Industrie De Nora

Earnings Release • Nov 8, 2023

PRESS RELEASE

THE BOARD APPROVES THE CONSOLIDATED RESULTS FOR THE FIRST NINE MONTHS OF 2023

Net profit up to Euro 198.6 million (+211% year on year), also as a result of the income from the IPO of the thyssenkrupp nucera joint venture

Strong operating profitability: Adjusted EBITDA margin at 19.7%

Revenues at Euro 629.8 million, up by 2.1%, at constant exchange rates the growth was 5.4%

700 MW of green hydrogen generation technologies were completed, more than double the 300 MW realized in the full year 2022

The Energy Transition Business grew 4.9x compared to 9M 2022. EBITDA margin stable at 11%

2023-2026 PLAN

The new Business Plan 2023 - 2026 will be disclosed on the occasion of the FY 2023 financial results presentation

TREASURY SHARE PURCHASE PROGRAM LAUNCHED

Main consolidated results for the first nine months of 2023:

• Revenues: euro 629.8 million (euro 616.6 million in 9M 2022), +2.1% YoY, +5.4% at constant exchange rates
• Adjusted EBITDA¹ : euro 124.3 million (euro 145.9 million in 9M 2022), -14.8% YoY
• Net profit: euro 198.6 million² (euro 63.9 million in 9M 2022), +211% YoY
• Positive net cash³ of euro 41.8 million, up compared to the euro 8.4 million of June 30, 2023.

Milan, November 8, 2023 - The Board of Directors of Industrie De Nora S.p.A. ("De Nora" or the "Company") an Italian multinational listed on Euronext Milan, specializing in electrochemistry, a leader in sustainable technologies and the emerging green hydrogen industry - met under the chairmanship of Federico De Nora and approved the consolidated financial results at September 30, 2023 (not subject to audit).

Paolo Dellachà, Chief Executive Officer of Industrie De Nora S.p.A., commented:

"The results for the first nine months of 2023 highlight the solid operating profitability of our business model, the strong cash generation able to keep the Group's financial structure healthy, and a sharply growing Net Profit supported by non-recurring income related to the IPO of our joint venture thyssenkrupp nucera. The growth

¹ Adjusted EBITDA excludes non-recurring items for approximately euro 2.4 million, of which euro 0.9 million for termination costs, euro 0.7 million for IPO-related costs, euro 0.2 million for M&A activities and euro 0.7 million for other non-recurring costs.

² The net profit at September 30, 2023, following the IPO of the associate thyssenkrupp Nucera, includes total non-recurring income of euro 133 million arising from the reduction of Industrie De Nora S.p.A. interest in thyssenkrupp nucera (dilutive effect) and the capital gain relating to exercise of the greenshoe option.

³ The figure includes euro 26.4 million deriving from exercise of the greenshoe option linked to the listing of the jv thyssenkrupp nucera

trend in revenues reflected the good performance of the main business segments in which the company operates. The Energy Transition business in particular, has continued to develop, recording triple-digit growth, achieving 1 GW of technologies for the production of green hydrogen from 2022 to date, confirming our global leadership in the supply of sustainable and clean technologies.

We firmly believe that green hydrogen plays a key role in the decarbonization of the hard-to-abate industry and mobility sectors, and we believe it will continue to represent an important growth driver for the Group in the medium and long term, also thanks to our unique global technological positioning. However, in the short term, the market is accelerating more slowly than anticipated due to moderate development of the various regulations, the evolution of renewable energies and to global macroeconomic factors. We believe that these components, combined with the highly innovative nature of the industry, which imposes typical learning curve times on end customers, can lead to a more balanced development of the market in the short term."

"Finally, – continues Dellachà – the Board of Directors today approved the launch of the treasury shares purchase plan, which will mainly be used to strengthen retention of our employees and managers and to share with them the successes of the company, reflecting the Company's confidence in its ability to generate value for its stakeholders and in its prospects for sustainable growth in the medium and long term. The purchased shares may also be used for M&A transactions."

