trade payable due to the high level of Capex carried out in the last months of the year.

Inventories rate on revenues improved in line with the target at 30%

N E T F I N A N C I A L P O S I T I O N @ 3 1 D E C E M B E R 2 0 2 3

S o l i d c a s h f l o w g e n e r a t i o n , k e e p i n g a s t r o n g F i n a n c i a l S t r u c t u r e

INNOVATIVE TECHNOLOGIES ENABLING SUSTAINABLE FUTURE A g e n d a

2023 Key Achievements & Business Review

FY 2023 Results Review

ESG Plan 2030

Mid-Term View and Guidance

Final Remarks 2023 Results

Q&A

Oronzio De Nora, Politecnico's Labs Milan 1923.

Sustainable By DNA Committed to be an ESG Champion

O U R E S G A M B I T I O N S E S G m a t e r i a l t o p i c s a t t h e b a s e o f t h e s u s t a i n a b i l i t y P l a n 2 0 3 0

10 MATERIAL TOPICS

• Green Innovation
• Circular Economy

Climate action

• Employee H&S
• Responsible Supply Chain
• Employee Diversity, Equity & Inclusion
• Product Quality & Safety
• Business Ethics
• Biodiversity (incl. water)
• Community Engagement

WHILE BOOSTING OUR CLIMATE ACTION PROFILE

E S G P L A N 2 0 3 0 P i l l a r s a n d K e y I n i t i a t i v e s

GREEN INNOVATION

• Product Scorecard (LCA based)
• Circular Design Guidance in the R&D process
• Reducing Noble Matels in products

CLIMATE ACTION & CIRCULAR ECONOMY

• Action Plan to reduce our Carbon Footprint
• Increase the use of renewable energy
• Improve our waste Mgmt. and packaging
• Enhance recycled key raw materials

PEOPLE: INCLUSION, WELLBEING, DEVELOPMENT

• Strengthen H&S governance and culture
• Mental health awareness project
• Affinity Networks and DE&I policy

LOCAL COMMUNITIES, SUSTAINABLE SUPPLY CHAIN

• Supplier evaluation and engagement
• ESG in procurement processes
• Educational partnerships

E S G T A R G E T S Q u a n t i t a t i v e t a r g e t s t o a c c e l e r a t e o u r E S G j o u r n e y

Pillars	Key ESG Plan Targets (baseline 2022)	Download the ESG Plan 2030
GREEN INNOVATION	• Introduce LCA guidance in R&D processes • Develop Product Scorecard, • 100% products assessed with scorecard in 2027 • > 80% R&D spend with a positive impact on SDGs by 2026 • noble metal contents in products1 -4% by 2026
CLIMATE ACTION & CIRCULAR ECONOMY	• - 50% Scope 1, Scope 2, Scope 3 intensity by 2030 • SBTi submission • 100% Renewable energy by 2030 • 40% wood packaging reused • 80% deforestation-free wood packaging by 2030 • 5% recycled content in noble metals by 2030
PEOPLE & LOCAL COMMUNITES	• DE&I Policy • 100% site certified ISO 450001 by 2025 • Mental Health Awareness Program, all territories with a hot line by 2026 • 2 suppliers audited, by 2025 • > 50%2 Suppliers ESG evaluated by 2030
GOVERNANCE ETHICS AND COMPLIANCE	• Conflict of Mineral disclosure • 20% target ESG linked in CEO short and mid term remuneration (10%+ key managers)

1. The figure relates to 3 main product lines: Membrane, Pools and Electrochlorination, Alkaline Water Electrolysis. 2 By spend.

E S G G O V E R N A N C E

4

N e w p e r m a n e n t o r g a n i z a t i o n t o s u p p o r t p l a n e x e c u t i o n

M A I N 2 0 2 3 E S G A C H I E V E M E N T S

O u r j o u r n e y c o n t i n u e s …

INNOVATION

GREEN

• 22% Vitaly index
• +17 New Patents, reached 281 family patents
• 66% R&D costs in Energy Transition
• -5% noble metal in products¹ vs'21

ECONOMY

• Scope 1 and 2 emission intensity flat

CLIMATE ACTION & CIRCULAR

• Scope 3 first disclosure
• 3.1 GWh PV plants installed
• +25% Electrodes reused vs 2022

PEOPLE & LOCAL COMMUNITES

• Great Place to Work Award in Italy
• +9% training Hours vs'22
• +22% women in managerial roles
• 64% Local Spent

GOVERNANCE ETHICS AND COMPLIANCE

• Anti-Corruption Policy, 90% employees trained
• Human Rights Policy adopted
• 20% target ESG linked in CEO remuneration

Leading External Recognition2

1. Membrane, Pools and Electrochlorination, Alkaline Water Electrolysis. 2. The use by De Nora of any MSCI ESG RESEARCH LLC or its affiliates ("MSCI") data, and the use of MSCI logos, trademarks, service marks or index

25 © 2024 De Nora names herein, do not constitute sponsorship, © 2023 De Nora endorsement, recommendation, or promotion of De Nora by MSCI. MSCI services and data are the property of MSCI or its information providers and are provided 'as-is' and without warranty. MSCI names and logos are trademarks or service marks of MSCI.