SHARE BUY-BACK PROGRAM LAUNCHED

The Board of Directors of the Company today approved the launch of the share buy-back program as per the authorization of the Shareholders' Meeting of April 28, 2023.

The launch of the program reflects the Company's confidence in its ability to generate value for its stakeholders and in its long-term sustainable growth prospects.

The shares acquired will be allocated to implement the remuneration policies adopted by the Company and specifically to perform certain obligations arising from the compensation plans based on financial instruments pursuant to Article 114- bis of the TUF already adopted by the Company (Performance Shares Plans) and any other plans that may be approved in the future, as employee share ownership plan (piani di azionariato diffuso), including any programs for the free assignment of shares to shareholders, aimed at strengthening retention and sharing the successes of the company with employees and managers, and / or can be used in the context of actions related to future industrial and financial projects, consistent with the strategic targets of the Company (such as M&A transactions).

In order to execute the program, the Company has mandated a leading specialist intermediary to proceed with purchases up to a maximum total amount of euro 45 million, which may be increased by an additional euro 45 million (the "Upsize Option"). The purchases will concern a maximum number of 3,000,000 ordinary shares of De Nora or, if the Upsize Option is exercised, a maximum number of 6,000,000 ordinary shares of De Nora.

The programme will be launched on November 9, 2023 and be effective for 9 months (i.e. until August 9, 2024). If the Upsize Option is exercised, should the Company's Shareholders' Meeting renew the authorization to purchase treasury shares (subject to the revocation of the resolution of April 28, 2023) by increasing the average daily volume from 15% to 25% with respect to volume traded, the programme will be extended for additional 9 months and will end on May 9, 2025.

For further information, please refer to the press release on the launch of the share buyback program available on the Company's website at the following link: Financial Press releases | De Nora

As of today the Company does not own any treasury share.

KEY INCOME STATEMENT INDICATORS

(Euro millions)	9M 2023	9M 2022	% Change
Revenues	629.8	616.6	+2.1%
Adjusted EBITDA	124.3	145.9	-14.8%
Adjusted EBITDA Margin	19.7%	23.7%	-400 bps
EBIT	96.5	97.3	-0.8%
Net Profit	198.2	63.9	+210.3%

The first nine months of 2023 show revenues of euro 629.8 million, up 2.1% (+5.4% at constant exchange rates) compared to euro 616.6 million reported in 9M 2022. This development reflects the substantial stability of the Electrode Technologies business (+4.6% at constant exchange rates) and the growth reported by the Energy Transition business, which more than offset the normalization of the Water Technologies business attributable to the Pools line.

Adjusted EBITDA was euro 124.3 million (euro 145.9 million at September 30, 2022), with a solid Adjusted EBITDA margin of 19.7% in line with the 2023 guidance. The evolution of EBITDA compared to the same period of 2022, which recorded exceptional performances, is mainly due to the different mix of revenues in the Electrode Technologies business and Water Technologies business; the latter in particular, was affected by the normalization phase of the Pools product line, only partially offset by the growth of the Water Technologies Systems product lines. Development of the Energy Transition business made a positive contribution to the growth in consolidated profitability.

EBIT amounted to euro 96.5 million, essentially stable compared to euro 97.3 million reported in the first 9M 2022.

The share of the result of equity-accounted investments, referring to the joint venture thyssenkrupp nucera AG & Co. KGaA ("thyssenkrupp nucera"), 25.85% held on September 30, 2023, was positive for euro 3.6 million (net gain for the period January 1-June 30, 2023), compared to the euro 4.2 million loss reported in 9M 2022.

Financial management has net income of euro 126.9 million, compared to net income of euro 4.2 million in the first nine months of 2022. The strong expansion reflects a total non-recurring income of euro 133 million, related to listing of the associate thyssenkrupp nucera on the Frankfurt Stock Exchange and in particular, due to the reduction of De Nora's percentage interest in thyssenkrupp nucera (dilutive effect) and the capital gain from the greenshoe option exercise.

Group net profit stood at euro 198.6 million on September 30, 2023, up 211% from euro 63.9 million in the same period of 2022, due not only to the operating results but also to the extraordinary capital gain described above.

The backlog amounted to euro 669.1 million, up by approximately 4% compared to September 30, 2022 (euro 646.4 million) mainly due to expansion of the Energy Transition segment. The decrease compared to the figure on June 30, 2023 (euro 721.7 million) reflects the successful projects' execution in the various business lines, partly offset by the acquisition of new orders, mainly in the Electrode Technologies business and Water Technologies Systems segment.

With particular reference to the Energy Transition business, the backlog stands at about 1.5 GW equivalent of green hydrogen production technologies. Note that, including the contract announced in May by the joint venture thyssenkrupp nucera for the supply of more than 700 MW equivalent of AWE electrolysers in Sweden, the backlog of the Energy Transition business segment would rise to 2.2 GW, confirming its ability to support business growth in the coming years.

Performance by business segment

BREAKDOWN OF REVENUES BY BUSINESS SEGMENT

(Euro millions)	9M 2023	% Turnover	9M 2022	% Change
Electrode Technologies	352.7	56.0%	351.4	+0.4%
Water Technologies	208.4	33.1%	251.1	-17.0%
Energy Transition	68.6	10.9%	14.1	+386.8%
Total	629.8		616.6	+2.1%

The Electrode Technologies business, which accounts for 56.0% of consolidated turnover, recorded total revenues of euro 352.7 million, up 0.4% (+4.6% at constant exchange rates) compared to 9M 2022. The figure mainly reflects the expansion of the Chlorine Soda (+ 2.9% to euro 241.4 million) and Specialties and New Uses (+10% to euro 52.9 million) product lines, which more than offset the normalization of the Electronics line. In the third quarter in particular, there was a positive development in the Electrode Technologies business, which recorded the best quarterly figure for the year, partly recovering the scheduling slippage in certain projects reported in the second quarter of the year. Steady development is expected for this business segment also in the coming quarters.

The Water Technologies business recorded revenues of euro 208.4 million (euro 251.1 million in 9M 2022), accounting for 33.1% of consolidated turnover. This development, compared to the previous year, mainly reflects the continued decline in the Pools line (-51% to euro 66.4 million), partially offset by double-digit growth (+22.8%) in the Water Technologies Systems product line. Note that in 2022, and particularly in the first half of the year, the Pools line had benefited from both an exceptional growth in volumes related to the "staycation" effect of Covid restrictions and an exceptional rise in sales prices indexed to the cost of fine metals. Starting from the third quarter of 2022, the business line is affected by a revenues normalization, which continued in the third quarter of 2023, although it is beginning to slow. Growth in the Pools line is expected to resume only from 2024. Regarding the Water Technologies Systems product line, on the other hand, there has been a positive growth phase since the beginning of 2023, accompanied also by a recovery in margins. This positive development is expected to continue in the coming quarters.

The Energy Transition business in the first nine months of 2023 has recorded a growth of 386.8% compared to the same period in 2022, thanks to the execution of projects in the portfolio, rising from euro 14.1 million to euro 68.6 million, accounting for 10.9% of consolidated revenues. In the third quarter of the year, the execution of projects was in line with the scheduling agreed with customers. The positive development of projects in the portfolio is expected to continue and accelerate in the fourth quarter of the year, though not at a speed that would guarantee the achievement of the revenue targets projected at the beginning of the year.

BREAKDOWN OF REVENUES BY GEOGRAPHICAL AREA

(Euro millions)	9M 2023	% Turnover	9M 2022	% Change
AMS	195.5	31.1%	214.3	-8.8%
APAC	203.6	32.3%	217.9	-6.6%
EMEIA	230.6	36.6%	184.3	+25.1%
Total	629.8		616.6	+2.1%

With reference to the breakdown of revenues by geographical area, in the first nine months of 2023 the Group recorded double-digit growth in the Europe, Middle East, India & Africa (EMEIA) region with revenues of euro 230.6 million (+25.1% compared to the same period of 2022), thanks to development of the Energy Transition business and the Water Technologies Systems line of products. Revenues in the APAC (Asia-Pacific) region amounted to euro 203.6 million, down 6.6% compared to the same period of 2022, associated with the Pools segment and the Electronics segment. In the Americas region (AMS), the Group achieved revenues of euro 195.5 million, compared to euro 214.3 million in 9M 2022. This decline is mainly attributable to the performance of the Pools line described above.