M A I N 2 0 2 3 A C H I E V E M E N T S

C l i m a t e A c t i o n a n d C i r c u l a r E c o n o m y , o u r p o s i t i v e i m p a c t

12% Revenues in Energy Transition 1 GW technologies for green H2 generation

24% Revenues in WTS for Water Disinfection and Filtration

EU TAXONOMY

9% Revenues aligned (~80% on Energy Transition BU)

22% Capex aligned

~19% of Revenues eligible for the goal Transition to a Circular Economy

Sustainable By DNA

INNOVATIVE TECHNOLOGIES ENABLING SUSTAINABLE FUTURE A g e n d a

2023 Key Achievements & Business Review

FY 2023 Results Review

ESG Plan 2030

Mid -Term View and Guidance

Final Remarks 2023 Results

Q&A

AWE Stack

Sustainable and Profitable Growth, while investing for the future

GPS – GROWTH PERFORMANCE SUSTAINABILITY

GROWTH & MARKET POSITIONING €1 bn company in 2025

• Deliver step-change organic growth driven by energy transition in partnership with the leading players
• Pursue profitable growth in both Electrode and Water Technologies
• Focus on after-market expansion
• Well- balanced growth across EMEIA, APAC and Americas

PRODUCT LEADERSHIP

• Evolve our Energy Transition portfolio, targeting LCOH reduction ¹
• Innovative and Sustainable Electrodes Optimizing Noble Metal Usage
• Enhance Water portfolio value proposition leveraging on electrochlorination techs

• Strategic CAPEX allocation, responding with flexibility to changes in trends
• Effectiveness through digitalization, lean transformation, and highest automation

SUSTAINAIBILITY IMPLEMENTATION

• Accelerate our sustainability journey by executing ESG Plan
• Implement People Strategy ("Superior") to sustain the organization's development

M A R K E T O U T L O O K – 2 0 2 4 - 2 0 2 6

D i f f e r e n t g r o w t h s p e e d s o f o u r m a r k e t s

E L E C T R O D E T E C H N O L O G I E S

C o n s o l i d a t e a n d i m p r o v e o u r n . 1 p o s i t i o n

Market Evolution

Chlor-Alkali

Stable in 2024, recovery in 2025-2026. Growth's driver: Technological upgrades

Electronics

Slight recovery for PCBs and Copper Foil. Electrodes for batteries' copper will see demand increase from 2025

Electrowinning

Stable installed capacity for Nickel and Cobalt EW

Competitive Scenario

• China remains a competitive market, with local players, providing lower performing techs.
• Limited competition in US and EU

Strategic Guidance

• Innovative and Sustainable Electrodes
• Optimizing Noble Metal Usage
• Maintaining Customer and Partner Relationships
• Investing in manufacturing capacity
• Focus on Aftermarket development

De Nora's Strengths

• Undisputed industry leadership
• Global and balanced geographic footprint
• Proprietary technologies, continuous R&D
• Long-term customer relationship
• Growing Aftermarket business

WAT E R T E C H N OLOG I E S

S t r e n g t h e n o u r c o m p e t i t i v e p o s i t i o n v i a o r g a n i c g r o w t h a n d M & A

Market Evolution

WTS

• Investments in municipal and energy sectors
• Demand for on-site electrochlorination technologies
• Focus on water-stressed areas (USA, China, Saudi)
• New PFAS Regulation and Public funding in AMS, EU

Pools:

Ongoing revocery

Competitive Scenario

WTS

• Large global players, not focusing on electrochlorination techs
• Many small local competitors

Pools

Limited competition on our technology

Strategic Guidance

WTS

• Focus on electrochlorination and on-site chlorine generation (CECHLO® system)
• Develop disinfection and filtration line
• Full commercialization of PFAS destruction

Pools

consolidation and improvement of our competitive positioning

De Nora's Strengths

• High revenue diversification (Geo, Mkts, Techs)
• Comprehensive and advance portfolio of technologies
• Undisputed leading position in Pools market (electrochlorination)