ADJUSTED EBITDA AND EBITDA MARGINS BY BUSINESS SEGMENT

(Euro millions)	Adj. EBITDA	Adj. EBITDA	Adj. EBITDA	Adj. EBITDA
	9M 2023	Margin 9M 2023	9M 2022	Margin 9M 2022
Electrode Technologies	89.7	25.4%	97.4	27.7%
Water Technologies	27.1	13.0%	52.3	20.8%
Energy Transition	7.5	11.0%	-3.8	n.s.
Total	124.3	19.7%	145.9	23.7%

In the first nine months of the year, the profitability of De Nora's business model remained solid with a consolidated Adjusted EBITDA margin of 19.7%. This development, compared to the same period of 2022 which recorded exceptional performance, is mainly due to the different mix of revenues in the Electrode Technologies and Water Technologies businesses and the growth of the Energy Transition. The latter has a lower EBITDA margin on revenues than the other two segments, mainly due to different operating leverage and the costs of R&D activities focused on developing new and advanced clean technologies.

In detail, the Electrode Technologies business recorded Adjusted EBITDA of euro 89.7 million with a solid and stable margin on revenues of 25.4%, substantially in line with the historical business trend and the Plan guidance.

The Water Technologies business recorded Adjusted EBITDA of euro 27.1 million, compared to euro 52.3 million in the first half of 2022, mainly reflecting the lower contribution of the Pools segment that had recorded exceptional growth in the same period of the previous year, only partially offset by profitability growth in the Water Technologies Systems product line.

Lastly, the Energy Transition business reported positive Adjusted EBITDA of euro 7.5 million, with a margin on revenues of 11.0%, in line with the 2023 guidance. The change in this figure benefited from the growth in volumes recorded during the third quarter.

Statement of Financial Position

The Net Financial Position at September 30, 2023 shows net cash of euro 41.8 million and is up compared to June 30, 2023 (euro 8.4 million), as a result of the cash generation from operating activities reported in the third quarter and the collection of euro 26.4 million from exercise of the greenshoe related to the listing process of thyssenkrupp nucera, of which De Nora currently holds 25.85% of the share capital. At December 31, 2022, net

cash amounted to euro 51.3 million; the change in the figure as of September 30, 2023, incorporates total investments for euro 56.2 million and dividend distribution for euro 24.2 million, financed mainly from the cash generated from operating activities.

SIGNIFICANT EVENTS DURING THE THIRD QUARTER 2023

The listing of thyssenkrupp nucera's shares on the regulated market (Prime Standard) of the Frankfurt Stock Exchange was announced on July 7, 2023. The placement was for 30,262,250 newly issued ordinary shares (including over-allotment shares) resulting from a capital raise; the revenues are intended to support the strong growth of the AWE (alkaline water electrolysis) technology business of thyssenkrupp nucera, to exploit the significative development opportunities offered by the green hydrogen market. The free float is 23.96% of the share capital, following the full exercise of the greenshoe option on July 17, 2023 by Citigroup Global Markets Europe AG ("Citigroup"), which acted as the stabilization manager in the thyssenkrupp nucera IPO. Based on the final IPO price of euro 20 per share, De Nora has received gross revenues equal to euro 26.8 million from the sale of 1,342,065 shares. Following the payment and delivery of the greenshoe shares, De Nora holds 25.85% of thyssenkrupp nucera's share capital. The reduction in the percentage of Industrie De Nora S.p.A. investment in thyssenkrupp nucera (dilutive effect) and the capital gain resulting from the exercise of the greenshoe option will determine the recognition in the consolidated financial statements of a total income of about euro 130 million.

On July 13, 2023, the Ministry for Enterprises and Made in Italy and De Nora Italy Hydrogen Technologies S.r.l. ("DNIHT") signed the decree granting DNHIT euro 32.2 million in the form of reimbursement of expenses incurred within the fund established by the Ministry for the financial support of the enterprises participating in the implementation of Important Projects of Common European Interest (IPCEI Fund). The funding granted by the Ministry is aimed at the execution of the Italian Gigafactory project by DNHIT in a joint venture with Snam S.p.A. DNHIT is eligible to receive up to euro 63,206,000 in public funding, following the additional resources which might become available in the framework of the support to the IPCEI Hydrogen 1.

On July 31, 2023, the Shareholders' Meeting of the Company approved the amendment of Article 10.2 of the Company by-laws, admitting the possibility to designate, for each Shareholders' Meeting, a party to whom the shareholders can confer a proxy with voting instructions on all or some of the proposal's agenda, in the manner and within the terms provided by law and pro tempore regulations in force.

SIGNIFICANT EVENTS AFTER THE END OF THE FIRST 9 MONTHS

On October 3, 2023, the Board of Directors approved the global anticorruption policy and the global trade control and economic sanctions compliance policy.

The Board of Directors also reviewed and approved the update of the organization, management, and control model pursuant to Legislative Decree No. 231 of June 8, 2001 ("231 Model") and the Company's Code of Ethics, as well as the global whistleblowing policy.

The Board of Directors also approved:

• the regulations for the second cycle of the Performance Shares Plan approved by the Shareholders' Meeting of March 22, 2022 ("PSP") for the period 2023-2025;
• upon the advice of the Remuneration and Appointments Committee, to grant rights to the beneficiaries of the second cycle of the PSP for the period 2023-2025. Specifically, the Board resolved to allocate a total of 103,218

rights, which can be raised up to 197,632 in the event of maximum over-performance, distributed among (i) CEO Paolo Dellachà; (ii) executives with strategic responsibilities; and (iii) other executives of the Group identified as beneficiaries of the PSP by the Board of Directors on August 3, 2022.

On November 6, 2023, De Nora announced the inauguration of the new electrode production line at the Suzhou plant, which is De Nora's headquarters in China. As a result of the expansion, the site's total production capacity has tripled. It will be committed to completing the timely production of projects already in the portfolio and to responding positively to the growing demand for electrodes in the Asian market, as well as to react quickly to the request for dedicated technologies for green hydrogen generation.

Through this expansion, De Nora aspires to strengthen its competitive position in maintenance services for Chinese chlor-alkali plants, which now account for 45 percent of the global market, and in electrodes for the production of copper foil used in both the manufacture of lithium-ion batteries for electric cars, the demand for which is constantly growing, and as a raw material for printed circuit boards.

The project is part of De Nora's multi-year plan to expand its production capacity in the Asian area, an integral part of the Group's Industrial Plan.

BUSINESS OUTLOOK

The Group remains focused on seizing the growth opportunities identified in the Business Plan for the various business segments, consolidating its position as a world-leading provider of sustainable and clean technologies, particularly in the electrochemistry segment also targeting the green hydrogen industry, as well as in the water treatment segment.

In the Electrode Technologies and Water Technologies business segments, the Group expects to retain and consolidate its leadership in the target markets while maintaining solid profitability and cash-generating capacity. The positive development is supported not only by the development of new installations in the diversified end markets but also by an important and growing supply of aftermarket services, despite the normalization events, resulting from the post-Covid growth phases, that have marked some segments, such as the Pools product line for which growth is expected to resume from 2024.

As part of the Energy Transition, the green hydrogen production market, which is expected to play a key role at the global level in decarbonizing the hard-to-abate industry and mobility sectors, continues to represent an important growth driver for the Group in the medium/long term.

On the other hand, developments in the green hydrogen market at the global level, though expanding, are recording a slower acceleration than initially expected, as a result of: i) the moderate progress of regulations in the different geographical areas; ii) the complexity of renewable energy-related markets; and iii) global macroeconomic conditions accompanied by high interest rates in major economies. In addition, the highly innovative profile of the new value chain requires final off-takers to undergo a learning curve in project execution and management that tends to outline a more balanced industry growth in the short term.