E N E R GY T R A N S I T I O N

L e a d t h e m i d - l o n g - t e r m g r o w t h o f G r e e n H y d r o g e n

Market Evolution

• 85-120 GW electrolyzer capacity by 2030
• AWE preferred large-scale projects, 80% share in 2030
• Regulatory in EU & US could accelerate market development

Competitive Scenario

AWE

• Limited suppliers of AWE electrodes
• Chinese and Western competitors offer lowervalue solutions
• tk nucera is continuing to be the market leader

Strategic Guidance

• Technology: focus on performance, costs, and sustainability
• Grow in partnerships with leading industry players
• Develop aftermarket for main contract (NEOM)
• Develop our small-scale electrolyzer (Dragonfly®)
• Invest in manufacturing capacity

• Cutting-edge proprietary technology
• Operational Excellence (legacy in CA)
• Distinctive global manufacturing capacity (2.5 GW)
• Best in-class R&D activities
• Profitable from the beginning
• Solid partnership with tk nucera

E N E R G Y T R A N S I T I O N P I P E L I N E @ F E B . 2 0 2 4

33

T r a n s f o r m i n g o u r f a s t g r o w i n g 6 3 G W p i p e l i n e i n b a c k l o g

¹The Backlog includes the new orders achieved by tk nucera, for the project in Sweden, in Feb.2024. ²Hot Deals: projects with high probability of award in the short term. ²Actively pursued projects in which our partners, and especially those with whom we are closely cooperating, have been having active interactions ³Identified pipeline: Projects with which our partners had first interactions. ⁴Roland Berger: total credible announced project capacity expected operational in 2030 . ⁵Roland Berger: cumulated AWE market at 2030.

F o c u s o n r e a d i n e s s a n d f l e x i b i l i t y t o m a r k e t t r e n d s

Ongoing investments in brown and green field projects

A M S E M E I A A S I A

▪ Increase existing plants' capacity with automation and technology upgrades. Energy Innovation Center

▪ Awarded, with tk nucera US\$50m by DOE for automation and innovations to reduce the cost of green H²

2023 2026E

2.5 GW eq.

elements

in Germany to enhance Energy Transition productivity • Greenfield Gigafactory

4.5 GW eq.

elements

manufacturing set-up

• Strengthen further

• Synergic plan of expansion for China & Japan. Multi-year scalable project
• Suzhou's first expansion phase completed in'23
• Okayama expansion ongoing

Brownfield

Greenfield

I T A L I A N G I G A F A C T O R Y P R O J E C T : S H A P I N G T H E F U T U R E O F G R E E N H ²

I n v e s t i n g i n i n n o v a t i o n a n d m a n u f a c t u r i n g c a p a c i t y

Greenfield project Italy – Cernusco sul Naviglio 25,000 sqm Construction will start H1 2024

Deployment

Capacity: 2GW technologies to generate Green Hydrogen

Financing Eligible for €63 m IPCEI funds Already Approved €32 m by Ita Gov.

ESG Profile

• PV solar panels / Geothermal Energy
• Smart Factory
• High Energy Efficiency
• New Job Opportunities
• Industrial Area Requalification

G U I D A N C E 2 0 2 4 - 2 0 2 6

I m p r e s s i v e L e a d e r s h i p i n G r e e n H y d r o g e n d r i v i n g o u r g r o w t h

INNOVATIVE TECHNOLOGIES ENABLING SUSTAINABLE FUTURE A g e n d a

2023 Key Achievements & Business Review FY 2023 Results Review ESG Plan 2030 Mid -Term View and Guidance Final Remarks 2023 Results Q&A

Laser - DND Plant

Distinctive Manufacturing Capacity

Solid 2023 growing financial Results despite a challenging Scenario, with a robust profitability and Solid Cash Flow Generation

Energy Transition Business Unit, +140% YoY Revenues, promising Backlog and Pipeline

Improving our Distinctive Manufacturing Capacity, 2.5 GW focused on Green H²

New Sustainability Plan for 2026 and 2030 launched to accelerate our ESG journey

Consistent Shareholders remuneration with a €0.123 per share Divided proposed

Mid-Term View: Growth, Profitability and Sustainability

Q&A Session

© 2023 De Nora

I N V E S T O R R E L A T I O N S – R E A D Y T O E N G A G E

UPCOMING EVENTS

Mar. 20
---------	--

• Mar. 21 Join Open House De Nora & tk nucera Rodenbach (DE)
• May 21 Unicredit Italian Investment Conference
• May 30 Pan-European ESG Conference