In light of the macroeconomic scenarios and expected developments in the individual reference markets, De Nora management is committed to updating the Business Plan in relation to the period 2023-2026, which will be disclosed to the market on presentation of the results as of December 31, 2023. In particular, with reference to the Energy Transition segment, despite a growth scenario, a downsizing of the 2025 objectives is expected, suitably considering a slower development speed for the green hydrogen market.

2023 GUIDANCE

With reference to FY2023, the projections confirm the operating profitability targets. In terms of revenues, an increase in the second half of the year is expected compared to the first six months, characterized by an acceleration of the Energy Transition business, which over the entire year is expected to achieve a total of about 1 GW of technologies dedicated to green hydrogen, 1.3 GW also considering the 2022 production of 300 MW. Note that the revenues growth in the fourth quarter is not expected to be sufficient to fully recover the performance of the second quarter of the year. Therefore, also considering the continued normalization of the Pools product line, it is believed that the total consolidated turnover in 2023 will be in the range of euro 850 – 870 million.

CONFERENCE CALL

At 16:00 CET today, a conference call will be held to illustrate the results of the 9M 2023 to financial analysts and investors. The presentation may be followed via audio webcast on the Company's website (www.denora.com). The supporting material for the presentation will also be provided at the start of the conference call in the site's Investor Relations/Documents and Results/Presentations section and on the authorized storage mechanism at .

* * *

This press release presents the results as of September 30th , 2023 (not submitted to a limited audit). The results for the nine-month period, together with key business trends, represent a summary of Interim Financial Report drawn up pursuant to Article 154-ter of the Consolidated Law on Finance (TUF), approved by the Board of Directors of Industrie De Nora on November 8th , 2023.

The Consolidated Interim Financial Report as of September 30th , 2023 will be made available to the public within today, at the Company's registered office and at Borsa Italiana, to anyone who requests it, and it will also be available on the Company's website - www.denora.com - as well as on the authorised storage mechanism at , in accordance with the law.

* * *

The manager in charge of preparing the company's accounting documents, Massimiliano Moi, declares, pursuant to paragraph 2 of Article 154-bis of the Consolidated Law on Finance (TUF), that the accounting information contained in this press release corresponds to the documented results, books and accounting records.

This press release contains forward-looking statements, which are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict because they relate to events and depend on circumstances that will occur in the future. Many of these risks and uncertainties relate to factors that are beyond the company's ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behaviour of other market participants, the actions of regulators and other factors. Therefore, Industrie De Nora's actual results may differ materially and adversely from those expressed or implied in any forward-looking statements. Factors that might cause or contribute to such differences include, but are not limited to, economic conditions globally, social, political, economic and regulatory developments or changes in economic or technological trends or conditions in Italy and internationally. Consequently, Industrie De Nora makes no representation, whether expressed or implied, as to the conformity of the actual results with those projected in the forward-looking statements. Any forward-looking statements made by or on behalf of Industrie De Nora refer only to the date they are made. Industrie De Nora does not undertake to update forward-looking statements to reflect any changes in Industrie De Nora's expectations with regard thereto or any changes in events, conditions

Non-GAAP measures

In this document, in addition to the financial figures provided for by International Financial Reporting Standards (IFRS), a number of figures derived from the latter are presented even though they are not provided for by IFRS (Non-GAAP Measures) in line with ESMA's guidelines on Alternative Performance Indicators (ESMA/2015/1415 Guidelines, adopted by Consob with Communication No. 92543 of December 3, 2015) published on October 5, 2015. These figures are presented in order to enable a better assessment of the Group's operating performance and should not be regarded as alternatives to those provided for by the IFRS.

Methodological Note

The income statement, statement of financial position and statement of cash flows have been prepared in accordance with the international accounting standards (International Accounting Standards - IAS and International Financial Reporting Standards - IFRS) issued by the International Accounting Standards Board (IASB) and endorsed by the European Union pursuant to Regulation (EC) no. 1606/2002 issued by the European Parliament and European Council in July 2002 and in force as of 30 September 2023.