FINANCIAL CALENDAR

BofA – GIC Conference, London	Apr. 24	Shareholders' Meeting
nucera Rodenbach (DE)	May 8	Q1 2024
	Jul. 30	H1 2024
Conference	Nov. 5	9M 2024

IR CONTACTS

ir@denora.com Investor Relations | Overview | De Nora ph: +39 02 2129 2124

A d d i t i o n a l M a t e r i a l s

© 2023 De Nora 2024

(€m)	Q1 2022	Q2 2022	Q3 2022	Q4 2022	FY 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	FY 2023
Revenue	200.1	210.4	206.2	236.2	852.8	216.9	203.5	209.4	226.7	856.4
YoY Growth (%)						8.4 %	(3.4%)	1.5 %	(4.0%)	0.4 %
Change in inventory of finished goods and work in progress	6.8	7.7	23.4	(3.1)	34.8	16.8	8.5	(2.4)	(27.0)	(4.1)
Other income	1.6	0.9	0.7	3.2	6.5	1.4	2.0	1.9	9.4	14.7
Costs for raw materials, consumables, supplies and goods	(89.5)	(100.5)	(108.8)	(103.0)	(401.8)	(107.3)	(91.7)	(90.8)	(71.6)	(361.3)
Personnel expenses	(31.2)	(52.3)	(34.7)	(36.4)	(154.7)	(36.2)	(36.2)	(35.5)	(36.1)	(144.0)
Costs for services	(31.5)	(38.1)	(42.3)	(50.2)	(162.1)	(42.7)	(43.9)	(43.7)	(48.3)	(178.6)
Other operating expenses	(2.3)	(2.5)	(2.3)	(3.4)	(10.4)	(2.4)	(3.8)	(1.8)	(4.0)	(12.1)
EBITDA	54.0	25.6	42.3	43.2	165.2	46.5	38.3	37.0	49.2	171.0
Margin (%)	27%	12%	21%	18%	19%	21%	19%	18%	22%	20%
Amortization and depreciation	(6.8)	(6.8)	(6.9)	(7.6)	(28.1)	(7.2)	(7.2)	(7.3)	(8.8)	(30.6)
Reinstatement (write down) of property, plant and equipment & intangible assets	(0.2)	(2.8)	0.3	(6.2)	(9.0)	-	(1.3)	-	(7.6)	(8.9)
Net provision for risk and charges	(0.3)	0.2	(1.2)	(0.9)	(2.3)	0.4	(2.1)	(0.6)	7.7	5.4
EBIT	46.7	16.1	34.5	28.5	125.8	39.7	27.7	29.1	40.4	136.9
Margin (%)	23%	8%	17%	12%	15%	18%	14%	14%	18%	16%
Share of profit of equity-accounted investees	(6.3)	0.8	1.3	3.0	(1.2)	-	1.5	2.1	1.8	5.4
Finance income	7.4	14.1	9.1	(7.1)	23.5	2.4	3.5	136.7	2.3	145.0
Finance expenses	(6.1)	(11.7)	(8.6)	(1.3)	(27.7)	(6.3)	(4.1)	(5.4)	(6.3)	(22.1)
Profit before tax	41.7	19.2	36.3	23.1	120.4	35.7	28.7	162.6	38.3	265.3
Income tax expense	(15.2)	(6.1)	(12.1)	2.6	(30.8)	(10.7)	(7.0)	(10.7)	(5.9)	(34.2)
Profit for the period	26.5	13.2	24.2	25.8	89.7	25.0	21.7	151.9	32.4	231.1

€ m	Q1'22	Q2'22	Q3'22	Q4'22	'23 Q1	'23 Q2	'23 Q3	'23 Q4
REVENUES	200 1	210 4	206 1	236 2	216 9	203 5	209 4	226 7
Electrode Technologies	109 5	118 5	123 4	122 0	118 9	112 8	121 0	111 5
Transition Energy	4 5	2 4	7 2	28 6	26 6	20 7	21 3	33 6
Technologies Water	86 1	89 5	75 5	85 6	71 4	70 0	67 0	81 5
Adj EBITDA	55 2	47 1	43 6	44 9	46 7	39 4	38 2	46 8
Adj EBITDA Margin	27 6%	22 4%	21 2%	19 0%	21 5%	19 4%	18 2%	20 6%
Electrode Technologies	31 8	30 2	32 0	25 4	30 9	29 5	29 3	27 9
Ebitda Adj Margin	27 9%	25 0%	25 9%	20 8%	26 0%	26 2%	24 2%	25 1%
Energy Transition	n.a.	n.a	(0 4)	6 2	5 3	0 7	1 5	4 6
Ebitda Adj Margin	n.a.	n.a	n.m.	21 7% 19 9%		3 5%	6 9%	13 7%
Technologies Water	23 4	16 9	12 0	13 3	10 5	9 1	7 5	14 2
Ebitda Adj Margin	2% 27	9% 18	9% 15	5% 15	7% 14	1% 13	1% 11	5% 17