* * *

Industrie De Nora is an Italian multinational company listed on the Euronext Milan stock exchange specialising in electrochemistry, a leader in sustainable technologies, and plays a vital role in the industrial green hydrogen production chain. The company has a portfolio of products and systems to optimise the energy efficiency of critical industrial electrochemical processes and a range of products and solutions for water treatment. Globally, Industrie De Nora is the world's largest supplier of electrodes for the major industrial electro-chemical processes (serving a broad portfolio of customers operating in the fields of chlorine and caustic soda production, components for electronics, and surface finishing). Industrie De Nora is among the world's leading suppliers of water filtration and disinfection technologies (for the industrial, municipal, swimming pool and marine sectors). Leveraging its well-established electrochemical knowledge and proven manufacturing capability, the Company has developed and qualified a portfolio of electrodes and components to produce hydrogen through the electrolysis of water, which is critical for the energy transition. In this sector, the company now holds 25.85% of thyssenkrupp nucera AG &Co. KGaA, a joint venture established with the thyssenkrupp group.

Founded in 1923, Industrie De Nora generated total revenues of around EUR 853 million and an Adjusted EBITDA of approximately EUR 191 million in 2022. The Company's growth process has developed organically through its continuous innovation as regards external lines through acquisitions in the U.S., Asia, and Europe. De Nora's intellectual property portfolio currently includes more than 260 patent families with more than 2,800 territorial extensions.

The De Nora family owns 53.3% of the company's share capital. Snam S.p.A. is a minority shareholder with about 21.6% of the capital.

Investor Relations

Chiara Locati +39 02 2129 2124 ir@denora.com

Media Relations Barabino & Partners Office: +39 02/72.02.35.35 Sabrina Ragone – s.ragone@barabino.it 338 25 19 534 Elena Magni – e.magni@barabino.it + 39 348 478 7490

Consolidated Income Statement, Reclassified

Euro thousands	9 MONTHS 2023		9 MONTHS 2022
REVENUE	629,757	100.0%	616,627	100.0%
Change in inventory of finished goods and work in		3.6%		6.2%
progress	22,872		37,926
Other income	5,274	0.8%	3,272	0.5%
Value of production	657,903	104.5%	657,825	106.7%
Material consumption	(289,761)	-46.0%	(298,729)	-48.4%
Personnel cost	(107,922)	-17.1%	(118,210)	-19.2%
Costs for services	(130,340)	-20.7%	(111,908)	-18.1%
Other operating expenses/income	(8,045)	-1.3%	(7,032)	-1.1%
EBITDA	121,835	19.3%	121,946	19.8%
Amortization	(7,784)	-1.2%	(6,911)	-1.1%
Depreciation	(13,996)	-2.2%	(13,570)	-2.2%
Net provision for risk and charges	(2,263)	-0.4%	(1,336)	-0.2%
Reinstatement (write down) of property, plant and
equipment & intangible assets	(1,276)	-0.2%	(2,818)	-0.5%
EBIT	96,516	15.3%	97,311	15.8%
	3,598	0.6%		-0.7%
Share of profit of equity-accounted investees Finance income	142,674	22.7%	(4,240) 30,610	5.0%
Finance expenses	(15,789)	-2.5%	(26,393)	-4.3%
Profit before tax	226,999	36.0%	97,288	15.8%
Income tax expense	(28,375)	-4.5%	(33,397)	-5.4%
Profit for the period	198,624	31.5%	63,891	10.4%
Attributable to:
Owners of the Parent company	197,959	31.4%	63,939	10.4%
Non controlling interests	665	0.1%	(48)	0.0%

EBITDA	121,835	19.3%	121,946	19.8%
Non-recurring items	2,448		23,937
EBITDA Adjusted	124,283	19.7%	145,883	23.7%