(€m)	2022 FY	2023 FY
Sales	852 8	856 4
EBITDA	165 2	171 0
Margin (%)	4% 19	0% 20
Terminations (labor expenses) costs legal +	0 5	1 3
Costs relative to IPO process	3 6	0 7
Costs for integration , and reorganization M&A company ,	0 3	0 8
write down (discontinued Marine business) Inventory	-	2 7
retention credit (COVID-19 related) Employee	-	(6 4)
Costs relative of Tech LLC – US plant to startup De Nora ,	1 2	-
Advisory costs for special projects	0 5	0 1
Management Incentive Plan	19 4
100 years	-	0 8
Other recurring costs non	0 2	-
Adj EBITDA	190 8	171 1
Margin (%)	4% 22	0% 20

B A L A N C E S H E E T

(€m)	FY 2023	FY 2022
Intangible assets	115.8	131.6
Property, plant and equipment	254.3	184.2
Equity-accounted investees	231.5	122.7
Fixed asset	601.6	438.4
Inventories	257.1	295.5
Contract work in progress, net of advances from customers	31.7	16.4
Trade receivables	141.9	123.4
Trade payables	(106.8)	(80.6)
Operating working capital	324.1	354.8
Other current assets and liabilities	(59.4)	(74.6)
Net working capital	264.6	280.2
Deferred tax assets	16.2	13.1
Other receivables and non-current financial assets	10.5	13.6
Employee benefits	(21.8)	(20.6)
Provisions for risks and charges	(18.0)	(20.7)
Deferred tax liabilities	(8.9)	(8.7)
Trade payables	(0.1)	(0.1)
Other payables	(2.2)	(2.4)
Other net non current asset and liabilities	(24.8)	(25.7)
Net invested capital	841.4	692.8
Net current Liquidity / (Financial Indebtedness)	201.9	318.9
Non-current Financial Indebtedness	(133.7)	(267.5)
Net Liquidity / (Financial Indebtedness) - ESMA	68.2	51.3
Fair value of financial instruments	0.5	0.6
Net Liquidity / (Financial Indebtedness) - De Nora	68.8	52.0
Total Equity	(910.2)	(744.8)
Total sources	(841.4)	(692.8)

C A S H F L O W S T A T E M E N T

(€m)	FY 2023	FY 2022
EBITDA	171 0	165 2
Losses on the sale of property, plant and equipment and intangible assets	0 6	0 3
Other non-monetary items	2 3	10 7
flows operating activities before in working capital Cash generated by changes net	174 0	176 2
Change in inventory	28 8	(60 4)
Change in trade receivables and construction contracts	(38 6)	15 6
Change in trade payables	29 6	19 5
Change in other receivables/payables	(18 6)	5 5
Cash flows generated by changes in net working capital	1.2	(19 8)
Cash flows generated by operating activities	175.2	156 4
Net Interest and Net other financial expense paid	(6 2)	(6 7)
taxes paid Income	(28 8)	(36 7)
Net cash flows generated by operating activities	140 2	113 0
Sales of property, plant and equipment and intangible assets	1 1	0 4
Investments in tangible and intangible assets1	(88 5)	(46 1)
(Investments) Divestment in Associated companies	26 4	(0 0)
Acquisitions (net of cash acquired)	(2 0)	-
(Investments) Divestments in financial activities	144 6	(159 3)
Net cash flows used in investing activities	81 6	(205 .1)
Share capital increase	1 3	196 7
Shares Treasury	(17 0)	-
loans/(Repayment) of loans New	(153 5)	16 7
(decrease) in other financial liabilities Increase	(0 0)	(0 0)
(Increase) decrease in financial assets	-	-
Dividends paid	(24 3)	(20 0)
Net cash flows generated by financing activities	(193 .5)	193 3
increase (decrease) in cash and cash equivalents Net	28 4	101 2
Opening cash and cash equivalents	174 1	73 8
Exchange rate gains/(losses)	(4 0)	(0 9)
Closing cash and cash equivalents	198 .5	174 .1