Consolidated Statement of Financial Position, Reclassified

Euro thousands	30-Sept-2023		31-Dec-2023
Trade receivables Trade payables Inventories Construction contracts, net of progress payments and advances	140,336 (76,971) 287,000 31,076	%	123,421 (80,554) 295,476 16,432	%
Net Operating Working Capital	381,441	44.1	354,775	51.2
Other current assets (liabilties)	(66,137)		(74,620)
Net Working Capital	315,304	36.5	280,155	40.4
Goodwill and Intangible assets Property, plants and equipment Equity-accounted investees	127,774 215,624 230,323		131,552 184,177 122,664
Non current assets	573,721	66.4	438,393	63.3
Employee benefits Provision for risk and charges Deferred tax assets (liabilities) Other non current assets (liabilties)	(20,500) (23,301) 5,810 12,972	(2.4) (2.7) 0.7 1.5	(20,628) (20,688) 4,432 11,174	(3.0) (3.0) 0.6 1.6
Net Invested Capital	864,006	100.0	692,838	100.0
Financed by: Medium/long term financial indebtedness Short-term financial indebtedness Financial assets and derivatives Cash and cash equivalents	(123,598) (17,801) 13,792 169,365		(267,544) (13,655) 158,392 174,129
NET LIQUIDITY (NET FINANCIAL INDEBTENESS) - ESMA	41,758	4.8	51,322	7.4
Fair value of financial instruments	(763)		644
NET LIQUIDITY (NET FINANCIAL INDEBTENESS)	40,995	4.7	51,966	7.5
Equity attributable to minority interests Equity attributable to the Parent	(5,632) (899,369)	(0.7) (104.1)	(3,586) (741,218)	(0.5) (107.0)
TOTAL EQUITY AND MINORITY INTERESTS	(864,006)	(100.0)	(692,838)	(100.0)

Consolidated Statement of Cash Flows

	Nine months ended September 30
Euro thousands	2023	2022
Cash flows from operating activities
Profit / (Losses) for the period	198,624	63,891
Adjustments for:
Amortization and depreciation	21,780	20,481
Impairment losses / (Reinstatements) of property, plant and equipment	-	2,818
Impairment losses / (Reinstatements) of intangible assets	1,276	-
MIP Incentive Plan	-	19,360
Other Share based payments	435	-
Finance expenses	15,789	26,393
Finance income	(142,674)	(30,610)
Share of profit of equity-accounted investees	(3,598)	4,240
(Gains) / Losses on the sale of property, plant and equipment and intangible assets	252	200
Income tax expense	28,375	33,397
Change in inventory	3,029	(80,488)
Change in trade receivables and construction contracts	(33,766)	1,075
Change in trade payables	(1,476)	9,315
Change in other receivables and payables	(15,701)	8,692
Change in provisions and employee benefits	2,463	(1,231)
Cash flows generated by/(used in) operating activities	74,808	77,532
Interest and other finance expenses paid	(13,549)	(18,134)
Interest and other finance income collected	7,145	13,761
Income tax paid	(21,654)	(28,530)
Net cash flows generated by/(used in) operating activities	46,749	44,629
Cash flows from investing activities
Sales of property, plant and equipment and intangible assets	346	490
Investments in property, plant and equipment	(46,634)	(24,016)
Investments in intangible assets	(5,529)	(5,156)
Investments in associated companies	26,439	(17)
Acquisitions, net of cash acquired	(2,046)	-
(Investment in) / Disposal of financial activities	144,956	(1,370)
Net cash flows generated by/(used in) investing activities	117,531	(30,069)
Cash flows from financing activities
Share capital increase / (decrease)	1,300	196,581
New loans	3,900	272,750
(Repayments of loans)	(145,905)	(259,157)
Payment of financial leases	(1,654)	(1,490)
(Increase) / Decrease in other financial liabilities	(5)	(7)
(Increase) / Decrease in other financial assets	-	-
Dividends paid	(24,202)	(20,000)
Net cash flows generated by/(used in) financing activities	(166,566)	188,678
Net increase (decrease) in cash and cash equivalents	(2,286)	203,238
Opening cash and cash equivalents	174,129	73,843
Exchange rate effect	(2,478)	3,554
Closing cash and cash equivalents	169,365	280,635